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Real Estate Investments | 9 Months Ended
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Sep. 30, 2018
Real Estate [Abstract] |
Real Estate Disclosure [Text Block] | Note 3 – Real Estate Investments Real Estate Portfolio As of September 30, 2018, the Company owned 520 properties, with a total gross leasable area of approximately 10.0 million square feet. Net Real Estate Investments totaled $1.4 billion as of September 30, 2018. As of December 31, 2017, the Company owned 436 properties, with a total gross leasable area of approximately 8.7 million square feet. Net Real Estate Investments totaled $1.2 billion as of December 31, 2017. Acquisitions During the three months ended September 30, 2018, the Company purchased 43 retail net lease assets for approximately $150.0 million, which includes acquisition and closing costs. These properties are located in 20 states and are leased for a weighted average lease term of approximately 11.5 years. During the nine months ended September 30, 2018, the Company purchased 96 retail net lease assets for approximately $349.9 million, which includes acquisition and closing costs. These properties are located in 29 states and are leased for a weighted average lease term of approximately 12.3 years. The aggregate acquisitions for the nine months ended September 30, 2018 were allocated $81.6 million to land, $174.4 million to buildings and improvements, and $93.9 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 2018 caused any new or existing tenant to comprise 10% or more of our total assets or generate 10% or more of our total annualized base rent at September 30, 2018. Developments During the third quarter of 2018, construction continued or commenced on five development and Partner Capital Solutions (“PCS”) projects with anticipated total project costs of approximately $14.0 million. The projects consist of the Company’s third and fourth development projects with Mister Car Wash; the Company’s first two development projects with Sunbelt Rentals; and the Company’s redevelopment with Hobby Lobby in Mount Pleasant, Michigan. During the nine months ended September 30, 2018, the Company had 13 development or PCS projects completed or under construction. Anticipated total costs for those projects are approximately $59.6 million and include the following completed or commenced projects:
Tenant |  | Location |  | Lease Structure |  | Lease ‎ Term |  | Actual or ‎ Anticipated Rent ‎ Commencement |  | Status
Mister Car Wash |  | Urbandale, IA |  | Build-to-Suit |  | 20 years |  | Q1 2018 |  | Completed
Mister Car Wash |  | Bernalillo, NM |  | Build-to-Suit |  | 20 years |  | Q1 2018 |  | Completed
Burger King(1) |  | North Ridgeville, OH |  | Build-to-Suit |  | 20 years |  | Q1 2018 |  | Completed
Art Van Furniture |  | Canton, MI |  | Build-to-Suit |  | 20 years |  | Q1 2018 |  | Completed
Camping World |  | Grand Rapids, MI |  | Build-to-Suit |  | 20 years |  | Q2 2018 |  | Completed
ALDI |  | Chickasha, OK |  | Build-to-Suit |  | 10 years |  | Q3 2018 |  | Completed
Burger King(1) |  | Aurora, IL |  | Build-to-Suit |  | 20 years |  | Q3 2018 |  | Completed
Burlington Coat Factory |  | Nampa, ID |  | Build-to-Suit |  | 15 years |  | Q3 2018 |  | Completed
Mister Car Wash |  | Orlando, FL |  | Build-to-Suit |  | 20 years |  | Q4 2018 |  | Under Construction
Mister Car Wash |  | Tavares, FL |  | Build-to-Suit |  | 20 years |  | Q4 2018 |  | Under Construction
Sunbelt Rentals |  | Batavia, OH |  | Build-to-Suit |  | 10 years |  | Q1 2019 |  | Under Construction
Sunbelt Rentals |  | Maumee, OH |  | Build-to-Suit |  | 10 years |  | Q1 2019 |  | Under Construction
Hobby Lobby |  | Mt. Pleasant, MI |  | Build-to-Suit |  | 15 years |  | Q4 2019 |  | Under Construction
Notes: (1) Franchise restaurant operated by TOMS King, LLC. Dispositions During the three months ended September 30, 2018, the Company sold six properties for net proceeds of $29.6 million and the Company recorded a net gain of $3.9 million. During the nine months ended September 30, 2018, the Company sold 16 properties for net proceeds of $56.4 million and the Company recorded a net gain of $9.9 million (net of any expected losses on real estate held for sale). In addition, a tenant exercised its option to purchase a store which had previously been ground leased from the Company. The option to purchase was exercised for net proceeds of $3.9 million and the Company recorded a net gain of $1.0 million. Provision for Impairment The Company reviews long-lived assets, including intangible assets, for possible impairment when certain events or changes in circumstances indicates that the carrying amount of the asset may not be recoverable through operations. Events or changes in circumstances may include significant changes in real estate market conditions and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. During the three and nine months ended September 30, 2018, the Company recognized provisions for impairment of $0.5 million and $1.7 million, respectively. There were no provisions for impairment for the three and nine months ended September 30, 2017. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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