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Real Estate Investments | 3 Months Ended
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Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 (in thousands, except number of properties):
|  | March 31, 2017 |  | December 31, 2016 |
Number of Properties |  |  | 377 |  |  | 366 |
Gross Leasable Area (in square feet) |  |  | 7,326 |  |  | 7,033 |
Land |  | $ | 319,935 |  | $ | 309,687 |
Buildings |  |  | 737,605 |  |  | 703,506 |
Property under Development |  |  | 8,414 |  |  | 6,764 |
Gross Real Estate Investments |  | $ | 1,065,954 |  | $ | 1,019,957 |
Less Accumulated Depreciation |  | $ | (73,657) |  |  | (69,696) |
Net Real Estate Investments |  | $ | 992,297 |  | $ | 950,261 |
Investments During the three months ended March 31, 2017, the Company acquired 11 retail net lease assets for approximately $53.2 million, which includes acquisition and closing costs. These properties are located in 9 states and are leased to 12 different tenants operating in 8 diverse retail sectors for a weighted average lease term of approximately 10.6 years. The aggregate first quarter 2017 acquisitions were allocated $12.6 million to land, $35.6 million to buildings and improvements, and $5.0 million to lease intangibles and other assets. 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 three months of 2017 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, 2017. Developments During the first quarter of 2017, construction continued on the Company’s two development and Partner Capital Solutions (“PCS”) projects with anticipated total project costs of approximately $12.3 million. These projects consist of the Company’s first ground-up development for Camping World in Georgetown, Kentucky, and the redevelopment and expansion of an existing property in Boynton Beach, Florida for Orchard Supply Hardware. For the three months ended March 31, 2017, the Company has four development or PCS projects completed or currently under construction. Total anticipated project costs for those developments are approximately $21.5 million and include the following completed or commenced projects:
Tenant |  | Location |  | Lease Structure |  | Lease Term |  | Actual or Anticipated Rent Commencement |  | Status
Camping World |  | Tyler, TX |  | Build-to-Suit |  | 20 Years |  | Q1 2017 |  | Completed
Burger King(1) |  | Heber, UT |  | Build-to-Suit |  | 20 Years |  | Q1 2017 |  | Completed
Orchard Supply |  | Boynton Beach, FL |  | Build-to-Suit |  | 15 Years |  | Q3 2017 |  | Under Construction
Camping World |  | Georgetown, KY |  | Build-to-Suit |  | 20 Years |  | Q3 2017 |  | Under Construction
| (1) | Franchise restaurants operated by Meridian Restaurants Unlimited, LC.
Dispositions During the three months ended March 31, 2017, the Company sold a Walgreens property in Ann Arbor, Michigan for net proceeds of $10.2 million. The Company recorded a net gain of approximately $4.7 million on the sale. There were no other dispositions for the three months ended March 31, 2017.

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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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