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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.