Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMERICAN FINANCE TRUST, INC. | ||
Entity Central Index Key | 1,568,162 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 64,961,256 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate investments, at cost: | ||
Land | $ 358,278 | $ 358,278 |
Buildings, fixtures and improvements | 1,540,821 | 1,540,821 |
Acquired intangible lease assets | 319,028 | 319,028 |
Total real estate investments, at cost | 2,218,127 | 2,218,127 |
Less: accumulated depreciation and amortization | (215,427) | (110,875) |
Total real estate investments, net | 2,002,700 | 2,107,252 |
Cash and cash equivalents | 130,500 | 74,760 |
Restricted cash | 7,887 | 0 |
Commercial mortgage loan, held for investment, net | 17,135 | 0 |
Other real estate securities, available-for-sale, at fair value | 0 | 18,991 |
Prepaid expenses and other assets | 21,982 | 14,104 |
Deferred costs, net | 20,066 | 13,923 |
Assets held for sale | 56,884 | 0 |
Total assets | 2,257,154 | 2,229,030 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Mortgage note payable | 1,053,648 | 470,079 |
Mortgage premium, net | 14,892 | 22,100 |
Credit facility | 0 | 423,000 |
Below-market lease liabilities, net | 18,133 | 19,473 |
Accounts payable and accrued expenses | 24,964 | 12,799 |
Deferred rent | 9,569 | 7,238 |
Distributions payable | 9,199 | 9,176 |
Total liabilities | 1,130,405 | 963,865 |
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, 64,961,256 and 65,257,954 shares issued and outstanding as of December 31, 2015 and 2014, respectively | 650 | 653 |
Additional paid-in capital | 1,429,294 | 1,437,147 |
Accumulated other comprehensive income | 0 | 463 |
Accumulated deficit | (303,195) | (173,098) |
Total stockholders' equity | 1,126,749 | 1,265,165 |
Total liabilities and stockholders' equity | $ 2,257,154 | $ 2,229,030 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 64,961,256 | 65,257,954 |
Common stock, outstanding | 64,961,256 | 65,257,954 |
Due to related parties (in usd) | $ 541 | $ 1,753 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental income | $ 21,892 | $ 160,865 | $ 146,139 |
Operating expense reimbursements | 2,397 | 11,495 | 12,241 |
Interest income from debt investments | 0 | 2,138 | 0 |
Total revenues | 24,289 | 174,498 | 158,380 |
Operating expenses: | |||
Asset management fees to related party | 0 | 13,009 | 0 |
Property operating | 2,794 | 13,258 | 13,492 |
Acquisition and transaction related | 26,934 | 2,220 | 22,595 |
General and administrative | 2,430 | 11,314 | 6,011 |
Depreciation and amortization | 14,947 | 101,546 | 93,379 |
Total operating expenses | 47,105 | 141,347 | 135,477 |
Operating income (loss) | (22,816) | 33,151 | 22,903 |
Other income (expense): | |||
Interest expense | (485) | (40,891) | (27,665) |
Loss on extinguishment of debt | 0 | (7,564) | 0 |
Loss on sale of commercial mortgage-backed securities | 0 | (1,585) | 0 |
Income from investment securities | 2,272 | 363 | 2,279 |
Gain on sale of other real estate securities, net | 125 | 738 | 297 |
Loss on assets held for sale | 0 | (5,476) | 0 |
Other income | 107 | 147 | 189 |
Total other (expense) income, net | 2,019 | (54,268) | (24,900) |
Net loss | (20,797) | (21,117) | (1,997) |
Other comprehensive loss: | |||
Change in unrealized (loss) income on investment securities | (6,981) | (463) | 7,444 |
Comprehensive (loss) income | $ (27,778) | $ (21,580) | $ 5,447 |
Basic and diluted weighted-average shares outstanding (in shares) | 28,954,769 | 66,028,245 | 64,333,260 |
Basic and diluted net loss per share (in dollars per share) | $ (0.72) | $ (0.32) | $ (0.03) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] | |
Beginning Balance (in shares) at Jan. 21, 2013 | 0 | |||||
Beginning Balance at Jan. 21, 2013 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued through distribution reinvestment plan (in shares) | 900,000 | |||||
Common stock issued through distribution reinvestment plan | $ 20,429 | |||||
Common stock repurchases (in shares) | (8,082) | |||||
Net loss | $ (20,797) | |||||
Ending Balance (in shares) at Dec. 31, 2013 | 62,985,937 | |||||
Ending Balance at Dec. 31, 2013 | 1,311,814 | $ 630 | 1,383,066 | (6,981) | (64,901) | |
Beginning Balance (in shares) at Jan. 21, 2013 | 0 | |||||
Beginning Balance at Jan. 21, 2013 | 0 | $ 0 | 0 | 0 | 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) | 860,139 | |||||
Common stock issued through distribution reinvestment plan | 20,429 | $ 9 | 20,420 | |||
Common stock repurchases (in shares) | (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 income (loss) | (6,981) | (6,981) | ||||
Ending Balance (in shares) at Dec. 31, 2014 | 65,257,954 | |||||
Ending Balance at Dec. 31, 2014 | 1,265,165 | $ 653 | 1,437,147 | 463 | (173,098) | |
Beginning Balance (in shares) at Jan. 21, 2013 | 0 | |||||
Beginning Balance at Jan. 21, 2013 | $ 0 | $ 0 | 0 | 0 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock repurchases (in shares) | [1] | (2,073,645) | ||||
Ending Balance (in shares) at Dec. 31, 2015 | 64,961,256 | |||||
Ending Balance at Dec. 31, 2015 | $ 1,126,749 | $ 650 | 1,429,294 | 0 | (303,195) | |
Beginning Balance (in shares) at Dec. 31, 2013 | 62,985,937 | |||||
Beginning Balance at Dec. 31, 2013 | 1,311,814 | $ 630 | 1,383,066 | (6,981) | (64,901) | |
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 income (loss) | 7,444 | 7,444 | ||||
Ending Balance (in shares) at Dec. 31, 2014 | 65,257,954 | |||||
Ending Balance at Dec. 31, 2014 | $ 1,265,165 | $ 653 | 1,437,147 | 463 | (173,098) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued through distribution reinvestment plan (in shares) | 1,500,000 | 1,469,319 | ||||
Common stock issued through distribution reinvestment plan | $ 34,806 | $ 15 | 34,791 | |||
Common stock repurchases (in shares) | (1,769,738) | (1,769,738) | ||||
Common stock repurchases | $ (42,713) | $ (18) | (42,695) | |||
Share-based compensation (in shares) | 3,721 | |||||
Share-based compensation | 51 | 51 | ||||
Distributions declared | (108,980) | (108,980) | ||||
Net loss | (21,117) | (21,117) | ||||
Other comprehensive income (loss) | (463) | (463) | ||||
Ending Balance (in shares) at Dec. 31, 2015 | 64,961,256 | |||||
Ending Balance at Dec. 31, 2015 | $ 1,126,749 | $ 650 | $ 1,429,294 | $ 0 | $ (303,195) | |
[1] | As permitted under the Second SRP, in January 2016, the Company's board of directors authorized, with respect to repurchase requests received during the quarter ended December 31, 2015 (exclusive of any shares requested for repurchase on the Special Share Repurchase Date), the repurchase of shares validly submitted equal to 1.00% of the product of (i) $24.17, the Company's most recently published Estimated Per-Share NAV, and (ii) 66,456,430, the number of shares outstanding as of September 30, 2015, representing less than all the shares validly submitted for repurchase during the quarter ended December 31, 2015 (exclusive of any shares requested for redemption on the Special Share Repurchase Date). Accordingly, 664,564 shares at a weighted average repurchase price of $24.17 per share (including all shares submitted for death and disability) were approved for repurchase and completed in February 2016. This $16.1 million liability is included in accounts payable and accrued expenses on the consolidated balance sheet as of December 31, 2015. A total of 4,063,415 shares were requested for repurchase during the year ended December 31, 2015, of which 2,298,905 share requests were not approved for repurchase and thus not fulfilled. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | $ (20,797) | $ (21,117) | $ (1,997) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation | 12,077 | 66,946 | 62,571 |
Amortization of intangible lease assets | 2,870 | 34,600 | 30,808 |
Amortization of deferred financing costs | 291 | 12,663 | 4,588 |
Amortization of mortgage premiums on borrowings | 0 | (7,208) | (6,096) |
Discount accretion and premium amortization on investments, net | 0 | (96) | 0 |
Amortization (accretion) of market lease and other intangibles, net | (22) | 1,666 | 1,421 |
Share-based compensation | 137 | 51 | 21 |
Loss on sale of commercial mortgage-backed securities | 0 | 1,585 | 0 |
Gain on sale of other real estate securities, net | (125) | (738) | (297) |
Loss on assets held for sale | 0 | 5,476 | 0 |
Changes in assets and liabilities: | |||
Prepaid expenses and other assets | (14,457) | (7,878) | 353 |
Accounts payable and accrued expenses | 5,193 | 1,177 | 2,417 |
Deferred rent and other liabilities | 1,216 | 2,331 | 6,022 |
Net cash provided by (used in) operating activities | (13,617) | 89,458 | 99,811 |
Cash flows from investing activities: | |||
Origination of commercial mortgage loans | 0 | (79,410) | 0 |
Proceeds from sale of commercial mortgage-backed securities | 0 | 28,624 | 0 |
Purchase of commercial mortgage-backed securities | 0 | (30,198) | 0 |
Investment in real estate and other assets | (1,127,075) | 0 | (538,130) |
Deposits for real estate acquisitions | (33,035) | 0 | 0 |
Proceeds from investment securities | 51,160 | 19,266 | 47,316 |
Payments for purchase of investment securities | (116,582) | 0 | 0 |
Net cash used in investing activities | (1,225,532) | (61,718) | (490,814) |
Cash flows from financing activities: | |||
Proceeds from mortgage notes payable | 0 | 780,000 | 0 |
Payments on mortgage notes payable | 0 | (196,431) | (989) |
Proceeds from credit facility | 0 | 0 | 423,000 |
Payments on credit facility | 0 | (423,000) | 0 |
Payments of deferred financing costs | (8,180) | (18,806) | (10,622) |
Proceeds from issuances of common stock | 1,537,164 | 0 | 127 |
Payments of offering costs and fees related to stock issuances | (173,721) | 0 | (37) |
Common stock repurchases | (88) | (31,725) | (2,020) |
Distributions paid | (14,850) | (74,151) | (44,872) |
Restricted cash | 0 | (7,887) | 0 |
Net cash provided by financing activities | 1,340,325 | 28,000 | 364,587 |
Net change in cash and cash equivalents | 101,176 | 55,740 | (26,416) |
Cash and cash equivalents, beginning of period | 0 | 74,760 | 101,176 |
Cash and cash equivalents, end of period | 101,176 | 130,500 | 74,760 |
Supplemental Disclosures: | |||
Cash paid for interest | 178 | 42,696 | 27,115 |
Cash paid for income taxes | 1 | 877 | 422 |
Offering costs in accounts payable and accrued expenses | 238 | 0 | 0 |
Receivables for issuances of common stock | 127 | 0 | 0 |
Accrued common stock repurchases | 114 | 16,063 | 5,075 |
Non-Cash Investing and Financing Activities: | |||
Proceeds from mortgage note payable used to acquire investments in real estate | 8,830 | 0 | 462,238 |
Premium on mortgage note payable | 334 | 0 | 27,862 |
Common stock issued through distribution reinvestment plan | $ 20,429 | $ 34,806 | $ 60,977 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 — Organization American Finance Trust, Inc. (the "Company"), formerly known as American Realty Capital Trust V, Inc., has acquired a diversified portfolio of commercial properties comprised primarily of freestanding single-tenant properties that are net leased to investment grade and other creditworthy tenants. On April 15, 2015, upon recommendation by the Company's advisor, American Finance Advisors, LLC (the "Advisor") and approval by the Company's board of directors, the Company adopted new Investment Objectives and Acquisition and Investment Policies (the "New Strategy"). Under the New Strategy, the Company manages and optimizes its investments in its existing portfolio of net leased commercial real estate properties (the "Net Lease Portfolio") and selectively invests in additional net lease properties. In addition, the Company invests in commercial real estate mortgage loans and other commercial real estate-related debt investments (such investments collectively, "CRE Debt Investments"). The Company has financed its CRE Debt Investments primarily through mortgage financing secured by its Net Lease Portfolio, and it may use mortgage specific repurchase agreement facilities and collateralized debt obligations to finance future CRE Debt Investments. The Company, incorporated on January 22, 2013 , is a Maryland corporation that elected and qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with the taxable year ended December 31, 2013. Substantially all of the Company's business is conducted through American Finance Operating Partnership, L.P. (the "OP"), a Delaware limited partnership and its wholly-owned subsidiaries. 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. The IPO closed in October 2013. From November 14, 2014 (the "Initial NAV Pricing Date") until the suspension of the distribution reinvestment plan (the "DRIP"), the price per share for shares of common stock purchased under the DRIP was equal to the estimated net asset value ("NAV") per share of the Company's common stock, approved by the Company's board of directors (" Estimated Per-Share NAV "). On November 19, 2014 , the Company's board of directors approved an Estimated Per-Share NAV equal to $23.50 as of September 30, 2014, which was used in connection with the issuance of shares under the DRIP following the Initial NAV Pricing Date through May 18, 2015. On May 14, 2015, the Company's board of directors approved an Estimated Per-Share NAV equal to $24.17 as of March 31, 2015, which was used in connection with the purchases of common stock under the DRIP following May 18, 2015 through the suspension of the DRIP, which became effective following the payment of the Company's distribution on July 1, 2015. The Company intends to publish an Estimated Per-Share NAV as of December 31, 2015 shortly following the filing of this Annual Report on Form 10-K for the year ended December 31, 2015 . The Company previously announced its intention to list on the New York Stock Exchange ("NYSE") under the symbol "AFIN" (the "Listing") during the third quarter of 2015. In September 2015, the Company announced that in light of market conditions, the Company's board of directors, in consultation with the Advisor, determined it was in the best interest of the Company to not pursue the Listing during the third quarter of 2015. The Company's board of directors continues to monitor market conditions and other factors with a view toward reevaluating the decision when market conditions are more favorable for a successful liquidity event. There can be no assurance that the Company's shares of common stock will be listed. The Company has no direct employees. The Company has retained the Advisor to manage the Company's affairs on a day-to-day basis. American Finance Properties, LLC (the "Property Manager") serves as the Company's property manager. The Advisor and the Property Manager are wholly owned subsidiaries of AR Global Investments, LLC (the successor business to AR Capital, LLC, the "Sponsor"), as a result of which, they are related parties of the Company, and each have received or will receive compensation, as applicable, fees and expense reimbursements for services related to managing the Company's business. Realty Capital Securities, LLC (the " Former Dealer Manager ") served as the dealer manager of the IPO and, together with certain of its affiliates, continued to provide the Company with various services through December 31, 2015 . RCS Capital Corporation, the parent company of the Former Dealer Manager and certain of its affiliates that provided services to the Company, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was under common control with the Sponsor. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — 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. Reportable Segment The Company has one reportable segment, income-producing properties, which consists of activities related to investing in real estate. 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 (loss) income. 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, 2015 and 2014 : December 31, 2015 December 31, 2014 (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 $ 68,278 $ 236,967 $ 305,245 $ 33,678 $ 271,567 Above-market leases 13,783 5,555 8,228 13,783 2,549 11,234 Total acquired intangible lease assets $ 319,028 $ 73,833 $ 245,195 $ 319,028 $ 36,227 $ 282,801 Intangible liabilities: Below-market lease liabilities $ 20,623 $ 2,490 $ 18,133 $ 20,623 $ 1,150 $ 19,473 Real estate investments that are intended to be sold are 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. Real estate investments are no longer depreciated when they are classified as held for sale. If the disposal, or intended disposal, of certain real estate investments represents a strategic shift that has had or will have a major effect on the Company's operations and financial results, the operations of such real estate investments would be presented as discontinued operations in the consolidated statements of operations and comprehensive (loss) income for all applicable periods. There are no real estate investments held for sale as of December 31, 2015 and 2014 . Depreciation and Amortization 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, 2015 , 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) 2016 2017 2018 2019 2020 In-place leases $ 34,600 $ 34,600 $ 23,876 $ 23,856 $ 22,238 Total to be included in depreciation and amortization $ 34,600 $ 34,600 $ 23,876 $ 23,856 $ 22,238 Above-market lease assets $ (3,006 ) $ (3,006 ) $ (469 ) $ (469 ) $ (469 ) Below-market lease liabilities 1,340 1,340 1,340 1,340 1,340 Total to be included in rental income $ (1,666 ) $ (1,666 ) $ 871 $ 871 $ 871 For the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 , amortization of in-place leases of $34.6 million , $30.8 million and $2.9 million , respectively, is included in depreciation and amortization on the consolidated statements of operations and comprehensive (loss) income. For the years ended December 31, 2015 and 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 $(1.7) million , $(1.4) million and approximately $22,000 , respectively, is included in rental income on the consolidated statements of operations and comprehensive (loss) income. 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. Commercial Mortgage Loans Commercial mortgage loans held for investment purposes are anticipated to be held until maturity, and accordingly, are carried at cost, net of unamortized acquisition fees and expenses capitalized, discounts or premiums and unfunded commitments. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and capitalized acquisition fees and expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income from debt investments in the Company's consolidated statements of operations and comprehensive (loss) income. Guaranteed loan exit fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income from debt investments in the Company's consolidated statements of operations and comprehensive (loss) income. Acquisition fees and expenses incurred in connection with the origination and acquisition of commercial mortgage loan investments are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. Commercial mortgage loans held for sale are carried at the lower of cost or fair value. The Company evaluates fair value on an individual loan basis. The amount by which cost exceeds fair value is accounted for as a valuation allowance, and changes in the valuation allowance are included in net income. Purchase discounts are no longer amortized during the period the loans are held for sale. Loan Impairment The Company's loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property's operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property's liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower's competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is then measured based on the present value of expected future cash flows discounted at the loan's effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including making assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. The Company has determined that it is likely that it will receive contractual payments and a loan loss reserve was not necessary at December 31, 2015 . Commercial Mortgage-Backed Securities When acquired, the Company's commercial mortgage-backed securities ("CMBS") are classified as available-for-sale and carried at fair value, and subsequently, any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. Related discounts, premiums and capitalized acquisition and fees expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income from debt investments on the Company's consolidated statements of operations and comprehensive (loss) income. Acquisition fees and expenses incurred in connection with the acquisition of CMBS are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. Impairment Analysis of CMBS CMBS for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when: (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statements of operations and comprehensive (loss) income. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statements of operations and comprehensive (loss) income with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss. CMBS for which the fair value option has been elected are not evaluated for other-than-temporary impairment, as changes in fair value are recorded in the Company's consolidated statements of operations and comprehensive (loss) income. No such election has been made to date. 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 and funds in overnight sweeps, in which excess funds over an established threshold are swept daily. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (the "FDIC") up to an insurance limit. As of December 31, 2015 , the Company had deposits of $130.5 million of which $129.7 million were in excess of the amount insured by the FDIC. 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. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result thereof. Deferred Costs, Net Deferred costs, net, consists of deferred financing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method and included in interest expense on the accompanying consolidated statements of operations and comprehensive (loss) income. 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, acquisition date is considered to be the commencement date for 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 (loss) income. 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. In the event that the collectability of a receivable is in doubt, the Company records an increase in the Company's allowance for uncollectible accounts or records a direct write-off of the receivable in the Company's consolidated statements of operations and comprehensive (loss) income. Cost recoveries from tenants are included in operating expense reimbursements on the accompanying consolidated statements of operations and comprehensive (loss) income in the period the related costs are incurred, as applicable. Offering and Related Costs Offering and related costs included all expenses incurred in connection with the Company's IPO. Some offering costs (other than selling commissions and the dealer manager fee) of the Company were paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. These costs included but were not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid 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 were only a liability of the Company to the extent selling commissions, the dealer manager fees and other organization and offering costs did 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 12 — 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 in accordance with the service period required or when the requirements for exercise of the award have been met (See Note 14 — 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 has been organized and has operated in a manner so that it qualifies for taxation as a REIT under the Code. The Company intends to continue to operate in such a manner, but no assurance can be given that the Company will operate in a manner so as to 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 (which does not equal net income as calculated in accordance with GAAP), determined without regard for the deduction for dividends paid and excluding net capital gains, and must comply with a number of other organizational and operational requirements. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax on that portion of its REIT taxable income that it distributes to its stockholders. 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 qualify and maintain the Company's status as a REIT under the Code. The following table details from a tax perspective, the portion of distributions classified as return of capital, ordinary dividend income and capital gain, per share per annum, for the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 2015 2014 Return of capital 89.9 % $ 1.48 55.5 % $ 0.91 86.7 % $ 1.43 Ordinary dividend income 10.1 % 0.17 44.2 % 0.73 13.3 % 0.22 Capital gain — % — 0.3 % 0.01 — % — Total 100.0 % $ 1.65 100.0 % $ 1.65 100.0 % $ 1.65 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. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("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 was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, 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 January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has adopted the provisions of this guidance for the fiscal year ending December 31, 2015 and determined that there is no impact to its financial position, results of operations and 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. The Company elected to adopt this guidance effective January 1, 2016. The Company has assessed the impact of the guidance and determined it will not have a significant impact on its financial position, results of operations or cash flows. 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. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. 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. The Company elected to adopt this guidance effective January 1, 2016. The Company has assessed the impact of the guidance and determined it will not have a significant impact on its financial position, results of operations or cash flows. In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, to be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. 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. The Company has adopted the provisions of this guidance for the fiscal year ended December 31, 2015 and determined that there is no impact to its financial position, results of operations and cash flows. In January 2016, the FASB issued an update that amends the recognition and measurement of financial instruments. The new guidance revises an entity's accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for most of the amendments in the update. The Company is currently evaluating the impact of the new guidance. In February 2016, the FASB issued an update which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both l essees and lessors. The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The revised guidance supersedes previous leasing standards and is effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new guidance. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Investments | Note 3 — Real Estate Investments The Company owned 463 properties as of December 31, 2015 . The rentable square feet or annualized rental income on a straight-line basis of the four properties summarized below each 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, 2015 . No other property 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, 2015 or 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 statement of operations and comprehensive loss for the period from January 22, 2013 (date of inception) to December 31, 2013. 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 statement of operations and comprehensive loss for the period from January 22, 2013 (date of inception) to December 31, 2013. 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 C&S Wholesale Grocers. 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 statement of operations and comprehensive income for the year ended December 31, 2014. 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 Sanofi. 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 statement of operations and comprehensive income for the year ended December 31, 2014. No properties were acquired during the year ended December 31, 2015 . 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 January 22, 2013 (date of inception) to December 31, 2013 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 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 2016 $ 157,027 2017 159,426 2018 130,993 2019 132,715 2020 127,233 Thereafter 709,032 $ 1,416,426 The following table lists the tenants (including, for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis each represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all portfolio properties as of December 31, 2015 and 2014 : December 31, Tenant 2015 2014 SunTrust Bank 17.9% 17.9% Sanofi US 11.6% 11.6% C&S Wholesale Grocer 10.4% 10.4% 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, 2015 and 2014 . The following table lists the states where the Company has concentrations of properties where annualized rental income on a straight-line basis each represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2015 and 2014 : December 31, State 2015 2014 New Jersey 20.3% 20.3% Georgia 11.2% 11.2% 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, 2015 and 2014 . |
Commercial Mortgage Loans
Commercial Mortgage Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Commercial Mortgage Loans | Note 4 — Commercial Mortgage Loans As of December 31, 2015 , the Company's commercial mortgage loan portfolio consisted of three loans: December 31, 2015 Balance sheet classification Loan Type Property Type Par Value Percentage (In thousands) Commercial mortgage loan held for investment, net Senior Student Housing — Multifamily $ 17,200 21.6 % Assets held for sale Senior Retail 18,150 22.7 % Assets held for sale Senior Hospitality 44,500 55.7 % $ 79,850 100.0 % The Company recognized a loss of $5.5 million on its commercial mortgage loans held for sale during the year ended December 31, 2015 . The Company did not have commercial mortgage loans as of December 31, 2014 . Credit Characteristics As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with some loss of interest expected but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All commercial mortgage loans are assigned an initial risk rating of 2. As of December 31, 2015 , the risk rating of the Company's commercial loan held for investment was 2.0. As of December 31, 2015 , the Company did not have any loans that were past due on their payments, in non-accrual status or impaired. For the year ended December 31, 2015 , the activity in the Company's loan portfolio was as follows: (In thousands) Year Ended December 31, 2015 Beginning balance $ — Originations 79,410 Reclassifications to assets held for sale (56,884 ) Loss on assets held for sale (5,476 ) Discount accretion and premium amortization (1) 85 Ending balance $ 17,135 _____________________________________ (1) Includes amortization of capitalized origination fees and expenses. |
Commercial Mortgage-Backed Secu
Commercial Mortgage-Backed Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Commercial Mortgage-Backed Securities | Note 5 — Commercial Mortgage-Backed Securities The following table details the realized loss on CMBS sold during the year ended December 31, 2015 . No CMBS were acquired or sold during the year ended December 31, 2014 or the period from January 22, 2013 (date of inception) to December 31, 2013 : (In thousands) Amortized Cost Sale Price Realized Loss Year Ended December 31, 2015 $ 30,209 $ 28,624 $ 1,585 The Company did not have any investments in CMBS as of December 31, 2015 or 2014 . Note 6 — Other Real Estate Securities As of December 31, 2015 , the Company had no investments in other real estate securities. As of December 31, 2014 , the Company had investments in other real estate securities consisting of redeemable preferred stock with an aggregate fair value of $19.0 million . These investments were considered available-for-sale securities and therefore increases or decreases in the fair value of these investments were recorded in accumulated other comprehensive income as a component of stockholders' equity on the consolidated balance sheets, unless the securities were considered to be other-than-temporarily impaired, at which time the losses would have been reclassified to expense. The following table details the unrealized gains and losses on other real estate securities as of December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Other real estate securities $ 18,528 $ 463 $ — $ 18,991 The following table details the realized gains, net on other real estate securities sold during the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : (In thousands) Aggregate Cost Basis Sale Price Realized Gain, Net Year Ended December 31, 2015 $ 18,528 $ 19,266 $ 738 Year Ended December 31, 2014 $ 47,020 $ 47,317 $ 297 Period from January 22, 2013 (date of inception) to December 31, 2013 $ 360 $ 485 $ 125 |
Other Real Estate Securities
Other Real Estate Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Other Real Estate Securities | Note 5 — Commercial Mortgage-Backed Securities The following table details the realized loss on CMBS sold during the year ended December 31, 2015 . No CMBS were acquired or sold during the year ended December 31, 2014 or the period from January 22, 2013 (date of inception) to December 31, 2013 : (In thousands) Amortized Cost Sale Price Realized Loss Year Ended December 31, 2015 $ 30,209 $ 28,624 $ 1,585 The Company did not have any investments in CMBS as of December 31, 2015 or 2014 . Note 6 — Other Real Estate Securities As of December 31, 2015 , the Company had no investments in other real estate securities. As of December 31, 2014 , the Company had investments in other real estate securities consisting of redeemable preferred stock with an aggregate fair value of $19.0 million . These investments were considered available-for-sale securities and therefore increases or decreases in the fair value of these investments were recorded in accumulated other comprehensive income as a component of stockholders' equity on the consolidated balance sheets, unless the securities were considered to be other-than-temporarily impaired, at which time the losses would have been reclassified to expense. The following table details the unrealized gains and losses on other real estate securities as of December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Other real estate securities $ 18,528 $ 463 $ — $ 18,991 The following table details the realized gains, net on other real estate securities sold during the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : (In thousands) Aggregate Cost Basis Sale Price Realized Gain, Net Year Ended December 31, 2015 $ 18,528 $ 19,266 $ 738 Year Ended December 31, 2014 $ 47,020 $ 47,317 $ 297 Period from January 22, 2013 (date of inception) to December 31, 2013 $ 360 $ 485 $ 125 |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Note 7 — Mortgage Notes Payable On August 7, 2015 , certain subsidiaries of the Company entered into a $655.0 million mortgage loan agreement ("Multi-Tenant Mortgage Loan") with Barclays Bank PLC, Column Financial Inc. and UBS Real Estate Securities Inc. (together, the "Lenders"). The Multi-Tenant Mortgage Loan has a stated maturity of September 6, 2020 and a stated annual interest rate of 4.30% . As of December 31, 2015 , the Multi-Tenant Mortgage Loan was secured by mortgage interests in 268 of the Company's properties. As of December 31, 2015 , the outstanding balance under the Multi-Tenant Mortgage Loan was $649.5 million . At the closing of the Multi-Tenant Mortgage Loan, the Lenders placed $42.5 million of the proceeds from the Multi-Tenant Mortgage Loan in escrow, to be released to the Company upon certain conditions, including the receipt of ground lease estoppels, performance of certain repairs and receipt of environmental insurance. As of December 31, 2015 , the Lenders had released $34.6 million of the amount originally placed in escrow to the Company. As of December 31, 2015 , $7.9 million of the proceeds from the Multi-Tenant Mortgage Loan remained in escrow and is included in restricted cash on the consolidated balance sheet as of December 31, 2015 . The Company's mortgage notes payable as of December 31, 2015 and 2014 consisted of the following: Outstanding Loan Amount as of Effective Interest Rate as of December 31, December 31, Portfolio Encumbered Properties 2015 2014 2015 2014 Interest Rate Maturity Anticipated Repayment (In thousands) (In thousands) SAAB Sensis I 1 $ 8,190 $ 8,519 6.01 % 6.01 % Fixed Apr. 2025 Apr. 2025 SunTrust Bank II 30 25,000 25,000 5.50 % 5.50 % Fixed Jul. 2031 Jul. 2021 C&S Wholesale Grocer I 4 82,313 82,313 5.56 % 5.56 % Fixed Apr. 2037 Apr. 2017 SunTrust Bank III 121 99,677 99,677 5.50 % 5.50 % Fixed Jul. 2031 Jul. 2021 SunTrust Bank IV 30 25,000 25,000 5.50 % 5.50 % Fixed Jul. 2031 Jul. 2021 Sanofi US I - Original Loan — — 190,000 — % 5.83 % Fixed Dec. 2015 (2) Dec. 2015 Sanofi US I - New Loan 1 125,000 — 5.16 % — % Fixed Jul. 2026 (2) Jan. 2021 Stop & Shop I 4 38,936 39,570 5.63 % 5.63 % Fixed Jun. 2041 Jun. 2021 Multi-Tenant Mortgage Loan 268 649,532 — 4.36 % — % Fixed Sep. 2020 Sep. 2020 Total Mortgage Notes Payable 459 $ 1,053,648 $ 470,079 4.77 % (1) 5.66 % (1) _____________________________________ (1) Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated. (2) The Company refinanced the Sanofi US I portfolio in December 2015 with a new loan from Ladder Capital Finance LLC. The following table summarizes the scheduled aggregate principal payments on mortgage notes payable based on stated maturity dates for the five years subsequent to December 31, 2015 : (In thousands) Future Principal Payments 2016 $ 1,014 2017 1,080 2018 1,143 2019 1,211 2020 650,808 Thereafter 398,392 $ 1,053,648 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, 2015 , the Company was in compliance with financial covenants under its mortgage notes payable agreements. |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Credit Facility | Note 8 — 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 provided 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 . In August 2015, the Company paid down in full the outstanding balance on the Credit Facility and concurrently terminated the Credit Facility in connection with entering into the Multi-Tenant Mortgage Loan described in Note 7 — Mortgage Notes Payable . In connection with the Company's extinguishment of the Credit Facility, the Company wrote off $7.6 million of unamortized deferred financing costs associated with the Credit Facility, which is included in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015 . As of December 31, 2014 , the outstanding balance under the Credit Facility was $423.0 million . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 9 — Fair Value of Financial Instruments GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair value. GAAP establishes market-based or observable inputs as the preferred sources of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: 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 had commercial mortgage loans held for sale, which are carried at fair value on the consolidated balance sheet as of December 31, 2015 . Commercial mortgage loans held for sale are valued using the sale price from the term sheet, which is an observable input. As a result, the Company's commercial mortgage loans held for sale are classified in Level 2 of the fair value hierarchy. There were no commercial mortgage loans held for sale as of December 31, 2014 . As of December 31, 2014 , the Company had investments in redeemable preferred stock that were 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 Company does not have investments in redeemable preferred stock as of December 31, 2015 . The following table presents information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall. There were no financial instruments measured at fair value on a non recurring basis as of December 31, 2015 or 2014 . (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 Commercial mortgage loans held for sale $ — $ 56,884 $ — $ 56,884 December 31, 2014 Other real estate securities $ 18,991 $ — $ — $ 18,991 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. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the end of the reporting period. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2015 and 2014 . There were no transfers into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2015 and 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, 2015 and 2014 are reported in the following table: Carrying Amount at Fair Value at Carrying Amount at Fair Value at (In thousands) Level December 31, 2015 December 31, 2015 December 31, 2014 December 31, 2014 Commercial mortgage loans, held for investment 3 $ 17,135 $ 17,200 $ — $ — Mortgage notes payable 3 $ 1,068,540 $ 1,103,352 $ 492,179 $ 505,629 Credit facility 3 $ — $ — $ 423,000 $ 423,000 The fair value of the commercial mortgage loans is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The fair value of mortgage notes payable is based on combinations of independent third party estimates and management's estimates of market interest rates. Advances under the Credit Facility are considered to be reported at fair value, because its interest rate varies with changes in LIBOR. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock | Note 10 — Common Stock As of December 31, 2015 and 2014 , the Company had 65.0 million and 65.3 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 payable to stockholders of record each day equal to $0.00452054795 per day, which is equivalent to $1.65 per annum, per share of common stock. 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. Share Repurchase Program The Company previously adopted a share repurchase program (the "Original SRP") that permitted stockholders to sell their shares back to the Company, subject to significant conditions and limitations. In connection with the potential Listing, the board of directors terminated the Original SRP on April 15, 2015 . The Company processed all of the requests received under the Original SRP for the first and second quarters of 2015. Effective October 12, 2015, the Company adopted its second share repurchase program (the "Second SRP"). Under the Second SRP, subject to certain conditions, stockholders could request that the Company repurchase their shares of common stock of the Company, if such repurchase did not impair the Company's capital or operations. Only those stockholders who purchased shares of common stock of the Company from the Company or received their shares from the Company (directly or indirectly) through one or more non-cash transactions could participate in the Second SRP. Under the Second SRP, stockholders could only have their shares repurchased to the extent that the Company has sufficient liquid assets. Funding for the Second SRP was derived from operating funds, if any, the Company, in its sole discretion, reserved for this purpose. The Company repurchased shares pursuant to the Second SRP at $24.17 per share, which is equal to the most recently published Estimated Per-Share NAV as determined by the Company's board of directors on May 14, 2015. Purchases under the Second SRP by the Company were limited in any calendar quarter to 1.25% of the product of (i) the Company's most recently published Estimated Per-Share NAV and (ii) the number of shares outstanding as of the last day of the previous calendar quarter. Under the Second SRP, the Company would generally pay repurchase proceeds, less any applicable tax or other withholding required by law, by the 31st day following the end of the quarter during which the repurchase request was made. Subject to certain limitations as set forth in the Second SRP, on November 6, 2015 (the "Special Share Repurchase Date"), the Company repurchased shares validly submitted for repurchase after October 12, 2015 and on or prior to October 23, 2015. Repurchases on the Special Share Repurchase Date were limited to 1.25% of the product of (i) $24.17 , the Company's most recently published Estimated Per-Share NAV , and (ii) 66,456,430 , the number of shares outstanding as of September 30, 2015. In January 2016, the Company's board of directors unanimously approved an amended and restated share repurchase program (the "Current SRP"), effective February 28, 2016, which supersedes and replaces the Second SRP. The Current SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. The Company may repurchase shares on a semiannual basis, at each six-month period ending June 30 and December 31. Under the Current SRP, the repurchase price per share for requests other than for death or disability will be as follows: • after one year from the purchase date — 92.5% of the Estimated Per-Share NAV; • after two years from the purchase date — 95.0% of the Estimated Per-Share NAV; • after three years from the purchase date — 97.5% of the Estimated Per-Share NAV; and • after four years from the purchase date — 100.0% of the Estimated Per-Share NAV. In the case of requests for death or disability, the repurchase price per share will be equal to the Estimated Per-Share NAV at the time of repurchase. Under the Current SRP, repurchases at each semi-annual period will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Repurchases pursuant to the Current SRP for any given semiannual period will be funded from proceeds received during that same semiannual period through the issuance of common stock pursuant to any DRIP in effect from time to time, as well as any reservation of funds the Board may, in its sole discretion, make available for this purpose. When a stockholder requests repurchases and the repurchases are approved, the Company reclassifies such an obligation from equity to a liability based on the settlement value of the obligation. Shares repurchased have the status of authorized but unissued shares. The following table summarizes the repurchases of shares under the Company's share repurchase programs cumulatively through December 31, 2015 : Number of Shares Weighted-Average Price per Share Cumulative repurchases as of January 22, 2013 (date of inception) — $ — Period from January 22, 2013 (date of inception) to December 31, 2013 8,082 24.98 Year ended December 31, 2014 295,825 23.99 Year ended December 31, 2015 1,769,738 24.13 Cumulative repurchases as of December 31, 2015 (1) 2,073,645 $ 24.12 ____________________ (1) As permitted under the Second SRP, in January 2016, the Company's board of directors authorized, with respect to repurchase requests received during the quarter ended December 31, 2015 (exclusive of any shares requested for repurchase on the Special Share Repurchase Date), the repurchase of shares validly submitted equal to 1.00% of the product of (i) $24.17 , the Company's most recently published Estimated Per-Share NAV, and (ii) 66,456,430 , the number of shares outstanding as of September 30, 2015, representing less than all the shares validly submitted for repurchase during the quarter ended December 31, 2015 (exclusive of any shares requested for redemption on the Special Share Repurchase Date). Accordingly, 664,564 shares at a weighted average repurchase price of $24.17 per share (including all shares submitted for death and disability) were approved for repurchase and completed in February 2016. This $16.1 million liability is included in accounts payable and accrued expenses on the consolidated balance sheet as of December 31, 2015 . A total of 4,063,415 shares were requested for repurchase during the year ended December 31, 2015 , of which 2,298,905 share requests were not approved for repurchase and thus not fulfilled. Distribution Reinvestment Plan Pursuant to the DRIP, stockholders could elect to reinvest distributions by purchasing shares of common stock. In connection with the potential Listing, 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 prior to the suspension of the DRIP occurred in connection with the Company's June 2015 distribution, paid on July 1, 2015. The Company may reinstate the DRIP in the future. No dealer manager fees or selling commissions were paid with respect to shares purchased pursuant to the DRIP. Shares issued pursuant to the DRIP are recorded within stockholders' equity in the accompanying consolidated balance sheets in the period distributions were 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 through the suspension of the DRIP, the Company offered shares pursuant to the DRIP at the then-current Estimated Per-Share NAV . During the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 , the Company issued pursuant to the DRIP 1.5 million , 2.6 million and 0.9 million shares of common stock with a value of $34.8 million , $61.0 million and $20.4 million , respectively, and a par value per share of $0.01 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 — 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 2016 $ 895 2017 900 2018 882 2019 882 2020 653 Thereafter 4,873 $ 9,085 Unfunded Commitments Under Commercial Mortgage Loans As of December 31, 2015 , the Company had unfunded commitments which will generally be funded to finance capital expenditures by the Company's borrowers. The following table reflects the expiration of these commitments over the next five years and thereafter: (In thousands) Funding Expiration 2016 $ — 2017 2,450 2018 — 2019 — 2020 — Thereafter — $ 2,450 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, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | Note 12 — Related Party Transactions and Arrangements As of December 31, 2015 and 2014 , American Finance Special Limited Partner, LLC (the "Special Limited Partner"), an entity controlled by the Sponsor, owned 8,888 shares of the Company's outstanding common stock and 90 units of limited partner interests in the OP ("OP Units"). 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. Fees Paid in Connection with the IPO The Former Dealer Manager was entitled to receive fees and compensation in connection with the sale of the Company's common stock in the IPO. The Former 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 Former 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 Former 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 Former Dealer Manager as of and for the periods presented: Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 Payable (Receivable) as of December 31, (In thousands) 2015 2014 2015 2014 Total commissions and fees from the Former Dealer Manager $ — $ (3 ) (1) $ 143,009 $ — $ (13 ) (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. The Advisor and its affiliates received fees and expense reimbursements for services relating to the IPO. The Company utilized transfer agent services provided by an affiliate of the Former 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 Former Dealer Manager as of and for the periods presented: Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 Payable as of December 31, (In thousands) 2015 2014 2015 2014 Fees and expense reimbursements from the Advisor and Former Dealer Manager $ — $ (253 ) $ 30,482 $ — $ — Fees Paid in Connection With the Operations of the Company 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 "Original A&R Advisory Agreement"), by and among the Company, the OP and the Advisor (the "Second A&R Advisory Agreement"). The Second A&R Advisory Agreement, which superseded the Original A&R Advisory Agreement, took effect on July 20, 2015 , the date on which the Company filed certain changes to the Company's Articles of Amendment and Restatement, which were approved by the Company's stockholders on June 23, 2015 . The initial term of the Second A&R Advisory Agreement is 20 years beginning on April 29, 2015 , and is automatically renewable for another 20 -year term upon each 20 -year anniversary unless terminated by the board of directors for cause. Prior to January 16, 2016 , the Advisor was paid an acquisition fee equal to 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 also has been and may continue to be reimbursed for costs it incurs in providing investment-related services, or "insourced expenses." These insourced expenses may not exceed, 0.5% of the contract purchase price of each acquired property and 0.5% of the amount advanced for a loan or other investment. Additionally, the Company has paid and may continue to pay third party acquisition expenses. The aggregate amount of acquisition fees and financing coordination fees (as described below) may 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, 2015 , aggregate acquisition fees and financing fees did not exceed the 1.5% threshold. Further, the total of all acquisition fees, acquisition expenses and any financing coordination fees payable may not exceed 4.5% of the Company's total portfolio contract purchase price or 4.5% of the amount advanced for the Company's total portfolio of loans or other investments. As of December 31, 2015 , the total of all cumulative acquisition fees, acquisition expenses and financing coordination fees did not exceed the 4.5% threshold. Additionally, prior to January 16, 2016 , if the Advisor provided services in connection with the origination or refinancing of any debt that the Company obtained and used to acquire properties or to make other permitted investments, or that was assumed, directly or indirectly, in connection with the acquisition of properties, the Company paid the Advisor a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations. The Second A&R Advisory Agreement terminated the acquisition fee and financing coordination fee (both as defined in the Second A&R Advisory Agreement) effective January 16, 2016 . Prior to April 15, 2015, in connection with 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, is a party, as a result of which OP Units or the Company's common stock are exchanged for, or converted into, the right, or the holders of such securities are otherwise 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. The Class B Units were 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 was 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 Initial NAV Pricing Date, to Estimated Per-Share NAV . On April 15, 2015 , the Company's board of directors approved an amendment (the "Amendment") to the Original A&R Advisory Agreement, which, among other things, provided that, effective as of April 15, 2015 until July 20, 2015 : (i) for any period commencing on or after April 1, 2015, the Company paid 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 Original A&R Advisory Agreement) equal to 0.75% per annum of the Cost of Assets (as defined in the Original A&R Advisory Agreement); (ii) such Asset Management Fee was payable monthly in arrears in cash, in shares of common stock, or a combination of both, the form of payment determined in the sole discretion of the Advisor; and (iii) the Company will not cause the OP to issue any Class B Units in respect of periods subsequent to March 31, 2015. As of December 31, 2015 , in aggregate, the Company's board of directors had approved the issuance of 1,052,420 Class B Units to the Advisor in connection with the arrangement described above. As of December 31, 2015 , 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, 2015 . The Advisor receives distributions on unvested Class B Units equal to the distribution amount received on the same number of shares of 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 (loss) income. As stated above, pursuant to the Amendment, the OP will not issue any further Class B Units. The changes made pursuant to the Amendment were incorporated into the Agreement of Limited Partnership of the OP (the "OP Agreement") through a Third Amendment to the OP Agreement, which was approved by the board of directors and entered into on April 29, 2015 . Effective July 20, 2015 , the Second A&R Advisory Agreement, as amended, requires the Company to pay the Advisor a base management fee. The fixed portion of the base management fee, which is equal to $1.5 million per month, is payable on the first business day of each month, while the variable portion of the base management fee, which is equal to 0.375% of the cumulative net proceeds of any equity raised subsequent to the potential Listing, is payable quarterly in arrears. In addition, the Second A&R Advisory Agreement requires the Company to pay the Advisor a variable management fee equal to (x) 15.0% of the applicable quarter's Core Earnings (as defined below) 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, in each case as adjusted for changes in the number of shares of common stock outstanding. Core Earnings are defined as, for the applicable period, GAAP net income or 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 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. The Company did not incur a variable management fee during the year ended December 31, 2015 . In connection with providing strategic advisory services related to certain portfolio acquisitions, the Company entered into arrangements in which the investment banking division of the Former Dealer Manager received a transaction fee of 0.25% of the Transaction Value for certain portfolio acquisition transactions. Pursuant to such arrangements, "Transaction Value" was 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. These transaction fees of $4.4 million were included in acquisition and transaction related expense on the consolidated statement for operations and comprehensive loss for the period from January 22, 2013 (date of inception) to December 31, 2013 . The Company reimburses the Advisor's costs of providing administrative services, but 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. During the year ended December 31, 2015 , the Company incurred $1.2 million of reimbursement expenses from the Advisor for providing administrative services, which is included in general and administrative expense on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015 . No reimbursement expenses were incurred from the Advisor for providing administrative services during the year ended December 31, 2014 or 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 forgive certain fees. Because the Advisor may forgive 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 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 forgiven or costs were absorbed by the Advisor during the years ended December 31, 2015 and 2014 . The predecessor to the Sponsor is a party to a services agreement with RCS Advisory Services, LLC, a subsidiary of the parent company of the Former Dealer Manager ("RCS Advisory"), pursuant to which RCS Advisory and its affiliates provided the Company and certain other companies sponsored by the Sponsor with services (including, without limitation, transaction management, compliance, due diligence, event coordination and marketing services, among others) on a time and expenses incurred basis or at a flat rate based on services performed. The predecessor to the Sponsor instructed RCS Advisory to stop providing such services in November 2015 and no services have since been provided by RCS Advisory. The Company is also party to a transfer agency agreement with American National Stock Transfer, LLC, a subsidiary of the parent company of the Former Dealer Manager ("ANST"), pursuant to which ANST provided the Company with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services), and supervisory services overseeing the transfer agency services performed by a third-party transfer agent. The Sponsor received written notice from ANST on February 10, 2016 that it would wind down operations by the end of the month and would withdraw as the transfer agent effective February 29, 2016. On February 26, 2016, the Company entered into a definitive agreement with DST Systems, Inc., its previous provider of sub-transfer agency services, to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other 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, Period from January 22, 2013 (date of inception) to December 31, 2013 Payable as of December 31, 2015 2014 (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2015 2014 One-time fees and reimbursements: Acquisition fees and related cost reimbursements $ 1,330 (1) $ — $ 10,578 $ — $ 13,126 $ — $ — $ — Financing coordination fees (2) 5,850 — 5,678 — 3,479 — — — Transaction fees — — — — 4,423 — — — Ongoing fees: Asset management fees 13,009 — — — — — — — Professional fees and other reimbursements (3) 4,020 — 2,364 — — — 541 753 Strategic advisory fees (3) — — — — 920 — — — Distributions on Class B Units (3) 1,573 — 602 — 18 — — — Total related party operation fees and reimbursements $ 25,782 $ — $ 19,222 $ — $ 21,966 $ — $ 541 $ 753 _______________________________ (1) Acquisition fees and expenses from related parties of $0.9 million have been recognized in acquisition and transaction related expense on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015 . In addition, over the same period, the Company capitalized $0.4 million of acquisition expenses to the Company's consolidated balance sheet, which are being amortized over the life of each investment using the effective interest method. No acquisition expenses were capitalized during the year ended December 31, 2014 or period from January 22, 2013 (date of inception) to December 31, 2013 . (2) These fees are initially capitalized to deferred costs, net on the consolidated balance sheets and subsequently amortized over the life of the respective instrument to interest expense on the consolidated statements of operations and comprehensive (loss) income. (3) These costs are included in general and administrative expense on the consolidated statements of operations and comprehensive (loss) income. Fees Incurred in Connection with the Liquidation or Listing of the Company's Real Estate Assets In connection with the Listing, the Company, as the general partner of the OP, would 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 Company's distribution reinvestment plan ("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 by the Company, as general partner of its OP, with the limited partners party thereto (the "Second A&R OP Agreement"), which will be entered into at Listing. On April 29, 2015 , the board of directors authorized the execution, in conjunction with the potential Listing, the Second A&R OP Agreement 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"). The Company may at any time cause the OP to issue LTIP Units pursuant to an outperformance agreement. On April 29, 2015 , the board of directors approved the general terms of a Multi-Year Outperformance Agreement to be entered into with the Company, the OP and the Advisor in connection with the Listing. In May 2014, the Company entered into a transaction management agreement with RCS Advisory Services, LLC, an entity under common control with the Former 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 said $3.0 million , which is included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive (loss) income. No such fees were incurred during the year ended December 31, 2015 or 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 Former Dealer Manager and American National Stock Transfer, LLC, an entity under common control with the Former 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 and has paid $1.9 million in the aggregate pursuant to this agreement. During the years ended December 31, 2015 and 2014 , the Company incurred expenses for services provided pursuant to this agreement of $0.7 million and $1.2 million , respectively, which is included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive (loss) income. No such fees were incurred during the period from January 22, 2013 (date of inception) to December 31, 2013 . The investment banking and capital markets division of the Former Dealer Manager provided 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 Former Dealer Manager would 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 Former Dealer Manager would receive a base advisory services fee of $1.0 million on the earlier of (a) the date the Former 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 for the year ended December 31, 2014 . No such fees were incurred during the year ended December 31, 2015 or the period from January 22, 2013 (date of inception) to December 31, 2013 . The Company will pay 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 years ended December 31, 2015 and 2014 or the period from January 22, 2013 (date of inception) to December 31, 2013 . |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2015 | |
Economic Dependency [Abstract] | |
Economic Dependency | Note 13 — 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, as well as other administrative responsibilities for the Company including accounting and legal services, human resources and information technology. 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 14 — Share-Based Compensation Restricted Share Plan The Company had an employee and director incentive restricted share plan (the "Original RSP"), which provided 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 vests over a five -year period following the date of grant in increments of 20.0% per annum. The Original RSP provided 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 Original RSP could not exceed 5.0% of the Company's shares of common stock on a fully diluted basis at any time, and in any event could 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. For restricted share awards granted prior to 2015, 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 share awards granted during or after 2015 provide for accelerated vesting of the portion of the unvested shares scheduled to vest in the year of the recipient's voluntary termination or the failure to be re-elected to the board. 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. On April 29, 2015 , the board of directors adopted an Amended and Restated RSP (the "A&R RSP") that replaces in its entirety the Original RSP. The A&R RSP amends the terms of the Original RSP 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. The following table reflects restricted share award activity for the years ended December 31, 2015 and 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 22.50 Vested (1,333 ) 22.50 Unvested, December 31, 2013 4,000 22.50 Granted 3,999 22.50 Vested (800 ) 22.50 Forfeited (2,400 ) 22.50 Unvested, December 31, 2014 4,799 22.50 Granted 6,240 24.04 Vested (1,067 ) 22.50 Forfeited (2,517 ) 23.83 Unvested, December 31, 2015 7,455 $ 23.34 As of December 31, 2015 , the Company had $0.1 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's Original RSP. That cost is expected to be recognized over a weighted-average period of 3.2 years . The fair value of the restricted shares is being expensed in accordance with the service period required. Compensation expense related to restricted stock was approximately $50,000 , $21,000 and $44,000 for the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 , respectively. Compensation expense related to restricted stock is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive (loss) income. 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, Period from January 22, 2013 (date of inception) to December 31, 2013 (Dollar amounts in thousands) 2015 2014 Value of shares issued in lieu of cash $ — $ — $ 93 Shares issued in lieu of cash — — 4,114 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 15 — Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 2015 2014 Net loss (in thousands) $ (21,117 ) $ (1,997 ) $ (20,797 ) Basic and diluted weighted-average shares outstanding 66,028,245 64,333,260 28,954,769 Basic and diluted net loss per share $ (0.32 ) $ (0.03 ) $ (0.72 ) Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of common shares, unless the effect is antidilutive. The Company considers unvested restricted stock and OP Units to be common share equivalents. The Company had the following common share equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share as their effect would have been antidilutive for the periods presented: December 31, 2015 2014 2013 Unvested restricted stock (1) 6,349 5,221 3,325 OP Units 90 90 90 Class B Units (2) 953,086 364,786 12,173 Total common stock equivalents 959,525 370,097 15,588 _____________________ (1) Weighted-average number of shares of unvested restricted stock outstanding for the periods presented. There were 7,455 , 4,799 and 4,000 shares of unvested restricted stock outstanding as of December 31, 2015, 2014 and 2013, respectively. (2) Weighted-average number of issued and unvested Class B Units for the periods outstanding. As of December 31, 2015, 2014 and 2013, there were 1,052,420 , 703,796 and 75,430 Class B Units outstanding, respectively. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Note 16 – Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : Quarters Ended (In thousands, except share and per share amounts) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 42,866 $ 43,269 $ 44,051 $ 44,312 Basic net income (loss) $ 4,901 $ (1,624 ) $ (11,428 ) $ (12,966 ) Adjustments to net income (loss) for common share equivalents (116 ) — — — Diluted net income (loss) 4,785 (1,624 ) (11,428 ) (12,966 ) Basic weighted-average shares outstanding 65,672,016 66,045,785 66,450,057 65,937,566 Basic net income (loss) per share $ 0.07 $ (0.02 ) $ (0.17 ) $ (0.20 ) Diluted weighted-average shares outstanding 65,677,204 66,045,785 66,450,057 65,937,566 Diluted net income (loss) per share $ 0.07 $ (0.02 ) $ (0.17 ) $ (0.20 ) Quarters Ended (1) (In thousands, except share and per share amounts) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ 30,124 $ 42,076 $ 43,222 $ 42,958 Basic net (loss) income $ (9,569 ) $ 1,127 $ 1,610 $ 4,835 Adjustments to net (loss) income 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 (loss) income 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 (loss) income 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 January 22, 2013 (date of inception) to March 31, 2013 Quarters Ended (In thousands, except share and per share amounts) June 30, 2013 September 30, 2013 December 31, 2013 Total revenues $ — $ 35 $ 2,093 $ 22,161 Net loss $ (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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 — 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: Sponsor Transaction In January 2016, AR Global Investments, LLC became the successor business to AR Capital, LLC and became the Company's current Sponsor. RCS Capital Corporation Bankruptcy RCS Capital Corporation, the parent company of the Former Dealer Manager and certain of its affiliates that provided the Company with services, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was also under common control with the Sponsor. American National Stock Transfer, LLC Termination On February 10, 2016, the Sponsor received written notice from ANST, the Company's transfer agent and an affiliate of the Company's Former Dealer Manager, that it would wind down operations by the end of the month. ANST withdrew as the transfer agent effective February 29, 2016. On February 26, 2016, the Company entered into a definitive agreement with DST Systems, Inc., its previous provider of sub-transfer agency services, to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services). Amended and Restated SRP In January 2016, the Company's board of directors unanimously approved the Current SRP, effective February 28, 2016, which supersedes and replaces the Second SRP. Under the Current SRP, the Company may repurchase shares on a semiannual basis, at each six-month period ending June 30 and December 31. Under the Current SRP, the repurchase price per share for requests other than for death or disability will be as follows: • after one year from the purchase date — 92.5% of the Estimated Per-Share NAV; • after two years from the purchase date — 95.0% of the Estimated Per-Share NAV; • after three years from the purchase date — 97.5% of the Estimated Per-Share NAV; and • after four years from the purchase date — 100.0% of the Estimated Per-Share NAV. In the case of requests for death or disability, the repurchase price per share will be equal to the Estimated Per-Share NAV at the time of repurchase. Under the Current SRP, repurchases at each semi-annual period will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Repurchases pursuant to the Current SRP for any given semiannual period will be funded from proceeds received during that same semiannual period through the issuance of common stock pursuant to any DRIP in effect from time to time, as well as any reservation of funds the Board may, in its sole discretion, make available for this purpose. Acquisitions The following table presents certain information about the properties that the Company acquired from January 1, 2016 to March 15, 2016 : (Dollar amounts in thousands) Number of Properties Base Purchase Price (1) Total portfolio as of December 31, 2015 463 $ 2,169,308 Acquisitions 4 34,410 Total portfolio as of March 15, 2016 467 $ 2,203,718 ____________________ (1) Contract purchase price, excluding acquisition related costs. Sales of Commercial Mortgage Loans In January 2016, the Company sold two of its commercial mortgage loans, both of which were held for sale as of December 31, 2015 , for $56.9 million . |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation - Schedule III | 12 Months Ended |
Dec. 31, 2015 | |
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 (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) Dollar General I Mission TX 4/29/2013 $ — (1) $ 142 $ 807 $ — $ — $ 949 $ 121 Dollar General I Sullivan MO 5/3/2013 — (1) 146 825 — — 971 123 Walgreens I Pine Bluff AR 7/8/2013 — (1) 159 3,016 — — 3,175 452 Dollar General II Bogalusa LA 7/12/2013 — (1) 107 965 — — 1,072 136 Dollar General II Donaldsonville LA 7/12/2013 — (1) 97 871 — — 968 122 AutoZone I Cut Off LA 7/16/2013 — (1) 67 1,282 — — 1,349 174 Dollar General III Athens MI 7/16/2013 — (1) 48 907 — — 955 123 Dollar General III Fowler MI 7/16/2013 — (1) 49 940 — — 989 128 Dollar General III Hudson MI 7/16/2013 — (1) 102 922 — — 1,024 125 Dollar General III Muskegon MI 7/16/2013 — (1) 49 939 — — 988 128 Dollar General III Reese MI 7/16/2013 — (1) 150 848 — — 998 115 BSFS I Fort Myers FL 7/18/2013 — (1) 1,215 1,822 — — 3,037 255 Dollar General IV Bainbridge GA 7/29/2013 — (1) 233 700 — — 933 95 Dollar General IV Vanleer TN 7/29/2013 — (1) 78 705 — — 783 96 Tractor Supply I Vernon CT 8/1/2013 — (1) 358 3,220 — — 3,578 371 Dollar General V Meraux LA 8/2/2013 — (1) 708 1,315 — — 2,023 179 Mattress Firm I Tallahassee FL 8/7/2013 — (1) 1,015 1,241 — — 2,256 168 Family Dollar I Butler KY 8/12/2013 — (1) 126 711 — — 837 97 Food Lion I Charlotte NC 8/19/2013 — (1) 3,132 4,697 — — 7,829 540 Lowe's I Macon GA 8/19/2013 — (1) — 8,420 — — 8,420 926 Lowe's I Fayetteville NC 8/19/2013 — — 6,422 — — 6,422 706 Lowe's I New Bern NC 8/19/2013 — (1) 1,812 10,269 — — 12,081 1,130 Lowe's I Rocky Mount NC 8/19/2013 — (1) 1,931 10,940 — — 12,871 1,203 O'Reilly Auto Parts I Manitowoc WI 8/19/2013 — (1) 85 761 — — 846 100 Lowe's I Aiken SC 8/21/2013 — (1) 1,764 7,056 — — 8,820 775 Family Dollar II Danville AR 8/22/2013 — (1) 170 679 — — 849 89 Dollar General VI Natalbany LA 8/23/2013 — (1) 379 883 — — 1,262 116 Dollar General VII Gasburg VA 8/23/2013 — (1) 52 993 — — 1,045 130 Walgreens II Tucker GA 8/23/2013 — (1) — 2,524 — — 2,524 353 Family Dollar III Challis ID 8/27/2013 — (1) 44 828 — — 872 108 Chili's I Lake Jackson TX 8/30/2013 — (1) 746 1,741 — — 2,487 286 Chili's I Victoria TX 8/30/2013 — (1) 813 1,897 — — 2,710 312 CVS I Anniston AL 8/30/2013 — (1) 472 1,887 — — 2,359 264 Joe's Crab Shack I Westminster CO 8/30/2013 — (1) 1,136 2,650 — — 3,786 435 Joe's Crab Shack I Houston TX 8/30/2013 — (1) 1,169 2,171 — — 3,340 357 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) Tire Kingdom I Lake Wales FL 9/4/2013 — (1) 556 1,296 — — 1,852 175 AutoZone II Temple GA 9/6/2013 — (1) 569 854 — — 1,423 112 Dollar General VIII Stanleytown VA 9/6/2013 — (1) 185 1,049 — — 1,234 137 Family Dollar IV Oil City LA 9/9/2013 — (1) 76 685 — — 761 90 Fresenius I Montevallo AL 9/12/2013 — (1) 300 1,699 — — 1,999 186 Dollar General IX Mabelvale AR 9/13/2013 — (1) 38 723 — — 761 95 Advance Auto I Angola IN 9/19/2013 — (1) 35 671 — — 706 85 Arby's I Hernando MS 9/19/2013 — (1) 624 1,455 — — 2,079 231 CVS II Holyoke MA 9/19/2013 — (1) — 2,258 — — 2,258 305 Walgreens III Lansing MI 9/19/2013 — (1) 216 4,099 — — 4,315 553 Walgreens IV Beaumont TX 9/20/2013 — (1) 499 1,995 — — 2,494 269 American Express Travel Related Services I Salt Lake City UT 9/24/2013 — (1) 4,150 32,789 — — 36,939 5,782 American Express Travel Related Services I Greensboro NC 9/24/2013 — (1) 1,620 41,401 — — 43,021 6,764 AmeriCold I Piedmont SC 9/24/2013 — (1) 3,030 24,067 — — 27,097 3,303 AmeriCold I Gaffney SC 9/24/2013 — (1) 1,360 5,666 — — 7,026 778 AmeriCold I Pendergrass GA 9/24/2013 — (1) 2,810 26,572 — — 29,382 3,647 AmeriCold I Gainesville GA 9/24/2013 — (1) 1,580 13,838 — — 15,418 1,899 AmeriCold I Cartersville GA 9/24/2013 — (1) 1,640 14,533 — — 16,173 1,995 AmeriCold I Douglas GA 9/24/2013 — (1) 750 7,076 — — 7,826 971 AmeriCold I Belvidere IL 9/24/2013 — (1) 2,170 17,843 — — 20,013 2,449 AmeriCold I Brooklyn Park MN 9/24/2013 — (1) 1,590 11,940 — — 13,530 1,639 AmeriCold I Zumbrota MN 9/24/2013 — (1) 2,440 18,152 — — 20,592 2,491 Dollar General X Greenwell Springs LA 9/24/2013 — (1) 114 1,029 — — 1,143 130 Home Depot I Valdosta GA 9/24/2013 — (1) 2,930 30,538 — — 33,468 3,235 Home Depot I Birmingham AL 9/24/2013 — (1) 3,660 33,667 — — 37,327 3,567 L.A. Fitness I Houston TX 9/24/2013 — (1) 2,540 8,379 — — 10,919 941 National Tire & Battery I San Antonio TX 9/24/2013 — (1) 577 577 — — 1,154 75 New Breed Logistics I Hanahan SC 9/24/2013 — (1) 2,940 19,171 — — 22,111 2,631 SunTrust Bank I Atlanta GA 9/24/2013 — (1) 2,190 5,666 — — 7,856 583 SunTrust Bank I Washington DC 9/24/2013 — (1) 590 2,366 — — 2,956 285 SunTrust Bank I New Smyrna Beach FL 9/24/2013 — (1) 740 2,859 — — 3,599 345 SunTrust Bank I Brooksville FL 9/24/2013 — (1) 360 127 — — 487 15 SunTrust Bank I West Palm Beach FL 9/24/2013 — (1) 520 2,264 — — 2,784 273 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) SunTrust Bank I Orlando FL 9/24/2013 — (1) 540 3,069 — — 3,609 370 SunTrust Bank I Orlando FL 9/24/2013 — (1) 410 2,078 — — 2,488 251 SunTrust Bank I Fort Pierce FL 9/24/2013 — (1) 720 1,434 — — 2,154 173 SunTrust Bank I Atlanta GA 9/24/2013 — (1) 570 1,152 — — 1,722 139 SunTrust Bank I Thomson GA 9/24/2013 — (1) 480 1,015 — — 1,495 122 SunTrust Bank I Waycross GA 9/24/2013 — (1) 300 1,425 — — 1,725 172 SunTrust Bank I Landover MD 9/24/2013 — (1) 630 1,310 — — 1,940 158 SunTrust Bank I Cary NC 9/24/2013 — (1) 370 841 — — 1,211 101 SunTrust Bank I Stokesdale NC 9/24/2013 — (1) 230 581 — — 811 70 SunTrust Bank I Summerfield NC 9/24/2013 — (1) 210 605 — — 815 73 SunTrust Bank I Waynesville NC 9/24/2013 — (1) 200 874 — — 1,074 105 SunTrust Bank I Fountain Inn SC 9/24/2013 — (1) 290 1,086 — — 1,376 131 SunTrust Bank I Nashville TN 9/24/2013 — (1) 190 666 — — 856 80 SunTrust Bank I Savannah TN 9/24/2013 — (1) 390 1,179 — — 1,569 142 SunTrust Bank I Chattanooga TN 9/24/2013 — (1) 220 781 — — 1,001 94 SunTrust Bank I Oak Ridge TN 9/24/2013 — (1) 500 1,277 — — 1,777 154 SunTrust Bank I Doswell VA 9/24/2013 — (1) 190 510 — — 700 62 SunTrust Bank I Vinton VA 9/24/2013 — (1) 120 366 — — 486 44 SunTrust Bank I New Market VA 9/24/2013 — (1) 330 948 — — 1,278 114 SunTrust Bank I Brunswick GA 9/24/2013 — (1) 80 249 — — 329 30 SunTrust Bank I Burlington NC 9/24/2013 — (1) 200 497 — — 697 60 SunTrust Bank I Pittsboro NC 9/24/2013 — (1) 100 304 — — 404 37 SunTrust Bank I Dunwoody GA 9/24/2013 — (1) 460 2,714 — — 3,174 327 SunTrust Bank I Athens GA 9/24/2013 — (1) 610 1,662 — — 2,272 200 SunTrust Bank I Spencer NC 9/24/2013 — (1) 280 717 — — 997 86 SunTrust Bank I Cleveland TN 9/24/2013 — (1) 170 461 — — 631 56 SunTrust Bank I Nassawadox VA 9/24/2013 — (1) 70 484 — — 554 58 Circle K I Burlington IA 9/25/2013 — (1) 224 523 — — 747 66 Circle K I Clinton IA 9/25/2013 — (1) 334 779 — — 1,113 98 Circle K I Muscatine IA 9/25/2013 — (1) 274 821 — — 1,095 104 Circle K I Aledo IL 9/25/2013 — (1) 427 1,709 — — 2,136 216 Circle K I Bloomington IL 9/25/2013 — (1) 316 586 — — 902 74 Circle K I Bloomington IL 9/25/2013 — (1) 395 592 — — 987 75 Circle K I Champaign IL 9/25/2013 — (1) 412 504 — — 916 64 Circle K I Galesburg IL 9/25/2013 — (1) 355 829 — — 1,184 105 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) Circle K I Jacksonville IL 9/25/2013 — (1) 351 818 — — 1,169 103 Circle K I Jacksonville IL 9/25/2013 — (1) 316 474 — — 790 60 Circle K I Mattoon IL 9/25/2013 — (1) 608 1,129 — — 1,737 143 Circle K I Morton IL 9/25/2013 — (1) 350 525 — — 875 66 Circle K I Paris IL 9/25/2013 — (1) 429 797 — — 1,226 101 Circle K I Staunton IL 9/25/2013 — (1) 467 1,867 — — 2,334 236 Circle K I Vandalia IL 9/25/2013 — (1) 529 983 — — 1,512 124 Circle K I Virden IL 9/25/2013 — (1) 302 1,208 — — 1,510 153 Circle K I Lafayette IN 9/25/2013 — (1) 401 746 — — 1,147 94 Circle K I Bedford OH 9/25/2013 — (1) 702 702 — — 1,404 89 Circle K I Streetsboro OH 9/25/2013 — (1) 540 540 — — 1,080 68 Walgreens V Oklahoma City OK 9/27/2013 — (1) 1,295 3,884 — — 5,179 524 Walgreens VI Gillette WY 9/27/2013 — (1) 1,198 2,796 — — 3,994 377 1st Constitution Bancorp I Hightstown NJ 9/30/2013 — (1) 253 1,431 — — 1,684 177 American Tire Distributors I Chattanooga TN 9/30/2013 — (1) 382 7,249 — — 7,631 1,047 FedEx Ground I Watertown SD 9/30/2013 — (1) 136 2,581 — — 2,717 354 Krystal I Jacksonville FL 9/30/2013 — (1) 547 821 — — 1,368 127 Krystal I Columbus GA 9/30/2013 — (1) 136 1,220 — — 1,356 204 Krystal I Ft. Oglethorpe GA 9/30/2013 — (1) 185 1,051 — — 1,236 162 Krystal I Chattanooga TN 9/30/2013 — (1) 292 877 — — 1,169 136 Krystal I Cleveland TN 9/30/2013 — (1) 211 1,197 — — 1,408 186 Krystal I Madison TN 9/30/2013 — (1) 427 640 — — 1,067 99 Merrill Lynch, Pierce, Fenner & Smith I Hopewell NJ 9/30/2013 — 1,854 40,257 — — 42,111 5,127 Merrill Lynch, Pierce, Fenner & Smith I Hopewell NJ 9/30/2013 — 651 14,125 — — 14,776 1,799 Merrill Lynch, Pierce, Fenner & Smith I Hopewell NJ 9/30/2013 — 3,619 78,581 — — 82,200 9,921 O'Charley's I Lexington KY 9/30/2013 — (1) 675 1,574 — — 2,249 151 O'Charley's I Conyers GA 9/30/2013 — (1) 315 1,784 — — 2,099 335 O'Charley's I Southaven MS 9/30/2013 — (1) 756 1,405 — — 2,161 246 O'Charley's I Daphne AL 9/30/2013 — (1) 225 2,026 — — 2,251 202 O'Charley's I Kennesaw GA 9/30/2013 — (1) 225 2,022 — — 2,247 203 O'Charley's I Springfield OH 9/30/2013 — (1) 329 1,864 — — 2,193 235 O'Charley's I Murfreesboro TN 9/30/2013 — (1) 775 1,439 — — 2,214 176 O'Charley's I Mcdonough GA 9/30/2013 — (1) 322 1,823 — — 2,145 301 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) O'Charley's I Simpsonville SC 9/30/2013 — (1) 440 1,760 — — 2,200 221 O'Charley's I Grove City OH 9/30/2013 — (1) 436 1,745 — — 2,181 245 O'Charley's I Clarksville TN 9/30/2013 — (1) 858 1,287 — — 2,145 218 O'Charley's I Champaign IL 9/30/2013 — (1) 330 1,872 — — 2,202 230 O'Charley's I Columbus OH 9/30/2013 — (1) 329 1,862 — — 2,191 243 O'Charley's I Foley AL 9/30/2013 — (1) 331 1,875 — — 2,206 237 O'Charley's I Corydon IN 9/30/2013 — (1) 330 1,870 — — 2,200 233 O'Charley's I Salisbury NC 9/30/2013 — (1) 671 1,567 — — 2,238 162 O'Charley's I Carrollton GA 9/30/2013 — (1) 672 1,568 — — 2,240 169 O'Charley's I Lake Charles LA 9/30/2013 — (1) 948 1,159 — — 2,107 217 O'Charley's I Hattiesburg MS 9/30/2013 — (1) 433 1,731 — — 2,164 262 O'Charley's I Greenfield IN 9/30/2013 — (1) 665 1,552 — — 2,217 188 Walgreens VII Monroe MI 9/30/2013 — (1) 1,212 2,827 — — 4,039 362 Walgreens VII St Louis MO 9/30/2013 — (1) 955 2,228 — — 3,183 284 Walgreens VII Rockledge FL 9/30/2013 — (1) 1,093 2,030 — — 3,123 261 Walgreens VII Florissant MO 9/30/2013 — (1) 503 1,510 — — 2,013 192 Walgreens VII Florissant MO 9/30/2013 — (1) 596 1,391 — — 1,987 177 Walgreens VII Alton IL 9/30/2013 — (1) 1,216 3,649 — — 4,865 469 Walgreens VII Springfield IL 9/30/2013 — (1) 1,386 3,235 — — 4,621 415 Walgreens VII Washington IL 9/30/2013 — (1) 1,014 3,041 — — 4,055 391 Walgreens VII Bloomington IL 9/30/2013 — (1) 1,649 3,848 — — 5,497 494 Walgreens VII Mahomet IL 9/30/2013 — (1) 1,506 2,796 — — 4,302 359 Tractor Supply II Houghton MI 10/3/2013 — (1) 204 1,158 — — 1,362 124 National Tire & Battery II Mundelein IL 10/4/2013 — (1) — 1,742 — — 1,742 227 United Healthcare I Howard (Green Bay) WI 10/7/2013 — (1) 3,790 54,998 — — 51,370 (9) 2,851 Tractor Supply III Harlan KY 10/16/2013 — (1) 248 2,232 — — 2,480 231 Mattress Firm II Knoxville TN 10/18/2013 — (1) 189 754 — — 943 92 Dollar General XI Greenville MS 10/23/2013 — (1) 192 769 — — 961 94 Academy Sports I Cape Girardeau MO 10/29/2013 — (1) 384 7,292 — — 7,676 760 Talecris Plasma Resources I Eagle Pass TX 10/29/2013 — (1) 286 2,577 — — 2,863 262 Amazon I Winchester KY 10/30/2013 — (1) 362 8,070 — — 8,432 894 Fresenius II Montclair NJ 10/31/2013 — (1) 1,214 2,255 — — 3,469 230 Fresenius II Sharon Hill PA 10/31/2013 — (1) 345 1,956 — — 2,301 199 Dollar General XII Le Center MN 11/1/2013 — (1) 47 886 — — 933 108 Advance Auto II Bunnell FL 11/7/2013 — (1) 92 1,741 — — 1,833 212 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) Advance Auto II Washington GA 11/7/2013 — (1) 55 1,042 — — 1,097 127 Dollar General XIII Vidor TX 11/7/2013 — (1) 46 875 — — 921 106 FedEx Ground II Leland MS 11/12/2013 — (1) 220 4,186 — — 4,406 553 Burger King I Algonquin IL 11/14/2013 — (1) 798 798 — — 1,596 96 Burger King I Antioch IL 11/14/2013 — (1) 706 471 — — 1,177 57 Burger King I Crystal Lake IL 11/14/2013 — (1) 541 232 — — 773 28 Burger King I Grayslake IL 11/14/2013 — (1) 582 476 — — 1,058 57 Burger King I Gurnee IL 11/14/2013 — (1) 931 931 — — 1,862 112 Burger King I McHenry IL 11/14/2013 — (1) 742 318 — — 1,060 38 Burger King I Round Lake Beach IL 11/14/2013 — (1) 1,273 1,042 — — 2,315 125 Burger King I Waukegan IL 11/14/2013 — (1) 611 611 — — 1,222 73 Burger King I Woodstock IL 11/14/2013 — (1) 869 290 — — 1,159 35 Burger King I Austintown OH 11/14/2013 — (1) 221 1,251 — — 1,472 150 Burger King I Beavercreek OH 11/14/2013 — (1) 410 761 — — 1,171 91 Burger King I Celina OH 11/14/2013 — (1) 233 932 — — 1,165 112 Burger King I Chardon OH 11/14/2013 — (1) 332 497 — — 829 60 Burger King I Chesterland OH 11/14/2013 — (1) 320 747 — — 1,067 90 Burger King I Cortland OH 11/14/2013 — (1) 118 1,063 — — 1,181 128 Burger King I Dayton OH 11/14/2013 — (1) 464 862 — — 1,326 103 Burger King I Fairborn OH 11/14/2013 — (1) 421 982 — — 1,403 118 Burger King I Girard OH 11/14/2013 — (1) 421 1,264 — — 1,685 152 Burger King I Greenville OH 11/14/2013 — (1) 248 993 — — 1,241 119 Burger King I Madison OH 11/14/2013 — (1) 282 845 — — 1,127 101 Burger King I Mentor OH 11/14/2013 — (1) 196 786 — — 982 94 Burger King I Niles OH 11/14/2013 — (1) 304 1,214 — — 1,518 146 Burger King I North Royalton OH 11/14/2013 — (1) 156 886 — — 1,042 106 Burger King I Painesville OH 11/14/2013 — (1) 170 965 — — 1,135 116 Burger King I Poland OH 11/14/2013 — (1) 212 847 — — 1,059 102 Burger King I Ravenna OH 11/14/2013 — (1) 391 1,172 — — 1,563 141 Burger King I Salem OH 11/14/2013 — (1) 352 1,408 — — 1,760 169 Burger King I Trotwood OH 11/14/2013 — (1) 266 798 — — 1,064 96 Burger King I Twinsburg OH 11/14/2013 — (1) 458 850 — — 1,308 102 Burger King I Vandalia OH 11/14/2013 — (1) 182 728 — — 910 87 Burger King I Warren OH 11/14/2013 — (1) 176 997 — — 1,173 120 Burger King I Warren OH 11/14/2013 — (1) 168 1,516 — — 1,684 182 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) Burger King I Willoughby OH 11/14/2013 — (1) 394 920 — — 1,314 110 Burger King I Youngstown OH 11/14/2013 — (1) 300 901 — — 1,201 108 Burger King I Youngstown OH 11/14/2013 — (1) 186 1,675 — — 1,861 201 Burger King I Youngstown OH 11/14/2013 — (1) 147 1,324 — — 1,471 159 Burger King I Youngstown OH 11/14/2013 — (1) 370 1,481 — — 1,851 178 Burger King I Bethel Park PA 11/14/2013 — (1) 342 634 — — 976 76 Burger King I North Fayette PA 11/14/2013 — (1) 463 1,388 — — 1,851 167 Burger King I North Versailles PA 11/14/2013 — (1) 553 1,659 — — 2,212 199 Burger King I Columbiana OH 11/14/2013 — (1) 581 871 — — 1,452 105 Dollar General XIV Fort Smith AR 11/20/2013 — (1) 184 1,042 — — 1,226 122 Dollar General XIV Hot Springs AR 11/20/2013 — (1) 287 862 — — 1,149 101 Dollar General XIV Royal AR 11/20/2013 — (1) 137 777 — — 914 91 Dollar General XV Wilson NY 11/20/2013 — (1) 172 972 — — 1,144 114 Mattress Firm I McDonough GA 11/22/2013 — (1) 185 1,663 — — 1,848 195 FedEx Ground III Bismarck ND 11/25/2013 — (1) 554 3,139 — — 3,693 399 Dollar General XVI LaFollette TN 11/27/2013 — (1) 43 824 — — 867 96 Family Dollar V Carrollton MO 11/27/2013 — (1) 37 713 — — 750 83 Walgreens VIII Bettendorf IA 12/6/2013 — (1) 1,398 3,261 — — 4,659 408 CVS III Detroit MI 12/10/2013 — (1) 447 2,533 — — 2,980 317 Family Dollar VI Walden CO 12/10/2013 — (1) 100 568 — — 668 66 Mattress Firm III Valdosta GA 12/17/2013 — (1) 169 1,522 — — 1,691 171 Arby's II Virginia MN 12/23/2013 — (1) 117 1,056 — — 1,173 117 Family Dollar VI Kremmling CO 12/23/2013 — (1) 194 778 — — 972 87 SAAB Sensis I Syracuse NY 12/23/2013 8,190 1,731 15,580 — — 15,086 (9) 714 Citizens Bank I Doylestown PA 12/27/2013 — (1) 588 1,373 — — 1,961 147 Citizens Bank I Lansdale PA 12/27/2013 — (1) 531 1,238 — — 1,769 133 Citizens Bank I Lima PA 12/27/2013 — (1) 1,376 1,682 — — 3,058 180 Citizens Bank I Philadelphia PA 12/27/2013 — (1) 473 2,680 — — 3,153 287 Citizens Bank I Philadelphia PA 12/27/2013 — (1) 412 2,337 — — 2,749 250 Citizens Bank I Philadelphia PA 12/27/2013 — (1) 321 2,889 — — 3,210 310 Citizens Bank I Philadelphia PA 12/27/2013 — (1) 388 1,551 — — 1,939 166 Citizens Bank I Richboro PA 12/27/2013 — (1) 642 1,193 — — 1,835 128 Citizens Bank I Wayne PA 12/27/2013 — (1) 1,923 1,923 — — 3,846 206 Walgreens IX Waterford MI 1/3/2014 — (1) 514 4,531 — — 5,045 239 SunTrust Bank II Lakeland FL 1/8/2014 — (2) 590 705 — — 1,295 48 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Date Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) SunTrust Bank II Pensacola FL 1/8/2014 — (2) 513 297 — — 810 21 SunTrust Bank II Plant City FL 1/8/2014 — (2) 499 1,139 — — 1,638 71 SunTrust Bank II Vero Beach FL 1/8/2014 — (2) 825 2,682 — — 3,507 149 SunTrust Bank II Osprey FL 1/8/2014 — (2) 450 2,086 — — 2,536 131 SunTrust Bank II Panama City FL 1/8/2014 — (2) 484 1,075 — — 1,559 65 SunTrust Bank II Miami FL 1/8/2014 — (2) 3,187 3,224 — — 6,411 182 SunTrust Bank II Winter Park FL 1/8/2014 — (2) 2,264 1,079 — — 3,343 68 SunTrust Bank II Fruitland Park FL 1/8/2014 — (2) 305 785 — — 1,090 50 SunTrust Bank II Seminole FL 1/8/2014 — (2) 1,329 3,486 — — 4,815 191 SunTrust Bank II Okeechobee FL 1/8/2014 — (2) 339 1,569 — — 1,908 113 SunTrust Bank II Norcross GA 1/8/2014 — (2) 660 252 — — 912 17 SunTrust Bank II Douglasville GA 1/8/2014 — (2) 410 749 — — 1,159 44 SunTrust Bank II Duluth GA 1/8/2014 — (2) 1,081 2,111 — — 3,192 119 SunTrust Bank II Atlanta GA 1/8/2014 — (2) 1,071 2,293 — — 3,364 131 SunTrust Bank II Kennesaw GA 1/8/2014 — (2) 930 1,727 — — 2,657 101 SunTrust Bank II Cockeysville MD 1/8/2014 — (2) 2,184 479 — — 2,663 27 SunTrust Bank II Apex NC 1/8/2014 — (2) 296 1,240 — — 1,536 68 SunTrust Bank II Arden NC 1/8/2014 — (2) 374 216 — — 590 15 SunTrust Bank II Greensboro NC 1/8/2014 — (2) 650 712 — — 1,362 47 SunTrust Bank II Greensboro NC 1/8/2014 — (2) 326 633 — — 959 37 SunTrust Bank II Salisbury NC 1/8/2014 — (2) 264 293 — — 557 22 SunTrust Bank II Mauldin SC 1/8/2014 — (2) 542 704 — — 1,246 46 SunTrust Bank II Nashville TN 1/8/2014 — (2) 890 504 — — 1,394 35 SunTrust Bank II Chattanooga TN 1/8/2014 — (2) 358 564 — — 922 33 SunTrust Bank II East Ridge TN 1/8/2014 — (2) 276 475 — — 751 31 SunTrust Bank II Fredericksburg VA 1/8/2014 — (2) 1,623 446 — — 2,069 31 SunTrust Bank II Lynchburg VA 1/8/2014 — (2) 584 1,255 — — 1,839 74 SunTrust Bank II Chesapeake VA 1/8/2014 — (2) 490 695 — — 1,185 42 SunTrust Bank II Bushnell FL 1/8/2014 — (2) 385 1,216 — — 1,601 64 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) Mattress Firm IV Meridian ID 1/9/2014 — (1) 691 1,193 — — 1,884 71 Dollar General XII Sunrise Beach MO 1/15/2014 — (1) 105 795 — — 900 67 FedEx Ground IV Council Bluffs IA 1/24/2014 — (1) 768 3,908 — — 4,676 240 Mattress Firm V Florence AL 1/28/2014 — (1) 299 1,478 — — 1,777 84 Mattress Firm I Aiken SC 2/5/2014 — (1) 426 1,029 — — 1,455 68 Family Dollar VII Bernice LA 2/7/2014 — (1) 51 527 — — 578 31 Aaron's I Erie PA 2/10/2014 — (1) 126 708 — — 834 38 AutoZone III Caro MI 2/13/2014 — (1) 135 855 — — 990 48 C&S Wholesale Grocer I Westfield MA 2/21/2014 29,500 12,050 29,727 — — 41,777 1,771 C&S Wholesale Grocer I Hatfield (North) MA 2/21/2014 20,280 1,951 27,528 — — 29,479 1,627 C&S Wholesale Grocer I Hatfield (South) MA 2/21/2014 10,000 1,420 14,169 — — 15,589 677 C&S Wholesale Grocer I Aberdeen MD 2/21/2014 22,533 3,615 27,684 — — 31,299 1,297 C&S Wholesale Grocer I Birmingham AL 2/21/2014 — (1) 4,951 36,894 — — 41,845 1,737 Advance Auto III Taunton MA 2/25/2014 — (1) 404 1,148 — — 1,552 57 Family Dollar VIII Dexter NM 3/3/2014 — (1) 79 745 — — 824 48 Family Dollar VIII Hale Center TX 3/3/2014 — (1) 111 624 — — 735 40 Family Dollar VIII Plains TX 3/3/2014 — (1) 100 624 — — 724 40 Dollar General XVII Tullos LA 3/5/2014 — (1) 114 736 — — 850 41 SunTrust Bank III Killen AL 3/10/2014 — (3) 91 637 — — 728 39 SunTrust Bank III Muscle Shoals AL 3/10/2014 — (3) 242 1,480 — — 1,722 87 SunTrust Bank III Sarasota FL 3/10/2014 — (3) 741 852 — — 1,593 50 SunTrust Bank III Vero Beach FL 3/10/2014 — (3) 675 483 — — 1,158 31 SunTrust Bank III Fort Meade FL 3/10/2014 — (3) 175 2,375 — — 2,550 121 SunTrust Bank III Port St. Lucie FL 3/10/2014 — (3) 913 1,772 — — 2,685 99 SunTrust Bank III Mulberry FL 3/10/2014 — (3) 406 753 — — 1,159 43 SunTrust Bank III Gainesville FL 3/10/2014 — (3) 458 2,139 — — 2,597 110 SunTrust Bank III Gainesville FL 3/10/2014 — (3) 457 816 — — 1,273 47 SunTrust Bank III Gulf Breeze FL 3/10/2014 — (3) 1,092 1,569 — — 2,661 87 SunTrust Bank III Sarasota FL 3/10/2014 — (3) 955 1,329 — — 2,284 73 SunTrust Bank III Hobe Sound FL 3/10/2014 — (3) 442 1,521 — — 1,963 80 SunTrust Bank III Port St. Lucie FL 3/10/2014 — (3) 996 872 — — 1,868 52 SunTrust Bank III Mount Dora FL 3/10/2014 — (3) 570 1,933 — — 2,503 99 SunTrust Bank III Daytona Beach FL 3/10/2014 — (3) 376 1,379 — — 1,755 76 SunTrust Bank III Lutz FL 3/10/2014 — (3) 438 1,477 — — 1,915 75 SunTrust Bank III Jacksonville FL 3/10/2014 — (3) 871 372 — — 1,243 24 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) SunTrust Bank III Jacksonville FL 3/10/2014 — (3) 366 1,136 — — 1,502 61 SunTrust Bank III Boca Raton FL 3/10/2014 — (3) 1,617 690 — — 2,307 39 SunTrust Bank III Tamarac FL 3/10/2014 — (3) 997 1,241 — — 2,238 68 SunTrust Bank III Pompano Beach FL 3/10/2014 — (3) 886 2,024 — — 2,910 103 SunTrust Bank III St. Cloud FL 3/10/2014 — (3) 1,046 1,887 — — 2,933 100 SunTrust Bank III Ormond Beach FL 3/10/2014 — (3) 1,047 1,566 — — 2,613 89 SunTrust Bank III Daytona Beach FL 3/10/2014 — (3) 443 1,586 — — 2,029 89 SunTrust Bank III Ormond Beach FL 3/10/2014 — (3) 854 1,385 — — 2,239 76 SunTrust Bank III Ormond Beach FL 3/10/2014 — (3) 873 2,235 — — 3,108 115 SunTrust Bank III Brooksville FL 3/10/2014 — (3) 460 954 — — 1,414 55 SunTrust Bank III Inverness FL 3/10/2014 — (3) 867 2,559 — — 3,426 136 SunTrust Bank III Indian Harbour Beach FL 3/10/2014 — (3) 914 1,181 — — 2,095 89 SunTrust Bank III Melbourne FL 3/10/2014 — (3) 772 1,927 — — 2,699 102 SunTrust Bank III Orlando FL 3/10/2014 — (3) 1,234 1,125 — — 2,359 63 SunTrust Bank III Orlando FL 3/10/2014 — (3) 874 1,922 — — 2,796 100 SunTrust Bank III St. Petersburg FL 3/10/2014 — (3) 803 1,043 — — 1,846 56 SunTrust Bank III Casselberry FL 3/10/2014 — (3) 609 2,443 — — 3,052 126 SunTrust Bank III Rockledge FL 3/10/2014 — (3) 742 1,126 — — 1,868 61 SunTrust Bank III New Smyrna Beach FL 3/10/2014 — (3) 244 1,245 — — 1,489 67 SunTrust Bank III New Port Richey FL 3/10/2014 — (3) 602 1,104 — — 1,706 60 SunTrust Bank III Tampa FL 3/10/2014 — (3) 356 1,042 — — 1,398 66 SunTrust Bank III Lakeland FL 3/10/2014 — (3) 927 1,594 — — 2,521 100 SunTrust Bank III Ocala FL 3/10/2014 — (3) 347 1,336 — — 1,683 98 SunTrust Bank III St. Petersburg FL 3/10/2014 — (3) 211 1,237 — — 1,448 67 SunTrust Bank III Atlanta GA 3/10/2014 — (3) 3,027 4,873 — — 7,900 237 SunTrust Bank III Atlanta GA 3/10/2014 — (3) 4,422 1,559 — — 5,981 84 SunTrust Bank III Atlanta GA 3/10/2014 — (3) 2,469 1,716 — — 4,185 87 SunTrust Bank III Stone Mountain GA 3/10/2014 — (3) 605 522 — — 1,127 28 SunTrust Bank III Lithonia GA 3/10/2014 — (3) 212 770 — — 982 41 SunTrust Bank III Union City GA 3/10/2014 — (3) 400 542 — — 942 31 SunTrust Bank III Peachtree City GA 3/10/2014 — (3) 887 2,242 — — 3,129 121 SunTrust Bank III Stockbridge GA 3/10/2014 — (3) 358 760 — — 1,118 43 SunTrust Bank III Conyers GA 3/10/2014 — (3) 205 1,334 — — 1,539 68 SunTrust Bank III Morrow GA 3/10/2014 — (3) 400 1,759 — — 2,159 90 SunTrust Bank III Marietta GA 3/10/2014 — (3) 2,168 1,169 — — 3,337 67 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) SunTrust Bank III Marietta GA 3/10/2014 — (3) 1,087 2,056 — — 3,143 103 SunTrust Bank III Thomson GA 3/10/2014 — (3) 91 719 — — 810 43 SunTrust Bank III Evans GA 3/10/2014 — (3) 969 2,103 — — 3,072 119 SunTrust Bank III Savannah GA 3/10/2014 — (3) 224 1,116 — — 1,340 59 SunTrust Bank III Savannah GA 3/10/2014 — (3) 458 936 — — 1,394 59 SunTrust Bank III Macon GA 3/10/2014 — (3) 214 771 — — 985 46 SunTrust Bank III Albany GA 3/10/2014 — (3) 260 531 — — 791 40 SunTrust Bank III Sylvester GA 3/10/2014 — (3) 242 845 — — 1,087 47 SunTrust Bank III Brunswick GA 3/10/2014 — (3) 384 888 — — 1,272 50 SunTrust Bank III Athens GA 3/10/2014 — (3) 427 472 — — 899 39 SunTrust Bank III Cartersville GA 3/10/2014 — (3) 658 1,734 — — 2,392 90 SunTrust Bank III Annapolis MD 3/10/2014 — (3) 3,331 1,655 — — 4,986 76 SunTrust Bank III Glen Burnie MD 3/10/2014 — (3) 2,307 1,236 — — 3,543 61 SunTrust Bank III Cambridge MD 3/10/2014 — (3) 1,130 1,265 — — 2,395 60 SunTrust Bank III Avondale MD 3/10/2014 — (3) 1,760 485 — — 2,245 27 SunTrust Bank III Asheboro NC 3/10/2014 — (3) 458 774 — — 1,232 44 SunTrust Bank III Bessemer City NC 3/10/2014 — (3) 212 588 — — 800 32 SunTrust Bank III Charlotte NC 3/10/2014 — (3) 529 650 — — 1,179 34 SunTrust Bank III Charlotte NC 3/10/2014 — (3) 563 750 — — 1,313 44 SunTrust Bank III Dunn NC 3/10/2014 — (3) 384 616 — — 1,000 37 SunTrust Bank III Durham NC 3/10/2014 — (3) 488 742 — — 1,230 39 SunTrust Bank III Durham NC 3/10/2014 — (3) 284 506 — — 790 33 SunTrust Bank III Greensboro NC 3/10/2014 — (3) 488 794 — — 1,282 46 SunTrust Bank III Harrisburg NC 3/10/2014 — (3) 151 389 — — 540 25 SunTrust Bank III Hendersonville NC 3/10/2014 — (3) 468 945 — — 1,413 51 SunTrust Bank III Lenoir NC 3/10/2014 — (3) 1,021 3,980 — — 5,001 196 SunTrust Bank III Lexington NC 3/10/2014 — (3) 129 266 — — 395 22 SunTrust Bank III Mebane NC 3/10/2014 — (3) 500 887 — — 1,387 46 SunTrust Bank III Oxford NC 3/10/2014 — (3) 530 1,727 — — 2,257 86 SunTrust Bank III Rural Hall NC 3/10/2014 — (3) 158 193 — — 351 13 SunTrust Bank III Stanley NC 3/10/2014 — (3) 183 398 — — 581 27 SunTrust Bank III Sylva NC 3/10/2014 — (3) 51 524 — — 575 24 SunTrust Bank III Walnut Cove NC 3/10/2014 — (3) 212 690 — — 902 35 SunTrust Bank III Winston-Salem NC 3/10/2014 — (3) 362 513 — — 875 29 SunTrust Bank III Yadkinville NC 3/10/2014 — (3) 438 765 — — 1,203 40 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) SunTrust Bank III Greenville SC 3/10/2014 — (3) 377 871 — — 1,248 47 SunTrust Bank III Greenville SC 3/10/2014 — (3) 264 684 — — 948 38 SunTrust Bank III Greenville SC 3/10/2014 — (3) 590 1,007 — — 1,597 58 SunTrust Bank III Greenville SC 3/10/2014 — (3) 449 1,640 — — 2,089 109 SunTrust Bank III Nashville TN 3/10/2014 — (3) 204 740 — — 944 37 SunTrust Bank III Nashville TN 3/10/2014 — (3) 1,776 1,601 — — 3,377 96 SunTrust Bank III Brentwood TN 3/10/2014 — (3) 885 1,987 — — 2,872 104 SunTrust Bank III Brentwood TN 3/10/2014 — (3) 996 1,536 — — 2,532 81 SunTrust Bank III Smyrna TN 3/10/2014 — (3) 501 767 — — 1,268 46 SunTrust Bank III Murfreesboro TN 3/10/2014 — (3) 451 847 — — 1,298 42 SunTrust Bank III Murfreesboro TN 3/10/2014 — (3) 262 182 — — 444 14 SunTrust Bank III Soddy Daisy TN 3/10/2014 — (3) 338 624 — — 962 32 SunTrust Bank III Signal Mountain TN 3/10/2014 — (3) 296 697 — — 993 37 SunTrust Bank III Chattanooga TN 3/10/2014 — (3) 419 811 — — 1,230 42 SunTrust Bank III Chattanooga TN 3/10/2014 — (3) 191 335 — — 526 18 SunTrust Bank III Kingsport TN 3/10/2014 — (3) 162 260 — — 422 16 SunTrust Bank III Loudon TN 3/10/2014 — (3) 331 541 — — 872 29 SunTrust Bank III Morristown TN 3/10/2014 — (3) 214 444 — — 658 33 SunTrust Bank III Richmond VA 3/10/2014 — (3) 153 313 — — 466 20 SunTrust Bank III Richmond VA 3/10/2014 — (3) 233 214 — — 447 14 SunTrust Bank III Fairfax VA 3/10/2014 — (3) 2,835 1,081 — — 3,916 56 SunTrust Bank III Lexington VA 3/10/2014 — (3) 122 385 — — 507 23 SunTrust Bank III Roanoke VA 3/10/2014 — (3) 316 734 — — 1,050 39 SunTrust Bank III Radford VA 3/10/2014 — (3) 137 203 — — 340 12 SunTrust Bank III Williamsburg VA 3/10/2014 — (3) 447 585 — — 1,032 35 SunTrust Bank III Onancock VA 3/10/2014 — (3) 829 1,300 — — 2,129 64 SunTrust Bank III Accomac VA 3/10/2014 — (3) 149 128 — — 277 7 SunTrust Bank III Painter VA 3/10/2014 — (3) 89 259 — — 348 16 SunTrust Bank III Stafford VA 3/10/2014 — (3) 2,130 1,714 — — 3,844 89 SunTrust Bank III Roanoke VA 3/10/2014 — (3) 753 1,165 — — 1,918 64 SunTrust Bank III Melbourne FL 3/10/2014 — (3) 788 1,888 — — 2,676 97 SunTrust Bank III Bethesda MD 3/10/2014 — (3) 7,460 2,822 — — 10,282 130 SunTrust Bank III Raleigh NC 3/10/2014 — (3) 629 1,581 — — 2,210 76 SunTrust Bank III Richmond VA 3/10/2014 — (3) 3,141 7,441 — — 10,582 447 SunTrust Bank IV Lake Mary FL 3/10/2014 — (4) 1,911 2,849 — — 4,760 146 (In thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount Carried at (5) (6) Property City State Acquisition Encumbrances at December 31, 2015 Land Building and Land Building and Accumulated (7) (8) SunTrust Bank IV Bayonet Point FL 3/10/2014 — (4) 528 1,172 — — 1,700 63 SunTrust Bank IV Marianna FL 3/10/2014 — (4) 134 3,069 — — 3,203 146 SunTrust Bank IV St. Augustine FL 3/10/2014 — (4) 489 2,129 — — 2,618 108 SunTrust Bank IV Deltona FL 3/10/2014 — (4) 631 1,512 — — 2,143 86 SunTrust Bank IV Spring Hill FL 3/10/2014 — (4) 673 2,550 — — 3,223 128 SunTrust Bank IV Pembroke Pines FL 3/10/2014 — (4) 1,688 548 — — 2,236 36 SunTrust Bank IV Palm Coast FL 3/10/2014 — (4) 447 1,548 — — 1,995 84 SunTrust Bank IV Clearwater FL 3/10/2014 — (4) 783 1,936 — — 2,719 96 SunTrust Bank IV Clearwater FL 3/10/2014 — (4) 353 1,863 — — 2,216 97 SunTrust Bank IV Ocala FL 3/10/2014 — (4) 581 1,091 — — 1,672 67 SunTrust Bank IV Ocala FL 3/10/2014 — (4) 559 750 — — 1,309 51 SunTrust Bank IV Chamblee GA 3/10/2014 — (4) 1,029 813 — — 1,842 47 SunTrust Bank IV Stone Mountain GA 3/10/2014 — (4) 461 475 — — 936 26 SunTrust Bank IV Columbus GA 3/10/2014 — (4) 417 1,395 — — 1,812 74 SunTrust Bank IV Madison GA 3/10/2014 — (4) 304 612 — — 916 30 SunTrust Bank IV Prince Frederick MD 3/10/2014 — (4) 2,431 940 — — 3,371 54 SunTrust Bank IV Charlotte NC 3/10/2014 — (4) 651 444 — — 1,095 30 SunTrust Bank IV Creedmoor NC 3/10/2014 — (4) 306 789 — — 1,095 43 SunTrust Bank IV Greensboro NC 3/10/2014 — (4) 619 742 — — 1,361 50 SunTrust Bank IV Pittsboro NC 3/10/2014 — (4) 61 510 — — 571 24 SunTrust Bank IV Roxboro NC 3/10/2014 — (4) 234 1,100 — — 1,334 54 SunTrust Bank IV Liberty SC 3/10/2014 — (4) 254 911 — — 1,165 46 SunTrust Bank IV Nashville TN 3/10/2014 — (4) 1,035 745 — — 1,780 39 SunTrust Bank IV Lebanon TN 3/10/2014 — (4) 851 1,102 — — 1,953 59 SunTrust Bank IV Johnson City TN 3/10/2014 — (4) 174 293 — — 467 20 SunTrust Bank IV Gloucester VA 3/10/2014 — (4) 154 2,281 — — 2,435 115 SunTrust Bank IV Collinsville VA 3/10/2014 — |
Mortgage Loans on Real Estate -
Mortgage Loans on Real Estate - Schedule IV | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans on Real Estate - Schedule IV | (Dollar amounts in thousands) Loan Type Property Type Par Value Carrying Amount Interest Rate Payment Terms Maturity Date Senior Student Housing — Multifamily $ 17,200 $ 17,135 1M LIBOR + 4.5% Interest Only Nov. 2018 Senior Retail 18,150 16,884 1M LIBOR + 4.1% Interest Only Aug. 2018 (1) Senior Hospitality 44,500 40,000 1M LIBOR + 4.5% Interest Only Sep. 2018 (1) $ 79,850 $ 74,019 _____________________________________ (1) Held for sale as of December 31, 2015 . |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting and Presentation | 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. |
Reportable Segments | Reportable Segment The Company has one reportable segment, income-producing properties, which consists of activities related to investing in real estate. |
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 that are intended to be sold are 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. Real estate investments are no longer depreciated when they are classified as held for sale. If the disposal, or intended disposal, of certain real estate investments represents a strategic shift that has had or will have a major effect on the Company's operations and financial results, the operations of such real estate investments would be presented as discontinued operations in the consolidated statements of operations and comprehensive (loss) income for all applicable periods. 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 (loss) income. 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 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. |
Commercial Mortgage Loans | Commercial Mortgage Loans Commercial mortgage loans held for investment purposes are anticipated to be held until maturity, and accordingly, are carried at cost, net of unamortized acquisition fees and expenses capitalized, discounts or premiums and unfunded commitments. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and capitalized acquisition fees and expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income from debt investments in the Company's consolidated statements of operations and comprehensive (loss) income. Guaranteed loan exit fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan exit fees is recognized in interest income from debt investments in the Company's consolidated statements of operations and comprehensive (loss) income. Acquisition fees and expenses incurred in connection with the origination and acquisition of commercial mortgage loan investments are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. Commercial mortgage loans held for sale are carried at the lower of cost or fair value. The Company evaluates fair value on an individual loan basis. The amount by which cost exceeds fair value is accounted for as a valuation allowance, and changes in the valuation allowance are included in net income. Purchase discounts are no longer amortized during the period the loans are held for sale. Loan Impairment The Company's loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property's operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property's liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower's competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is then measured based on the present value of expected future cash flows discounted at the loan's effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including making assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. The Company has determined that it is likely that it will receive contractual payments and a loan loss reserve was not necessary at December 31, 2015 . |
Commercial Mortgage-Backed Securities | Commercial Mortgage-Backed Securities When acquired, the Company's commercial mortgage-backed securities ("CMBS") are classified as available-for-sale and carried at fair value, and subsequently, any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. Related discounts, premiums and capitalized acquisition and fees expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income from debt investments on the Company's consolidated statements of operations and comprehensive (loss) income. Acquisition fees and expenses incurred in connection with the acquisition of CMBS are evaluated based on the nature of the expense to determine if they should be expensed in the period incurred or capitalized and amortized over the life of the investment. Impairment Analysis of CMBS CMBS for which the fair value option has not been elected are periodically evaluated for other-than-temporary impairment. If the fair value of a security is less than its amortized cost, the security is considered impaired. Impairment of a security is considered other-than-temporary when: (i) the Company has the intent to sell the impaired security; (ii) it is more likely than not the Company will be required to sell the security; or (iii) the Company does not expect to recover the entire amortized cost of the security. If the Company determines that an other-than-temporary impairment exists and a sale is likely, the impairment charge is recognized as an impairment of assets on the Company's consolidated statements of operations and comprehensive (loss) income. If a sale is not expected, the portion of the impairment charge related to credit factors is recorded as an impairment of assets on the Company's consolidated statements of operations and comprehensive (loss) income with the remainder recorded as an unrealized gain or loss on investments reported as a component of accumulated other comprehensive income or loss. CMBS for which the fair value option has been elected are not evaluated for other-than-temporary impairment, as changes in fair value are recorded in the Company's consolidated statements of operations and comprehensive (loss) income. No such election has been made to date. |
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 and funds in overnight sweeps, in which excess funds over an established threshold are swept daily. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (the "FDIC") up to an insurance limit. |
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 (loss) income. 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, acquisition date is considered to be the commencement date for 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 (loss) income. 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. In the event that the collectability of a receivable is in doubt, the Company records an increase in the Company's allowance for uncollectible accounts or records a direct write-off of the receivable in the Company's consolidated statements of operations and comprehensive (loss) income. Cost recoveries from tenants are included in operating expense reimbursements on the accompanying consolidated statements of operations and comprehensive (loss) income in the period the related costs are incurred, as applicable. |
Offering and Related Costs | Offering and Related Costs Offering and related costs included all expenses incurred in connection with the Company's IPO. Some offering costs (other than selling commissions and the dealer manager fee) of the Company were paid by the Advisor, the Former Dealer Manager or their affiliates on behalf of the Company. These costs included but were not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow related fees; (iii) reimbursement of the Former Dealer Manager for amounts it paid 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 were only a liability of the Company to the extent selling commissions, the dealer manager fees and other organization and offering costs did 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 12 — Related Party Transactions and Arrangements ). |
Share-based Compensation | Share-Based Compensation The Company has a stock-based award plan, which is accounted for under the guidance for share based payments. The expense for such awards is included in general and administrative expenses and is recognized in accordance with the service period required or when the requirements for exercise of the award have been met (See Note 14 — 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 has been organized and has operated in a manner so that it qualifies for taxation as a REIT under the Code. The Company intends to continue to operate in such a manner, but no assurance can be given that the Company will operate in a manner so as to 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 (which does not equal net income as calculated in accordance with GAAP), determined without regard for the deduction for dividends paid and excluding net capital gains, and must comply with a number of other organizational and operational requirements. If the Company continues to qualify for taxation as a REIT, it generally will not be subject to federal corporate income tax on that portion of its REIT taxable income that it distributes to its stockholders. 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 qualify and maintain the Company's status as a REIT under the Code. |
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. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("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 was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, 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 January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has adopted the provisions of this guidance for the fiscal year ending December 31, 2015 and determined that there is no impact to its financial position, results of operations and 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. The Company elected to adopt this guidance effective January 1, 2016. The Company has assessed the impact of the guidance and determined it will not have a significant impact on its financial position, results of operations or cash flows. 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. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. 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. The Company elected to adopt this guidance effective January 1, 2016. The Company has assessed the impact of the guidance and determined it will not have a significant impact on its financial position, results of operations or cash flows. In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, to be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. 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. The Company has adopted the provisions of this guidance for the fiscal year ended December 31, 2015 and determined that there is no impact to its financial position, results of operations and cash flows. In January 2016, the FASB issued an update that amends the recognition and measurement of financial instruments. The new guidance revises an entity's accounting related to equity investments and the presentation of certain fair value changes for financial liabilities measured at fair value. Among other things, it also amends the presentation and disclosure requirements associated with the fair value of financial instruments. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is not permitted for most of the amendments in the update. The Company is currently evaluating the impact of the new guidance. In February 2016, the FASB issued an update which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both l essees and lessors. The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The revised guidance supersedes previous leasing standards and is effective for reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new guidance. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Intangible Assets and Goodwill | Acquired intangible assets and lease liabilities consist of the following as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 (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 $ 68,278 $ 236,967 $ 305,245 $ 33,678 $ 271,567 Above-market leases 13,783 5,555 8,228 13,783 2,549 11,234 Total acquired intangible lease assets $ 319,028 $ 73,833 $ 245,195 $ 319,028 $ 36,227 $ 282,801 Intangible liabilities: Below-market lease liabilities $ 20,623 $ 2,490 $ 18,133 $ 20,623 $ 1,150 $ 19,473 |
Finite-lived Intangible Assets Amortization Expense | The following table provides the weighted-average amortization and accretion periods as of December 31, 2015 , 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) 2016 2017 2018 2019 2020 In-place leases $ 34,600 $ 34,600 $ 23,876 $ 23,856 $ 22,238 Total to be included in depreciation and amortization $ 34,600 $ 34,600 $ 23,876 $ 23,856 $ 22,238 Above-market lease assets $ (3,006 ) $ (3,006 ) $ (469 ) $ (469 ) $ (469 ) Below-market lease liabilities 1,340 1,340 1,340 1,340 1,340 Total to be included in rental income $ (1,666 ) $ (1,666 ) $ 871 $ 871 $ 871 |
Summary of Distributions | The following table details from a tax perspective, the portion of distributions classified as return of capital, ordinary dividend income and capital gain, per share per annum, for the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 2015 2014 Return of capital 89.9 % $ 1.48 55.5 % $ 0.91 86.7 % $ 1.43 Ordinary dividend income 10.1 % 0.17 44.2 % 0.73 13.3 % 0.22 Capital gain — % — 0.3 % 0.01 — % — Total 100.0 % $ 1.65 100.0 % $ 1.65 100.0 % $ 1.65 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 January 22, 2013 (date of inception) to December 31, 2013 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 . |
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 2016 $ 157,027 2017 159,426 2018 130,993 2019 132,715 2020 127,233 Thereafter 709,032 $ 1,416,426 |
Schedule of Annualized Rental Income by Major Tenants | The following table lists the tenants (including, for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis each represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all portfolio properties as of December 31, 2015 and 2014 : December 31, Tenant 2015 2014 SunTrust Bank 17.9% 17.9% Sanofi US 11.6% 11.6% C&S Wholesale Grocer 10.4% 10.4% |
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 each represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2015 and 2014 : December 31, State 2015 2014 New Jersey 20.3% 20.3% Georgia 11.2% 11.2% |
Commercial Mortgage Loans (Tabl
Commercial Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Composition and Summary of Loan Portfolio | As of December 31, 2015 , the Company's commercial mortgage loan portfolio consisted of three loans: December 31, 2015 Balance sheet classification Loan Type Property Type Par Value Percentage (In thousands) Commercial mortgage loan held for investment, net Senior Student Housing — Multifamily $ 17,200 21.6 % Assets held for sale Senior Retail 18,150 22.7 % Assets held for sale Senior Hospitality 44,500 55.7 % $ 79,850 100.0 % For the year ended December 31, 2015 , the activity in the Company's loan portfolio was as follows: (In thousands) Year Ended December 31, 2015 Beginning balance $ — Originations 79,410 Reclassifications to assets held for sale (56,884 ) Loss on assets held for sale (5,476 ) Discount accretion and premium amortization (1) 85 Ending balance $ 17,135 _____________________________________ (1) Includes amortization of capitalized origination fees and expenses. |
Summary of Credit Characteristics | As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. The loans are scored on a scale of 1 to 5 as follows: Investment Rating Summary Description 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. 4 Underperforming investment with some loss of interest expected but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. |
Commercial Mortgage-Backed Se30
Commercial Mortgage-Backed Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Mortgage-Backed Securities | The following table details the realized loss on CMBS sold during the year ended December 31, 2015 . No CMBS were acquired or sold during the year ended December 31, 2014 or the period from January 22, 2013 (date of inception) to December 31, 2013 : (In thousands) Amortized Cost Sale Price Realized Loss Year Ended December 31, 2015 $ 30,209 $ 28,624 $ 1,585 |
Other Real Estate Securities (T
Other Real Estate Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table details the unrealized gains and losses on other real estate securities as of December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Other real estate securities $ 18,528 $ 463 $ — $ 18,991 |
Schedule of Realized Gain (Loss) | The following table details the realized gains, net on other real estate securities sold during the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : (In thousands) Aggregate Cost Basis Sale Price Realized Gain, Net Year Ended December 31, 2015 $ 18,528 $ 19,266 $ 738 Year Ended December 31, 2014 $ 47,020 $ 47,317 $ 297 Period from January 22, 2013 (date of inception) to December 31, 2013 $ 360 $ 485 $ 125 |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company's mortgage notes payable as of December 31, 2015 and 2014 consisted of the following: Outstanding Loan Amount as of Effective Interest Rate as of December 31, December 31, Portfolio Encumbered Properties 2015 2014 2015 2014 Interest Rate Maturity Anticipated Repayment (In thousands) (In thousands) SAAB Sensis I 1 $ 8,190 $ 8,519 6.01 % 6.01 % Fixed Apr. 2025 Apr. 2025 SunTrust Bank II 30 25,000 25,000 5.50 % 5.50 % Fixed Jul. 2031 Jul. 2021 C&S Wholesale Grocer I 4 82,313 82,313 5.56 % 5.56 % Fixed Apr. 2037 Apr. 2017 SunTrust Bank III 121 99,677 99,677 5.50 % 5.50 % Fixed Jul. 2031 Jul. 2021 SunTrust Bank IV 30 25,000 25,000 5.50 % 5.50 % Fixed Jul. 2031 Jul. 2021 Sanofi US I - Original Loan — — 190,000 — % 5.83 % Fixed Dec. 2015 (2) Dec. 2015 Sanofi US I - New Loan 1 125,000 — 5.16 % — % Fixed Jul. 2026 (2) Jan. 2021 Stop & Shop I 4 38,936 39,570 5.63 % 5.63 % Fixed Jun. 2041 Jun. 2021 Multi-Tenant Mortgage Loan 268 649,532 — 4.36 % — % Fixed Sep. 2020 Sep. 2020 Total Mortgage Notes Payable 459 $ 1,053,648 $ 470,079 4.77 % (1) 5.66 % (1) _____________________________________ (1) Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated. (2) The Company refinanced the Sanofi US I portfolio in December 2015 with a new loan from Ladder Capital Finance LLC. |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled aggregate principal payments on mortgage notes payable based on stated maturity dates for the five years subsequent to December 31, 2015 : (In thousands) Future Principal Payments 2016 $ 1,014 2017 1,080 2018 1,143 2019 1,211 2020 650,808 Thereafter 398,392 $ 1,053,648 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall. There were no financial instruments measured at fair value on a non recurring basis as of December 31, 2015 or 2014 . (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total December 31, 2015 Commercial mortgage loans held for sale $ — $ 56,884 $ — $ 56,884 December 31, 2014 Other real estate securities $ 18,991 $ — $ — $ 18,991 |
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, 2015 and 2014 are reported in the following table: Carrying Amount at Fair Value at Carrying Amount at Fair Value at (In thousands) Level December 31, 2015 December 31, 2015 December 31, 2014 December 31, 2014 Commercial mortgage loans, held for investment 3 $ 17,135 $ 17,200 $ — $ — Mortgage notes payable 3 $ 1,068,540 $ 1,103,352 $ 492,179 $ 505,629 Credit facility 3 $ — $ — $ 423,000 $ 423,000 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Treasury Stock by Class | The following table summarizes the repurchases of shares under the Company's share repurchase programs cumulatively through December 31, 2015 : Number of Shares Weighted-Average Price per Share Cumulative repurchases as of January 22, 2013 (date of inception) — $ — Period from January 22, 2013 (date of inception) to December 31, 2013 8,082 24.98 Year ended December 31, 2014 295,825 23.99 Year ended December 31, 2015 1,769,738 24.13 Cumulative repurchases as of December 31, 2015 (1) 2,073,645 $ 24.12 ____________________ (1) As permitted under the Second SRP, in January 2016, the Company's board of directors authorized, with respect to repurchase requests received during the quarter ended December 31, 2015 (exclusive of any shares requested for repurchase on the Special Share Repurchase Date), the repurchase of shares validly submitted equal to 1.00% of the product of (i) $24.17 , the Company's most recently published Estimated Per-Share NAV, and (ii) 66,456,430 , the number of shares outstanding as of September 30, 2015, representing less than all the shares validly submitted for repurchase during the quarter ended December 31, 2015 (exclusive of any shares requested for redemption on the Special Share Repurchase Date). Accordingly, 664,564 shares at a weighted average repurchase price of $24.17 per share (including all shares submitted for death and disability) were approved for repurchase and completed in February 2016. This $16.1 million liability is included in accounts payable and accrued expenses on the consolidated balance sheet as of December 31, 2015 . A total of 4,063,415 shares were requested for repurchase during the year ended December 31, 2015 , of which 2,298,905 share requests were not approved for repurchase and thus not fulfilled. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2016 $ 895 2017 900 2018 882 2019 882 2020 653 Thereafter 4,873 $ 9,085 |
Contractual Obligation, Fiscal Year Maturity Schedule | The following table reflects the expiration of these commitments over the next five years and thereafter: (In thousands) Funding Expiration 2016 $ — 2017 2,450 2018 — 2019 — 2020 — Thereafter — $ 2,450 |
Related Party Transactions an36
Related Party Transactions and Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Former Dealer Manager as of and for the periods presented: Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 Payable (Receivable) as of December 31, (In thousands) 2015 2014 2015 2014 Total commissions and fees from the Former Dealer Manager $ — $ (3 ) (1) $ 143,009 $ — $ (13 ) (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. |
Schedule Of Offering Costs Reimbursements to Related Party | The following table details offering costs and reimbursements incurred from and due to the Advisor and Former Dealer Manager as of and for the periods presented: Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 Payable as of December 31, (In thousands) 2015 2014 2015 2014 Fees and expense reimbursements from the Advisor and Former Dealer Manager $ — $ (253 ) $ 30,482 $ — $ — |
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, Period from January 22, 2013 (date of inception) to December 31, 2013 Payable as of December 31, 2015 2014 (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2015 2014 One-time fees and reimbursements: Acquisition fees and related cost reimbursements $ 1,330 (1) $ — $ 10,578 $ — $ 13,126 $ — $ — $ — Financing coordination fees (2) 5,850 — 5,678 — 3,479 — — — Transaction fees — — — — 4,423 — — — Ongoing fees: Asset management fees 13,009 — — — — — — — Professional fees and other reimbursements (3) 4,020 — 2,364 — — — 541 753 Strategic advisory fees (3) — — — — 920 — — — Distributions on Class B Units (3) 1,573 — 602 — 18 — — — Total related party operation fees and reimbursements $ 25,782 $ — $ 19,222 $ — $ 21,966 $ — $ 541 $ 753 _______________________________ (1) Acquisition fees and expenses from related parties of $0.9 million have been recognized in acquisition and transaction related expense on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015 . In addition, over the same period, the Company capitalized $0.4 million of acquisition expenses to the Company's consolidated balance sheet, which are being amortized over the life of each investment using the effective interest method. No acquisition expenses were capitalized during the year ended December 31, 2014 or period from January 22, 2013 (date of inception) to December 31, 2013 . (2) These fees are initially capitalized to deferred costs, net on the consolidated balance sheets and subsequently amortized over the life of the respective instrument to interest expense on the consolidated statements of operations and comprehensive (loss) income. (3) These costs are included in general and administrative expense on the consolidated statements of operations and comprehensive (loss) income. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 years ended December 31, 2015 and 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 22.50 Vested (1,333 ) 22.50 Unvested, December 31, 2013 4,000 22.50 Granted 3,999 22.50 Vested (800 ) 22.50 Forfeited (2,400 ) 22.50 Unvested, December 31, 2014 4,799 22.50 Granted 6,240 24.04 Vested (1,067 ) 22.50 Forfeited (2,517 ) 23.83 Unvested, December 31, 2015 7,455 $ 23.34 |
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, Period from January 22, 2013 (date of inception) to December 31, 2013 (Dollar amounts in thousands) 2015 2014 Value of shares issued in lieu of cash $ — $ — $ 93 Shares issued in lieu of cash — — 4,114 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : Year Ended December 31, Period from January 22, 2013 (date of inception) to December 31, 2013 2015 2014 Net loss (in thousands) $ (21,117 ) $ (1,997 ) $ (20,797 ) Basic and diluted weighted-average shares outstanding 66,028,245 64,333,260 28,954,769 Basic and diluted net loss per share $ (0.32 ) $ (0.03 ) $ (0.72 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company had the following common share equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share as their effect would have been antidilutive for the periods presented: December 31, 2015 2014 2013 Unvested restricted stock (1) 6,349 5,221 3,325 OP Units 90 90 90 Class B Units (2) 953,086 364,786 12,173 Total common stock equivalents 959,525 370,097 15,588 _____________________ (1) Weighted-average number of shares of unvested restricted stock outstanding for the periods presented. There were 7,455 , 4,799 and 4,000 shares of unvested restricted stock outstanding as of December 31, 2015, 2014 and 2013, respectively. (2) Weighted-average number of issued and unvested Class B Units for the periods outstanding. As of December 31, 2015, 2014 and 2013, there were 1,052,420 , 703,796 and 75,430 Class B Units outstanding, respectively. |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 and the period from January 22, 2013 (date of inception) to December 31, 2013 : Quarters Ended (In thousands, except share and per share amounts) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 42,866 $ 43,269 $ 44,051 $ 44,312 Basic net income (loss) $ 4,901 $ (1,624 ) $ (11,428 ) $ (12,966 ) Adjustments to net income (loss) for common share equivalents (116 ) — — — Diluted net income (loss) 4,785 (1,624 ) (11,428 ) (12,966 ) Basic weighted-average shares outstanding 65,672,016 66,045,785 66,450,057 65,937,566 Basic net income (loss) per share $ 0.07 $ (0.02 ) $ (0.17 ) $ (0.20 ) Diluted weighted-average shares outstanding 65,677,204 66,045,785 66,450,057 65,937,566 Diluted net income (loss) per share $ 0.07 $ (0.02 ) $ (0.17 ) $ (0.20 ) Quarters Ended (1) (In thousands, except share and per share amounts) March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ 30,124 $ 42,076 $ 43,222 $ 42,958 Basic net (loss) income $ (9,569 ) $ 1,127 $ 1,610 $ 4,835 Adjustments to net (loss) income 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 (loss) income 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 (loss) income 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 January 22, 2013 (date of inception) to March 31, 2013 Quarters Ended (In thousands, except share and per share amounts) June 30, 2013 September 30, 2013 December 31, 2013 Total revenues $ — $ 35 $ 2,093 $ 22,161 Net loss $ (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 Ev
Subsequent Events Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | The following table presents certain information about the properties that the Company acquired from January 1, 2016 to March 15, 2016 : (Dollar amounts in thousands) Number of Properties Base Purchase Price (1) Total portfolio as of December 31, 2015 463 $ 2,169,308 Acquisitions 4 34,410 Total portfolio as of March 15, 2016 467 $ 2,203,718 ____________________ (1) Contract purchase price, excluding acquisition related costs. |
Organization (Details)
Organization (Details) - $ / shares | Dec. 31, 2015 | May. 14, 2015 | Dec. 31, 2014 | Nov. 19, 2014 | Apr. 04, 2013 |
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares available for issuance in IPO (in shares) | 68,000,000 | ||||
Share Price (in dollars per share) | $ 24.17 | $ 23.50 | $ 25 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Jan. 21, 2013USD ($) | |
Class of Stock [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Buildings, useful life | 40 years | |||
Fixtures, useful life | 5 years | |||
Land improvements, useful life | 15 years | |||
Cash and cash equivalents | $ 101,176 | $ 130,500 | $ 74,760 | $ 0 |
Cash in excess of FDIC limit | 129,700 | 74,000 | ||
In-place leases [Member] | Depreciation and Amortization [Member] | ||||
Class of Stock [Line Items] | ||||
Amortization | 2,900 | 34,600 | 30,800 | |
Above and Below Market Leases [Member] | Rental Income [Member] | ||||
Class of Stock [Line Items] | ||||
Amortization | $ 22 | $ (1,700) | $ (1,400) | |
Maximum [Member] | ||||
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 Accoun43
Summary of Significant Accounting Policies (Acquired Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Gross Carrying Amount | ||
Finite-Lived Intangible Assets, Gross | $ 319,028 | $ 319,028 |
Accumulated Amortization | 73,833 | 36,227 |
Net Carrying Amount | 245,195 | 282,801 |
Below Market Lease, Gross | 20,623 | 20,623 |
Below-market leases, Accumulated Amortization | 2,490 | 1,150 |
Below Market Lease, Net Carrying Amount | 18,133 | 19,473 |
In-place leases [Member] | ||
Gross Carrying Amount | ||
Finite-Lived Intangible Assets, Gross | 305,245 | 305,245 |
Accumulated Amortization | 68,278 | 33,678 |
Net Carrying Amount | 236,967 | 271,567 |
Above-market lease assets [Member] | ||
Gross Carrying Amount | ||
Finite-Lived Intangible Assets, Gross | 13,783 | 13,783 |
Accumulated Amortization | 5,555 | 2,549 |
Net Carrying Amount | $ 8,228 | $ 11,234 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Lease Amortization) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Gross Carrying Amount | |
2,016 | $ 34,600 |
2,017 | 34,600 |
2,018 | 23,876 |
2,019 | 23,856 |
2,020 | 22,238 |
Below Market Lease, 2016 | (1,666) |
Below Market Lease, 2017 | (1,666) |
Below Market Lease, 2018 | 871 |
Below Market Lease, 2019 | 871 |
Below Market Lease, 2020 | 871 |
In-place leases [Member] | |
Gross Carrying Amount | |
2,016 | 34,600 |
2,017 | 34,600 |
2,018 | 23,876 |
2,019 | 23,856 |
2,020 | 22,238 |
Above-market lease assets [Member] | |
Gross Carrying Amount | |
2,016 | (3,006) |
2,017 | (3,006) |
2,018 | (469) |
2,019 | (469) |
2,020 | (469) |
Below-market lease liabilities [Member] | |
Gross Carrying Amount | |
Below Market Lease, 2016 | 1,340 |
Below Market Lease, 2017 | 1,340 |
Below Market Lease, 2018 | 1,340 |
Below Market Lease, 2019 | 1,340 |
Below Market Lease, 2020 | $ 1,340 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Summary of Distributions) (Details) - $ / shares | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | |||
Dividends (in usd per share) | $ 1.65 | $ 1.65 | $ 1.65 |
Dividends, percent | 100.00% | 100.00% | 100.00% |
Return of Capital [Member] | |||
Dividends Payable [Line Items] | |||
Dividends (in usd per share) | $ 1.43 | $ 1.48335 | $ 0.91 |
Dividends, percent | 86.70% | 89.90% | 55.50% |
Ordinary Dividend Income [Member] | |||
Dividends Payable [Line Items] | |||
Dividends (in usd per share) | $ 0.22 | $ 0.16665 | $ 0.73 |
Dividends, percent | 13.30% | 10.10% | 44.20% |
Capital Gain [Member] | |||
Dividends Payable [Line Items] | |||
Dividends (in usd per share) | $ 0 | $ 0 | $ 0.01 |
Dividends, percent | 0.00% | 0.00% | 0.30% |
Real Estate Investments (Narrat
Real Estate Investments (Narrative) (Details) $ in Thousands | Mar. 21, 2014USD ($) | Feb. 21, 2014USD ($) | Sep. 24, 2013USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Number of real estate properties | property | 463 | ||||||
Number of properties representing more than 5% of total portfolio | property | 4 | ||||||
Cash paid for acquired real estate investments, at cost | $ 1,127,075 | $ 528,228 | [1] | ||||
Acquisition and transaction related | $ 26,934 | $ 2,220 | $ 22,595 | ||||
Home Depot - Birmingham, Alabama [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cash paid for acquired real estate investments, at cost | $ 41,400 | ||||||
Acquisition and transaction related | 500 | ||||||
Home Depot, Valdosta, GA [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cash paid for acquired real estate investments, at cost | 37,600 | ||||||
Acquisition and transaction related | $ 400 | ||||||
C&S Wholesale Grocers, Birmingham, AL [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cash paid for acquired real estate investments, at cost | $ 54,400 | ||||||
Acquisition and transaction related | $ 800 | ||||||
Sanofi US Bridgewater, NJ [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cash paid for acquired real estate investments, at cost | $ 251,100 | ||||||
Acquisition and transaction related | $ 5,800 | ||||||
[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) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013USD ($)property | Dec. 31, 2014USD ($)property | ||
Property, Plant and Equipment [Line Items] | |||
Land | $ 147,899 | $ 210,379 | |
Buildings, fixtures and improvements | 868,700 | 672,121 | |
Total tangible assets | 1,016,599 | 882,500 | |
Below-market lease liabilities | (931) | (19,692) | |
Total assets acquired, net | 1,146,141 | 1,051,363 | |
Mortgage notes payable assumed | (8,830) | (462,238) | |
Premium on mortgage assumed | (334) | (27,862) | |
Real estate investments financed through accounts payable | (9,902) | 0 | |
Deposits paid in prior periods | 0 | (33,035) | |
Cash paid for acquired real estate investments, at cost | $ 1,127,075 | $ 528,228 | [1] |
Number of properties purchased | property | 239 | 224 | |
Cash paid for real estate in prior periods | $ 9,900 | ||
In-place leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acquired intangibles | $ 130,093 | 175,152 | |
Above-market lease assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acquired intangibles | $ 380 | $ 13,403 | |
[1] | Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million. |
Real Estate Investments (Sche48
Real Estate Investments (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Real Estate Investments, Net [Abstract] | |
2,016 | $ 157,027 |
2,017 | 159,426 |
2,018 | 130,993 |
2,019 | 132,715 |
2,020 | 127,233 |
Thereafter | 709,032 |
Total | $ 1,416,426 |
Real Estate Investments (Annual
Real Estate Investments (Annualized Rental Income by Major Tenants) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
SunTrust Bank [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 17.90% | 17.90% |
Sanofi US [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 11.60% | 11.60% |
C&S Wholesale Grocer [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 10.40% | 10.40% |
Real Estate Investments (Annu50
Real Estate Investments (Annualized Rental Income by Geographic Location) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
New Jersey [Member] | ||
Concentration Risk, Percentage | 20.30% | 20.30% |
Georgia [Member] | ||
Concentration Risk, Percentage | 11.20% | 11.20% |
Commercial Mortgage Loans (Narr
Commercial Mortgage Loans (Narrative) (Details) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Receivables [Abstract] | |||
Number of mortgage loan investments | loan | 3 | 0 | |
Loss on assets held for sale | $ | $ 0 | $ (5,476) | $ 0 |
Commercial Mortgage Loans (Comp
Commercial Mortgage Loans (Composition of Loan Portfolio) (Details) - Commercial Portfolio Segment $ in Thousands | Dec. 31, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Par Value | $ 79,850 |
Percentage | 100.00% |
Student Housing - Multifamily [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Par Value | $ 17,200 |
Percentage | 21.60% |
Hospitality [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Par Value | $ 44,500 |
Percentage | 55.70% |
Retail [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Par Value | $ 18,150 |
Percentage | 22.70% |
Commercial Mortgage Loans (Roll
Commercial Mortgage Loans (Rollforward of Loan Portfolio) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||
Beginning balance | $ 0 | |
Originations | 79,410 | |
Reclassifications to assets held for sale | (56,884) | |
Loss on assets held for sale | (5,476) | |
Discount accretion and premium amortization | 85 | [1] |
Ending balance | $ 17,135 | |
[1] | Includes amortization of capitalized origination fees and expenses. |
Commercial Mortgage-Backed Se54
Commercial Mortgage-Backed Securities (Summary of Changes in Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | $ 51,160 | $ 19,266 | $ 47,316 |
Realized Loss | $ (125) | (738) | $ (297) |
Commercial mortgage-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate Cost Basis | 30,209 | ||
Sale Price | 28,624 | ||
Realized Loss | $ 1,585 |
Other Real Estate Securities (D
Other Real Estate Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Other real estate securities, available-for-sale, at fair value | $ 0 | $ 18,991 |
Other real estate securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 18,528 | |
Gross Unrealized Gains | 463 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 18,991 |
Other Real Estate Securities (S
Other Real Estate Securities (Summary of Realized Gains) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | $ 51,160 | $ 19,266 | $ 47,316 |
Realized Gain, Net | 125 | 738 | 297 |
Other real estate securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate Cost Basis | 360 | 18,528 | 47,020 |
Sale Price | 485 | 19,266 | 47,317 |
Realized Gain, Net | $ 125 | $ 738 | $ 297 |
Mortgage Notes Payable (Narrati
Mortgage Notes Payable (Narrative) (Details) | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Aug. 07, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Encumbered Properties | property | 459 | |||
Mortgage notes payable | $ 1,053,648,000 | $ 470,079,000 | ||
Restricted cash | 7,887,000 | 0 | ||
Restricted cash | $ 0 | $ (7,887,000) | 0 | |
Mortgages [Member] | Multi-Tenant Mortgage Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 655,000,000 | |||
Stated interest rate | 4.30% | |||
Encumbered Properties | property | 268 | |||
Mortgage notes payable | $ 649,532,000 | $ 0 | ||
Restricted cash | 7,900,000 | $ 42,500,000 | ||
Restricted cash | $ 34,600,000 |
Mortgage Notes Payable (Summary
Mortgage Notes Payable (Summary of Mortgage Notes Payable) (Details) $ in Thousands | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 459 | ||
Mortgage notes payable | $ | $ 1,053,648 | $ 470,079 | |
Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | [1] | 4.77% | 5.66% |
SAAB Sensis I [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 1 | ||
Mortgage notes payable | $ | $ 8,190 | $ 8,519 | |
Effective Interest Rate | 6.01% | 6.01% | |
SunTrust Bank II [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 30 | ||
Mortgage notes payable | $ | $ 25,000 | $ 25,000 | |
Effective Interest Rate | 5.50% | 5.50% | |
C&S Wholesale Grocer I [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 4 | ||
Mortgage notes payable | $ | $ 82,313 | $ 82,313 | |
Effective Interest Rate | 5.56% | 5.56% | |
SunTrust Bank III [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 121 | ||
Mortgage notes payable | $ | $ 99,677 | $ 99,677 | |
Effective Interest Rate | 5.50% | 5.50% | |
SunTrust Bank IV [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 30 | ||
Mortgage notes payable | $ | $ 25,000 | $ 25,000 | |
Effective Interest Rate | 5.50% | 5.50% | |
Stop & Shop I [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 4 | ||
Mortgage notes payable | $ | $ 38,936 | $ 39,570 | |
Effective Interest Rate | 5.63% | 5.63% | |
Sanofi US I - Original Loan [Member] | Sanofi US I [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 0 | ||
Mortgage notes payable | $ | $ 0 | $ 190,000 | |
Effective Interest Rate | 0.00% | 5.83% | |
Sanofi US I - New Loan [Member] | Sanofi US I [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 1 | ||
Mortgage notes payable | $ | $ 125,000 | $ 0 | |
Effective Interest Rate | 5.16% | 0.00% | |
Multi-Tenant Mortgage Loan [Member] | Mortgage notes payable and premiums, net [Member] | |||
Debt Instrument [Line Items] | |||
Encumbered Properties | property | 268 | ||
Mortgage notes payable | $ | $ 649,532 | $ 0 | |
Effective Interest Rate | 4.36% | 0.00% | |
[1] | Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated. |
Mortgage Notes Payable (Future
Mortgage Notes Payable (Future Minimum Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt | $ 1,053,648 |
Mortgage notes payable and premiums, net [Member] | |
Debt Instrument [Line Items] | |
2,016 | 1,014 |
2,017 | 1,080 |
2,018 | 1,143 |
2,019 | 1,211 |
2,020 | 650,808 |
Thereafter | $ 398,392 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Aug. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 23, 2013 | |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 0 | $ (7,564,000) | $ 0 | ||
Credit facility | 0 | $ 423,000,000 | |||
JPMorgan Chase Bank, N.A. [Member] | Credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 750,000,000 | $ 200,000,000 | |||
Loss on extinguishment of debt | $ (7,600,000) | ||||
JPMorgan Chase Bank, N.A. [Member] | Swing Line [Member] | Credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 25,000,000 | ||||
JPMorgan Chase Bank, N.A. [Member] | Letter of Credit [Member] | Credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 20,000,000 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | $ 56,884 | |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 0 | |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 56,884 | |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 0 | |
Other real estate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | $ 18,991 | |
Other real estate securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | $ 18,991 | |
Other real estate securities [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 18,991 | |
Other real estate securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | 0 | |
Other real estate securities [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, at fair value | $ 0 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (Fair Value of Financial Instruments) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, held for investment | $ 17,135 | $ 0 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial mortgage loans, held for investment | 17,200 | 0 |
Mortgage notes payable and premiums, net [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 1,068,540 | 492,179 |
Mortgage notes payable and premiums, net [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 1,103,352 | 505,629 |
Credit facility [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 0 | 423,000 |
Credit facility [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 0 | $ 423,000 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2016 | Nov. 06, 2015 | Oct. 12, 2015 | Sep. 30, 2015 | May. 14, 2015 | Apr. 29, 2015 | Nov. 19, 2014 | Nov. 14, 2014 | Apr. 04, 2013 |
Class of Stock [Line Items] | ||||||||||||||
Common stock, outstanding (in shares) | 64,961,256 | 65,257,954 | 65,257,954 | 66,456,430 | ||||||||||
Dividends declared per day (in dollars per share) | $ 0.00452054795 | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.65 | |||||||||||||
Quarterly authorized amount as a percentage of net asset value | 1.25% | 1.25% | ||||||||||||
Common stock issued through distribution reinvestment plan (in shares) | 900,000 | 1,500,000 | 2,600,000 | |||||||||||
Common stock issued through distribution reinvestment plan | $ 20,429 | $ 34,806 | $ 60,977 | $ 20,429 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share Price (in dollars per share) | $ 24.17 | $ 23.50 | $ 25 | |||||||||||
Share price for Drip (In dollars per share) | $ 23.75 | |||||||||||||
Distribution Reinvestment Plan [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||||
Minimum [Member] | Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Drip Share price as a percent of IPO price | 95.00% | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Maximum percent of weighted average shares outstanding eligible for repurchase, for semi-annual period | 2.50% | |||||||||||||
Maximum percent of weighted average shares outstanding eligible for repurchase, for fiscal year | 5.00% | |||||||||||||
Subsequent Event [Member] | One Year [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share repurchase program, percentage of value of capital paid | 92.50% | |||||||||||||
Subsequent Event [Member] | Two Years [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share repurchase program, percentage of value of capital paid | 95.00% | |||||||||||||
Subsequent Event [Member] | Three Years [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share repurchase program, percentage of value of capital paid | 97.50% | |||||||||||||
Subsequent Event [Member] | Four Years [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share repurchase program, percentage of value of capital paid | 100.00% |
Common Stock (Stock Redemption)
Common Stock (Stock Redemption) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 22, 2013 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Number of Shares (in shares) | 0 | 8,082 | 1,769,738 | 295,825 | 2,073,645 | [1] | |||
Weighted Average Price per Share (in dollars per share) | $ 0 | $ 24.98 | $ 24.13 | $ 23.99 | $ 24.12 | [1] | |||
Common stock, outstanding (in shares) | 64,961,256 | 64,961,256 | 65,257,954 | 64,961,256 | 66,456,430 | ||||
Percent of weighted average shares approved | 1.00% | ||||||||
Number of remaining shares authorized for repurchase (in shares) | 4,063,415 | 4,063,415 | 4,063,415 | ||||||
Accounts payable and accrued expenses | $ 24,964 | $ 24,964 | $ 12,799 | $ 24,964 | |||||
Unfunded [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Number of remaining shares authorized for repurchase (in shares) | 2,298,905 | 2,298,905 | 2,298,905 | ||||||
Accounts payable and accrued expenses | $ 16,100 | $ 16,100 | $ 16,100 | ||||||
Subsequent Event [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Weighted Average Price per Share (in dollars per share) | $ 24.17 | ||||||||
Number of remaining shares authorized for repurchase (in shares) | 664,564 | ||||||||
[1] | As permitted under the Second SRP, in January 2016, the Company's board of directors authorized, with respect to repurchase requests received during the quarter ended December 31, 2015 (exclusive of any shares requested for repurchase on the Special Share Repurchase Date), the repurchase of shares validly submitted equal to 1.00% of the product of (i) $24.17, the Company's most recently published Estimated Per-Share NAV, and (ii) 66,456,430, the number of shares outstanding as of September 30, 2015, representing less than all the shares validly submitted for repurchase during the quarter ended December 31, 2015 (exclusive of any shares requested for redemption on the Special Share Repurchase Date). Accordingly, 664,564 shares at a weighted average repurchase price of $24.17 per share (including all shares submitted for death and disability) were approved for repurchase and completed in February 2016. This $16.1 million liability is included in accounts payable and accrued expenses on the consolidated balance sheet as of December 31, 2015. A total of 4,063,415 shares were requested for repurchase during the year ended December 31, 2015, of which 2,298,905 share requests were not approved for repurchase and thus not fulfilled. |
Commitments and Contingencies65
Commitments and Contingencies (Future Minimum Ground Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 895 |
2,017 | 900 |
2,018 | 882 |
2,019 | 882 |
2,020 | 653 |
Thereafter | 4,873 |
Total | $ 9,085 |
Commitments and Contingencies66
Commitments and Contingencies (Unfunded Commitments Under Commercial Mortgage Loans) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 0 |
2,017 | 2,450 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 2,450 |
Related Party Transactions an67
Related Party Transactions and Arrangements (Narrative) (Details) - American Realty Capital Trust V Special Limited Partner, LLC [Member] - Special Limited Partner [Member] - shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 an68
Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details) - Realty Capital Securities, LLC [Member] - Maximum [Member] - Gross Proceeds, Common Stock [Member] - Dealer Manager [Member] | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |
Sales commissions as a percentage of benchmark | 7.00% |
Option One [Member] | |
Related Party Transaction [Line Items] | |
Gross proceeds from the sale of common stock, before allowances | 3.00% |
Related Party Transactions an69
Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO, Selling Commissions and Dealer Fees) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||
Total commissions and fees from the Dealer Manager | $ 0 | $ 13,009 | $ 0 | |
Realty Capital Securities, LLC [Member] | Total commissions and fees from the Dealer Manager [Member] | Dealer Manager [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total commissions and fees from the Dealer Manager | $ 143,009 | 0 | (3) | [1] |
Payable (Receivable) | $ 0 | $ (13) | [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 an70
Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO, Offering Costs and Reimbursements) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Total commissions and fees from the Dealer Manager | $ 0 | $ 13,009 | $ 0 |
Fees and expense reimbursements from the Advisor and Dealer Manager [Member] | American Realty Capital Advisors V, LLC (Advisor) and Realty Capital Securities, LLC (Dealer Manager) [Member] | Advisor and Dealer Manager [Member] | |||
Related Party Transaction [Line Items] | |||
Total commissions and fees from the Dealer Manager | $ 30,482 | 0 | (253) |
Due to Affiliate | $ 0 | $ 0 |
Related Party Transactions an71
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - USD ($) | Jul. 20, 2015 | Apr. 29, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 15, 2015 | |
Related Party Transaction [Line Items] | |||||||||
Asset management fees to related party | $ 0 | $ 13,009,000 | $ 0 | ||||||
American Realty Capital Advisors V, LLC [Member] | Contract Purchase Price [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Antidilutive shares (in shares) | 703,796 | 75,430 | |||||||
Realty Capital Securities, LLC [Member] | Transaction Value [Member] | Dealer Manager [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Listing advisory fee earned | 0.25% | ||||||||
Total commissions and fees from the Dealer Manager [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share Price (in dollars per share) | $ 22.50 | ||||||||
Total commissions and fees from the Dealer Manager [Member] | Realty Capital Securities, LLC [Member] | Dealer Manager [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Asset management fees to related party | 143,009,000 | $ 0 | $ (3,000) | [1] | |||||
American Realty Capital Advisors V, LLC [Member] | Contract Purchase Price [Member] | Advisor [Member] | |||||||||
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 | 0.1875% | ||||||||
Antidilutive shares (in shares) | 1,052,420 | ||||||||
American Realty Capital Advisors V, LLC [Member] | Advance on Loan or Other Investment [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Expected third party acquisition costs reimbursable | 0.50% | ||||||||
American Realty Capital Advisors V, LLC [Member] | Amount Available or Outstanding Under Financing Arrangement [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Financing coordination fees earned | 0.75% | ||||||||
American Realty Capital Advisors V, LLC [Member] | Maximum [Member] | Contract Purchase Price [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Acquisition fees and acquisition related expenses | 4.50% | ||||||||
American Realty Capital Advisors V, LLC [Member] | Maximum [Member] | Advance on Loan or Other Investment [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Financing advance fees earned by related party percentage | 4.50% | ||||||||
American Realty Capital Advisors V, LLC [Member] | Maximum [Member] | Contract Purchase Price, All Assets Acquired [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Acquisition fees and acquisition related expenses | 1.50% | ||||||||
American Realty Capital Advisors V, LLC [Member] | Annual Targeted Investor Return [Member] | Pre-tax Non-compounded Return on Capital Contribution [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cumulative capital investment return | 6.00% | ||||||||
Advisory Agreement [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction term | 20 years | ||||||||
Annual Asset Management Fee as Percentage of Assets [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Annual asset management fee percentage | 0.75% | ||||||||
Base Management Fee [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Quarterly payments | $ 1,500,000 | ||||||||
Quarterly payments, percent of net proceeds from equity financing | 0.375% | ||||||||
Annual Subordinated Performance Fee [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percent of earnings in excess of benchmark one | 15.00% | ||||||||
Earnings per share used in calculation, benchmark one | $ 0.375 | ||||||||
Percent of earnings in excess of benchmark two | 10.00% | ||||||||
Earnings per share used in calculation, benchmark two | $ 0.50 | ||||||||
Administrative Services [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Asset management fees to related party | $ 0 | 0 | $ 1,200,000 | 0 | |||||
Absorbed General and Administrative Expenses [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Asset management fees to related party | 100,000 | 0 | 0 | ||||||
Incurred [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Asset management fees to related party | 21,966,000 | 25,782,000 | 19,222,000 | ||||||
Incurred [Member] | One-time fees and reimbursements [Member] | Transaction fees [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Asset management fees to related party | $ 4,423,000 | $ 0 | $ 0 | ||||||
[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 an72
Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | $ 0 | $ 13,009 | $ 0 | ||
Deferred costs, net | 20,066 | 13,923 | |||
Acquisition fees and related cost reimbursements [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 900 | ||||
Deferred costs, net | 400 | ||||
Incurred [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 21,966 | 25,782 | 19,222 | ||
Forgiven [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 0 | 0 | 0 | ||
Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | 541 | 753 | |||
One-time fees and reimbursements [Member] | Incurred [Member] | Acquisition fees and related cost reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 13,126 | 1,330 | [1] | 10,578 | |
One-time fees and reimbursements [Member] | Incurred [Member] | Financing coordination fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [2] | 3,479 | 5,850 | 5,678 | |
One-time fees and reimbursements [Member] | Incurred [Member] | Transaction fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 4,423 | 0 | 0 | ||
One-time fees and reimbursements [Member] | Forgiven [Member] | Acquisition fees and related cost reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 0 | 0 | 0 | ||
One-time fees and reimbursements [Member] | Forgiven [Member] | Financing coordination fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [2] | 0 | 0 | 0 | |
One-time fees and reimbursements [Member] | Forgiven [Member] | Transaction fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 0 | 0 | 0 | ||
One-time fees and reimbursements [Member] | Payable [Member] | Acquisition fees and related cost reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | 0 | 0 | |||
One-time fees and reimbursements [Member] | Payable [Member] | Financing coordination fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | [2] | 0 | 0 | ||
One-time fees and reimbursements [Member] | Payable [Member] | Transaction fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | 0 | 0 | |||
Ongoing fees [Member] | Incurred [Member] | Asset management fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 0 | 13,009 | 0 | ||
Ongoing fees [Member] | Incurred [Member] | Transfer agent and other professional fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [3] | 0 | 4,020 | 2,364 | |
Ongoing fees [Member] | Incurred [Member] | Strategic advisory fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [3] | 920 | 0 | 0 | |
Ongoing fees [Member] | Incurred [Member] | Total related party operation fees and reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [3] | 18 | 1,573 | 602 | |
Ongoing fees [Member] | Forgiven [Member] | Asset management fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | 0 | 0 | 0 | ||
Ongoing fees [Member] | Forgiven [Member] | Transfer agent and other professional fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [3] | 0 | 0 | 0 | |
Ongoing fees [Member] | Forgiven [Member] | Strategic advisory fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [3] | 0 | 0 | 0 | |
Ongoing fees [Member] | Forgiven [Member] | Total related party operation fees and reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total commissions and fees from the Dealer Manager | [3] | $ 0 | 0 | 0 | |
Ongoing fees [Member] | Payable [Member] | Asset management fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | 0 | 0 | |||
Ongoing fees [Member] | Payable [Member] | Transfer agent and other professional fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | [3] | 541 | 753 | ||
Ongoing fees [Member] | Payable [Member] | Strategic advisory fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | [3] | 0 | 0 | ||
Ongoing fees [Member] | Payable [Member] | Total related party operation fees and reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to Affiliate | [3] | $ 0 | $ 0 | ||
[1] | Acquisition fees and expenses from related parties of $0.9 million have been recognized in acquisition and transaction related expense on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2015. In addition, over the same period, the Company capitalized $0.4 million of acquisition expenses to the Company's consolidated balance sheet, which are being amortized over the life of each investment using the effective interest method. No acquisition expenses were capitalized during the year ended December 31, 2014 or period from January 22, 2013 (date of inception) to December 31, 2013. | ||||
[2] | These fees are initially capitalized to deferred costs, net on the consolidated balance sheets and subsequently amortized over the life of the respective instrument to interest expense on the consolidated statements of operations and comprehensive (loss) income. | ||||
[3] | These costs are included in general and administrative expense on the consolidated statements of operations and comprehensive (loss) income. |
Related Party Transactions an73
Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) - USD ($) | 3 Months Ended | 11 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Total commissions and fees from the Dealer Manager | $ 0 | $ 13,009,000 | $ 0 | |
RCS Advisory Services, LLC [Member] | Advisory Transaction Services [Member] | ||||
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 [Member] | Advisory Transaction Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Transaction agreement amount | 1,900,000 | |||
RCS Capital [Member] | Advisory Transaction Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total commissions and fees from the Dealer Manager | $ 0 | 0 | $ 0 | 1,000,000 |
Maximum [Member] | Brokerage Commission Fees [Member] | Contract Sales Price [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate commissions as a percentage of benchmark | 2.00% | |||
Maximum [Member] | Real Estate Commissions [Member] | Contract Sales Price [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate commissions as a percentage of benchmark | 6.00% | |||
Option One [Member] | RCS Capital [Member] | Advisory Transaction Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
As a percentage of transaction value | 0.25% | |||
Option Two [Member] | RCS Capital [Member] | Advisory Transaction Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Transaction agreement amount | $ 1,000,000 | |||
Option Three [Member] | RCS Capital [Member] | Advisory Transaction Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Transaction agreement amount | 1,000,000 | |||
Acquisition fees and related cost reimbursements [Member] | Realty Capital Securities, LLC and American National Stock Transfer, LLC [Member] | Advisory Transaction Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total commissions and fees from the Dealer Manager | $ 0 | $ 700,000 | $ 1,200,000 | |
Cash Distribution [Member] | Special Limited Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Obligation to distribute, equal to market value of stock or sum of proceeds from offering | 15.00% | |||
Minimum cumulative, non-compounded pre-tax annual return | 6.00% |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 29, 2015 | Apr. 28, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 04, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Restricted Share Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted automatically upon election to board of directors (in shares) | 1,333 | |||||
Vesting period | 5 years | |||||
Periodic vesting percentage | 20.00% | |||||
Maximum authorized amount as a percentage of shares authorized | 10.00% | 5.00% | 5.00% | |||
Number of shares authorized (in shares) | 3,400,000 | 3,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||
Beginning Balance (in shares) | 0 | 4,799 | 4,000 | |||
Granted (in shares) | 5,333 | 6,240 | 3,999 | |||
Vested (in shares) | (1,333) | (1,067) | (800) | |||
Forfeited (in shares) | (2,517) | (2,400) | ||||
Ending Balance (in shares) | 4,000 | 7,455 | 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 | 24.04 | $ 22.50 | |||
Vested (in dollars per share) | $ 22.50 | 22.50 | 22.50 | |||
Forfeited (in dollars per share) | 23.83 | 22.50 | ||||
Ending Balance (in dollars per share) | $ 23.34 | $ 22.50 | ||||
Unrecognized compensation costs | $ 100 | |||||
Weighted average period for recognition | 3 years 2 months 19 days | |||||
Share based compensation expense | $ 44 | $ 50 | $ 21 | |||
Distribution Reinvestment Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Share-Based Compensation (Other
Share-Based Compensation (Other Share-Based Compensation) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Value of shares issued in lieu of cash | $ 93 | $ 0 | $ 0 |
Shares issued in lieu of cash (in shares) | 4,114 | 0 | 0 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | ||||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jan. 21, 2013 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||
Net loss | $ (29) | $ (12,966) | $ (11,428) | $ (1,624) | $ 4,901 | $ 4,835 | [1] | $ 1,610 | $ 1,127 | $ (9,569) | $ (3,539) | $ (17,014) | $ (215) | $ (20,797) | $ (21,117) | $ (1,997) | $ (20,797) | ||||||
Basic and diluted weighted-average shares outstanding (in shares) | 8,888 | 62,329,506 | 38,295,114 | 5,173,574 | 28,954,769 | 66,028,245 | 64,333,260 | ||||||||||||||||
Basic and diluted net loss per share (in dollars per share) | $ (3.26) | $ (0.06) | $ (0.44) | $ (0.04) | $ (0.72) | $ (0.32) | $ (0.03) | ||||||||||||||||
Antidilutive shares (in shares) | 15,588 | 959,525 | 370,097 | ||||||||||||||||||||
Advisor [Member] | Contract Purchase Price [Member] | American Realty Capital Advisors V, LLC [Member] | |||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||
Antidilutive shares (in shares) | 1,052,420 | ||||||||||||||||||||||
American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | Contract Purchase Price [Member] | |||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||
Antidilutive shares (in shares) | 703,796 | 75,430 | |||||||||||||||||||||
Restricted Stock [Member] | Restricted Share Plan [Member] | |||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||
Number of restricted stock outstanding (in shares) | 7,455 | 4,799 | 4,000 | 4,000 | 7,455 | 4,799 | 4,000 | 4,799 | 0 | ||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||
Antidilutive shares (in shares) | [2] | 3,325 | 6,349 | 5,221 | |||||||||||||||||||
OP Units [Member] | |||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||
Antidilutive shares (in shares) | 90 | 90 | 90 | ||||||||||||||||||||
Class B Units [Member] | |||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||||
Antidilutive shares (in shares) | [3] | 12,173 | 953,086 | 364,786 | |||||||||||||||||||
[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 $3.7 million, for the three months ended March 31, June 30 and September 30, 2014, respectively. | ||||||||||||||||||||||
[2] | Weighted-average number of shares of unvested restricted stock outstanding for the periods presented. There were 7,455, 4,799 and 4,000 shares of unvested restricted stock outstanding as of December 31, 2015, 2014 and 2013, respectively. | ||||||||||||||||||||||
[3] | Weighted-average number of issued and unvested Class B Units for the periods outstanding. As of December 31, 2015, 2014 and 2013, there were 1,052,420, 703,796 and 75,430 Class B Units outstanding, respectively. |
Quarterly Results (Unaudited)77
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | |||||||||||||||
Mar. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | ||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||||||||
Total revenues | $ 0 | $ 44,312 | $ 44,051 | $ 43,269 | $ 42,866 | $ 42,958 | $ 43,222 | [1] | $ 42,076 | [1] | $ 30,124 | [1] | $ 22,161 | $ 2,093 | $ 35 | $ 24,289 | $ 174,498 | $ 158,380 | ||
Basic net income (loss) | $ (29) | (12,966) | (11,428) | (1,624) | 4,901 | 4,835 | 1,610 | [1] | 1,127 | [1] | (9,569) | [1] | $ (3,539) | $ (17,014) | $ (215) | $ (20,797) | $ (21,117) | $ (1,997) | $ (20,797) | |
Basic and diluted weighted-average shares outstanding (in shares) | 8,888 | 62,329,506 | 38,295,114 | 5,173,574 | 28,954,769 | 66,028,245 | 64,333,260 | |||||||||||||
Adjustments to net income (loss) for common share equivalents | 0 | 0 | 0 | (116) | (92) | (98) | [1] | (156) | [1] | 0 | [1] | |||||||||
Diluted net income (loss) | $ (12,966) | $ (11,428) | $ (1,624) | $ 4,785 | $ 4,743 | $ 1,512 | [1] | $ 971 | [1] | $ (9,569) | [1] | |||||||||
Basic weighted-average shares outstanding (in shares) | 65,937,566 | 66,450,057 | 66,045,785 | 65,672,016 | 65,243,247 | 64,654,279 | [1] | 64,018,318 | [1] | 62,693,554 | [1] | |||||||||
Basic net income (loss) per share (in dollars per share) | $ (0.20) | $ (0.17) | $ (0.02) | $ 0.07 | $ 0.07 | $ 0.02 | [1] | $ 0.02 | [1] | $ (0.15) | [1] | |||||||||
Diluted weighted-average shares outstanding (in shares) | 65,937,566 | 66,450,057 | 66,045,785 | 65,677,204 | 65,248,137 | 64,661,074 | [1] | 64,023,762 | [1] | 62,693,554 | [1] | |||||||||
Diluted net income (loss) per share (in dollars per share) | $ (0.20) | $ (0.17) | $ (0.02) | $ 0.07 | $ 0.07 | $ 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) | $ (0.32) | $ (0.03) | |||||||||||||
Scenario, Adjustment [Member] | ||||||||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||||||||
Total revenues | $ (400) | $ (400) | $ (100) | |||||||||||||||||
Depreciation and amortization | $ (3,700) | $ (3,400) | $ (1,200) | |||||||||||||||||
[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) (
Subsequent Events (Narrative) (Details) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Jan. 31, 2016USD ($)loan | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Subsequent Event [Line Items] | ||||
Gain on sale of commercial mortgage loans | $ 0 | $ (5,476) | $ 0 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum percent of weighted average shares outstanding eligible for repurchase, for semi-annual period | 2.50% | |||
Maximum percent of weighted average shares outstanding eligible for repurchase, for fiscal year | 5.00% | |||
Number of commercial mortgage loans sold | loan | 2 | |||
Gain on sale of commercial mortgage loans | $ 56,900 | |||
One Year [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share repurchase program, percentage of value of capital paid | 92.50% | |||
Two Years [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share repurchase program, percentage of value of capital paid | 95.00% | |||
Three Years [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share repurchase program, percentage of value of capital paid | 97.50% | |||
Four Years [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share repurchase program, percentage of value of capital paid | 100.00% |
Subsequent Events (Acquisitions
Subsequent Events (Acquisitions) (Details) $ in Thousands | 2 Months Ended | 11 Months Ended | 12 Months Ended | |
Mar. 15, 2016USD ($)property | Dec. 31, 2013property | Dec. 31, 2014property | ||
Movement in Business Combinations [Roll Forward] | ||||
Beginning properties | 463 | |||
Beginning base purchase price | $ | [1] | $ 2,169,308 | ||
Acquisitions | 239 | 224 | ||
Subsequent Event [Member] | ||||
Movement in Business Combinations [Roll Forward] | ||||
Acquisitions | 4 | |||
Acquisitions | $ | [1] | $ 34,410 | ||
Ending properties | 467 | |||
Ending base purchase price | $ | [1] | $ 2,203,718 | ||
[1] | Contract purchase price, excluding acquisition related costs. |
Real Estate and Accumulated D80
Real Estate and Accumulated Depreciation - Schedule III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 21, 2013 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 1,053,648 | |||||
Land, Initial Cost | 358,955 | |||||
Buildings and Improvements, Initial Cost | 1,549,787 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | 1,899,099 | [1],[2] | $ 1,899,099 | $ 1,016,599 | $ 0 | |
Accumulated Depreciation | 141,594 | [3],[4] | 74,648 | $ 12,077 | $ 0 | |
Mortgage note payable | 1,053,648 | 470,079 | ||||
Acquired intangible lease assets | 319,028 | 319,028 | ||||
Tax basis | 2,100,000 | |||||
Accumulated amortization | $ 73,800 | |||||
Buildings, useful life | 40 years | |||||
Land improvements, useful life | 15 years | |||||
Fixtures, useful life | 5 years | |||||
United Healthcare I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Decrease in real estate property | $ 7,400 | |||||
SAAB Sensis I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Decrease in real estate property | 2,200 | |||||
Encumbrances Allocated [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 799,209 | |||||
Mission, TX [Member] | Dollar General [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 142 | |||||
Buildings and Improvements, Initial Cost | 807 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 949 | ||||
Accumulated Depreciation | [3],[4] | 121 | ||||
Sullivan, MO [Member] | Dollar General [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 146 | |||||
Buildings and Improvements, Initial Cost | 825 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 971 | ||||
Accumulated Depreciation | [3],[4] | 123 | ||||
Pine Bluff, AR [Member] | Walgreens [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 159 | |||||
Buildings and Improvements, Initial Cost | 3,016 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,175 | ||||
Accumulated Depreciation | [3],[4] | 452 | ||||
Bogalusa, LA [Member] | Dollar General, II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 107 | |||||
Buildings and Improvements, Initial Cost | 965 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,072 | ||||
Accumulated Depreciation | [3],[4] | 136 | ||||
Donaldsonville, LA [Member] | Dollar General, II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 97 | |||||
Buildings and Improvements, Initial Cost | 871 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 968 | ||||
Accumulated Depreciation | [3],[4] | 122 | ||||
Cut Off, LA [Member] | Auto Zone [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 67 | |||||
Buildings and Improvements, Initial Cost | 1,282 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,349 | ||||
Accumulated Depreciation | [3],[4] | 174 | ||||
Athens, MI [Member] | Dollar General III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 48 | |||||
Buildings and Improvements, Initial Cost | 907 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 955 | ||||
Accumulated Depreciation | [3],[4] | 123 | ||||
Fowler, MI [Member] | Dollar General III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 49 | |||||
Buildings and Improvements, Initial Cost | 940 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 989 | ||||
Accumulated Depreciation | [3],[4] | 128 | ||||
Hudson, MI [Member] | Dollar General III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 102 | |||||
Buildings and Improvements, Initial Cost | 922 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,024 | ||||
Accumulated Depreciation | [3],[4] | 125 | ||||
Muskegon, MI [Member] | Dollar General III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 49 | |||||
Buildings and Improvements, Initial Cost | 939 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 988 | ||||
Accumulated Depreciation | [3],[4] | 128 | ||||
Reese, MI [Member] | Dollar General III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 150 | |||||
Buildings and Improvements, Initial Cost | 848 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 998 | ||||
Accumulated Depreciation | [3],[4] | 115 | ||||
Ft Myers, FL [Member] | BSFS I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,215 | |||||
Buildings and Improvements, Initial Cost | 1,822 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,037 | ||||
Accumulated Depreciation | [3],[4] | 255 | ||||
Bainbridge, GA [Member] | Dollar General IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 233 | |||||
Buildings and Improvements, Initial Cost | 700 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 933 | ||||
Accumulated Depreciation | [3],[4] | 95 | ||||
Vanleer, TN [Member] | Dollar General IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 78 | |||||
Buildings and Improvements, Initial Cost | 705 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 783 | ||||
Accumulated Depreciation | [3],[4] | 96 | ||||
Vernon, CT [Member] | Tractor Supply I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 358 | |||||
Buildings and Improvements, Initial Cost | 3,220 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,578 | ||||
Accumulated Depreciation | [3],[4] | 371 | ||||
Meruax, LA [Member] | Dollar General V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 708 | |||||
Buildings and Improvements, Initial Cost | 1,315 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,023 | ||||
Accumulated Depreciation | [3],[4] | 179 | ||||
Tallahassee, FL [Member] | Matress Firm I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,015 | |||||
Buildings and Improvements, Initial Cost | 1,241 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,256 | ||||
Accumulated Depreciation | [3],[4] | 168 | ||||
Butler, KY [Member] | Family Dollar I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 126 | |||||
Buildings and Improvements, Initial Cost | 711 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 837 | ||||
Accumulated Depreciation | [3],[4] | 97 | ||||
Charlotte, NC [Member] | Food Lion I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 3,132 | |||||
Buildings and Improvements, Initial Cost | 4,697 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 7,829 | ||||
Accumulated Depreciation | [3],[4] | 540 | ||||
Charlotte, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 529 | |||||
Buildings and Improvements, Initial Cost | 650 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,179 | ||||
Accumulated Depreciation | [3],[4] | 34 | ||||
Charlotte, NC [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 651 | |||||
Buildings and Improvements, Initial Cost | 444 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,095 | ||||
Accumulated Depreciation | [3],[4] | 30 | ||||
Creedmoor, NC [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 306 | |||||
Buildings and Improvements, Initial Cost | 789 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,095 | ||||
Accumulated Depreciation | [3],[4] | 43 | ||||
Macon, GA [Member] | Lowes I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 0 | |||||
Buildings and Improvements, Initial Cost | 8,420 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 8,420 | ||||
Accumulated Depreciation | [3],[4] | 926 | ||||
Macon, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 214 | |||||
Buildings and Improvements, Initial Cost | 771 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 985 | ||||
Accumulated Depreciation | [3],[4] | 46 | ||||
Fayetteville, NC [Member] | Lowes I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 0 | |||||
Buildings and Improvements, Initial Cost | 6,422 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 6,422 | ||||
Accumulated Depreciation | [3],[4] | 706 | ||||
New Bern, NC [Member] | Lowes I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,812 | |||||
Buildings and Improvements, Initial Cost | 10,269 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 12,081 | ||||
Accumulated Depreciation | [3],[4] | 1,130 | ||||
Rocky MT, NC [Member] | Lowes I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,931 | |||||
Buildings and Improvements, Initial Cost | 10,940 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 12,871 | ||||
Accumulated Depreciation | [3],[4] | 1,203 | ||||
Maintowoc, WI [Member] | O'Reilly Auto [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 85 | |||||
Buildings and Improvements, Initial Cost | 761 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 846 | ||||
Accumulated Depreciation | [3],[4] | 100 | ||||
Aiken, SC [Member] | Lowes I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,764 | |||||
Buildings and Improvements, Initial Cost | 7,056 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 8,820 | ||||
Accumulated Depreciation | [3],[4] | 775 | ||||
Aiken, SC [Member] | Mattress Firm I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 426 | |||||
Buildings and Improvements, Initial Cost | 1,029 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,455 | ||||
Accumulated Depreciation | [3],[4] | 68 | ||||
Danville, AR [Member] | Family Dollar II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 170 | |||||
Buildings and Improvements, Initial Cost | 679 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 849 | ||||
Accumulated Depreciation | [3],[4] | 89 | ||||
Natalbany, LA [Member] | Dollar General VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 379 | |||||
Buildings and Improvements, Initial Cost | 883 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,262 | ||||
Accumulated Depreciation | [3],[4] | 116 | ||||
Gasburg, VA [Member] | Dollar General VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 52 | |||||
Buildings and Improvements, Initial Cost | 993 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,045 | ||||
Accumulated Depreciation | [3],[4] | 130 | ||||
Tucker, GA [Member] | Walgreens II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 0 | |||||
Buildings and Improvements, Initial Cost | 2,524 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,524 | ||||
Accumulated Depreciation | [3],[4] | 353 | ||||
Challis, ID [Member] | Family Dollar III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 44 | |||||
Buildings and Improvements, Initial Cost | 828 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 872 | ||||
Accumulated Depreciation | [3],[4] | 108 | ||||
Lake Jackson, TX [Member] | Chili's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 746 | |||||
Buildings and Improvements, Initial Cost | 1,741 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,487 | ||||
Accumulated Depreciation | [3],[4] | 286 | ||||
Victoria, TX [Member] | Chili's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 813 | |||||
Buildings and Improvements, Initial Cost | 1,897 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,710 | ||||
Accumulated Depreciation | [3],[4] | 312 | ||||
Anniston, AL [Member] | CVS I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 472 | |||||
Buildings and Improvements, Initial Cost | 1,887 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,359 | ||||
Accumulated Depreciation | [3],[4] | 264 | ||||
Westminster, CO [Member] | Joe's Crab Shack I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,136 | |||||
Buildings and Improvements, Initial Cost | 2,650 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,786 | ||||
Accumulated Depreciation | [3],[4] | 435 | ||||
Houston, TX [Member] | Joe's Crab Shack I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,169 | |||||
Buildings and Improvements, Initial Cost | 2,171 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,340 | ||||
Accumulated Depreciation | [3],[4] | 357 | ||||
Houston, TX [Member] | LA Fitness I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 2,540 | |||||
Buildings and Improvements, Initial Cost | 8,379 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 10,919 | ||||
Accumulated Depreciation | [3],[4] | 941 | ||||
Lake Wales, FL [Member] | Tire Kingdom I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 556 | |||||
Buildings and Improvements, Initial Cost | 1,296 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,852 | ||||
Accumulated Depreciation | [3],[4] | 175 | ||||
Temple, GA [Member] | Auto Zone II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 569 | |||||
Buildings and Improvements, Initial Cost | 854 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,423 | ||||
Accumulated Depreciation | [3],[4] | 112 | ||||
Stanleytown, VA [Member] | Dollar General VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 185 | |||||
Buildings and Improvements, Initial Cost | 1,049 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,234 | ||||
Accumulated Depreciation | [3],[4] | 137 | ||||
Oil City, LA [Member] | Family Dollar IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 76 | |||||
Buildings and Improvements, Initial Cost | 685 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 761 | ||||
Accumulated Depreciation | [3],[4] | 90 | ||||
Montevalo, AL [Member] | Fresenius I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 300 | |||||
Buildings and Improvements, Initial Cost | 1,699 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,999 | ||||
Accumulated Depreciation | [3],[4] | 186 | ||||
Mabelvale, AR [Member] | Dollar General IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 38 | |||||
Buildings and Improvements, Initial Cost | 723 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 761 | ||||
Accumulated Depreciation | [3],[4] | 95 | ||||
Angola, IN [Member] | Advance Auto I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 35 | |||||
Buildings and Improvements, Initial Cost | 671 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 706 | ||||
Accumulated Depreciation | [3],[4] | 85 | ||||
Hernando, MS [Member] | Arby's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 624 | |||||
Buildings and Improvements, Initial Cost | 1,455 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,079 | ||||
Accumulated Depreciation | [3],[4] | 231 | ||||
Holyoke, MA [Member] | CVS II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 0 | |||||
Buildings and Improvements, Initial Cost | 2,258 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,258 | ||||
Accumulated Depreciation | [3],[4] | 305 | ||||
Lansing, MI [Member] | Walgreens III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 216 | |||||
Buildings and Improvements, Initial Cost | 4,099 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,315 | ||||
Accumulated Depreciation | [3],[4] | 553 | ||||
Beaumont, TX [Member] | Walgreens IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 499 | |||||
Buildings and Improvements, Initial Cost | 1,995 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,494 | ||||
Accumulated Depreciation | [3],[4] | 269 | ||||
Salt Lake City, UT [Member] | American Express Travel Related Services I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 4,150 | |||||
Buildings and Improvements, Initial Cost | 32,789 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 36,939 | ||||
Accumulated Depreciation | [3],[4] | 5,782 | ||||
Greensboro, NC [Member] | American Express Travel Related Services I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,620 | |||||
Buildings and Improvements, Initial Cost | 41,401 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 43,021 | ||||
Accumulated Depreciation | [3],[4] | 6,764 | ||||
Greensboro, NC [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 650 | |||||
Buildings and Improvements, Initial Cost | 712 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,362 | ||||
Accumulated Depreciation | [3],[4] | 47 | ||||
Greensboro, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 488 | |||||
Buildings and Improvements, Initial Cost | 794 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,282 | ||||
Accumulated Depreciation | [3],[4] | 46 | ||||
Greensboro, NC [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 619 | |||||
Buildings and Improvements, Initial Cost | 742 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,361 | ||||
Accumulated Depreciation | [3],[4] | 50 | ||||
Greensboro, NC II [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 326 | |||||
Buildings and Improvements, Initial Cost | 633 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 959 | ||||
Accumulated Depreciation | [3],[4] | 37 | ||||
Piedmont, SC [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 3,030 | |||||
Buildings and Improvements, Initial Cost | 24,067 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 27,097 | ||||
Accumulated Depreciation | [3],[4] | 3,303 | ||||
Gaffney, SC [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,360 | |||||
Buildings and Improvements, Initial Cost | 5,666 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 7,026 | ||||
Accumulated Depreciation | [3],[4] | 778 | ||||
Pendergrass, GA [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 2,810 | |||||
Buildings and Improvements, Initial Cost | 26,572 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 29,382 | ||||
Accumulated Depreciation | [3],[4] | 3,647 | ||||
Gainesville, GA [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,580 | |||||
Buildings and Improvements, Initial Cost | 13,838 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 15,418 | ||||
Accumulated Depreciation | [3],[4] | 1,899 | ||||
Cartersville, GA [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,640 | |||||
Buildings and Improvements, Initial Cost | 14,533 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 16,173 | ||||
Accumulated Depreciation | [3],[4] | 1,995 | ||||
Cartersville, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 658 | |||||
Buildings and Improvements, Initial Cost | 1,734 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,392 | ||||
Accumulated Depreciation | [3],[4] | 90 | ||||
Douglas, GA [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 750 | |||||
Buildings and Improvements, Initial Cost | 7,076 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 7,826 | ||||
Accumulated Depreciation | [3],[4] | 971 | ||||
Douglas, GA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 73 | |||||
Buildings and Improvements, Initial Cost | 1,248 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,321 | ||||
Accumulated Depreciation | [3],[4] | 63 | ||||
Belvidere, IL [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 2,170 | |||||
Buildings and Improvements, Initial Cost | 17,843 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 20,013 | ||||
Accumulated Depreciation | [3],[4] | 2,449 | ||||
Brooklyn Park, MN [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,590 | |||||
Buildings and Improvements, Initial Cost | 11,940 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 13,530 | ||||
Accumulated Depreciation | [3],[4] | 1,639 | ||||
Zumbrota, MN [Member] | AmeriCold | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 2,440 | |||||
Buildings and Improvements, Initial Cost | 18,152 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 20,592 | ||||
Accumulated Depreciation | [3],[4] | 2,491 | ||||
Greenwell Springs, LA [Member] | Dollar General X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 114 | |||||
Buildings and Improvements, Initial Cost | 1,029 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,143 | ||||
Accumulated Depreciation | [3],[4] | 130 | ||||
Valdosta, GA [Member] | Home Depot I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 2,930 | |||||
Buildings and Improvements, Initial Cost | 30,538 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 33,468 | ||||
Accumulated Depreciation | [3],[4] | 3,235 | ||||
Valdosta, GA [Member] | Mattress Firm III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 169 | |||||
Buildings and Improvements, Initial Cost | 1,522 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,691 | ||||
Accumulated Depreciation | [3],[4] | 171 | ||||
Birmingham, AL [Member] | Home Depot I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 3,660 | |||||
Buildings and Improvements, Initial Cost | 33,667 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 37,327 | ||||
Accumulated Depreciation | [3],[4] | 3,567 | ||||
Birmingham, AL [Member] | C&S Wholesale Grocer I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 4,951 | |||||
Buildings and Improvements, Initial Cost | 36,894 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 41,845 | ||||
Accumulated Depreciation | [3],[4] | 1,737 | ||||
Taunton, MA [Member] | Advance Auto III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 404 | |||||
Buildings and Improvements, Initial Cost | 1,148 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,552 | ||||
Accumulated Depreciation | [3],[4] | 57 | ||||
San Antonio, TX [Member] | National Tire & Battery I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 577 | |||||
Buildings and Improvements, Initial Cost | 577 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,154 | ||||
Accumulated Depreciation | [3],[4] | 75 | ||||
Hanahan, SC [Member] | New Breed Logistics I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 2,940 | |||||
Buildings and Improvements, Initial Cost | 19,171 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 22,111 | ||||
Accumulated Depreciation | [3],[4] | 2,631 | ||||
Atlanta, GA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 2,190 | |||||
Buildings and Improvements, Initial Cost | 5,666 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 7,856 | ||||
Accumulated Depreciation | [3],[4] | 583 | ||||
Atlanta, GA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 1,071 | |||||
Buildings and Improvements, Initial Cost | 2,293 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,364 | ||||
Accumulated Depreciation | [3],[4] | 131 | ||||
Atlanta, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 3,027 | |||||
Buildings and Improvements, Initial Cost | 4,873 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 7,900 | ||||
Accumulated Depreciation | [3],[4] | 237 | ||||
District of Columbia [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 590 | |||||
Buildings and Improvements, Initial Cost | 2,366 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,956 | ||||
Accumulated Depreciation | [3],[4] | 285 | ||||
New Smyrna Beach, FL [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 740 | |||||
Buildings and Improvements, Initial Cost | 2,859 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,599 | ||||
Accumulated Depreciation | [3],[4] | 345 | ||||
Brooksville, FL [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 360 | |||||
Buildings and Improvements, Initial Cost | 127 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 487 | ||||
Accumulated Depreciation | [3],[4] | 15 | ||||
Brooksville, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 460 | |||||
Buildings and Improvements, Initial Cost | 954 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,414 | ||||
Accumulated Depreciation | [3],[4] | 55 | ||||
West Palm Beach, FL [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 520 | |||||
Buildings and Improvements, Initial Cost | 2,264 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,784 | ||||
Accumulated Depreciation | [3],[4] | 273 | ||||
Orlando, FL [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 540 | |||||
Buildings and Improvements, Initial Cost | 3,069 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,609 | ||||
Accumulated Depreciation | [3],[4] | 370 | ||||
Orlando, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,234 | |||||
Buildings and Improvements, Initial Cost | 1,125 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,359 | ||||
Accumulated Depreciation | [3],[4] | 63 | ||||
Orlando, FL II [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 410 | |||||
Buildings and Improvements, Initial Cost | 2,078 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,488 | ||||
Accumulated Depreciation | [3],[4] | 251 | ||||
Orlando, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 874 | |||||
Buildings and Improvements, Initial Cost | 1,922 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,796 | ||||
Accumulated Depreciation | [3],[4] | 100 | ||||
Ft Pierce, FL [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 720 | |||||
Buildings and Improvements, Initial Cost | 1,434 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,154 | ||||
Accumulated Depreciation | [3],[4] | 173 | ||||
Atlanta, GA II [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 570 | |||||
Buildings and Improvements, Initial Cost | 1,152 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,722 | ||||
Accumulated Depreciation | [3],[4] | 139 | ||||
Atlanta, GA II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 4,422 | |||||
Buildings and Improvements, Initial Cost | 1,559 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 5,981 | ||||
Accumulated Depreciation | [3],[4] | 84 | ||||
Mundelein, IL [Member] | National Tire & Battery II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 0 | |||||
Buildings and Improvements, Initial Cost | 1,742 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,742 | ||||
Accumulated Depreciation | [3],[4] | 227 | ||||
Waycross, GA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 300 | |||||
Buildings and Improvements, Initial Cost | 1,425 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,725 | ||||
Accumulated Depreciation | [3],[4] | 172 | ||||
Landover, MD [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 630 | |||||
Buildings and Improvements, Initial Cost | 1,310 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,940 | ||||
Accumulated Depreciation | [3],[4] | 158 | ||||
Cary, NC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 370 | |||||
Buildings and Improvements, Initial Cost | 841 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,211 | ||||
Accumulated Depreciation | [3],[4] | 101 | ||||
Stokesdale, NC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 230 | |||||
Buildings and Improvements, Initial Cost | 581 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 811 | ||||
Accumulated Depreciation | [3],[4] | 70 | ||||
Summerfield, NC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 210 | |||||
Buildings and Improvements, Initial Cost | 605 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 815 | ||||
Accumulated Depreciation | [3],[4] | 73 | ||||
Waynesville, NC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 200 | |||||
Buildings and Improvements, Initial Cost | 874 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,074 | ||||
Accumulated Depreciation | [3],[4] | 105 | ||||
Fountain Inn, SC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 290 | |||||
Buildings and Improvements, Initial Cost | 1,086 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,376 | ||||
Accumulated Depreciation | [3],[4] | 131 | ||||
Nashville, TN [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 190 | |||||
Buildings and Improvements, Initial Cost | 666 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 856 | ||||
Accumulated Depreciation | [3],[4] | 80 | ||||
Nashville, TN [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 890 | |||||
Buildings and Improvements, Initial Cost | 504 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,394 | ||||
Accumulated Depreciation | [3],[4] | 35 | ||||
Nashville, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 204 | |||||
Buildings and Improvements, Initial Cost | 740 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 944 | ||||
Accumulated Depreciation | [3],[4] | 37 | ||||
Nashville, TN [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 1,035 | |||||
Buildings and Improvements, Initial Cost | 745 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,780 | ||||
Accumulated Depreciation | [3],[4] | 39 | ||||
Savannah, TN [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 390 | |||||
Buildings and Improvements, Initial Cost | 1,179 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,569 | ||||
Accumulated Depreciation | [3],[4] | 142 | ||||
Chattanooga, TN I [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 220 | |||||
Buildings and Improvements, Initial Cost | 781 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,001 | ||||
Accumulated Depreciation | [3],[4] | 94 | ||||
Chattanooga, TN I [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 191 | |||||
Buildings and Improvements, Initial Cost | 335 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 526 | ||||
Accumulated Depreciation | [3],[4] | 18 | ||||
Oak Ridge, TN [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 500 | |||||
Buildings and Improvements, Initial Cost | 1,277 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,777 | ||||
Accumulated Depreciation | [3],[4] | 154 | ||||
Doswell, VA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 190 | |||||
Buildings and Improvements, Initial Cost | 510 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 700 | ||||
Accumulated Depreciation | [3],[4] | 62 | ||||
Vinton, VA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 120 | |||||
Buildings and Improvements, Initial Cost | 366 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 486 | ||||
Accumulated Depreciation | [3],[4] | 44 | ||||
New Market, VA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 330 | |||||
Buildings and Improvements, Initial Cost | 948 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,278 | ||||
Accumulated Depreciation | [3],[4] | 114 | ||||
Brunswick, GA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 80 | |||||
Buildings and Improvements, Initial Cost | 249 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 329 | ||||
Accumulated Depreciation | [3],[4] | 30 | ||||
Brunswick, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 384 | |||||
Buildings and Improvements, Initial Cost | 888 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,272 | ||||
Accumulated Depreciation | [3],[4] | 50 | ||||
Burlington, NC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 200 | |||||
Buildings and Improvements, Initial Cost | 497 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 697 | ||||
Accumulated Depreciation | [3],[4] | 60 | ||||
Pittsboro, NC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 100 | |||||
Buildings and Improvements, Initial Cost | 304 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 404 | ||||
Accumulated Depreciation | [3],[4] | 37 | ||||
Pittsboro, NC [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 61 | |||||
Buildings and Improvements, Initial Cost | 510 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 571 | ||||
Accumulated Depreciation | [3],[4] | 24 | ||||
Dunwoody, GA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 460 | |||||
Buildings and Improvements, Initial Cost | 2,714 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,174 | ||||
Accumulated Depreciation | [3],[4] | 327 | ||||
Athens, GA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 610 | |||||
Buildings and Improvements, Initial Cost | 1,662 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,272 | ||||
Accumulated Depreciation | [3],[4] | 200 | ||||
Athens, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 427 | |||||
Buildings and Improvements, Initial Cost | 472 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 899 | ||||
Accumulated Depreciation | [3],[4] | 39 | ||||
Spencer, NC [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 280 | |||||
Buildings and Improvements, Initial Cost | 717 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 997 | ||||
Accumulated Depreciation | [3],[4] | 86 | ||||
Cleveland, TN [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 170 | |||||
Buildings and Improvements, Initial Cost | 461 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 631 | ||||
Accumulated Depreciation | [3],[4] | 56 | ||||
Cleveland, TN [Member] | Krystal I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 211 | |||||
Buildings and Improvements, Initial Cost | 1,197 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,408 | ||||
Accumulated Depreciation | [3],[4] | 186 | ||||
Nassawadox, VA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 70 | |||||
Buildings and Improvements, Initial Cost | 484 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 554 | ||||
Accumulated Depreciation | [3],[4] | 58 | ||||
Burlington, IA [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 224 | |||||
Buildings and Improvements, Initial Cost | 523 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 747 | ||||
Accumulated Depreciation | [3],[4] | 66 | ||||
Clinton, IA [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 334 | |||||
Buildings and Improvements, Initial Cost | 779 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,113 | ||||
Accumulated Depreciation | [3],[4] | 98 | ||||
Muscatine, IA [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 274 | |||||
Buildings and Improvements, Initial Cost | 821 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,095 | ||||
Accumulated Depreciation | [3],[4] | 104 | ||||
Aledo, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 427 | |||||
Buildings and Improvements, Initial Cost | 1,709 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,136 | ||||
Accumulated Depreciation | [3],[4] | 216 | ||||
Bloomington, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 316 | |||||
Buildings and Improvements, Initial Cost | 586 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 902 | ||||
Accumulated Depreciation | [3],[4] | 74 | ||||
Bloomington, IL [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,649 | |||||
Buildings and Improvements, Initial Cost | 3,848 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 5,497 | ||||
Accumulated Depreciation | [3],[4] | 494 | ||||
Bloomington, IL II [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 395 | |||||
Buildings and Improvements, Initial Cost | 592 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 987 | ||||
Accumulated Depreciation | [3],[4] | 75 | ||||
Champaign, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 412 | |||||
Buildings and Improvements, Initial Cost | 504 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 916 | ||||
Accumulated Depreciation | [3],[4] | 64 | ||||
Champaign, IL [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 330 | |||||
Buildings and Improvements, Initial Cost | 1,872 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,202 | ||||
Accumulated Depreciation | [3],[4] | 230 | ||||
Galesburg, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 355 | |||||
Buildings and Improvements, Initial Cost | 829 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,184 | ||||
Accumulated Depreciation | [3],[4] | 105 | ||||
Jacksonville, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 351 | |||||
Buildings and Improvements, Initial Cost | 818 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,169 | ||||
Accumulated Depreciation | [3],[4] | 103 | ||||
Jacksonville, IL II [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 316 | |||||
Buildings and Improvements, Initial Cost | 474 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 790 | ||||
Accumulated Depreciation | [3],[4] | 60 | ||||
Matoon, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 608 | |||||
Buildings and Improvements, Initial Cost | 1,129 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,737 | ||||
Accumulated Depreciation | [3],[4] | 143 | ||||
Morton, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 350 | |||||
Buildings and Improvements, Initial Cost | 525 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 875 | ||||
Accumulated Depreciation | [3],[4] | 66 | ||||
Paris, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 429 | |||||
Buildings and Improvements, Initial Cost | 797 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,226 | ||||
Accumulated Depreciation | [3],[4] | 101 | ||||
Staunton, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 467 | |||||
Buildings and Improvements, Initial Cost | 1,867 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,334 | ||||
Accumulated Depreciation | [3],[4] | 236 | ||||
Vandalia, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 529 | |||||
Buildings and Improvements, Initial Cost | 983 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,512 | ||||
Accumulated Depreciation | [3],[4] | 124 | ||||
Virden, IL [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 302 | |||||
Buildings and Improvements, Initial Cost | 1,208 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,510 | ||||
Accumulated Depreciation | [3],[4] | 153 | ||||
Lafayette, IN [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 401 | |||||
Buildings and Improvements, Initial Cost | 746 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,147 | ||||
Accumulated Depreciation | [3],[4] | 94 | ||||
Bedford, OH [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 702 | |||||
Buildings and Improvements, Initial Cost | 702 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,404 | ||||
Accumulated Depreciation | [3],[4] | 89 | ||||
Streetsboro, OH [Member] | Circle K I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 540 | |||||
Buildings and Improvements, Initial Cost | 540 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,080 | ||||
Accumulated Depreciation | [3],[4] | 68 | ||||
Oklahoma City, OK [Member] | Walgreens V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,295 | |||||
Buildings and Improvements, Initial Cost | 3,884 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 5,179 | ||||
Accumulated Depreciation | [3],[4] | 524 | ||||
Gillette, WY [Member] | Walgreens VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,198 | |||||
Buildings and Improvements, Initial Cost | 2,796 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,994 | ||||
Accumulated Depreciation | [3],[4] | 377 | ||||
Highstown, NJ [Member] | 1st Constitution Bancorp I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 253 | |||||
Buildings and Improvements, Initial Cost | 1,431 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,684 | ||||
Accumulated Depreciation | [3],[4] | 177 | ||||
Chatanooga, TN [Member] | American Tire Distributors I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 382 | |||||
Buildings and Improvements, Initial Cost | 7,249 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 7,631 | ||||
Accumulated Depreciation | [3],[4] | 1,047 | ||||
Chatanooga, TN [Member] | Krystal I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 292 | |||||
Buildings and Improvements, Initial Cost | 877 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,169 | ||||
Accumulated Depreciation | [3],[4] | 136 | ||||
Chatanooga, TN [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 358 | |||||
Buildings and Improvements, Initial Cost | 564 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 922 | ||||
Accumulated Depreciation | [3],[4] | 33 | ||||
Watertown, SD [Member] | Fedex Ground I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 136 | |||||
Buildings and Improvements, Initial Cost | 2,581 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,717 | ||||
Accumulated Depreciation | [3],[4] | 354 | ||||
Jacksonville, FL [Member] | Krystal I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 547 | |||||
Buildings and Improvements, Initial Cost | 821 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,368 | ||||
Accumulated Depreciation | [3],[4] | 127 | ||||
Jacksonville, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 871 | |||||
Buildings and Improvements, Initial Cost | 372 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,243 | ||||
Accumulated Depreciation | [3],[4] | 24 | ||||
Columbus, GA [Member] | Krystal I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 136 | |||||
Buildings and Improvements, Initial Cost | 1,220 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,356 | ||||
Accumulated Depreciation | [3],[4] | 204 | ||||
Columbus, GA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 417 | |||||
Buildings and Improvements, Initial Cost | 1,395 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,812 | ||||
Accumulated Depreciation | [3],[4] | 74 | ||||
Ft. Oglethorpe, GA [Member] | Krystal I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 185 | |||||
Buildings and Improvements, Initial Cost | 1,051 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,236 | ||||
Accumulated Depreciation | [3],[4] | 162 | ||||
Madison, TN [Member] | Krystal I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 427 | |||||
Buildings and Improvements, Initial Cost | 640 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,067 | ||||
Accumulated Depreciation | [3],[4] | 99 | ||||
Hopewell, NJ [Member] | Merrill Lynch I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,854 | |||||
Buildings and Improvements, Initial Cost | 40,257 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 42,111 | ||||
Accumulated Depreciation | [3],[4] | 5,127 | ||||
Hopewell, NJ II [Member] | Merrill Lynch I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 651 | |||||
Buildings and Improvements, Initial Cost | 14,125 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 14,776 | ||||
Accumulated Depreciation | [3],[4] | 1,799 | ||||
Hopewell, NJ III [Member] | Merrill Lynch I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 3,619 | |||||
Buildings and Improvements, Initial Cost | 78,581 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 82,200 | ||||
Accumulated Depreciation | [3],[4] | 9,921 | ||||
Lexington, KY [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 675 | |||||
Buildings and Improvements, Initial Cost | 1,574 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,249 | ||||
Accumulated Depreciation | [3],[4] | 151 | ||||
Conyers, GA [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 315 | |||||
Buildings and Improvements, Initial Cost | 1,784 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,099 | ||||
Accumulated Depreciation | [3],[4] | 335 | ||||
Conyers, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 205 | |||||
Buildings and Improvements, Initial Cost | 1,334 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,539 | ||||
Accumulated Depreciation | [3],[4] | 68 | ||||
Southaven, MS [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 756 | |||||
Buildings and Improvements, Initial Cost | 1,405 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,161 | ||||
Accumulated Depreciation | [3],[4] | 246 | ||||
Daphne, AL [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 225 | |||||
Buildings and Improvements, Initial Cost | 2,026 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,251 | ||||
Accumulated Depreciation | [3],[4] | 202 | ||||
Kennesaw, GA [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 225 | |||||
Buildings and Improvements, Initial Cost | 2,022 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,247 | ||||
Accumulated Depreciation | [3],[4] | 203 | ||||
Kennesaw, GA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 930 | |||||
Buildings and Improvements, Initial Cost | 1,727 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,657 | ||||
Accumulated Depreciation | [3],[4] | 101 | ||||
Springfield, OH [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 329 | |||||
Buildings and Improvements, Initial Cost | 1,864 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,193 | ||||
Accumulated Depreciation | [3],[4] | 235 | ||||
Murfreesboro, TN [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 775 | |||||
Buildings and Improvements, Initial Cost | 1,439 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,214 | ||||
Accumulated Depreciation | [3],[4] | 176 | ||||
Murfreesboro, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 451 | |||||
Buildings and Improvements, Initial Cost | 847 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,298 | ||||
Accumulated Depreciation | [3],[4] | 42 | ||||
McDonough, GA [Member] | Matress Firm I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 185 | |||||
Buildings and Improvements, Initial Cost | 1,663 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,848 | ||||
Accumulated Depreciation | [3],[4] | 195 | ||||
McDonough, GA [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 322 | |||||
Buildings and Improvements, Initial Cost | 1,823 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,145 | ||||
Accumulated Depreciation | [3],[4] | 301 | ||||
Simpsonville, SC [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 440 | |||||
Buildings and Improvements, Initial Cost | 1,760 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,200 | ||||
Accumulated Depreciation | [3],[4] | 221 | ||||
Grove City, OH [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 436 | |||||
Buildings and Improvements, Initial Cost | 1,745 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,181 | ||||
Accumulated Depreciation | [3],[4] | 245 | ||||
Clarksville, TN [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 858 | |||||
Buildings and Improvements, Initial Cost | 1,287 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,145 | ||||
Accumulated Depreciation | [3],[4] | 218 | ||||
Columbus, OH [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 329 | |||||
Buildings and Improvements, Initial Cost | 1,862 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,191 | ||||
Accumulated Depreciation | [3],[4] | 243 | ||||
Foley, AL [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 331 | |||||
Buildings and Improvements, Initial Cost | 1,875 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,206 | ||||
Accumulated Depreciation | [3],[4] | 237 | ||||
Corydon, IN [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 330 | |||||
Buildings and Improvements, Initial Cost | 1,870 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,200 | ||||
Accumulated Depreciation | [3],[4] | 233 | ||||
Salisbury, NC [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 671 | |||||
Buildings and Improvements, Initial Cost | 1,567 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,238 | ||||
Accumulated Depreciation | [3],[4] | 162 | ||||
Salisbury, NC [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 264 | |||||
Buildings and Improvements, Initial Cost | 293 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 557 | ||||
Accumulated Depreciation | [3],[4] | 22 | ||||
Mauldin, SC II [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 542 | |||||
Buildings and Improvements, Initial Cost | 704 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,246 | ||||
Accumulated Depreciation | [3],[4] | 46 | ||||
Carrolton, GA [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 672 | |||||
Buildings and Improvements, Initial Cost | 1,568 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,240 | ||||
Accumulated Depreciation | [3],[4] | 169 | ||||
Lake Charles, LA [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 948 | |||||
Buildings and Improvements, Initial Cost | 1,159 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,107 | ||||
Accumulated Depreciation | [3],[4] | 217 | ||||
Hattiesburg, MS [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 433 | |||||
Buildings and Improvements, Initial Cost | 1,731 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,164 | ||||
Accumulated Depreciation | [3],[4] | 262 | ||||
Greenfield, IN [Member] | O'Charley's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 665 | |||||
Buildings and Improvements, Initial Cost | 1,552 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,217 | ||||
Accumulated Depreciation | [3],[4] | 188 | ||||
Monroe, MI [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,212 | |||||
Buildings and Improvements, Initial Cost | 2,827 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,039 | ||||
Accumulated Depreciation | [3],[4] | 362 | ||||
St. Louis, MO [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 955 | |||||
Buildings and Improvements, Initial Cost | 2,228 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,183 | ||||
Accumulated Depreciation | [3],[4] | 284 | ||||
Rockledge, FL [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,093 | |||||
Buildings and Improvements, Initial Cost | 2,030 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,123 | ||||
Accumulated Depreciation | [3],[4] | 261 | ||||
Florissant, MO [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 503 | |||||
Buildings and Improvements, Initial Cost | 1,510 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,013 | ||||
Accumulated Depreciation | [3],[4] | 192 | ||||
Florissant, MO II [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 596 | |||||
Buildings and Improvements, Initial Cost | 1,391 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,987 | ||||
Accumulated Depreciation | [3],[4] | 177 | ||||
Alton, IL [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,216 | |||||
Buildings and Improvements, Initial Cost | 3,649 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,865 | ||||
Accumulated Depreciation | [3],[4] | 469 | ||||
Springfield, IL [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,386 | |||||
Buildings and Improvements, Initial Cost | 3,235 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,621 | ||||
Accumulated Depreciation | [3],[4] | 415 | ||||
Washington, IL [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,014 | |||||
Buildings and Improvements, Initial Cost | 3,041 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,055 | ||||
Accumulated Depreciation | [3],[4] | 391 | ||||
Mahomet, IL [Member] | Walgreens VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,506 | |||||
Buildings and Improvements, Initial Cost | 2,796 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,302 | ||||
Accumulated Depreciation | [3],[4] | 359 | ||||
Houghton, MI [Member] | Tractor Supply II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 204 | |||||
Buildings and Improvements, Initial Cost | 1,158 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,362 | ||||
Accumulated Depreciation | [3],[4] | 124 | ||||
Howard, WI [Member] | United Healthcare I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 3,790 | |||||
Buildings and Improvements, Initial Cost | 54,998 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2],[9] | 51,370 | ||||
Accumulated Depreciation | [3],[4] | 2,851 | ||||
Harlan, KY [Member] | Tractor Supply III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 248 | |||||
Buildings and Improvements, Initial Cost | 2,232 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,480 | ||||
Accumulated Depreciation | [3],[4] | 231 | ||||
Knoxville, TN [Member] | Mattress Firm II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 189 | |||||
Buildings and Improvements, Initial Cost | 754 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 943 | ||||
Accumulated Depreciation | [3],[4] | 92 | ||||
Greenville, MS [Member] | Dollar General XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 192 | |||||
Buildings and Improvements, Initial Cost | 769 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 961 | ||||
Accumulated Depreciation | [3],[4] | 94 | ||||
Cape, Girardeau, MO [Member] | Academy Sports I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 384 | |||||
Buildings and Improvements, Initial Cost | 7,292 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 7,676 | ||||
Accumulated Depreciation | [3],[4] | 760 | ||||
Eagle Pass, TX [Member] | Talercris Plasma Resources I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 286 | |||||
Buildings and Improvements, Initial Cost | 2,577 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,863 | ||||
Accumulated Depreciation | [3],[4] | 262 | ||||
Winchester, KY [Member] | Amazon I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 362 | |||||
Buildings and Improvements, Initial Cost | 8,070 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 8,432 | ||||
Accumulated Depreciation | [3],[4] | 894 | ||||
Montclair, NJ [Member] | Fresenius II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,214 | |||||
Buildings and Improvements, Initial Cost | 2,255 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,469 | ||||
Accumulated Depreciation | [3],[4] | 230 | ||||
Sharon Hill, PA [Member] | Fresenius II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 345 | |||||
Buildings and Improvements, Initial Cost | 1,956 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,301 | ||||
Accumulated Depreciation | [3],[4] | 199 | ||||
Le Center, MN [Member] | Dollar General XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 47 | |||||
Buildings and Improvements, Initial Cost | 886 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 933 | ||||
Accumulated Depreciation | [3],[4] | 108 | ||||
Bunnell, FL [Member] | Advance Auto II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 92 | |||||
Buildings and Improvements, Initial Cost | 1,741 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,833 | ||||
Accumulated Depreciation | [3],[4] | 212 | ||||
Washington, GA [Member] | Advance Auto II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 55 | |||||
Buildings and Improvements, Initial Cost | 1,042 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,097 | ||||
Accumulated Depreciation | [3],[4] | 127 | ||||
Vidor, TX [Member] | Dollar General XIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 46 | |||||
Buildings and Improvements, Initial Cost | 875 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 921 | ||||
Accumulated Depreciation | [3],[4] | 106 | ||||
Leland, MS [Member] | FedEx Ground II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 220 | |||||
Buildings and Improvements, Initial Cost | 4,186 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,406 | ||||
Accumulated Depreciation | [3],[4] | 553 | ||||
Algonquin, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 798 | |||||
Buildings and Improvements, Initial Cost | 798 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,596 | ||||
Accumulated Depreciation | [3],[4] | 96 | ||||
Antioch, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 706 | |||||
Buildings and Improvements, Initial Cost | 471 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,177 | ||||
Accumulated Depreciation | [3],[4] | 57 | ||||
Crystal Lake, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 541 | |||||
Buildings and Improvements, Initial Cost | 232 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 773 | ||||
Accumulated Depreciation | [3],[4] | 28 | ||||
Grayslake, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 582 | |||||
Buildings and Improvements, Initial Cost | 476 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,058 | ||||
Accumulated Depreciation | [3],[4] | 57 | ||||
Gurnee, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 931 | |||||
Buildings and Improvements, Initial Cost | 931 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,862 | ||||
Accumulated Depreciation | [3],[4] | 112 | ||||
McHenry, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 742 | |||||
Buildings and Improvements, Initial Cost | 318 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,060 | ||||
Accumulated Depreciation | [3],[4] | 38 | ||||
Round Lake Beach, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,273 | |||||
Buildings and Improvements, Initial Cost | 1,042 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,315 | ||||
Accumulated Depreciation | [3],[4] | 125 | ||||
Waukegan, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 611 | |||||
Buildings and Improvements, Initial Cost | 611 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,222 | ||||
Accumulated Depreciation | [3],[4] | 73 | ||||
Woodstock, IL [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 869 | |||||
Buildings and Improvements, Initial Cost | 290 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,159 | ||||
Accumulated Depreciation | [3],[4] | 35 | ||||
Austintown, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 221 | |||||
Buildings and Improvements, Initial Cost | 1,251 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,472 | ||||
Accumulated Depreciation | [3],[4] | 150 | ||||
Beavercreek, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 410 | |||||
Buildings and Improvements, Initial Cost | 761 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,171 | ||||
Accumulated Depreciation | [3],[4] | 91 | ||||
Celina, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 233 | |||||
Buildings and Improvements, Initial Cost | 932 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,165 | ||||
Accumulated Depreciation | [3],[4] | 112 | ||||
Chardon, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 332 | |||||
Buildings and Improvements, Initial Cost | 497 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 829 | ||||
Accumulated Depreciation | [3],[4] | 60 | ||||
Chesterland, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 320 | |||||
Buildings and Improvements, Initial Cost | 747 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,067 | ||||
Accumulated Depreciation | [3],[4] | 90 | ||||
Cortland, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 118 | |||||
Buildings and Improvements, Initial Cost | 1,063 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,181 | ||||
Accumulated Depreciation | [3],[4] | 128 | ||||
Dayton, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 464 | |||||
Buildings and Improvements, Initial Cost | 862 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,326 | ||||
Accumulated Depreciation | [3],[4] | 103 | ||||
Fairborn, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 421 | |||||
Buildings and Improvements, Initial Cost | 982 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,403 | ||||
Accumulated Depreciation | [3],[4] | 118 | ||||
Girard, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 421 | |||||
Buildings and Improvements, Initial Cost | 1,264 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,685 | ||||
Accumulated Depreciation | [3],[4] | 152 | ||||
Greenville, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 248 | |||||
Buildings and Improvements, Initial Cost | 993 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,241 | ||||
Accumulated Depreciation | [3],[4] | 119 | ||||
Madison, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 282 | |||||
Buildings and Improvements, Initial Cost | 845 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,127 | ||||
Accumulated Depreciation | [3],[4] | 101 | ||||
Mentor, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 196 | |||||
Buildings and Improvements, Initial Cost | 786 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 982 | ||||
Accumulated Depreciation | [3],[4] | 94 | ||||
Niles, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 304 | |||||
Buildings and Improvements, Initial Cost | 1,214 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,518 | ||||
Accumulated Depreciation | [3],[4] | 146 | ||||
North Royalton, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 156 | |||||
Buildings and Improvements, Initial Cost | 886 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,042 | ||||
Accumulated Depreciation | [3],[4] | 106 | ||||
Painesville, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 170 | |||||
Buildings and Improvements, Initial Cost | 965 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,135 | ||||
Accumulated Depreciation | [3],[4] | 116 | ||||
Poland, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 212 | |||||
Buildings and Improvements, Initial Cost | 847 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,059 | ||||
Accumulated Depreciation | [3],[4] | 102 | ||||
Ravenna, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 391 | |||||
Buildings and Improvements, Initial Cost | 1,172 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,563 | ||||
Accumulated Depreciation | [3],[4] | 141 | ||||
Salem, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 352 | |||||
Buildings and Improvements, Initial Cost | 1,408 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,760 | ||||
Accumulated Depreciation | [3],[4] | 169 | ||||
Trotwood, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 266 | |||||
Buildings and Improvements, Initial Cost | 798 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,064 | ||||
Accumulated Depreciation | [3],[4] | 96 | ||||
Twinsburg, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 458 | |||||
Buildings and Improvements, Initial Cost | 850 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,308 | ||||
Accumulated Depreciation | [3],[4] | 102 | ||||
Vandalia, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 182 | |||||
Buildings and Improvements, Initial Cost | 728 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 910 | ||||
Accumulated Depreciation | [3],[4] | 87 | ||||
Warren, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 176 | |||||
Buildings and Improvements, Initial Cost | 997 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,173 | ||||
Accumulated Depreciation | [3],[4] | 120 | ||||
Warren, OH II [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 168 | |||||
Buildings and Improvements, Initial Cost | 1,516 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,684 | ||||
Accumulated Depreciation | [3],[4] | 182 | ||||
Willoughby, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 394 | |||||
Buildings and Improvements, Initial Cost | 920 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,314 | ||||
Accumulated Depreciation | [3],[4] | 110 | ||||
Youngstown, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 300 | |||||
Buildings and Improvements, Initial Cost | 901 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,201 | ||||
Accumulated Depreciation | [3],[4] | 108 | ||||
Youngstown, OH II [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 186 | |||||
Buildings and Improvements, Initial Cost | 1,675 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,861 | ||||
Accumulated Depreciation | [3],[4] | 201 | ||||
Youngstown, OH III [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 147 | |||||
Buildings and Improvements, Initial Cost | 1,324 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,471 | ||||
Accumulated Depreciation | [3],[4] | 159 | ||||
Youngstown, OH IV [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 370 | |||||
Buildings and Improvements, Initial Cost | 1,481 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,851 | ||||
Accumulated Depreciation | [3],[4] | 178 | ||||
Bethel Park, PA [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 342 | |||||
Buildings and Improvements, Initial Cost | 634 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 976 | ||||
Accumulated Depreciation | [3],[4] | 76 | ||||
North Fayette, PA [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 463 | |||||
Buildings and Improvements, Initial Cost | 1,388 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,851 | ||||
Accumulated Depreciation | [3],[4] | 167 | ||||
N Versailles, PA [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 553 | |||||
Buildings and Improvements, Initial Cost | 1,659 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,212 | ||||
Accumulated Depreciation | [3],[4] | 199 | ||||
Columbiana, OH [Member] | Burger King I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 581 | |||||
Buildings and Improvements, Initial Cost | 871 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,452 | ||||
Accumulated Depreciation | [3],[4] | 105 | ||||
Ft Smith, AR [Member] | Dollar General XIV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 184 | |||||
Buildings and Improvements, Initial Cost | 1,042 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,226 | ||||
Accumulated Depreciation | [3],[4] | 122 | ||||
Hot Springs, AR [Member] | Dollar General XIV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 287 | |||||
Buildings and Improvements, Initial Cost | 862 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,149 | ||||
Accumulated Depreciation | [3],[4] | 101 | ||||
Royal, AR [Member] | Dollar General XIV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 137 | |||||
Buildings and Improvements, Initial Cost | 777 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 914 | ||||
Accumulated Depreciation | [3],[4] | 91 | ||||
Wilson, NY [Member] | Dollar General XV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 172 | |||||
Buildings and Improvements, Initial Cost | 972 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,144 | ||||
Accumulated Depreciation | [3],[4] | 114 | ||||
Bismarck, ND [Member] | FedEx Ground III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 554 | |||||
Buildings and Improvements, Initial Cost | 3,139 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,693 | ||||
Accumulated Depreciation | [3],[4] | 399 | ||||
LaFollette, TN [Member] | Dollar General XVI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 43 | |||||
Buildings and Improvements, Initial Cost | 824 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 867 | ||||
Accumulated Depreciation | [3],[4] | 96 | ||||
Carrollton, MO [Member] | Family Dollar V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 37 | |||||
Buildings and Improvements, Initial Cost | 713 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 750 | ||||
Accumulated Depreciation | [3],[4] | 83 | ||||
Bettendorf, IA [Member] | Walgreens VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,398 | |||||
Buildings and Improvements, Initial Cost | 3,261 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,659 | ||||
Accumulated Depreciation | [3],[4] | 408 | ||||
Detroit, MI [Member] | CVS III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 447 | |||||
Buildings and Improvements, Initial Cost | 2,533 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,980 | ||||
Accumulated Depreciation | [3],[4] | 317 | ||||
Walden, CO [Member] | Family Dollar VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 100 | |||||
Buildings and Improvements, Initial Cost | 568 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 668 | ||||
Accumulated Depreciation | [3],[4] | 66 | ||||
Virginia, MN [Member] | Arby's II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 117 | |||||
Buildings and Improvements, Initial Cost | 1,056 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,173 | ||||
Accumulated Depreciation | [3],[4] | 117 | ||||
Kremmling, CO [Member] | Family Dollar VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 194 | |||||
Buildings and Improvements, Initial Cost | 778 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 972 | ||||
Accumulated Depreciation | [3],[4] | 87 | ||||
Syracuse, NY [Member] | SAAB Sensis I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 8,190 | |||||
Land, Initial Cost | 1,731 | |||||
Buildings and Improvements, Initial Cost | 15,580 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2],[9] | 15,086 | ||||
Accumulated Depreciation | [3],[4] | 714 | ||||
Doylestown, PA [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 588 | |||||
Buildings and Improvements, Initial Cost | 1,373 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,961 | ||||
Accumulated Depreciation | [3],[4] | 147 | ||||
Lansdale, PA [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 531 | |||||
Buildings and Improvements, Initial Cost | 1,238 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,769 | ||||
Accumulated Depreciation | [3],[4] | 133 | ||||
Lima, PA [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,376 | |||||
Buildings and Improvements, Initial Cost | 1,682 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,058 | ||||
Accumulated Depreciation | [3],[4] | 180 | ||||
Philadelphia, PA (Frankford) [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 473 | |||||
Buildings and Improvements, Initial Cost | 2,680 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,153 | ||||
Accumulated Depreciation | [3],[4] | 287 | ||||
Philadelphia, PA II [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 412 | |||||
Buildings and Improvements, Initial Cost | 2,337 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,749 | ||||
Accumulated Depreciation | [3],[4] | 250 | ||||
Philadelphia, PA III [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 321 | |||||
Buildings and Improvements, Initial Cost | 2,889 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,210 | ||||
Accumulated Depreciation | [3],[4] | 310 | ||||
Philadelphia, PA V [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 388 | |||||
Buildings and Improvements, Initial Cost | 1,551 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,939 | ||||
Accumulated Depreciation | [3],[4] | 166 | ||||
Richboro, PA [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 642 | |||||
Buildings and Improvements, Initial Cost | 1,193 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,835 | ||||
Accumulated Depreciation | [3],[4] | 128 | ||||
Wayne, PA [Member] | Citizens Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 1,923 | |||||
Buildings and Improvements, Initial Cost | 1,923 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,846 | ||||
Accumulated Depreciation | [3],[4] | 206 | ||||
Waterford, MI [Member] | Walgreens IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 514 | |||||
Buildings and Improvements, Initial Cost | 4,531 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 5,045 | ||||
Accumulated Depreciation | [3],[4] | 239 | ||||
Lakeland, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 590 | |||||
Buildings and Improvements, Initial Cost | 705 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,295 | ||||
Accumulated Depreciation | [3],[4] | 48 | ||||
Lakeland, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 927 | |||||
Buildings and Improvements, Initial Cost | 1,594 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,521 | ||||
Accumulated Depreciation | [3],[4] | 100 | ||||
Pensacola, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 513 | |||||
Buildings and Improvements, Initial Cost | 297 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 810 | ||||
Accumulated Depreciation | [3],[4] | 21 | ||||
Plant City, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 499 | |||||
Buildings and Improvements, Initial Cost | 1,139 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,638 | ||||
Accumulated Depreciation | [3],[4] | 71 | ||||
Vero Beach, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 825 | |||||
Buildings and Improvements, Initial Cost | 2,682 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,507 | ||||
Accumulated Depreciation | [3],[4] | 149 | ||||
Vero Beach, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 675 | |||||
Buildings and Improvements, Initial Cost | 483 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,158 | ||||
Accumulated Depreciation | [3],[4] | 31 | ||||
Osprey, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 450 | |||||
Buildings and Improvements, Initial Cost | 2,086 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,536 | ||||
Accumulated Depreciation | [3],[4] | 131 | ||||
Panama City, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 484 | |||||
Buildings and Improvements, Initial Cost | 1,075 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,559 | ||||
Accumulated Depreciation | [3],[4] | 65 | ||||
Miami, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 3,187 | |||||
Buildings and Improvements, Initial Cost | 3,224 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 6,411 | ||||
Accumulated Depreciation | [3],[4] | 182 | ||||
Winter Park, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 2,264 | |||||
Buildings and Improvements, Initial Cost | 1,079 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,343 | ||||
Accumulated Depreciation | [3],[4] | 68 | ||||
Fruitland Park, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 305 | |||||
Buildings and Improvements, Initial Cost | 785 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,090 | ||||
Accumulated Depreciation | [3],[4] | 50 | ||||
Seminole, F [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 1,329 | |||||
Buildings and Improvements, Initial Cost | 3,486 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,815 | ||||
Accumulated Depreciation | [3],[4] | 191 | ||||
Okeechobee, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 339 | |||||
Buildings and Improvements, Initial Cost | 1,569 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,908 | ||||
Accumulated Depreciation | [3],[4] | 113 | ||||
Norcross, GA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 660 | |||||
Buildings and Improvements, Initial Cost | 252 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 912 | ||||
Accumulated Depreciation | [3],[4] | 17 | ||||
Douglasville, GA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 410 | |||||
Buildings and Improvements, Initial Cost | 749 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,159 | ||||
Accumulated Depreciation | [3],[4] | 44 | ||||
Duluth, GA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 1,081 | |||||
Buildings and Improvements, Initial Cost | 2,111 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,192 | ||||
Accumulated Depreciation | [3],[4] | 119 | ||||
Cockeysville, MD [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 2,184 | |||||
Buildings and Improvements, Initial Cost | 479 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,663 | ||||
Accumulated Depreciation | [3],[4] | 27 | ||||
Apex, NC [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 296 | |||||
Buildings and Improvements, Initial Cost | 1,240 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,536 | ||||
Accumulated Depreciation | [3],[4] | 68 | ||||
Arden, NC [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 374 | |||||
Buildings and Improvements, Initial Cost | 216 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 590 | ||||
Accumulated Depreciation | [3],[4] | 15 | ||||
East Ridge, TN [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 276 | |||||
Buildings and Improvements, Initial Cost | 475 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 751 | ||||
Accumulated Depreciation | [3],[4] | 31 | ||||
Fredricksburg, VA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 1,623 | |||||
Buildings and Improvements, Initial Cost | 446 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,069 | ||||
Accumulated Depreciation | [3],[4] | 31 | ||||
Lynchburg, VA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 584 | |||||
Buildings and Improvements, Initial Cost | 1,255 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,839 | ||||
Accumulated Depreciation | [3],[4] | 74 | ||||
Chesapeake, VA [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 490 | |||||
Buildings and Improvements, Initial Cost | 695 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,185 | ||||
Accumulated Depreciation | [3],[4] | 42 | ||||
Bushnell, FL [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [8] | 0 | ||||
Land, Initial Cost | 385 | |||||
Buildings and Improvements, Initial Cost | 1,216 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,601 | ||||
Accumulated Depreciation | [3],[4] | 64 | ||||
Meridian, ID [Member] | Mattress Firm IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 691 | |||||
Buildings and Improvements, Initial Cost | 1,193 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,884 | ||||
Accumulated Depreciation | [3],[4] | 71 | ||||
Sunrise Beach, MO [Member] | Dollar General XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 105 | |||||
Buildings and Improvements, Initial Cost | 795 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 900 | ||||
Accumulated Depreciation | [3],[4] | 67 | ||||
Council Bluffs, IA [Member] | FedEx Ground IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 768 | |||||
Buildings and Improvements, Initial Cost | 3,908 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,676 | ||||
Accumulated Depreciation | [3],[4] | 240 | ||||
Florence, AL [Member] | Mattress Firm V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 299 | |||||
Buildings and Improvements, Initial Cost | 1,478 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,777 | ||||
Accumulated Depreciation | [3],[4] | 84 | ||||
Bernice, LA [Member] | Family Dollar VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 51 | |||||
Buildings and Improvements, Initial Cost | 527 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 578 | ||||
Accumulated Depreciation | [3],[4] | 31 | ||||
Erie, PA [Member] | Aaron's I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 126 | |||||
Buildings and Improvements, Initial Cost | 708 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 834 | ||||
Accumulated Depreciation | [3],[4] | 38 | ||||
Caro, MI [Member] | Autozone III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 135 | |||||
Buildings and Improvements, Initial Cost | 855 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 990 | ||||
Accumulated Depreciation | [3],[4] | 48 | ||||
Westfield MA [Member] | C&S Wholesale Grocer I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 29,500 | |||||
Land, Initial Cost | 12,050 | |||||
Buildings and Improvements, Initial Cost | 29,727 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 41,777 | ||||
Accumulated Depreciation | [3],[4] | 1,771 | ||||
Hatfield (North) MA [Member] | C&S Wholesale Grocer I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 20,280 | |||||
Land, Initial Cost | 1,951 | |||||
Buildings and Improvements, Initial Cost | 27,528 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 29,479 | ||||
Accumulated Depreciation | [3],[4] | 1,627 | ||||
Hatfield (South), MA [Member] | C&S Wholesale Grocer I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 10,000 | |||||
Land, Initial Cost | 1,420 | |||||
Buildings and Improvements, Initial Cost | 14,169 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 15,589 | ||||
Accumulated Depreciation | [3],[4] | 677 | ||||
Aberdeen, MD [Member] | C&S Wholesale Grocer I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,533 | |||||
Land, Initial Cost | 3,615 | |||||
Buildings and Improvements, Initial Cost | 27,684 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 31,299 | ||||
Accumulated Depreciation | [3],[4] | 1,297 | ||||
Dexter, NM [Member] | Family Dollar VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 79 | |||||
Buildings and Improvements, Initial Cost | 745 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 824 | ||||
Accumulated Depreciation | [3],[4] | 48 | ||||
Hale Center, TX [Member] | Family Dollar VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 111 | |||||
Buildings and Improvements, Initial Cost | 624 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 735 | ||||
Accumulated Depreciation | [3],[4] | 40 | ||||
Plains, TX [Member] | Family Dollar VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 100 | |||||
Buildings and Improvements, Initial Cost | 624 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 724 | ||||
Accumulated Depreciation | [3],[4] | 40 | ||||
Tullos, LA [Member] | Dollar General XVII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 114 | |||||
Buildings and Improvements, Initial Cost | 736 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 850 | ||||
Accumulated Depreciation | [3],[4] | 41 | ||||
Killen, AL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 91 | |||||
Buildings and Improvements, Initial Cost | 637 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 728 | ||||
Accumulated Depreciation | [3],[4] | 39 | ||||
Muscle Shoals, AL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 242 | |||||
Buildings and Improvements, Initial Cost | 1,480 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,722 | ||||
Accumulated Depreciation | [3],[4] | 87 | ||||
Sarasota, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 741 | |||||
Buildings and Improvements, Initial Cost | 852 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,593 | ||||
Accumulated Depreciation | [3],[4] | 50 | ||||
Fort Meade, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 175 | |||||
Buildings and Improvements, Initial Cost | 2,375 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,550 | ||||
Accumulated Depreciation | [3],[4] | 121 | ||||
Port St. Lucie, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 913 | |||||
Buildings and Improvements, Initial Cost | 1,772 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,685 | ||||
Accumulated Depreciation | [3],[4] | 99 | ||||
Mulberry, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 406 | |||||
Buildings and Improvements, Initial Cost | 753 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,159 | ||||
Accumulated Depreciation | [3],[4] | 43 | ||||
Gainsville, FL I [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 458 | |||||
Buildings and Improvements, Initial Cost | 2,139 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,597 | ||||
Accumulated Depreciation | [3],[4] | 110 | ||||
Gainesville, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 457 | |||||
Buildings and Improvements, Initial Cost | 816 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,273 | ||||
Accumulated Depreciation | [3],[4] | 47 | ||||
Gulf Breeze, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,092 | |||||
Buildings and Improvements, Initial Cost | 1,569 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,661 | ||||
Accumulated Depreciation | [3],[4] | 87 | ||||
Sarasota, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 955 | |||||
Buildings and Improvements, Initial Cost | 1,329 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,284 | ||||
Accumulated Depreciation | [3],[4] | 73 | ||||
Hobe Sound, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 442 | |||||
Buildings and Improvements, Initial Cost | 1,521 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,963 | ||||
Accumulated Depreciation | [3],[4] | 80 | ||||
Port St. Lucie, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 996 | |||||
Buildings and Improvements, Initial Cost | 872 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,868 | ||||
Accumulated Depreciation | [3],[4] | 52 | ||||
Mount Dora, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 570 | |||||
Buildings and Improvements, Initial Cost | 1,933 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,503 | ||||
Accumulated Depreciation | [3],[4] | 99 | ||||
Daytona, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 376 | |||||
Buildings and Improvements, Initial Cost | 1,379 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,755 | ||||
Accumulated Depreciation | [3],[4] | 76 | ||||
Lutz, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 438 | |||||
Buildings and Improvements, Initial Cost | 1,477 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,915 | ||||
Accumulated Depreciation | [3],[4] | 75 | ||||
Jacksonville, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 366 | |||||
Buildings and Improvements, Initial Cost | 1,136 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,502 | ||||
Accumulated Depreciation | [3],[4] | 61 | ||||
Boca Raton, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,617 | |||||
Buildings and Improvements, Initial Cost | 690 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,307 | ||||
Accumulated Depreciation | [3],[4] | 39 | ||||
Tamarac, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 997 | |||||
Buildings and Improvements, Initial Cost | 1,241 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,238 | ||||
Accumulated Depreciation | [3],[4] | 68 | ||||
Pompano, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 886 | |||||
Buildings and Improvements, Initial Cost | 2,024 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,910 | ||||
Accumulated Depreciation | [3],[4] | 103 | ||||
St. Cloud, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,046 | |||||
Buildings and Improvements, Initial Cost | 1,887 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,933 | ||||
Accumulated Depreciation | [3],[4] | 100 | ||||
Ormond Beach, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,047 | |||||
Buildings and Improvements, Initial Cost | 1,566 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,613 | ||||
Accumulated Depreciation | [3],[4] | 89 | ||||
Daytona Beach, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 443 | |||||
Buildings and Improvements, Initial Cost | 1,586 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,029 | ||||
Accumulated Depreciation | [3],[4] | 89 | ||||
Osmond Beach, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 854 | |||||
Buildings and Improvements, Initial Cost | 1,385 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,239 | ||||
Accumulated Depreciation | [3],[4] | 76 | ||||
Osmond Beach, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 873 | |||||
Buildings and Improvements, Initial Cost | 2,235 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,108 | ||||
Accumulated Depreciation | [3],[4] | 115 | ||||
Inverness, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 867 | |||||
Buildings and Improvements, Initial Cost | 2,559 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,426 | ||||
Accumulated Depreciation | [3],[4] | 136 | ||||
Indian Harbour, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 914 | |||||
Buildings and Improvements, Initial Cost | 1,181 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,095 | ||||
Accumulated Depreciation | [3],[4] | 89 | ||||
Melbourne, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 772 | |||||
Buildings and Improvements, Initial Cost | 1,927 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,699 | ||||
Accumulated Depreciation | [3],[4] | 102 | ||||
St. Petersburg, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 803 | |||||
Buildings and Improvements, Initial Cost | 1,043 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,846 | ||||
Accumulated Depreciation | [3],[4] | 56 | ||||
Casselberry, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 609 | |||||
Buildings and Improvements, Initial Cost | 2,443 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,052 | ||||
Accumulated Depreciation | [3],[4] | 126 | ||||
Rocklodge, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 742 | |||||
Buildings and Improvements, Initial Cost | 1,126 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,868 | ||||
Accumulated Depreciation | [3],[4] | 61 | ||||
New Smyna Beach, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 244 | |||||
Buildings and Improvements, Initial Cost | 1,245 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,489 | ||||
Accumulated Depreciation | [3],[4] | 67 | ||||
New Port Richey, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 602 | |||||
Buildings and Improvements, Initial Cost | 1,104 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,706 | ||||
Accumulated Depreciation | [3],[4] | 60 | ||||
Tampa, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 356 | |||||
Buildings and Improvements, Initial Cost | 1,042 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,398 | ||||
Accumulated Depreciation | [3],[4] | 66 | ||||
Ocala, FL [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 347 | |||||
Buildings and Improvements, Initial Cost | 1,336 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,683 | ||||
Accumulated Depreciation | [3],[4] | 98 | ||||
Ocala, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 581 | |||||
Buildings and Improvements, Initial Cost | 1,091 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,672 | ||||
Accumulated Depreciation | [3],[4] | 67 | ||||
St. Petersburg, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 211 | |||||
Buildings and Improvements, Initial Cost | 1,237 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,448 | ||||
Accumulated Depreciation | [3],[4] | 67 | ||||
Atlanta, GA III [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 2,469 | |||||
Buildings and Improvements, Initial Cost | 1,716 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,185 | ||||
Accumulated Depreciation | [3],[4] | 87 | ||||
Stone Mountain, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 605 | |||||
Buildings and Improvements, Initial Cost | 522 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,127 | ||||
Accumulated Depreciation | [3],[4] | 28 | ||||
Stone Mountain, GA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 461 | |||||
Buildings and Improvements, Initial Cost | 475 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 936 | ||||
Accumulated Depreciation | [3],[4] | 26 | ||||
Lithonia, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 212 | |||||
Buildings and Improvements, Initial Cost | 770 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 982 | ||||
Accumulated Depreciation | [3],[4] | 41 | ||||
Union City, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 400 | |||||
Buildings and Improvements, Initial Cost | 542 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 942 | ||||
Accumulated Depreciation | [3],[4] | 31 | ||||
Peachtree City, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 887 | |||||
Buildings and Improvements, Initial Cost | 2,242 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,129 | ||||
Accumulated Depreciation | [3],[4] | 121 | ||||
Stockbridge, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 358 | |||||
Buildings and Improvements, Initial Cost | 760 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,118 | ||||
Accumulated Depreciation | [3],[4] | 43 | ||||
Morrow, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 400 | |||||
Buildings and Improvements, Initial Cost | 1,759 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,159 | ||||
Accumulated Depreciation | [3],[4] | 90 | ||||
Marietta, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 2,168 | |||||
Buildings and Improvements, Initial Cost | 1,169 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,337 | ||||
Accumulated Depreciation | [3],[4] | 67 | ||||
Marietta, GA II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,087 | |||||
Buildings and Improvements, Initial Cost | 2,056 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,143 | ||||
Accumulated Depreciation | [3],[4] | 103 | ||||
Thomson, GA [Member] | Sun Trust Bank I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 480 | |||||
Buildings and Improvements, Initial Cost | 1,015 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,495 | ||||
Accumulated Depreciation | [3],[4] | 122 | ||||
Thomson, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 91 | |||||
Buildings and Improvements, Initial Cost | 719 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 810 | ||||
Accumulated Depreciation | [3],[4] | 43 | ||||
Evans, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 969 | |||||
Buildings and Improvements, Initial Cost | 2,103 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,072 | ||||
Accumulated Depreciation | [3],[4] | 119 | ||||
Savannah, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 224 | |||||
Buildings and Improvements, Initial Cost | 1,116 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,340 | ||||
Accumulated Depreciation | [3],[4] | 59 | ||||
Savannah, GA II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 458 | |||||
Buildings and Improvements, Initial Cost | 936 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,394 | ||||
Accumulated Depreciation | [3],[4] | 59 | ||||
Albany, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 260 | |||||
Buildings and Improvements, Initial Cost | 531 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 791 | ||||
Accumulated Depreciation | [3],[4] | 40 | ||||
Sylvester, GA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 242 | |||||
Buildings and Improvements, Initial Cost | 845 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,087 | ||||
Accumulated Depreciation | [3],[4] | 47 | ||||
Annapolis, MD [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 3,331 | |||||
Buildings and Improvements, Initial Cost | 1,655 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,986 | ||||
Accumulated Depreciation | [3],[4] | 76 | ||||
Glen Burnie, MD [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 2,307 | |||||
Buildings and Improvements, Initial Cost | 1,236 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,543 | ||||
Accumulated Depreciation | [3],[4] | 61 | ||||
Cambridge, MD [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,130 | |||||
Buildings and Improvements, Initial Cost | 1,265 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,395 | ||||
Accumulated Depreciation | [3],[4] | 60 | ||||
Avondale, MD [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,760 | |||||
Buildings and Improvements, Initial Cost | 485 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,245 | ||||
Accumulated Depreciation | [3],[4] | 27 | ||||
Asheboro, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 458 | |||||
Buildings and Improvements, Initial Cost | 774 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,232 | ||||
Accumulated Depreciation | [3],[4] | 44 | ||||
Bessemer City, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 212 | |||||
Buildings and Improvements, Initial Cost | 588 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 800 | ||||
Accumulated Depreciation | [3],[4] | 32 | ||||
Charlotte, NC II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 563 | |||||
Buildings and Improvements, Initial Cost | 750 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,313 | ||||
Accumulated Depreciation | [3],[4] | 44 | ||||
Dunn, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 384 | |||||
Buildings and Improvements, Initial Cost | 616 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,000 | ||||
Accumulated Depreciation | [3],[4] | 37 | ||||
Durham, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 488 | |||||
Buildings and Improvements, Initial Cost | 742 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,230 | ||||
Accumulated Depreciation | [3],[4] | 39 | ||||
Durham, NC II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 284 | |||||
Buildings and Improvements, Initial Cost | 506 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 790 | ||||
Accumulated Depreciation | [3],[4] | 33 | ||||
Harrisburg, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 151 | |||||
Buildings and Improvements, Initial Cost | 389 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 540 | ||||
Accumulated Depreciation | [3],[4] | 25 | ||||
Hendersonville, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 468 | |||||
Buildings and Improvements, Initial Cost | 945 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,413 | ||||
Accumulated Depreciation | [3],[4] | 51 | ||||
Lenoir, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,021 | |||||
Buildings and Improvements, Initial Cost | 3,980 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 5,001 | ||||
Accumulated Depreciation | [3],[4] | 196 | ||||
Lexington, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 129 | |||||
Buildings and Improvements, Initial Cost | 266 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 395 | ||||
Accumulated Depreciation | [3],[4] | 22 | ||||
Mebane, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 500 | |||||
Buildings and Improvements, Initial Cost | 887 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,387 | ||||
Accumulated Depreciation | [3],[4] | 46 | ||||
Oxford, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 530 | |||||
Buildings and Improvements, Initial Cost | 1,727 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,257 | ||||
Accumulated Depreciation | [3],[4] | 86 | ||||
Rural Hall, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 158 | |||||
Buildings and Improvements, Initial Cost | 193 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 351 | ||||
Accumulated Depreciation | [3],[4] | 13 | ||||
Stanley, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 183 | |||||
Buildings and Improvements, Initial Cost | 398 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 581 | ||||
Accumulated Depreciation | [3],[4] | 27 | ||||
Sylva, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 51 | |||||
Buildings and Improvements, Initial Cost | 524 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 575 | ||||
Accumulated Depreciation | [3],[4] | 24 | ||||
Walnut Cove, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 212 | |||||
Buildings and Improvements, Initial Cost | 690 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 902 | ||||
Accumulated Depreciation | [3],[4] | 35 | ||||
Winston-Salem, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 362 | |||||
Buildings and Improvements, Initial Cost | 513 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 875 | ||||
Accumulated Depreciation | [3],[4] | 29 | ||||
Yadkinville, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 438 | |||||
Buildings and Improvements, Initial Cost | 765 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,203 | ||||
Accumulated Depreciation | [3],[4] | 40 | ||||
Greenville, SC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 377 | |||||
Buildings and Improvements, Initial Cost | 871 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,248 | ||||
Accumulated Depreciation | [3],[4] | 47 | ||||
Greenville, SC [Member] | Bi-Lo I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 1,504 | |||||
Buildings and Improvements, Initial Cost | 4,770 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 6,274 | ||||
Accumulated Depreciation | [3],[4] | 227 | ||||
Greenville, SC II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 264 | |||||
Buildings and Improvements, Initial Cost | 684 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 948 | ||||
Accumulated Depreciation | [3],[4] | 38 | ||||
Greenville, SC III [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 590 | |||||
Buildings and Improvements, Initial Cost | 1,007 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,597 | ||||
Accumulated Depreciation | [3],[4] | 58 | ||||
Greenville, SC IV [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 449 | |||||
Buildings and Improvements, Initial Cost | 1,640 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,089 | ||||
Accumulated Depreciation | [3],[4] | 109 | ||||
Nashville, TN II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 1,776 | |||||
Buildings and Improvements, Initial Cost | 1,601 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,377 | ||||
Accumulated Depreciation | [3],[4] | 96 | ||||
Brentwood, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 885 | |||||
Buildings and Improvements, Initial Cost | 1,987 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,872 | ||||
Accumulated Depreciation | [3],[4] | 104 | ||||
Brentwood, TN II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 996 | |||||
Buildings and Improvements, Initial Cost | 1,536 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,532 | ||||
Accumulated Depreciation | [3],[4] | 81 | ||||
Smyrna, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 501 | |||||
Buildings and Improvements, Initial Cost | 767 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,268 | ||||
Accumulated Depreciation | [3],[4] | 46 | ||||
Murfeesboro, TN II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 262 | |||||
Buildings and Improvements, Initial Cost | 182 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 444 | ||||
Accumulated Depreciation | [3],[4] | 14 | ||||
Soddy Daisy, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 338 | |||||
Buildings and Improvements, Initial Cost | 624 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 962 | ||||
Accumulated Depreciation | [3],[4] | 32 | ||||
Signal Mountain, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 296 | |||||
Buildings and Improvements, Initial Cost | 697 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 993 | ||||
Accumulated Depreciation | [3],[4] | 37 | ||||
Chattanooga, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 419 | |||||
Buildings and Improvements, Initial Cost | 811 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,230 | ||||
Accumulated Depreciation | [3],[4] | 42 | ||||
Kingsport, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 162 | |||||
Buildings and Improvements, Initial Cost | 260 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 422 | ||||
Accumulated Depreciation | [3],[4] | 16 | ||||
Loudon, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 331 | |||||
Buildings and Improvements, Initial Cost | 541 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 872 | ||||
Accumulated Depreciation | [3],[4] | 29 | ||||
Morristown, TN [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 214 | |||||
Buildings and Improvements, Initial Cost | 444 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 658 | ||||
Accumulated Depreciation | [3],[4] | 33 | ||||
Richmond, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 153 | |||||
Buildings and Improvements, Initial Cost | 313 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 466 | ||||
Accumulated Depreciation | [3],[4] | 20 | ||||
Richmond, VA II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 233 | |||||
Buildings and Improvements, Initial Cost | 214 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 447 | ||||
Accumulated Depreciation | [3],[4] | 14 | ||||
Fairfax, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 2,835 | |||||
Buildings and Improvements, Initial Cost | 1,081 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,916 | ||||
Accumulated Depreciation | [3],[4] | 56 | ||||
Lexington, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 122 | |||||
Buildings and Improvements, Initial Cost | 385 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 507 | ||||
Accumulated Depreciation | [3],[4] | 23 | ||||
Roanoke, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 316 | |||||
Buildings and Improvements, Initial Cost | 734 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,050 | ||||
Accumulated Depreciation | [3],[4] | 39 | ||||
Radford, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 137 | |||||
Buildings and Improvements, Initial Cost | 203 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 340 | ||||
Accumulated Depreciation | [3],[4] | 12 | ||||
Williamsburg, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 447 | |||||
Buildings and Improvements, Initial Cost | 585 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,032 | ||||
Accumulated Depreciation | [3],[4] | 35 | ||||
Onancock, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 829 | |||||
Buildings and Improvements, Initial Cost | 1,300 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,129 | ||||
Accumulated Depreciation | [3],[4] | 64 | ||||
Accomac, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 149 | |||||
Buildings and Improvements, Initial Cost | 128 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 277 | ||||
Accumulated Depreciation | [3],[4] | 7 | ||||
Painter, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 89 | |||||
Buildings and Improvements, Initial Cost | 259 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 348 | ||||
Accumulated Depreciation | [3],[4] | 16 | ||||
Stafford, VA [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 2,130 | |||||
Buildings and Improvements, Initial Cost | 1,714 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,844 | ||||
Accumulated Depreciation | [3],[4] | 89 | ||||
Roanoke, VA II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 753 | |||||
Buildings and Improvements, Initial Cost | 1,165 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,918 | ||||
Accumulated Depreciation | [3],[4] | 64 | ||||
Melbourne, FL II [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 788 | |||||
Buildings and Improvements, Initial Cost | 1,888 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,676 | ||||
Accumulated Depreciation | [3],[4] | 97 | ||||
Bethesda, MD [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 7,460 | |||||
Buildings and Improvements, Initial Cost | 2,822 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 10,282 | ||||
Accumulated Depreciation | [3],[4] | 130 | ||||
Raleigh, NC [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 629 | |||||
Buildings and Improvements, Initial Cost | 1,581 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,210 | ||||
Accumulated Depreciation | [3],[4] | 76 | ||||
Richmond, VA III [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Land, Initial Cost | 3,141 | |||||
Buildings and Improvements, Initial Cost | 7,441 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 10,582 | ||||
Accumulated Depreciation | [3],[4] | 447 | ||||
Luke Mary, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 1,911 | |||||
Buildings and Improvements, Initial Cost | 2,849 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 4,760 | ||||
Accumulated Depreciation | [3],[4] | 146 | ||||
Bayonet Point, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 528 | |||||
Buildings and Improvements, Initial Cost | 1,172 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,700 | ||||
Accumulated Depreciation | [3],[4] | 63 | ||||
Marianna, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 134 | |||||
Buildings and Improvements, Initial Cost | 3,069 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,203 | ||||
Accumulated Depreciation | [3],[4] | 146 | ||||
St. Augustine, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 489 | |||||
Buildings and Improvements, Initial Cost | 2,129 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,618 | ||||
Accumulated Depreciation | [3],[4] | 108 | ||||
Deltona, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 631 | |||||
Buildings and Improvements, Initial Cost | 1,512 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,143 | ||||
Accumulated Depreciation | [3],[4] | 86 | ||||
Spring Hill, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 673 | |||||
Buildings and Improvements, Initial Cost | 2,550 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,223 | ||||
Accumulated Depreciation | [3],[4] | 128 | ||||
Pembroke Pines, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 1,688 | |||||
Buildings and Improvements, Initial Cost | 548 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,236 | ||||
Accumulated Depreciation | [3],[4] | 36 | ||||
Palm Coast, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 447 | |||||
Buildings and Improvements, Initial Cost | 1,548 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,995 | ||||
Accumulated Depreciation | [3],[4] | 84 | ||||
Clearwater, FL [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 783 | |||||
Buildings and Improvements, Initial Cost | 1,936 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,719 | ||||
Accumulated Depreciation | [3],[4] | 96 | ||||
Clearwater, FL II [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 353 | |||||
Buildings and Improvements, Initial Cost | 1,863 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,216 | ||||
Accumulated Depreciation | [3],[4] | 97 | ||||
Ocala, FL II [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 559 | |||||
Buildings and Improvements, Initial Cost | 750 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,309 | ||||
Accumulated Depreciation | [3],[4] | 51 | ||||
Chamblee, GA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 1,029 | |||||
Buildings and Improvements, Initial Cost | 813 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,842 | ||||
Accumulated Depreciation | [3],[4] | 47 | ||||
Madison, GA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 304 | |||||
Buildings and Improvements, Initial Cost | 612 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 916 | ||||
Accumulated Depreciation | [3],[4] | 30 | ||||
Prince Frederick, MD [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 2,431 | |||||
Buildings and Improvements, Initial Cost | 940 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 3,371 | ||||
Accumulated Depreciation | [3],[4] | 54 | ||||
Roxboro, NC [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 234 | |||||
Buildings and Improvements, Initial Cost | 1,100 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,334 | ||||
Accumulated Depreciation | [3],[4] | 54 | ||||
Liberty, SC [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 254 | |||||
Buildings and Improvements, Initial Cost | 911 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,165 | ||||
Accumulated Depreciation | [3],[4] | 46 | ||||
Lebanon, TN [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 851 | |||||
Buildings and Improvements, Initial Cost | 1,102 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,953 | ||||
Accumulated Depreciation | [3],[4] | 59 | ||||
Johnson City, TN [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 174 | |||||
Buildings and Improvements, Initial Cost | 293 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 467 | ||||
Accumulated Depreciation | [3],[4] | 20 | ||||
Gloucester, VA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 154 | |||||
Buildings and Improvements, Initial Cost | 2,281 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 2,435 | ||||
Accumulated Depreciation | [3],[4] | 115 | ||||
Collinsville, VA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 215 | |||||
Buildings and Improvements, Initial Cost | 555 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 770 | ||||
Accumulated Depreciation | [3],[4] | 30 | ||||
Stuart, VA [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [7] | 0 | ||||
Land, Initial Cost | 374 | |||||
Buildings and Improvements, Initial Cost | 1,532 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,906 | ||||
Accumulated Depreciation | [3],[4] | 79 | ||||
Deville, LA [Member] | Dollar General XVIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 93 | |||||
Buildings and Improvements, Initial Cost | 741 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 834 | ||||
Accumulated Depreciation | [3],[4] | 39 | ||||
Holland, MI [Member] | Matress Firm I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 507 | |||||
Buildings and Improvements, Initial Cost | 1,014 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,521 | ||||
Accumulated Depreciation | [3],[4] | 59 | ||||
Bridgewater, NJ [Member] | Sanofi US I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 125,000 | |||||
Land, Initial Cost | 16,009 | |||||
Buildings and Improvements, Initial Cost | 194,287 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 210,296 | ||||
Accumulated Depreciation | [3],[4] | 9,110 | ||||
Hornbeck, LA [Member] | Dollar General XVII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 82 | |||||
Buildings and Improvements, Initial Cost | 780 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 862 | ||||
Accumulated Depreciation | [3],[4] | 41 | ||||
Fannettsburg, PA [Member] | Family Dollar IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 165 | |||||
Buildings and Improvements, Initial Cost | 803 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 968 | ||||
Accumulated Depreciation | [3],[4] | 41 | ||||
Saginaw, MI [Member] | Matress Firm I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [5] | 0 | ||||
Land, Initial Cost | 337 | |||||
Buildings and Improvements, Initial Cost | 1,140 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,477 | ||||
Accumulated Depreciation | [3],[4] | 63 | ||||
Bristol, RI [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 7,849 | |||||
Land, Initial Cost | 2,860 | |||||
Buildings and Improvements, Initial Cost | 10,010 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 12,870 | ||||
Accumulated Depreciation | [3],[4] | 464 | ||||
Cumberland, RI [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 3,295 | |||||
Buildings and Improvements, Initial Cost | 13,693 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 16,988 | ||||
Accumulated Depreciation | [3],[4] | 652 | ||||
Framingham, MA [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 8,721 | |||||
Land, Initial Cost | 3,971 | |||||
Buildings and Improvements, Initial Cost | 12,289 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 16,260 | ||||
Accumulated Depreciation | [3],[4] | 532 | ||||
Hyde Park, NY [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 3,154 | |||||
Buildings and Improvements, Initial Cost | 10,646 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 13,800 | ||||
Accumulated Depreciation | [3],[4] | 492 | ||||
Malden, MA [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 11,957 | |||||
Land, Initial Cost | 4,418 | |||||
Buildings and Improvements, Initial Cost | 15,195 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 19,613 | ||||
Accumulated Depreciation | [3],[4] | 655 | ||||
Sicklerville, NJ [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 2,367 | |||||
Buildings and Improvements, Initial Cost | 9,873 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 12,240 | ||||
Accumulated Depreciation | [3],[4] | 444 | ||||
Southington, CT [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 3,238 | |||||
Buildings and Improvements, Initial Cost | 13,169 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 16,407 | ||||
Accumulated Depreciation | [3],[4] | 600 | ||||
Swampscott, M [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 10,409 | |||||
Land, Initial Cost | 3,644 | |||||
Buildings and Improvements, Initial Cost | 12,982 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 16,626 | ||||
Accumulated Depreciation | [3],[4] | 560 | ||||
Forest HIll, LA [Member] | Dollar General XVII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 83 | |||||
Buildings and Improvements, Initial Cost | 728 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 811 | ||||
Accumulated Depreciation | [3],[4] | 37 | ||||
Chelsea, OK [Member] | Dollar General XIX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 231 | |||||
Buildings and Improvements, Initial Cost | 919 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,150 | ||||
Accumulated Depreciation | [3],[4] | 51 | ||||
Brookhaven, MS [Member] | Dollar General XX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 186 | |||||
Buildings and Improvements, Initial Cost | 616 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 802 | ||||
Accumulated Depreciation | [3],[4] | 30 | ||||
Columbus, MS [Member] | Dollar General XX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 370 | |||||
Buildings and Improvements, Initial Cost | 491 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 861 | ||||
Accumulated Depreciation | [3],[4] | 28 | ||||
Forest, MS [Member] | Dollar General XX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 72 | |||||
Buildings and Improvements, Initial Cost | 856 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 928 | ||||
Accumulated Depreciation | [3],[4] | 40 | ||||
Rolling Fork, MS [Member] | Dollar General XX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 244 | |||||
Buildings and Improvements, Initial Cost | 929 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,173 | ||||
Accumulated Depreciation | [3],[4] | 44 | ||||
West Point, MS [Member] | Dollar General XX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 318 | |||||
Buildings and Improvements, Initial Cost | 506 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 824 | ||||
Accumulated Depreciation | [3],[4] | 30 | ||||
Huntington, WV [Member] | Dollar General XXI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 101 | |||||
Buildings and Improvements, Initial Cost | 1,101 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,202 | ||||
Accumulated Depreciation | [3],[4] | 56 | ||||
Warren, IN [Member] | Dollar General XXII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Land, Initial Cost | 88 | |||||
Buildings and Improvements, Initial Cost | 962 | |||||
Land, Costs Capitalized Subsequent to Acquisition | 0 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | |||||
Gross Amount | [1],[2] | 1,050 | ||||
Accumulated Depreciation | [3],[4] | 41 | ||||
Mortgage notes payable and premiums, net [Member] | SAAB Sensis I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Mortgage note payable | 8,190 | 8,519 | ||||
Mortgage notes payable and premiums, net [Member] | SunTrust Bank II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Mortgage note payable | 25,000 | 25,000 | ||||
Mortgage notes payable and premiums, net [Member] | SunTrust Bank III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Mortgage note payable | 99,677 | 99,677 | ||||
Mortgage notes payable and premiums, net [Member] | SunTrust Bank IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Mortgage note payable | 25,000 | 25,000 | ||||
Mortgage notes payable and premiums, net [Member] | Stop & Shop I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Mortgage note payable | 38,936 | 39,570 | ||||
Multi-Tenant Mortgage Loan [Member] | Mortgage notes payable and premiums, net [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Mortgage note payable | $ 649,532 | $ 0 | ||||
[1] | Acquired intangible lease assets allocated to individual properties in the amount of $319.0 million are not reflected in the table above. | |||||
[2] | The tax basis of aggregate land, buildings and improvements as of December 31, 2015 is $2.1 billion. | |||||
[3] | 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. | |||||
[4] | The accumulated depreciation column excludes $73.8 million of accumulated amortization associated with acquired intangible lease assets. | |||||
[5] | These properties collateralize a multi-tenant mortgage loan, which had $649.5 million outstanding as of December 31, 2015. | |||||
[6] | These properties collateralize a mortgage note payable of $99.7 million as of December 31, 2015. | |||||
[7] | These properties collateralize a mortgage note payable of $25.0 million as of December 31, 2015 | |||||
[8] | These properties collateralize a mortgage note payable of $25.0 million as of December 31, 2015. | |||||
[9] | The gross amount of aggregate land and building and improvements carried at December 31, 2015 reflects the impact of final purchase price allocations, recorded as of December 31, 2014, which results in decreases from initial costs of aggregate land and building improvements at United Healthcare I and SAAB Sensis I of $7.4 million and $2.2 million, respectively. |
Real Estate and Accumulated D81
Real Estate and Accumulated Depreciation - Schedule III (Changes in Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real estate investments, at cost: | ||||
Balance at beginning of year | $ 0 | $ 1,899,099 | $ 1,016,599 | |
Additions - acquisitions | 1,016,599 | 0 | 882,500 | |
Disposals | 0 | 0 | 0 | |
Balance at end of the year | 1,016,599 | 1,899,099 | [1],[2] | 1,899,099 |
Accumulated depreciation: | ||||
Balance at beginning of year | 0 | 74,648 | 12,077 | |
Depreciation expense | 12,077 | 66,946 | 62,571 | |
Disposals | 0 | 0 | 0 | |
Balance at end of the year | $ 12,077 | $ 141,594 | [3],[4] | $ 74,648 |
[1] | Acquired intangible lease assets allocated to individual properties in the amount of $319.0 million are not reflected in the table above. | |||
[2] | The tax basis of aggregate land, buildings and improvements as of December 31, 2015 is $2.1 billion. | |||
[3] | 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. | |||
[4] | The accumulated depreciation column excludes $73.8 million of accumulated amortization associated with acquired intangible lease assets. |
Mortgage Loans on Real Estate82
Mortgage Loans on Real Estate - Schedule IV (Details) - Senior Loans [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |
Par Value | $ 79,850,000 |
Carrying Amount | 74,019,000 |
Student Housing - Multifamily [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Par Value | 17,200,000 |
Carrying Amount | 17,135,000 |
Retail [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Par Value | 18,150,000 |
Carrying Amount | 16,884,000 |
Hospitality [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Par Value | 44,500,000 |
Carrying Amount | $ 40,000,000 |
London Interbank Offered Rate (LIBOR) [Member] | Student Housing - Multifamily [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate | 4.50% |
London Interbank Offered Rate (LIBOR) [Member] | Retail [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate | 4.10% |
London Interbank Offered Rate (LIBOR) [Member] | Hospitality [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest Rate | 4.50% |