v3.8.0.1

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Business Combinations [Abstract] |
Acquisitions Closed | The Company closed on the following acquisitions during the year ended December 31, 2017:
(in thousands, except number of properties) |  |  |  |  |  |  |  |  |  |  |
Date |  | Tenant Type |  | Number of Properties |  |  | Real Estate Acquisition Price |  |
January 18, 2017 |  | Retail |  |  | 1 |  |  | $ | 2,520 |  |
March 1, 2017 |  | Retail |  |  | 9 |  |  |  | 87,196 |  |
April 28, 2017 |  | Retail |  |  | 25 |  |  |  | 48,898 |  |
June 2, 2017 |  | Healthcare |  |  | 2 |  |  |  | 13,300 |  |
June 15, 2017 |  | Retail |  |  | 2 |  |  |  | 2,700 |  |
June 30, 2017 |  | Industrial |  |  | 2 |  |  |  | 12,250 |  |
June 30, 2017 |  | Healthcare |  |  | 7 |  |  |  | 25,989 |  |
July 7, 2017 |  | Office |  |  | 1 |  |  |  | 32,210 |  |
August 4, 2017 |  | Healthcare |  |  | 3 |  |  |  | 11,732 |  |
August 31, 2017 |  | Healthcare |  |  | 3 |  |  |  | 16,700 |  |
August 31, 2017 |  | Industrial |  |  | 2 |  |  |  | 6,148 |  |
September 13, 2017 |  | Retail |  |  | 5 |  |  |  | 4,994 |  |
September 29, 2017 |  | Industrial, Retail |  |  | 7 |  |  |  | 30,012 |  |
September 29, 2017 |  | Industrial |  |  | 1 |  |  |  | 57,372 |  |
October 13, 2017 |  | Healthcare |  |  | 1 |  |  |  | 10,000 |  | (a)
November 1, 2017 |  | Other |  |  | 4 |  |  |  | 15,693 |  | (b) (c)
December 7, 2017 |  | Office |  |  | 2 |  |  |  | 19,295 |  |
December 7, 2017 |  | Healthcare |  |  | 1 |  |  |  | 5,095 |  |
December 7, 2017 |  | Healthcare |  |  | 1 |  |  |  | 2,678 |  |
December 8, 2017 |  | Industrial, Office |  |  | 3 |  |  |  | 74,200 |  |
December 14, 2017 |  | Office |  |  | 1 |  |  |  | 24,500 |  |
December 18, 2017 |  | Other |  |  | 1 |  |  |  | 22,585 |  |
December 22, 2017 |  | Industrial |  |  | 2 |  |  |  | 19,000 |  |
December 22, 2017 |  | Industrial |  |  | 1 |  |  |  | 21,037 |  |
December 27, 2017 |  | Retail |  |  | 1 |  |  |  | 1,446 |  |
December 28, 2017 |  | Industrial |  |  | 1 |  |  |  | 28,450 |  |
December 29, 2017 |  | Retail |  |  | 9 |  |  |  | 28,224 |  |
December 29, 2017 |  | Retail |  |  | 20 |  |  |  | 39,552 |  |
December 29, 2017 |  | Healthcare |  |  | 6 |  |  |  | 19,868 |  |
|  |  |  |  | 124 |  |  | $ | 683,644 |  | (d)
(a) | In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $5,205 with a variable interest rate at 1-month LIBOR plus 3.0% and a maturity date of August 2021 (see Note 10). The Company also assumed an interest rate swap with a fixed rate of 1.02% and a maturity date of August 2021 (see Note 11).
(b) | The acquisition was conducted with a related party and approved by the IDC. The fees required under the Asset Management Agreement (see Note 3) were waived by the Asset Manager.
(c) | In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $6,721 with an interest rate of 3.65% and a maturity date of October 2026 (see Note 10).
(d) | Acquisition price does not include acquisition costs of $12,349 capitalized in accordance with the adoption of ASU 2017-01 (see Note 2).
The Company closed on the following acquisitions during the year ended December 31, 2016:
(in thousands, except number of properties) |  |  |  |  |  |  |  |  |  |
Date |  | Tenant Type |  | Number of Properties |  |  | Real Estate Acquisition Price |
January 25, 2016 |  | Retail |  |  | 3 |  |  | $ | 13,376 |
February 1, 2016 |  | Retail |  |  | 1 |  |  |  | 27,000 |
March 24, 2016 |  | Industrial |  |  | 1 |  |  |  | 15,650 |
April 7, 2016 |  | Healthcare |  |  | 2 |  |  |  | 17,115 |
April 25, 2016 |  | Office |  |  | 2 |  |  |  | 54,600 |
May 9, 2016 |  | Retail |  |  | 5 |  |  |  | 42,390 |
May 12, 2016 |  | Office |  |  | 1 |  |  |  | 4,500 |
May 20, 2016 |  | Retail |  |  | 19 |  |  |  | 36,843 |
May 25, 2016 |  | Healthcare |  | (e) |  |  |  | 5,624 |
June 30, 2016 |  | Retail |  |  | 7 |  |  |  | 28,477 |
July 15, 2016 |  | Healthcare |  |  | 2 |  |  |  | 26,700 |
August 12, 2016 |  | Other |  |  | 3 |  |  |  | 12,399 |
September 14, 2016 |  | Office |  |  | 1 |  |  |  | 14,000 |
September 29, 2016 |  | Retail |  |  | 24 |  |  |  | 82,338 |
October 3, 2016 |  | Retail |  |  | 6 |  |  |  | 6,872 |
November 10, 2016 |  | Office |  |  | 1 |  |  |  | 10,550 |
November 21, 2016 |  | Retail |  |  | 2 |  |  |  | 7,597 |
November 29, 2016 |  | Office |  |  | 4 |  |  |  | 15,177 |
December 19, 2016 |  | Industrial |  |  | 1 |  |  |  | 23,050 |
December 23, 2016 |  | Office |  |  | 1 |  |  |  | 43,517 |
December 30, 2016 |  | Office |  |  | 1 |  |  |  | 15,550 |
December 30, 2016 |  | Industrial |  |  | 1 |  |  |  | 15,487 |
|  |  |  |  | 88 |  |  | $ | 518,812 |
(e) | Acquisition of capital expansion on existing property.
The Company closed on the following acquisitions during the year ended December 31, 2015:
(in thousands, except number of properties) |  |  |  |  |  |  |  |  |  |
Date |  | Tenant Type |  | Number of Properties |  |  | Real Estate Acquisition Price |
January 6, 2015 |  | Healthcare |  |  | 1 |  |  | $ | 4,400 |
January 9, 2015 |  | Industrial |  |  | 1 |  |  |  | 4,300 |
February 12, 2015 |  | Office |  |  | 2 |  |  |  | 8,796 |
March 9, 2015 |  | Retail |  |  | 1 |  |  |  | 3,563 |
March 12, 2015 |  | Retail |  |  | 5 |  |  |  | 14,542 |
March 24, 2015 |  | Industrial |  |  | 1 |  |  |  | 11,354 |
March 26, 2015 |  | Industrial |  |  | 1 |  |  |  | 21,750 |
March 31, 2015 |  | Industrial |  |  | 2 |  |  |  | 9,751 |
April 2, 2015 |  | Industrial |  |  | 1 |  |  |  | 10,764 |
April 2, 2015 |  | Retail, Industrial |  |  | 3 |  |  |  | 6,090 |
May 15, 2015 |  | Healthcare |  |  | 5 |  |  |  | 17,125 |
June 19, 2015 |  | Retail |  |  | 10 |  |  |  | 19,663 |
June 19, 2015 |  | Retail |  |  | 1 |  |  |  | 2,259 |
June 24, 2015 |  | Office |  |  | 2 |  |  |  | 33,300 |
June 26, 2015 |  | Retail |  |  | 1 |  |  |  | 1,558 |
June 26, 2015 |  | Industrial |  |  | 5 |  |  |  | 41,169 |
June 29, 2015 |  | Office |  |  | 1 |  |  |  | 15,600 |
July 17, 2015 |  | Land |  | (f) |  |  |  | 702 |
September 15, 2015 |  | Industrial |  |  | 1 |  |  |  | 12,720 |
September 25, 2015 |  | Retail |  |  | 3 |  |  |  | 11,195 |
September 28, 2015 |  | Industrial |  |  | 2 |  |  |  | 10,193 |
September 30, 2015 |  | Retail |  |  | 1 |  |  |  | 4,030 |
October 5, 2015 |  | Retail |  |  | 36 |  |  |  | 83,032 |
October 23, 2015 |  | Industrial |  |  | 2 |  |  |  | 51,600 |
November 23, 2015 |  | Healthcare |  |  | 1 |  |  |  | 56,600 |
December 8, 2015 |  | Retail |  |  | 8 |  |  |  | 18,191 |
December 15, 2015 |  | Industrial |  |  | 1 |  |  |  | 1,500 |
December 17, 2015 |  | Retail |  |  | 15 |  |  |  | 62,468 |
December 30, 2015 |  | Retail |  |  | 3 |  |  |  | 11,913 |
|  |  |  |  | 116 |  |  | $ | 550,128 |
(f) | Acquisition of land adjacent to existing property.
Purchase Price Allocation for Acquisitions | The following table summarizes the purchase price allocation for acquisitions completed during the years ended December 31, 2017, 2016, and 2015.
|  | December 31, |
(in thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Land |  | $ | 67,945 |  |  | $ | 70,938 |  |  | $ | 48,060 |
Land improvements |  |  | 54,804 |  |  |  | 38,526 |  |  |  | 40,715 |
Buildings and other improvements |  |  | 508,541 |  |  |  | 358,058 |  |  |  | 391,528 |
Equipment |  |  | 7,671 |  |  |  | — |  |  |  | — |
Acquired in-place leases (g) |  |  | 77,073 |  |  |  | 52,867 |  |  |  | 58,874 |
Acquired above-market leases (h) |  |  | 14,905 |  |  |  | 19,420 |  |  |  | 15,108 |
Acquired below-market leases (i) |  |  | (38,493 | ) |  |  | (21,541 | ) |  |  | (13,752 | )
Direct financing investments |  |  | 3,546 |  |  |  | 544 |  |  |  | 9,595 |
Mortgages payable, net |  |  | (11,926 | ) |  |  | — |  |  |  | — |
Non-real estate liabilities |  |  | (2,777 | ) |  |  | (8,649 | ) |  |  | (13,408 | )
|  | $ | 681,289 |  |  | $ | 510,163 |  |  | $ | 536,720 |
(g) | The weighted average amortization period for acquired in-place leases is 15 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively.
(h) | The weighted average amortization period for acquired above-market leases is 17 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively.
(i) | The weighted average amortization period for acquired below-market leases is 19 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively.
Summary of Revenue and Net Income, Excluding the Impact of One-time Acquisition Expenses | The Company recorded the following revenues and net income, excluding the impact of one-time acquisition expenses, in the Consolidated Statements of Income and Comprehensive Income related to properties acquired and accounted for as business combinations from the date of acquisition through December 31, 2016 and 2015:
|  | December 31, |
(in thousands) |  | 2016 |  |  | 2015 |
Revenues |  | $ | 17,088 |  |  | $ | 15,752 |
Net income |  |  | 9,462 |  |  |  | 8,569 |
Condensed Pro Forma Financial Information | The unaudited condensed pro forma financial information are as follows for the years ended December 31:
|  | December 31, |
(in thousands) |  | 2016 |  |  | 2015 |
Revenues |  | $ | 174,727 |  |  | $ | 166,647 |
Net income |  |  | 69,504 |  |  |  | 69,780 |

X
- Definition Business acquisition pro forma information since acquisition date actual. + References No definition available. + Details
Name: | ck0001424182_BusinessAcquisitionProFormaInformationSinceAcquisitionDateActualTextBlock
Namespace Prefix: | ck0001424182_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration