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Real Estate Investments | 9 Months Ended
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Sep. 30, 2016
Real Estate [Abstract] |
Real Estate Disclosure [Text Block] | Note 3 – Real Estate Investments Real Estate Portfolio The Company’s real estate investments consisted of the following as of September 30, 2016 and December 31, 2015 (in thousands, except number of properties):
|  | September 30, 2016 |  | December 31, 2015 |
Number of Properties |  |  | 341 |  |  | 278 |
Gross Leasable Area |  |  | 6,685 |  |  | 5,207 |
Land |  | $ | 295,311 |  | $ | 225,274 |
Buildings |  |  | 662,612 |  |  | 526,912 |
Property under Development |  |  | 5,795 |  |  | 3,663 |
Gross Real Estate Investments |  | $ | 963,718 |  | $ | 755,849 |
Less Accumulated Depreciation |  | $ | (65,884) |  |  | (56,401) |
Net Real Estate Investments |  | $ | 897,834 |  | $ | 699,448 |
Lease Intangibles The following table details lease intangibles, net of accumulated amortization, as of September 30, 2016 and December 31, 2015 (in thousands):
|  | September 30, 2016 |  | December 31, 2015 |
Intangible Lease Asset - In-Place Leases |  | $ | 59,602 |  | $ | 47,052 |
Less: Accumulated Amortization |  |  | (10,667) |  |  | (7,239) |
Intangible Lease Asset - Above-Market Leases |  |  | 94,968 |  |  | 61,241 |
Less: Accumulated Amortization |  |  | (11,936) |  |  | (7,367) |
Intangible Lease Liability - Below-Market Leases |  |  | (35,530) |  |  | (21,164) |
Less: Accumulated Amortization |  |  | 6,165 |  |  | 4,029 |
Lease Intangible Asset, net |  | $ | 102,602 |  | $ | 76,552 |
Investments During the three months ended September 30, 2016, the Company purchased 14 retail net lease assets for approximately $49.5 million, including acquisition and closing costs. These properties are located in 11 states and are leased to 13 different tenants operating in 11 diverse retail sectors for a weighted average lease term of approximately 10.6 years. The underwritten weighted average capitalization rate on the Company’s acquisitions was approximately 8.0%. During the nine months ended September 30, 2016, the Company purchased 60 retail net lease assets for approximately $234.0 million, which includes acquisition and closing costs. These properties are located in 23 states and are leased to 40 different tenants operating in 20 diverse retail sectors for a weighted average lease term of approximately 10.7 years. The underwritten weighted average capitalization rate on the Company’s acquisitions was approximately 7.8%. The aggregate acquisitions for the nine months ended September 30, 2016 were allocated $69.4 million to land, $132.6 million to buildings and improvements, and $32.0 million to lease intangibles. The acquisitions were all cash purchases and there were no contingent considerations associated with these acquisitions. None of the Company’s acquisitions during the first nine months of 2016 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 September 30, 2016. 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. Dispositions During the three months ended September 30, 2016, the Company sold two assets for net proceeds of $15.0 million; a Walgreens property in Rancho Cordova, California and a Walgreens property in Macomb, Michigan. The Company recorded a net gain of approximately $4.4 million on the sales. During the nine months ended September 30, 2016, the Company sold three assets for net proceeds of $22.1 million, including the two assets described above, in addition to the sale of a Walgreens in Port St. Johns, Florida. The Company recorded a net gain of approximately $7.1 million on the sales

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- 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 FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-06(1)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e604059-122996 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 235 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-24) -URI http://asc.fasb.org/extlink&oid=34714203&loc=d3e608456-123001 + Details
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