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Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Schedule of Real Estate Properties [Table Text Block]

The Company’s real estate investments consisted of the following as of December 31, 2016 and December 31, 2015 (in thousands, except number of properties):

		December 31,			December 31,
		2016			2015
Number of Properties			366			278
Gross Leasable Area			7,033			5,207
Land		$	309,687		$	225,274
Buildings		$	703,506		$	526,912
Property under Development		$	6,764		$	3,663
Gross Real Estate Investments		$	1,019,957		$	755,849
Less Accumulated Depreciation		$	(69,696)		$	(56,401)
Net Real Estate Investments		$	950,261		$	699,448

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table details lease intangibles, net of accumulated amortization, as of December 31, 2016 and December 31, 2015 (in thousands):

		December 31,			December 31,
		2016			2015
Intangible Lease Asset - In-Place Leases		$	62,422		$	47,052
Less: Accumulated Amortization			(11,976)			(7,239)
Intangible Lease Asset - Above-Market Leases			103,116			61,241
Less: Accumulated Amortization			(13,690)			(7,367)
Intangible Lease Liability - Below-Market Leases			(37,126)			(21,163)
Less: Accumulated Amortization			7,078			4,028
Lease Intangible Asset, net		$	109,824		$	76,552

Operating Leases, Future Minimum Payments Receivable [Table Text Block]

As of December 31, 2016, the future minimum rental income to be received under the terms of all non-cancellable tenant leases is as follows (in thousands):

For the Year Ending December 31,
2017		$	91,308
2018			90,109
2019			87,285
2020			84,578
2021			81,195
Thereafter			575,249
Total		$	1,009,724

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

As of December 31, 2016, future annual lease commitments under these agreements are as follows (in thousands):

For the Year Ending December 31,
2017		$	640
2018			641
2019			634
2020			632
2021			588
Thereafter			7,840
Total		$	10,975

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma total revenue and income before discontinued operations for 2016, 2015 and 2014, assumes all of our 2016 acquisitions had taken place on January 1, 2016 for the 2016 pro forma information, January 1, 2015 for the 2015 proforma information, and on January 1, 2014 for the 2014 pro forma information (in thousands):

Supplemental pro forma for the year ended December 31, 2016 (1)
Total Revenue		$	104,178
Income before discontinued operations		$	56,375
Supplemental pro forma for the year ended December 31, 2015 (1)
Total Revenue		$	79,056
Income before discontinued operations		$	36,149
Supplemental pro forma for the year ended December 31, 2014 (1)
Total Revenue		$	57,840
Income before discontinued operations		$	19,369

(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, 2016, January 1, 2015 or January 1, 2014 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.

Schedule of Completed or Commenced Construction on 14 Development [Table Text Block]

For the year ended December 31, 2016, the Company completed or commenced construction on 14 development or PCS projects net leased to a number of industry-leading retail tenants. Total anticipated project costs for those developments are approximately $38.0 million and include the following completed or commenced projects:

Tenant		Location		Lease Structure		Lease Term		Actual or Anticipated Rent Commencement		Status
Hobby Lobby		Springfield, OH		Build-to-Suit		15 Years		Q1 2016		Completed
Family Fare Quick Stop		Marshall, MI		Ground Lease		10 Years		Q2 2016		Completed
Burger King(1)		Farr West, UT		Build-to-Suit		20 Years		Q2 2016		Completed
Chick-fil-A		Frankfort, KY		Ground Lease		20 Years		Q3 2016		Completed
Burger King(1)		Devil's Lake, ND		Build-to-Suit		20 Years		Q3 2016		Completed
Wawa		Orlando, FL		Ground Lease		20 Years		Q3 2016		Completed
Starbucks		North Lakeland, FL		Build-to-Suit		10 Years		Q4 2016		Completed
Burger King(1)		Hamilton, MT		Build-to-Suit		20 Years		Q4 2016		Completed
Texas Roadhouse		Mount Pleasant, MI		Ground Lease		15 Years		Q4 2016		Completed
Burger King(1)		West Fargo, ND		Build-to-Suit		20 Years		Q4 2016		Completed
Camping World		Tyler, TX		Build-to-Suit		20 Years		Q1 2017		Under Construction
Burger King(1)		Heber, UT		Build-to-Suit		20 Years		Q1 2017		Under Construction
Camping World		Georgetown, KY		Build-to-Suit		20 Years		Q3 2017		Under Construction
Orchard Supply		Boynton Beach, FL		Build-to-Suit		15 Years		Q3 2017		Under Construction

(1) Franchise restaurants operated by Meridian Restaurants Unlimited, LC.

Schedule Of Real Estate Investments Including Identifiable Intangible Assets Impairment [Table Text Block]

As a result of our review of Real Estate Investments we recognized the following real estate impairment charges for the year ended December 31(in thousands):

		2016			2015			2014
Continuing operations		$	-		$	-		$	3,020
Discontinued operations			-			-			-
Total		$	-		$	-		$	3,020

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