XML 53 R10.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Real Estate Investments | 3 Months Ended
--- | ---
Mar. 31, 2015
Real Estate [Abstract] |
Real Estate Disclosure [Text Block] | Note 3 – Real Estate Investments Real Estate Portfolio At March 31, 2015 and December 31, 2014, the Company’s gross investment in real estate assets, including properties under development, totaled $638,556,000 and $589,147,000, respectively. Real estate investments consisted of the following as of March 31, 2015 and December 31, 2014:
|  | March 31, 2015 |  | December 31, 2014 |
Number of Properties |  |  | 233 |  |  | 209 |
Gross Leasable Area |  |  | 4,658,000 |  |  | 4,315,000 |
Land |  | $ | 203,982,919 |  | $ | 195,091,303 |
Buildings |  |  | 434,288,988 |  |  | 393,826,467 |
Property under Development |  |  | 294,357 |  |  | 229,242 |
Gross Real Estate Investments |  | $ | 638,566,264 |  | $ | 589,147,012 |
Less Accumulated Depreciation |  | $ | (61,641,135) |  | $ | (59,089,851) |
Net Real Estate Investments |  | $ | 576,925,129 |  | $ | 530,057,161 |
Lease Intangibles The following table details lease intangibles, net of accumulated amortization, as of March 31, 2015 and December 31, 2014:
|  | March 31, 2015 |  | December 31, 2014 |
Intangible Lease Asset - In-Place Leases |  | $ | 39,244,866 |  | $ | 36,680,630 |
Less: Accumulated Amortization |  |  | (4,611,284) |  |  | (3,897,008) |
Intangible Lease Asset - Above-Market Leases |  |  | 40,168,302 |  |  | 31,642,267 |
Less: Accumulated Amortization |  |  | (4,704,243) |  |  | (4,111,435) |
Intangible Lease Liability - Below-Market Leases |  |  | (16,221,141) |  |  | (15,124,210) |
Less: Accumulated Amortization |  |  | 2,643,776 |  |  | 2,289,358 |
Lease Intangible Asset, net |  | $ | 56,520,276 |  | $ | 47,479,602 |
First Quarter 2015 Investments During the three months ended March 31, 2015, the Company purchased 25 retail net lease assets for approximately $59,824,000, including acquisition and closing costs. These properties are located in 15 states and 100% leased to 15 different tenants operating in 9 diverse retail sectors for a weighted average lease term of approximately 13.0 years. The underwritten weighted average capitalization rate on the Company’s first quarter 2015 acquisitions was approximately 8.1%. None of the Company’s acquisitions during the first quarter of 2015 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized base rent at March 31, 2015. The aggregate first quarter 2015 acquisitions were allocated $9,184,000 to land, $40,522,000 to buildings and improvements, and $10,088,000 to lease intangibles. The acquisitions were all cash purchases and there was no contingent consideration associated with these acquisitions. The Company calculates the underwritten weighted average capitalization rate on its acquisitions by dividing annual expected net operating income derived from the properties by the total investment in the properties. Annual expected net operating income is defined as the straight-line rent for the base term of the lease less property level expenses (if any) that are not recoverable from the tenant. First Quarter 2015 Dispositions During the three months ended March 31, 2015, the Company sold one retail net lease asset and received gross proceeds of approximately $1,038,000. The Company recorded a gain of $99,000 on the sale.

X
- Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration