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Real Estate Investments | 6 Months Ended
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Jun. 30, 2017
Real Estate [Abstract] |
Real Estate Disclosure [Text Block] | Note 3 – Real Estate Investments Real Estate Portfolio As of June 30, 2017, the Company owned 413 properties, with a total gross leasable area of 7.9 million square feet. Net Real Estate Investments totaled $1.1 billion as of June 30, 2017. As of December 31, 2016, the Company owned 366 properties, with a total gross leasable area of 7.0 million square feet. Net Real Estate Investments totaled $950.3 million as of December 31, 2016. Investments During the three months ended June 30, 2017, the Company acquired 36 retail net lease assets for approximately $131.2 million, which includes acquisition and closing costs. These properties are located in 19 states and are leased to 31 different tenants operating in 18 diverse retail sectors for a weighted average lease term of approximately 12.7 years. During the six months ended June 30, 2017, the Company acquired 47 retail net lease assets for approximately $184.4 million, which includes acquisition and closing costs. These properties are located in 21 states and are leased to 38 different tenants operating in 20 diverse retail sectors for a weighted average lease term of approximately 12.1 years. The aggregate acquisitions for the six months ended June 30, 2017 were allocated $35.7 million to land, $106.7 million to buildings and improvements, and $42.0 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 six 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 June 30, 2017. Developments During the second quarter of 2017, construction continued on three new development and Partner Capital Solutions (“PCS”) projects with anticipated total project costs of approximately $24.1 million. The projects consist of the Company’s first PCS project with Art Van Furniture in Canton, Michigan, as well as the Company’s first two development projects with Mister Car Wash in Urbandale, Iowa and Bernalillo, New Mexico. For the first six months of 2017, the Company had seven development or PCS projects completed or under construction. Anticipated total costs for those projects are approximately $45.9 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
Camping World |  | Georgetown, KY |  | Build-to-Suit |  | 20 Years |  | Q2 2017 |  | Completed
Orchard Supply |  | Boynton Beach, FL |  | Build-to-Suit |  | 15 Years |  | Q3 2017 |  | Under Construction
Mister Car Wash |  | Urbandale, IA |  | Build-to-Suit |  | 20 years |  | Q4 2017 |  | Under Construction
Mister Car Wash |  | Bernalillo, NM |  | Build-to-Suit |  | 20 years |  | Q4 2017 |  | Under Construction
Art Van Furniture |  | Canton, MI |  | Build-to-Suit |  | 20 years |  | Q1 2018 |  | Under Construction
Notes: (1) Franchise restaurant operated by Meridian Restaurants Unlimited, L.C. Dispositions During the three months ended June 30, 2017, the Company sold real estate properties for net proceeds of $11.7 million and a net gain of $4.8 million (net of any expected losses on real estate held for sale). During the six months ended June 30, 2017, the Company sold real estate properties for net proceeds of $21.9 million and a net gain of $9.5 million (net of any expected losses on real estate held for sale).

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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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