Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Apr. 30, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMERICAN REALTY CAPITAL TRUST V, INC. | ||
Entity Central Index Key | 1568162 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 65,832,464 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1.50 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate investments, at cost: | ||
Land | $358,278 | $147,899 |
Buildings, fixtures and improvements | 1,540,821 | 868,700 |
Acquired intangible lease assets | 319,028 | 130,473 |
Total real estate investments, at cost | 2,218,127 | 1,147,072 |
Less: accumulated depreciation and amortization | -110,875 | -14,947 |
Total real estate investments, net | 2,107,252 | 1,132,125 |
Cash and cash equivalents | 74,760 | 101,176 |
Investment securities, at fair value | 18,991 | 58,566 |
Deposits for real estate acquisitions | 0 | 33,035 |
Prepaid expenses and other assets | 14,104 | 14,584 |
Deferred costs, net | 13,923 | 7,889 |
Total assets | 2,229,030 | 1,347,375 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Mortgage note payable | 470,079 | 8,830 |
Mortgage premium, net | 22,100 | 334 |
Credit facility | 423,000 | 0 |
Below-market lease liabilities, net | 19,473 | 909 |
Accounts payable and accrued expenses | 12,799 | 15,447 |
Deferred rent | 7,238 | 1,216 |
Distributions payable | 9,176 | 8,825 |
Total liabilities | 963,865 | 35,561 |
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 65,257,954 and 62,985,937 shares issued and outstanding as of December 31, 2014 and 2013, respectively | 653 | 630 |
Additional paid-in capital | 1,437,147 | 1,383,066 |
Accumulated other comprehensive income (loss) | 463 | -6,981 |
Accumulated deficit | -173,098 | -64,901 |
Total stockholders' equity | 1,265,165 | 1,311,814 |
Total liabilities and stockholders' equity | $2,229,030 | $1,347,375 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 65,257,954 | 62,985,937 |
Common stock, outstanding | 65,257,954 | 62,985,937 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Revenues: | ||
Rental income | $21,892 | $146,139 |
Operating expense reimbursements | 2,397 | 12,241 |
Total revenues | 24,289 | 158,380 |
Operating expenses: | ||
Property operating | 2,794 | 13,492 |
Acquisition and transaction related | 26,934 | 22,595 |
General and administrative | 2,430 | 6,011 |
Depreciation and amortization | 14,947 | 93,379 |
Total operating expenses | 47,105 | 135,477 |
Operating income (loss) | -22,816 | 22,903 |
Other income (expense): | ||
Interest expense | -485 | -27,665 |
Income from investment securities | 2,272 | 2,279 |
Gain on sale of investment securities, net | 125 | 297 |
Other income | 107 | 189 |
Total other (expense) income, net | 2,019 | -24,900 |
Net loss | -20,797 | -1,997 |
Other comprehensive loss: | ||
Change in unrealized gain (loss) on investment securities | -6,981 | 7,444 |
Comprehensive income (loss) | ($27,778) | $5,447 |
Basic and diluted weighted-average shares outstanding (in shares) | 28,954,769 | 64,333,260 |
Basic and diluted net loss per share (in dollars per share) | ($0.72) | ($0.03) |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning Balance at Jan. 21, 2013 | $0 | $0 | $0 | $0 | $0 |
Beginning Balance (in shares) at Jan. 21, 2013 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuances of common stock (in shares) | 62,124,433 | ||||
Issuances of common stock | 1,537,291 | 621 | 1,536,670 | ||
Common stock offering costs, commissions and dealer manager fees | -173,959 | -173,959 | |||
Common stock issued through distribution reinvestment plan (in shares) | 900,000 | 860,139 | |||
Common stock issued through distribution reinvestment plan | 20,429 | 9 | 20,420 | ||
Common stock repurchases (in shares) | -8,082 | -8,082 | |||
Common stock repurchases | -202 | -202 | |||
Share-based compensation (in shares) | 9,447 | ||||
Share-based compensation | 137 | 137 | |||
Distributions declared | -44,104 | -44,104 | |||
Net loss | -20,797 | -20,797 | |||
Other comprehensive loss | -6,981 | -6,981 | |||
Ending Balance at Dec. 31, 2013 | 1,311,814 | 630 | 1,383,066 | -6,981 | -64,901 |
Ending Balance (in shares) at Dec. 31, 2013 | 62,985,937 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock offering costs, commissions and dealer manager fees | 201 | 201 | |||
Common stock issued through distribution reinvestment plan (in shares) | 2,600,000 | 2,566,242 | |||
Common stock issued through distribution reinvestment plan | 60,977 | 26 | 60,951 | ||
Common stock repurchases (in shares) | -295,825 | -295,825 | |||
Common stock repurchases | -7,095 | -3 | -7,092 | ||
Share-based compensation (in shares) | 1,600 | ||||
Share-based compensation | 21 | 21 | |||
Distributions declared | -106,200 | -106,200 | |||
Net loss | -1,997 | -1,997 | |||
Other comprehensive loss | 7,444 | 7,444 | |||
Ending Balance at Dec. 31, 2014 | $1,265,165 | $653 | $1,437,147 | $463 | ($173,098) |
Ending Balance (in shares) at Dec. 31, 2014 | 65,257,954 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($20,797) | ($1,997) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 12,077 | 62,571 |
Amortization of intangible lease assets | 2,870 | 30,808 |
Amortization of deferred financing costs | 291 | 4,588 |
Amortization of mortgage premiums | 0 | -6,096 |
Amortization of above-market lease assets and accretion of below-market lease liabilities, net | -22 | 1,421 |
Share-based compensation | 137 | 21 |
Gain on sale of investment securities, net | -125 | -297 |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | -14,457 | 353 |
Accounts payable and accrued expenses | 5,193 | 2,417 |
Deferred rent and other liabilities | 1,216 | 6,022 |
Net cash provided by (used in) operating activities | -13,617 | 99,811 |
Cash flows from investing activities: | ||
Investment in real estate and other assets | -1,127,075 | -538,130 |
Deposits for real estate acquisitions | -33,035 | 0 |
Proceeds from investment securities | 51,160 | 47,316 |
Payments for purchase of investment securities | -116,582 | 0 |
Net cash used in investing activities | -1,225,532 | -490,814 |
Cash flows from financing activities: | ||
Payments of mortgage notes payable | 0 | -989 |
Proceeds from credit facility | 0 | 423,000 |
Payments of deferred financing costs | -8,180 | -10,622 |
Proceeds from issuances of common stock | 1,537,164 | 127 |
Payments of offering costs and fees related to stock issuances | -173,721 | -37 |
Common stock repurchases | -88 | -2,020 |
Distributions paid | -14,850 | -44,872 |
Net cash provided by financing activities | 1,340,325 | 364,587 |
Net change in cash and cash equivalents | 101,176 | -26,416 |
Cash and cash equivalents, beginning of period | 0 | 101,176 |
Cash and cash equivalents, end of period | 101,176 | 74,760 |
Supplemental Disclosures: | ||
Cash paid for interest | 178 | 27,115 |
Cash paid for income taxes | 1 | 422 |
Offering costs in accounts payable and accrued expenses | 238 | 0 |
Receivables for issuances of common stock | 127 | 0 |
Accrued common stock repurchases | 114 | 5,075 |
Non-Cash Investing and Financing Activities: | ||
Proceeds from mortgage note payable used to acquire investments in real estate | 8,830 | 462,238 |
Premium on mortgage note payable | 334 | 27,862 |
Common stock issued through distribution reinvestment plan | $20,429 | $60,977 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
American Realty Capital Trust V, Inc. (the "Company") was incorporated on January 22, 2013 as a Maryland corporation and qualified as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with the taxable year ended December 31, 2013. On April 4, 2013, the Company commenced its 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 covered up to 14.7 million shares of common stock at an initial price of $23.75 per share, which was 95.0% of the initial offering price of shares of common stock in the IPO, available pursuant to a distribution reinvestment plan (the "DRIP"), under which the Company's common stockholders could 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 at an initial price of $23.75 per share 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 in October 2013. As of December 31, 2014, the Company had 65.3 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. On November 19, 2014, the Company's board of directors approved an estimated net asset value per share of the Company's common stock ("Estimated Per-Share NAV") of $23.50, calculated by the Advisor in accordance with the Company's valuation guidelines, as of September 30, 2014. Beginning with November 14, 2014 (the "NAV Pricing Date"), the price per share for shares of common stock purchased under the DRIP and the price per share for shares of common stock repurchased by the Company pursuant to the Company's share repurchase plan (the "SRP") will each be equal to the Estimated Per-Share NAV of the Company's common stock. Because this Annual Report on Form 10-K was filed in close proximity to the statutory deadline for filing the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, the Company did not publish Estimated Per-Share NAV as of December 31, 2014. The Company intends to publish an Estimated Per-Share NAV as of March 31, 2015 shortly following the filing of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. In determining Estimated Per-Share NAV, each property is appraised at least annually and appraisals will be spread out over the course of a year so that, typically, approximately 25% of all properties are appraised each quarter. However, in connection with determining Estimated Per-Share NAV as of March 31, 2015 the Company expects to appraise 100% of its properties. | |
The Company has acquired 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 properties are operated by the Company or by the Company 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, 2014, the Company owned 463 properties with an aggregate purchase price of $2.2 billion, comprised of 13.1 million rentable square feet that were 100.0% leased with a weighted-average remaining lease term of 9.6 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 and its wholly-owned subsidiaries. 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 controlled 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 direct 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 and continues to provide the Company with various strategic investment banking services. The Advisor and the Property Manager are wholly owned subsidiaries of, and the Dealer Manager is under common control with, the Sponsor, as a result of which, they are related parties of the Company. Each has received and/or may receive, as applicable, compensation, fees and other expense reimbursements for services related to the IPO and for 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. | |
During the second quarter of 2014, the Company announced that it engaged J.P. Morgan Securities LLC and RCS Capital, the investment banking division of the Dealer Manager, as financial advisors to assist the Company in evaluating potential strategic alternatives. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Basis of Accounting | |||||||||||||||||||||||||
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 and Basis of Presentation | |||||||||||||||||||||||||
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. | |||||||||||||||||||||||||
Reclassification | |||||||||||||||||||||||||
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. | |||||||||||||||||||||||||
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 fair value measurements, 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. | |||||||||||||||||||||||||
The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive income (loss). If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. | |||||||||||||||||||||||||
In business combinations, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets may include the value of in-place leases and above- and below- market leases. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. | |||||||||||||||||||||||||
The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company's estimate of the fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease, including any below market fixed rate renewal options for below-market leases. | |||||||||||||||||||||||||
In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. | |||||||||||||||||||||||||
In allocating non-controlling interests, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement. | |||||||||||||||||||||||||
In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including real estate valuations, prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry that the tenant operates in, characteristics of the real estate, i.e.: location, size, demographics, value and comparative rental rates, tenant credit profile, store profitability and the importance of the location of the real estate to the operations of the tenant’s business. | |||||||||||||||||||||||||
Acquired intangible assets and lease liabilities consist of the following as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||
In-place leases | $ | 305,245 | $ | 33,678 | $ | 271,567 | $ | 130,093 | $ | 2,870 | $ | 127,223 | |||||||||||||
Above-market leases | 13,783 | 2,549 | 11,234 | 380 | — | 380 | |||||||||||||||||||
Total acquired intangible lease assets | $ | 319,028 | $ | 36,227 | $ | 282,801 | $ | 130,473 | $ | 2,870 | $ | 127,603 | |||||||||||||
Intangible liabilities: | |||||||||||||||||||||||||
Below-market lease liabilities | $ | 20,623 | $ | 1,150 | $ | 19,473 | $ | 931 | $ | 22 | $ | 909 | |||||||||||||
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 consolidated statements of operations and comprehensive income (loss) for all periods presented to the extent the disposal of a component represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. Properties that are intended to be sold are to be designated as "held for sale" on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale. There are no properties held for sale as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||||
The Company is required to make subjective assessments as to the useful lives of the components of Company’s real estate investments for purposes of determining the amount of depreciation to record on an annual basis. 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 real estate investments, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. | |||||||||||||||||||||||||
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 improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. | |||||||||||||||||||||||||
Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. | |||||||||||||||||||||||||
Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. | |||||||||||||||||||||||||
The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. | |||||||||||||||||||||||||
Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. | |||||||||||||||||||||||||
The following table provides the weighted-average amortization and accretion periods as of December 31, 2014, for intangible assets and liabilities and the projected amortization expense and adjustments to revenue and property operating expense for the next five years: | |||||||||||||||||||||||||
(In thousands) | Weighted-Average Amortization Period | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||
In-place leases | 9.8 years | $ | 34,600 | $ | 34,600 | $ | 34,600 | $ | 23,876 | $ | 23,856 | ||||||||||||||
Total to be included in depreciation and amortization | $ | 34,600 | $ | 34,600 | $ | 34,600 | $ | 23,876 | $ | 23,856 | |||||||||||||||
Above-market lease assets | 4.4 years | $ | 3,006 | $ | 3,006 | $ | 3,006 | $ | 469 | $ | 469 | ||||||||||||||
Below-market lease liabilities | 16.1 years | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 | |||||||||||||||||||
Total to be included in rental income | $ | 4,346 | $ | 4,346 | $ | 4,346 | $ | 1,809 | $ | 1,809 | |||||||||||||||
For the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013, amortization of in-place leases of $30.7 million and $2.9 million, respectively, is included in depreciation and amortization on the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013, net amortization (accretion) of above- and below-market lease intangibles of $1.4 million and approximately $(22,000), respectively, is included in rental income on the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||
When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property 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. | |||||||||||||||||||||||||
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. As of December 31, 2014, the Company had deposits of $74.8 million of which $74.0 million were in excess of the amount insured by the FDIC. As of 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. | |||||||||||||||||||||||||
Investments in Securities | |||||||||||||||||||||||||
The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. | |||||||||||||||||||||||||
The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee's market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company's investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of income and comprehensive income (loss) in the period in which the other-than-temporary impairment is discovered, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question. | |||||||||||||||||||||||||
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 statements of operations and comprehensive income (loss). Unamortized deferred financing costs are generally 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. | |||||||||||||||||||||||||
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 rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. 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 defers the revenue related to lease payments received from tenants in advance of their due dates. | |||||||||||||||||||||||||
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 statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. If a receivable is deemed uncollectible, the Company records an increase in the Company's allowance for uncollectible accounts or records a direct write-off of the receivable in the Company's consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
Cost recoveries from tenants are included in operating expense reimbursements on the accompanying consolidated statements of operations and comprehensive income (loss) in the period the related costs are incurred, as applicable. | |||||||||||||||||||||||||
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 itemized and detailed due 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 qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with the taxable year ended December 31, 2013. The Company believes that, commencing with such taxable year, it is organized and operates in such a manner as to qualify for taxation as a REIT under the Code. The Company intends to continue to operate in such a manner to qualify for taxation as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify or remain qualified as a REIT. In order to continue to qualify for taxation as a REIT, the Company must distribute annually 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 for taxation as a REIT, it may be subject to certain state and local taxes on its income and properties, as well as federal income and excise taxes on its undistributed income. | |||||||||||||||||||||||||
The amount of distributions payable to the Company's stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to maintain the Company's status as a REIT under the Code. From a tax perspective, of the amounts distributed during the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013, 55.5% and 86.7%, or $0.91 and $1.43 per share per annum represented a return of capital, 44.2% and 13.3%, or $0.73 and $0.22 per share per annum, represented ordinary dividend income, and 0.3% and 0.0%, or $0.01 and $0.00 per share per annum, represented capital gain, respectively. | |||||||||||||||||||||||||
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 comprise 100% of its 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 February 2013, the Financial Accounting Standards Board (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 adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||||||
In April 2014, the FASB amended the requirements for reporting discontinued operations. Under the revised guidance, in addition to other disclosure requirements, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale, disposed of by sale or other than by sale. The revised guidance is effective for annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company has adopted the provisions of this guidance effective January 1, 2014, and has applied the provisions prospectively. 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 May 2014, the FASB issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In April 2015, the FASB proposed a one-year delay of the revised guidance, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance. | |||||||||||||||||||||||||
In August 2014, the FASB issued guidance relating to disclosure of uncertainties about an entity's ability to continue as a going concern. In connection with preparing financial statements for each annual and interim reporting period, management should evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. If conditions or events raise substantial doubt about the entity's ability to continue as a going concern, the guidance requires management to disclose information that enables users of the financial statements to understand the conditions or events that raised the substantial doubt, management's evaluation of the significance of the conditions or events that led to the doubt, the entity’s ability to continue as a going concern and management's plans that are intended to mitigate or that have mitigated the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern. There is no disclosure required unless there are conditions or events that have raised substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. The Company has elected to adopt the provisions of this guidance effective December 31, 2014, as early application is permitted. 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 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance. | |||||||||||||||||||||||||
In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate Investments, Net [Abstract] | |||||||||
Real Estate Investments | Real Estate Investments | ||||||||
The Company owned 463 properties as of December 31, 2014. The rentable square feet or annualized rental income on a straight-line basis of the four properties summarized below represented 5.0% or more of the Company's total portfolio's rentable square feet or annualized rental income on a straight-line basis as of December 31, 2014. | |||||||||
Home Depot - Birmingham, AL | |||||||||
On September 24, 2013, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of Home Depot, a freestanding, single-tenant distribution facility located in Birmingham, Alabama ("Home Depot Birmingham"). The seller had no preexisting relationship with the Company. The purchase price of Home Depot Birmingham was $41.4 million, exclusive of closing costs. The acquisition of Home Depot Birmingham was funded with proceeds from the Company's IPO. The Company accounted for the purchase of Home Depot Birmingham as a business combination and incurred acquisition related costs of $0.5 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss. | |||||||||
Home Depot - Valdosta, GA | |||||||||
On September 24, 2013, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of Home Depot, a freestanding, single-tenant distribution facility located in Valdosta, Georgia ("Home Depot Valdosta"). The sellers had no preexisting relationship with the Company. The purchase price of Home Depot Valdosta was $37.6 million, exclusive of closing costs. The acquisition of Home Depot Valdosta was funded with proceeds from the Company's IPO. The Company accounted for the purchase of Home Depot Valdosta as a business combination and incurred acquisition related costs of $0.4 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss. | |||||||||
C&S Wholesale Grocers - Birmingham, AL | |||||||||
On February 21, 2014, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of C&S Wholesale Grocers, a freestanding, single-tenant distribution facility located in Birmingham, Alabama ("C&S Wholesale Grocers"). The seller had no preexisting relationship with the Company. The purchase price of C&S Wholesale Grocers was $54.4 million, exclusive of closing costs. The acquisition of C&S Wholesale Grocers was funded with proceeds from the Company's IPO and the assumption of existing mortgage debt secured by the property. The Company accounted for the purchase of C&S Wholesale Grocers as a business combination and incurred acquisition related costs of $0.8 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss. | |||||||||
Sanofi US - Bridgewater, NJ | |||||||||
On March 21, 2014, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of Sanofi US, a freestanding, single-tenant office facility located in Bridgewater, New Jersey ("Sanofi"). The seller had no preexisting relationship with the Company. The purchase price of Sanofi was $251.1 million, exclusive of closing costs. The acquisition of Sanofi was funded with proceeds from the Company's IPO and the assumption of existing mortgage debt secured by the property. The Company accounted for the purchase of Sanofi as a business combination and incurred acquisition related costs of $5.8 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss. | |||||||||
The following table presents the allocation of assets acquired and liabilities assumed during the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||||
(Dollar amounts in thousands) | Year Ended December 31, 2014 | Period from | |||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Real estate investments, at cost: | |||||||||
Land | $ | 210,379 | $ | 147,899 | |||||
Buildings, fixtures and improvements | 672,121 | 868,700 | |||||||
Total tangible assets | 882,500 | 1,016,599 | |||||||
Acquired intangibles: | |||||||||
In-place leases | 175,152 | 130,093 | |||||||
Above-market lease assets | 13,403 | 380 | |||||||
Below-market lease liabilities | (19,692 | ) | (931 | ) | |||||
Total assets acquired, net | 1,051,363 | 1,146,141 | |||||||
Mortgage notes payable assumed | (462,238 | ) | (8,830 | ) | |||||
Premiums on mortgage notes payable assumed | (27,862 | ) | (334 | ) | |||||
Real estate investments financed through accounts payable | — | (9,902 | ) | ||||||
Deposits paid in prior periods | (33,035 | ) | — | ||||||
Cash paid for acquired real estate investments, at cost | $ | 528,228 | (1) | $ | 1,127,075 | ||||
Number of properties purchased | 224 | 239 | |||||||
_____________________________________ | |||||||||
-1 | Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million. | ||||||||
The following table presents unaudited pro forma information as if the acquisitions during the year ended December 31, 2014 had been consummated on January 22, 2013 (date of inception). Additionally, the unaudited pro forma net income (loss) was adjusted to reclassify acquisition and transaction related expense of $17.0 million from the year ended December 31, 2014 to the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||||
(In thousands) | Year Ended December 31, 2014 (1) | Period from | |||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Pro forma revenues | $ | 162,891 | $ | 44,888 | |||||
Pro forma net income (loss) | $ | 17,494 | $ | (26,461 | ) | ||||
_____________________ | |||||||||
-1 | For the year ended December 31, 2014, aggregate revenues and net income derived from the Company's 2014 acquisitions (for the Company's period of ownership) were $17.3 million and $9.6 million, respectively. | ||||||||
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 | |||||||||
2015 | $ | 154,258 | |||||||
2016 | 157,021 | ||||||||
2017 | 159,420 | ||||||||
2018 | 130,987 | ||||||||
2019 | 132,708 | ||||||||
Thereafter | 836,223 | ||||||||
$ | 1,570,617 | ||||||||
The following table lists the tenants (including, for this purpose, all affiliates of such tenants) from which the Company derives annualized rental income on a straight-line basis constituting 10.0% or more of the Company's consolidated annualized rental income on a straight-line basis for all portfolio properties as of the dates indicated: | |||||||||
December 31, | |||||||||
Tenant | 2014 | 2013 | |||||||
SunTrust Bank | 17.90% | * | |||||||
Sanofi US | 11.60% | * | |||||||
C&S Wholesale Grocer | 10.40% | * | |||||||
AmeriCold | * | 14.50% | |||||||
Merrill Lynch | * | 14.50% | |||||||
____________________________ | |||||||||
* | Tenant's annualized rental income on a straight-line basis was not greater than or equal to 10.0% of consolidated annualized rental income on a straight-line basis for all portfolio properties as of the date specified. | ||||||||
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, 2014 and 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, 2014 and 2013: | |||||||||
December 31, | |||||||||
State | 2014 | 2013 | |||||||
New Jersey | 20.30% | 15.10% | |||||||
Georgia | 11.20% | 14.70% | |||||||
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, 2014 and 2013. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Investment Securities | Investment Securities | ||||||||||||||||
As of December 31, 2014, the Company had investments in debt securities consisting of redeemable preferred stock with an aggregate fair value of $19.0 million. As of December 31, 2013, the Company had investments in debt securities consisting of 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 income (loss) as a component of stockholders' equity on the consolidated balance sheets, 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, 2014 and 2013: | |||||||||||||||||
(In thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
December 31, 2014 | |||||||||||||||||
Debt securities | $ | 18,528 | $ | 463 | $ | — | $ | 18,991 | |||||||||
31-Dec-13 | |||||||||||||||||
Debt securities | $ | 65,547 | $ | — | $ | (6,981 | ) | $ | 58,566 | ||||||||
There were no unrealized losses as of December 31, 2014 and therefore no impairment was recorded during the year ended December 31, 2014. 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 year ended December 31, 2014, the Company sold investments in redeemable preferred stock and senior notes with an aggregate cost basis of $47.0 million for $47.3 million, resulting in a realized gain on sale of investment securities of $0.3 million. During the period from January 22, 2013 (date of inception) to December 31, 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 of $0.1 million. | |||||||||||||||||
The Company's preferred stock investments are redeemable at the respective issuer's option after five years from issuance. |
Credit_Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility |
On September 23, 2013, the Company, through the OP, entered into a credit agreement (the "Credit Agreement") relating to a credit facility (the "Credit Facility") that 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 amendments to the Credit Agreement, the OP increased commitments under the Credit Facility to $750.0 million as of December 31, 2014. As of December 31, 2014, the outstanding balance under the Credit Facility was $423.0 million and the Company's unused borrowing capacity was $234.6 million, based on the assets assigned to the Credit Facility. Availability of borrowings is based on a pool of eligible unencumbered real estate assets. As of December 31, 2013, the Company had no outstanding borrowings under the Credit Facility. | |
Borrowings under the Credit Facility bear interest, at the OP's election, at either (i) the 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. Certain of the Company's subsidiaries and certain subsidiaries of the OP guarantee, and the equity of certain subsidiaries of the OP have been pledged as collateral for, the obligations under the Credit Facility. | |
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, 2014, the Company was in compliance with the financial covenants under the Credit Agreement. |
Mortgage_Notes_Payable
Mortgage Notes Payable | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Mortgage Notes Payable | Mortgage Notes Payable | |||||||||||||||||
The Company's mortgage notes payable as of December 31, 2014 and 2013 consist of the following: | ||||||||||||||||||
Outstanding Loan Amount as of | Effective Interest Rate | |||||||||||||||||
Portfolio | Encumbered Properties | December 31, | December 31, | Interest Rate | Maturity | |||||||||||||
2014 | 2013 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
SAAB Sensis I | 1 | $ | 8,519 | $ | 8,830 | 6.01 | % | Fixed | Apr. 2025 | |||||||||
SunTrust Bank II | 30 | 25,000 | — | 5.5 | % | Fixed | Jul. 2021 | |||||||||||
C&S Wholesale Grocer I | 4 | 82,313 | — | 5.56 | % | Fixed | Apr. 2017 | |||||||||||
SunTrust Bank III | 121 | 99,677 | — | 5.5 | % | Fixed | Jul. 2021 | |||||||||||
SunTrust Bank IV | 30 | 25,000 | — | 5.5 | % | Fixed | Jul. 2021 | |||||||||||
Sanofi US I | 1 | 190,000 | — | 5.83 | % | Fixed | Dec. 2015 | |||||||||||
Stop & Shop I | 4 | 39,570 | — | 5.63 | % | Fixed | Jun. 2021 | |||||||||||
Total | 191 | $ | 470,079 | $ | 8,830 | 5.66 | % | (1) | ||||||||||
_____________________________________ | ||||||||||||||||||
-1 | Calculated on a weighted-average basis for all mortgages outstanding as of December 31, 2014. | |||||||||||||||||
The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to December 31, 2014: | ||||||||||||||||||
(In thousands) | Future Principal Payments | |||||||||||||||||
2015 | $ | 190,964 | ||||||||||||||||
2016 | 1,014 | |||||||||||||||||
2017 | 83,393 | |||||||||||||||||
2018 | 1,143 | |||||||||||||||||
2019 | 1,211 | |||||||||||||||||
Thereafter | 192,354 | |||||||||||||||||
$ | 470,079 | |||||||||||||||||
The Company's mortgage notes payable agreements require the compliance of certain property-level financial covenants including debt service coverage ratios. As of December 31, 2014, the Company was in compliance with financial covenants under its mortgage notes payable agreements |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
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 that are traded in active markets and therefore, due to the availability of quoted 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 and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 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 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Investment securities | $ | 18,991 | $ | — | $ | — | $ | 18,991 | |||||||||||
31-Dec-13 | |||||||||||||||||||
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 and liabilities. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2014. | |||||||||||||||||||
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, prepaid expenses and other assets, accounts payable and accrued expenses and distributions payable approximates their carrying value on the consolidated balance sheets 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 sheets as of December 31, 2014 and 2013 are reported in the following table: | |||||||||||||||||||
Carrying Amount at | Fair Value at | Carrying Amount at | Fair Value at | ||||||||||||||||
(In thousands) | Level | December 31, 2014 | December 31, 2014 | December 31, 2013 | December 31, 2013 | ||||||||||||||
Mortgage notes payable and premiums, net | 3 | $ | 492,179 | $ | 505,629 | $ | 9,164 | $ | 9,164 | ||||||||||
Credit facility | 3 | $ | 423,000 | $ | 423,000 | $ | — | $ | — | ||||||||||
The fair value of mortgage notes payable is estimated by an independent third party using a discounted cash flow analysis, based on management’s estimates of market interest rates. Advances under the Credit Facility are considered to be reported at fair value, since its interest rate varies with changes in LIBOR. |
Common_Stock
Common Stock | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity [Abstract] | |||||||||||
Common Stock | Common Stock | ||||||||||
As of December 31, 2014 and 2013, the Company had 65.3 million and 63.0 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP. | |||||||||||
On April 9, 2013, the Company's board of directors authorized, and the Company declared a distribution, which is calculated based on stockholders of record each day during the applicable period of $0.00452054795 per day, which is the equivalent to $1.65 per annum, 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 fifth 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. See Note 16 — Subsequent Events for changes to the distribution policy. | |||||||||||
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, subject to the significant conditions and limitations described below. | |||||||||||
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 are able to participate in the SRP. The repurchase of shares occurs 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). | |||||||||||
Until November 14, 2014, 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 sold back all of its shares, the Company's board of directors had 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 could waive the one-year holding requirement. | |||||||||||
Until November 14, 2014, the number of shares repurchased could 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 was as follows (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock): | |||||||||||
• | the lower of $23.13 and 92.5% of the price paid to acquire the shares, for stockholders who had 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 had 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 had 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 had continuously held their shares for at least four years. | ||||||||||
Effective November 14, 2014, the repurchase price for shares under the SRP is based on the estimated net asset value ("NAV") per share of the Company's common stock ("Estimated Per-Share NAV") as determined by the Company's board of directors. Purchases under the SRP are 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. | |||||||||||
Effective November 14, 2014, there is no minimum holding period for shares of the Company's common stock and stockholders can submit their shares for repurchase at any time through the SRP. 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). | |||||||||||
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%. | |||||||||||
The Company's board of directors reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase, change the purchase price for repurchases or otherwise amend, suspend or terminate the terms of the SRP. | |||||||||||
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, 2014: | |||||||||||
Number of Requests | Number of Shares | Weighted-Average Price per Share | |||||||||
Period from January 22, 2013 (date of inception) to December 31, 2013 | 10 | 8,082 | $ | 24.98 | |||||||
Year ended December 31, 2014 | 148 | 295,825 | 23.99 | ||||||||
Cumulative repurchases as of December 31, 2014 (1) | 158 | 303,907 | $ | 24.01 | |||||||
_____________________ | |||||||||||
-1 | Includes 92 unfulfilled repurchase requests consisting of 211,723 shares with a weighted-average repurchase price per share of $23.97, which were approved for repurchase as of December 31, 2014 and were completed during the first quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of December 31, 2014. | ||||||||||
See Note 16 — Subsequent Events for changes to the SRP. | |||||||||||
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 sheets in the period distributions are declared. Until November 14, 2014, the Company offered shares pursuant to the DRIP at $23.75, which was 95.0% of the initial offering price of shares of common stock in the IPO. Effective November 14, 2014, the Company offers shares pursuant to the DRIP at Estimated Per-Share NAV. During the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013, the Company issued 2.6 million and 0.9 million shares of common stock with a value of $61.0 million and $20.4 million, respectively, and a par value per share of $0.01, pursuant to the DRIP. | |||||||||||
See Note 16 — Subsequent Events for changes to the DRIP. | |||||||||||
Accumulated Other Comprehensive Income | |||||||||||
The following tables illustrate the changes in accumulated other comprehensive income (loss) for the periods presented below: | |||||||||||
(In thousands) | Unrealized Gains on Available-for-sale Securities | ||||||||||
Balance, January 22, 2013 (date of inception) | $ | — | |||||||||
Other comprehensive loss, before reclassifications | (6,856 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (125 | ) | (1) | ||||||||
Balance, December 31, 2013 | $ | (6,981 | ) | ||||||||
(In thousands) | Unrealized Gains on Available-for-sale Securities | ||||||||||
Balance, January 1, 2014 | $ | (6,981 | ) | ||||||||
Other comprehensive income, before reclassifications | 7,741 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (297 | ) | (1) | ||||||||
Balance, December 31, 2014 | $ | 463 | |||||||||
_________________________________ | |||||||||||
-1 | Amounts were reclassified to gain on sale of investment securities, net on the consolidated statements of operations and comprehensive income (loss). |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies | ||||
Future Minimum Ground Lease Payments | |||||
The Company entered into ground 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: | |||||
(In thousands) | Future Minimum Base Rent Payments | ||||
2015 | $ | 887 | |||
2016 | 895 | ||||
2017 | 900 | ||||
2018 | 882 | ||||
2019 | 882 | ||||
Thereafter | 5,526 | ||||
$ | 9,972 | ||||
Litigation and Regulatory Matters | |||||
In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. | |||||
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 maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy's coverage conditions and limitations. 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 | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Related Party Transactions and Arrangements | Related Party Transactions and Arrangements | ||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Special Limited Partner, an entity controlled by the Sponsor, owned 8,888 shares of the Company's outstanding common stock and 90 OP Units. | |||||||||||||||||||||||||
Fees Incurred in Connection with the IPO | |||||||||||||||||||||||||
The Dealer Manager was entitled to receive 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 of common stock, 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, based on such factors as the volume of shares sold by respective participating broker-dealers and marketing support incurred as compared to those of other participating broker-dealers. 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: | |||||||||||||||||||||||||
Year Ended December 31, 2014 | Period from | Payable (Receivable) as of December 31, | |||||||||||||||||||||||
22-Jan-13 | |||||||||||||||||||||||||
(date of inception) to | |||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 2014 | 2013 | ||||||||||||||||||||||
Total commissions and fees from the Dealer Manager | $ | (3 | ) | (1) | $ | 143,009 | $ | (13 | ) | (1) | $ | 2 | |||||||||||||
_________________________________ | |||||||||||||||||||||||||
-1 | During the year ended December 31, 2014, the Company incurred reimbursement of selling commissions and dealer manager fees as a result of share purchase cancellations related to common stock sales prior to the close of the IPO. | ||||||||||||||||||||||||
The Advisor and its affiliates received fees and expense reimbursements for services relating to the IPO. The Company utilizes transfer agent services provided by an affiliate of the Dealer Manager. All offering costs related to the IPO incurred by the Company or its affiliated entities on behalf of the Company were charged to additional paid-in capital on the accompanying consolidated balance sheets. The following table details offering costs and reimbursements incurred from and due to the Advisor and Dealer Manager as of and for the periods presented: | |||||||||||||||||||||||||
Year Ended December 31, 2014 | Period from | Payable as of December 31, | |||||||||||||||||||||||
22-Jan-13 | |||||||||||||||||||||||||
(date of inception) to | |||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 2014 | 2013 | ||||||||||||||||||||||
Fees and expense reimbursements from the Advisor and Dealer Manager | $ | (253 | ) | $ | 30,482 | $ | — | $ | 226 | ||||||||||||||||
Fees and Participations Incurred 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 it incurs 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. As of December 31, 2014, aggregate acquisition fees and financing fees did not exceed the 1.5% threshold. 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. As of December 31, 2014, the total of all acquisition fees, acquisition expenses and any financing coordination fees did not exceed the 4.5% threshold. | |||||||||||||||||||||||||
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 issued to the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor performance-based restricted, forfeitable partnership units of the OP designated as "Class B Units." The Class B Units 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. Unvested Class B Units will be forfeited immediately if: (x) the advisory agreement is terminated for any reason other than a termination without cause; or (y) the advisory agreement is terminated without cause by an affirmative vote of a majority of the board of directors before the economic hurdle described above has been met. | |||||||||||||||||||||||||
When and if approved by the board of directors, the Class B Units are issued to the Advisor quarterly in arrears pursuant to the terms of the limited partnership agreement of the OP. The number of Class B Units issued in any quarter is 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 was initially equal to $22.50 (the initial offering price in the IPO minus selling commissions and dealer manager fees) and, as of the NAV Pricing Date, to Estimated Per-Share NAV. See Note 16 — Subsequent Events for changes to this arrangement. As of December 31, 2014, in aggregate, the Company's board of directors had approved the issuance of 703,796 Class B Units to the Advisor in connection with this arrangement. As of December 31, 2014, the Company could not determine the probability of achieving the performance condition, as such, no expense was recognized in connection with this arrangement during the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||||||||||||||
The Advisor receives distributions on unvested Class B Units equal to the distribution rate received on the Company's common stock. Such distributions on issued Class B Units are included in general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
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 to general and administrative expenses as of December 31, 2013. No such costs were incurred during the year ended December 31, 2014. The Dealer Manager and its affiliates also provide transfer agency services, as well as transaction management and other professional services. These fees are also included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income (loss) during the period the service was provided. | |||||||||||||||||||||||||
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 periods presented: | |||||||||||||||||||||||||
Year Ended December 31, 2014 | Period from | Payable as of December 31, | |||||||||||||||||||||||
22-Jan-13 | |||||||||||||||||||||||||
(date of inception) to | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(In thousands) | Incurred | Forgiven | Incurred | Forgiven | 2014 | 2013 | |||||||||||||||||||
One-time fees and reimbursements: | |||||||||||||||||||||||||
Acquisition fees and related cost reimbursements | $ | 10,578 | $ | — | $ | 13,126 | $ | — | $ | — | $ | — | |||||||||||||
Financing coordination fees | 5,678 | — | 3,479 | — | — | — | |||||||||||||||||||
Transaction fees | — | — | 4,423 | — | — | 2,630 | |||||||||||||||||||
Ongoing fees: | |||||||||||||||||||||||||
Transfer agent and other professional fees | 2,364 | — | — | — | 753 | — | |||||||||||||||||||
Strategic advisory fees | — | — | 920 | — | — | — | |||||||||||||||||||
Distributions on Class B Units | 602 | — | 18 | — | — | 18 | |||||||||||||||||||
Total related party operation fees and reimbursements | $ | 19,222 | $ | — | $ | 21,966 | $ | — | $ | 753 | $ | 2,648 | |||||||||||||
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 expenses and excluding any gain from the sale of assets for that period, unless the Company's independent directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, in which case the excess amount may be reimbursed to the Advisor in subsequent periods. The Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees, acquisition expenses or real estate commissions. No reimbursements were incurred from the Advisor for providing administrative services during the year ended December 31, 2014 and 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. No such fees were waived or costs were absorbed by the Advisor during the year ended December 31, 2014. | |||||||||||||||||||||||||
Fees and Participations Incurred in Connection With Liquidation or Listing | |||||||||||||||||||||||||
In May 2014, the Company entered into a transaction management agreement with RCS Advisory Services, LLC, an entity under common control with the Dealer Manager, to provide strategic alternatives transaction management services through the occurrence of a liquidity event and a-la-carte services thereafter. The Company agreed to pay and has paid $3.0 million pursuant to this agreement. During the year ended December 31, 2014, the Company incurred expenses for services provided pursuant to this agreement of $3.0 million, which is included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive income (loss). No such fees were incurred during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||||||||||||||
In May 2014, the Company entered into an information agent and advisory services agreement with the Dealer Manager and American National Stock Transfer, LLC, an entity under common control with the Dealer Manager, to provide in connection with a liquidity event, advisory services, educational services to external and internal wholesalers, communication support as well as proxy, tender offer or redemption and solicitation services. The Company agreed to pay $1.9 million in the aggregate pursuant to this agreement. During the year ended December 31, 2014, the Company incurred expenses for services provided pursuant to this agreement of $1.1 million, which is included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive income (loss). During the year ended December 31, 2014, the Company paid $1.5 million pursuant to this agreement, of which $0.4 million is included in prepaid expenses and other assets on the accompanying consolidated balance sheet as of December 31, 2014. No such fees were incurred the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||||||||||||||
The investment banking and capital markets division of the Dealer Manager provides the Company with strategic and financial advice and assistance in connection with (i) a possible sale transaction involving the Company (ii) the possible listing of the Company's securities on a national securities exchange, and (iii) a possible acquisition transaction involving the Company. The Dealer Manager will receive a listing advisory fee equal to the greatest of (i) an amount equal to 0.25% of Transaction Value (as defined above), (ii) $1.0 million and (iii) the highest fee payable to any co-bookrunner (or comparable person) in connection with the listing. If one of the above events does not occur, the Dealer Manager will receive a base advisory services fee of $1.0 million on the earlier of (a) the date the Dealer Manager resigns or is terminated for cause and (b) 18 months from the date of any other termination of this agreement by the Company. During the year ended December 31, 2014, the Company incurred expenses for services provided pursuant to this agreement of $1.0 million, which is included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive income (loss) and in accounts payable and accrued expenses on the accompanying consolidated balance sheet as of December 31, 2014. No such fees were incurred during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||||||||||||||
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 year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||||||||||||||
If the Company is not listed on a national securities 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 annual return on the capital contributed by investors. There can be no assurance that the Company will provide this 6.0% annual return and 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 annual return on their capital contributions. No such participation in net sales proceeds became due and payable during the year ended December 31, 2014 and 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 securities 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, which amount would be evidenced by a non-interest bearing promissory note. The Company cannot assure that it will provide this 6.0% annual return and the Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless investors have received an annual 6.0% cumulative, pre-tax, non-compounded annual return on their capital contributions. No such distribution was incurred during the year ended December 31, 2014 and 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 a 6.0% annual cumulative, pre-tax, non-compounded annual 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. | |||||||||||||||||||||||||
The Company pays the Advisor 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 year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013. |
Economic_Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2014 | |
Economic Dependency [Abstract] | |
Economic Dependency | Economic Dependency |
Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control 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 | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [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 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 other 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 year ended December 31, 2014 and 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 | |||||||
Granted | 3,999 | 22.5 | |||||||
Vested | (800 | ) | 22.5 | ||||||
Forfeited | (2,400 | ) | 22.5 | ||||||
Unvested, December 31, 2014 | 4,799 | $ | 22.5 | ||||||
The fair value of the restricted shares is being expensed on a straight-line basis over the service period of five years. Compensation expense related to restricted stock was approximately $21,000 and $44,000 for the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013, respectively. | |||||||||
As of December 31, 2014, 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 3.9 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: | |||||||||
Year Ended December 31, 2014 | Period from | ||||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
(Dollar amounts in thousands) | 31-Dec-13 | ||||||||
Value of shares issued in lieu of cash | $ | — | $ | 93 | |||||
Shares issued in lieu of cash | — | 4,114 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity [Abstract] | |||||||||||
Accumulated Other Comprehensive Income | Common Stock | ||||||||||
As of December 31, 2014 and 2013, the Company had 65.3 million and 63.0 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP. | |||||||||||
On April 9, 2013, the Company's board of directors authorized, and the Company declared a distribution, which is calculated based on stockholders of record each day during the applicable period of $0.00452054795 per day, which is the equivalent to $1.65 per annum, 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 fifth 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. See Note 16 — Subsequent Events for changes to the distribution policy. | |||||||||||
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, subject to the significant conditions and limitations described below. | |||||||||||
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 are able to participate in the SRP. The repurchase of shares occurs 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). | |||||||||||
Until November 14, 2014, 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 sold back all of its shares, the Company's board of directors had 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 could waive the one-year holding requirement. | |||||||||||
Until November 14, 2014, the number of shares repurchased could 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 was as follows (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock): | |||||||||||
• | the lower of $23.13 and 92.5% of the price paid to acquire the shares, for stockholders who had 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 had 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 had 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 had continuously held their shares for at least four years. | ||||||||||
Effective November 14, 2014, the repurchase price for shares under the SRP is based on the estimated net asset value ("NAV") per share of the Company's common stock ("Estimated Per-Share NAV") as determined by the Company's board of directors. Purchases under the SRP are 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. | |||||||||||
Effective November 14, 2014, there is no minimum holding period for shares of the Company's common stock and stockholders can submit their shares for repurchase at any time through the SRP. 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). | |||||||||||
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%. | |||||||||||
The Company's board of directors reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase, change the purchase price for repurchases or otherwise amend, suspend or terminate the terms of the SRP. | |||||||||||
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, 2014: | |||||||||||
Number of Requests | Number of Shares | Weighted-Average Price per Share | |||||||||
Period from January 22, 2013 (date of inception) to December 31, 2013 | 10 | 8,082 | $ | 24.98 | |||||||
Year ended December 31, 2014 | 148 | 295,825 | 23.99 | ||||||||
Cumulative repurchases as of December 31, 2014 (1) | 158 | 303,907 | $ | 24.01 | |||||||
_____________________ | |||||||||||
-1 | Includes 92 unfulfilled repurchase requests consisting of 211,723 shares with a weighted-average repurchase price per share of $23.97, which were approved for repurchase as of December 31, 2014 and were completed during the first quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of December 31, 2014. | ||||||||||
See Note 16 — Subsequent Events for changes to the SRP. | |||||||||||
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 sheets in the period distributions are declared. Until November 14, 2014, the Company offered shares pursuant to the DRIP at $23.75, which was 95.0% of the initial offering price of shares of common stock in the IPO. Effective November 14, 2014, the Company offers shares pursuant to the DRIP at Estimated Per-Share NAV. During the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013, the Company issued 2.6 million and 0.9 million shares of common stock with a value of $61.0 million and $20.4 million, respectively, and a par value per share of $0.01, pursuant to the DRIP. | |||||||||||
See Note 16 — Subsequent Events for changes to the DRIP. | |||||||||||
Accumulated Other Comprehensive Income | |||||||||||
The following tables illustrate the changes in accumulated other comprehensive income (loss) for the periods presented below: | |||||||||||
(In thousands) | Unrealized Gains on Available-for-sale Securities | ||||||||||
Balance, January 22, 2013 (date of inception) | $ | — | |||||||||
Other comprehensive loss, before reclassifications | (6,856 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (125 | ) | (1) | ||||||||
Balance, December 31, 2013 | $ | (6,981 | ) | ||||||||
(In thousands) | Unrealized Gains on Available-for-sale Securities | ||||||||||
Balance, January 1, 2014 | $ | (6,981 | ) | ||||||||
Other comprehensive income, before reclassifications | 7,741 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (297 | ) | (1) | ||||||||
Balance, December 31, 2014 | $ | 463 | |||||||||
_________________________________ | |||||||||||
-1 | Amounts were reclassified to gain on sale of investment securities, net on the consolidated statements of operations and comprehensive income (loss). |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings 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 year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||||
Year Ended December 31, 2014 | Period from | ||||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Net loss (in thousands) | $ | (1,997 | ) | $ | (20,797 | ) | |||
Basic and diluted weighted-average shares outstanding | 64,333,260 | 28,954,769 | |||||||
Basic and diluted net loss per share | $ | (0.03 | ) | $ | (0.72 | ) | |||
The following common stock equivalents as of December 31, 2014 and 2013 were excluded from diluted net loss per share computations as their effect would have been antidilutive for the periods presented: | |||||||||
Year Ended December 31, 2014 | Period from | ||||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Unvested restricted stock | 4,799 | 4,000 | |||||||
OP Units | 90 | 90 | |||||||
Class B Units | 703,796 | 192 | |||||||
Total common stock equivalents | 708,685 | 4,282 | |||||||
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) | ||||||||||||||||
Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||||||||||||
Quarters Ended (1) | |||||||||||||||||
(In thousands, except share and per share amounts) | 31-Mar-14 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||
Total revenues | $ | 30,124 | $ | 42,076 | $ | 43,222 | $ | 42,958 | |||||||||
Basic net income (loss) | $ | (9,569 | ) | $ | 1,127 | $ | 1,610 | $ | 4,835 | ||||||||
Adjustments to net income (loss) for common share equivalents | — | (156 | ) | (98 | ) | (92 | ) | ||||||||||
Diluted net income (loss) | $ | (9,569 | ) | $ | 971 | $ | 1,512 | $ | 4,743 | ||||||||
Basic weighted-average shares outstanding | 62,693,554 | 64,018,318 | 64,654,279 | 65,243,247 | |||||||||||||
Basic net income (loss) per share | $ | (0.15 | ) | $ | 0.02 | $ | 0.02 | $ | 0.07 | ||||||||
Diluted weighted-average shares outstanding | 62,693,554 | 64,023,762 | 64,661,074 | 65,248,137 | |||||||||||||
Diluted net income (loss) per share | $ | (0.15 | ) | $ | 0.02 | $ | 0.02 | $ | 0.07 | ||||||||
_____________________________________ | |||||||||||||||||
-1 | The aforementioned unaudited quarterly financial information has been revised to reflect certain adjustments and final purchase price allocations to previously reported quarterly information associated with acquisitions completed during 2014. As a result, amortization and accretion of above-market lease assets and below-market lease liabilities decreased total revenue by $0.1 million, $0.4 million and $0.4 million for the three months ended March 31, June 30 and September 30, 2014, respectively. Additionally, the Company decreased depreciation and amortization expense by $1.2 million, $3.4 million, and $3.7 million, for the three months ended March 31, June 30 and September 30, 2014, respectively. | ||||||||||||||||
Period from | Quarters Ended | ||||||||||||||||
22-Jan-13 | |||||||||||||||||
(date of inception) to | |||||||||||||||||
(In thousands, except share and per share amounts) | 31-Mar-13 | June 30, 2013 | September 30, 2013 | December 31, 2013 | |||||||||||||
Total revenues | $ | — | $ | 35 | $ | 2,093 | $ | 22,161 | |||||||||
Net loss | $ | (29 | ) | $ | (215 | ) | $ | (17,014 | ) | $ | (3,539 | ) | |||||
Basic and diluted weighted-average shares outstanding | 8,888 | 5,173,574 | 38,295,114 | 62,329,506 | |||||||||||||
Basic and diluted net loss per share | $ | (3.26 | ) | $ | (0.04 | ) | $ | (0.44 | ) | $ | (0.06 | ) |
Subsequent_Events
Subsequent Events | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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: | ||||||||||
Listing on NYSE and Name Change | ||||||||||
On April 20, 2015, the Company announced that is has applied to list its common stock on the New York Stock Exchange ("NYSE") under the symbol "AFIN" (the "Listing"). In connection with the Listing, the Company intends to file Articles of Amendment to change the Company's name to "American Finance Trust, Inc." | ||||||||||
Completion of the Listing is subject to final approval by the NYSE. There can be no assurance that the Company’s shares of Common Stock will be listed on the NYSE. | ||||||||||
New Strategy | ||||||||||
On April 20, 2015, the Company announced that the Advisor has recommended, and the Company's board of directors has approved, a revision to the Company's Investment Objectives and Acquisition and Investment Policies (the "New Strategy") pursuant to which the Company expects to focus its new investment activity on originating and acquiring first mortgage and other commercial real estate-related debt investments across all major commercial real estate sectors. The Company will continue to maintain and selectively invest in additions to its existing portfolio of net leased commercial real estate properties, however we will not forgo opportunities to invest in other types of real estate investments that meet our overall investment objectives. | ||||||||||
Tender Offer | ||||||||||
On April 20, 2015, the Company announced that in connection with the Listing, the Company also intends to commence an offer to purchase up to $125.0 million of shares of its common stock from its stockholders at a price of $25.50 per share (the "Tender Offer"), net to the tendering stockholders in cash, less any applicable withholding taxes and without interest. The Company believes the Tender Offer will augment the options available to stockholders in connection with the Listing by allowing them to tender all or a portion of their shares in the Tender Offer at a fixed price. If the Tender Offer is oversubscribed, proration of the tendered shares will be determined promptly after the Tender Offer expires. The Company intends to fund the Tender Offer with cash on hand and funds available under the Credit Facility. The Company expects to commence the Tender Offer on the date of the Listing and the Tender Offer will expire on 20th business day thereafter (unless the Company extends the offer). The Tender Offer will be subject to certain conditions. | ||||||||||
Reaffirmation of Current Monthly Distributions and Change to Payment Dates | ||||||||||
On April 20, 2015, the Company announced that it intends to continue payment of monthly distributions at an annualized rate of $1.65 per share. Historically, the Company has calculated its monthly distribution based upon daily record and distribution declaration dates so that its stockholders would be entitled to be paid distributions beginning with the month in which their shares were purchased. Following the Listing, the Company will pay distributions on the 15th day of each month to stockholders of record as of close of business on the 8th day of such month. | ||||||||||
Subordinated Listing Distribution | ||||||||||
In connection with the Listing, the Company, as the general partner of the OP, will be required to cause the OP to issue a note (the “Listing Note”) to the Special Limited Partner to evidence the OP’s obligation to distribute to the Special Limited Partner an aggregate amount (the “Listing Amount”) equal to 15.0% of the difference (to the extent the result is a positive number) between: | ||||||||||
• | the sum of (i) the “market value” (as defined in the Listing Note) of the Company’s Common Stock plus (ii) the sum of all distributions or dividends (from any source) paid by the Company to its stockholders prior to the Listing; and | |||||||||
• | the sum of (i) the total raised in the Company’s initial public offering (“IPO”) and under the DRIP prior to the Listing (“Gross Proceeds”) plus (ii) the total amount of cash that, if distributed to those stockholders who purchased shares of Common Stock in the IPO and under the DRIP, would have provided those stockholders a 6.0% cumulative, non-compounded, pre-tax annual return (based on a 365-day year) on the Gross Proceeds. | |||||||||
The “market value” used to calculate the Listing Amount will not be determinable until the end of a measurement period, the period of 30 consecutive trading days, commencing on the 180th day following the Listing, unless another liquidity event, such as a merger, occurs prior to the end of the measurement period. If another liquidity event occurs prior to the end of the measurement period, the Listing Note provides for appropriate adjustment to the calculation of the Listing Amount. | ||||||||||
The Special Limited Partner will have the right to receive distributions of “Net Sales Proceeds,” as defined in the Listing Note, until the Listing Note is paid in full; provided that, the Special Limited Partner has the right, but not the obligation, to convert the entire Special Limited Partner interest into OP Units. OP Units are convertible into shares of the Company’s Common Stock in accordance with the terms governing conversion of OP Units into shares of Common Stock and contained in the Second Amended and Restated Agreement of Limited Partnership of the OP (the “OP Agreement”), which will be entered into at Listing. | ||||||||||
Amendment to Advisory Agreement | ||||||||||
On April 15, 2015, the Company's board of directors approved an amendment (the "Amendment") to the Amended and Restated Advisory Agreement, dated June 5, 2013 (as amended by the Amendment, the "Advisory Agreement") by and among the Company, the OP and the Advisor, which, among other things, provides that, effective as of the date thereof: | ||||||||||
(i) | for any period commencing on or after April 1, 2015, the Company shall pay the Advisor or its assignees as compensation for services rendered in connection with the management of the Company’s assets an Asset Management Fee (as defined in the Advisory Agreement) equal to 0.75% per annum of the Cost of Assets (as defined in the Advisory Agreement); | |||||||||
(ii) | such Asset Management Fee will be payable monthly in arrears in cash, in shares of common stock, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor; and | |||||||||
(iii) | the Company shall not cause the OP to issue any Class B Units in respect of periods subsequent to March 31, 2015. | |||||||||
Amendments to Agreement of Limited Partnership of the OP | ||||||||||
Third Amendment to the Agreement of Limited Partnership of the OP | ||||||||||
On April 29, 2015, the board of directors authorized the execution by the Company, as general partner of its OP, of a Third Amendment (the “Third Amendment”) to the OP Agreement to conform the OP Agreement to the previously announced amendment on April 15, 2015, to that certain Amended and Restated Advisory Agreement, dated June 5, 2013, by and among the Company, the OP and the Advisor. The Third Amendment provides that the OP will not issue any Class B Units in respect of periods subsequent to March 31, 2015. | ||||||||||
Amended and Restated Agreement of Limited Partnership of the OP | ||||||||||
On April 29, 2015, the board of directors authorized the execution, in conjunction with the Listing, of an Amended and Restated Agreement of Limited Partnership of the OP (the “A&R OP Agreement”) by the Company, as general partner of its OP, with the limited partners party thereto to conform more closely with agreements of limited partnership of other operating partnerships controlled by real estate investment trusts whose securities are publicly traded and listed, and to add long term incentive plan units (“LTIP Units”) as a new class of units of limited partnership in the OP to the existing common units (“OP Units”). Pursuant to the A&R OP Agreement, the LTIP Units will be created. The Company may at any time cause the OP to issue LTIP Units to members of the Company’s senior management team. These LTIP Units will be earned and will vest on such terms as are determined by the Company’s Compensation Committee. In general, LTIP Units are a special class of units entitled to receive profit distributions. Upon issuance and prior to being fully earned, holders of LTIP Units are entitled to receive per unit profit distributions equal to ten percent (10.0%) of per unit profit distributions on the outstanding OP Units. After LTIP Units are fully earned, a holder of LTIP Units first will be entitled to receive a catch-up of the other ninety percent (90.0%) of per unit profit distributions not previously distributed, and, subsequently, they will be entitled to receive the same per unit profit distributions as the other outstanding OP Units. However, as profits interests, LTIP Units initially will not have full parity, on a per unit basis, with the OP Units with respect to liquidating distributions, and a holder of LTIP Units would receive nothing if the OP were liquidated immediately after the LTIP Unit is awarded. Upon the occurrence of specified events, LTIP Units can over time achieve full parity with the OP Units and therefore accrete to an economic value for the holder equivalent to the OP Units. In order for LTIP Units to have full parity with the OP Units, the capital accounts of the holders of LTIP Units with respect to such LTIP Units would have to be equalized (on a per unit basis) with the capital accounts of the holders of the OP Units. This capital account equalization per unit would occur through special allocations of net increases in valuation (if any) of the Company’s assets upon the occurrence of certain revaluation events permitted under the Code and Treasury regulations, including: (i) the acquisition of an additional interest in the OP by a new or existing partner in exchange for more than a de minimus capital contribution, (ii) the distribution by the OP of more than a de minimus amount of property as consideration for the repurchase or redemption of an interest in the OP (which may include the redemption or conversion of LTIP Units into OP Units or the Company’s Common Stock), (iii) the liquidation of the OP or (iv) at such other times as the Company reasonably determines to be necessary or desirable to comply with Treasury regulations (including the issuance of new LTIP Units). LTIP Units cannot achieve immediate full parity with OP Units under any circumstances at the time of grant of such LTIP Units. Generally, an LTIP Unit will be convertible into an OP Unit at any time after such LTIP Unit vests and the capital account associated with such LTIP Unit is equalized. | ||||||||||
Second Amended and Restated Advisory Agreement | ||||||||||
On April 29, 2015, the independent directors of the board of directors unanimously approved certain amendments to the Amended and Restated Advisory Agreement, as amended (the “Advisory Agreement”), by and among the Company, the OP and the Advisor (the “Second A&R Advisory Agreement”). The Second A&R Advisory Agreement will take effect only upon approval by the Company’s stockholders of certain changes to the Company’s Articles of Amendment and Restatement (“Stockholder Approval”), and, which, among other things, provides that: | ||||||||||
(i) | the Annual Subordinated Performance Fee (as defined in the Advisory Agreement) shall be changed from an annual fee equal to 15.0% of the total return to stockholders in excess of 6.0% per annum to a quarterly fee, payable in arrears, equal to (x) 15.0% of the applicable quarter’s Core Earnings per share in excess of $0.375 per share plus (y) 10.0% of the applicable quarter’s Core Earnings per share in excess of $0.50 per share; | |||||||||
(ii) | Core Earnings shall be defined as, for the applicable period, GAAP net income (loss) excluding non-cash equity compensation expense, the variable management fee, acquisition and transaction related fees and expenses, financing related fees and expenses, depreciation and amortization, realized gains and losses on the sale of assets, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income, one-time events pursuant to changes in GAAP and certain non-cash charges, impairment losses on real estate related investments and other than temporary impairment of securities, amortization of deferred financing costs, amortization of tenant inducements, amortization of straight-line rent, amortization of market lease intangibles, provision for loss loans, and other non-recurring revenue and expenses; | |||||||||
(iii) | the Acquisition Fee and Financing Coordination Fee (both as defined in the Advisory Agreement) will terminate 180 days after Stockholder Approval (the “Fee Termination Date”), except for Acquisition Fees with respect to properties under contract, letter of intent, or under negotiation as of the Fee Termination Date; | |||||||||
(iv) | a Base Management Fee equal to $4.5 million per quarter plus 0.375% of the cumulative net proceeds of any equity raised subsequent to the Listing, shall be added; | |||||||||
(v) | all fees accrued and expenses incurred shall be paid quarterly in arrears; and | |||||||||
(vi) | the initial term of the Advisory Agreement, commencing upon Stockholder Approval, will be 20 years, and automatically renewable for another 20-year term upon each 20-year anniversary unless terminated by the board of directors for cause. | |||||||||
Multi-Year Outperformance Plan Agreement | ||||||||||
On April 29, 2015, the board of directors approved the general terms of a Multi-Year Outperformance Agreement (the “OPP”) to be entered into with the Company, the OP and the Advisor, in connection with the Listing. | ||||||||||
Under the OPP, the Advisor will be issued LTIP Units in the OP with a maximum award value equal to 5.0% of the Company’s market capitalization (the “OPP Cap”) on the date of Listing (the “Effective Date”). The LTIP Units will be structured as profits interest in the OP. The Advisor will be eligible to earn a number of LTIP Units with a value up to the OPP Cap based on the Company’s achieving certain levels of total return to its stockholders (“Total Return”) on both an absolute basis and a relative basis measured against a peer group of companies, as set forth below, for a three-year period commencing on the Effective Date (the “Performance Period”). In addition, Advisor may “lock-in” a portion of the OPP Cap based on the attainment of pro-rata performance hurdles, as set forth below, during each 12-month period in the Performance Period (each such period, an “One-Year Period”) and during the initial 24-month period of the Performance Period (the “Two-Year Period”). Each of the relevant performance periods will be evaluated separately based on performance through the end of the relevant performance period. | ||||||||||
Three-Year Period | Each One-Year Period | Two-Year Period | ||||||||
Absolute Component: 4% of any excess Total Return attained above an absolute total stockholder return hurdle measured from the beginning of such period as follows: | 21% | 7% | 14% | |||||||
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achieving cumulative Total Return measured from the beginning of the period: | ||||||||||
• | 100% of the Relative Component will be earned if cumulative Total Return achieved is at least: | 18% | 6% | 12% | ||||||
• | 50% of the Relative Component will be earned if cumulative Total Return achieved is: | —% | —% | —% | ||||||
• | 0% of the Relative Component will be earned if cumulative Total Return achieved is less than: | —% | —% | —% | ||||||
• | a percentage from 50% to 100% of the Relative Component calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: | 0% - 18% | 0% - 6% | 0%- 12% | ||||||
______________________ | ||||||||||
* | The “Peer Group” is comprised of Arbor Realty Trust, Inc., Ares Commercial Real Estate Corp., Colony Financial, Inc., and Starwood Property Trust, Inc. | |||||||||
The maximum “lock-in” amount for any given One-Year Period is 25.0% of the OPP Cap. The maximum “lock-in” amount for the Two-Year Period is 60.0% of the OPP Cap. Accordingly, any “lock-in” amount for the Two-Year Period may supersede and negate any awards for the first two One-Year Periods. Any LTIP Units that are unearned at the end of the Performance Period will be forfeited. | ||||||||||
Subject to Advisor’s continued service through each vesting date, one third of any earned LTIP Units will vest on each of the third, fourth and fifth anniversaries of the Effective Date. Any earned and vested LTIP Units may be converted into OP Units of the OP in accordance with the terms and conditions of the partnership agreement of the OP (as described above). | ||||||||||
The OPP provides for early calculation of LTIP Units earned and for the accelerated vesting of any earned LTIP Units in the event Advisor is terminated by the Company or in the event the Company incurs a change in control, in either case prior to the end of the Performance Period. The OPP also provides for accelerated vesting of earned LTIP Units in the event Advisor is terminated or in the event of a change in control of the Company on or following the end of the Performance Period. | ||||||||||
Amended and Restated Incentive Restricted Share Plan | ||||||||||
On April 29, 2015, the board of directors adopted an Amended and Restated RSP (the “A&R RSP”) that replaces in its entirety the Company’s Employee and Director RSP (the “Old Restricted Share Plan”). The A&R RSP amends the terms of the Old Restricted Share Plan as follows: | ||||||||||
• | it increases the number of shares of Company capital stock, par value $0.01 per share (the “Capital Stock”), available for awards thereunder from 5.0% of the Company’s outstanding shares of Capital Stock on a fully diluted basis at any time, not exceed 3.4 million shares of Capital Stock, to 10.0% of the Company’s outstanding shares of Capital Stock on a fully diluted basis at any time; | |||||||||
• | it removes the fixed amount of shares that were automatically granted to the Company’s independent directors; and | |||||||||
• | it adds restricted stock units (including dividend equivalent rights thereon) as a permitted form of award. | |||||||||
Notice of Amendment and Suspension of the DRIP | ||||||||||
In connection with the Listing and the Tender Offer, pursuant to the terms of the DRIP, on April 15, 2015, the Company's board of directors approved an amendment to the DRIP (the "DRIP Amendment") that enables the Company to suspend the DRIP. Subsequently, pursuant to the DRIP as amended by the DRIP Amendment, the Company's board of directors approved the suspension of the DRIP, effective immediately following the payment of the Company’s June 2015 monthly distribution. Accordingly, the final issuance of shares of common stock pursuant to the DRIP will occur in connection with the Company’s June 2015 distribution payable no later than July 5, 2015. | ||||||||||
Notice of Termination of the SRP | ||||||||||
In connection with the Listing and the Tender Offer, pursuant to the requirements of applicable tender offer rules, on April 15, 2015, the board of directors approved the termination of the SRP. The Company has processed all of the requests received under the SRP for the first and second quarters of 2015 and will not process further requests. | ||||||||||
Engagement of New Financial Advisor | ||||||||||
On April 20, 2015, the Company announced that in connection with the Listing, the Company has also engaged UBS Securities LLC as a financial advisor. As previously disclosed, RCS Capital, the investment banking and capital markets division of the Dealer Manager, is also advising the Company in connection with the Listing. | ||||||||||
Investment Securities | ||||||||||
From January 1, 2015 to May 15, 2015, the Company sold $8.7 million of investments in debt securities for a realized gain of $0.5 million. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation - Schedule III | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
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, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
Dollar General I | Mission | TX | 4/29/13 | $ | — | (1) | $ | 142 | $ | 807 | $ | — | $ | — | $ | 949 | $ | 76 | |||||||||||||||||
Dollar General I | Sullivan | MO | 5/3/13 | — | (1) | 146 | 825 | — | — | 971 | 77 | ||||||||||||||||||||||||
Walgreens I | Pine Bluff | AR | 7/8/13 | — | (1) | 159 | 3,016 | — | — | 3,175 | 271 | ||||||||||||||||||||||||
Dollar General II | Bogalusa | LA | 7/12/13 | — | (1) | 107 | 965 | — | — | 1,072 | 81 | ||||||||||||||||||||||||
Dollar General II | Donaldsonville | LA | 7/12/13 | — | (1) | 97 | 871 | — | — | 968 | 73 | ||||||||||||||||||||||||
AutoZone I | Cut Off | LA | 7/16/13 | — | (1) | 67 | 1,282 | — | — | 1,349 | 102 | ||||||||||||||||||||||||
Dollar General III | Athens | MI | 7/16/13 | — | (1) | 48 | 907 | — | — | 955 | 72 | ||||||||||||||||||||||||
Dollar General III | Fowler | MI | 7/16/13 | — | (1) | 49 | 940 | — | — | 989 | 75 | ||||||||||||||||||||||||
Dollar General III | Hudson | MI | 7/16/13 | — | (1) | 102 | 922 | — | — | 1,024 | 73 | ||||||||||||||||||||||||
Dollar General III | Muskegon | MI | 7/16/13 | — | (1) | 49 | 939 | — | — | 988 | 75 | ||||||||||||||||||||||||
Dollar General III | Reese | MI | 7/16/13 | — | (1) | 150 | 848 | — | — | 998 | 67 | ||||||||||||||||||||||||
BSFS I | Fort Myers | FL | 7/18/13 | — | (1) | 1,215 | 1,822 | — | — | 3,037 | 150 | ||||||||||||||||||||||||
Dollar General IV | Bainbridge | GA | 7/29/13 | — | (1) | 233 | 700 | — | — | 933 | 56 | ||||||||||||||||||||||||
Dollar General IV | Vanleer | TN | 7/29/13 | — | (1) | 78 | 705 | — | — | 783 | 56 | ||||||||||||||||||||||||
Tractor Supply I | Vernon | CT | 8/1/13 | — | (1) | 358 | 3,220 | — | — | 3,578 | 217 | ||||||||||||||||||||||||
Dollar General V | Meraux | LA | 8/2/13 | — | (1) | 708 | 1,315 | — | — | 2,023 | 105 | ||||||||||||||||||||||||
Mattress Firm I | Tallahassee | FL | 8/7/13 | — | (1) | 1,015 | 1,241 | — | — | 2,256 | 99 | ||||||||||||||||||||||||
Family Dollar I | Butler | KY | 8/12/13 | — | (1) | 126 | 711 | — | — | 837 | 57 | ||||||||||||||||||||||||
Food Lion I | Charlotte | NC | 8/19/13 | — | (1) | 3,132 | 4,697 | — | — | 7,829 | 309 | ||||||||||||||||||||||||
Lowe's I | Macon | GA | 8/19/13 | — | (1) | — | 8,420 | — | — | 8,420 | 529 | ||||||||||||||||||||||||
Lowe's I | Fayetteville | NC | 8/19/13 | — | (1) | — | 6,422 | — | — | 6,422 | 404 | ||||||||||||||||||||||||
Lowe's I | New Bern | NC | 8/19/13 | — | (1) | 1,812 | 10,269 | — | — | 12,081 | 646 | ||||||||||||||||||||||||
Lowe's I | Rocky Mount | NC | 8/19/13 | — | (1) | 1,931 | 10,940 | — | — | 12,871 | 688 | ||||||||||||||||||||||||
O'Reilly Auto Parts I | Manitowoc | WI | 8/19/13 | — | (1) | 85 | 761 | — | — | 846 | 57 | ||||||||||||||||||||||||
Lowe's I | Aiken | SC | 8/21/13 | — | (1) | 1,764 | 7,056 | — | — | 8,820 | 443 | ||||||||||||||||||||||||
Family Dollar II | Danville | AR | 8/22/13 | — | (1) | 170 | 679 | — | — | 849 | 51 | ||||||||||||||||||||||||
Dollar General VI | Natalbany | LA | 8/23/13 | — | (1) | 379 | 883 | — | — | 1,262 | 66 | ||||||||||||||||||||||||
Dollar General VII | Gasburg | VA | 8/23/13 | — | (1) | 52 | 993 | — | — | 1,045 | 74 | ||||||||||||||||||||||||
Walgreens II | Tucker | GA | 8/23/13 | — | (1) | — | 2,524 | — | — | 2,524 | 202 | ||||||||||||||||||||||||
Family Dollar III | Challis | ID | 8/27/13 | — | (1) | 44 | 828 | — | — | 872 | 62 | ||||||||||||||||||||||||
Chili's I | Lake Jackson | TX | 8/30/13 | — | (1) | 746 | 1,741 | — | — | 2,487 | 163 | ||||||||||||||||||||||||
Chili's I | Victoria | TX | 8/30/13 | — | (1) | 813 | 1,897 | — | — | 2,710 | 178 | ||||||||||||||||||||||||
CVS I | Anniston | AL | 8/30/13 | — | (1) | 472 | 1,887 | — | — | 2,359 | 151 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
Joe's Crab Shack I | Westminster | CO | 8/30/13 | — | (1) | 1,136 | 2,650 | — | — | 3,786 | 249 | ||||||||||||||||||||||||
Joe's Crab Shack I | Houston | TX | 8/30/13 | — | (1) | 1,169 | 2,171 | — | — | 3,340 | 204 | ||||||||||||||||||||||||
Tire Kingdom I | Lake Wales | FL | 9/4/13 | — | (1) | 556 | 1,296 | — | — | 1,852 | 100 | ||||||||||||||||||||||||
AutoZone II | Temple | GA | 9/6/13 | — | (1) | 569 | 854 | — | — | 1,423 | 64 | ||||||||||||||||||||||||
Dollar General VIII | Stanleytown | VA | 9/6/13 | — | (1) | 185 | 1,049 | — | — | 1,234 | 79 | ||||||||||||||||||||||||
Family Dollar IV | Oil City | LA | 9/9/13 | — | (1) | 76 | 685 | — | — | 761 | 51 | ||||||||||||||||||||||||
Fresenius I | Montevallo | AL | 9/12/13 | — | (1) | 300 | 1,699 | — | — | 1,999 | 106 | ||||||||||||||||||||||||
Dollar General IX | Mabelvale | AR | 9/13/13 | — | (1) | 38 | 723 | — | — | 761 | 54 | ||||||||||||||||||||||||
Advance Auto I | Angola | IN | 9/19/13 | — | (1) | 35 | 671 | — | — | 706 | 47 | ||||||||||||||||||||||||
Arby's I | Hernando | MS | 9/19/13 | — | (1) | 624 | 1,455 | — | — | 2,079 | 128 | ||||||||||||||||||||||||
CVS II | Holyoke | MA | 9/19/13 | — | (1) | — | 2,258 | — | — | 2,258 | 169 | ||||||||||||||||||||||||
Walgreens III | Lansing | MI | 9/19/13 | — | (1) | 216 | 4,099 | — | — | 4,315 | 307 | ||||||||||||||||||||||||
Walgreens IV | Beaumont | TX | 9/20/13 | — | (1) | 499 | 1,995 | — | — | 2,494 | 150 | ||||||||||||||||||||||||
American Express Travel Related Services I | Salt Lake City | UT | 9/24/13 | — | (1) | 4,150 | 32,789 | — | — | 36,939 | 3,212 | ||||||||||||||||||||||||
American Express Travel Related Services I | Greensboro | NC | 9/24/13 | — | (1) | 1,620 | 41,401 | — | — | 43,021 | 3,758 | ||||||||||||||||||||||||
AmeriCold I | Piedmont | SC | 9/24/13 | — | (1) | 3,030 | 24,067 | — | — | 27,097 | 1,835 | ||||||||||||||||||||||||
AmeriCold I | Gaffney | SC | 9/24/13 | — | (1) | 1,360 | 5,666 | — | — | 7,026 | 432 | ||||||||||||||||||||||||
AmeriCold I | Pendergrass | GA | 9/24/13 | — | (1) | 2,810 | 26,572 | — | — | 29,382 | 2,026 | ||||||||||||||||||||||||
AmeriCold I | Gainesville | GA | 9/24/13 | — | (1) | 1,580 | 13,838 | — | — | 15,418 | 1,055 | ||||||||||||||||||||||||
AmeriCold I | Cartersville | GA | 9/24/13 | — | (1) | 1,640 | 14,533 | — | — | 16,173 | 1,108 | ||||||||||||||||||||||||
AmeriCold I | Douglas | GA | 9/24/13 | — | (1) | 750 | 7,076 | — | — | 7,826 | 540 | ||||||||||||||||||||||||
AmeriCold I | Belvidere | IL | 9/24/13 | — | (1) | 2,170 | 17,843 | — | — | 20,013 | 1,361 | ||||||||||||||||||||||||
AmeriCold I | Brooklyn Park | MN | 9/24/13 | — | (1) | 1,590 | 11,940 | — | — | 13,530 | 910 | ||||||||||||||||||||||||
AmeriCold I | Zumbrota | MN | 9/24/13 | — | (1) | 2,440 | 18,152 | — | — | 20,592 | 1,384 | ||||||||||||||||||||||||
Dollar General X | Greenwell Springs | LA | 9/24/13 | — | (1) | 114 | 1,029 | — | — | 1,143 | 72 | ||||||||||||||||||||||||
Home Depot I | Valdosta | GA | 9/24/13 | — | (1) | 2,930 | 30,538 | — | — | 33,468 | 1,797 | ||||||||||||||||||||||||
Home Depot I | Birmingham | AL | 9/24/13 | — | (1) | 3,660 | 33,667 | — | — | 37,327 | 1,981 | ||||||||||||||||||||||||
L.A. Fitness I | Houston | TX | 9/24/13 | — | (1) | 2,540 | 8,379 | — | — | 10,919 | 523 | ||||||||||||||||||||||||
National Tire & Battery I | San Antonio | TX | 9/24/13 | — | (1) | 577 | 577 | — | — | 1,154 | 42 | ||||||||||||||||||||||||
New Breed Logistics I | Hanahan | SC | 9/24/13 | — | (1) | 2,940 | 19,171 | — | — | 22,111 | 1,462 | ||||||||||||||||||||||||
SunTrust Bank I | Atlanta | GA | 9/24/13 | — | (1) | 2,190 | 5,666 | — | — | 7,856 | 324 | ||||||||||||||||||||||||
SunTrust Bank I | Washington | DC | 9/24/13 | — | (1) | 590 | 2,366 | — | — | 2,956 | 158 | ||||||||||||||||||||||||
SunTrust Bank I | New Smyrna Beach | FL | 9/24/13 | — | (1) | 740 | 2,859 | — | — | 3,599 | 191 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
SunTrust Bank I | Brooksville | FL | 9/24/13 | — | (1) | 360 | 127 | — | — | 487 | 8 | ||||||||||||||||||||||||
SunTrust Bank I | West Palm Beach | FL | 9/24/13 | — | (1) | 520 | 2,264 | — | — | 2,784 | 152 | ||||||||||||||||||||||||
SunTrust Bank I | Orlando | FL | 9/24/13 | — | (1) | 540 | 3,069 | — | — | 3,609 | 206 | ||||||||||||||||||||||||
SunTrust Bank I | Orlando | FL | 9/24/13 | — | (1) | 410 | 2,078 | — | — | 2,488 | 139 | ||||||||||||||||||||||||
SunTrust Bank I | Fort Pierce | FL | 9/24/13 | — | (1) | 720 | 1,434 | — | — | 2,154 | 96 | ||||||||||||||||||||||||
SunTrust Bank I | Atlanta | GA | 9/24/13 | — | (1) | 570 | 1,152 | — | — | 1,722 | 77 | ||||||||||||||||||||||||
SunTrust Bank I | Thomson | GA | 9/24/13 | — | (1) | 480 | 1,015 | — | — | 1,495 | 68 | ||||||||||||||||||||||||
SunTrust Bank I | Waycross | GA | 9/24/13 | — | (1) | 300 | 1,425 | — | — | 1,725 | 95 | ||||||||||||||||||||||||
SunTrust Bank I | Landover | MD | 9/24/13 | — | (1) | 630 | 1,310 | — | — | 1,940 | 88 | ||||||||||||||||||||||||
SunTrust Bank I | Cary | NC | 9/24/13 | — | (1) | 370 | 841 | — | — | 1,211 | 56 | ||||||||||||||||||||||||
SunTrust Bank I | Stokesdale | NC | 9/24/13 | — | (1) | 230 | 581 | — | — | 811 | 39 | ||||||||||||||||||||||||
SunTrust Bank I | Summerfield | NC | 9/24/13 | — | (1) | 210 | 605 | — | — | 815 | 40 | ||||||||||||||||||||||||
SunTrust Bank I | Waynesville | NC | 9/24/13 | — | (1) | 200 | 874 | — | — | 1,074 | 59 | ||||||||||||||||||||||||
SunTrust Bank I | Fountain Inn | SC | 9/24/13 | — | (1) | 290 | 1,086 | — | — | 1,376 | 73 | ||||||||||||||||||||||||
SunTrust Bank I | Nashville | TN | 9/24/13 | — | (1) | 190 | 666 | — | — | 856 | 45 | ||||||||||||||||||||||||
SunTrust Bank I | Savannah | TN | 9/24/13 | — | (1) | 390 | 1,179 | — | — | 1,569 | 79 | ||||||||||||||||||||||||
SunTrust Bank I | Chattanooga | TN | 9/24/13 | — | (1) | 220 | 781 | — | — | 1,001 | 52 | ||||||||||||||||||||||||
SunTrust Bank I | Oak Ridge | TN | 9/24/13 | — | (1) | 500 | 1,277 | — | — | 1,777 | 86 | ||||||||||||||||||||||||
SunTrust Bank I | Doswell | VA | 9/24/13 | — | (1) | 190 | 510 | — | — | 700 | 34 | ||||||||||||||||||||||||
SunTrust Bank I | Vinton | VA | 9/24/13 | — | (1) | 120 | 366 | — | — | 486 | 24 | ||||||||||||||||||||||||
SunTrust Bank I | New Market | VA | 9/24/13 | — | (1) | 330 | 948 | — | — | 1,278 | 64 | ||||||||||||||||||||||||
SunTrust Bank I | Brunswick | GA | 9/24/13 | — | (1) | 80 | 249 | — | — | 329 | 17 | ||||||||||||||||||||||||
SunTrust Bank I | Burlington | NC | 9/24/13 | — | (1) | 200 | 497 | — | — | 697 | 33 | ||||||||||||||||||||||||
SunTrust Bank I | Pittsboro | NC | 9/24/13 | — | (1) | 100 | 304 | — | — | 404 | 20 | ||||||||||||||||||||||||
SunTrust Bank I | Dunwoody | GA | 9/24/13 | — | (1) | 460 | 2,714 | — | — | 3,174 | 182 | ||||||||||||||||||||||||
SunTrust Bank I | Athens | GA | 9/24/13 | — | (1) | 610 | 1,662 | — | — | 2,272 | 111 | ||||||||||||||||||||||||
SunTrust Bank I | Spencer | NC | 9/24/13 | — | (1) | 280 | 717 | — | — | 997 | 48 | ||||||||||||||||||||||||
SunTrust Bank I | Cleveland | TN | 9/24/13 | — | (1) | 170 | 461 | — | — | 631 | 31 | ||||||||||||||||||||||||
SunTrust Bank I | Nassawadox | VA | 9/24/13 | — | (1) | 70 | 484 | — | — | 554 | 32 | ||||||||||||||||||||||||
Circle K I | Burlington | IA | 9/25/13 | — | (1) | 224 | 523 | — | — | 747 | 37 | ||||||||||||||||||||||||
Circle K I | Clinton | IA | 9/25/13 | — | (1) | 334 | 779 | — | — | 1,113 | 55 | ||||||||||||||||||||||||
Circle K I | Muscatine | IA | 9/25/13 | — | (1) | 274 | 821 | — | — | 1,095 | 58 | ||||||||||||||||||||||||
Circle K I | Aledo | IL | 9/25/13 | — | (1) | 427 | 1,709 | — | — | 2,136 | 120 | ||||||||||||||||||||||||
Circle K I | Bloomington | IL | 9/25/13 | — | (1) | 316 | 586 | — | — | 902 | 41 | ||||||||||||||||||||||||
Circle K I | Bloomington | IL | 9/25/13 | — | (1) | 395 | 592 | — | — | 987 | 42 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
Circle K I | Champaign | IL | 9/25/13 | — | (1) | 412 | 504 | — | — | 916 | 35 | ||||||||||||||||||||||||
Circle K I | Galesburg | IL | 9/25/13 | — | (1) | 355 | 829 | — | — | 1,184 | 58 | ||||||||||||||||||||||||
Circle K I | Jacksonville | IL | 9/25/13 | — | (1) | 351 | 818 | — | — | 1,169 | 57 | ||||||||||||||||||||||||
Circle K I | Jacksonville | IL | 9/25/13 | — | (1) | 316 | 474 | — | — | 790 | 33 | ||||||||||||||||||||||||
Circle K I | Mattoon | IL | 9/25/13 | — | (1) | 608 | 1,129 | — | — | 1,737 | 79 | ||||||||||||||||||||||||
Circle K I | Morton | IL | 9/25/13 | — | (1) | 350 | 525 | — | — | 875 | 37 | ||||||||||||||||||||||||
Circle K I | Paris | IL | 9/25/13 | — | (1) | 429 | 797 | — | — | 1,226 | 56 | ||||||||||||||||||||||||
Circle K I | Staunton | IL | 9/25/13 | — | (1) | 467 | 1,867 | — | — | 2,334 | 131 | ||||||||||||||||||||||||
Circle K I | Vandalia | IL | 9/25/13 | — | (1) | 529 | 983 | — | — | 1,512 | 69 | ||||||||||||||||||||||||
Circle K I | Virden | IL | 9/25/13 | — | (1) | 302 | 1,208 | — | — | 1,510 | 85 | ||||||||||||||||||||||||
Circle K I | Lafayette | IN | 9/25/13 | — | (1) | 401 | 746 | — | — | 1,147 | 52 | ||||||||||||||||||||||||
Circle K I | Bedford | OH | 9/25/13 | — | (1) | 702 | 702 | — | — | 1,404 | 49 | ||||||||||||||||||||||||
Circle K I | Streetsboro | OH | 9/25/13 | — | (1) | 540 | 540 | — | — | 1,080 | 38 | ||||||||||||||||||||||||
Walgreens V | Oklahoma City | OK | 9/27/13 | — | (1) | 1,295 | 3,884 | — | — | 5,179 | 291 | ||||||||||||||||||||||||
Walgreens VI | Gillette | WY | 9/27/13 | — | (1) | 1,198 | 2,796 | — | — | 3,994 | 210 | ||||||||||||||||||||||||
1st Constitution Bancorp I | Hightstown | NJ | 9/30/13 | — | (1) | 253 | 1,431 | — | — | 1,684 | 99 | ||||||||||||||||||||||||
American Tire Distributors I | Chattanooga | TN | 9/30/13 | — | (1) | 382 | 7,249 | — | — | 7,631 | 581 | ||||||||||||||||||||||||
FedEx Ground I | Watertown | SD | 9/30/13 | — | (1) | 136 | 2,581 | — | — | 2,717 | 197 | ||||||||||||||||||||||||
Krystal I | Jacksonville | FL | 9/30/13 | — | (1) | 547 | 821 | — | — | 1,368 | 70 | ||||||||||||||||||||||||
Krystal I | Columbus | GA | 9/30/13 | — | (1) | 136 | 1,220 | — | — | 1,356 | 113 | ||||||||||||||||||||||||
Krystal I | Ft. Oglethorpe | GA | 9/30/13 | — | (1) | 185 | 1,051 | — | — | 1,236 | 90 | ||||||||||||||||||||||||
Krystal I | Chattanooga | TN | 9/30/13 | — | (1) | 292 | 877 | — | — | 1,169 | 75 | ||||||||||||||||||||||||
Krystal I | Cleveland | TN | 9/30/13 | — | (1) | 211 | 1,197 | — | — | 1,408 | 103 | ||||||||||||||||||||||||
Krystal I | Madison | TN | 9/30/13 | — | (1) | 427 | 640 | — | — | 1,067 | 55 | ||||||||||||||||||||||||
Merrill Lynch I | Hopewell | NJ | 9/30/13 | — | (1) | 1,854 | 40,257 | — | — | 42,111 | 2,848 | ||||||||||||||||||||||||
Merrill Lynch I | Hopewell | NJ | 9/30/13 | — | (1) | 651 | 14,125 | — | — | 14,776 | 1,000 | ||||||||||||||||||||||||
Merrill Lynch I | Hopewell | NJ | 9/30/13 | — | (1) | 3,619 | 78,581 | — | — | 82,200 | 5,512 | ||||||||||||||||||||||||
O'Charley's I | Lexington | KY | 9/30/13 | — | (1) | 675 | 1,574 | — | — | 2,249 | 84 | ||||||||||||||||||||||||
O'Charley's I | Conyers | GA | 9/30/13 | — | (1) | 315 | 1,784 | — | — | 2,099 | 186 | ||||||||||||||||||||||||
O'Charley's I | Southaven | MS | 9/30/13 | — | (1) | 756 | 1,405 | — | — | 2,161 | 137 | ||||||||||||||||||||||||
O'Charley's I | Daphne | AL | 9/30/13 | — | (1) | 225 | 2,026 | — | — | 2,251 | 112 | ||||||||||||||||||||||||
O'Charley's I | Kennesaw | GA | 9/30/13 | — | (1) | 225 | 2,022 | — | — | 2,247 | 113 | ||||||||||||||||||||||||
O'Charley's I | Springfield | OH | 9/30/13 | — | (1) | 329 | 1,864 | — | — | 2,193 | 131 | ||||||||||||||||||||||||
O'Charley's I | Murfreesboro | TN | 9/30/13 | — | (1) | 775 | 1,439 | — | — | 2,214 | 98 | ||||||||||||||||||||||||
O'Charley's I | Mcdonough | GA | 9/30/13 | — | (1) | 322 | 1,823 | — | — | 2,145 | 167 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
O'Charley's I | Simpsonville | SC | 9/30/13 | — | (1) | 440 | 1,760 | — | — | 2,200 | 123 | ||||||||||||||||||||||||
O'Charley's I | Grove City | OH | 9/30/13 | — | (1) | 436 | 1,745 | — | — | 2,181 | 136 | ||||||||||||||||||||||||
O'Charley's I | Clarksville | TN | 9/30/13 | — | (1) | 858 | 1,287 | — | — | 2,145 | 121 | ||||||||||||||||||||||||
O'Charley's I | Champaign | IL | 9/30/13 | — | (1) | 330 | 1,872 | — | — | 2,202 | 128 | ||||||||||||||||||||||||
O'Charley's I | Columbus | OH | 9/30/13 | — | (1) | 329 | 1,862 | — | — | 2,191 | 135 | ||||||||||||||||||||||||
O'Charley's I | Foley | AL | 9/30/13 | — | (1) | 331 | 1,875 | — | — | 2,206 | 132 | ||||||||||||||||||||||||
O'Charley's I | Corydon | IN | 9/30/13 | — | (1) | 330 | 1,870 | — | — | 2,200 | 130 | ||||||||||||||||||||||||
O'Charley's I | Salisbury | NC | 9/30/13 | — | (1) | 671 | 1,567 | — | — | 2,238 | 90 | ||||||||||||||||||||||||
O'Charley's I | Carrollton | GA | 9/30/13 | — | (1) | 672 | 1,568 | — | — | 2,240 | 94 | ||||||||||||||||||||||||
O'Charley's I | Lake Charles | LA | 9/30/13 | — | (1) | 948 | 1,159 | — | — | 2,107 | 120 | ||||||||||||||||||||||||
O'Charley's I | Hattiesburg | MS | 9/30/13 | — | (1) | 433 | 1,731 | — | — | 2,164 | 145 | ||||||||||||||||||||||||
O'Charley's I | Greenfield | IN | 9/30/13 | — | (1) | 665 | 1,552 | — | — | 2,217 | 104 | ||||||||||||||||||||||||
Walgreens VII | Monroe | MI | 9/30/13 | — | (1) | 1,212 | 2,827 | — | — | 4,039 | 201 | ||||||||||||||||||||||||
Walgreens VII | St Louis | MO | 9/30/13 | — | (1) | 955 | 2,228 | — | — | 3,183 | 158 | ||||||||||||||||||||||||
Walgreens VII | Rockledge | FL | 9/30/13 | — | (1) | 1,093 | 2,030 | — | — | 3,123 | 145 | ||||||||||||||||||||||||
Walgreens VII | Florissant | MO | 9/30/13 | — | (1) | 503 | 1,510 | — | — | 2,013 | 107 | ||||||||||||||||||||||||
Walgreens VII | Florissant | MO | 9/30/13 | — | (1) | 596 | 1,391 | — | — | 1,987 | 98 | ||||||||||||||||||||||||
Walgreens VII | Alton | IL | 9/30/13 | — | (1) | 1,216 | 3,649 | — | — | 4,865 | 261 | ||||||||||||||||||||||||
Walgreens VII | Springfield | IL | 9/30/13 | — | (1) | 1,386 | 3,235 | — | — | 4,621 | 231 | ||||||||||||||||||||||||
Walgreens VII | Washington | IL | 9/30/13 | — | (1) | 1,014 | 3,041 | — | — | 4,055 | 217 | ||||||||||||||||||||||||
Walgreens VII | Bloomington | IL | 9/30/13 | — | (1) | 1,649 | 3,848 | — | — | 5,497 | 274 | ||||||||||||||||||||||||
Walgreens VII | Mahomet | IL | 9/30/13 | — | (1) | 1,506 | 2,796 | — | — | 4,302 | 199 | ||||||||||||||||||||||||
Tractor Supply II | Houghton | MI | 10/3/13 | — | (1) | 204 | 1,158 | — | — | 1,362 | 69 | ||||||||||||||||||||||||
National Tire & Battery II | Mundelein | IL | 10/4/13 | — | (1) | — | 1,742 | — | — | 1,742 | 126 | ||||||||||||||||||||||||
United Healthcare I | Howard (Green Bay) | WI | 10/7/13 | — | (1) | 3,790 | 54,998 | — | — | 51,370 | 1,584 | ||||||||||||||||||||||||
Tractor Supply III | Harlan | KY | 10/16/13 | — | (1) | 248 | 2,232 | — | — | 2,480 | 124 | ||||||||||||||||||||||||
Mattress Firm II | Knoxville | TN | 10/18/13 | — | (1) | 189 | 754 | — | — | 943 | 49 | ||||||||||||||||||||||||
Dollar General XI | Greenville | MS | 10/23/13 | — | (1) | 192 | 769 | — | — | 961 | 50 | ||||||||||||||||||||||||
Academy Sports I | Cape Girardeau | MO | 10/29/13 | — | (1) | 384 | 7,292 | — | — | 7,676 | 409 | ||||||||||||||||||||||||
Talecris Plasma Resources I | Eagle Pass | TX | 10/29/13 | — | (1) | 286 | 2,577 | — | — | 2,863 | 141 | ||||||||||||||||||||||||
Amazon I | Winchester | KY | 10/30/13 | — | (1) | 362 | 8,070 | — | — | 8,432 | 481 | ||||||||||||||||||||||||
Fresenius II | Montclair | NJ | 10/31/13 | — | (1) | 1,214 | 2,255 | — | — | 3,469 | 124 | ||||||||||||||||||||||||
Fresenius II | Sharon Hill | PA | 10/31/13 | — | (1) | 345 | 1,956 | — | — | 2,301 | 107 | ||||||||||||||||||||||||
Dollar General XII | Le Center | MN | 11/1/13 | — | (1) | 47 | 886 | — | — | 933 | 58 | ||||||||||||||||||||||||
Advance Auto II | Bunnell | FL | 11/7/13 | — | (1) | 92 | 1,741 | — | — | 1,833 | 114 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
Advance Auto II | Washington | GA | 11/7/13 | — | (1) | 55 | 1,042 | — | — | 1,097 | 68 | ||||||||||||||||||||||||
Dollar General XIII | Vidor | TX | 11/7/13 | — | (1) | 46 | 875 | — | — | 921 | 57 | ||||||||||||||||||||||||
FedEx Ground II | Leland | MS | 11/12/13 | — | (1) | 220 | 4,186 | — | — | 4,406 | 298 | ||||||||||||||||||||||||
Burger King I | Algonquin | IL | 11/14/13 | — | (1) | 798 | 798 | — | — | 1,596 | 52 | ||||||||||||||||||||||||
Burger King I | Antioch | IL | 11/14/13 | — | (1) | 706 | 471 | — | — | 1,177 | 30 | ||||||||||||||||||||||||
Burger King I | Crystal Lake | IL | 11/14/13 | — | (1) | 541 | 232 | — | — | 773 | 15 | ||||||||||||||||||||||||
Burger King I | Grayslake | IL | 11/14/13 | — | (1) | 582 | 476 | — | — | 1,058 | 31 | ||||||||||||||||||||||||
Burger King I | Gurnee | IL | 11/14/13 | — | (1) | 931 | 931 | — | — | 1,862 | 60 | ||||||||||||||||||||||||
Burger King I | McHenry | IL | 11/14/13 | — | (1) | 742 | 318 | — | — | 1,060 | 21 | ||||||||||||||||||||||||
Burger King I | Round Lake Beach | IL | 11/14/13 | — | (1) | 1,273 | 1,042 | — | — | 2,315 | 67 | ||||||||||||||||||||||||
Burger King I | Waukegan | IL | 11/14/13 | — | (1) | 611 | 611 | — | — | 1,222 | 40 | ||||||||||||||||||||||||
Burger King I | Woodstock | IL | 11/14/13 | — | (1) | 869 | 290 | — | — | 1,159 | 19 | ||||||||||||||||||||||||
Burger King I | Austintown | OH | 11/14/13 | — | (1) | 221 | 1,251 | — | — | 1,472 | 81 | ||||||||||||||||||||||||
Burger King I | Beavercreek | OH | 11/14/13 | — | (1) | 410 | 761 | — | — | 1,171 | 49 | ||||||||||||||||||||||||
Burger King I | Celina | OH | 11/14/13 | — | (1) | 233 | 932 | — | — | 1,165 | 60 | ||||||||||||||||||||||||
Burger King I | Chardon | OH | 11/14/13 | — | (1) | 332 | 497 | — | — | 829 | 32 | ||||||||||||||||||||||||
Burger King I | Chesterland | OH | 11/14/13 | — | (1) | 320 | 747 | — | — | 1,067 | 48 | ||||||||||||||||||||||||
Burger King I | Cortland | OH | 11/14/13 | — | (1) | 118 | 1,063 | — | — | 1,181 | 69 | ||||||||||||||||||||||||
Burger King I | Dayton | OH | 11/14/13 | — | (1) | 464 | 862 | — | — | 1,326 | 56 | ||||||||||||||||||||||||
Burger King I | Fairborn | OH | 11/14/13 | — | (1) | 421 | 982 | — | — | 1,403 | 63 | ||||||||||||||||||||||||
Burger King I | Girard | OH | 11/14/13 | — | (1) | 421 | 1,264 | — | — | 1,685 | 82 | ||||||||||||||||||||||||
Burger King I | Greenville | OH | 11/14/13 | — | (1) | 248 | 993 | — | — | 1,241 | 64 | ||||||||||||||||||||||||
Burger King I | Madison | OH | 11/14/13 | — | (1) | 282 | 845 | — | — | 1,127 | 55 | ||||||||||||||||||||||||
Burger King I | Mentor | OH | 11/14/13 | — | (1) | 196 | 786 | — | — | 982 | 51 | ||||||||||||||||||||||||
Burger King I | Niles | OH | 11/14/13 | — | (1) | 304 | 1,214 | — | — | 1,518 | 78 | ||||||||||||||||||||||||
Burger King I | North Royalton | OH | 11/14/13 | — | (1) | 156 | 886 | — | — | 1,042 | 57 | ||||||||||||||||||||||||
Burger King I | Painesville | OH | 11/14/13 | — | (1) | 170 | 965 | — | — | 1,135 | 62 | ||||||||||||||||||||||||
Burger King I | Poland | OH | 11/14/13 | — | (1) | 212 | 847 | — | — | 1,059 | 55 | ||||||||||||||||||||||||
Burger King I | Ravenna | OH | 11/14/13 | — | (1) | 391 | 1,172 | — | — | 1,563 | 76 | ||||||||||||||||||||||||
Burger King I | Salem | OH | 11/14/13 | — | (1) | 352 | 1,408 | — | — | 1,760 | 91 | ||||||||||||||||||||||||
Burger King I | Trotwood | OH | 11/14/13 | — | (1) | 266 | 798 | — | — | 1,064 | 52 | ||||||||||||||||||||||||
Burger King I | Twinsburg | OH | 11/14/13 | — | (1) | 458 | 850 | — | — | 1,308 | 55 | ||||||||||||||||||||||||
Burger King I | Vandalia | OH | 11/14/13 | — | (1) | 182 | 728 | — | — | 910 | 47 | ||||||||||||||||||||||||
Burger King I | Warren | OH | 11/14/13 | — | (1) | 176 | 997 | — | — | 1,173 | 64 | ||||||||||||||||||||||||
Burger King I | Warren | OH | 11/14/13 | — | (1) | 168 | 1,516 | — | — | 1,684 | 98 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
Burger King I | Willoughby | OH | 11/14/13 | — | (1) | 394 | 920 | — | — | 1,314 | 59 | ||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | (1) | 300 | 901 | — | — | 1,201 | 58 | ||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | (1) | 186 | 1,675 | — | — | 1,861 | 108 | ||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | (1) | 147 | 1,324 | — | — | 1,471 | 86 | ||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | (1) | 370 | 1,481 | — | — | 1,851 | 96 | ||||||||||||||||||||||||
Burger King I | Bethel Park | PA | 11/14/13 | — | (1) | 342 | 634 | — | — | 976 | 41 | ||||||||||||||||||||||||
Burger King I | North Fayette | PA | 11/14/13 | — | (1) | 463 | 1,388 | — | — | 1,851 | 90 | ||||||||||||||||||||||||
Burger King I | North Versailles | PA | 11/14/13 | — | (1) | 553 | 1,659 | — | — | 2,212 | 107 | ||||||||||||||||||||||||
Burger King I | Columbiana | OH | 11/14/13 | — | (1) | 581 | 871 | — | — | 1,452 | 56 | ||||||||||||||||||||||||
Dollar General XIV | Fort Smith | AR | 11/20/13 | — | (1) | 184 | 1,042 | — | — | 1,226 | 63 | ||||||||||||||||||||||||
Dollar General XIV | Hot Springs | AR | 11/20/13 | — | (1) | 287 | 862 | — | — | 1,149 | 52 | ||||||||||||||||||||||||
Dollar General XIV | Royal | AR | 11/20/13 | — | (1) | 137 | 777 | — | — | 914 | 47 | ||||||||||||||||||||||||
Dollar General XV | Wilson | NY | 11/20/13 | — | (1) | 172 | 972 | — | — | 1,144 | 59 | ||||||||||||||||||||||||
Mattress Firm I | McDonough | GA | 11/22/13 | — | (1) | 185 | 1,663 | — | — | 1,848 | 101 | ||||||||||||||||||||||||
FedEx Ground III | Bismarck | ND | 11/25/13 | — | (1) | 554 | 3,139 | — | — | 3,693 | 207 | ||||||||||||||||||||||||
Dollar General XVI | LaFollette | TN | 11/27/13 | — | (1) | 43 | 824 | — | — | 867 | 50 | ||||||||||||||||||||||||
Family Dollar V | Carrollton | MO | 11/27/13 | — | (1) | 37 | 713 | — | — | 750 | 43 | ||||||||||||||||||||||||
Walgreens VIII | Bettendorf | IA | 12/6/13 | — | (1) | 1,398 | 3,261 | — | — | 4,659 | 212 | ||||||||||||||||||||||||
CVS III | Detroit | MI | 12/10/13 | — | (1) | 447 | 2,533 | — | — | 2,980 | 165 | ||||||||||||||||||||||||
Family Dollar VI | Walden | CO | 12/10/13 | — | (1) | 100 | 568 | — | — | 668 | 35 | ||||||||||||||||||||||||
Mattress Firm III | Valdosta | GA | 12/17/13 | — | (1) | 169 | 1,522 | — | — | 1,691 | 85 | ||||||||||||||||||||||||
Arby's II | Virginia | MN | 12/23/13 | — | (1) | 117 | 1,056 | — | — | 1,173 | 59 | ||||||||||||||||||||||||
Family Dollar VI | Kremmling | CO | 12/23/13 | — | (1) | 194 | 778 | — | — | 972 | 44 | ||||||||||||||||||||||||
SAAB Sensis I | Syracuse | NY | 12/23/13 | 8,519 | 1,731 | 15,580 | — | — | 15,086 | 357 | |||||||||||||||||||||||||
Citizens Bank I | Doylestown | PA | 12/27/13 | — | (1) | 588 | 1,373 | — | — | 1,961 | 74 | ||||||||||||||||||||||||
Citizens Bank I | Lansdale | PA | 12/27/13 | — | (1) | 531 | 1,238 | — | — | 1,769 | 66 | ||||||||||||||||||||||||
Citizens Bank I | Lima | PA | 12/27/13 | — | (1) | 1,376 | 1,682 | — | — | 3,058 | 90 | ||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | (1) | 473 | 2,680 | — | — | 3,153 | 144 | ||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | (1) | 412 | 2,337 | — | — | 2,749 | 125 | ||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | (1) | 321 | 2,889 | — | — | 3,210 | 155 | ||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | (1) | 388 | 1,551 | — | — | 1,939 | 83 | ||||||||||||||||||||||||
Citizens Bank I | Richboro | PA | 12/27/13 | — | (1) | 642 | 1,193 | — | — | 1,835 | 64 | ||||||||||||||||||||||||
Citizens Bank I | Wayne | PA | 12/27/13 | — | (1) | 1,923 | 1,923 | — | — | 3,846 | 103 | ||||||||||||||||||||||||
Walgreens IX | Waterford | MI | 1/3/14 | — | (1) | 514 | 4,531 | — | — | 5,045 | 120 | ||||||||||||||||||||||||
SunTrust Bank II | Lakeland | FL | 1/8/14 | — | (2) | 590 | 705 | — | — | 1,295 | 24 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
SunTrust Bank II | Pensacola | FL | 1/8/14 | — | (2) | 513 | 297 | — | — | 810 | 10 | ||||||||||||||||||||||||
SunTrust Bank II | Plant City | FL | 1/8/14 | — | (2) | 499 | 1,139 | — | — | 1,638 | 35 | ||||||||||||||||||||||||
SunTrust Bank II | Vero Beach | FL | 1/8/14 | — | (2) | 825 | 2,682 | — | — | 3,507 | 75 | ||||||||||||||||||||||||
SunTrust Bank II | Osprey | FL | 1/8/14 | — | (2) | 450 | 2,086 | — | — | 2,536 | 65 | ||||||||||||||||||||||||
SunTrust Bank II | Panama City | FL | 1/8/14 | — | (2) | 484 | 1,075 | — | — | 1,559 | 33 | ||||||||||||||||||||||||
SunTrust Bank II | Miami | FL | 1/8/14 | — | (2) | 3,187 | 3,224 | — | — | 6,411 | 91 | ||||||||||||||||||||||||
SunTrust Bank II | Winter Park | FL | 1/8/14 | — | (2) | 2,264 | 1,079 | — | — | 3,343 | 34 | ||||||||||||||||||||||||
SunTrust Bank II | Fruitland Park | FL | 1/8/14 | — | (2) | 305 | 785 | — | — | 1,090 | 25 | ||||||||||||||||||||||||
SunTrust Bank II | Seminole | FL | 1/8/14 | — | (2) | 1,329 | 3,486 | — | — | 4,815 | 95 | ||||||||||||||||||||||||
SunTrust Bank II | Okeechobee | FL | 1/8/14 | — | (2) | 339 | 1,569 | — | — | 1,908 | 57 | ||||||||||||||||||||||||
SunTrust Bank II | Norcross | GA | 1/8/14 | — | (2) | 660 | 252 | — | — | 912 | 8 | ||||||||||||||||||||||||
SunTrust Bank II | Douglasville | GA | 1/8/14 | — | (2) | 410 | 749 | — | — | 1,159 | 22 | ||||||||||||||||||||||||
SunTrust Bank II | Duluth | GA | 1/8/14 | — | (2) | 1,081 | 2,111 | — | — | 3,192 | 59 | ||||||||||||||||||||||||
SunTrust Bank II | Atlanta | GA | 1/8/14 | — | (2) | 1,071 | 2,293 | — | — | 3,364 | 65 | ||||||||||||||||||||||||
SunTrust Bank II | Kennesaw | GA | 1/8/14 | — | (2) | 930 | 1,727 | — | — | 2,657 | 50 | ||||||||||||||||||||||||
SunTrust Bank II | Cockeysville | MD | 1/8/14 | — | (2) | 2,184 | 479 | — | — | 2,663 | 14 | ||||||||||||||||||||||||
SunTrust Bank II | Apex | NC | 1/8/14 | — | (2) | 296 | 1,240 | — | — | 1,536 | 34 | ||||||||||||||||||||||||
SunTrust Bank II | Arden | NC | 1/8/14 | — | (2) | 374 | 216 | — | — | 590 | 8 | ||||||||||||||||||||||||
SunTrust Bank II | Greensboro | NC | 1/8/14 | — | (2) | 650 | 712 | — | — | 1,362 | 24 | ||||||||||||||||||||||||
SunTrust Bank II | Greensboro | NC | 1/8/14 | — | (2) | 326 | 633 | — | — | 959 | 18 | ||||||||||||||||||||||||
SunTrust Bank II | Salisbury | NC | 1/8/14 | — | (2) | 264 | 293 | — | — | 557 | 11 | ||||||||||||||||||||||||
SunTrust Bank II | Mauldin | SC | 1/8/14 | — | (2) | 542 | 704 | — | — | 1,246 | 23 | ||||||||||||||||||||||||
SunTrust Bank II | Nashville | TN | 1/8/14 | — | (2) | 890 | 504 | — | — | 1,394 | 18 | ||||||||||||||||||||||||
SunTrust Bank II | Chattanooga | TN | 1/8/14 | — | (2) | 358 | 564 | — | — | 922 | 17 | ||||||||||||||||||||||||
SunTrust Bank II | East Ridge | TN | 1/8/14 | — | (2) | 276 | 475 | — | — | 751 | 16 | ||||||||||||||||||||||||
SunTrust Bank II | Fredericksburg | VA | 1/8/14 | — | (2) | 1,623 | 446 | — | — | 2,069 | 15 | ||||||||||||||||||||||||
SunTrust Bank II | Lynchburg | VA | 1/8/14 | — | (2) | 584 | 1,255 | — | — | 1,839 | 37 | ||||||||||||||||||||||||
SunTrust Bank II | Chesapeake | VA | 1/8/14 | — | (2) | 490 | 695 | — | — | 1,185 | 21 | ||||||||||||||||||||||||
SunTrust Bank II | Bushnell | FL | 1/8/14 | — | (2) | 385 | 1,216 | — | — | 1,601 | 32 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
Mattress Firm IV | Meridian | ID | 1/9/14 | — | (1) | 691 | 1,193 | — | — | 1,884 | 36 | ||||||||||||||||||||||||
Dollar General XII | Sunrise Beach | MO | 1/15/14 | — | (1) | 105 | 795 | — | — | 900 | 33 | ||||||||||||||||||||||||
FedEx Ground IV | Council Bluffs | IA | 1/24/14 | — | (1) | 768 | 3,908 | — | — | 4,676 | 115 | ||||||||||||||||||||||||
Mattress Firm V | Florence | AL | 1/28/14 | — | (1) | 299 | 1,478 | — | — | 1,777 | 40 | ||||||||||||||||||||||||
Mattress Firm I | Aiken | SC | 2/5/14 | — | (1) | 426 | 1,029 | — | — | 1,455 | 32 | ||||||||||||||||||||||||
Family Dollar VII | Bernice | LA | 2/7/14 | — | (1) | 51 | 527 | — | — | 578 | 15 | ||||||||||||||||||||||||
Aaron's I | Erie | PA | 2/10/14 | — | (1) | 126 | 708 | — | — | 834 | 18 | ||||||||||||||||||||||||
AutoZone III | Caro | MI | 2/13/14 | — | (1) | 135 | 855 | — | — | 990 | 23 | ||||||||||||||||||||||||
C&S Wholesale Grocer I | Westfield | MA | 2/21/14 | 29,500 | 12,050 | 29,727 | — | — | 41,777 | 805 | |||||||||||||||||||||||||
C&S Wholesale Grocer I | Hatfield (North) | MA | 2/21/14 | 20,280 | 1,951 | 27,528 | — | — | 29,479 | 739 | |||||||||||||||||||||||||
C&S Wholesale Grocer I | Hatfield (South) | MA | 2/21/14 | 10,000 | 1,420 | 14,169 | — | — | 15,589 | 308 | |||||||||||||||||||||||||
C&S Wholesale Grocer I | Aberdeen | MD | 2/21/14 | 22,533 | 3,615 | 27,684 | — | — | 31,299 | 590 | |||||||||||||||||||||||||
C&S Wholesale Grocer I | Birmingham | AL | 2/21/14 | — | (1) | 4,951 | 36,894 | — | — | 41,845 | 790 | ||||||||||||||||||||||||
Advance Auto III | Taunton | MA | 2/25/14 | — | (1) | 404 | 1,148 | — | — | 1,552 | 26 | ||||||||||||||||||||||||
Family Dollar VIII | Dexter | NM | 3/3/14 | — | (1) | 79 | 745 | — | — | 824 | 22 | ||||||||||||||||||||||||
Family Dollar VIII | Hale Center | TX | 3/3/14 | — | (1) | 111 | 624 | — | — | 735 | 18 | ||||||||||||||||||||||||
Family Dollar VIII | Plains | TX | 3/3/14 | — | (1) | 100 | 624 | — | — | 724 | 18 | ||||||||||||||||||||||||
Dollar General XVII | Tullos | LA | 3/5/14 | — | (1) | 114 | 736 | — | — | 850 | 18 | ||||||||||||||||||||||||
SunTrust Bank III | Killen | AL | 3/10/14 | — | (3) | 91 | 637 | — | — | 728 | 18 | ||||||||||||||||||||||||
SunTrust Bank III | Muscle Shoals | AL | 3/10/14 | — | (3) | 242 | 1,480 | — | — | 1,722 | 40 | ||||||||||||||||||||||||
SunTrust Bank III | Sarasota | FL | 3/10/14 | — | (3) | 741 | 852 | — | — | 1,593 | 23 | ||||||||||||||||||||||||
SunTrust Bank III | Vero Beach | FL | 3/10/14 | — | (3) | 675 | 483 | — | — | 1,158 | 14 | ||||||||||||||||||||||||
SunTrust Bank III | Fort Meade | FL | 3/10/14 | — | (3) | 175 | 2,375 | — | — | 2,550 | 55 | ||||||||||||||||||||||||
SunTrust Bank III | Port St. Lucie | FL | 3/10/14 | — | (3) | 913 | 1,772 | — | — | 2,685 | 45 | ||||||||||||||||||||||||
SunTrust Bank III | Mulberry | FL | 3/10/14 | — | (3) | 406 | 753 | — | — | 1,159 | 19 | ||||||||||||||||||||||||
SunTrust Bank III | Gainesville | FL | 3/10/14 | — | (3) | 458 | 2,139 | — | — | 2,597 | 50 | ||||||||||||||||||||||||
SunTrust Bank III | Gainesville | FL | 3/10/14 | — | (3) | 457 | 816 | — | — | 1,273 | 22 | ||||||||||||||||||||||||
SunTrust Bank III | Gulf Breeze | FL | 3/10/14 | — | (3) | 1,092 | 1,569 | — | — | 2,661 | 39 | ||||||||||||||||||||||||
SunTrust Bank III | Sarasota | FL | 3/10/14 | — | (3) | 955 | 1,329 | — | — | 2,284 | 33 | ||||||||||||||||||||||||
SunTrust Bank III | Hobe Sound | FL | 3/10/14 | — | (3) | 442 | 1,521 | — | — | 1,963 | 37 | ||||||||||||||||||||||||
SunTrust Bank III | Port St. Lucie | FL | 3/10/14 | — | (3) | 996 | 872 | — | — | 1,868 | 24 | ||||||||||||||||||||||||
SunTrust Bank III | Mount Dora | FL | 3/10/14 | — | (3) | 570 | 1,933 | — | — | 2,503 | 45 | ||||||||||||||||||||||||
SunTrust Bank III | Daytona Beach | FL | 3/10/14 | — | (3) | 376 | 1,379 | — | — | 1,755 | 34 | ||||||||||||||||||||||||
SunTrust Bank III | Lutz | FL | 3/10/14 | — | (3) | 438 | 1,477 | — | — | 1,915 | 34 | ||||||||||||||||||||||||
SunTrust Bank III | Jacksonville | FL | 3/10/14 | — | (3) | 871 | 372 | — | — | 1,243 | 11 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
SunTrust Bank III | Jacksonville | FL | 3/10/14 | — | (3) | 366 | 1,136 | — | — | 1,502 | 28 | ||||||||||||||||||||||||
SunTrust Bank III | Boca Raton | FL | 3/10/14 | — | (3) | 1,617 | 690 | — | — | 2,307 | 18 | ||||||||||||||||||||||||
SunTrust Bank III | Tamarac | FL | 3/10/14 | — | (3) | 997 | 1,241 | — | — | 2,238 | 31 | ||||||||||||||||||||||||
SunTrust Bank III | Pompano Beach | FL | 3/10/14 | — | (3) | 886 | 2,024 | — | — | 2,910 | 47 | ||||||||||||||||||||||||
SunTrust Bank III | St. Cloud | FL | 3/10/14 | — | (3) | 1,046 | 1,887 | — | — | 2,933 | 46 | ||||||||||||||||||||||||
SunTrust Bank III | Ormond Beach | FL | 3/10/14 | — | (3) | 1,047 | 1,566 | — | — | 2,613 | 40 | ||||||||||||||||||||||||
SunTrust Bank III | Daytona Beach | FL | 3/10/14 | — | (3) | 443 | 1,586 | — | — | 2,029 | 40 | ||||||||||||||||||||||||
SunTrust Bank III | Ormond Beach | FL | 3/10/14 | — | (3) | 854 | 1,385 | — | — | 2,239 | 34 | ||||||||||||||||||||||||
SunTrust Bank III | Ormond Beach | FL | 3/10/14 | — | (3) | 873 | 2,235 | — | — | 3,108 | 52 | ||||||||||||||||||||||||
SunTrust Bank III | Brooksville | FL | 3/10/14 | — | (3) | 460 | 954 | — | — | 1,414 | 25 | ||||||||||||||||||||||||
SunTrust Bank III | Inverness | FL | 3/10/14 | — | (3) | 867 | 2,559 | — | — | 3,426 | 62 | ||||||||||||||||||||||||
SunTrust Bank III | Indian Harbour Beach | FL | 3/10/14 | — | (3) | 914 | 1,181 | — | — | 2,095 | 40 | ||||||||||||||||||||||||
SunTrust Bank III | Melbourne | FL | 3/10/14 | — | (3) | 772 | 1,927 | — | — | 2,699 | 46 | ||||||||||||||||||||||||
SunTrust Bank III | Orlando | FL | 3/10/14 | — | (3) | 1,234 | 1,125 | — | — | 2,359 | 28 | ||||||||||||||||||||||||
SunTrust Bank III | Orlando | FL | 3/10/14 | — | (3) | 874 | 1,922 | — | — | 2,796 | 45 | ||||||||||||||||||||||||
SunTrust Bank III | St. Petersburg | FL | 3/10/14 | — | (3) | 803 | 1,043 | — | — | 1,846 | 25 | ||||||||||||||||||||||||
SunTrust Bank III | Casselberry | FL | 3/10/14 | — | (3) | 609 | 2,443 | — | — | 3,052 | 57 | ||||||||||||||||||||||||
SunTrust Bank III | Rockledge | FL | 3/10/14 | — | (3) | 742 | 1,126 | — | — | 1,868 | 28 | ||||||||||||||||||||||||
SunTrust Bank III | New Smyrna Beach | FL | 3/10/14 | — | (3) | 244 | 1,245 | — | — | 1,489 | 31 | ||||||||||||||||||||||||
SunTrust Bank III | New Port Richey | FL | 3/10/14 | — | (3) | 602 | 1,104 | — | — | 1,706 | 27 | ||||||||||||||||||||||||
SunTrust Bank III | Tampa | FL | 3/10/14 | — | (3) | 356 | 1,042 | — | — | 1,398 | 30 | ||||||||||||||||||||||||
SunTrust Bank III | Lakeland | FL | 3/10/14 | — | (3) | 927 | 1,594 | — | — | 2,521 | 46 | ||||||||||||||||||||||||
SunTrust Bank III | Ocala | FL | 3/10/14 | — | (3) | 347 | 1,336 | — | — | 1,683 | 44 | ||||||||||||||||||||||||
SunTrust Bank III | St. Petersburg | FL | 3/10/14 | — | (3) | 211 | 1,237 | — | — | 1,448 | 30 | ||||||||||||||||||||||||
SunTrust Bank III | Atlanta | GA | 3/10/14 | — | (3) | 3,027 | 4,873 | — | — | 7,900 | 108 | ||||||||||||||||||||||||
SunTrust Bank III | Atlanta | GA | 3/10/14 | — | (3) | 4,422 | 1,559 | — | — | 5,981 | 38 | ||||||||||||||||||||||||
SunTrust Bank III | Atlanta | GA | 3/10/14 | — | (3) | 2,469 | 1,716 | — | — | 4,185 | 40 | ||||||||||||||||||||||||
SunTrust Bank III | Stone Mountain | GA | 3/10/14 | — | (3) | 605 | 522 | — | — | 1,127 | 13 | ||||||||||||||||||||||||
SunTrust Bank III | Lithonia | GA | 3/10/14 | — | (3) | 212 | 770 | — | — | 982 | 19 | ||||||||||||||||||||||||
SunTrust Bank III | Union City | GA | 3/10/14 | — | (3) | 400 | 542 | — | — | 942 | 14 | ||||||||||||||||||||||||
SunTrust Bank III | Peachtree City | GA | 3/10/14 | — | (3) | 887 | 2,242 | — | — | 3,129 | 55 | ||||||||||||||||||||||||
SunTrust Bank III | Stockbridge | GA | 3/10/14 | — | (3) | 358 | 760 | — | — | 1,118 | 19 | ||||||||||||||||||||||||
SunTrust Bank III | Conyers | GA | 3/10/14 | — | (3) | 205 | 1,334 | — | — | 1,539 | 31 | ||||||||||||||||||||||||
SunTrust Bank III | Morrow | GA | 3/10/14 | — | (3) | 400 | 1,759 | — | — | 2,159 | 41 | ||||||||||||||||||||||||
SunTrust Bank III | Marietta | GA | 3/10/14 | — | (3) | 2,168 | 1,169 | — | — | 3,337 | 30 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
SunTrust Bank III | Marietta | GA | 3/10/14 | — | (3) | 1,087 | 2,056 | — | — | 3,143 | 47 | ||||||||||||||||||||||||
SunTrust Bank III | Thomson | GA | 3/10/14 | — | (3) | 91 | 719 | — | — | 810 | 19 | ||||||||||||||||||||||||
SunTrust Bank III | Evans | GA | 3/10/14 | — | (3) | 969 | 2,103 | — | — | 3,072 | 54 | ||||||||||||||||||||||||
SunTrust Bank III | Savannah | GA | 3/10/14 | — | (3) | 224 | 1,116 | — | — | 1,340 | 27 | ||||||||||||||||||||||||
SunTrust Bank III | Savannah | GA | 3/10/14 | — | (3) | 458 | 936 | — | — | 1,394 | 27 | ||||||||||||||||||||||||
SunTrust Bank III | Macon | GA | 3/10/14 | — | (3) | 214 | 771 | — | — | 985 | 21 | ||||||||||||||||||||||||
SunTrust Bank III | Albany | GA | 3/10/14 | — | (3) | 260 | 531 | — | — | 791 | 18 | ||||||||||||||||||||||||
SunTrust Bank III | Sylvester | GA | 3/10/14 | — | (3) | 242 | 845 | — | — | 1,087 | 21 | ||||||||||||||||||||||||
SunTrust Bank III | Brunswick | GA | 3/10/14 | — | (3) | 384 | 888 | — | — | 1,272 | 23 | ||||||||||||||||||||||||
SunTrust Bank III | Athens | GA | 3/10/14 | — | (3) | 427 | 472 | — | — | 899 | 18 | ||||||||||||||||||||||||
SunTrust Bank III | Cartersville | GA | 3/10/14 | — | (3) | 658 | 1,734 | — | — | 2,392 | 41 | ||||||||||||||||||||||||
SunTrust Bank III | Annapolis | MD | 3/10/14 | — | (3) | 3,331 | 1,655 | — | — | 4,986 | 34 | ||||||||||||||||||||||||
SunTrust Bank III | Glen Burnie | MD | 3/10/14 | — | (3) | 2,307 | 1,236 | — | — | 3,543 | 28 | ||||||||||||||||||||||||
SunTrust Bank III | Cambridge | MD | 3/10/14 | — | (3) | 1,130 | 1,265 | — | — | 2,395 | 27 | ||||||||||||||||||||||||
SunTrust Bank III | Avondale | MD | 3/10/14 | — | (3) | 1,760 | 485 | — | — | 2,245 | 12 | ||||||||||||||||||||||||
SunTrust Bank III | Asheboro | NC | 3/10/14 | — | (3) | 458 | 774 | — | — | 1,232 | 20 | ||||||||||||||||||||||||
SunTrust Bank III | Bessemer City | NC | 3/10/14 | — | (3) | 212 | 588 | — | — | 800 | 14 | ||||||||||||||||||||||||
SunTrust Bank III | Charlotte | NC | 3/10/14 | — | (3) | 529 | 650 | — | — | 1,179 | 16 | ||||||||||||||||||||||||
SunTrust Bank III | Charlotte | NC | 3/10/14 | — | (3) | 563 | 750 | — | — | 1,313 | 20 | ||||||||||||||||||||||||
SunTrust Bank III | Dunn | NC | 3/10/14 | — | (3) | 384 | 616 | — | — | 1,000 | 17 | ||||||||||||||||||||||||
SunTrust Bank III | Durham | NC | 3/10/14 | — | (3) | 488 | 742 | — | — | 1,230 | 18 | ||||||||||||||||||||||||
SunTrust Bank III | Durham | NC | 3/10/14 | — | (3) | 284 | 506 | — | — | 790 | 15 | ||||||||||||||||||||||||
SunTrust Bank III | Greensboro | NC | 3/10/14 | — | (3) | 488 | 794 | — | — | 1,282 | 21 | ||||||||||||||||||||||||
SunTrust Bank III | Harrisburg | NC | 3/10/14 | — | (3) | 151 | 389 | — | — | 540 | 11 | ||||||||||||||||||||||||
SunTrust Bank III | Hendersonville | NC | 3/10/14 | — | (3) | 468 | 945 | — | — | 1,413 | 23 | ||||||||||||||||||||||||
SunTrust Bank III | Lenoir | NC | 3/10/14 | — | (3) | 1,021 | 3,980 | — | — | 5,001 | 89 | ||||||||||||||||||||||||
SunTrust Bank III | Lexington | NC | 3/10/14 | — | (3) | 129 | 266 | — | — | 395 | 10 | ||||||||||||||||||||||||
SunTrust Bank III | Mebane | NC | 3/10/14 | — | (3) | 500 | 887 | — | — | 1,387 | 21 | ||||||||||||||||||||||||
SunTrust Bank III | Oxford | NC | 3/10/14 | — | (3) | 530 | 1,727 | — | — | 2,257 | 39 | ||||||||||||||||||||||||
SunTrust Bank III | Rural Hall | NC | 3/10/14 | — | (3) | 158 | 193 | — | — | 351 | 6 | ||||||||||||||||||||||||
SunTrust Bank III | Stanley | NC | 3/10/14 | — | (3) | 183 | 398 | — | — | 581 | 12 | ||||||||||||||||||||||||
SunTrust Bank III | Sylva | NC | 3/10/14 | — | (3) | 51 | 524 | — | — | 575 | 11 | ||||||||||||||||||||||||
SunTrust Bank III | Walnut Cove | NC | 3/10/14 | — | (3) | 212 | 690 | — | — | 902 | 16 | ||||||||||||||||||||||||
SunTrust Bank III | Winston-Salem | NC | 3/10/14 | — | (3) | 362 | 513 | — | — | 875 | 13 | ||||||||||||||||||||||||
SunTrust Bank III | Yadkinville | NC | 3/10/14 | — | (3) | 438 | 765 | — | — | 1,203 | 18 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
SunTrust Bank III | Greenville | SC | 3/10/14 | — | (3) | 377 | 871 | — | — | 1,248 | 21 | ||||||||||||||||||||||||
SunTrust Bank III | Greenville | SC | 3/10/14 | — | (3) | 264 | 684 | — | — | 948 | 17 | ||||||||||||||||||||||||
SunTrust Bank III | Greenville | SC | 3/10/14 | — | (3) | 590 | 1,007 | — | — | 1,597 | 26 | ||||||||||||||||||||||||
SunTrust Bank III | Greenville | SC | 3/10/14 | — | (3) | 449 | 1,640 | — | — | 2,089 | 49 | ||||||||||||||||||||||||
SunTrust Bank III | Nashville | TN | 3/10/14 | — | (3) | 204 | 740 | — | — | 944 | 17 | ||||||||||||||||||||||||
SunTrust Bank III | Nashville | TN | 3/10/14 | — | (3) | 1,776 | 1,601 | — | — | 3,377 | 44 | ||||||||||||||||||||||||
SunTrust Bank III | Brentwood | TN | 3/10/14 | — | (3) | 885 | 1,987 | — | — | 2,872 | 47 | ||||||||||||||||||||||||
SunTrust Bank III | Brentwood | TN | 3/10/14 | — | (3) | 996 | 1,536 | — | — | 2,532 | 37 | ||||||||||||||||||||||||
SunTrust Bank III | Smyrna | TN | 3/10/14 | — | (3) | 501 | 767 | — | — | 1,268 | 21 | ||||||||||||||||||||||||
SunTrust Bank III | Murfreesboro | TN | 3/10/14 | — | (3) | 451 | 847 | — | — | 1,298 | 19 | ||||||||||||||||||||||||
SunTrust Bank III | Murfreesboro | TN | 3/10/14 | — | (3) | 262 | 182 | — | — | 444 | 6 | ||||||||||||||||||||||||
SunTrust Bank III | Soddy Daisy | TN | 3/10/14 | — | (3) | 338 | 624 | — | — | 962 | 14 | ||||||||||||||||||||||||
SunTrust Bank III | Signal Mountain | TN | 3/10/14 | — | (3) | 296 | 697 | — | — | 993 | 17 | ||||||||||||||||||||||||
SunTrust Bank III | Chattanooga | TN | 3/10/14 | — | (3) | 419 | 811 | — | — | 1,230 | 19 | ||||||||||||||||||||||||
SunTrust Bank III | Chattanooga | TN | 3/10/14 | — | (3) | 191 | 335 | — | — | 526 | 8 | ||||||||||||||||||||||||
SunTrust Bank III | Kingsport | TN | 3/10/14 | — | (3) | 162 | 260 | — | — | 422 | 7 | ||||||||||||||||||||||||
SunTrust Bank III | Loudon | TN | 3/10/14 | — | (3) | 331 | 541 | — | — | 872 | 13 | ||||||||||||||||||||||||
SunTrust Bank III | Morristown | TN | 3/10/14 | — | (3) | 214 | 444 | — | — | 658 | 15 | ||||||||||||||||||||||||
SunTrust Bank III | Richmond | VA | 3/10/14 | — | (3) | 153 | 313 | — | — | 466 | 9 | ||||||||||||||||||||||||
SunTrust Bank III | Richmond | VA | 3/10/14 | — | (3) | 233 | 214 | — | — | 447 | 6 | ||||||||||||||||||||||||
SunTrust Bank III | Fairfax | VA | 3/10/14 | — | (3) | 2,835 | 1,081 | — | — | 3,916 | 25 | ||||||||||||||||||||||||
SunTrust Bank III | Lexington | VA | 3/10/14 | — | (3) | 122 | 385 | — | — | 507 | 10 | ||||||||||||||||||||||||
SunTrust Bank III | Roanoke | VA | 3/10/14 | — | (3) | 316 | 734 | — | — | 1,050 | 18 | ||||||||||||||||||||||||
SunTrust Bank III | Radford | VA | 3/10/14 | — | (3) | 137 | 203 | — | — | 340 | 6 | ||||||||||||||||||||||||
SunTrust Bank III | Williamsburg | VA | 3/10/14 | — | (3) | 447 | 585 | — | — | 1,032 | 16 | ||||||||||||||||||||||||
SunTrust Bank III | Onancock | VA | 3/10/14 | — | (3) | 829 | 1,300 | — | — | 2,129 | 29 | ||||||||||||||||||||||||
SunTrust Bank III | Accomac | VA | 3/10/14 | — | (3) | 149 | 128 | — | — | 277 | 3 | ||||||||||||||||||||||||
SunTrust Bank III | Painter | VA | 3/10/14 | — | (3) | 89 | 259 | — | — | 348 | 7 | ||||||||||||||||||||||||
SunTrust Bank III | Stafford | VA | 3/10/14 | — | (3) | 2,130 | 1,714 | — | — | 3,844 | 41 | ||||||||||||||||||||||||
SunTrust Bank III | Roanoke | VA | 3/10/14 | — | (3) | 753 | 1,165 | — | — | 1,918 | 29 | ||||||||||||||||||||||||
SunTrust Bank III | Melbourne | FL | 3/10/14 | — | (3) | 788 | 1,888 | — | — | 2,676 | 44 | ||||||||||||||||||||||||
SunTrust Bank III | Bethesda | MD | 3/10/14 | — | (3) | 7,460 | 2,822 | — | — | 10,282 | 59 | ||||||||||||||||||||||||
SunTrust Bank III | Raleigh | NC | 3/10/14 | — | (3) | 629 | 1,581 | — | — | 2,210 | 35 | ||||||||||||||||||||||||
SunTrust Bank III | Richmond | VA | 3/10/14 | — | (3) | 3,141 | 7,441 | — | — | 10,582 | 203 | ||||||||||||||||||||||||
SunTrust Bank IV | Lake Mary | FL | 3/10/14 | — | (4) | 1,911 | 2,849 | — | — | 4,760 | 66 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
SunTrust Bank IV | Bayonet Point | FL | 3/10/14 | — | (4) | 528 | 1,172 | — | — | 1,700 | 29 | ||||||||||||||||||||||||
SunTrust Bank IV | Marianna | FL | 3/10/14 | — | (4) | 134 | 3,069 | — | — | 3,203 | 66 | ||||||||||||||||||||||||
SunTrust Bank IV | St. Augustine | FL | 3/10/14 | — | (4) | 489 | 2,129 | — | — | 2,618 | 49 | ||||||||||||||||||||||||
SunTrust Bank IV | Deltona | FL | 3/10/14 | — | (4) | 631 | 1,512 | — | — | 2,143 | 39 | ||||||||||||||||||||||||
SunTrust Bank IV | Spring Hill | FL | 3/10/14 | — | (4) | 673 | 2,550 | — | — | 3,223 | 58 | ||||||||||||||||||||||||
SunTrust Bank IV | Pembroke Pines | FL | 3/10/14 | — | (4) | 1,688 | 548 | — | — | 2,236 | 16 | ||||||||||||||||||||||||
SunTrust Bank IV | Palm Coast | FL | 3/10/14 | — | (4) | 447 | 1,548 | — | — | 1,995 | 38 | ||||||||||||||||||||||||
SunTrust Bank IV | Clearwater | FL | 3/10/14 | — | (4) | 783 | 1,936 | — | — | 2,719 | 44 | ||||||||||||||||||||||||
SunTrust Bank IV | Clearwater | FL | 3/10/14 | — | (4) | 353 | 1,863 | — | — | 2,216 | 44 | ||||||||||||||||||||||||
SunTrust Bank IV | Ocala | FL | 3/10/14 | — | (4) | 581 | 1,091 | — | — | 1,672 | 31 | ||||||||||||||||||||||||
SunTrust Bank IV | Ocala | FL | 3/10/14 | — | (4) | 559 | 750 | — | — | 1,309 | 23 | ||||||||||||||||||||||||
SunTrust Bank IV | Chamblee | GA | 3/10/14 | — | (4) | 1,029 | 813 | — | — | 1,842 | 21 | ||||||||||||||||||||||||
SunTrust Bank IV | Stone Mountain | GA | 3/10/14 | — | (4) | 461 | 475 | — | — | 936 | 12 | ||||||||||||||||||||||||
SunTrust Bank IV | Columbus | GA | 3/10/14 | — | (4) | 417 | 1,395 | — | — | 1,812 | 34 | ||||||||||||||||||||||||
SunTrust Bank IV | Madison | GA | 3/10/14 | — | (4) | 304 | 612 | — | — | 916 | 14 | ||||||||||||||||||||||||
SunTrust Bank IV | Prince Frederick | MD | 3/10/14 | — | (4) | 2,431 | 940 | — | — | 3,371 | 24 | ||||||||||||||||||||||||
SunTrust Bank IV | Charlotte | NC | 3/10/14 | — | (4) | 651 | 444 | — | — | 1,095 | 13 | ||||||||||||||||||||||||
SunTrust Bank IV | Creedmoor | NC | 3/10/14 | — | (4) | 306 | 789 | — | — | 1,095 | 20 | ||||||||||||||||||||||||
SunTrust Bank IV | Greensboro | NC | 3/10/14 | — | (4) | 619 | 742 | — | — | 1,361 | 23 | ||||||||||||||||||||||||
SunTrust Bank IV | Pittsboro | NC | 3/10/14 | — | (4) | 61 | 510 | — | — | 571 | 11 | ||||||||||||||||||||||||
SunTrust Bank IV | Roxboro | NC | 3/10/14 | — | (4) | 234 | 1,100 | — | — | 1,334 | 25 | ||||||||||||||||||||||||
SunTrust Bank IV | Liberty | SC | 3/10/14 | — | (4) | 254 | 911 | — | — | 1,165 | 21 | ||||||||||||||||||||||||
SunTrust Bank IV | Nashville | TN | 3/10/14 | — | (4) | 1,035 | 745 | — | — | 1,780 | 18 | ||||||||||||||||||||||||
SunTrust Bank IV | Lebanon | TN | 3/10/14 | — | (4) | 851 | 1,102 | — | — | 1,953 | 27 | ||||||||||||||||||||||||
SunTrust Bank IV | Johnson City | TN | 3/10/14 | — | (4) | 174 | 293 | — | — | 467 | 9 | ||||||||||||||||||||||||
SunTrust Bank IV | Gloucester | VA | 3/10/14 | — | (4) | 154 | 2,281 | — | — | 2,435 | 52 | ||||||||||||||||||||||||
SunTrust Bank IV | Collinsville | VA | 3/10/14 | — | (4) | 215 | 555 | — | — | 770 | 14 | ||||||||||||||||||||||||
SunTrust Bank IV | Stuart | VA | 3/10/14 | — | (4) | 374 | 1,532 | — | — | 1,906 | 36 | ||||||||||||||||||||||||
SunTrust Bank IV | Douglas | GA | 3/10/14 | — | (4) | 73 | 1,248 | — | — | 1,321 | 28 | ||||||||||||||||||||||||
Dollar General XVIII | Deville | LA | 3/19/14 | — | (1) | 93 | 741 | — | — | 834 | 17 | ||||||||||||||||||||||||
Mattress Firm I | Holland | MI | 3/19/14 | — | (1) | 507 | 1,014 | — | — | 1,521 | 25 | ||||||||||||||||||||||||
Sanofi US I | Bridgewater | NJ | 3/20/14 | 190,000 | 16,009 | 194,287 | — | — | 210,296 | 3,904 | |||||||||||||||||||||||||
Dollar General XVII | Hornbeck | LA | 3/25/14 | — | (1) | 82 | 780 | — | — | 862 | 17 | ||||||||||||||||||||||||
Family Dollar IX | Fannettsburg | PA | 4/8/14 | — | (1) | 165 | 803 | — | — | 968 | 18 | ||||||||||||||||||||||||
Mattress Firm I | Saginaw | MI | 4/8/14 | — | (1) | 337 | 1,140 | — | — | 1,477 | 28 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2014 | Land | Building and | Land | Building and | December 31, 2014 (5) (6) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (7) (8) | ||||||||||||||||||||||||||||||||
Bi-Lo I | Greenville | SC | 5/8/14 | — | 1,504 | 4,770 | — | — | 6,274 | 91 | |||||||||||||||||||||||||
Stop & Shop I | Bristol | RI | 5/8/14 | 7,977 | 2,860 | 10,010 | — | — | 12,870 | 186 | |||||||||||||||||||||||||
Stop & Shop I | Cumberland | RI | 5/8/14 | — | 3,295 | 13,693 | — | — | 16,988 | 261 | |||||||||||||||||||||||||
Stop & Shop I | Framingham | MA | 5/8/14 | 8,863 | 3,971 | 12,289 | — | — | 16,260 | 213 | |||||||||||||||||||||||||
Stop & Shop I | Hyde Park | NY | 5/8/14 | — | 3,154 | 10,646 | — | — | 13,800 | 197 | |||||||||||||||||||||||||
Stop & Shop I | Malden | MA | 5/8/14 | 12,151 | 4,418 | 15,195 | — | — | 19,613 | 262 | |||||||||||||||||||||||||
Stop & Shop I | Sicklerville | NJ | 5/8/14 | — | 2,367 | 9,873 | — | — | 12,240 | 179 | |||||||||||||||||||||||||
Stop & Shop I | Southington | CT | 5/8/14 | — | 3,238 | 13,169 | — | — | 16,407 | 241 | |||||||||||||||||||||||||
Stop & Shop I | Swampscott | MA | 5/8/14 | 10,579 | 3,644 | 12,982 | — | — | 16,626 | 224 | |||||||||||||||||||||||||
Dollar General XVII | Forest Hill | LA | 5/12/14 | — | 83 | 728 | — | — | 811 | 16 | |||||||||||||||||||||||||
Dollar General XIX | Chelsea | OK | 5/13/14 | — | 231 | 919 | — | — | 1,150 | 21 | |||||||||||||||||||||||||
Dollar General XX | Brookhaven | MS | 5/14/14 | — | 186 | 616 | — | — | 802 | 13 | |||||||||||||||||||||||||
Dollar General XX | Columbus | MS | 5/14/14 | — | 370 | 491 | — | — | 861 | 12 | |||||||||||||||||||||||||
Dollar General XX | Forest | MS | 5/14/14 | — | 72 | 856 | — | — | 928 | 17 | |||||||||||||||||||||||||
Dollar General XX | Rolling Fork | MS | 5/14/14 | — | 244 | 929 | — | — | 1,173 | 19 | |||||||||||||||||||||||||
Dollar General XX | West Point | MS | 5/14/14 | — | 318 | 506 | — | — | 824 | 13 | |||||||||||||||||||||||||
Dollar General XXI | Huntington | WV | 5/29/14 | — | 101 | 1,101 | — | — | 1,202 | 22 | |||||||||||||||||||||||||
Dollar General XXII | Warren | IN | 5/30/14 | — | 88 | 962 | — | — | 1,050 | 16 | |||||||||||||||||||||||||
Encumbrances allocated based on notes below | 572,677 | ||||||||||||||||||||||||||||||||||
Total | $ | 893,079 | $ | 358,955 | $ | 1,549,787 | $ | — | $ | — | $ | 1,899,099 | $ | 74,648 | |||||||||||||||||||||
___________________________________ | |||||||||||||||||||||||||||||||||||
-1 | These properties collateralize a $750.0 million credit facility, which had $423.0 million outstanding as of December 31, 2014. | ||||||||||||||||||||||||||||||||||
-2 | These properties collateralize a mortgage note payable of $25.0 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||||
-3 | These properties collateralize a mortgage note payable of $99.7 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||||
-4 | These properties collateralize a mortgage note payable of $25.0 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||||
-5 | Acquired intangible lease assets allocated to individual properties in the amount of $319.0 million are not reflected in the table above. | ||||||||||||||||||||||||||||||||||
-6 | The tax basis of aggregate land, buildings and improvements as of December 31, 2014 is $2.1 billion. | ||||||||||||||||||||||||||||||||||
-7 | The accumulated depreciation column excludes $36.2 million of accumulated amortization associated with acquired intangible lease assets. | ||||||||||||||||||||||||||||||||||
-8 | 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. | ||||||||||||||||||||||||||||||||||
A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Period from | ||||||||||||||||||||||||||||||||||
22-Jan-13 | |||||||||||||||||||||||||||||||||||
(date of inception) to | |||||||||||||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | ||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,016,599 | $ | — | |||||||||||||||||||||||||||||||
Additions - acquisitions | 882,500 | 1,016,599 | |||||||||||||||||||||||||||||||||
Disposals | — | — | |||||||||||||||||||||||||||||||||
Balance at end of the year | $ | 1,899,099 | $ | 1,016,599 | |||||||||||||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 12,077 | $ | — | |||||||||||||||||||||||||||||||
Depreciation expense | 62,571 | 12,077 | |||||||||||||||||||||||||||||||||
Disposals | — | — | |||||||||||||||||||||||||||||||||
Balance at end of the year | $ | 74,648 | $ | 12,077 | |||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting |
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 and Basis of Presentation | Principles of Consolidation and Basis of Presentation |
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. | |
Reclassification | Reclassification |
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. | |
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 fair value measurements, 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. | |
The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive income (loss). If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. | |
In business combinations, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets may include the value of in-place leases and above- and below- market leases. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. | |
The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the Company's estimate of the fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease, including any below market fixed rate renewal options for below-market leases. | |
In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. | |
In allocating non-controlling interests, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement. | |
In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including real estate valuations, prepared by independent valuation firms. The Company also considers information and other factors including: market conditions, the industry that the tenant operates in, characteristics of the real estate, i.e.: location, size, demographics, value and comparative rental rates, tenant credit profile, store profitability and the importance of the location of the real estate to the operations of the tenant’s business. | |
Depreciation and Amortization | Depreciation and Amortization |
The Company is required to make subjective assessments as to the useful lives of the components of Company’s real estate investments for purposes of determining the amount of depreciation to record on an annual basis. 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 real estate investments, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. | |
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 improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. | |
Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. | |
Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. | |
The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. | |
Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. | |
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 property 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. | |
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. | |
Investments in Securities | Investments in Securities |
The Company classifies its investments in debt or equity securities into one of three classes: held-to-maturity, available-for-sale or trading, as applicable. Investments in debt securities that the Company has the positive intent and ability to hold until maturity are classified as held-to-maturity and are reported at amortized cost. Debt and equity securities that are bought and held principally for the purposes of selling them in the near future are classified as trading securities. Debt and equity securities not classified as trading securities or as held-to-maturity securities are classified as available-for-sale securities and are reported at fair value, with unrealized holding gains and losses reported as a component of equity within accumulated other comprehensive income or loss. Gains or losses on securities sold are based on the specific identification method. | |
The Company evaluates its investments in securities for impairment or other-than-temporary impairment on a quarterly basis. The Company reviews each investment individually and assesses factors that may include (i) if the carrying amount of an investment exceeds its fair value, (ii) if there has been any change in the market as a whole or in the investee's market, (iii) if there are any plans to sell the investment in question or if the Company believes it may be forced to sell its investment, and (iv) if there have been any other factors that would indicate the possibility of the existence of an other-than-temporary impairment. The fair value of the Company's investments in available-for-sale securities generally rise and fall based on current market conditions. If, after reviewing relevant factors surrounding an impaired security, the Company determines that it will not recover its full investment in an impaired security, the Company recognizes an other-than-temporary impairment charge in the consolidated statements of income and comprehensive income (loss) in the period in which the other-than-temporary impairment is discovered, regardless of whether or not the Company plans to sell or believes it will be forced to sell the security in question. | |
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 statements of operations and comprehensive income (loss). Unamortized deferred financing costs are generally 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. | |
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 rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. 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 defers the revenue related to lease payments received from tenants in advance of their due dates. | |
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 statements of operations and comprehensive income (loss). | |
The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. If a receivable is deemed uncollectible, the Company records an increase in the Company's allowance for uncollectible accounts or records a direct write-off of the receivable in the Company's consolidated statements of operations and comprehensive income (loss). | |
Cost recoveries from tenants are included in operating expense reimbursements on the accompanying consolidated statements of operations and comprehensive income (loss) in the period the related costs are incurred, as applicable. | |
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 itemized and detailed due 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 | |
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 qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with the taxable year ended December 31, 2013. The Company believes that, commencing with such taxable year, it is organized and operates in such a manner as to qualify for taxation as a REIT under the Code. The Company intends to continue to operate in such a manner to qualify for taxation as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify or remain qualified as a REIT. In order to continue to qualify for taxation as a REIT, the Company must distribute annually 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 for taxation as a REIT, it may be subject to certain state and local taxes on its income and properties, as well as federal income and excise taxes on its undistributed income. | |
The amount of distributions payable to the Company's stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, and annual distribution requirements needed to maintain the Company's status as a REIT under the Code. From a tax perspective, of the amounts distributed during the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013, 55.5% and 86.7%, or $0.91 and $1.43 per share per annum represented a return of capital, 44.2% and 13.3%, or $0.73 and $0.22 per share per annum, represented ordinary dividend income, and 0.3% and 0.0%, or $0.01 and $0.00 per share per annum, represented capital gain, respectively. | |
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 comprise 100% of its 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 February 2013, the Financial Accounting Standards Board (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 adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |
In April 2014, the FASB amended the requirements for reporting discontinued operations. Under the revised guidance, in addition to other disclosure requirements, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale, disposed of by sale or other than by sale. The revised guidance is effective for annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company has adopted the provisions of this guidance effective January 1, 2014, and has applied the provisions prospectively. 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 May 2014, the FASB issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In April 2015, the FASB proposed a one-year delay of the revised guidance, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance. | |
In August 2014, the FASB issued guidance relating to disclosure of uncertainties about an entity's ability to continue as a going concern. In connection with preparing financial statements for each annual and interim reporting period, management should evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. If conditions or events raise substantial doubt about the entity's ability to continue as a going concern, the guidance requires management to disclose information that enables users of the financial statements to understand the conditions or events that raised the substantial doubt, management's evaluation of the significance of the conditions or events that led to the doubt, the entity’s ability to continue as a going concern and management's plans that are intended to mitigate or that have mitigated the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern. There is no disclosure required unless there are conditions or events that have raised substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. The Company has elected to adopt the provisions of this guidance effective December 31, 2014, as early application is permitted. 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 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance. | |
In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | Acquired intangible assets and lease liabilities consist of the following as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||
In-place leases | $ | 305,245 | $ | 33,678 | $ | 271,567 | $ | 130,093 | $ | 2,870 | $ | 127,223 | |||||||||||||
Above-market leases | 13,783 | 2,549 | 11,234 | 380 | — | 380 | |||||||||||||||||||
Total acquired intangible lease assets | $ | 319,028 | $ | 36,227 | $ | 282,801 | $ | 130,473 | $ | 2,870 | $ | 127,603 | |||||||||||||
Intangible liabilities: | |||||||||||||||||||||||||
Below-market lease liabilities | $ | 20,623 | $ | 1,150 | $ | 19,473 | $ | 931 | $ | 22 | $ | 909 | |||||||||||||
Finite-lived Intangible Assets Amortization Expense | The following table provides the weighted-average amortization and accretion periods as of December 31, 2014, for intangible assets and liabilities and the projected amortization expense and adjustments to revenue and property operating expense for the next five years: | ||||||||||||||||||||||||
(In thousands) | Weighted-Average Amortization Period | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||
In-place leases | 9.8 years | $ | 34,600 | $ | 34,600 | $ | 34,600 | $ | 23,876 | $ | 23,856 | ||||||||||||||
Total to be included in depreciation and amortization | $ | 34,600 | $ | 34,600 | $ | 34,600 | $ | 23,876 | $ | 23,856 | |||||||||||||||
Above-market lease assets | 4.4 years | $ | 3,006 | $ | 3,006 | $ | 3,006 | $ | 469 | $ | 469 | ||||||||||||||
Below-market lease liabilities | 16.1 years | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 | |||||||||||||||||||
Total to be included in rental income | $ | 4,346 | $ | 4,346 | $ | 4,346 | $ | 1,809 | $ | 1,809 | |||||||||||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013: | ||||||||
(Dollar amounts in thousands) | Year Ended December 31, 2014 | Period from | |||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Real estate investments, at cost: | |||||||||
Land | $ | 210,379 | $ | 147,899 | |||||
Buildings, fixtures and improvements | 672,121 | 868,700 | |||||||
Total tangible assets | 882,500 | 1,016,599 | |||||||
Acquired intangibles: | |||||||||
In-place leases | 175,152 | 130,093 | |||||||
Above-market lease assets | 13,403 | 380 | |||||||
Below-market lease liabilities | (19,692 | ) | (931 | ) | |||||
Total assets acquired, net | 1,051,363 | 1,146,141 | |||||||
Mortgage notes payable assumed | (462,238 | ) | (8,830 | ) | |||||
Premiums on mortgage notes payable assumed | (27,862 | ) | (334 | ) | |||||
Real estate investments financed through accounts payable | — | (9,902 | ) | ||||||
Deposits paid in prior periods | (33,035 | ) | — | ||||||
Cash paid for acquired real estate investments, at cost | $ | 528,228 | (1) | $ | 1,127,075 | ||||
Number of properties purchased | 224 | 239 | |||||||
_____________________________________ | |||||||||
-1 | Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million. | ||||||||
Business Acquisition, Pro Forma Information | The following table presents unaudited pro forma information as if the acquisitions during the year ended December 31, 2014 had been consummated on January 22, 2013 (date of inception). Additionally, the unaudited pro forma net income (loss) was adjusted to reclassify acquisition and transaction related expense of $17.0 million from the year ended December 31, 2014 to the period from January 22, 2013 (date of inception) to December 31, 2013: | ||||||||
(In thousands) | Year Ended December 31, 2014 (1) | Period from | |||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Pro forma revenues | $ | 162,891 | $ | 44,888 | |||||
Pro forma net income (loss) | $ | 17,494 | $ | (26,461 | ) | ||||
_____________________ | |||||||||
-1 | For the year ended December 31, 2014, aggregate revenues and net income derived from the Company's 2014 acquisitions (for the Company's period of ownership) were $17.3 million and $9.6 million, respectively. | ||||||||
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 | |||||||||
2015 | $ | 154,258 | |||||||
2016 | 157,021 | ||||||||
2017 | 159,420 | ||||||||
2018 | 130,987 | ||||||||
2019 | 132,708 | ||||||||
Thereafter | 836,223 | ||||||||
$ | 1,570,617 | ||||||||
Schedule of Annualized Rental Income by Major Tenants | The following table lists the tenants (including, for this purpose, all affiliates of such tenants) from which the Company derives annualized rental income on a straight-line basis constituting 10.0% or more of the Company's consolidated annualized rental income on a straight-line basis for all portfolio properties as of the dates indicated: | ||||||||
December 31, | |||||||||
Tenant | 2014 | 2013 | |||||||
SunTrust Bank | 17.90% | * | |||||||
Sanofi US | 11.60% | * | |||||||
C&S Wholesale Grocer | 10.40% | * | |||||||
AmeriCold | * | 14.50% | |||||||
Merrill Lynch | * | 14.50% | |||||||
____________________________ | |||||||||
* | Tenant's annualized rental income on a straight-line basis was not greater than or equal to 10.0% of consolidated annualized rental income on a straight-line basis for all portfolio properties as of the date specified. | ||||||||
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, 2014 and 2013: | ||||||||
December 31, | |||||||||
State | 2014 | 2013 | |||||||
New Jersey | 20.30% | 15.10% | |||||||
Georgia | 11.20% | 14.70% |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity 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, 2014 and 2013: | ||||||||||||||||
(In thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
December 31, 2014 | |||||||||||||||||
Debt securities | $ | 18,528 | $ | 463 | $ | — | $ | 18,991 | |||||||||
31-Dec-13 | |||||||||||||||||
Debt securities | $ | 65,547 | $ | — | $ | (6,981 | ) | $ | 58,566 | ||||||||
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Schedule of Long-term Debt Instruments | The Company's mortgage notes payable as of December 31, 2014 and 2013 consist of the following: | |||||||||||||||||
Outstanding Loan Amount as of | Effective Interest Rate | |||||||||||||||||
Portfolio | Encumbered Properties | December 31, | December 31, | Interest Rate | Maturity | |||||||||||||
2014 | 2013 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
SAAB Sensis I | 1 | $ | 8,519 | $ | 8,830 | 6.01 | % | Fixed | Apr. 2025 | |||||||||
SunTrust Bank II | 30 | 25,000 | — | 5.5 | % | Fixed | Jul. 2021 | |||||||||||
C&S Wholesale Grocer I | 4 | 82,313 | — | 5.56 | % | Fixed | Apr. 2017 | |||||||||||
SunTrust Bank III | 121 | 99,677 | — | 5.5 | % | Fixed | Jul. 2021 | |||||||||||
SunTrust Bank IV | 30 | 25,000 | — | 5.5 | % | Fixed | Jul. 2021 | |||||||||||
Sanofi US I | 1 | 190,000 | — | 5.83 | % | Fixed | Dec. 2015 | |||||||||||
Stop & Shop I | 4 | 39,570 | — | 5.63 | % | Fixed | Jun. 2021 | |||||||||||
Total | 191 | $ | 470,079 | $ | 8,830 | 5.66 | % | (1) | ||||||||||
_____________________________________ | ||||||||||||||||||
-1 | Calculated on a weighted-average basis for all mortgages outstanding as of December 31, 2014. | |||||||||||||||||
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to December 31, 2014: | |||||||||||||||||
(In thousands) | Future Principal Payments | |||||||||||||||||
2015 | $ | 190,964 | ||||||||||||||||
2016 | 1,014 | |||||||||||||||||
2017 | 83,393 | |||||||||||||||||
2018 | 1,143 | |||||||||||||||||
2019 | 1,211 | |||||||||||||||||
Thereafter | 192,354 | |||||||||||||||||
$ | 470,079 | |||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis | The following table presents information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 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 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Investment securities | $ | 18,991 | $ | — | $ | — | $ | 18,991 | |||||||||||
31-Dec-13 | |||||||||||||||||||
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 sheets as of December 31, 2014 and 2013 are reported in the following table: | ||||||||||||||||||
Carrying Amount at | Fair Value at | Carrying Amount at | Fair Value at | ||||||||||||||||
(In thousands) | Level | December 31, 2014 | December 31, 2014 | December 31, 2013 | December 31, 2013 | ||||||||||||||
Mortgage notes payable and premiums, net | 3 | $ | 492,179 | $ | 505,629 | $ | 9,164 | $ | 9,164 | ||||||||||
Credit facility | 3 | $ | 423,000 | $ | 423,000 | $ | — | $ | — | ||||||||||
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity [Abstract] | |||||||||||
Schedule of Treasury Stock by Class | The following table summarizes the repurchases of shares under the SRP cumulatively through December 31, 2014: | ||||||||||
Number of Requests | Number of Shares | Weighted-Average Price per Share | |||||||||
Period from January 22, 2013 (date of inception) to December 31, 2013 | 10 | 8,082 | $ | 24.98 | |||||||
Year ended December 31, 2014 | 148 | 295,825 | 23.99 | ||||||||
Cumulative repurchases as of December 31, 2014 (1) | 158 | 303,907 | $ | 24.01 | |||||||
_____________________ | |||||||||||
-1 | Includes 92 unfulfilled repurchase requests consisting of 211,723 shares with a weighted-average repurchase price per share of $23.97, which were approved for repurchase as of December 31, 2014 and were completed during the first quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of December 31, 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Master Leases | The Company entered into ground 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: | ||||
(In thousands) | Future Minimum Base Rent Payments | ||||
2015 | $ | 887 | |||
2016 | 895 | ||||
2017 | 900 | ||||
2018 | 882 | ||||
2019 | 882 | ||||
Thereafter | 5,526 | ||||
$ | 9,972 | ||||
Related_Party_Transactions_and1
Related Party Transactions and Arrangements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Period from | Payable (Receivable) as of December 31, | |||||||||||||||||||||||
22-Jan-13 | |||||||||||||||||||||||||
(date of inception) to | |||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 2014 | 2013 | ||||||||||||||||||||||
Total commissions and fees from the Dealer Manager | $ | (3 | ) | (1) | $ | 143,009 | $ | (13 | ) | (1) | $ | 2 | |||||||||||||
_________________________________ | |||||||||||||||||||||||||
-1 | During the year ended December 31, 2014, the Company incurred reimbursement of selling commissions and dealer manager fees as a result of share purchase cancellations related to common stock sales prior to the close of the IPO. | ||||||||||||||||||||||||
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 periods presented: | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Period from | Payable as of December 31, | |||||||||||||||||||||||
22-Jan-13 | |||||||||||||||||||||||||
(date of inception) to | |||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | 2014 | 2013 | ||||||||||||||||||||||
Fees and expense reimbursements from the Advisor and Dealer Manager | $ | (253 | ) | $ | 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 periods presented: | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Period from | Payable as of December 31, | |||||||||||||||||||||||
22-Jan-13 | |||||||||||||||||||||||||
(date of inception) to | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(In thousands) | Incurred | Forgiven | Incurred | Forgiven | 2014 | 2013 | |||||||||||||||||||
One-time fees and reimbursements: | |||||||||||||||||||||||||
Acquisition fees and related cost reimbursements | $ | 10,578 | $ | — | $ | 13,126 | $ | — | $ | — | $ | — | |||||||||||||
Financing coordination fees | 5,678 | — | 3,479 | — | — | — | |||||||||||||||||||
Transaction fees | — | — | 4,423 | — | — | 2,630 | |||||||||||||||||||
Ongoing fees: | |||||||||||||||||||||||||
Transfer agent and other professional fees | 2,364 | — | — | — | 753 | — | |||||||||||||||||||
Strategic advisory fees | — | — | 920 | — | — | — | |||||||||||||||||||
Distributions on Class B Units | 602 | — | 18 | — | — | 18 | |||||||||||||||||||
Total related party operation fees and reimbursements | $ | 19,222 | $ | — | $ | 21,966 | $ | — | $ | 753 | $ | 2,648 | |||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Schedule of Share-based Compensation, Activity | The following table reflects restricted share award activity for the year ended December 31, 2014 and 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 | |||||||
Granted | 3,999 | 22.5 | |||||||
Vested | (800 | ) | 22.5 | ||||||
Forfeited | (2,400 | ) | 22.5 | ||||||
Unvested, December 31, 2014 | 4,799 | $ | 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: | ||||||||
Year Ended December 31, 2014 | Period from | ||||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
(Dollar amounts in thousands) | 31-Dec-13 | ||||||||
Value of shares issued in lieu of cash | $ | — | $ | 93 | |||||
Shares issued in lieu of cash | — | 4,114 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Equity [Abstract] | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables illustrate the changes in accumulated other comprehensive income (loss) for the periods presented below: | |||||
(In thousands) | Unrealized Gains on Available-for-sale Securities | |||||
Balance, January 22, 2013 (date of inception) | $ | — | ||||
Other comprehensive loss, before reclassifications | (6,856 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss | (125 | ) | (1) | |||
Balance, December 31, 2013 | $ | (6,981 | ) | |||
(In thousands) | Unrealized Gains on Available-for-sale Securities | |||||
Balance, January 1, 2014 | $ | (6,981 | ) | |||
Other comprehensive income, before reclassifications | 7,741 | |||||
Amounts reclassified from accumulated other comprehensive income | (297 | ) | (1) | |||
Balance, December 31, 2014 | $ | 463 | ||||
_________________________________ | ||||||
-1 | Amounts were reclassified to gain on sale of investment securities, net on the consolidated statements of operations and comprehensive income (loss). |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings 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 year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013: | ||||||||
Year Ended December 31, 2014 | Period from | ||||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Net loss (in thousands) | $ | (1,997 | ) | $ | (20,797 | ) | |||
Basic and diluted weighted-average shares outstanding | 64,333,260 | 28,954,769 | |||||||
Basic and diluted net loss per share | $ | (0.03 | ) | $ | (0.72 | ) | |||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following common stock equivalents as of December 31, 2014 and 2013 were excluded from diluted net loss per share computations as their effect would have been antidilutive for the periods presented: | ||||||||
Year Ended December 31, 2014 | Period from | ||||||||
22-Jan-13 | |||||||||
(date of inception) to | |||||||||
31-Dec-13 | |||||||||
Unvested restricted stock | 4,799 | 4,000 | |||||||
OP Units | 90 | 90 | |||||||
Class B Units | 703,796 | 192 | |||||||
Total common stock equivalents | 708,685 | 4,282 | |||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013: | ||||||||||||||||
Quarters Ended (1) | |||||||||||||||||
(In thousands, except share and per share amounts) | 31-Mar-14 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||
Total revenues | $ | 30,124 | $ | 42,076 | $ | 43,222 | $ | 42,958 | |||||||||
Basic net income (loss) | $ | (9,569 | ) | $ | 1,127 | $ | 1,610 | $ | 4,835 | ||||||||
Adjustments to net income (loss) for common share equivalents | — | (156 | ) | (98 | ) | (92 | ) | ||||||||||
Diluted net income (loss) | $ | (9,569 | ) | $ | 971 | $ | 1,512 | $ | 4,743 | ||||||||
Basic weighted-average shares outstanding | 62,693,554 | 64,018,318 | 64,654,279 | 65,243,247 | |||||||||||||
Basic net income (loss) per share | $ | (0.15 | ) | $ | 0.02 | $ | 0.02 | $ | 0.07 | ||||||||
Diluted weighted-average shares outstanding | 62,693,554 | 64,023,762 | 64,661,074 | 65,248,137 | |||||||||||||
Diluted net income (loss) per share | $ | (0.15 | ) | $ | 0.02 | $ | 0.02 | $ | 0.07 | ||||||||
_____________________________________ | |||||||||||||||||
-1 | The aforementioned unaudited quarterly financial information has been revised to reflect certain adjustments and final purchase price allocations to previously reported quarterly information associated with acquisitions completed during 2014. As a result, amortization and accretion of above-market lease assets and below-market lease liabilities decreased total revenue by $0.1 million, $0.4 million and $0.4 million for the three months ended March 31, June 30 and September 30, 2014, respectively. Additionally, the Company decreased depreciation and amortization expense by $1.2 million, $3.4 million, and $3.7 million, for the three months ended March 31, June 30 and September 30, 2014, respectively. | ||||||||||||||||
Period from | Quarters Ended | ||||||||||||||||
22-Jan-13 | |||||||||||||||||
(date of inception) to | |||||||||||||||||
(In thousands, except share and per share amounts) | 31-Mar-13 | June 30, 2013 | September 30, 2013 | December 31, 2013 | |||||||||||||
Total revenues | $ | — | $ | 35 | $ | 2,093 | $ | 22,161 | |||||||||
Net loss | $ | (29 | ) | $ | (215 | ) | $ | (17,014 | ) | $ | (3,539 | ) | |||||
Basic and diluted weighted-average shares outstanding | 8,888 | 5,173,574 | 38,295,114 | 62,329,506 | |||||||||||||
Basic and diluted net loss per share | $ | (3.26 | ) | $ | (0.04 | ) | $ | (0.44 | ) | $ | (0.06 | ) |
Subsequent_Events_Tables
Subsequent Events - (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Subsequent Events [Abstract] | ||||||||||
Schedule of Subsequent Events | ||||||||||
Three-Year Period | Each One-Year Period | Two-Year Period | ||||||||
Absolute Component: 4% of any excess Total Return attained above an absolute total stockholder return hurdle measured from the beginning of such period as follows: | 21% | 7% | 14% | |||||||
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achieving cumulative Total Return measured from the beginning of the period: | ||||||||||
• | 100% of the Relative Component will be earned if cumulative Total Return achieved is at least: | 18% | 6% | 12% | ||||||
• | 50% of the Relative Component will be earned if cumulative Total Return achieved is: | —% | —% | —% | ||||||
• | 0% of the Relative Component will be earned if cumulative Total Return achieved is less than: | —% | —% | —% | ||||||
• | a percentage from 50% to 100% of the Relative Component calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: | 0% - 18% | 0% - 6% | 0%- 12% | ||||||
______________________ | ||||||||||
* | The “Peer Group” is comprised of Arbor Realty Trust, Inc., Ares Commercial Real Estate Corp., Colony Financial, Inc., and Starwood Property Trust, Inc. |
Organization_Details
Organization (Details) (USD $) | 0 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 3 Months Ended | ||
Apr. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Apr. 04, 2013 | Nov. 14, 2014 | |
property | |||||||
sqft | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | |||
Subscriptions required to break escrow | $2,000,000 | ||||||
Common stock, outstanding (in shares) | 62,985,937 | 65,257,954 | 65,257,954 | ||||
Proceeds from issuances of common stock | 1,537,164,000 | 127,000 | |||||
Estimated Per-Share NAV, calculation, percent of properties appraised | 100.00% | ||||||
Number of real estate properties | 463 | 463 | |||||
Aggregate purchase price | 2,200,000,000 | 2,200,000,000 | |||||
Area of real estate property | 13,100,000 | 13,100,000 | |||||
Occupancy rate | 100.00% | 100.00% | |||||
Weighted average remaining lease term | 9 years 7 months 6 days | ||||||
Special Limited Partner | American Realty Capital Trust V Special Limited Partner, LLC | |||||||
Class of Stock [Line Items] | |||||||
Contributed capital | 2,020 | 2,020 | |||||
OP units outstanding (in shares) | 90 | 90 | 90 | ||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares available for issuance in IPO (in shares) | 68,000,000 | ||||||
Share Price (in dollars per share) | $23.50 | $23.50 | $25 | ||||
Share price for Drip (In dollars per share) | $23.75 | $23.75 | $23.75 | ||||
Shares available for issuance under a distribution reinvestment plan (in shares) | 14,700,000 | 14,700,000 | |||||
Drip Share price as a percent of IPO price | 95.00% | ||||||
Shares Reallocated from DRIP to primary IPO (in shares) | 14,500,000 | ||||||
Proceeds from issuances of common stock | $1,600,000,000 | ||||||
Common Stock | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Drip Share price as a percent of IPO price | 95.00% | ||||||
Forecast | |||||||
Class of Stock [Line Items] | |||||||
Estimated Per-Share NAV, calculation, percent of properties appraised | 25.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 11 Months Ended | 12 Months Ended | |
Apr. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Jan. 22, 2013 | |
Class of Stock [Line Items] | ||||
Proceeds required to break escrow | $2,000,000 | |||
Buildings, useful life | 40 years | |||
Fixtures, useful life | 5 years | |||
Land improvements, useful life | 15 years | |||
Cash and cash equivalents | 101,176,000 | 74,760,000 | 0 | |
Cash in excess of FDIC limit | 100,400,000 | 74,000,000 | ||
Return of capital percentage | 86.70% | 55.50% | ||
Return of capital percentage (in dollars per share) | $1.43 | $0.91 | ||
Ordinary dividend income | 13.30% | 44.20% | ||
Ordinary dividend income (in dollars per share) | $0.22 | $0.73 | ||
Capital gain percentage | 0.00% | 0.30% | ||
Capital gain percentage (in dollars per share) | $0 | $0.01 | ||
In-place leases | Depreciation and Amortization | ||||
Class of Stock [Line Items] | ||||
Amortization | 2,900,000 | 30,700,000 | ||
Above and Below Market Leases | Rental Income | ||||
Class of Stock [Line Items] | ||||
Amortization | ($22,000) | $1,400,000 | ||
Maximum | ||||
Class of Stock [Line Items] | ||||
Liability for offering and related costs from IPO | 2.00% | |||
Liability for gross IPO, costs, percentage of gross proceeds | 12.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Acquired Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gross Carrying Amount | ||
Finite-Lived Intangible Assets, Gross | $319,028 | $130,473 |
Accumulated Amortization | 36,227 | 2,870 |
Net Carrying Amount | 282,801 | 127,603 |
Below Market Lease, Gross | 20,623 | 931 |
Below-market leases, Accumulated Amortization | -1,150 | -22 |
Below Market Lease, Net Carrying Amount | 19,473 | 909 |
In-place leases | ||
Gross Carrying Amount | ||
Finite-Lived Intangible Assets, Gross | 305,245 | 130,093 |
Accumulated Amortization | 33,678 | 2,870 |
Net Carrying Amount | 271,567 | 127,223 |
Above-market lease assets | ||
Gross Carrying Amount | ||
Finite-Lived Intangible Assets, Gross | 13,783 | 380 |
Accumulated Amortization | 2,549 | 0 |
Net Carrying Amount | $11,234 | $380 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Lease Amortization) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Gross Carrying Amount | |
2015 | $34,600 |
2016 | 34,600 |
2017 | 34,600 |
2018 | 23,876 |
2019 | 23,856 |
Below Market Lease, 2015 | 4,346 |
Below Market Lease, 2016 | 4,346 |
Below Market Lease, 2017 | 4,346 |
Below Market Lease, 2018 | 1,809 |
Below Market Lease, 2019 | 1,809 |
In-place leases | |
Gross Carrying Amount | |
Weighted- Average Amortization Period | 9 years 9 months 16 days |
2015 | 34,600 |
2016 | 34,600 |
2017 | 34,600 |
2018 | 23,876 |
2019 | 23,856 |
Above-market lease assets | |
Gross Carrying Amount | |
Weighted- Average Amortization Period | 4 years 4 months 24 days |
2015 | 3,006 |
2016 | 3,006 |
2017 | 3,006 |
2018 | 469 |
2019 | 469 |
Below-market lease liabilities | |
Gross Carrying Amount | |
Weighted- Average Amortization Period | 16 years 1 month 15 days |
Below Market Lease, 2015 | 1,340 |
Below Market Lease, 2016 | 1,340 |
Below Market Lease, 2017 | 1,340 |
Below Market Lease, 2018 | 1,340 |
Below Market Lease, 2019 | $1,340 |
Real_Estate_Investments_Narrat
Real Estate Investments Narrative (Details) (USD $) | 11 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2014 | Sep. 24, 2013 | Feb. 21, 2014 | Mar. 21, 2014 | ||
property | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of real estate properties | 463 | |||||
Number of properties representing more than 5% of total portfolio | 4 | |||||
Cash paid for acquired real estate investments, at cost | $1,127,075,000 | $528,228,000 | [1] | |||
Acquisition and transaction related | 26,934,000 | 22,595,000 | ||||
Restatement Adjustment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Acquisition and transaction related | 17,000,000 | |||||
Home Depot - Birmingham, Alabama | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash paid for acquired real estate investments, at cost | 41,400,000 | |||||
Home Depot - Birmingham, Alabama | Acquisition and Transaction Related Line Items | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Acquisition and transaction related | 500,000 | |||||
Home Depot, Valdosta, GA | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash paid for acquired real estate investments, at cost | 37,600,000 | |||||
Home Depot, Valdosta, GA | Acquisition and Transaction Related Line Items | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Acquisition and transaction related | 400,000 | |||||
C&S Wholesale Grocers, Birmingham, AL | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash paid for acquired real estate investments, at cost | 54,400,000 | |||||
C&S Wholesale Grocers, Birmingham, AL | Acquisition and Transaction Related Line Items | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Acquisition and transaction related | 800,000 | |||||
Sanofi US Bridgewater, NJ | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash paid for acquired real estate investments, at cost | 251,100,000 | |||||
Sanofi US Bridgewater, NJ | Acquisition and Transaction Related Line Items | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Acquisition and transaction related | $5,800,000 | |||||
[1] | Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million. |
Real_Estate_Investments_Schedu
Real Estate Investments (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | ||
property | property | ||
Property, Plant and Equipment [Line Items] | |||
Land | $147,899,000 | $210,379,000 | |
Buildings, fixtures and improvements | 868,700,000 | 672,121,000 | |
Total tangible assets | 1,016,599,000 | 882,500,000 | |
Below-market lease liabilities | -931,000 | -19,692,000 | |
Total assets acquired, net | 1,146,141,000 | 1,051,363,000 | |
Mortgage notes payable assumed | -8,830,000 | -462,238,000 | |
Premium on mortgage assumed | -334,000 | -27,862,000 | |
Real estate investments financed through accounts payable | -9,902,000 | 0 | |
Deposits paid in prior periods | 0 | -33,035,000 | |
Cash paid for acquired real estate investments, at cost | 1,127,075,000 | 528,228,000 | [1] |
Number of properties purchased | 239 | 224 | |
Cash paid for real estate in prior periods | 9,900,000 | ||
In-place leases | |||
Property, Plant and Equipment [Line Items] | |||
Acquired intangibles: | 130,093,000 | 175,152,000 | |
Above-market lease assets | |||
Property, Plant and Equipment [Line Items] | |||
Acquired intangibles: | $380,000 | $13,403,000 | |
[1] | Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million. |
Real_Estate_Investments_Real_E
Real Estate Investments Real Estate Investments (Pro Forma Revenues and Losses) (Details) (USD $) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | ||
Real Estate Investments, Net [Abstract] | |||
Pro forma revenues | $44,888,000 | $162,891,000 | [1] |
Pro forma net income | -26,461,000 | 17,494,000 | [1] |
Aggregate revenues from acquisitions, actual | 17,300,000 | ||
Net income from acquisitions, actual | $9,600,000 | ||
[1] | For the year ended December 31, 2014, aggregate revenues and net income derived from the Company's 2014 acquisitions (for the Company's period of ownership) were $17.3 million and $9.6 million, respectively. |
Real_Estate_Investments_Schedu1
Real Estate Investments (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Real Estate Investments, Net [Abstract] | |
2015 | $154,258 |
2016 | 157,021 |
2017 | 159,420 |
2018 | 130,987 |
2019 | 132,708 |
Thereafter | 836,223 |
Total | $1,570,617 |
Real_Estate_Investments_Real_E1
Real Estate Investments Real Estate Investments (Annualized Rental Income by Major Tenants) (Details) | 12 Months Ended | 11 Months Ended |
Dec. 31, 2014 | Dec. 31, 2013 | |
SunTrust Bank | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 17.90% | |
Sanofi US | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 11.60% | |
C&S Wholesale Grocer | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 10.40% | |
AmeriCold | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 14.50% | |
Merrill Lynch | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 14.50% |
Real_Estate_Investments_Real_E2
Real Estate Investments Real Estate Investments (Annualized Rental Income by Geographic Location) (Details) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
New Jersey | ||
Concentration Risk, Percentage | 15.10% | 20.30% |
Georgia | ||
Concentration Risk, Percentage | 14.70% | 11.20% |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $58,566,000 | 18,991,000 |
Cost sold during period | 400,000 | |
Proceeds from sale of short-term investments | 500,000 | |
Realized gain on securities sold | 100,000 | |
Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Period from issuance when investments become redeemable | 5 years | |
Preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 19,000,000 | |
Cost sold during period | 47,000,000 | |
Proceeds from sale of short-term investments | 47,300,000 | |
Realized gain on securities sold | 300,000 | |
Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 65,547,000 | 18,528,000 |
Gross Unrealized Gains | 0 | 463,000 |
Gross Unrealized Losses | -6,981,000 | 0 |
Fair Value | $58,566,000 | 18,991,000 |
Credit_Facility_Details
Credit Facility (Details) (USD $) | 0 Months Ended | ||
Sep. 23, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Credit facility | $423,000,000 | $0 | |
JPMorgan Chase Bank, N.A. | Credit facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 200,000,000 | 750,000,000 | |
Unused borrowing capacity fee | 234,600,000 | ||
Unused borrowing minimum percentage | 50.00% | ||
JPMorgan Chase Bank, N.A. | Swing Line | Credit facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 25,000,000 | ||
JPMorgan Chase Bank, N.A. | Letter of Credit | Credit facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $20,000,000 | ||
JPMorgan Chase Bank, N.A. | Minimum | Credit facility | |||
Debt Instrument [Line Items] | |||
Unused capacity commitment fee percentage | 0.25% | ||
JPMorgan Chase Bank, N.A. | Maximum | Credit facility | |||
Debt Instrument [Line Items] | |||
Unused capacity commitment fee percentage | 0.15% | ||
Line of Credit Facility, Interest Rate, Option One | JPMorgan Chase Bank, N.A. | Credit facility | Federal Funds Effective Rate | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.50% | ||
Line of Credit Facility, Interest Rate, Option One | JPMorgan Chase Bank, N.A. | Credit facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.00% | ||
Interest rate period | 1 month | ||
Line of Credit Facility, Interest Rate, Option One | JPMorgan Chase Bank, N.A. | Minimum | Credit facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 0.60% | ||
Line of Credit Facility, Interest Rate, Option One | JPMorgan Chase Bank, N.A. | Maximum | Credit facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 1.20% | ||
Line of Credit Facility, Interest Rate, Option Two | JPMorgan Chase Bank, N.A. | Minimum | Credit facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 1.60% | ||
Line of Credit Facility, Interest Rate, Option Two | JPMorgan Chase Bank, N.A. | Maximum | Credit facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 2.20% |
Mortgage_Notes_Payable_Details
Mortgage Notes Payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | $470,079 | $8,830 | |
Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 191 | ||
Mortgage notes payable | 470,079 | 8,830 | |
Effective Interest Rate | 5.66% | [1] | |
SAAB Sensis I | Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Mortgage notes payable | 8,519 | 8,830 | |
Effective Interest Rate | 6.01% | ||
SunTrust Bank II | Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 30 | ||
Mortgage notes payable | 25,000 | 0 | |
Effective Interest Rate | 5.50% | ||
C&S Wholesale Grocer I | Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 4 | ||
Mortgage notes payable | 82,313 | 0 | |
Effective Interest Rate | 5.56% | ||
SunTrust Bank III | Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 121 | ||
Mortgage notes payable | 99,677 | 0 | |
Effective Interest Rate | 5.50% | ||
SunTrust Bank IV | Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 30 | ||
Mortgage notes payable | 25,000 | 0 | |
Effective Interest Rate | 5.50% | ||
Sanofi US I | Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 1 | ||
Mortgage notes payable | 190,000 | 0 | |
Effective Interest Rate | 5.83% | ||
Stop & Shop I | Mortgage notes payable and premiums, net | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | 4 | ||
Mortgage notes payable | $39,570 | $0 | |
Effective Interest Rate | 5.63% | ||
[1] | Calculated on a weighted-average basis for all mortgages outstanding as of DecemberB 31, 2014. |
Mortgage_Notes_Payable_Future_
Mortgage Notes Payable - Future Minimum Payments (Details) (Mortgage notes payable and premiums, net, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Mortgage notes payable and premiums, net | |
Debt Instrument [Line Items] | |
2015 | $190,964 |
2016 | 1,014 |
2017 | 83,393 |
2018 | 1,143 |
2019 | 1,211 |
Thereafter | 192,354 |
Long-term Debt | $470,079 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | 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 | $18,991 | $58,566 |
Available-for-sale Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 18,991 | 58,566 |
Available-for-sale Securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 18,991 | 58,566 |
Available-for-sale Securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 0 | 0 |
Available-for-sale Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | $0 | $0 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Fair Value of Financial Instruments) (Details) (Fair Value, Inputs, Level 3, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage notes payable and premiums, net | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $492,179 | $9,164 |
Mortgage notes payable and premiums, net | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 505,629 | 9,164 |
Credit facility | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 423,000 | 0 |
Credit facility | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $423,000 | $0 |
Common_Stock_Details
Common Stock (Details) (USD $) | 0 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Apr. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Nov. 14, 2014 | Apr. 04, 2013 | Apr. 25, 2013 |
Class of Stock [Line Items] | ||||||
Common stock, outstanding (in shares) | 62,985,937 | 65,257,954 | ||||
Dividends declared per day (in dollars per share) | $0.00 | |||||
Dividends declared (in dollars per share) | $1.65 | |||||
Annual authorized amount as a percentage of net asset value | 5.00% | |||||
Quarterly authorized amount as a percentage of net asset value | 1.25% | |||||
Short-term trading fee, percentage of aggregate net asset value of shares repurchased | 2.00% | |||||
Period of right to amend or terminate DRIP | 10 days | |||||
Common stock issued through distribution reinvestment plan (in shares) | 900,000 | 2,600,000 | ||||
Common stock issued through distribution reinvestment plan | $20,429 | $60,977 | ||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | |||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Share price for Drip (In dollars per share) | 23.75 | $23.75 | $23.75 | |||
Drip Share price as a percent of IPO price | 95.00% | |||||
Distribution Reinvestment Plan | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $0.01 | |||||
Maximum | One Year | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase price, percentage of value (in dollars per share) | 23.13 | |||||
Share repurchase price, percentage of value | 92.50% | |||||
Maximum | Two Years | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase price, percentage of value (in dollars per share) | 23.75 | |||||
Share repurchase price, percentage of value | 95.00% | |||||
Maximum | Three Years | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase price, percentage of value (in dollars per share) | 24.78 | |||||
Share repurchase price, percentage of value | 97.50% | |||||
Maximum | Four Years | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase price, percentage of value (in dollars per share) | 25 | |||||
Share repurchase price, percentage of value | 100.00% |
Common_Stock_Stock_Redemption_
Common Stock (Stock Redemption) (Details) (USD $) | 11 Months Ended | 12 Months Ended | 23 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | |
request | request | request | |
Equity, Class of Treasury Stock [Line Items] | |||
Number of Requests | 10 | 148 | 158 |
Number of Shares (in shares) | 8,082 | 295,825 | 303,907 |
Weighted Average Price per Share (in dollars per share) | $24.98 | $23.99 | $24.01 |
Unfunded | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of Requests | 92 | ||
Weighted Average Price per Share (in dollars per share) | $23.97 | ||
Remaining number of shares authorized (in shares) | 211,723 | 211,723 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $887 |
2016 | 895 |
2017 | 900 |
2018 | 882 |
2019 | 882 |
Thereafter | 5,526 |
Total | $9,972 |
Related_Party_Transactions_and2
Related Party Transactions and Arrangements (Details) (American Realty Capital Trust V Special Limited Partner, LLC, Special Limited Partner) | Dec. 31, 2014 | Dec. 31, 2013 |
American Realty Capital Trust V Special Limited Partner, LLC | Special Limited Partner | ||
Related Party Transaction [Line Items] | ||
Common stock held by related party (in shares) | 8,888 | 8,888 |
OP units outstanding (in shares) | 90 | 90 |
Related_Party_Transactions_and3
Related Party Transactions and Arrangements Fees Incurred in Connection with the IPO (Details) (Maximum, Gross Proceeds, Common Stock, Realty Capital Securities, LLC, Dealer Manager) | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |
Sales commissions as a percentage of benchmark | 7.00% |
Option One | |
Related Party Transaction [Line Items] | |
Gross proceeds from the sale of common stock, before allowances | 3.00% |
Related_Party_Transactions_and4
Related Party Transactions and Arrangements Fees Incurred in Connection with the IPO, Selling Commissions and Dealer Fees (Details) (Realty Capital Securities, LLC, Total commissions and fees from the Dealer Manager, Dealer Manager, USD $) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | ||
Realty Capital Securities, LLC | Total commissions and fees from the Dealer Manager | Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Total commissions and fees from the Dealer Manager | $143,009,000 | ($3,000) | [1] |
Due to Affiliate | $2,000 | ($13,000) | [1] |
[1] | During the year ended December 31, 2014, the Company incurred reimbursement of selling commissions and dealer manager fees as a result of share purchase cancellations related to common stock sales prior to the close of the IPO. |
Related_Party_Transactions_and5
Related Party Transactions and Arrangements Fees Incurred in Connection with the IPO, Offering Costs and Reimbursements (Details) (Fees and expense reimbursements from the Advisor and Dealer Manager, American Realty Capital Advisors V, LLC (Advisor) and Realty Capital Securities, LLC (Dealer Manager), Advisor and Dealer Manager, USD $) | 12 Months Ended | 23 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fees and expense reimbursements from the Advisor and Dealer Manager | American Realty Capital Advisors V, LLC (Advisor) and Realty Capital Securities, LLC (Dealer Manager) | Advisor and Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Total commissions and fees from the Dealer Manager | ($253,000) | $30,482,000 | |
Due to Affiliate | $0 | $0 | $226,000 |
Related_Party_Transactions_and6
Related Party Transactions and Arrangements Fees Incurred in Connection With the Operations of the Company (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
American Realty Capital Advisors V, LLC | Contract Purchase Price | Advisor | ||
Related Party Transaction [Line Items] | ||
Acquisition fees earned by related party percentage | 1.00% | |
Financing advance fees earned by related party percentage | 1.00% | |
Expected third party acquisition costs reimbursable | 0.50% | |
Quarterly asset management fee earned | 0.19% | |
Antidilutive shares (in shares) | 703,796 | |
American Realty Capital Advisors V, LLC | Advance on Loan or Other Investment | Advisor | ||
Related Party Transaction [Line Items] | ||
Expected third party acquisition costs reimbursable | 0.50% | |
American Realty Capital Advisors V, LLC | Amount Available or Outstanding Under Financing Arrangement | Advisor | ||
Related Party Transaction [Line Items] | ||
Financing coordination fees earned | 0.75% | |
Realty Capital Securities, LLC | Transaction Value | Dealer Manager | ||
Related Party Transaction [Line Items] | ||
Listing advisory fee earned | 0.25% | |
Maximum | American Realty Capital Advisors V, LLC | Contract Purchase Price | Advisor | ||
Related Party Transaction [Line Items] | ||
Acquisition fees and acquisition related expenses | 4.50% | |
Maximum | American Realty Capital Advisors V, LLC | Advance on Loan or Other Investment | Advisor | ||
Related Party Transaction [Line Items] | ||
Financing advance fees earned by related party percentage | 4.50% | |
Maximum | American Realty Capital Advisors V, LLC | Contract Purchase Price, All Assets Acquired | Advisor | ||
Related Party Transaction [Line Items] | ||
Acquisition fees and acquisition related expenses | 1.50% | |
Annual Targeted Investor Return | American Realty Capital Advisors V, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor | ||
Related Party Transaction [Line Items] | ||
Cumulative capital investment return | 6.00% | |
Total commissions and fees from the Dealer Manager | ||
Related Party Transaction [Line Items] | ||
Share Price (in dollars per share) | $22.50 | |
Absorbed General and Administrative Expenses | American Realty Capital Advisors V, LLC | Advisor | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | $100,000 | $0 |
Greater Of | Maximum | American Realty Capital Advisors V, LLC | Average Invested Assets | Advisor | ||
Related Party Transaction [Line Items] | ||
Operating expenses as a percentage of benchmark | 2.00% | |
Greater Of | Maximum | American Realty Capital Advisors V, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Advisor | ||
Related Party Transaction [Line Items] | ||
Operating expenses as a percentage of benchmark | 25.00% |
Related_Party_Transactions_and7
Related Party Transactions and Arrangements Fees Incurred in Connection With the Operations of the Company, Incurred, Forgiven and Payable (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
One-time fees and reimbursements: | Incurred | Acquisition fees and related cost reimbursements | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | $13,126,000 | $10,578,000 |
One-time fees and reimbursements: | Incurred | Financing coordination fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 3,479,000 | 5,678,000 |
One-time fees and reimbursements: | Incurred | Transaction fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 4,423,000 | 0 |
One-time fees and reimbursements: | Forgiven | Acquisition fees and related cost reimbursements | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 0 |
One-time fees and reimbursements: | Forgiven | Financing coordination fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 0 |
One-time fees and reimbursements: | Forgiven | Transaction fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 0 |
One-time fees and reimbursements: | Payable | Acquisition fees and related cost reimbursements | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 0 | 0 |
One-time fees and reimbursements: | Payable | Financing coordination fees | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 0 | 0 |
One-time fees and reimbursements: | Payable | Transaction fees | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 2,630,000 | 0 |
Ongoing fees: | Incurred | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 21,966,000 | 19,222,000 |
Ongoing fees: | Incurred | Transfer agent and other professional fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 2,364,000 |
Ongoing fees: | Incurred | Strategic advisory fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 920,000 | 0 |
Ongoing fees: | Incurred | Total related party operation fees and reimbursements | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 18,000 | 602,000 |
Ongoing fees: | Forgiven | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 0 |
Ongoing fees: | Forgiven | Transfer agent and other professional fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 0 |
Ongoing fees: | Forgiven | Strategic advisory fees | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 0 |
Ongoing fees: | Forgiven | Total related party operation fees and reimbursements | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 0 | 0 |
Ongoing fees: | Payable | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 2,648,000 | 753,000 |
Ongoing fees: | Payable | Transfer agent and other professional fees | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 0 | 753,000 |
Ongoing fees: | Payable | Strategic advisory fees | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | 0 | 0 |
Ongoing fees: | Payable | Total related party operation fees and reimbursements | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate | $18,000 | $0 |
Related_Party_Transactions_and8
Related Party Transactions and Arrangements Fees and Participations Incurred in Connection with the Liquidation or Listing of the Company's Real Estate Assets (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Acquisition and transaction related | $26,934,000 | $22,595,000 |
RCS Advisory Services, LLC | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
Transaction agreement amount | 3,000,000 | |
Total commissions and fees from the Dealer Manager | 0 | 3,000,000 |
Realty Capital Securities, LLC and American National Stock Transfer, LLC | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
Transaction agreement amount | 1,900,000 | |
Total commissions and fees from the Dealer Manager | 0 | 1,500,000 |
RCS Capital | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
Acquisition and transaction related | 0 | 1,000,000 |
Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Advisors V, LLC | Advisor | ||
Related Party Transaction [Line Items] | ||
Subordinated performance fee earned | 15.00% | |
Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Trust V Special Limited Partner, LLC | Special Limited Partner | ||
Related Party Transaction [Line Items] | ||
Subordinated participation fees as a percentage of benchmark | 15.00% | |
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | American Realty Capital Trust V Special Limited Partner, LLC | Special Limited Partner | ||
Related Party Transaction [Line Items] | ||
Subordinated participation fees as a percentage of benchmark | 15.00% | |
Annual Targeted Investor Return | Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Advisors V, LLC | Advisor | ||
Related Party Transaction [Line Items] | ||
Cumulative capital investment return | 6.00% | |
Maximum | Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Advisors V, LLC | Advisor | ||
Related Party Transaction [Line Items] | ||
Subordinated performance fee earned | 10.00% | |
Maximum | Brokerage Commission Fees | Contract Sales Price | American Realty Capital Advisors V, LLC | Advisor | ||
Related Party Transaction [Line Items] | ||
Real estate commissions as a percentage of benchmark | 2.00% | |
Maximum | Real Estate Commissions | Contract Sales Price | American Realty Capital Advisors V, LLC | Advisor | ||
Related Party Transaction [Line Items] | ||
Real estate commissions as a percentage of benchmark | 6.00% | |
Option One | RCS Capital | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
As a percentage of transaction value | 0.25% | |
Option Two | RCS Capital | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
Transaction agreement amount | 1,000,000 | |
Option Three | RCS Capital | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
Transaction agreement amount | 1,000,000 | |
Acquisition fees and related cost reimbursements | Realty Capital Securities, LLC and American National Stock Transfer, LLC | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | 1,100,000 | |
Prepaid Expenses and Other Current Assets | Realty Capital Securities, LLC and American National Stock Transfer, LLC | Advisory Transaction Services | ||
Related Party Transaction [Line Items] | ||
Total commissions and fees from the Dealer Manager | $400,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (Restricted Share Plan, Restricted Stock, USD $) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
Restricted Share Plan | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted automatically upon election to board of directors (in shares) | 1,333 | |
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 [Roll Forward] | ||
Beginning Balance (in shares) | 0 | 4,000 |
Granted (in shares) | 5,333 | 3,999 |
Vested (in shares) | -1,333 | -800 |
Forfeited (in shares) | -2,400 | |
Ending Balance (in shares) | 4,000 | 4,799 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning Balance (in dollars per share) | $0 | $22.50 |
Granted (in dollars per share) | $22.50 | $22.50 |
Vested (in dollars per share) | $22.50 | $22.50 |
Forfeited (in dollars per share) | $22.50 | |
Ending Balance (in dollars per share) | $22.50 | $22.50 |
Share based compensation expense | $44,000 | $21,000 |
Unrecognized compensation costs | $100,000 | |
Weighted average period for recognition | 3 years 11 months 1 day |
ShareBased_Compensation_Other_
Share-Based Compensation - Other Share-Based Compensation (Details) (USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Value of shares issued in lieu of cash | $93 | $0 |
Shares issued in lieu of cash (in shares) | 4,114 | 0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $0 | ($6,981) | ||
Other comprehensive income, before reclassifications | -6,856 | 7,741 | ||
Amounts reclassified from accumulated other comprehensive income | 125 | [1] | 297 | [1] |
Ending Balance | ($6,981) | $463 | ||
[1] | Amounts were reclassified to gain on sale of investment securities, net on the consolidated statements of operations and comprehensive income (loss). |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 2 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Net loss | ($29) | $4,835 | [1] | $1,610 | [1] | $1,127 | [1] | ($9,569) | [1] | ($3,539) | ($17,014) | ($215) | ($20,797) | ($1,997) |
Basic and diluted weighted-average shares outstanding (in shares) | 8,888 | 62,329,506 | 38,295,114 | 5,173,574 | 28,954,769 | 64,333,260 | ||||||||
Basic and diluted net loss per share (in dollars per share) | ($3.26) | ($0.06) | ($0.44) | ($0.04) | ($0.72) | ($0.03) | ||||||||
Antidilutive shares (in shares) | 4,282 | 708,685 | ||||||||||||
Restricted Stock | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive shares (in shares) | 4,000 | 4,799 | ||||||||||||
OP Units | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive shares (in shares) | 90 | 90 | ||||||||||||
Class B Units | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive shares (in shares) | 192 | 703,796 | ||||||||||||
[1] | The aforementioned unaudited quarterly financial information has been revised to reflect certain adjustments and final purchase price allocations to previously reported quarterly information associated with acquisitions completed during 2014. As a result, amortization and accretion of above-market lease assets and below-market lease liabilities decreased total revenue by $0.1 million, $0.4 million and $0.4 million for the three months ended March 31, June 30 and September 30, 2014, respectively. Additionally, the Company decreased depreciation and amortization expense by $1.2 million, $3.4 million, and $3.7 million, for the three months ended March 31, June 30 and September 30, 2014, respectively. |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Revenues | $0 | $42,958,000 | [1] | $43,222,000 | [1] | $42,076,000 | [1] | $30,124,000 | [1] | $22,161,000 | $2,093,000 | $35,000 | $24,289,000 | $158,380,000 |
Net loss | -29,000 | 4,835,000 | [1] | 1,610,000 | [1] | 1,127,000 | [1] | -9,569,000 | [1] | -3,539,000 | -17,014,000 | -215,000 | -20,797,000 | -1,997,000 |
Adjustments to net income (loss) for common share equivalents | -92,000 | [1] | -98,000 | [1] | -156,000 | [1] | 0 | [1] | ||||||
Diluted net income (loss) | 4,743,000 | [1] | 1,512,000 | [1] | 971,000 | [1] | -9,569,000 | [1] | ||||||
Basic weighted-average shares outstanding (in shares) | 65,243,247 | [1] | 64,654,279 | [1] | 64,018,318 | [1] | 62,693,554 | [1] | ||||||
Basic net income (loss) per share (in dollars per share) | $0.07 | [1] | $0.02 | [1] | $0.02 | [1] | ($0.15) | [1] | ||||||
Diluted weighted-average shares outstanding (in shares) | 65,248,137 | [1] | 64,661,074 | [1] | 64,023,762 | [1] | 62,693,554 | [1] | ||||||
Diluted net income (loss) per share (in dollars per share) | $0.07 | [1] | $0.02 | [1] | $0.02 | [1] | ($0.15) | [1] | ||||||
Basic and diluted net loss per share (in dollars per share) | ($3.26) | ($0.06) | ($0.44) | ($0.04) | ($0.72) | ($0.03) | ||||||||
Amortization and accretion of above market lease assets and below market lease liabilities, net, revision for purchase price allocation adjustment | 400,000 | 400,000 | 100,000 | |||||||||||
Depreciation and amortization, revision for purchase price allocation adjustment | $3,700,000 | $3,400,000 | $1,200,000 | |||||||||||
[1] | The aforementioned unaudited quarterly financial information has been revised to reflect certain adjustments and final purchase price allocations to previously reported quarterly information associated with acquisitions completed during 2014. As a result, amortization and accretion of above-market lease assets and below-market lease liabilities decreased total revenue by $0.1 million, $0.4 million and $0.4 million for the three months ended March 31, June 30 and September 30, 2014, respectively. Additionally, the Company decreased depreciation and amortization expense by $1.2 million, $3.4 million, and $3.7 million, for the three months ended March 31, June 30 and September 30, 2014, respectively. |
Subsequent_Events_Narrative_De
Subsequent Events - Narrative (Details) (USD $) | 11 Months Ended | 12 Months Ended | 23 Months Ended | 0 Months Ended | 4 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 20, 2015 | 14-May-15 | Apr. 29, 2015 | Apr. 04, 2013 | Apr. 15, 2015 | |
Subsequent Event [Line Items] | ||||||||
Document Type | 10-K | |||||||
Weighted Average Price per Share (in dollars per share) | $24.98 | $23.99 | $24.01 | |||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | ||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Annual authorized dividend per share (in dollars per share) | $1.65 | |||||||
Sale of investments in redeemable preferred stock | $8,700,000 | |||||||
Realized gain on securities sold | 500,000 | |||||||
Tender Offer | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares authorized for repurchase | 125,000,000 | |||||||
Weighted Average Price per Share (in dollars per share) | $25.50 | |||||||
Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Advisors V, LLC | Advisor | ||||||||
Subsequent Event [Line Items] | ||||||||
Subordinated performance fee earned | 15.00% | 15.00% | ||||||
Annual Targeted Investor Return | Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Advisors V, LLC | Advisor | ||||||||
Subsequent Event [Line Items] | ||||||||
Cumulative capital investment return | 6.00% | 6.00% | ||||||
LTIP Units | Special Limited Partner | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Right to receive unit distribution percentage | 10.00% | |||||||
Right to receive unit distribution catch-up percentage | 90.00% | |||||||
Performance Shares | New Multi-Year Outperformance Plan | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Company's market capitalization percentage | 5.00% | |||||||
One year lock up period | 25.00% | |||||||
Two year lock up period | 60.00% | |||||||
Restricted Stock | Restricted Share Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum authorized amount as a percentage of shares authorized | 5.00% | |||||||
Number of shares authorized (in shares) | 3,400,000 | 3,400,000 | ||||||
Restricted Stock | Restricted Share Plan | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum authorized amount as a percentage of shares authorized | 10.00% | |||||||
Number of shares authorized (in shares) | 3,400,000 | |||||||
Distribution Reinvestment Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||||||
Distribution Reinvestment Plan | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, par value (in dollars per share) | 0.01 | |||||||
Cash Distribution | Special Limited Partner | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
OPbs obligation to distribute to Special Limited Partner, percentage | 15.00% | |||||||
Minimum cumulative, non-compounded pre-tax annual return | 6.00% | |||||||
Annual Asset Management Fee as Percentage of Assets | Advisor | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Annual asset management fee percentage | 0.75% | |||||||
Annual Subordinated Performance Fee | Advisor | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Percent of earnings per share in excess of benchmark one | 15.00% | |||||||
Earnings per share used in calculation, benchmark one | 0.375 | |||||||
Percent of earnings per share in excess of benchmark two | 10.00% | |||||||
Earnings per share used in calculation, benchmark two | 0.5 | |||||||
Base Management Fee | Advisor | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly fee payments | 4,500,000 | |||||||
Quarterly fee payments, percent of net proceeds from equity financing | 0.38% | |||||||
Advisory Agreement | Advisor | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Transaction term | 20 years |
Subsequent_Events_MultiYear_Ou
Subsequent Events - Multi-Year Outperformance Plan Agreement (Details) (Subsequent Event, New Multi-Year Outperformance Plan, Performance Shares) | 0 Months Ended | |
Apr. 29, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Company's market capitalization percentage | 5.00% | |
Performance Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 21.00% | |
100% will be earned if cumulative Total Return achieved is at least: | 18.00% | [1] |
50% will be earned if cumulative Total Return achieved is: | 0.00% | [1] |
0% will be earned if cumulative Total Return achieved is less than: | 0.00% | [1] |
Annual Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 7.00% | |
100% will be earned if cumulative Total Return achieved is at least: | 6.00% | [1] |
50% will be earned if cumulative Total Return achieved is: | 0.00% | [1] |
0% will be earned if cumulative Total Return achieved is less than: | 0.00% | [1] |
Interim Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 14.00% | |
100% will be earned if cumulative Total Return achieved is at least: | 12.00% | [1] |
50% will be earned if cumulative Total Return achieved is: | 0.00% | [1] |
0% will be earned if cumulative Total Return achieved is less than: | 0.00% | [1] |
Relative Component | Excess Return, Above Peer Group | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized, percentage of benchmark | 4.00% | |
Relative Component | Cumulative Return, Above Threshold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares awarded as a percentage of maximum | 100.00% | |
Relative Component | Cumulative Return, Above Threshold | Minimum | Performance Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Return percentage threshold | 0.00% | |
Relative Component | Cumulative Return, Above Threshold | Minimum | Annual Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Return percentage threshold | 0.00% | |
Relative Component | Cumulative Return, Above Threshold | Minimum | Interim Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Return percentage threshold | 0.00% | |
Relative Component | Cumulative Return, Above Threshold | Maximum | Performance Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Return percentage threshold | 18.00% | |
Relative Component | Cumulative Return, Above Threshold | Maximum | Annual Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Return percentage threshold | 6.00% | |
Relative Component | Cumulative Return, Above Threshold | Maximum | Interim Period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Return percentage threshold | 12.00% | |
Relative Component | Cumulative Return, Equal to Threshold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares awarded as a percentage of maximum | 50.00% | |
Relative Component | Cumulative Return, Below Threshold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares awarded as a percentage of maximum | 0.00% | |
Absolute Component | Excess Return, Above Threshold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized, percentage of benchmark | 4.00% | |
[1] | The bPeer Groupb is comprised of Arbor Realty Trust, Inc., Ares Commercial Real Estate Corp., Colony Financial, Inc., and Starwood Property Trust, Inc. |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation - Schedule III (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 22, 2013 | Sep. 23, 2013 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $893,079,000 | ||||
Land, Initial Cost | 358,955,000 | ||||
Buildings and Improvements, Initial Cost | 1,549,787,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,899,099,000 | [1],[2] | 1,016,599,000 | 0 | |
Accumulated Depreciation | 74,648,000 | [3],[4] | 12,077,000 | 0 | |
Credit facility | 423,000,000 | 0 | |||
Mortgage note payable | 470,079,000 | 8,830,000 | |||
Acquired intangible lease assets | 319,028,000 | 130,473,000 | |||
Tax basis | 2,100,000,000 | ||||
Accumulated Amortization | 36,227,000 | 2,870,000 | |||
Buildings, useful life | 40 years | ||||
Land improvements, useful life | 15 years | ||||
Fixtures, useful life | 5 years | ||||
Encumbrances Allocated [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 572,677,000 | ||||
Mission, TX [Member] | Dollar General [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 142,000 | ||||
Buildings and Improvements, Initial Cost | 807,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 949,000 | [1],[2] | |||
Accumulated Depreciation | 76,000 | [3],[4] | |||
Sullivan, MO [Member] | Dollar General [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 146,000 | ||||
Buildings and Improvements, Initial Cost | 825,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 971,000 | [1],[2] | |||
Accumulated Depreciation | 77,000 | [3],[4] | |||
Pine Bluff, AR [Member] | Walgreens [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 159,000 | ||||
Buildings and Improvements, Initial Cost | 3,016,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,175,000 | [1],[2] | |||
Accumulated Depreciation | 271,000 | [3],[4] | |||
Bogalusa, LA [Member] | Dollar General, II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 107,000 | ||||
Buildings and Improvements, Initial Cost | 965,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,072,000 | [1],[2] | |||
Accumulated Depreciation | 81,000 | [3],[4] | |||
Donaldsonville, LA [Member] | Dollar General, II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 97,000 | ||||
Buildings and Improvements, Initial Cost | 871,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 968,000 | [1],[2] | |||
Accumulated Depreciation | 73,000 | [3],[4] | |||
Cut Off, LA [Member] | Auto Zone [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 67,000 | ||||
Buildings and Improvements, Initial Cost | 1,282,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,349,000 | [1],[2] | |||
Accumulated Depreciation | 102,000 | [3],[4] | |||
Athens, MI [Member] | Dollar General III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 48,000 | ||||
Buildings and Improvements, Initial Cost | 907,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 955,000 | [1],[2] | |||
Accumulated Depreciation | 72,000 | [3],[4] | |||
Fowler, MI [Member] | Dollar General III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 49,000 | ||||
Buildings and Improvements, Initial Cost | 940,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 989,000 | [1],[2] | |||
Accumulated Depreciation | 75,000 | [3],[4] | |||
Hudson, MI [Member] | Dollar General III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 102,000 | ||||
Buildings and Improvements, Initial Cost | 922,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,024,000 | [1],[2] | |||
Accumulated Depreciation | 73,000 | [3],[4] | |||
Muskegon, MI [Member] | Dollar General III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 49,000 | ||||
Buildings and Improvements, Initial Cost | 939,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 988,000 | [1],[2] | |||
Accumulated Depreciation | 75,000 | [3],[4] | |||
Reese, MI [Member] | Dollar General III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 150,000 | ||||
Buildings and Improvements, Initial Cost | 848,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 998,000 | [1],[2] | |||
Accumulated Depreciation | 67,000 | [3],[4] | |||
Ft Myers, FL [Member] | BSFS I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,215,000 | ||||
Buildings and Improvements, Initial Cost | 1,822,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,037,000 | [1],[2] | |||
Accumulated Depreciation | 150,000 | [3],[4] | |||
Bainbridge, GA [Member] | Dollar General IV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 233,000 | ||||
Buildings and Improvements, Initial Cost | 700,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 933,000 | [1],[2] | |||
Accumulated Depreciation | 56,000 | [3],[4] | |||
Vanleer, TN [Member] | Dollar General IV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 78,000 | ||||
Buildings and Improvements, Initial Cost | 705,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 783,000 | [1],[2] | |||
Accumulated Depreciation | 56,000 | [3],[4] | |||
Vernon, CT [Member] | Tractor Supply I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 358,000 | ||||
Buildings and Improvements, Initial Cost | 3,220,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,578,000 | [1],[2] | |||
Accumulated Depreciation | 217,000 | [3],[4] | |||
Meruax, LA [Member] | Dollar General V [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 708,000 | ||||
Buildings and Improvements, Initial Cost | 1,315,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,023,000 | [1],[2] | |||
Accumulated Depreciation | 105,000 | [3],[4] | |||
Tallahassee, FL [Member] | Matress Firm I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,015,000 | ||||
Buildings and Improvements, Initial Cost | 1,241,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,256,000 | [1],[2] | |||
Accumulated Depreciation | 99,000 | [3],[4] | |||
Butler, KY [Member] | Matress Firm I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 126,000 | ||||
Buildings and Improvements, Initial Cost | 711,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 837,000 | [1],[2] | |||
Accumulated Depreciation | 57,000 | [3],[4] | |||
Charlotte, NC [Member] | Food Lion I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 3,132,000 | ||||
Buildings and Improvements, Initial Cost | 4,697,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 7,829,000 | [1],[2] | |||
Accumulated Depreciation | 309,000 | [3],[4] | |||
Charlotte, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 529,000 | ||||
Buildings and Improvements, Initial Cost | 650,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,179,000 | [1],[2] | |||
Accumulated Depreciation | 16,000 | [3],[4] | |||
Charlotte, NC [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 651,000 | ||||
Buildings and Improvements, Initial Cost | 444,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,095,000 | [1],[2] | |||
Accumulated Depreciation | 13,000 | [3],[4] | |||
Macon, GA [Member] | Lowes I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 0 | ||||
Buildings and Improvements, Initial Cost | 8,420,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 8,420,000 | [1],[2] | |||
Accumulated Depreciation | 529,000 | [3],[4] | |||
Macon, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 214,000 | ||||
Buildings and Improvements, Initial Cost | 771,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 985,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Fayetteville, NC [Member] | Lowes I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 0 | ||||
Buildings and Improvements, Initial Cost | 6,422,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 6,422,000 | [1],[2] | |||
Accumulated Depreciation | 404,000 | [3],[4] | |||
New Bern, NC [Member] | Lowes I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,812,000 | ||||
Buildings and Improvements, Initial Cost | 10,269,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 12,081,000 | [1],[2] | |||
Accumulated Depreciation | 646,000 | [3],[4] | |||
Rocky MT, NC [Member] | Lowes I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,931,000 | ||||
Buildings and Improvements, Initial Cost | 10,940,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 12,871,000 | [1],[2] | |||
Accumulated Depreciation | 688,000 | [3],[4] | |||
Maintowoc, WI [Member] | O'Reilly Auto [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 85,000 | ||||
Buildings and Improvements, Initial Cost | 761,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 846,000 | [1],[2] | |||
Accumulated Depreciation | 57,000 | [3],[4] | |||
Aiken, SC [Member] | Lowes I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,764,000 | ||||
Buildings and Improvements, Initial Cost | 7,056,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 8,820,000 | [1],[2] | |||
Accumulated Depreciation | 443,000 | [3],[4] | |||
Aiken, SC [Member] | Mattress Firm I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 426,000 | ||||
Buildings and Improvements, Initial Cost | 1,029,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,455,000 | [1],[2] | |||
Accumulated Depreciation | 32,000 | [3],[4] | |||
Danville, AR [Member] | Family Dollar II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 170,000 | ||||
Buildings and Improvements, Initial Cost | 679,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 849,000 | [1],[2] | |||
Accumulated Depreciation | 51,000 | [3],[4] | |||
Natalbany, LA [Member] | Dollar General VI [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 379,000 | ||||
Buildings and Improvements, Initial Cost | 883,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,262,000 | [1],[2] | |||
Accumulated Depreciation | 66,000 | [3],[4] | |||
Gasburg, VA [Member] | Dollar General VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 52,000 | ||||
Buildings and Improvements, Initial Cost | 993,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,045,000 | [1],[2] | |||
Accumulated Depreciation | 74,000 | [3],[4] | |||
Tucker, GA [Member] | Walgreens II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 0 | ||||
Buildings and Improvements, Initial Cost | 2,524,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,524,000 | [1],[2] | |||
Accumulated Depreciation | 202,000 | [3],[4] | |||
Challis, ID [Member] | Family Dollar III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 44,000 | ||||
Buildings and Improvements, Initial Cost | 828,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 872,000 | [1],[2] | |||
Accumulated Depreciation | 62,000 | [3],[4] | |||
Lake Jackson, TX [Member] | Chili's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 746,000 | ||||
Buildings and Improvements, Initial Cost | 1,741,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,487,000 | [1],[2] | |||
Accumulated Depreciation | 163,000 | [3],[4] | |||
Victoria, TX [Member] | Chili's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 813,000 | ||||
Buildings and Improvements, Initial Cost | 1,897,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,710,000 | [1],[2] | |||
Accumulated Depreciation | 178,000 | [3],[4] | |||
Anniston, AL [Member] | CVS I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 472,000 | ||||
Buildings and Improvements, Initial Cost | 1,887,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,359,000 | [1],[2] | |||
Accumulated Depreciation | 151,000 | [3],[4] | |||
Westminster, CO [Member] | Joe's Crab Shack I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,136,000 | ||||
Buildings and Improvements, Initial Cost | 2,650,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,786,000 | [1],[2] | |||
Accumulated Depreciation | 249,000 | [3],[4] | |||
Houston, TX [Member] | Joe's Crab Shack I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,169,000 | ||||
Buildings and Improvements, Initial Cost | 2,171,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,340,000 | [1],[2] | |||
Accumulated Depreciation | 204,000 | [3],[4] | |||
Houston, TX [Member] | LA Fitness I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 2,540,000 | ||||
Buildings and Improvements, Initial Cost | 8,379,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 10,919,000 | [1],[2] | |||
Accumulated Depreciation | 523,000 | [3],[4] | |||
Lake Wales, FL [Member] | Tire Kingdom I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 556,000 | ||||
Buildings and Improvements, Initial Cost | 1,296,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,852,000 | [1],[2] | |||
Accumulated Depreciation | 100,000 | [3],[4] | |||
Temple, GA [Member] | Auto Zone II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 569,000 | ||||
Buildings and Improvements, Initial Cost | 854,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,423,000 | [1],[2] | |||
Accumulated Depreciation | 64,000 | [3],[4] | |||
Stanleytown, VA [Member] | Dollar General VIII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 185,000 | ||||
Buildings and Improvements, Initial Cost | 1,049,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,234,000 | [1],[2] | |||
Accumulated Depreciation | 79,000 | [3],[4] | |||
Oil City, LA [Member] | Family Dollar IV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 76,000 | ||||
Buildings and Improvements, Initial Cost | 685,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 761,000 | [1],[2] | |||
Accumulated Depreciation | 51,000 | [3],[4] | |||
Montevalo, AL [Member] | Fresenius I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 300,000 | ||||
Buildings and Improvements, Initial Cost | 1,699,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,999,000 | [1],[2] | |||
Accumulated Depreciation | 106,000 | [3],[4] | |||
Mabelvale, AR [Member] | Dollar General IX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 38,000 | ||||
Buildings and Improvements, Initial Cost | 723,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 761,000 | [1],[2] | |||
Accumulated Depreciation | 54,000 | [3],[4] | |||
Angola, IN [Member] | Advance Auto I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 35,000 | ||||
Buildings and Improvements, Initial Cost | 671,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 706,000 | [1],[2] | |||
Accumulated Depreciation | 47,000 | [3],[4] | |||
Hernando, MS [Member] | Arby's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 624,000 | ||||
Buildings and Improvements, Initial Cost | 1,455,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,079,000 | [1],[2] | |||
Accumulated Depreciation | 128,000 | [3],[4] | |||
Holyoke, MA [Member] | CVS II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 0 | ||||
Buildings and Improvements, Initial Cost | 2,258,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,258,000 | [1],[2] | |||
Accumulated Depreciation | 169,000 | [3],[4] | |||
Lansing, MI [Member] | Walgreens III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 216,000 | ||||
Buildings and Improvements, Initial Cost | 4,099,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,315,000 | [1],[2] | |||
Accumulated Depreciation | 307,000 | [3],[4] | |||
Beaumont, TX [Member] | Walgreens IV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 499,000 | ||||
Buildings and Improvements, Initial Cost | 1,995,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,494,000 | [1],[2] | |||
Accumulated Depreciation | 150,000 | [3],[4] | |||
Salt Lake City, UT [Member] | American Express Travel Related Services I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 4,150,000 | ||||
Buildings and Improvements, Initial Cost | 32,789,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 36,939,000 | [1],[2] | |||
Accumulated Depreciation | 3,212,000 | [3],[4] | |||
Greensboro, NC [Member] | American Express Travel Related Services I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,620,000 | ||||
Buildings and Improvements, Initial Cost | 41,401,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 43,021,000 | [1],[2] | |||
Accumulated Depreciation | 3,758,000 | [3],[4] | |||
Greensboro, NC [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 650,000 | ||||
Buildings and Improvements, Initial Cost | 712,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,362,000 | [1],[2] | |||
Accumulated Depreciation | 24,000 | [3],[4] | |||
Greensboro, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 488,000 | ||||
Buildings and Improvements, Initial Cost | 794,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,282,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Greensboro, NC [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 619,000 | ||||
Buildings and Improvements, Initial Cost | 742,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,361,000 | [1],[2] | |||
Accumulated Depreciation | 23,000 | [3],[4] | |||
Piedmont, SC [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 3,030,000 | ||||
Buildings and Improvements, Initial Cost | 24,067,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 27,097,000 | [1],[2] | |||
Accumulated Depreciation | 1,835,000 | [3],[4] | |||
Gaffney, SC [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,360,000 | ||||
Buildings and Improvements, Initial Cost | 5,666,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 7,026,000 | [1],[2] | |||
Accumulated Depreciation | 432,000 | [3],[4] | |||
Pendergrass, GA [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 2,810,000 | ||||
Buildings and Improvements, Initial Cost | 26,572,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 29,382,000 | [1],[2] | |||
Accumulated Depreciation | 2,026,000 | [3],[4] | |||
Gainesville, GA [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,580,000 | ||||
Buildings and Improvements, Initial Cost | 13,838,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 15,418,000 | [1],[2] | |||
Accumulated Depreciation | 1,055,000 | [3],[4] | |||
Cartersville, GA [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,640,000 | ||||
Buildings and Improvements, Initial Cost | 14,533,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 16,173,000 | [1],[2] | |||
Accumulated Depreciation | 1,108,000 | [3],[4] | |||
Cartersville, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 658,000 | ||||
Buildings and Improvements, Initial Cost | 1,734,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,392,000 | [1],[2] | |||
Accumulated Depreciation | 41,000 | [3],[4] | |||
Douglas, GA [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 750,000 | ||||
Buildings and Improvements, Initial Cost | 7,076,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 7,826,000 | [1],[2] | |||
Accumulated Depreciation | 540,000 | [3],[4] | |||
Douglas, GA [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 73,000 | ||||
Buildings and Improvements, Initial Cost | 1,248,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,321,000 | [1],[2] | |||
Accumulated Depreciation | 28,000 | [3],[4] | |||
Belvidere, IL [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 2,170,000 | ||||
Buildings and Improvements, Initial Cost | 17,843,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 20,013,000 | [1],[2] | |||
Accumulated Depreciation | 1,361,000 | [3],[4] | |||
Brooklyn Park, MN [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,590,000 | ||||
Buildings and Improvements, Initial Cost | 11,940,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 13,530,000 | [1],[2] | |||
Accumulated Depreciation | 910,000 | [3],[4] | |||
Zumbrota, MN [Member] | AmeriCold | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 2,440,000 | ||||
Buildings and Improvements, Initial Cost | 18,152,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 20,592,000 | [1],[2] | |||
Accumulated Depreciation | 1,384,000 | [3],[4] | |||
Greenwell Springs, LA [Member] | Dollar General X [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 114,000 | ||||
Buildings and Improvements, Initial Cost | 1,029,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,143,000 | [1],[2] | |||
Accumulated Depreciation | 72,000 | [3],[4] | |||
Valdosta, GA [Member] | Home Depot I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 2,930,000 | ||||
Buildings and Improvements, Initial Cost | 30,538,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 33,468,000 | [1],[2] | |||
Accumulated Depreciation | 1,797,000 | [3],[4] | |||
Valdosta, GA [Member] | Mattress Firm III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 169,000 | ||||
Buildings and Improvements, Initial Cost | 1,522,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,691,000 | [1],[2] | |||
Accumulated Depreciation | 85,000 | [3],[4] | |||
Birmingham, AL [Member] | Home Depot I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 3,660,000 | ||||
Buildings and Improvements, Initial Cost | 33,667,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 37,327,000 | [1],[2] | |||
Accumulated Depreciation | 1,981,000 | [3],[4] | |||
Birmingham, AL [Member] | C&S Wholesale Grocer I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 4,951,000 | ||||
Buildings and Improvements, Initial Cost | 36,894,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 41,845,000 | [1],[2] | |||
Accumulated Depreciation | 790,000 | [3],[4] | |||
San Antonio, TX [Member] | National Tire & Battery I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 577,000 | ||||
Buildings and Improvements, Initial Cost | 577,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,154,000 | [1],[2] | |||
Accumulated Depreciation | 42,000 | [3],[4] | |||
Hanahan, SC [Member] | New Breed Logistics I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 2,940,000 | ||||
Buildings and Improvements, Initial Cost | 19,171,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 22,111,000 | [1],[2] | |||
Accumulated Depreciation | 1,462,000 | [3],[4] | |||
Atlanta, GA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 2,190,000 | ||||
Buildings and Improvements, Initial Cost | 5,666,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 7,856,000 | [1],[2] | |||
Accumulated Depreciation | 324,000 | [3],[4] | |||
Atlanta, GA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 1,071,000 | ||||
Buildings and Improvements, Initial Cost | 2,293,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,364,000 | [1],[2] | |||
Accumulated Depreciation | 65,000 | [3],[4] | |||
Atlanta, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 3,027,000 | ||||
Buildings and Improvements, Initial Cost | 4,873,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 7,900,000 | [1],[2] | |||
Accumulated Depreciation | 108,000 | [3],[4] | |||
DISTRICT OF COLUMBIA | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 590,000 | ||||
Buildings and Improvements, Initial Cost | 2,366,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,956,000 | [1],[2] | |||
Accumulated Depreciation | 158,000 | [3],[4] | |||
New Smyrna Beach, FL [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 740,000 | ||||
Buildings and Improvements, Initial Cost | 2,859,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,599,000 | [1],[2] | |||
Accumulated Depreciation | 191,000 | [3],[4] | |||
Brooksville, FL [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 360,000 | ||||
Buildings and Improvements, Initial Cost | 127,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 487,000 | [1],[2] | |||
Accumulated Depreciation | 8,000 | [3],[4] | |||
Brooksville, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 460,000 | ||||
Buildings and Improvements, Initial Cost | 954,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,414,000 | [1],[2] | |||
Accumulated Depreciation | 25,000 | [3],[4] | |||
West Palm Beach, FL [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 520,000 | ||||
Buildings and Improvements, Initial Cost | 2,264,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,784,000 | [1],[2] | |||
Accumulated Depreciation | 152,000 | [3],[4] | |||
Orlando, FL [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 540,000 | ||||
Buildings and Improvements, Initial Cost | 3,069,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,609,000 | [1],[2] | |||
Accumulated Depreciation | 206,000 | [3],[4] | |||
Orlando, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,234,000 | ||||
Buildings and Improvements, Initial Cost | 1,125,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,359,000 | [1],[2] | |||
Accumulated Depreciation | 28,000 | [3],[4] | |||
Orlando, FL II [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 410,000 | ||||
Buildings and Improvements, Initial Cost | 2,078,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,488,000 | [1],[2] | |||
Accumulated Depreciation | 139,000 | [3],[4] | |||
Orlando, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 874,000 | ||||
Buildings and Improvements, Initial Cost | 1,922,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,796,000 | [1],[2] | |||
Accumulated Depreciation | 45,000 | [3],[4] | |||
Ft Pierce, FL [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 720,000 | ||||
Buildings and Improvements, Initial Cost | 1,434,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,154,000 | [1],[2] | |||
Accumulated Depreciation | 96,000 | [3],[4] | |||
Atlanta, GA II [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 570,000 | ||||
Buildings and Improvements, Initial Cost | 1,152,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,722,000 | [1],[2] | |||
Accumulated Depreciation | 77,000 | [3],[4] | |||
Atlanta, GA II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 4,422,000 | ||||
Buildings and Improvements, Initial Cost | 1,559,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 5,981,000 | [1],[2] | |||
Accumulated Depreciation | 38,000 | [3],[4] | |||
Mundelein, IL [Member] | Thomson, GA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 480,000 | ||||
Buildings and Improvements, Initial Cost | 1,015,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,495,000 | [1],[2] | |||
Accumulated Depreciation | 68,000 | [3],[4] | |||
Mundelein, IL [Member] | National Tire & Battery II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 0 | ||||
Buildings and Improvements, Initial Cost | 1,742,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,742,000 | [1],[2] | |||
Accumulated Depreciation | 126,000 | [3],[4] | |||
Waycross, GA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 300,000 | ||||
Buildings and Improvements, Initial Cost | 1,425,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,725,000 | [1],[2] | |||
Accumulated Depreciation | 95,000 | [3],[4] | |||
Landover, MD [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 630,000 | ||||
Buildings and Improvements, Initial Cost | 1,310,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,940,000 | [1],[2] | |||
Accumulated Depreciation | 88,000 | [3],[4] | |||
Cary, NC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 370,000 | ||||
Buildings and Improvements, Initial Cost | 841,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,211,000 | [1],[2] | |||
Accumulated Depreciation | 56,000 | [3],[4] | |||
Stokesdale, NC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 230,000 | ||||
Buildings and Improvements, Initial Cost | 581,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 811,000 | [1],[2] | |||
Accumulated Depreciation | 39,000 | [3],[4] | |||
Summerfield, NC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 210,000 | ||||
Buildings and Improvements, Initial Cost | 605,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 815,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Waynesville, NC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 200,000 | ||||
Buildings and Improvements, Initial Cost | 874,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,074,000 | [1],[2] | |||
Accumulated Depreciation | 59,000 | [3],[4] | |||
Fountain Inn, SC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 290,000 | ||||
Buildings and Improvements, Initial Cost | 1,086,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,376,000 | [1],[2] | |||
Accumulated Depreciation | 73,000 | [3],[4] | |||
Nashville, TN [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 190,000 | ||||
Buildings and Improvements, Initial Cost | 666,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 856,000 | [1],[2] | |||
Accumulated Depreciation | 45,000 | [3],[4] | |||
Nashville, TN [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 890,000 | ||||
Buildings and Improvements, Initial Cost | 504,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,394,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Nashville, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 204,000 | ||||
Buildings and Improvements, Initial Cost | 740,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 944,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Nashville, TN [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 1,035,000 | ||||
Buildings and Improvements, Initial Cost | 745,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,780,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Savannah, TN [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 390,000 | ||||
Buildings and Improvements, Initial Cost | 1,179,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,569,000 | [1],[2] | |||
Accumulated Depreciation | 79,000 | [3],[4] | |||
Chattanooga, TN I [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 220,000 | ||||
Buildings and Improvements, Initial Cost | 781,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,001,000 | [1],[2] | |||
Accumulated Depreciation | 52,000 | [3],[4] | |||
Chattanooga, TN I [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 191,000 | ||||
Buildings and Improvements, Initial Cost | 335,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 526,000 | [1],[2] | |||
Accumulated Depreciation | 8,000 | [3],[4] | |||
Oak Ridge, TN [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 500,000 | ||||
Buildings and Improvements, Initial Cost | 1,277,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,777,000 | [1],[2] | |||
Accumulated Depreciation | 86,000 | [3],[4] | |||
Doswell, VA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 190,000 | ||||
Buildings and Improvements, Initial Cost | 510,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 700,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Vinton, VA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 120,000 | ||||
Buildings and Improvements, Initial Cost | 366,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 486,000 | [1],[2] | |||
Accumulated Depreciation | 24,000 | [3],[4] | |||
New Market, VA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 330,000 | ||||
Buildings and Improvements, Initial Cost | 948,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,278,000 | [1],[2] | |||
Accumulated Depreciation | 64,000 | [3],[4] | |||
Brunswick, GA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 80,000 | ||||
Buildings and Improvements, Initial Cost | 249,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 329,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Brunswick, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 384,000 | ||||
Buildings and Improvements, Initial Cost | 888,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,272,000 | [1],[2] | |||
Accumulated Depreciation | 23,000 | [3],[4] | |||
Burlington, NC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 200,000 | ||||
Buildings and Improvements, Initial Cost | 497,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 697,000 | [1],[2] | |||
Accumulated Depreciation | 33,000 | [3],[4] | |||
Pittsboro, NC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 100,000 | ||||
Buildings and Improvements, Initial Cost | 304,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 404,000 | [1],[2] | |||
Accumulated Depreciation | 20,000 | [3],[4] | |||
Pittsboro, NC [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 61,000 | ||||
Buildings and Improvements, Initial Cost | 510,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 571,000 | [1],[2] | |||
Accumulated Depreciation | 11,000 | [3],[4] | |||
Dunwoody, GA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 460,000 | ||||
Buildings and Improvements, Initial Cost | 2,714,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,174,000 | [1],[2] | |||
Accumulated Depreciation | 182,000 | [3],[4] | |||
Athens, GA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 610,000 | ||||
Buildings and Improvements, Initial Cost | 1,662,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,272,000 | [1],[2] | |||
Accumulated Depreciation | 111,000 | [3],[4] | |||
Athens, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 427,000 | ||||
Buildings and Improvements, Initial Cost | 472,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 899,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Spencer, NC [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 280,000 | ||||
Buildings and Improvements, Initial Cost | 717,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 997,000 | [1],[2] | |||
Accumulated Depreciation | 48,000 | [3],[4] | |||
Cleveland, TN [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 170,000 | ||||
Buildings and Improvements, Initial Cost | 461,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 631,000 | [1],[2] | |||
Accumulated Depreciation | 31,000 | [3],[4] | |||
Cleveland, TN [Member] | Krystal I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 211,000 | ||||
Buildings and Improvements, Initial Cost | 1,197,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,408,000 | [1],[2] | |||
Accumulated Depreciation | 103,000 | [3],[4] | |||
Nassawadox, VA [Member] | Sun Trust Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 70,000 | ||||
Buildings and Improvements, Initial Cost | 484,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 554,000 | [1],[2] | |||
Accumulated Depreciation | 32,000 | [3],[4] | |||
Burlington, IA [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 224,000 | ||||
Buildings and Improvements, Initial Cost | 523,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 747,000 | [1],[2] | |||
Accumulated Depreciation | 37,000 | [3],[4] | |||
Clinton, IA [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 334,000 | ||||
Buildings and Improvements, Initial Cost | 779,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,113,000 | [1],[2] | |||
Accumulated Depreciation | 55,000 | [3],[4] | |||
Muscatine, IA [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 274,000 | ||||
Buildings and Improvements, Initial Cost | 821,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,095,000 | [1],[2] | |||
Accumulated Depreciation | 58,000 | [3],[4] | |||
Aledo, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 427,000 | ||||
Buildings and Improvements, Initial Cost | 1,709,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,136,000 | [1],[2] | |||
Accumulated Depreciation | 120,000 | [3],[4] | |||
Bloomington, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 316,000 | ||||
Buildings and Improvements, Initial Cost | 586,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 902,000 | [1],[2] | |||
Accumulated Depreciation | 41,000 | [3],[4] | |||
Bloomington, IL [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,649,000 | ||||
Buildings and Improvements, Initial Cost | 3,848,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 5,497,000 | [1],[2] | |||
Accumulated Depreciation | 274,000 | [3],[4] | |||
Bloomington, IL II [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 395,000 | ||||
Buildings and Improvements, Initial Cost | 592,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 987,000 | [1],[2] | |||
Accumulated Depreciation | 42,000 | [3],[4] | |||
Champaign, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 412,000 | ||||
Buildings and Improvements, Initial Cost | 504,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 916,000 | [1],[2] | |||
Accumulated Depreciation | 35,000 | [3],[4] | |||
Champaign, IL [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 330,000 | ||||
Buildings and Improvements, Initial Cost | 1,872,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,202,000 | [1],[2] | |||
Accumulated Depreciation | 128,000 | [3],[4] | |||
Champaign, IL [Member] | Washington, GA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 55,000 | ||||
Buildings and Improvements, Initial Cost | 1,042,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,097,000 | [1],[2] | |||
Accumulated Depreciation | 68,000 | [3],[4] | |||
Galesburg, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 355,000 | ||||
Buildings and Improvements, Initial Cost | 829,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,184,000 | [1],[2] | |||
Accumulated Depreciation | 58,000 | [3],[4] | |||
Jacksonville, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 351,000 | ||||
Buildings and Improvements, Initial Cost | 818,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,169,000 | [1],[2] | |||
Accumulated Depreciation | 57,000 | [3],[4] | |||
Jacksonville, IL II [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 316,000 | ||||
Buildings and Improvements, Initial Cost | 474,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 790,000 | [1],[2] | |||
Accumulated Depreciation | 33,000 | [3],[4] | |||
Matoon, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 608,000 | ||||
Buildings and Improvements, Initial Cost | 1,129,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,737,000 | [1],[2] | |||
Accumulated Depreciation | 79,000 | [3],[4] | |||
Morton, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 350,000 | ||||
Buildings and Improvements, Initial Cost | 525,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 875,000 | [1],[2] | |||
Accumulated Depreciation | 37,000 | [3],[4] | |||
Paris, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 429,000 | ||||
Buildings and Improvements, Initial Cost | 797,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,226,000 | [1],[2] | |||
Accumulated Depreciation | 56,000 | [3],[4] | |||
Staunton, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 467,000 | ||||
Buildings and Improvements, Initial Cost | 1,867,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,334,000 | [1],[2] | |||
Accumulated Depreciation | 131,000 | [3],[4] | |||
Vandalia, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 529,000 | ||||
Buildings and Improvements, Initial Cost | 983,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,512,000 | [1],[2] | |||
Accumulated Depreciation | 69,000 | [3],[4] | |||
Virden, IL [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 302,000 | ||||
Buildings and Improvements, Initial Cost | 1,208,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,510,000 | [1],[2] | |||
Accumulated Depreciation | 85,000 | [3],[4] | |||
Lafayette, IN [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 401,000 | ||||
Buildings and Improvements, Initial Cost | 746,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,147,000 | [1],[2] | |||
Accumulated Depreciation | 52,000 | [3],[4] | |||
Bedford, OH [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 702,000 | ||||
Buildings and Improvements, Initial Cost | 702,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,404,000 | [1],[2] | |||
Accumulated Depreciation | 49,000 | [3],[4] | |||
Streetsboro, OH [Member] | Circle K I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 540,000 | ||||
Buildings and Improvements, Initial Cost | 540,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,080,000 | [1],[2] | |||
Accumulated Depreciation | 38,000 | [3],[4] | |||
Oklahoma City, OK [Member] | Walgreens V [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,295,000 | ||||
Buildings and Improvements, Initial Cost | 3,884,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 5,179,000 | [1],[2] | |||
Accumulated Depreciation | 291,000 | [3],[4] | |||
Gillette, WY [Member] | Walgreens VI [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,198,000 | ||||
Buildings and Improvements, Initial Cost | 2,796,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,994,000 | [1],[2] | |||
Accumulated Depreciation | 210,000 | [3],[4] | |||
Highstown, NJ [Member] | 1st Constitution Bancorp I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 253,000 | ||||
Buildings and Improvements, Initial Cost | 1,431,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,684,000 | [1],[2] | |||
Accumulated Depreciation | 99,000 | [3],[4] | |||
Chatanooga, TN [Member] | American Tire Distributors I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 382,000 | ||||
Buildings and Improvements, Initial Cost | 7,249,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 7,631,000 | [1],[2] | |||
Accumulated Depreciation | 581,000 | [3],[4] | |||
Chatanooga, TN [Member] | Krystal I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 292,000 | ||||
Buildings and Improvements, Initial Cost | 877,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,169,000 | [1],[2] | |||
Accumulated Depreciation | 75,000 | [3],[4] | |||
Chatanooga, TN [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 358,000 | ||||
Buildings and Improvements, Initial Cost | 564,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 922,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Watertown, SD [Member] | Fedex Ground I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 136,000 | ||||
Buildings and Improvements, Initial Cost | 2,581,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,717,000 | [1],[2] | |||
Accumulated Depreciation | 197,000 | [3],[4] | |||
Jacksonville, FL [Member] | Krystal I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 547,000 | ||||
Buildings and Improvements, Initial Cost | 821,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,368,000 | [1],[2] | |||
Accumulated Depreciation | 70,000 | [3],[4] | |||
Jacksonville, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 871,000 | ||||
Buildings and Improvements, Initial Cost | 372,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,243,000 | [1],[2] | |||
Accumulated Depreciation | 11,000 | [3],[4] | |||
Columbus, GA [Member] | Krystal I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 136,000 | ||||
Buildings and Improvements, Initial Cost | 1,220,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,356,000 | [1],[2] | |||
Accumulated Depreciation | 113,000 | [3],[4] | |||
Columbus, GA [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 417,000 | ||||
Buildings and Improvements, Initial Cost | 1,395,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,812,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Ft. Oglethorpe, GA [Member] | Krystal I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 185,000 | ||||
Buildings and Improvements, Initial Cost | 1,051,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,236,000 | [1],[2] | |||
Accumulated Depreciation | 90,000 | [3],[4] | |||
Madison, TN [Member] | Krystal I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 427,000 | ||||
Buildings and Improvements, Initial Cost | 640,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,067,000 | [1],[2] | |||
Accumulated Depreciation | 55,000 | [3],[4] | |||
Hopewell, NJ [Member] | Merrill Lynch I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,854,000 | ||||
Buildings and Improvements, Initial Cost | 40,257,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 42,111,000 | [1],[2] | |||
Accumulated Depreciation | 2,848,000 | [3],[4] | |||
Hopewell, NJ II [Member] | Merrill Lynch I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 651,000 | ||||
Buildings and Improvements, Initial Cost | 14,125,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 14,776,000 | [1],[2] | |||
Accumulated Depreciation | 1,000,000 | [3],[4] | |||
Hopewell, NJ III [Member] | Merrill Lynch I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 3,619,000 | ||||
Buildings and Improvements, Initial Cost | 78,581,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 82,200,000 | [1],[2] | |||
Accumulated Depreciation | 5,512,000 | [3],[4] | |||
Lexington, KY [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 675,000 | ||||
Buildings and Improvements, Initial Cost | 1,574,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,249,000 | [1],[2] | |||
Accumulated Depreciation | 84,000 | [3],[4] | |||
Conyers, GA [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 315,000 | ||||
Buildings and Improvements, Initial Cost | 1,784,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,099,000 | [1],[2] | |||
Accumulated Depreciation | 186,000 | [3],[4] | |||
Conyers, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 205,000 | ||||
Buildings and Improvements, Initial Cost | 1,334,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,539,000 | [1],[2] | |||
Accumulated Depreciation | 31,000 | [3],[4] | |||
Southaven, MS [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 756,000 | ||||
Buildings and Improvements, Initial Cost | 1,405,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,161,000 | [1],[2] | |||
Accumulated Depreciation | 137,000 | [3],[4] | |||
Daphne, AL [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 225,000 | ||||
Buildings and Improvements, Initial Cost | 2,026,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,251,000 | [1],[2] | |||
Accumulated Depreciation | 112,000 | [3],[4] | |||
Kennesaw, GA [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 225,000 | ||||
Buildings and Improvements, Initial Cost | 2,022,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,247,000 | [1],[2] | |||
Accumulated Depreciation | 113,000 | [3],[4] | |||
Kennesaw, GA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 930,000 | ||||
Buildings and Improvements, Initial Cost | 1,727,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,657,000 | [1],[2] | |||
Accumulated Depreciation | 50,000 | [3],[4] | |||
Springfield, OH [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 329,000 | ||||
Buildings and Improvements, Initial Cost | 1,864,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,193,000 | [1],[2] | |||
Accumulated Depreciation | 131,000 | [3],[4] | |||
Murfreesboro, TN [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 775,000 | ||||
Buildings and Improvements, Initial Cost | 1,439,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,214,000 | [1],[2] | |||
Accumulated Depreciation | 98,000 | [3],[4] | |||
Murfreesboro, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 451,000 | ||||
Buildings and Improvements, Initial Cost | 847,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,298,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
McDonough, GA [Member] | Matress Firm I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 185,000 | ||||
Buildings and Improvements, Initial Cost | 1,663,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,848,000 | [1],[2] | |||
Accumulated Depreciation | 101,000 | [3],[4] | |||
McDonough, GA [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 322,000 | ||||
Buildings and Improvements, Initial Cost | 1,823,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,145,000 | [1],[2] | |||
Accumulated Depreciation | 167,000 | [3],[4] | |||
Simpsonville, SC [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 440,000 | ||||
Buildings and Improvements, Initial Cost | 1,760,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,200,000 | [1],[2] | |||
Accumulated Depreciation | 123,000 | [3],[4] | |||
Grove City, OH [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 436,000 | ||||
Buildings and Improvements, Initial Cost | 1,745,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,181,000 | [1],[2] | |||
Accumulated Depreciation | 136,000 | [3],[4] | |||
Clarksville, TN [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 858,000 | ||||
Buildings and Improvements, Initial Cost | 1,287,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,145,000 | [1],[2] | |||
Accumulated Depreciation | 121,000 | [3],[4] | |||
Columbus, OH [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 329,000 | ||||
Buildings and Improvements, Initial Cost | 1,862,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,191,000 | [1],[2] | |||
Accumulated Depreciation | 135,000 | [3],[4] | |||
Foley, AL [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 331,000 | ||||
Buildings and Improvements, Initial Cost | 1,875,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,206,000 | [1],[2] | |||
Accumulated Depreciation | 132,000 | [3],[4] | |||
Corydon, IN [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 330,000 | ||||
Buildings and Improvements, Initial Cost | 1,870,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,200,000 | [1],[2] | |||
Accumulated Depreciation | 130,000 | [3],[4] | |||
Salisbury, NC [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 671,000 | ||||
Buildings and Improvements, Initial Cost | 1,567,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,238,000 | [1],[2] | |||
Accumulated Depreciation | 90,000 | [3],[4] | |||
Salisbury, NC [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 264,000 | ||||
Buildings and Improvements, Initial Cost | 293,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 557,000 | [1],[2] | |||
Accumulated Depreciation | 11,000 | [3],[4] | |||
Mauldin, SC II [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 542,000 | ||||
Buildings and Improvements, Initial Cost | 704,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,246,000 | [1],[2] | |||
Accumulated Depreciation | 23,000 | [3],[4] | |||
Carrolton, GA [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 672,000 | ||||
Buildings and Improvements, Initial Cost | 1,568,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,240,000 | [1],[2] | |||
Accumulated Depreciation | 94,000 | [3],[4] | |||
Lake Charles, LA [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 948,000 | ||||
Buildings and Improvements, Initial Cost | 1,159,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,107,000 | [1],[2] | |||
Accumulated Depreciation | 120,000 | [3],[4] | |||
Hattiesburg, MS [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 433,000 | ||||
Buildings and Improvements, Initial Cost | 1,731,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,164,000 | [1],[2] | |||
Accumulated Depreciation | 145,000 | [3],[4] | |||
Greenfield, IN [Member] | O'Charley's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 665,000 | ||||
Buildings and Improvements, Initial Cost | 1,552,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,217,000 | [1],[2] | |||
Accumulated Depreciation | 104,000 | [3],[4] | |||
Monroe, MI [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,212,000 | ||||
Buildings and Improvements, Initial Cost | 2,827,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,039,000 | [1],[2] | |||
Accumulated Depreciation | 201,000 | [3],[4] | |||
St. Louis, MO [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 955,000 | ||||
Buildings and Improvements, Initial Cost | 2,228,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,183,000 | [1],[2] | |||
Accumulated Depreciation | 158,000 | [3],[4] | |||
Rockledge, FL [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,093,000 | ||||
Buildings and Improvements, Initial Cost | 2,030,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,123,000 | [1],[2] | |||
Accumulated Depreciation | 145,000 | [3],[4] | |||
Florissant, MO [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 503,000 | ||||
Buildings and Improvements, Initial Cost | 1,510,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,013,000 | [1],[2] | |||
Accumulated Depreciation | 107,000 | [3],[4] | |||
Florissant, MO II [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 596,000 | ||||
Buildings and Improvements, Initial Cost | 1,391,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,987,000 | [1],[2] | |||
Accumulated Depreciation | 98,000 | [3],[4] | |||
Alton, IL [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,216,000 | ||||
Buildings and Improvements, Initial Cost | 3,649,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,865,000 | [1],[2] | |||
Accumulated Depreciation | 261,000 | [3],[4] | |||
Springfield, IL [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,386,000 | ||||
Buildings and Improvements, Initial Cost | 3,235,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,621,000 | [1],[2] | |||
Accumulated Depreciation | 231,000 | [3],[4] | |||
Washington, IL [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,014,000 | ||||
Buildings and Improvements, Initial Cost | 3,041,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,055,000 | [1],[2] | |||
Accumulated Depreciation | 217,000 | [3],[4] | |||
Mahomet, IL [Member] | Walgreens VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,506,000 | ||||
Buildings and Improvements, Initial Cost | 2,796,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,302,000 | [1],[2] | |||
Accumulated Depreciation | 199,000 | [3],[4] | |||
Houghton, MI [Member] | Tractor Supply II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 204,000 | ||||
Buildings and Improvements, Initial Cost | 1,158,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,362,000 | [1],[2] | |||
Accumulated Depreciation | 69,000 | [3],[4] | |||
Howard, WI [Member] | United Healthcare I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 3,790,000 | ||||
Buildings and Improvements, Initial Cost | 54,998,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 51,370,000 | [1],[2] | |||
Accumulated Depreciation | 1,584,000 | [3],[4] | |||
Harlan, KY [Member] | Tractor Supply III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 248,000 | ||||
Buildings and Improvements, Initial Cost | 2,232,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,480,000 | [1],[2] | |||
Accumulated Depreciation | 124,000 | [3],[4] | |||
Knoxville, TN [Member] | Mattress Firm II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 189,000 | ||||
Buildings and Improvements, Initial Cost | 754,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 943,000 | [1],[2] | |||
Accumulated Depreciation | 49,000 | [3],[4] | |||
Greenville, MS [Member] | Dollar General XI [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 192,000 | ||||
Buildings and Improvements, Initial Cost | 769,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 961,000 | [1],[2] | |||
Accumulated Depreciation | 50,000 | [3],[4] | |||
Cape, Girardeau, MO [Member] | Academy Sports I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 384,000 | ||||
Buildings and Improvements, Initial Cost | 7,292,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 7,676,000 | [1],[2] | |||
Accumulated Depreciation | 409,000 | [3],[4] | |||
Eagle Pass, TX [Member] | Talercris Plasma Resources I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 286,000 | ||||
Buildings and Improvements, Initial Cost | 2,577,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,863,000 | [1],[2] | |||
Accumulated Depreciation | 141,000 | [3],[4] | |||
Winchester, KY [Member] | Amazon I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 362,000 | ||||
Buildings and Improvements, Initial Cost | 8,070,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 8,432,000 | [1],[2] | |||
Accumulated Depreciation | 481,000 | [3],[4] | |||
Montclair, NJ [Member] | Fresenius II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,214,000 | ||||
Buildings and Improvements, Initial Cost | 2,255,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,469,000 | [1],[2] | |||
Accumulated Depreciation | 124,000 | [3],[4] | |||
Sharon Hill, PA [Member] | Fresenius II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 345,000 | ||||
Buildings and Improvements, Initial Cost | 1,956,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,301,000 | [1],[2] | |||
Accumulated Depreciation | 107,000 | [3],[4] | |||
Le Center, MN [Member] | Dollar General XII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 47,000 | ||||
Buildings and Improvements, Initial Cost | 886,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 933,000 | [1],[2] | |||
Accumulated Depreciation | 58,000 | [3],[4] | |||
Bunnell, FL [Member] | Advance Auto II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 92,000 | ||||
Buildings and Improvements, Initial Cost | 1,741,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,833,000 | [1],[2] | |||
Accumulated Depreciation | 114,000 | [3],[4] | |||
Vidor, TX [Member] | Dollar General XIII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 46,000 | ||||
Buildings and Improvements, Initial Cost | 875,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 921,000 | [1],[2] | |||
Accumulated Depreciation | 57,000 | [3],[4] | |||
Leland, MS [Member] | FedEx Ground II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 220,000 | ||||
Buildings and Improvements, Initial Cost | 4,186,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,406,000 | [1],[2] | |||
Accumulated Depreciation | 298,000 | [3],[4] | |||
Algonquin, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 798,000 | ||||
Buildings and Improvements, Initial Cost | 798,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,596,000 | [1],[2] | |||
Accumulated Depreciation | 52,000 | [3],[4] | |||
Antioch, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 706,000 | ||||
Buildings and Improvements, Initial Cost | 471,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,177,000 | [1],[2] | |||
Accumulated Depreciation | 30,000 | [3],[4] | |||
Crystal Lake, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 541,000 | ||||
Buildings and Improvements, Initial Cost | 232,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 773,000 | [1],[2] | |||
Accumulated Depreciation | 15,000 | [3],[4] | |||
Grayslake, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 582,000 | ||||
Buildings and Improvements, Initial Cost | 476,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,058,000 | [1],[2] | |||
Accumulated Depreciation | 31,000 | [3],[4] | |||
Gurnee, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 931,000 | ||||
Buildings and Improvements, Initial Cost | 931,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,862,000 | [1],[2] | |||
Accumulated Depreciation | 60,000 | [3],[4] | |||
McHenry, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 742,000 | ||||
Buildings and Improvements, Initial Cost | 318,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,060,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Round Lake Beach, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,273,000 | ||||
Buildings and Improvements, Initial Cost | 1,042,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,315,000 | [1],[2] | |||
Accumulated Depreciation | 67,000 | [3],[4] | |||
Waukegan, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 611,000 | ||||
Buildings and Improvements, Initial Cost | 611,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,222,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Woodstock, IL [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 869,000 | ||||
Buildings and Improvements, Initial Cost | 290,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,159,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
Austintown, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 221,000 | ||||
Buildings and Improvements, Initial Cost | 1,251,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,472,000 | [1],[2] | |||
Accumulated Depreciation | 81,000 | [3],[4] | |||
Beavercreek, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 410,000 | ||||
Buildings and Improvements, Initial Cost | 761,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,171,000 | [1],[2] | |||
Accumulated Depreciation | 49,000 | [3],[4] | |||
Celina, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 233,000 | ||||
Buildings and Improvements, Initial Cost | 932,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,165,000 | [1],[2] | |||
Accumulated Depreciation | 60,000 | [3],[4] | |||
Chardon, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 332,000 | ||||
Buildings and Improvements, Initial Cost | 497,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 829,000 | [1],[2] | |||
Accumulated Depreciation | 32,000 | [3],[4] | |||
Chesterland, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 320,000 | ||||
Buildings and Improvements, Initial Cost | 747,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,067,000 | [1],[2] | |||
Accumulated Depreciation | 48,000 | [3],[4] | |||
Cortland, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 118,000 | ||||
Buildings and Improvements, Initial Cost | 1,063,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,181,000 | [1],[2] | |||
Accumulated Depreciation | 69,000 | [3],[4] | |||
Dayton, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 464,000 | ||||
Buildings and Improvements, Initial Cost | 862,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,326,000 | [1],[2] | |||
Accumulated Depreciation | 56,000 | [3],[4] | |||
Fairborn, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 421,000 | ||||
Buildings and Improvements, Initial Cost | 982,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,403,000 | [1],[2] | |||
Accumulated Depreciation | 63,000 | [3],[4] | |||
Girard, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 421,000 | ||||
Buildings and Improvements, Initial Cost | 1,264,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,685,000 | [1],[2] | |||
Accumulated Depreciation | 82,000 | [3],[4] | |||
Greenville, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 248,000 | ||||
Buildings and Improvements, Initial Cost | 993,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,241,000 | [1],[2] | |||
Accumulated Depreciation | 64,000 | [3],[4] | |||
Madison, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 282,000 | ||||
Buildings and Improvements, Initial Cost | 845,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,127,000 | [1],[2] | |||
Accumulated Depreciation | 55,000 | [3],[4] | |||
Mentor, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 196,000 | ||||
Buildings and Improvements, Initial Cost | 786,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 982,000 | [1],[2] | |||
Accumulated Depreciation | 51,000 | [3],[4] | |||
Niles, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 304,000 | ||||
Buildings and Improvements, Initial Cost | 1,214,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,518,000 | [1],[2] | |||
Accumulated Depreciation | 78,000 | [3],[4] | |||
North Royalton, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 156,000 | ||||
Buildings and Improvements, Initial Cost | 886,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,042,000 | [1],[2] | |||
Accumulated Depreciation | 57,000 | [3],[4] | |||
Painesville, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 170,000 | ||||
Buildings and Improvements, Initial Cost | 965,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,135,000 | [1],[2] | |||
Accumulated Depreciation | 62,000 | [3],[4] | |||
Poland, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 212,000 | ||||
Buildings and Improvements, Initial Cost | 847,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,059,000 | [1],[2] | |||
Accumulated Depreciation | 55,000 | [3],[4] | |||
Ravenna, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 391,000 | ||||
Buildings and Improvements, Initial Cost | 1,172,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,563,000 | [1],[2] | |||
Accumulated Depreciation | 76,000 | [3],[4] | |||
Salem, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 352,000 | ||||
Buildings and Improvements, Initial Cost | 1,408,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,760,000 | [1],[2] | |||
Accumulated Depreciation | 91,000 | [3],[4] | |||
Trotwood, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 266,000 | ||||
Buildings and Improvements, Initial Cost | 798,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,064,000 | [1],[2] | |||
Accumulated Depreciation | 52,000 | [3],[4] | |||
Twinsburg, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 458,000 | ||||
Buildings and Improvements, Initial Cost | 850,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,308,000 | [1],[2] | |||
Accumulated Depreciation | 55,000 | [3],[4] | |||
Vandalia, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 182,000 | ||||
Buildings and Improvements, Initial Cost | 728,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 910,000 | [1],[2] | |||
Accumulated Depreciation | 47,000 | [3],[4] | |||
Warren, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 176,000 | ||||
Buildings and Improvements, Initial Cost | 997,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,173,000 | [1],[2] | |||
Accumulated Depreciation | 64,000 | [3],[4] | |||
Warren, OH II [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 168,000 | ||||
Buildings and Improvements, Initial Cost | 1,516,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,684,000 | [1],[2] | |||
Accumulated Depreciation | 98,000 | [3],[4] | |||
Willoughby, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 394,000 | ||||
Buildings and Improvements, Initial Cost | 920,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,314,000 | [1],[2] | |||
Accumulated Depreciation | 59,000 | [3],[4] | |||
Youngstown, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 300,000 | ||||
Buildings and Improvements, Initial Cost | 901,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,201,000 | [1],[2] | |||
Accumulated Depreciation | 58,000 | [3],[4] | |||
Youngstown, OH II [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 186,000 | ||||
Buildings and Improvements, Initial Cost | 1,675,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,861,000 | [1],[2] | |||
Accumulated Depreciation | 108,000 | [3],[4] | |||
Youngstown, OH III [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 147,000 | ||||
Buildings and Improvements, Initial Cost | 1,324,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,471,000 | [1],[2] | |||
Accumulated Depreciation | 86,000 | [3],[4] | |||
Youngstown, OH IV [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 370,000 | ||||
Buildings and Improvements, Initial Cost | 1,481,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,851,000 | [1],[2] | |||
Accumulated Depreciation | 96,000 | [3],[4] | |||
Bethel Park, PA [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 342,000 | ||||
Buildings and Improvements, Initial Cost | 634,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 976,000 | [1],[2] | |||
Accumulated Depreciation | 41,000 | [3],[4] | |||
North Fayette, PA [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 463,000 | ||||
Buildings and Improvements, Initial Cost | 1,388,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,851,000 | [1],[2] | |||
Accumulated Depreciation | 90,000 | [3],[4] | |||
N Versailles, PA [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 553,000 | ||||
Buildings and Improvements, Initial Cost | 1,659,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,212,000 | [1],[2] | |||
Accumulated Depreciation | 107,000 | [3],[4] | |||
Columbiana, OH [Member] | Burger King I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 581,000 | ||||
Buildings and Improvements, Initial Cost | 871,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,452,000 | [1],[2] | |||
Accumulated Depreciation | 56,000 | [3],[4] | |||
Ft Smith, AR [Member] | Dollar General XIV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 184,000 | ||||
Buildings and Improvements, Initial Cost | 1,042,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,226,000 | [1],[2] | |||
Accumulated Depreciation | 63,000 | [3],[4] | |||
Hot Springs, AR [Member] | Dollar General XIV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 287,000 | ||||
Buildings and Improvements, Initial Cost | 862,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,149,000 | [1],[2] | |||
Accumulated Depreciation | 52,000 | [3],[4] | |||
Royal, AR [Member] | Dollar General XIV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 137,000 | ||||
Buildings and Improvements, Initial Cost | 777,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 914,000 | [1],[2] | |||
Accumulated Depreciation | 47,000 | [3],[4] | |||
Wilson, NY [Member] | Dollar General XV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 172,000 | ||||
Buildings and Improvements, Initial Cost | 972,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,144,000 | [1],[2] | |||
Accumulated Depreciation | 59,000 | [3],[4] | |||
Bismarck, ND [Member] | FedEx Ground III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 554,000 | ||||
Buildings and Improvements, Initial Cost | 3,139,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,693,000 | [1],[2] | |||
Accumulated Depreciation | 207,000 | [3],[4] | |||
LaFollette, TN [Member] | Dollar General XVI [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 43,000 | ||||
Buildings and Improvements, Initial Cost | 824,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 867,000 | [1],[2] | |||
Accumulated Depreciation | 50,000 | [3],[4] | |||
Carrollton, MO [Member] | Family Dollar V [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 37,000 | ||||
Buildings and Improvements, Initial Cost | 713,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 750,000 | [1],[2] | |||
Accumulated Depreciation | 43,000 | [3],[4] | |||
Bettendorf, IA [Member] | Walgreens VIII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,398,000 | ||||
Buildings and Improvements, Initial Cost | 3,261,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,659,000 | [1],[2] | |||
Accumulated Depreciation | 212,000 | [3],[4] | |||
Detroit, MI [Member] | CVS III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 447,000 | ||||
Buildings and Improvements, Initial Cost | 2,533,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,980,000 | [1],[2] | |||
Accumulated Depreciation | 165,000 | [3],[4] | |||
Walden, CO [Member] | Family Dollar VI [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 100,000 | ||||
Buildings and Improvements, Initial Cost | 568,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 668,000 | [1],[2] | |||
Accumulated Depreciation | 35,000 | [3],[4] | |||
Virginia, MN [Member] | Arby's II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 117,000 | ||||
Buildings and Improvements, Initial Cost | 1,056,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,173,000 | [1],[2] | |||
Accumulated Depreciation | 59,000 | [3],[4] | |||
Kremmling, CO [Member] | Family Dollar VI [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 194,000 | ||||
Buildings and Improvements, Initial Cost | 778,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 972,000 | [1],[2] | |||
Accumulated Depreciation | 44,000 | [3],[4] | |||
Syracuse, NY [Member] | SAAB Sensis I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,519,000 | ||||
Land, Initial Cost | 1,731,000 | ||||
Buildings and Improvements, Initial Cost | 15,580,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 15,086,000 | [1],[2] | |||
Accumulated Depreciation | 357,000 | [3],[4] | |||
Doylestown, PA [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 588,000 | ||||
Buildings and Improvements, Initial Cost | 1,373,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,961,000 | [1],[2] | |||
Accumulated Depreciation | 74,000 | [3],[4] | |||
Lansdale, PA [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 531,000 | ||||
Buildings and Improvements, Initial Cost | 1,238,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,769,000 | [1],[2] | |||
Accumulated Depreciation | 66,000 | [3],[4] | |||
Lima, PA [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,376,000 | ||||
Buildings and Improvements, Initial Cost | 1,682,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,058,000 | [1],[2] | |||
Accumulated Depreciation | 90,000 | [3],[4] | |||
Philadelphia, PA (Frankford) [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 473,000 | ||||
Buildings and Improvements, Initial Cost | 2,680,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,153,000 | [1],[2] | |||
Accumulated Depreciation | 144,000 | [3],[4] | |||
Philadelphia, PA II [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 412,000 | ||||
Buildings and Improvements, Initial Cost | 2,337,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,749,000 | [1],[2] | |||
Accumulated Depreciation | 125,000 | [3],[4] | |||
Philadelphia, PA III [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 321,000 | ||||
Buildings and Improvements, Initial Cost | 2,889,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,210,000 | [1],[2] | |||
Accumulated Depreciation | 155,000 | [3],[4] | |||
Philadelphia, PA V [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 388,000 | ||||
Buildings and Improvements, Initial Cost | 1,551,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,939,000 | [1],[2] | |||
Accumulated Depreciation | 83,000 | [3],[4] | |||
Richboro, PA [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 642,000 | ||||
Buildings and Improvements, Initial Cost | 1,193,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,835,000 | [1],[2] | |||
Accumulated Depreciation | 64,000 | [3],[4] | |||
Wayne, PA [Member] | Citizens Bank I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 1,923,000 | ||||
Buildings and Improvements, Initial Cost | 1,923,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,846,000 | [1],[2] | |||
Accumulated Depreciation | 103,000 | [3],[4] | |||
Waterford, MI [Member] | Walgreens IX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 514,000 | ||||
Buildings and Improvements, Initial Cost | 4,531,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 5,045,000 | [1],[2] | |||
Accumulated Depreciation | 120,000 | [3],[4] | |||
Lakeland, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 590,000 | ||||
Buildings and Improvements, Initial Cost | 705,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,295,000 | [1],[2] | |||
Accumulated Depreciation | 24,000 | [3],[4] | |||
Lakeland, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 927,000 | ||||
Buildings and Improvements, Initial Cost | 1,594,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,521,000 | [1],[2] | |||
Accumulated Depreciation | 46,000 | [3],[4] | |||
Pensacola, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 513,000 | ||||
Buildings and Improvements, Initial Cost | 297,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 810,000 | [1],[2] | |||
Accumulated Depreciation | 10,000 | [3],[4] | |||
Plant City, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 499,000 | ||||
Buildings and Improvements, Initial Cost | 1,139,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,638,000 | [1],[2] | |||
Accumulated Depreciation | 35,000 | [3],[4] | |||
Vero Beach, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 825,000 | ||||
Buildings and Improvements, Initial Cost | 2,682,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,507,000 | [1],[2] | |||
Accumulated Depreciation | 75,000 | [3],[4] | |||
Vero Beach, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 675,000 | ||||
Buildings and Improvements, Initial Cost | 483,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,158,000 | [1],[2] | |||
Accumulated Depreciation | 14,000 | [3],[4] | |||
Osprey, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 450,000 | ||||
Buildings and Improvements, Initial Cost | 2,086,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,536,000 | [1],[2] | |||
Accumulated Depreciation | 65,000 | [3],[4] | |||
Panama City, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 484,000 | ||||
Buildings and Improvements, Initial Cost | 1,075,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,559,000 | [1],[2] | |||
Accumulated Depreciation | 33,000 | [3],[4] | |||
Miami, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 3,187,000 | ||||
Buildings and Improvements, Initial Cost | 3,224,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 6,411,000 | [1],[2] | |||
Accumulated Depreciation | 91,000 | [3],[4] | |||
Winter Park, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 2,264,000 | ||||
Buildings and Improvements, Initial Cost | 1,079,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,343,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Fruitland Park, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 305,000 | ||||
Buildings and Improvements, Initial Cost | 785,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,090,000 | [1],[2] | |||
Accumulated Depreciation | 25,000 | [3],[4] | |||
Seminole, F [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 1,329,000 | ||||
Buildings and Improvements, Initial Cost | 3,486,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,815,000 | [1],[2] | |||
Accumulated Depreciation | 95,000 | [3],[4] | |||
Okeechobee, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 339,000 | ||||
Buildings and Improvements, Initial Cost | 1,569,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,908,000 | [1],[2] | |||
Accumulated Depreciation | 57,000 | [3],[4] | |||
Norcross, GA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 660,000 | ||||
Buildings and Improvements, Initial Cost | 252,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 912,000 | [1],[2] | |||
Accumulated Depreciation | 8,000 | [3],[4] | |||
Douglasville, GA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 410,000 | ||||
Buildings and Improvements, Initial Cost | 749,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,159,000 | [1],[2] | |||
Accumulated Depreciation | 22,000 | [3],[4] | |||
Duluth, GA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 1,081,000 | ||||
Buildings and Improvements, Initial Cost | 2,111,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,192,000 | [1],[2] | |||
Accumulated Depreciation | 59,000 | [3],[4] | |||
Cockeysville, MD [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 2,184,000 | ||||
Buildings and Improvements, Initial Cost | 479,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,663,000 | [1],[2] | |||
Accumulated Depreciation | 14,000 | [3],[4] | |||
Apex, NC [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 296,000 | ||||
Buildings and Improvements, Initial Cost | 1,240,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,536,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Arden, NC [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 374,000 | ||||
Buildings and Improvements, Initial Cost | 216,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 590,000 | [1],[2] | |||
Accumulated Depreciation | 8,000 | [3],[4] | |||
East Ridge, TN [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 276,000 | ||||
Buildings and Improvements, Initial Cost | 475,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 751,000 | [1],[2] | |||
Accumulated Depreciation | 16,000 | [3],[4] | |||
Fredricksburg, VA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 1,623,000 | ||||
Buildings and Improvements, Initial Cost | 446,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,069,000 | [1],[2] | |||
Accumulated Depreciation | 15,000 | [3],[4] | |||
Lynchburg, VA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 584,000 | ||||
Buildings and Improvements, Initial Cost | 1,255,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,839,000 | [1],[2] | |||
Accumulated Depreciation | 37,000 | [3],[4] | |||
Chesapeake, VA [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 490,000 | ||||
Buildings and Improvements, Initial Cost | 695,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,185,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Bushnell, FL [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 385,000 | ||||
Buildings and Improvements, Initial Cost | 1,216,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,601,000 | [1],[2] | |||
Accumulated Depreciation | 32,000 | [3],[4] | |||
Meridian, ID [Member] | Mattress Firm IV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 691,000 | ||||
Buildings and Improvements, Initial Cost | 1,193,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,884,000 | [1],[2] | |||
Accumulated Depreciation | 36,000 | [3],[4] | |||
Sunrise Beach, MO [Member] | Dollar General XII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 105,000 | ||||
Buildings and Improvements, Initial Cost | 795,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 900,000 | [1],[2] | |||
Accumulated Depreciation | 33,000 | [3],[4] | |||
Council Bluffs, IA [Member] | FedEx Ground IV [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 768,000 | ||||
Buildings and Improvements, Initial Cost | 3,908,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,676,000 | [1],[2] | |||
Accumulated Depreciation | 115,000 | [3],[4] | |||
Florence, AL [Member] | Mattress Firm V [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 299,000 | ||||
Buildings and Improvements, Initial Cost | 1,478,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,777,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Bernice, LA [Member] | Family Dollar VII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 51,000 | ||||
Buildings and Improvements, Initial Cost | 527,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 578,000 | [1],[2] | |||
Accumulated Depreciation | 15,000 | [3],[4] | |||
Erie, PA [Member] | Aaron's I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 126,000 | ||||
Buildings and Improvements, Initial Cost | 708,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 834,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Caro, MI [Member] | Autozone III [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 135,000 | ||||
Buildings and Improvements, Initial Cost | 855,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 990,000 | [1],[2] | |||
Accumulated Depreciation | 23,000 | [3],[4] | |||
Westfield MA [Member] | C&S Wholesale Grocer I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 29,500,000 | ||||
Land, Initial Cost | 12,050,000 | ||||
Buildings and Improvements, Initial Cost | 29,727,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 41,777,000 | [1],[2] | |||
Accumulated Depreciation | 805,000 | [3],[4] | |||
Hatfield (North) MA [Member] | C&S Wholesale Grocer I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 20,280,000 | ||||
Land, Initial Cost | 1,951,000 | ||||
Buildings and Improvements, Initial Cost | 27,528,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 29,479,000 | [1],[2] | |||
Accumulated Depreciation | 739,000 | [3],[4] | |||
Hatfield (South), MA [Member] | C&S Wholesale Grocer I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,000,000 | ||||
Land, Initial Cost | 1,420,000 | ||||
Buildings and Improvements, Initial Cost | 14,169,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 15,589,000 | [1],[2] | |||
Accumulated Depreciation | 308,000 | [3],[4] | |||
Aberdeen, MD [Member] | C&S Wholesale Grocer I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 22,533,000 | ||||
Land, Initial Cost | 3,615,000 | ||||
Buildings and Improvements, Initial Cost | 27,684,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 31,299,000 | [1],[2] | |||
Accumulated Depreciation | 590,000 | [3],[4] | |||
Advance Auto III [Member] | Taunton, MA [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 404,000 | ||||
Buildings and Improvements, Initial Cost | 1,148,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,552,000 | [1],[2] | |||
Accumulated Depreciation | 26,000 | [3],[4] | |||
Dexter, NM [Member] | Family Dollar VIII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 79,000 | ||||
Buildings and Improvements, Initial Cost | 745,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 824,000 | [1],[2] | |||
Accumulated Depreciation | 22,000 | [3],[4] | |||
Hale Center, TX [Member] | Family Dollar VIII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 111,000 | ||||
Buildings and Improvements, Initial Cost | 624,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 735,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Plains, TX [Member] | Family Dollar VIII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 100,000 | ||||
Buildings and Improvements, Initial Cost | 624,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 724,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Tullos, LA [Member] | Dollar General XVII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 114,000 | ||||
Buildings and Improvements, Initial Cost | 736,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 850,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Killen, AL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 91,000 | ||||
Buildings and Improvements, Initial Cost | 637,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 728,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Muscle Shoals, AL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 242,000 | ||||
Buildings and Improvements, Initial Cost | 1,480,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,722,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Sarasota, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 741,000 | ||||
Buildings and Improvements, Initial Cost | 852,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,593,000 | [1],[2] | |||
Accumulated Depreciation | 23,000 | [3],[4] | |||
Fort Meade, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 175,000 | ||||
Buildings and Improvements, Initial Cost | 2,375,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,550,000 | [1],[2] | |||
Accumulated Depreciation | 55,000 | [3],[4] | |||
Port St. Lucie, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 913,000 | ||||
Buildings and Improvements, Initial Cost | 1,772,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,685,000 | [1],[2] | |||
Accumulated Depreciation | 45,000 | [3],[4] | |||
Mulberry, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 406,000 | ||||
Buildings and Improvements, Initial Cost | 753,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,159,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
Gainsville, FL I [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 458,000 | ||||
Buildings and Improvements, Initial Cost | 2,139,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,597,000 | [1],[2] | |||
Accumulated Depreciation | 50,000 | [3],[4] | |||
Gainesville, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 457,000 | ||||
Buildings and Improvements, Initial Cost | 816,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,273,000 | [1],[2] | |||
Accumulated Depreciation | 22,000 | [3],[4] | |||
Gulf Breeze, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,092,000 | ||||
Buildings and Improvements, Initial Cost | 1,569,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,661,000 | [1],[2] | |||
Accumulated Depreciation | 39,000 | [3],[4] | |||
Sarasota, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 955,000 | ||||
Buildings and Improvements, Initial Cost | 1,329,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,284,000 | [1],[2] | |||
Accumulated Depreciation | 33,000 | [3],[4] | |||
Hobe Sound, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 442,000 | ||||
Buildings and Improvements, Initial Cost | 1,521,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,963,000 | [1],[2] | |||
Accumulated Depreciation | 37,000 | [3],[4] | |||
Port St. Lucie, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 996,000 | ||||
Buildings and Improvements, Initial Cost | 872,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,868,000 | [1],[2] | |||
Accumulated Depreciation | 24,000 | [3],[4] | |||
Mount Dora, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 570,000 | ||||
Buildings and Improvements, Initial Cost | 1,933,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,503,000 | [1],[2] | |||
Accumulated Depreciation | 45,000 | [3],[4] | |||
Daytona, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 376,000 | ||||
Buildings and Improvements, Initial Cost | 1,379,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,755,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Lutz, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 438,000 | ||||
Buildings and Improvements, Initial Cost | 1,477,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,915,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Jacksonville, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 366,000 | ||||
Buildings and Improvements, Initial Cost | 1,136,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,502,000 | [1],[2] | |||
Accumulated Depreciation | 28,000 | [3],[4] | |||
Boca Raton, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,617,000 | ||||
Buildings and Improvements, Initial Cost | 690,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,307,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Tamarac, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 997,000 | ||||
Buildings and Improvements, Initial Cost | 1,241,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,238,000 | [1],[2] | |||
Accumulated Depreciation | 31,000 | [3],[4] | |||
Pompano, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 886,000 | ||||
Buildings and Improvements, Initial Cost | 2,024,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,910,000 | [1],[2] | |||
Accumulated Depreciation | 47,000 | [3],[4] | |||
St. Cloud, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,046,000 | ||||
Buildings and Improvements, Initial Cost | 1,887,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,933,000 | [1],[2] | |||
Accumulated Depreciation | 46,000 | [3],[4] | |||
Ormond Beach, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,047,000 | ||||
Buildings and Improvements, Initial Cost | 1,566,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,613,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Daytona Beach, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 443,000 | ||||
Buildings and Improvements, Initial Cost | 1,586,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,029,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Osmond Beach, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 854,000 | ||||
Buildings and Improvements, Initial Cost | 1,385,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,239,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Osmond Beach, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 873,000 | ||||
Buildings and Improvements, Initial Cost | 2,235,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,108,000 | [1],[2] | |||
Accumulated Depreciation | 52,000 | [3],[4] | |||
Inverness, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 867,000 | ||||
Buildings and Improvements, Initial Cost | 2,559,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,426,000 | [1],[2] | |||
Accumulated Depreciation | 62,000 | [3],[4] | |||
Indian Harbour, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 914,000 | ||||
Buildings and Improvements, Initial Cost | 1,181,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,095,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Melbourne, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 772,000 | ||||
Buildings and Improvements, Initial Cost | 1,927,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,699,000 | [1],[2] | |||
Accumulated Depreciation | 46,000 | [3],[4] | |||
St. Petersburg, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 803,000 | ||||
Buildings and Improvements, Initial Cost | 1,043,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,846,000 | [1],[2] | |||
Accumulated Depreciation | 25,000 | [3],[4] | |||
Casselberry, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 609,000 | ||||
Buildings and Improvements, Initial Cost | 2,443,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,052,000 | [1],[2] | |||
Accumulated Depreciation | 57,000 | [3],[4] | |||
Rocklodge, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 742,000 | ||||
Buildings and Improvements, Initial Cost | 1,126,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,868,000 | [1],[2] | |||
Accumulated Depreciation | 28,000 | [3],[4] | |||
New Smyna Beach, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 244,000 | ||||
Buildings and Improvements, Initial Cost | 1,245,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,489,000 | [1],[2] | |||
Accumulated Depreciation | 31,000 | [3],[4] | |||
New Port Richey, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 602,000 | ||||
Buildings and Improvements, Initial Cost | 1,104,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,706,000 | [1],[2] | |||
Accumulated Depreciation | 27,000 | [3],[4] | |||
Tampa, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 356,000 | ||||
Buildings and Improvements, Initial Cost | 1,042,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,398,000 | [1],[2] | |||
Accumulated Depreciation | 30,000 | [3],[4] | |||
Ocala, FL [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 347,000 | ||||
Buildings and Improvements, Initial Cost | 1,336,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,683,000 | [1],[2] | |||
Accumulated Depreciation | 44,000 | [3],[4] | |||
Ocala, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 581,000 | ||||
Buildings and Improvements, Initial Cost | 1,091,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,672,000 | [1],[2] | |||
Accumulated Depreciation | 31,000 | [3],[4] | |||
St. Petersburg, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 211,000 | ||||
Buildings and Improvements, Initial Cost | 1,237,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,448,000 | [1],[2] | |||
Accumulated Depreciation | 30,000 | [3],[4] | |||
Atlanta, GA III [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 2,469,000 | ||||
Buildings and Improvements, Initial Cost | 1,716,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,185,000 | [1],[2] | |||
Accumulated Depreciation | 40,000 | [3],[4] | |||
Stone Mountain, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 605,000 | ||||
Buildings and Improvements, Initial Cost | 522,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,127,000 | [1],[2] | |||
Accumulated Depreciation | 13,000 | [3],[4] | |||
Stone Mountain, GA [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 461,000 | ||||
Buildings and Improvements, Initial Cost | 475,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 936,000 | [1],[2] | |||
Accumulated Depreciation | 12,000 | [3],[4] | |||
Lithonia, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 212,000 | ||||
Buildings and Improvements, Initial Cost | 770,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 982,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
Union City, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 400,000 | ||||
Buildings and Improvements, Initial Cost | 542,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 942,000 | [1],[2] | |||
Accumulated Depreciation | 14,000 | [3],[4] | |||
Peachtree City, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 887,000 | ||||
Buildings and Improvements, Initial Cost | 2,242,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,129,000 | [1],[2] | |||
Accumulated Depreciation | 55,000 | [3],[4] | |||
Stockbridge, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 358,000 | ||||
Buildings and Improvements, Initial Cost | 760,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,118,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
Morrow, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 400,000 | ||||
Buildings and Improvements, Initial Cost | 1,759,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,159,000 | [1],[2] | |||
Accumulated Depreciation | 41,000 | [3],[4] | |||
Marietta, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 2,168,000 | ||||
Buildings and Improvements, Initial Cost | 1,169,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,337,000 | [1],[2] | |||
Accumulated Depreciation | 30,000 | [3],[4] | |||
Marietta, GA II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,087,000 | ||||
Buildings and Improvements, Initial Cost | 2,056,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,143,000 | [1],[2] | |||
Accumulated Depreciation | 47,000 | [3],[4] | |||
Thomson, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 91,000 | ||||
Buildings and Improvements, Initial Cost | 719,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 810,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
Evans, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 969,000 | ||||
Buildings and Improvements, Initial Cost | 2,103,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,072,000 | [1],[2] | |||
Accumulated Depreciation | 54,000 | [3],[4] | |||
Savannah, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 224,000 | ||||
Buildings and Improvements, Initial Cost | 1,116,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,340,000 | [1],[2] | |||
Accumulated Depreciation | 27,000 | [3],[4] | |||
Savannah, GA II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 458,000 | ||||
Buildings and Improvements, Initial Cost | 936,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,394,000 | [1],[2] | |||
Accumulated Depreciation | 27,000 | [3],[4] | |||
Albany, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 260,000 | ||||
Buildings and Improvements, Initial Cost | 531,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 791,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Sylvester, GA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 242,000 | ||||
Buildings and Improvements, Initial Cost | 845,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,087,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Annapolis, MD [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 3,331,000 | ||||
Buildings and Improvements, Initial Cost | 1,655,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,986,000 | [1],[2] | |||
Accumulated Depreciation | 34,000 | [3],[4] | |||
Glen Burnie, MD [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 2,307,000 | ||||
Buildings and Improvements, Initial Cost | 1,236,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,543,000 | [1],[2] | |||
Accumulated Depreciation | 28,000 | [3],[4] | |||
Cambridge, MD [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,130,000 | ||||
Buildings and Improvements, Initial Cost | 1,265,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,395,000 | [1],[2] | |||
Accumulated Depreciation | 27,000 | [3],[4] | |||
Avondale, MD [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,760,000 | ||||
Buildings and Improvements, Initial Cost | 485,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,245,000 | [1],[2] | |||
Accumulated Depreciation | 12,000 | [3],[4] | |||
Asheboro, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 458,000 | ||||
Buildings and Improvements, Initial Cost | 774,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,232,000 | [1],[2] | |||
Accumulated Depreciation | 20,000 | [3],[4] | |||
Bessemer City, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 212,000 | ||||
Buildings and Improvements, Initial Cost | 588,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 800,000 | [1],[2] | |||
Accumulated Depreciation | 14,000 | [3],[4] | |||
Charlotte, NC II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 563,000 | ||||
Buildings and Improvements, Initial Cost | 750,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,313,000 | [1],[2] | |||
Accumulated Depreciation | 20,000 | [3],[4] | |||
Dunn, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 384,000 | ||||
Buildings and Improvements, Initial Cost | 616,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,000,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Durham, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 488,000 | ||||
Buildings and Improvements, Initial Cost | 742,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,230,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Durham, NC II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 284,000 | ||||
Buildings and Improvements, Initial Cost | 506,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 790,000 | [1],[2] | |||
Accumulated Depreciation | 15,000 | [3],[4] | |||
Harrisburg, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 151,000 | ||||
Buildings and Improvements, Initial Cost | 389,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 540,000 | [1],[2] | |||
Accumulated Depreciation | 11,000 | [3],[4] | |||
Hendersonville, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 468,000 | ||||
Buildings and Improvements, Initial Cost | 945,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,413,000 | [1],[2] | |||
Accumulated Depreciation | 23,000 | [3],[4] | |||
Lenoir, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,021,000 | ||||
Buildings and Improvements, Initial Cost | 3,980,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 5,001,000 | [1],[2] | |||
Accumulated Depreciation | 89,000 | [3],[4] | |||
Lexington, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 129,000 | ||||
Buildings and Improvements, Initial Cost | 266,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 395,000 | [1],[2] | |||
Accumulated Depreciation | 10,000 | [3],[4] | |||
Mebane, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 500,000 | ||||
Buildings and Improvements, Initial Cost | 887,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,387,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Oxford, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 530,000 | ||||
Buildings and Improvements, Initial Cost | 1,727,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,257,000 | [1],[2] | |||
Accumulated Depreciation | 39,000 | [3],[4] | |||
Rural Hall, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 158,000 | ||||
Buildings and Improvements, Initial Cost | 193,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 351,000 | [1],[2] | |||
Accumulated Depreciation | 6,000 | [3],[4] | |||
Stanley, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 183,000 | ||||
Buildings and Improvements, Initial Cost | 398,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 581,000 | [1],[2] | |||
Accumulated Depreciation | 12,000 | [3],[4] | |||
Sylva, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 51,000 | ||||
Buildings and Improvements, Initial Cost | 524,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 575,000 | [1],[2] | |||
Accumulated Depreciation | 11,000 | [3],[4] | |||
Walnut Cove, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 212,000 | ||||
Buildings and Improvements, Initial Cost | 690,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 902,000 | [1],[2] | |||
Accumulated Depreciation | 16,000 | [3],[4] | |||
Winston-Salem, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 362,000 | ||||
Buildings and Improvements, Initial Cost | 513,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 875,000 | [1],[2] | |||
Accumulated Depreciation | 13,000 | [3],[4] | |||
Yadkinville, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 438,000 | ||||
Buildings and Improvements, Initial Cost | 765,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,203,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Greenville, SC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 377,000 | ||||
Buildings and Improvements, Initial Cost | 871,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,248,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Greenville, SC [Member] | Bi-Lo I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 1,504,000 | ||||
Buildings and Improvements, Initial Cost | 4,770,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 6,274,000 | [1],[2] | |||
Accumulated Depreciation | 91,000 | [3],[4] | |||
Greenville, SC II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 264,000 | ||||
Buildings and Improvements, Initial Cost | 684,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 948,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Greenville, SC III [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 590,000 | ||||
Buildings and Improvements, Initial Cost | 1,007,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,597,000 | [1],[2] | |||
Accumulated Depreciation | 26,000 | [3],[4] | |||
Greenville, SC IV [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 449,000 | ||||
Buildings and Improvements, Initial Cost | 1,640,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,089,000 | [1],[2] | |||
Accumulated Depreciation | 49,000 | [3],[4] | |||
Nashville, TN II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 1,776,000 | ||||
Buildings and Improvements, Initial Cost | 1,601,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,377,000 | [1],[2] | |||
Accumulated Depreciation | 44,000 | [3],[4] | |||
Brentwood, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 885,000 | ||||
Buildings and Improvements, Initial Cost | 1,987,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,872,000 | [1],[2] | |||
Accumulated Depreciation | 47,000 | [3],[4] | |||
Brentwood, TN II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 996,000 | ||||
Buildings and Improvements, Initial Cost | 1,536,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,532,000 | [1],[2] | |||
Accumulated Depreciation | 37,000 | [3],[4] | |||
Smyrna, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 501,000 | ||||
Buildings and Improvements, Initial Cost | 767,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,268,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Murfeesboro, TN II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 262,000 | ||||
Buildings and Improvements, Initial Cost | 182,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 444,000 | [1],[2] | |||
Accumulated Depreciation | 6,000 | [3],[4] | |||
Soddy Daisy, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 338,000 | ||||
Buildings and Improvements, Initial Cost | 624,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 962,000 | [1],[2] | |||
Accumulated Depreciation | 14,000 | [3],[4] | |||
Signal Mountain, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 296,000 | ||||
Buildings and Improvements, Initial Cost | 697,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 993,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Chattanooga, T [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 419,000 | ||||
Buildings and Improvements, Initial Cost | 811,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,230,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
Kingsport, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 162,000 | ||||
Buildings and Improvements, Initial Cost | 260,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 422,000 | [1],[2] | |||
Accumulated Depreciation | 7,000 | [3],[4] | |||
Loudon, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 331,000 | ||||
Buildings and Improvements, Initial Cost | 541,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 872,000 | [1],[2] | |||
Accumulated Depreciation | 13,000 | [3],[4] | |||
Morristown, TN [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 214,000 | ||||
Buildings and Improvements, Initial Cost | 444,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 658,000 | [1],[2] | |||
Accumulated Depreciation | 15,000 | [3],[4] | |||
Richmond, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 153,000 | ||||
Buildings and Improvements, Initial Cost | 313,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 466,000 | [1],[2] | |||
Accumulated Depreciation | 9,000 | [3],[4] | |||
Richmond, VA II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 233,000 | ||||
Buildings and Improvements, Initial Cost | 214,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 447,000 | [1],[2] | |||
Accumulated Depreciation | 6,000 | [3],[4] | |||
Fairfax, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 2,835,000 | ||||
Buildings and Improvements, Initial Cost | 1,081,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,916,000 | [1],[2] | |||
Accumulated Depreciation | 25,000 | [3],[4] | |||
Lexington, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 122,000 | ||||
Buildings and Improvements, Initial Cost | 385,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 507,000 | [1],[2] | |||
Accumulated Depreciation | 10,000 | [3],[4] | |||
Roanoke, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 316,000 | ||||
Buildings and Improvements, Initial Cost | 734,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,050,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Radford, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 137,000 | ||||
Buildings and Improvements, Initial Cost | 203,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 340,000 | [1],[2] | |||
Accumulated Depreciation | 6,000 | [3],[4] | |||
Williamsburg, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 447,000 | ||||
Buildings and Improvements, Initial Cost | 585,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,032,000 | [1],[2] | |||
Accumulated Depreciation | 16,000 | [3],[4] | |||
Onancock, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 829,000 | ||||
Buildings and Improvements, Initial Cost | 1,300,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,129,000 | [1],[2] | |||
Accumulated Depreciation | 29,000 | [3],[4] | |||
Accomac, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 149,000 | ||||
Buildings and Improvements, Initial Cost | 128,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 277,000 | [1],[2] | |||
Accumulated Depreciation | 3,000 | [3],[4] | |||
Painter, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 89,000 | ||||
Buildings and Improvements, Initial Cost | 259,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 348,000 | [1],[2] | |||
Accumulated Depreciation | 7,000 | [3],[4] | |||
Stafford, VA [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 2,130,000 | ||||
Buildings and Improvements, Initial Cost | 1,714,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,844,000 | [1],[2] | |||
Accumulated Depreciation | 41,000 | [3],[4] | |||
Roanoke, VA II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 753,000 | ||||
Buildings and Improvements, Initial Cost | 1,165,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,918,000 | [1],[2] | |||
Accumulated Depreciation | 29,000 | [3],[4] | |||
Melbourne, FL II [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 788,000 | ||||
Buildings and Improvements, Initial Cost | 1,888,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,676,000 | [1],[2] | |||
Accumulated Depreciation | 44,000 | [3],[4] | |||
Bethesda, MD [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 7,460,000 | ||||
Buildings and Improvements, Initial Cost | 2,822,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 10,282,000 | [1],[2] | |||
Accumulated Depreciation | 59,000 | [3],[4] | |||
Raleigh, NC [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 629,000 | ||||
Buildings and Improvements, Initial Cost | 1,581,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,210,000 | [1],[2] | |||
Accumulated Depreciation | 35,000 | [3],[4] | |||
Richmond, VA III [Member] | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [6] | |||
Land, Initial Cost | 3,141,000 | ||||
Buildings and Improvements, Initial Cost | 7,441,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 10,582,000 | [1],[2] | |||
Accumulated Depreciation | 203,000 | [3],[4] | |||
Luke Mary, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 1,911,000 | ||||
Buildings and Improvements, Initial Cost | 2,849,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 4,760,000 | [1],[2] | |||
Accumulated Depreciation | 66,000 | [3],[4] | |||
Bayonet Point, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 528,000 | ||||
Buildings and Improvements, Initial Cost | 1,172,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,700,000 | [1],[2] | |||
Accumulated Depreciation | 29,000 | [3],[4] | |||
Marianna, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 134,000 | ||||
Buildings and Improvements, Initial Cost | 3,069,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,203,000 | [1],[2] | |||
Accumulated Depreciation | 66,000 | [3],[4] | |||
St. Augustine, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 489,000 | ||||
Buildings and Improvements, Initial Cost | 2,129,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,618,000 | [1],[2] | |||
Accumulated Depreciation | 49,000 | [3],[4] | |||
Deltona, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 631,000 | ||||
Buildings and Improvements, Initial Cost | 1,512,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,143,000 | [1],[2] | |||
Accumulated Depreciation | 39,000 | [3],[4] | |||
Spring Hill, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 673,000 | ||||
Buildings and Improvements, Initial Cost | 2,550,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,223,000 | [1],[2] | |||
Accumulated Depreciation | 58,000 | [3],[4] | |||
Pembroke Pines, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 1,688,000 | ||||
Buildings and Improvements, Initial Cost | 548,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,236,000 | [1],[2] | |||
Accumulated Depreciation | 16,000 | [3],[4] | |||
Palm Coast, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 447,000 | ||||
Buildings and Improvements, Initial Cost | 1,548,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,995,000 | [1],[2] | |||
Accumulated Depreciation | 38,000 | [3],[4] | |||
Clearwater, FL [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 783,000 | ||||
Buildings and Improvements, Initial Cost | 1,936,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,719,000 | [1],[2] | |||
Accumulated Depreciation | 44,000 | [3],[4] | |||
Clearwater, FL II [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 353,000 | ||||
Buildings and Improvements, Initial Cost | 1,863,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,216,000 | [1],[2] | |||
Accumulated Depreciation | 44,000 | [3],[4] | |||
Ocala, FL II [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 559,000 | ||||
Buildings and Improvements, Initial Cost | 750,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,309,000 | [1],[2] | |||
Accumulated Depreciation | 23,000 | [3],[4] | |||
Chamblee, GA [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 1,029,000 | ||||
Buildings and Improvements, Initial Cost | 813,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,842,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Madison, GA [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 304,000 | ||||
Buildings and Improvements, Initial Cost | 612,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 916,000 | [1],[2] | |||
Accumulated Depreciation | 14,000 | [3],[4] | |||
Prince Frederick, MD [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 2,431,000 | ||||
Buildings and Improvements, Initial Cost | 940,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 3,371,000 | [1],[2] | |||
Accumulated Depreciation | 24,000 | [3],[4] | |||
Roxboro, NC [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 234,000 | ||||
Buildings and Improvements, Initial Cost | 1,100,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,334,000 | [1],[2] | |||
Accumulated Depreciation | 25,000 | [3],[4] | |||
Creedmoor, NC [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 306,000 | ||||
Buildings and Improvements, Initial Cost | 789,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,095,000 | [1],[2] | |||
Accumulated Depreciation | 20,000 | [3],[4] | |||
Liberty, SC [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 254,000 | ||||
Buildings and Improvements, Initial Cost | 911,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,165,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Lebanon, TN [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 851,000 | ||||
Buildings and Improvements, Initial Cost | 1,102,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,953,000 | [1],[2] | |||
Accumulated Depreciation | 27,000 | [3],[4] | |||
Johnson City, TN [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 174,000 | ||||
Buildings and Improvements, Initial Cost | 293,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 467,000 | [1],[2] | |||
Accumulated Depreciation | 9,000 | [3],[4] | |||
Gloucester, V [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 154,000 | ||||
Buildings and Improvements, Initial Cost | 2,281,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 2,435,000 | [1],[2] | |||
Accumulated Depreciation | 52,000 | [3],[4] | |||
Collinsville, VA [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 215,000 | ||||
Buildings and Improvements, Initial Cost | 555,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 770,000 | [1],[2] | |||
Accumulated Depreciation | 14,000 | [3],[4] | |||
Stuart, VA [Member] | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [7] | |||
Land, Initial Cost | 374,000 | ||||
Buildings and Improvements, Initial Cost | 1,532,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,906,000 | [1],[2] | |||
Accumulated Depreciation | 36,000 | [3],[4] | |||
Deville, LA [Member] | Dollar General XVIII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 93,000 | ||||
Buildings and Improvements, Initial Cost | 741,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 834,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Holland, MI [Member] | Matress Firm I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 507,000 | ||||
Buildings and Improvements, Initial Cost | 1,014,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,521,000 | [1],[2] | |||
Accumulated Depreciation | 25,000 | [3],[4] | |||
Bridgewater, N [Member] | Sanofi US I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 190,000,000 | ||||
Land, Initial Cost | 16,009,000 | ||||
Buildings and Improvements, Initial Cost | 194,287,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 210,296,000 | [1],[2] | |||
Accumulated Depreciation | 3,904,000 | [3],[4] | |||
Hornbeck, LA [Member] | Dollar General XVII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 82,000 | ||||
Buildings and Improvements, Initial Cost | 780,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 862,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Fannettsburg, PA [Member] | Family Dollar IX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 165,000 | ||||
Buildings and Improvements, Initial Cost | 803,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 968,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Saginaw, MI [Member] | Matress Firm I [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [5] | |||
Land, Initial Cost | 337,000 | ||||
Buildings and Improvements, Initial Cost | 1,140,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,477,000 | [1],[2] | |||
Accumulated Depreciation | 28,000 | [3],[4] | |||
Bristol, RI [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 7,977,000 | ||||
Land, Initial Cost | 2,860,000 | ||||
Buildings and Improvements, Initial Cost | 10,010,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 12,870,000 | [1],[2] | |||
Accumulated Depreciation | 186,000 | [3],[4] | |||
Cumberland, RI [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 3,295,000 | ||||
Buildings and Improvements, Initial Cost | 13,693,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 16,988,000 | [1],[2] | |||
Accumulated Depreciation | 261,000 | [3],[4] | |||
Framingham, MA [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8,863,000 | ||||
Land, Initial Cost | 3,971,000 | ||||
Buildings and Improvements, Initial Cost | 12,289,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 16,260,000 | [1],[2] | |||
Accumulated Depreciation | 213,000 | [3],[4] | |||
Hyde Park, NY [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 3,154,000 | ||||
Buildings and Improvements, Initial Cost | 10,646,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 13,800,000 | [1],[2] | |||
Accumulated Depreciation | 197,000 | [3],[4] | |||
Malden, MA [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,151,000 | ||||
Land, Initial Cost | 4,418,000 | ||||
Buildings and Improvements, Initial Cost | 15,195,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 19,613,000 | [1],[2] | |||
Accumulated Depreciation | 262,000 | [3],[4] | |||
Sicklerville, NJ [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 2,367,000 | ||||
Buildings and Improvements, Initial Cost | 9,873,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 12,240,000 | [1],[2] | |||
Accumulated Depreciation | 179,000 | [3],[4] | |||
Southington, CT [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 3,238,000 | ||||
Buildings and Improvements, Initial Cost | 13,169,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 16,407,000 | [1],[2] | |||
Accumulated Depreciation | 241,000 | [3],[4] | |||
Swampscott, M [Member] | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,579,000 | ||||
Land, Initial Cost | 3,644,000 | ||||
Buildings and Improvements, Initial Cost | 12,982,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 16,626,000 | [1],[2] | |||
Accumulated Depreciation | 224,000 | [3],[4] | |||
Forest HIll, LA [Member] | Dollar General XVII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 83,000 | ||||
Buildings and Improvements, Initial Cost | 728,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 811,000 | [1],[2] | |||
Accumulated Depreciation | 16,000 | [3],[4] | |||
Chelsea, OK [Member] | Dollar General XIX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 231,000 | ||||
Buildings and Improvements, Initial Cost | 919,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,150,000 | [1],[2] | |||
Accumulated Depreciation | 21,000 | [3],[4] | |||
Brookhaven, MS [Member] | Dollar General XX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 186,000 | ||||
Buildings and Improvements, Initial Cost | 616,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 802,000 | [1],[2] | |||
Accumulated Depreciation | 13,000 | [3],[4] | |||
Columbus, MS [Member] | Dollar General XX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 370,000 | ||||
Buildings and Improvements, Initial Cost | 491,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 861,000 | [1],[2] | |||
Accumulated Depreciation | 12,000 | [3],[4] | |||
Forest, MS [Member] | Dollar General XX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 72,000 | ||||
Buildings and Improvements, Initial Cost | 856,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 928,000 | [1],[2] | |||
Accumulated Depreciation | 17,000 | [3],[4] | |||
Rolling Fork, MS [Member] | Dollar General XX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 244,000 | ||||
Buildings and Improvements, Initial Cost | 929,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,173,000 | [1],[2] | |||
Accumulated Depreciation | 19,000 | [3],[4] | |||
West Point, MS [Member] | Dollar General XX [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 318,000 | ||||
Buildings and Improvements, Initial Cost | 506,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 824,000 | [1],[2] | |||
Accumulated Depreciation | 13,000 | [3],[4] | |||
Huntington, WV [Member] | Dollar General XXI [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 101,000 | ||||
Buildings and Improvements, Initial Cost | 1,101,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,202,000 | [1],[2] | |||
Accumulated Depreciation | 22,000 | [3],[4] | |||
Warren, IN [Member] | Dollar General XXII [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Land, Initial Cost | 88,000 | ||||
Buildings and Improvements, Initial Cost | 962,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 1,050,000 | [1],[2] | |||
Accumulated Depreciation | 16,000 | [3],[4] | |||
Greensboro, NC II [Member] | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | [8] | |||
Land, Initial Cost | 326,000 | ||||
Buildings and Improvements, Initial Cost | 633,000 | ||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount | 959,000 | [1],[2] | |||
Accumulated Depreciation | 18,000 | [3],[4] | |||
Credit facility | JPMorgan Chase Bank, N.A. | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Maximum borrowing capacity | 750,000,000 | 200,000,000 | |||
Mortgage notes payable and premiums, net | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Mortgage note payable | 470,079,000 | 8,830,000 | |||
Mortgage notes payable and premiums, net | Sanofi US I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Mortgage note payable | 190,000,000 | 0 | |||
Mortgage notes payable and premiums, net | SAAB Sensis I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Mortgage note payable | 8,519,000 | 8,830,000 | |||
Mortgage notes payable and premiums, net | SunTrust Bank II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Mortgage note payable | 25,000,000 | 0 | |||
Mortgage notes payable and premiums, net | SunTrust Bank III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Mortgage note payable | 99,677,000 | 0 | |||
Mortgage notes payable and premiums, net | SunTrust Bank IV | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Mortgage note payable | 25,000,000 | 0 | |||
Mortgage notes payable and premiums, net | Stop & Shop I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Mortgage note payable | $39,570,000 | $0 | |||
[1] | Acquired intangible lease assets allocated to individual propertiesB in the amount of $319.0 million are notB reflected in the table above. | ||||
[2] | The tax basis of aggregate land, buildings and improvements as of DecemberB 31, 2014 is $2.1 billion. | ||||
[3] | 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. | ||||
[4] | The accumulated depreciation column excludes $36.2 million of accumulated amortization associated with acquired intangible lease assets. | ||||
[5] | These properties collateralize a $750.0 million credit facility, which had $423.0 million outstanding as of DecemberB 31, 2014. | ||||
[6] | These properties collateralize a mortgage note payable of $99.7 million as of DecemberB 31, 2014. | ||||
[7] | These properties collateralize a mortgage note payable of $25.0 million as of DecemberB 31, 2014 | ||||
[8] | These properties collateralize a mortgage note payable of $25.0 million as of DecemberB 31, 2014. |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation - Schedule III Changes in Accumulated Depreciation (Details) (USD $) | 11 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $0 | $1,016,599 | |
Additions - acquisitions | 1,016,599 | 882,500 | |
Disposals | 0 | 0 | |
Balance at end of the year | 1,016,599 | 1,899,099 | [1],[2] |
Accumulated depreciation: | |||
Balance at beginning of year | 0 | 12,077 | |
Depreciation expense | 12,077 | 62,571 | |
Disposals | 0 | 0 | |
Balance at end of the year | $12,077 | $74,648 | [3],[4] |
[1] | Acquired intangible lease assets allocated to individual propertiesB in the amount of $319.0 million are notB reflected in the table above. | ||
[2] | The tax basis of aggregate land, buildings and improvements as of DecemberB 31, 2014 is $2.1 billion. | ||
[3] | 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. | ||
[4] | The accumulated depreciation column excludes $36.2 million of accumulated amortization associated with acquired intangible lease assets. |