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Real Estate Investments | 9 Months Ended
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Sep. 30, 2017
Real Estate [Abstract] |
Real Estate Disclosure [Text Block] | Note 3 – Real Estate Investments Real Estate Portfolio As of September 30, 2017, the Company owned 425 properties, with a total gross leasable area of 8.3 million square feet. Net Real Estate Investments totaled $1.1 billion as of September 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 September 30, 2017, the Company acquired 14 retail net lease assets for approximately $55.1 million, which includes acquisition and closing costs. These properties are located in 12 states and are leased to 12 diverse tenants operating in 9 retail sectors for a weighted average lease term of approximately 11.2 years. During the nine months ended September 30, 2017, the Company acquired 61 retail net lease assets for approximately $239.5 million, which includes acquisition and closing costs. These properties are located in 25 states and are leased to 45 diverse tenants operating in 21 retail sectors for a weighted average lease term of approximately 11.9 years. The aggregate acquisitions for the nine months ended September 30, 2017 were allocated $58.7 million to land, $123.4 million to buildings and improvements, and $57.4 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 nine 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 September 30, 2017. Developments During the third quarter of 2017, construction continued or commenced on five development and Partner Capital Solutions (“PCS”) projects with anticipated total project costs of approximately $35.9 million. The projects consist of the Company’s first PCS project with Art Van Furniture in Canton, Michigan; two development projects with Mister Car Wash in Urbandale, Iowa and Bernalillo, New Mexico; one Burger King development in North Ridgeville, Ohio; and the Company’s third project with Camping World in Grand Rapids, Michigan. During the nine months ended September 30, 2017, the Company had nine development or PCS projects completed or under construction. Anticipated total costs for those projects are approximately $57.3 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 |  | Completed
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
Burger King(2) |  | North Ridgeville, OH |  | Build-to-Suit |  | 20 years |  | Q1 2018 |  | Under Construction
Camping World |  | Grand Rapids, MI |  | Build-to-Suit |  | 20 years |  | Q2 2018 |  | Under Construction
Notes: (1) Franchise restaurant operated by Meridian Restaurants Unlimited, L.C. (2) Franchise restaurant operated by TOMS King, LLC. Dispositions During the three months ended September 30, 2017, the Company sold real estate properties for net proceeds of $7.5 million and a recorded net gain of $0.5 million (net of any expected losses on real estate held for sale). During the nine months ended September 30, 2017, the Company sold real estate properties for net proceeds of $29.4 million and a recorded net gain of $10.0 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 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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