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Property Acquisitions
 12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Real Estate Disclosure [Text Block]
3.           Property Acquisitions
During 2013, the Company purchased eighteen retail assets for approximately $74 million with a weighted average capitalization rate of approximately 8.0% to obtain 100% control of the assets.  The weighted average capitalization rate for these single tenant net leased properties was calculated by dividing the annual property net operating income by the purchase price.  Property net operating income is defined as the straight-line rent for the base term of the lease less any property level expense (if any) that is not recoverable from the tenant.  The aggregate acquisitions were allocated as follows: $13.5 million to land, $53.6 million to buildings and improvements, and $6.9 million to lease intangible costs.  The acquisitions were substantially all cash purchases and there were no contingent considerations associated with these acquisitions.
 
During 2012, the Company purchased 25 retail assets for approximately $82.3 million with a weighted average capitalization rate of 8.6% to obtain 100% control of the assets.  The weighted average capitalization rate for these single tenant net leased properties was calculated by dividing the annual property net operating income by the purchase price.  Property net operating income is defined as the straight-line rent for the base term of the lease less any property level expense (if any) that is not recoverable from the tenant.  The aggregate acquisitions were allocated as follows: $32.7 million to land, $42.5 million to buildings and improvements, and $7.1 million to lease intangible costs.  The acquisitions were substantially all cash purchases and there were no contingent considerations associated with these acquisitions.  In one acquisition, the Company assumed debt of approximately $9.6 million and in another acquisition the Company assumed debt of approximately $8.6 million.
 
Total revenues of $2,860,000 and income before discontinued operations of $142,000 are included in the 2013 consolidated income statement for the aggregate 2013 acquisitions.
 
The following pro forma total revenue and income before discontinued operations for the 2013 acquisitions in aggregate, assumes the acquisitions had taken place on January 1, 2013 for the 2013 pro forma information, and on January 1, 2012 for the 2012 pro forma information (in thousands):
 
Supplemental pro forma for the year ended December 31, 2013 (1)
Total revenue
 
$
45,910
 
Income before discontinued operations
 
$
19,178
 
 
Supplemental pro forma for the year ended December 31, 2012 (1)
Total revenue
 
$
38,266
 
Income before discontinued operations
 
$
14,311
 
 
(1)
This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the acquisitions occurred on January 1, 2013 or January 1, 2012 and may not be indicative of future operating results.  Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown.