10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2013

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM             TO  

COMMISSION FILE NUMBER: 000-53945

Inland Diversified Real Estate Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	26-2875286
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2901 Butterfield Road, Oak Brook, Illinois	60523
(Address of principal executive offices)	(Zip Code)

630-218-8000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

Common stock, $0.001 par value per share

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.45 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    ý

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. (See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act).

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	ý	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

There is no established market for the registrant’s shares of common stock. The number of shares held by non-affiliates as of June 30, 2013 (the last business day of the registrant’s most recently completed second fiscal quarter) was 115,933,852.

As of March 3, 2014, there were 117,809,586 shares of the registrant’s common stock outstanding.

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.
TABLE OF CONTENTS

		Page
	Part I
Item 1.	Business	1
Item 1A.	Risk Factors	5
Item 1B.	Unresolved Staff Comments	5
Item 2.	Properties	5
Item 3.	Legal Proceedings	9
Item 4.	Mine Safety Disclosures	9
	Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	10
Item 6.	Selected Financial Data	13
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 8.	Consolidated Financial Statements and Supplementary Data	34
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	70
Item 9A.	Controls and Procedures	70
Item 9B.	Other Information	71
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	71
Item 11.	Executive Compensation	75
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	76
Item 13.	Certain Relationships and Related Transactions, and Director Independence	76
Item 14.	Principal Accounting Fees and Services	80
	Part IV
Item 15.	Exhibits and Financial Statement Schedules	81
	Signatures	82

PART I

Item 1. Business

General

Inland Diversified Real Estate Trust, Inc. (which we refer to herein as the “Company,” “we,” “our” or “us”) was incorporated in June 2008 as a Maryland corporation. We were formed to acquire and develop a diversified portfolio of commercial real estate located in the United States and Canada. We also may invest in other real estate assets such as interests in real estate investment trusts, or “REITs,” or other “real estate operating companies” that own these assets, joint ventures and commercial mortgage debt. Our sponsor, Inland Real Estate Investment Corporation, referred to herein as our “Sponsor” or “IREIC,” is a subsidiary of The Inland Group, Inc. Various affiliates of our Sponsor are involved in our business. We are externally managed and advised by Inland Diversified Business Manager & Advisor, Inc. referred to herein as our “Business Manager,” a wholly owned subsidiary of our Sponsor. Our Business Manager is responsible for overseeing and managing our day-to-day operations. Our properties are managed by one of Inland Diversified Real Estate Services LLC, Inland Diversified Asset Services LLC, Inland Diversified Leasing Services LLC or Inland Diversified Development Services LLC, referred to collectively herein as our “Real Estate Managers.” These entities are indirectly controlled by the four principals of The Inland Group, Inc.; Messrs. Daniel Goodwin, Robert Baum, G. Joseph Cosenza and Robert Parks. Unless otherwise noted, all dollar amounts are stated in thousands, except per share amounts.

On August 24, 2009, we commenced our initial public offering of up to 500,000,000 shares of our common stock to the public at a price of $10.00 per share on a “best efforts” basis and up to 50,000,000 shares of our common stock at a price of $9.50 per share to our stockholders pursuant to our distribution reinvestment plan, or “DRP.” The dealer manager of our public offering was Inland Securities Corporation, a wholly owned subsidiary of our Sponsor. The "best efforts" portion of the offering was completed on August 23, 2012. As of the termination of our best efforts public offering on August 23, 2012, we sold a total of 110,485,936 shares, generating $1,099,311 in aggregate gross offering proceeds. Following the termination of the best efforts portion of the offering, we filed another registration statement to permit us to continue offering and selling shares of common stock to stockholders who choose to participate in the DRP. On November 13, 2013, our board of directors voted to suspend the DRP, effective immediately. In our initial public offering we sold 119,839,478 shares, including 9,353,542 shares pursuant to the DRP, generating $1,188,170 in aggregate gross offering proceeds.

At December 31, 2013, we owned 135 retail properties, four office properties and two industrial properties collectively totaling 12.5 million square feet including 24 multi-family units and two multi-family properties totaling 420 units. The properties are located in 31 states. As of December 31, 2013, we had a diversified portfolio of properties with our top two tenants, Kohl's Department Stores, Inc. and Walgreens comprising 4.3% and 4.1% of our total annualized base rent, respectively and our top two tenant types, dollar stores including off price clothing and grocery stores comprising 17.3% and 11.9% of our total square feet, respectively. As of December 31, 2013, our portfolio had a weighted average physical occupancy and economic occupancy of 96.1% and 97.2%, respectively. Economic occupancy excludes square footage associated with an earnout component. At the time that we acquired certain properties, the purchase agreement contained an earnout component to the purchase price, meaning we did not pay a portion of the purchase price at closing for certain vacant spaces, although we own the entire property. We are not obligated to settle this contingent purchase price unless the seller obtains leases for the vacant space within the time limits and parameters set forth in the applicable acquisition agreement.

Net Lease Sale Transactions

On December 16, 2013, we, Inland Diversified Cumming Market Place, L.L.C., a Delaware limited liability company and our subsidiary, and Bulwark Corporation, a Delaware corporation and our subsidiary, entered into two Purchase and Sale Agreements (collectively, the “Purchase and Sale Agreements”) with Realty Income Corporation, a Maryland corporation and unaffiliated third party purchaser (“Realty Income”). The Purchase and Sale Agreements collectively provide for the sale of a total of 84 of our single tenant, net leased properties (the “Net Lease Properties”) to Realty Income in a series of transactions which we refer to as the “Net Lease Sale Transactions.”

The Purchase and Sale Agreements provide that the Net Lease Properties will be sold in multiple separate tranches. The closing of each tranche is subject to the satisfaction of various closing conditions. On January 31, 2014, we closed the first tranche of Net Lease Properties (the “Tranche I Closing”), resulting in the sale to Realty Income of a total of 46 of the Net Lease Properties for an aggregate cash purchase price of approximately $201,955. The Tranche I Closing resulted in net proceeds to us of $126,312. Subject to the satisfaction of all closing conditions, the sale of the remainder of the Net Lease Sale Transactions

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is expected to close by April 30, 2014. However, there are no assurances that the remainder of the Net Lease Sale Transactions will be consummated on the expected timetable, or at all.

Following the Tranche I Closing, our portfolio consisted of 91 retail properties, three office properties and one industrial property collectively totaling 11.5 million square feet including 24 multi-family units and two multi-family properties totaling 420 units. Assuming the completion of the Net Lease Sale Transactions and the sale of all of the properties contemplated to be sold therein, following the completion of the Net Lease Sale Transactions we will own 57 retail properties, collectively totaling approximately 10.2 million square feet including 24 multi-family units and two multi-family properties with a total of 420 units.

Proposed Merger

On February 9, 2014, we entered into an agreement and plan of merger (the “Merger Agreement”) with Kite Realty Group Trust, a publicly traded (NYSE: KRG) Maryland real estate investment trust (“Kite”), and KRG Magellan, LLC, a Maryland limited liability company and a direct wholly owned subsidiary of Kite (“Merger Sub”). The Merger Agreement provides for, upon the terms and conditions of the Merger Agreement, the merger of the Company with and into Merger Sub, with Merger Sub surviving the Merger as a direct wholly owned subsidiary of Kite (the “Merger”). Pursuant to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of our common stock will be converted into the right to receive shares of beneficial interest of Kite, par value $0.01 per share (“Kite Common Shares”), based on:

• an exchange ratio of 1.707 Kite Common Shares for each share of our common stock if the volume-weighted average trading price of Kite Common Shares for the ten consecutive trading days ending on the third trading day preceding the meeting of our stockholders to approve the Merger (the “Reference Price”) is equal to or less than $6.36;

• a floating exchange ratio if the Reference Price is more than $6.36 or less than $6.58 (with such floating exchange ratio being determined by dividing $10.85 by the Reference Price); and

• an exchange ratio of 1.650 Kite Common Shares for each share of our common stock if the Reference Price is $6.58 or greater.

Pursuant to the Merger Agreement, upon the effective time of the Merger, the board of trustees of Kite will consist of nine members, six of whom will be current trustees of Kite and three of whom will be designated by us.

The completion of the Merger is subject to a number of closing conditions, including, among others: (i) approval by Kite’s stockholders and our stockholders, including the approval of Kite’s stockholders of an amendment to Kite’s declaration of trust to increase the number of Kite Common Shares that Kite is authorized to issue; (ii) the absence of a material adverse effect on either us or Kite; (iii) the receipt of tax opinions relating to the REIT status of Kite and the Company and the tax-free nature of the transaction; (iv) the completion of the Net Lease Sale Transactions; and (v) the completion of the redeployment of certain proceeds from the Net Lease Sale Transactions to acquire replacement properties for purposes of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a result of the closing conditions to which the Merger is subject, there are no assurances that the proposed Merger will be consummated on the expected timetable, or at all. If the closing conditions are satisfied, it is anticipated that the Merger will close during the second or third quarter of 2014.

The Merger Agreement may be terminated under certain circumstances, including by either us or Kite if the Merger has not been consummated on or before the outside date of August 31, 2014, subject to extension under certain circumstances. The Merger Agreement provides that, in connection with the termination of the Merger Agreement under specified circumstances, we may be required to pay to Kite a termination fee of $43,000 and/or reimburse Kite’s transaction expenses up to an amount equal to $8,000. Where termination is in connection with a failure to close the Net Lease Sale Transactions, we may be required to (i) reimburse Kite for its transaction expenses up to an amount equal to $8,000 and (ii) pay Kite a termination fee of $3,000. The Merger Agreement also provides that, under specified circumstances, Kite may be required to pay us a termination fee of $30,000 and/or reimburse our transaction expenses up to an amount equal to $8,000. Under certain circumstances, including upon payment of the applicable termination fee, either party is permitted to terminate the Merger Agreement to enter into a definitive agreement with a third party with respect to a superior acquisition proposal.

If the Merger is consummated, it is expected to significantly change the scope of our business and as a result our 2013 results of operations may not necessarily be representative of our future results of operations. Unless otherwise stated, all disclosures and discussion in this Form 10-K do not include the expected effects of the Merger.

In connection with the execution of Merger Agreement, we entered into a Master Liquidity Event Agreement (the “Master Agreement”) with the Business Manager, the Real Estate Managers, and certain other affiliates of the Business Manager. The Master Agreement sets forth the terms of the consideration due to the Business Manager and the Real Estate Managers in connection with the Merger, provides for the automatic termination upon the closing of the Merger of our agreements with the Business Manager and the Real Estate Managers and certain other agreements between us and affiliates of the Business

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Manager and includes certain other agreements in order to facilitate the Merger. See Part III, Item 13 of this Annual Report on Form 10-K, “Certain Relationships and Related Transactions, and Director Independence,” for additional information.

Segment Data

We have one reportable segment as defined by accounting principles generally accepted in the United States (“U.S. GAAP”) for the years ended December 31, 2013, 2012 and 2011. Accordingly, we did not report any other segment disclosures in this annual report.

Investment Policies

Investments in Real Estate

We acquire commercial real estate located throughout the United States and Canada, with a focus on investments in retail properties, office buildings, multi-family properties, including student housing properties, industrial/distribution and warehouse facilities, and lodging properties. We may also purchase medical office buildings and other healthcare-related facilities and public infrastructure assets, including toll roads, water utilities, correctional facilities, airports, ports, electricity and gas transmission and distribution networks and telecommunications facilities. We may purchase properties with operating histories, newly constructed properties, properties under development, or undeveloped properties.

We have not focused on any one particular geographic location and seek to invest in a geographically diverse portfolio in order to reduce the risk of reliance on a particular market, a particular property or a particular tenant. We are not specifically limited in the number or size of properties we may acquire, or with respect to the amount that we may invest in a single property. We have sought investments in properties with existing “net” leases. “Net” leases require tenants to pay a share, either prorated or fixed, of all, or a majority, of a particular property’s operating expenses, including real estate taxes, special assessments, utilities, insurance, common area maintenance and building repairs, as well as base rent payments.

We may acquire assets by purchasing the property directly or indirectly by purchasing interests, including controlling interests, in REITs, or other “real estate operating companies” that own these assets, such as real estate management companies and real estate development companies. We may purchase the common or preferred stock of these entities (or debt securities issued by these entities) or options to acquire interests in these entities. We do not have any policies limiting its acquisitions of REITs or other real estate operating companies to those conducting a certain type of real estate business or owning a specific property type or real estate asset. We may also acquire, develop or improve properties through joint ventures, partnerships, co-tenancies and other co-ownership arrangements or participations with real estate developers, owners and other unaffiliated third parties. In determining whether to invest in a particular joint venture, the Business Manager evaluates the real estate assets that the joint venture owns or is being formed to own under the same criteria used for the selection of direct investments in properties.

Investments in Real Estate Mortgages

We may originate and invest in real estate-related loans, including first and second mortgage loans, mezzanine loans, B-Notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans and participations in these loans. These loans may be secured by first or second mortgages on commercial real estate or a pledge of ownership interests in the entity owning commercial real estate. Our underwriting process typically involves comprehensive financial, structural, operational and legal due diligence.

We will not make, or invest in, mortgage loans, excluding investments in CMBS, unless we obtain an appraisal of the underlying property from a certified independent appraiser, except for mortgage loans insured or guaranteed by a government or governmental agency. In addition to the appraisal, we will seek to obtain a customary lender’s title insurance policy or commitment as to the priority of the mortgage or condition of the title. We will not make, or invest in, mortgage loans, excluding investments in CMBS, secured by a property if the aggregate amount of all mortgage loans secured by the property, including our loans, would exceed an amount equal to 85% of the appraised value of the property, unless we find substantial justification due to the presence of other underwriting criteria, as determined in the sole discretion of our board of directors, including a majority of our independent directors, and provided further that the loans do not exceed the appraised value of the property at the date of the loans. We are not limited in the percentage of our assets that may be invested in any type of loan or in any single loan or the types of properties subject to mortgages or other loans in which we may invest.

Tax Status

We have elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code beginning with the tax year ended December 31, 2009. Because we qualify for taxation as a REIT, we generally will not be subject to federal income tax on taxable income that is distributed to stockholders. If we fail to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, we will be subject to federal (including any applicable alternative

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minimum tax) and state income tax on our taxable income at regular corporate rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, respectively, and to federal income and excise taxes on our undistributed income.

Competition

We are subject to significant competition in seeking real estate investments and tenants. We compete with many third parties engaged in real estate investment activities including other REITs, specialty finance companies, savings and loan associations, banks, mortgage bankers, insurance companies, mutual funds, institutional investors, investment banking firms, lenders, hedge funds, governmental bodies and other entities. Some of these competitors, including larger REITs, have substantially greater financial resources than we do and generally enjoy significant competitive advantages that result from, among other things, a lower cost of capital and enhanced operating efficiencies.

Employees

We do not have any employees. In addition, all of our executive officers are officers of IREIC or one or more of its affiliates and are compensated by those entities, in part, for their service rendered to us. We do not separately compensate our executive officers for their service as officers or, except as set forth below with respect to our corporate secretary, reimburse either our Business Manager or Real Estate Managers or any of their affiliates for any compensation paid to individuals who also serve as our executive officers, or the executive officers of our Business Manager or our Real Estate Managers or their affiliates. Our corporate secretary is employed by The Inland Real Estate Group, Inc., an affiliate of the Business Manager. We reimburse The Inland Real Estate Group, based on hourly billing rates, for the time that our secretary spends providing legal services related to our company or for our benefit.

Conflicts of Interest

Certain persons performing services for our Business Manager and Real Estate Managers are employees of IREIC or its affiliates, and may also perform services for its affiliates and other IREIC-sponsored entities. These individuals face competing demands for their time and services and may have conflicts in allocating their time between our business and assets and the business and assets of these other entities. IREIC also may face a conflict of interest in allocating personnel and resources among these entities. In addition, conflicts exist to the extent that we acquire properties in the same geographic areas where properties owned by other IREIC-sponsored programs are located. In these cases, a conflict may arise in the acquisition or leasing of properties if we and another IREIC-sponsored program are competing for the same properties or tenants in negotiating leases, or a conflict may arise in connection with the resale of properties if we and another IREIC-sponsored program are selling similar properties at the same time.

Our charter contains provisions setting forth our ability to engage in certain related party transactions. Our board of directors reviews all of these transactions and, as a general rule, any related party transactions must be approved by a majority of the directors, including a majority of the independent directors, not otherwise interested in the transaction. Further, we may not engage in certain transactions with entities sponsored by, or affiliated with, IREIC unless a majority of our board of directors, including a majority of our independent directors, finds the transaction to be fair and reasonable and on terms no less favorable to us than those from an unaffiliated party under the same circumstances. Our board has adopted a policy prohibiting us from engaging in the following types of transactions with IREIC-affiliated entities:

• purchasing real estate assets from, or selling real estate assets to, any IREIC-affiliated entities (this excludes circumstances where we have entered into an agreement for services with an entity affiliated with IREIC, such as Inland Real Estate Acquisitions, Inc. (“IREA”), who from time to time may enter into a purchase agreement to acquire a property and then assigns the purchase agreement to us);

• making loans to, or borrowing money from, any IREIC-affiliated entities (this excludes expense advancements under existing agreements and the deposit of monies in any banking institution affiliated with IREIC); and

• investing in joint ventures with any IREIC-affiliated entities.

This policy does not impact agreements or relationships between us and IREIC and its affiliates that relate to the day-to-day management of our business.

Environmental Matters

As an owner of real estate, we are subject to various environmental laws, rules and regulations adopted by various governmental bodies or agencies. Compliance with these laws, rules and regulations has not had a material adverse effect on our business, assets, or results of operations, financial condition and ability to pay distributions. We do not believe that our existing portfolio as of December 31, 2013 will require us to incur material expenditures to comply with these laws and regulations.

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Access to Company Information

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and, as a result, we electronically file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and other information with the Securities and Exchange Commission (“SEC”). We have filed and we will continue to file documents in connection with the Merger with the SEC. The public may read and copy any of the reports that are filed with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at (800)-SEC-0330. The SEC maintains an Internet site at www.sec.gov that contains our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Report on Form 8-K, proxy statements and other filings with the SEC. Access to these filings is free of charge.

We make available, free of charge, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC, including all amendments to such filing, on our website, www.inlanddiversified.com. These filings are available as soon as reasonably practicable after such material is electronically filed or furnished to the SEC.

Item 1A. Risk Factors

The factors described below represent our principal risks. Other factors may exist that we do not consider to be significant based on information that is currently available or that we are not currently able to anticipate. The occurrence of any of the risks discussed below could have a material adverse effect on our business, financial condition, results of operations and ability to pay distributions to our stockholders. Potential investors and our stockholders may be referred to as “you” or “your” in this Item 1A, “Risk Factors,” section.

Risks Related to Our Business

Failure to complete the Merger could negatively impact the value of our common stock and the future value of our business and financial results.

If the Merger is not completed, our ongoing business could be adversely affected and we will be subject a variety of risks associated with the failure to complete the Merger, including but not limited to:

• being required, under certain circumstances, to pay to Kite a termination fee of $43,000 and/or reimburse Kite’s transaction expenses up to an amount equal to $8,000;

• incurrence of substantial costs relating to the proposed merger, such as legal, accounting, financial advisory, filing, printing and mailing fees; and

• diversion of resources and the focus of our management from operational matters and other strategic opportunities while working to implement the Merger.

If the Merger is not completed, these risks could negatively impact the value of our common stock, the future value of our business and our financial results.

The pendency of the Merger could adversely affect our business and operations.

In connection with the pending Merger, some of our tenants or vendors may delay or defer decisions, which could negatively impact our revenues, earnings, cash flows and expenses regardless of whether the Merger is completed. Similarly, current and prospective employees of the Business Manager or the Property Managers may experience uncertainty about their future roles with the combined company following the Merger, which may materially adversely affect the ability of the Business Manager or the Property Managers to attract and retain key personnel during the pendency of the Merger. In addition, due to operating covenants in the Merger Agreement, we may be unable, during the pendency of the Merger, to pursue certain strategic transactions, undertake certain significant capital projects, undertake certain significant financing transactions and otherwise pursue other actions that are not in the ordinary course of business, even if such actions could prove beneficial.

If we do not complete the Merger, there will continue to be no public trading market for our shares and a public market may never develop.

There currently is no public market for our shares and, absent the completion of the pending Merger or a similar transaction, there is no assurance that a public market may develop. In addition, our charter does not require our board of directors to seek stockholder approval to liquidate our assets by a specified date. If the Merger is not completed, our stockholders will not have the opportunity to sell their shares and our board of directors will review other alternatives for a liquidity event, which may not occur in the near term or on terms as attractive as the terms of the Merger. Our charter also prohibits the ownership of more than 9.8% of our common stock, in value or number of shares (whichever is more restrictive), by a single investor, unless exempted by our board of directors, which may further limit your ability to sell or otherwise dispose of your shares. Furthermore, our board of directors has voted to suspend our share repurchase program until further notice, effective December 13, 2013, and we do not anticipate that the board of directors will resume our share redemption program while the Merger is pending. As a result, if we do not complete the Merger, you may have to hold your shares for an indefinite period of time or, if you are able to sell your shares, you likely would have to sell them at a substantial discount to the price you paid for the shares. If our share repurchase program was resumed, the program contains numerous restrictions that limit our stockholders' ability to sell their shares, including those relating to the number of shares of our common stock that we can repurchase at any time and limiting the funds we will use to repurchase shares pursuant to the program.

The Merger Agreement contains provisions that could discourage a potential competing acquiror of our company or could result in any competing acquisition proposal being at a lower price than it might otherwise be.

The Merger Agreement contains provisions that, subject to limited exceptions, restrict our ability to solicit, initiate, knowingly encourage or facilitate any third-party proposals to acquire all or a significant part of our company. With respect to any bona fide third-party acquisition proposal, we generally have an opportunity to offer to modify the terms of the Merger Agreement in response to such proposal before our board of directors, or committee thereof, may withdraw or modify its recommendation to our shareholders in response to such acquisition proposal. Upon termination of the Merger Agreement in certain circumstances, we may be required to pay a substantial termination fee and/or expense reimbursement to Kite.

These provisions could discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of our company from considering or proposing a competing acquisition, even if the potential competing acquirer was prepared to pay consideration with a higher per share cash value than that value proposed to be received or realized in the Merger, or might result in a potential competing acquirer proposing to pay a lower price than it might otherwise have proposed to pay because of the added expense of the termination fee and expense reimbursement that may become payable in certain circumstances under the Merger Agreement.

On U.S. GAAP basis we have incurred a net loss attributable to common stockholders in two of the last three years.

We have incurred a net loss attributable to common stockholders on a U.S. GAAP basis in two of the last three years. Our losses can be attributed, in part, to startup costs and expenses incurred while we increased the size of our portfolio. In addition, depreciation and amortization substantially reduced our net income attributable to common stockholders on a U.S. GAAP basis. If we incur future losses, our financial condition, operations, cash flow, and our ability to pay our debt service and pay distributions to our stockholders may be materially and adversely affected. We are subject to all of the business risks and uncertainties associated with any business, including the risk that the value of an investor’s investment could decline substantially. We were formed in June 2008 and, as of December 31, 2013, had acquired 135 retail properties, four office properties, two industrial properties and two multi-family properties. We cannot assure you that, in the future, we will be profitable or that we will realize growth in the value of our assets.

Economic conditions disruptions may adversely impact many aspects of our operating results and operating condition.

U.S. and international markets continue to experience volatility due to a combination of many factors, including, the tapering of bond purchases by the Federal Reserve, the potential for rising interest rates, and uncertain growth. This volatility may have an adverse impact on the availability of credit to businesses generally, and real estate in particular, and could lead to weakening of the U.S. and global economies. The availability of debt financing secured by commercial real estate could decline as a result of tightened underwriting standards. Our business may be affected by market and economic challenges experienced by the U.S. economy or real estate industry as a whole or by the local economic conditions in the markets in which our real estate assets are located, including the dislocations in the credit markets and general global economic recession. Economic conditions may also impact the ability of certain of our tenants to satisfy rental payments under existing leases. Specifically, these conditions may have the following consequences:

• the financial condition of our tenants may be adversely affected, which may result in us having to reduce rental rates in order to retain the tenants;

• an increase in the number of bankruptcies or insolvency proceedings of our tenants and lease guarantors, which could delay our efforts to collect rent and any past due balances under the relevant leases and ultimately could preclude collection of these sums;

• credit spreads for major sources of capital may widen if stockholders demand higher risk premiums or interest rates could increase due to inflationary expectations, resulting in an increased cost for debt financing;

• a reduction in the amount of capital that is available to finance real estate, which, in turn, could lead to a decline in real estate values generally, slow real estate transaction activity and reduce the loan to value ratio upon which lenders are willing to lend;

• the value of certain of real estate assets may decrease below the amounts we pay for them, which would limit our ability to dispose of assets at attractive prices or to obtain debt financing secured by these assets and could reduce the availability of unsecured loans;

• the value and liquidity of short-term investments, if any, could be reduced as a result of the dislocation of the markets for our short-term investments and increased volatility in market rates for these investments or other factors; and

• one or more counterparties to derivative financial instruments that we enter into could default on their obligations to us, or could fail, increasing the risk that we may not realize the benefits of these instruments.

For these and other reasons, we cannot assure you that we will be profitable or that we will realize growth in the value of our investments.

The amount and timing of distributions may vary.

There are many factors that can affect the availability and timing of cash distributions paid to our stockholders such as our ability to earn positive yields on, real estate assets, the yields on securities of other entities in which we invest, our operating expense levels, as well as many other variables. The actual amount and timing of distributions is determined by our board of directors in its discretion, based on its analysis of our earnings, cash flow, anticipated cash flow, capital expenditure investments and general financial condition. Actual cash available for distribution may vary substantially from estimates. In addition, to the extent we invest in development or redevelopment projects, or in properties requiring significant capital requirements, our ability to make distributions may be negatively impacted. If we are not able to generate sufficient cash flow from operations, determined in accordance with U.S. GAAP, to fully fund distributions, some or all of our distributions may be paid from other sources, including cash flow generated from investing activities, including the net proceeds from the sale of our assets. Distributions reduce the amount of money available to invest in properties or other real estate assets.

In addition, our credit facility agreement imposes limits on our ability to pay distributions. More specifically, without lender consent, we may not declare and pay distributions if any default under the agreement then exists or if distributions, excluding any distributions reinvested through our DRP, for the then-current quarter and the three immediately preceding fiscal quarters in the aggregate for such period would exceed 95% of our funds from operations, or “FFO,” for such period. If distributions did exceed 95% of our FFO, we would be required to reduce distributions unless the lenders agreed to waive the requirement. There is no assurance that the lenders would agree to waive the requirement, if that became necessary.

Our ongoing strategy contemplates future acquisitions, and we may not be successful in identifying and consummating these transactions.

Our business strategy involves, among other things, further acquisitions. We may not be successful in identifying suitable properties or other assets or in consummating these acquisitions on satisfactory terms, if at all.

Further, we face significant competition for attractive investment opportunities from an indeterminate number of other real estate investors, including investors with significant capital resources such as domestic and foreign corporations and financial institutions, publicly traded and privately held REITs, private institutional investment funds, investment banking firms, life insurance companies and pension funds. As a result of competition, we may be unable to acquire additional properties on terms acceptable to us, if at all.

Of the limited number of desirable properties that we are seeing come to market, we are either facing significant competition to acquire stabilized properties, or having to accept lease-up risk associated with properties that have lower occupancy. As market conditions and real estate values recover, more properties may become available for acquisition, but we can provide no assurances that these properties will meet our investment objectives or that we will be successful in acquiring these properties. Although conditions in the credit markets have improved over the past year, the ability of buyers to utilize higher levels of leverage to finance property acquisitions has been, and remains, somewhat limited.

Actions of our joint venture partners could negatively impact our performance.

As of December 31, 2013, we had entered into four joint ventures with unaffiliated third parties, and may enter into additional joint ventures in the future. As noted below we are not, and generally do not expect to be, in a position to exercise sole decision-making authority regarding the, joint ventures. Consequently, our joint venture investments may involve risks not otherwise present with other methods of investment in real estate. Per the terms of each of the joint venture operating agreements, we have the right to manage the joint venture business property operations on a day to day basis. However, we may need the approval of our joint venture partners in order to sell or refinance the properties, subject to the terms of the joint venture agreements. If we determine that it is in our best interest to either sell or refinance any one of the joint venture properties and our joint venture partners do not provide their approval, our ability to achieve our goals in regard to such investments may be restricted. If we enter into additional joint ventures in the future, we may be subject to similar or other restrictions with regard to those joint ventures.

Our joint ventures have and may continue to issue redeemable noncontrolling interests to our current and future joint venture partners. At the noncontrolling interest holders’ option, we may be required to pay cash, but if the noncontrolling interest holder elects to redeem its interest for the Company’s stock, we have the option to pay cash, issue common stock, or a mixture of both. This may cause cash restraints on us which may, among other things, limit our ability to pay distributions. If these redeemable noncontrolling interests are redeemed for common shares it may cause dilution of the common shares outstanding.

The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to pay distributions and invest in real estate assets.

We have deposited our cash and cash equivalents in several banking institutions in an attempt to minimize exposure to the failure or takeover of any one of these entities. However, the Federal Insurance Deposit Corporation, or “FDIC,” generally only insures limited amounts per depositor per insured bank. At December 31, 2013, we had cash and cash equivalents and restricted cash deposited in interest bearing transaction accounts at certain financial institutions, exceeding these federally insured levels. If any of the banking institutions in which we have deposited funds ultimately fails, we may lose our deposits over the federally insured levels. The loss of our deposits could reduce the amount of cash we have available to distribute or invest.

Your return may be reduced if we are required to register as an investment company under the Investment Company Act.

The company is not registered, and does not intend to register itself or any of its subsidiaries, as an investment company under the Investment Company Act. If we become obligated to register the company or any of its subsidiaries as an investment company, the registered entity would have to comply with a variety of substantive requirements under the Investment Company Act imposing, among other things:

• limitations on capital structure;

• restrictions on specified investments;

• prohibitions on transactions with affiliates; and

• compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations.

The company intends to continue conducting its operations, directly and through wholly or majority-owned subsidiaries, so that the company and each of its subsidiaries are exempt from registration as an investment company under the Investment Company Act. Under Section 3(a)(1)(A) of the Investment Company Act, a company is not deemed to be an “investment company” if it neither is, nor holds itself out as being, engaged primarily, nor proposes to engage primarily, in the business of investing, reinvesting or trading in securities. Under Section 3(a)(1)(C) of the Investment Company Act, a company is not deemed to be an “investment company” if it neither is engaged, nor proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and does not own or propose to acquire “investment securities” having a value exceeding 40% of the value of its total assets on an unconsolidated basis, which we refer to as the “40% test.”

As of the date of this report, the company and all of its wholly and majority-owned subsidiaries are not considered investment companies under either Section 3(a)(1)(A) or Section 3(a)(1)(C) of the Investment Company Act. In the event that the company or any of its wholly or majority-owned subsidiaries would ever inadvertently fall within one of the definitions of “investment company,” we intend to rely on the exception provided by Section 3(c)(5)(C) of the Investment Company Act.

Under Section 3(c)(5)(C), the SEC staff generally requires the company to maintain at least 55% of its assets directly in qualifying assets to qualify for this exception. Mortgage-backed securities may or may not constitute such qualifying assets, depending on the characteristics of the mortgage-backed securities, including the rights that we have with respect to the underlying loans. The company’s ownership of mortgage-backed securities, therefore, is limited by provisions of the Investment Company Act and SEC staff interpretations.

The method we use to classify our assets for purposes of the Investment Company Act is based in large measure upon no-action positions taken by the SEC staff in the past. These no-action positions were issued in accordance with factual situations that may be substantially different from the factual situations we may face, and a number of these no-action positions were issued more than ten years ago. No assurance can be given that the SEC staff will concur with our classification of our assets. In addition, the SEC staff may, in the future, issue further guidance that may require us to re-classify our assets for purposes of qualifying for exemption from regulation under the Investment Company Act. If we are required to re-classify our assets, we may no longer be in compliance with the exemption from the definition of an “investment company” provided by Section 3(c)(5)(C) of the Investment Company Act.

A change in the value of any of our assets could cause us to fall within the definition of “investment company” and negatively affect our ability to maintain our exemption from regulation under the Investment Company Act. To avoid being required to register the company or any of its subsidiaries as an investment company under the Investment Company Act, we may be unable to sell assets we would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we may have to acquire additional income- or loss-generating assets that we might not otherwise have acquired or may have to forgo opportunities to acquire interests in companies that we would otherwise want to acquire and would be important to our investment strategy.

If we were required to register the company as an investment company but failed to do so, we would be prohibited from engaging in our business, and criminal and civil actions could be brought against us. In addition, our contracts would be unenforceable unless a court required enforcement, and a court could appoint a receiver to take control of us and liquidate our business.

The occurrence of cyber incidents, or a deficiency in our cybersecurity, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. As our reliance on technology has increased, so have the risks posed to our systems, both internal and those we have outsourced. Our three primary risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our relationship with our tenants, and private data exposure. We have implemented processes, procedures and controls to help mitigate these risks, but these measures, as well as our increased awareness of a risk of a cyber incident, do not guarantee that our financial results will not be negatively impacted by such an incident.

Risks Related to Investments in Real Estate

There are inherent risks with real estate investments.

Investments in real estate assets are subject to varying degrees of risk. For example, an investment in real estate cannot generally be quickly converted to cash, limiting our ability to promptly vary our portfolio in response to changing economic, financial and investment conditions. Investments in real estate assets also are subject to adverse changes in general economic conditions which, for example, reduce the demand for rental space. Among the factors that could impact our real estate assets and the value of an investment in us are:

• local conditions such as an oversupply of space or reduced demand for real estate assets of the type that we seek to acquire, including, with respect to any lodging properties we may acquire, quick changes in supply of and demand for rooms that are rented or leased on a day-to-day basis;

• inability to collect rent from tenants;

• vacancies or inability to rent space on favorable terms;

• inflation and other increases in operating costs, including insurance premiums, utilities and real estate taxes;

• increases in energy costs or airline fares or terrorist incidents which impact the propensity of people to travel and therefore impact revenues from any lodging properties we may acquire, especially because operating costs cannot be adjusted as quickly;

• federal, state or local regulations and controls affecting rents, zoning, prices of goods, fuel and energy consumption, water and environmental restrictions, as well as any adverse changes in these or other laws and regulations applicable to us;

• the relative illiquidity of real estate investments;

• changing market demographics;

• an inability to acquire and finance properties on favorable terms, if at all;

• acts of God, such as earthquakes, floods or other uninsured losses; and

• changes or increases in interest rates and availability of financing.

In addition, periods of economic slowdown or recession, or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or increased defaults under existing leases.

We face significant competition in the leasing market, which may decrease or prevent increases in the occupancy and rental rates of our properties.

We own properties located throughout the United States. We compete with numerous developers, owners and operators of commercial properties, many of which own properties similar to, and in the same market areas as, our properties. If our competitors offer space at rental rates below current market rates, or below the rental rates we currently charge our tenants, we may lose existing or potential tenants and we may be pressured to reduce our rental rates below those we currently charge in order to attract new tenants and retain existing tenants when their leases expire. Also, if our competitors develop additional properties in locations near our properties, there may be increased competition for creditworthy tenants, which may require us to make capital improvements to properties that we would not have otherwise made.

We depend on tenants for the majority of our revenue from real property investments, and lease terminations or the exercise of any co-tenancy rights will adversely affect our operations.

Any defaults on lease payment obligations by a tenant will cause us to lose the revenue associated with the relevant lease. If these defaults become significant, we will be forced to use other funds to make payments on the mortgage indebtedness secured by the impacted property to prevent a foreclosure action. If a tenant defaults, we may experience delays in enforcing our rights as a landlord and may incur substantial costs in protecting our investment. In addition, if a tenant at a single-user facility, which has been designed or built primarily for a particular tenant or a specific type of use, fails to renew its lease or defaults on its lease obligations, we may not be able to readily market a single-user facility to a new tenant, if at all, without making substantial capital improvements or incurring other significant re-leasing costs.

Further, with respect to any retail properties we acquire, we have and may continue to enter into leases containing co-tenancy provisions. Co-tenancy provisions may allow a tenant to exercise certain rights if, among other things, another tenant fails to open for business, delays its opening or ceases to operate, or if a percentage of the property’s gross leasable space or a particular portion of the property is not leased or subsequently becomes vacant. A tenant exercising co-tenancy rights may be able to abate minimum rent, reduce its share or the amount of its payments of common area operating expenses and property taxes or cancel its lease. In addition, in the case of leases with retail tenants, the majority of the leases contain provisions giving the particular tenant the exclusive right to sell particular types of merchandise or provide specific types of services within the particular retail center. In the event of a default at one of these properties, these lease provisions may limit the number and types of prospective tenants interested in leasing space at that property.

We may suffer adverse consequences due to the financial difficulties, bankruptcy or insolvency of our tenants.

An economic downturn may cause our tenants to experience financial difficulties, including bankruptcy, insolvency or a general downturn in their business. The retail sector in particular could be, adversely affected by weakness in the national, regional and local economies, the level of consumer spending and consumer confidence, the adverse financial condition of some large retailing companies, the ongoing consolidation in the retail sector and increasing competition from discount retailers, outlet malls, internet retailers and other online businesses. As of December 31, 2013, retail properties represented approximately 91.9% of our real property portfolio, based on aggregate purchase price paid at closing. We cannot provide assurance that any tenant that files for bankruptcy protection will continue to pay us rent. A bankruptcy filing by, or relating to, one of our tenants or a lease guarantor would bar efforts by us to collect pre-bankruptcy debts from that tenant or lease guarantor, or its property, unless we receive an order permitting us to do so from the bankruptcy court. In addition, we cannot evict a tenant solely because of bankruptcy. The bankruptcy of a tenant or lease guarantor could delay our efforts to collect past due balances under the relevant leases, and could ultimately preclude collection of these sums. If a lease is assumed by the tenant in bankruptcy, all pre-bankruptcy balances due under the lease must be paid to us in full. If, however, a lease is rejected by a tenant in bankruptcy, we would have only a general, unsecured claim for damages. An unsecured claim would only be paid to the extent that funds are available and only in the same percentage as is paid to all other holders of general, unsecured claims. Restrictions under the bankruptcy laws further limit the amount of any other claims that we can make if a lease is rejected. As a result, it is likely that we would recover substantially less than the full value of the remaining rent during the term.

Certain of our tenants generated a significant portion of our revenue, and rental payment defaults by this significant tenant could adversely affect our results of operations.

As of December 31, 2013, approximately 4.3% and 4.1% of our consolidated annualized base rental revenue was generated from leases with Kohl’s Department Stores Inc. and Walgreens, respectively and the top five tenants in our portfolio totaled 15.8% of our annualized base rental revenue. If any of these tenants were to cease paying rent or fulfilling their other monetary obligations, we could have significantly reduced rental revenues or higher expenses until the default was cured or the properties were leased to a new tenant or tenants. In addition, there is no assurance that the properties could be re-leased on similar or better terms, if at all.

Leases representing approximately 2.5% (excluding multi-family units) of our portfolio square footageare scheduled to expire in 2014. We may be unable to renew leases or lease vacant space at favorable rates or at all.

As of December 31, 2013, leases representing approximately 2.5% (excluding multi-family units) of our portfolio were scheduled to expire in 2014, and an additional 3.8% (excluding multi-family units) of the square footage of our portfolio was available for lease as of December 31, 2013. We may be unable to extend or renew any of the expiring leases, or we may be able to re-lease these spaces only at rental rates equal to or below existing rental rates. We also may not be able to lease space which is currently not occupied on acceptable terms and conditions, if at all. In addition, some of our tenants have leases that include early termination provisions that permit the lessee to terminate all or a portion of its lease with us after a specified date or upon the occurrence of certain events with little or no compensation to us. We may be required to offer substantial rent abatements, tenant improvements, early termination rights or below-market renewal options to retain these tenants or attract new ones. Portions of our properties may remain vacant for extended periods of time. Further, some of our leases currently provide tenants with options to renew the terms of their leases at rates that are less than the current market rate or to terminate their leases prior to the expiration date thereof. If we are unable to obtain new rental rates that are on average comparable to our asking rents across our portfolio, then our ability to generate cash flow growth will be negatively impacted.

We may be required to make significant capital expenditures to improve our properties in order to retain and attract tenants.

We expect that, upon the expiration of leases at our properties, we may be required to make rent or other concessions to tenants, accommodate requests for renovations, build-to-suit remodeling and other improvements or provide additional services to our tenants. As a result, we may have to pay for significant leasing costs or tenant improvements in order to retain tenants whose leases are expiring or to attract new tenants. Additionally, we may need to raise capital to fund these expenditures. If we are unable to do so, we will not be able to fund the required expenditures. This could result in non-renewals by tenants upon expiration of their leases or inhibit our ability to attract new or replacement tenants, which would result in declines in revenues from operations.

Geographic concentration of our portfolio makes us particularly susceptible to adverse economic developments in the real estate markets of those areas.

As of December 31, 2013, approximately 14.7% and 12.0% of our consolidated annualized base rental revenue of our consolidated portfolio was generated by properties located in the States of Florida and Nevada, respectively. Accordingly, our rental revenues and property operating results are likely to be impacted by economic changes affecting these states. This geographic concentration also exposes us to risks of oversupply and competition in these real estate markets.

Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.

From time to time, we have acquired multiple properties in a single transaction. Portfolio acquisitions typically are more complex and expensive than single property acquisitions, and the risk that a multiple-property acquisition does not close may be greater than in a single-property acquisition. Portfolio acquisitions may also result in us owning investments in geographically dispersed markets, placing additional demands on our Business Manager and Real Estate Managers in managing the properties in the portfolio. In addition, a seller may require that a group of properties be purchased as a package even though we may not want to purchase one or more properties in the portfolio. In these situations, if we are unable to identify another person or entity to acquire the unwanted properties, we may be required to operate or attempt to dispose of these properties. We also may be required to accumulate a large amount of cash to fund such acquisitions. We would expect the returns that we earn on such cash to be less than the returns on real property. Therefore, acquiring multiple properties in a single transaction may reduce the overall yield on our portfolio.

Short-term leases may expose us to the effects of declining market rent.

Certain types of the properties we own, such as multi-family properties, typically have short-term leases, generally one year or less, with tenants. There is no assurance that we will be able to renew these leases as they expire or attract replacement tenants on comparable terms, if at all.

Inflation may adversely affect our financial condition and results of operations.

Increases in the rate of inflation may adversely affect our net operating income from leases with stated rent increases or limits on the tenant’s obligation to pay its share of operating expenses, which could be lower than the increase in inflation at any given time. Inflation could also have an adverse effect on consumer spending, which may impact our tenants’ sales and, with respect to those leases including percentage rent clauses, our average rents.

Operating expenses may increase in the future and to the extent these increases cannot be passed on to our tenants, our cash flow and our operating results would decrease.

Operating expenses, such as expenses for fuel, utilities, labor, building materials and insurance are not fixed and may increase in the future. There is no guarantee that we will be able to pass these increases on to our tenants. To the extent these increases cannot be passed on to our tenants, any increases would cause our cash flow and our operating results to decrease.

We depend on the availability of public utilities and services, especially for water and electric power. Any reduction, interruption or cancellation of these services may adversely affect us.

Public utilities, especially those that provide water and electric power, are fundamental for the sound operation of our assets. The delayed delivery or any material reduction or prolonged interruption of these services could allow certain tenants to terminate their leases or result in an increase in our costs, as we may be forced to use backup generators, which also could be insufficient to fully operate our facilities and could result in our inability to provide services. Accordingly, any interruption or limitation in the provision of these essential services may adversely affect us.

An increase in real estate taxes may decrease our income from properties.

Local real property tax assessors may seek to reassess the value of a property or properties at the time of acquisition. Generally, from time to time our property taxes will increase as property values or assessment rates change or for other reasons deemed relevant by the assessors. An increase in the assessed valuation of a property for real estate tax purposes will result in an increase in the related real estate taxes on that property. Although some tenant leases may permit us to pass through the tax increases to the tenants for payment, there is no assurance that renewal leases or future leases will be negotiated on the same basis. Increases not passed through to tenants will adversely affect our income, cash available for distributions, and the amount of distributions.

CC&Rs may restrict our ability to operate a property.

We have and may continue to acquire properties that are contiguous to other parcels of real property, comprising part of the same commercial center. These properties may be subject to significant covenants, conditions and restrictions, known as “CC&Rs,” that restrict our operation of these properties and any improvements on these properties, and our ability to grant easements on such properties. Moreover, the operation and management of contiguous properties may impact those properties. Currently no material restrictions exist, however compliance with CC&Rs in the future may adversely affect our operating costs.

We do not own or control the land in any ground lease properties that we have or may acquire.

We have and may continue to acquire property on land owned by a governmental entity or other third party, while we own a leasehold, permit, or similar interest. This means that while we have a right to use the property, we do not retain fee ownership in the underlying land. Accordingly, we will have no economic interest in the land or building at the expiration of the ground lease or permit. As a result, we will not share in any increase in value of the land associated with the underlying property. Further, because we do not control the underlying land, the lessor could take certain actions to disrupt our rights in the property or our tenants’ operation of the properties or the case of a governmental entity, take the property in an eminent domain proceeding.

We may be unable to sell assets if or when we decide to do so.

Maintaining our REIT qualification and continuing to avoid registration under the Investment Company Act as well as many other factors, such as general economic conditions, the availability of financing, interest rates and the supply and demand for the particular asset type, may limit our ability to sell real estate assets. These factors are beyond our control. We cannot predict whether we will be able to sell any real estate asset on favorable terms and conditions, if at all, or the length of time needed to sell an asset.

If we sell properties by providing financing to purchasers, we will bear the risk of default by the purchaser.

We may, from time to time, sell a property or other asset by providing financing to the purchaser. There are no limits or restrictions on our ability to accept purchase money obligations secured by a mortgage as payment for the purchase price. The terms of payment to us will be affected by custom in the area where the property being sold is located and then-prevailing economic conditions. If we receive promissory notes or other property in lieu of cash from property sales, the distribution of the proceeds of sales to our stockholders, or reinvestment in other properties, will be delayed until the promissory notes or other property are actually paid, sold, refinanced or otherwise disposed. In some cases, we may receive initial down payments in cash and other property in the year of sale in an amount less than the selling price and subsequent payments will be spread over a number of years. We will bear the risk of default by the purchaser and may incur significant litigation costs in enforcing our rights against the purchaser.

Uninsured losses or premiums for insurance coverage may adversely affect your returns.

The nature of the activities at certain properties we may acquire will expose us and our tenants or operators to potential liability for personal injuries and, in certain instances, property damage claims. In addition, there are types of losses, generally catastrophic in nature, such as losses due to wars, acts of terrorism, earthquakes, floods, hurricanes, pollution or environmental matters that are uninsurable or not economically insurable, or may be insured subject to limitations, such as large deductibles or co-payments. Insurance risks associated with potential terrorist acts could sharply increase the premiums we pay for coverage against property and casualty claims. Mortgage lenders generally require property owners to purchase specific coverage insuring against terrorism as a condition for providing mortgage, bridge or mezzanine loans. These policies may or may not be available at a reasonable cost, if at all, which could inhibit our ability to finance or refinance our properties. In such instances, we may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. We cannot assure you that we will have adequate coverage for these losses. In the event that any of our properties incurs a casualty loss that is not fully covered by insurance, the value of the particular asset will likely be reduced by the uninsured loss. In addition, we cannot assure you that we will be able to fund any uninsured losses.

Potential development and construction delays and resulting increased costs and risks may hinder our operating results and decrease our net income.

We have acquired, and may again in the future acquire, unimproved real property or properties that are under development or construction.Investments in these properties will be subject to the uncertainties associated with the development and construction of real property, including those related to re-zoning land for development, environmental concerns of governmental entities or community groups and the developers’ ability to complete the property in conformity with plans, specifications, budgeted costs and timetables. If a developer fails to perform, we may resort to legal action to rescind the purchase or the construction contract or to compel performance. A developer’s performance may also be affected or delayed by conditions beyond the developer’s control. Delays in completing construction could also give tenants the right to terminate preconstruction leases. We may incur additional risks when we make periodic progress payments or other advances to developers before they complete construction. These and other factors can result in increased costs of a project or loss of our investment. In addition, we will be subject to normal lease-up risks relating to newly constructed projects. We also must rely on rental income and expense projections and estimates of the fair market value of property upon completion of construction when agreeing upon a purchase price at the time we acquire the property. If our projections are inaccurate, we may pay too much for a property, and the return on our investment could suffer.

If we contract with a development company for newly developed property, our earnest money deposit made to the development company may not be fully refunded.

We may enter into one or more contracts, either directly or indirectly through joint ventures with affiliates or others, to acquire real property from a development company that is engaged in construction and development of commercial real properties. Properties acquired from a development company may be either existing income-producing properties, properties to be developed or properties under development. We anticipate that we will be obligated to pay a substantial earnest money deposit at the time of contracting to acquire these properties. In the case of properties to be developed by a development company, we anticipate that we will be required to close the purchase of the property upon completion of the development of the property. At the time of contracting and the payment of the earnest money deposit by us, the development company typically will not have acquired title to any real property. Typically, the development company will only have a contract to acquire land, a development agreement to develop a building on the land and an agreement with one or more tenants to lease all or part of the property upon its completion. We may enter into a contract with the development company even if at the time we enter into the contract we have not yet raised sufficient proceeds in our offering to enable us to close the purchase of such property. However, we may not be required to close a purchase from the development company, and may be entitled to a refund of our earnest money, in the following circumstances:

• the development company fails to develop the property;

• all or a specified portion of the pre-leased tenants fail to take possession under their leases for any reason; or

• we are unable to raise sufficient proceeds from our offering to pay the purchase price at closing.

The obligation of the development company to refund our earnest money will be unsecured, and we may not be able to obtain a refund of such earnest money deposit from it under these circumstances since the development company may be an entity without substantial assets or operations.

We may obtain only limited warranties when we purchase a property and would have only limited recourse in the event our due diligence did not identify any issues that lower the value of our property.

The seller of a property often sells the property in its “as is” condition on a “where is” basis and “with all faults,” without any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase agreements may contain only limited warranties, representations and indemnifications that will only survive for a limited period after the closing. The purchase of properties with limited warranties increases the risk that we may lose some or all of our invested capital in the property, as well as the loss of rental income from that property.

We have acquired properties in regions that are particularly susceptible to natural disasters.

We have acquired, and may continue to acquire, properties located in geographical areas, including in the states of Florida, Louisiana and Texas, that are regularly impacted by severe storms, hurricanes, and flooding. In addition, according to some experts, global climate change could result in heightened hurricane activity, thus further impacting these areas. Natural disasters in these or other areas may cause damage to our properties beyond the scope of our insurance coverage, thus requiring us to make substantial expenditures to repair these properties and resulting in a loss of revenues from these properties. We have acquired 22 properties and may acquire additional properties located in regions that are particularly susceptible to natural disasters which can be exposed to more severe weather than properties located in other regions. Elements such as salt water and humidity in these areas can increase or accelerate wear on the properties’ weatherproofing and mechanical, electrical and other systems, and cause mold issues over time. As a result, we may incur additional operating costs and expenditures for capital improvements at properties that we have acquired and may continue to acquire in these areas.

The costs of complying with environmental laws and other governmental laws and regulations may adversely affect us.

All real property and the operations conducted on real property are subject to federal, state and local laws and regulations relating to environmental protection and human health and safety. These laws and regulations generally govern wastewater discharges, air emissions, the operation and removal of underground and above-ground storage tanks, the use, storage, treatment, transportation and disposal of solid and hazardous materials, and the remediation of contamination associated with disposals. We also are required to comply with various local, state and federal fire, health, life-safety and similar regulations. Some of these laws and regulations may impose joint and several liability on tenants, owners or operators for the costs of investigating or remediating contaminated properties. These laws and regulations often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of the hazardous or toxic substances. The cost of removing or remediating could be substantial. In addition, the presence of these substances, or the failure to properly remediate these substances, may adversely affect our ability to sell or rent a property or to use the property as collateral for borrowing.

Environmental laws and regulations also may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures by us. Environmental laws and regulations provide for sanctions in the event of noncompliance and may be enforced by governmental agencies or, in certain circumstances, by private parties. Third parties may seek recovery from owners or operators of real properties for personal injury or property damage associated with exposure to released hazardous substances. Compliance with new or more stringent laws or regulations or stricter interpretations of existing laws may require material expenditures by us. For example, various federal, regional and state laws and regulations have been implemented or are under consideration to mitigate the effects of climate change caused by greenhouse gas emissions. Among other things, “green” building codes may seek to reduce emissions through the imposition of standards for design, construction materials, water and energy usage and efficiency, and waste management. These requirements could increase the costs of maintaining or improving our existing properties or developing new properties.

Our properties may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediating the problem.

The presence of mold at any of our properties could require us to undertake a costly program to remediate, contain or remove the mold. Mold growth may occur when moisture accumulates in buildings or on building materials. Some molds may produce airborne toxins or irritants. Concern about indoor exposure to mold has been increasing because exposure to mold may cause a variety of adverse health effects and symptoms, including allergic or other reactions. The presence of mold could expose us to liability from our tenants, their employees and others if property damage or health concerns arise.

We may incur significant costs to comply with the Americans With Disabilities Act or similar laws.

Our properties generally are subject to the Americans With Disabilities Act of 1990, as amended, which we refer to as the Disabilities Act. Under the Disabilities Act, all places of public accommodation are required to comply with federal requirements related to access and use by disabled persons. The Disabilities Act has separate compliance requirements for “public accommodations” and “commercial facilities” that generally require that buildings and services be made accessible and available to people with disabilities. In addition, with respect to any apartment properties, we also must comply with the Fair Housing Amendment Act of 1988, or “FHAA,” which requires that apartment communities first occupied after March 13, 1991 be accessible to handicapped residents and visitors.

The requirements of the Disabilities Act or FHAA could require removal of access barriers and could result in the imposition of injunctive relief, monetary penalties or, in some cases, an award of damages. We attempt to acquire properties that comply with the Disabilities Act and the FHAA or place the burden on the seller or other third party, such as a tenant, to ensure compliance with these laws. However, we cannot assure you that we will be able to acquire properties or allocate responsibilities in this manner. We may incur significant costs to comply with these laws.

Terrorist attacks and other acts of violence or war may affect the markets in which we operate, our operations and our profitability.

We may acquire real estate assets located in areas that are susceptible to attack. In addition, any kind of terrorist activity, including terrorist acts against public institutions or buildings or modes of public transportation (including airlines, trains or buses) could lessen travel by the public, which could have a negative effect on any of our properties especially if we acquire lodging properties. These attacks may directly impact the value of our assets through damage, destruction, loss or increased security costs. Although we may obtain terrorism insurance, we may not be able to obtain sufficient coverage to fund any losses we may incur. Risks associated with potential acts of terrorism could sharply increase the premiums we pay for coverage against property and casualty claims. Further, certain losses resulting from these types of events are uninsurable or not insurable at reasonable costs.

More generally, any terrorist attack, other act of violence or war, including armed conflicts, could result in increased volatility in, or damage to, the United States and worldwide financial markets and economy. Additionally, increased economic volatility could adversely affect our tenants’ ability to pay rent on their leases or our ability to fund our operations including raising additional capital.

We may have increased exposure to liabilities as a result of any participation by us in Section 1031 Exchange Transactions.

We may enter into transactions that qualify for like-kind exchange treatment under Section 1031 of the Code, referred to herein as “1031 Exchange Transactions.” Real estate acquired through a 1031 Exchange Transaction is commonly structured as the acquisition of real estate owned in co-tenancy arrangements as tenants-in-common with persons (referred to as “1031 Participants”), generally held in tax pass-through entities, including single-member limited liability companies or similar entities. Changes in tax laws may adversely affect 1031 Exchange Transactions. Owning co-tenancy interests involves risks generally not otherwise present with an investment in real estate such as:

• the risk that a co-tenant may at any time have economic or business interests or goals that are or that become inconsistent with our business interests or goals;

• the risk that a co-tenant may be in a position to take action contrary to our instructions or requests or contrary to our policies or objectives; or

• the possibility that a co-tenant might become insolvent or bankrupt, which may be an event of default under mortgage loan financing documents or allow a bankruptcy court to reject the tenants in common agreement or management agreement entered into by the co-tenants owning interests in the property.

Actions by a co-tenant might have the result of subjecting the property to liabilities in excess of those contemplated and may have the effect of reducing your returns.

If our interests become adverse to those of the other co-tenants in a 1031 Exchange Transaction, we may not have the contractual right to purchase the co-tenancy interests from the other co-tenants. Even if we are given the opportunity to purchase the co-tenancy interests, we cannot guarantee that we will have sufficient funds available to complete a purchase.

In addition, we may desire to sell our co-tenancy interests in a given property at a time when the other co-tenants do not desire to sell their interests. Therefore, we may not be able to sell our interest in a property at the time we would like to sell. We also expect it to be more difficult to find a willing buyer for our co-tenancy interests in a property than it would be to find a buyer for a property we owned outright. Further, agreements that contain obligations to acquire unsold co-tenancy interests in properties may be viewed by institutional lenders as a contingent liability against our cash or other assets, limiting our ability to borrow funds in the future.

Risks Related to Investments in Other Real Estate Assets

Through owning equity interests in REITs or other real estate operating companies that invest in real estate or real estate-related assets, we are subject to the risks impacting each entity’s assets.

We have invested, and may continue to invest, in real estate-related securities. Equity securities are always unsecured and subordinated to other obligations of the issuer. Investments in real estate-related equity securities are subject to numerous risks including: (1) limited liquidity in the secondary trading market in the case of unlisted or thinly traded securities; (2) substantial market price volatility resulting from, among other things, changes in prevailing interest rates in the overall market or related to a specific issuer, as well as changing investor perceptions of the market as a whole, REIT or real estate securities in particular or the specific issuer in question; (3) subordination to the liabilities of the issuer; (4) the possibility that earnings of the issuer may be insufficient to meet its debt service obligations or to pay distributions; and (5) with respect to investments in real estate-related preferred equity securities, the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the issuer to redeem the securities. In addition, investments in real estate-related securities involve special risks relating to the particular issuer of the securities, including the financial condition and business outlook of the issuer. Issuers of real estate-related securities generally invest in real estate or real estate-related assets and are subject to the inherent risks associated with real estate-related investments discussed herein. Investing in real estate-related securities exposes our results of operations and financial condition to the factors impacting the trading prices of publicly-traded entities.

Market volatility and the risk of market deterioration may reduce the value of any real estate related securities in which we may invest.

Mortgage loans experienced increasing rates of delinquency, foreclosure and loss during the recent dislocations in the world credit markets. These and other related events significantly impacted the capital markets associated not only with mortgage-backed securities, asset-backed securities and collateralized debt obligations, but also with the credit and financial markets as a whole. Investing significant amounts in real estate-related securities, including CMBS, will expose our results of operations and financial condition to the volatility of the credit markets.

Because there may be significant uncertainty in the valuation of, or in the stability of the value of, certain securities holdings, the fair values of these investments might not reflect the prices that we would obtain if we sold these investments. Furthermore, these investments are subject to rapid changes in value caused by sudden developments that could have a material adverse effect on the value of these investments.

To the extent that these volatile market conditions persist or deteriorate, they may negatively impact our ability to both acquire and potentially sell our real estate related securities holdings at a price and on terms acceptable to us, and we may be required to recognize impairment charges or unrealized losses.

Risks Associated with Debt Financing

Volatility in the financial markets and challenging economic conditions could adversely affect our ability to secure debt financing on attractive terms and our ability to service any future indebtedness that we may incur.

The domestic and international commercial real estate debt markets could become very volatile like recent years as a result of, among other things, the tightening of underwriting standards by lenders and credit rating agencies. This could result in less availability of credit and increasing costs for what is available. If the overall cost of borrowing increases, either by increases in the index rates or by increases in lender spreads, the increased costs may result in existing or future acquisitions generating lower overall economic returns and potentially reducing future cash flow available for distribution. If these disruptions in the debt markets persist, our ability to borrow monies to finance the purchase of, or other activities related to, real estate assets will be negatively impacted. If we are unable to borrow monies on terms and conditions that we find acceptable, we likely will have to reduce the number of properties we can purchase, and the return on the properties we do purchase may be lower. In addition, we may find it difficult, costly or impossible to refinance indebtedness which is maturing.

Further, economic conditions could negatively impact commercial real estate fundamentals and result in lower occupancy, lower rental rates and declining values in our real estate portfolio and in the collateral securing any loan investments we may make, which could have various negative impacts. Specifically, the value of collateral securing any loan investment we may make could decrease below the outstanding principal amounts of such loans, requiring us to pledge more collateral.

Borrowings may reduce the funds available for distribution and increase the risk of loss since defaults may cause us to lose the properties securing the loans.

We typically borrow money to finance a portion of the purchase price of assets that we acquire. We may also borrow money for other purposes to, among other things, satisfy the requirement that we distribute at least 90% of our “REIT annual taxable income,” subject to certain adjustments, to our stockholders, or as is otherwise necessary or advisable to assure that we continue to qualify as a REIT for federal income tax purposes. Over the long term, however, payments required on any amounts we borrow reduce the funds available for, among other things, acquisitions, capital expenditures for existing properties or distributions to our stockholders because cash otherwise available for these purposes is used to pay principal and interest on this debt.

Defaults on loans secured by a property or properties we own may result in us losing the property or properties securing the loan that is in default as a result of foreclosure actions initiated by a lender. For tax purposes, a foreclosure is treated as a sale of the property or properties for a purchase price equal to the outstanding balance of the debt secured by the property or properties. If the outstanding balance of the debt exceeds our tax basis in the property or properties, we would recognize taxable gain on the foreclosure but would not receive any cash proceeds. We also may fully or partially guarantee any monies that subsidiaries borrow to purchase or operate properties. In these cases, we will likely be responsible to the lender for repaying the loans if the subsidiary is unable to do so. If any mortgage contains cross-collateralization or cross-default provisions, more than one property may be affected by a default.

If we are unable to borrow at favorable rates, we may not be able to acquire new assets.

If we are unable to borrow money at favorable rates, we may be unable to acquire additional real estate assets or refinance existing loans at maturity. Further, we may enter into loan agreements or other credit arrangements that require us to pay interest on amounts we borrow at variable or “adjustable” rates. Increases in interest rates increase our interest costs. If interest rates are higher when we refinance our loans, our expenses will increase and we may not be able to pass on this added cost in the form of increased rents, thereby reducing our cash flow and the amount available for distribution to you. Further, during periods of rising interest rates, we may be forced to sell one or more of our properties in order to repay existing loans, which may not permit us to maximize the return on the particular properties being sold.

Lenders may restrict certain aspects of our operations, which could, among other things, limit our ability to make distributions to you.

The terms and conditions contained in any of our loan documents may require us to maintain cash reserves, limit the aggregate amount we may borrow on a secured and unsecured basis, require us to satisfy restrictive financial covenants, prevent us from entering into certain business transactions, such as a merger, sale of assets or other business combination, restrict our leasing operations or require us to obtain consent from the lender to complete transactions or make investments that are ordinarily approved only by our board of directors. In addition, secured lenders may restrict our ability to discontinue insurance coverage on a mortgaged property even though we may believe that the insurance premiums paid to insure against certain losses, such as losses due to wars, acts of terrorism, earthquakes, floods, hurricanes, pollution or environmental matters, are greater than the potential risk of loss. Our credit facility, in particular, contains certain financial and operating covenants, including, among other things, leverage ratios, coverage ratios, as well as limitations on our ability to incur secured indebtedness. In addition, our credit facility could also limit our ability to pay distributions. More specifically, without lender consent, we may not declare and pay distributions if any default under the agreement then exists or if distributions, excluding any distributions reinvested through our DRP, for the then-current quarter and the three immediately preceding fiscal quarters in the aggregate for such period would exceed 95% of our funds from operations, or “FFO,” for such period. If distributions did exceed 95% of our FFO, we would be required to reduce distributions unless the lenders agreed to waive the requirement. There is no assurance that the lenders would agree to waive the requirement, if that became necessary. The credit facility also contains customary default provisions including the failure to timely pay debt service issued thereunder and the failure to comply with the financial and operating covenants. These covenants could limit our ability to obtain additional funds needed to address liquidity needs or pursue future acquisitions. In addition, the failure to comply with any of these covenants could cause a default and accelerate payment of advances under the credit facility. Violating the covenants would likely result in us incurring higher financing costs and fees or an acceleration of the maturity date of advances under the credit facility all of which would have a material adverse effect on our results of operations and financial condition.

Interest-only indebtedness may increase our risk of default and ultimately may reduce our funds available for distribution to our stockholders.

We have obtained, and may continue to enter into, mortgage indebtedness that does not require us to pay principal for all or a portion of the life of the debt instrument. During the period when no principal payments are required, the amount of each scheduled payment is less than that of a traditional amortizing mortgage loan. The principal balance of the mortgage loan is not reduced (except in the case of prepayments). After the interest-only period, we may be required either to make scheduled payments of principal and interest or to make a lump-sum or “balloon” payment at or prior to maturity. These required principal or balloon payments will increase the amount of our scheduled payments and may increase our risk of default under the related mortgage loan if we do not have funds available or are unable to refinance the obligation.

Increases in interest rates could increase the amount of our debt payments and adversely affect our ability to make distributions to our stockholders.

We have borrowed money, including under our line of credit, which bears interest at variable rates, and therefore are exposed to increases in costs in a rising interest rate environment. Increases in interest rates would increase our interest expense on any variable rate debt, as well as any debt that must be refinanced at higher interest rates at the time of maturity. Our future earnings and cash flows could be adversely affected due to the increased requirement to service our debt and could reduce the amount we are able to distribute to our stockholders. As of December 31, 2013, we had $247,278 or 19.8% of our total outstanding debt that bore interest at variable rates, which begins to mature in 2015. As of December 31, 2013, we had $7,638 of fixed rate debt maturing by the end of 2014 of which $6,720 was subsequently repaid on March 10, 2014.

To hedge against interest rate fluctuations, we have and may use derivative financial instruments. Derivative financial instruments may be costly and ineffective.

From time to time we have used, and may continue to use derivative financial instruments to hedge exposures to changes in interest rates on loans secured by our properties. Derivative instruments include interest rate swap contracts, interest rate cap or floor contracts, futures or forward contracts, options or repurchase agreements. Our actual hedging decisions are determined in light of the facts and circumstances existing at the time of the hedge and may differ from time to time. There is no assurance that our hedging activities will have a positive impact on our results of operations or financial condition. We might be subject to costs, such as transaction fees or breakage costs, if we terminate these arrangements.

To the extent that we use derivative financial instruments to hedge against interest rate fluctuations, we are exposed to credit risk, basis risk and legal enforceability risks. In this context, credit risk is the failure of the counterparty to perform under the terms of the derivative contract. If the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. Basis risk occurs when the index upon which the contract is based is more or less variable than the index upon which the hedged asset or liability is based, thereby making the hedge less effective. Finally, legal enforceability risks encompass general contractual risks including the risk that the counterparty will breach the terms of, or fail to perform its obligations under, the derivative contract, particularly in light of current market conditions. Further, the REIT provisions of the Code may limit our ability to hedge the risks inherent to our operations. We may be unable to manage these risks effectively.

We may enter into derivative contracts that could expose us to contingent liabilities in the future.

Derivative financial instruments may require us to fund cash payments upon the early termination of a derivative agreement caused by an event of default or other early termination event. The amount due would be equal to the unrealized loss of the open swap positions with the respective counterparty and could also include other fees and charges. In addition, some of these derivative arrangements may require that we maintain specified percentages of cash collateral with the counterparty to fund potential liabilities under the derivative contract. We may have to make cash payments in order to maintain the required percentage of collateral with the counterparty. These economic losses would be reflected in our results of operations, and our ability to fund these obligations and financial condition would depend on the liquidity of our respective assets and access to capital at the time.

We may acquire or finance properties with lock-out provisions, which may prohibit us from selling a property, or may require us to maintain specified debt levels for a period of years on some properties.

The terms of any loan that we may enter into may preclude us from pre-paying the principal amount of the loan or could restrict us from selling or otherwise disposing of or refinancing properties. For example, lock-out provisions may prohibit us from reducing the outstanding indebtedness secured by any of our properties, refinancing this indebtedness on a non-recourse basis at maturity, or increasing the amount of indebtedness secured by our properties. Lock-out provisions could impair our ability to take other actions during the lock-out period. In particular, lock-out provisions could preclude us from participating in major transactions that could result in a disposition of our assets or a change in control even though that disposition or change in control might be in the best interests of our stockholders. As of December 31, 2013, we had 23 loans with lock-out provisions in effect totaling $424,270 or approximately 35.8% of our total mortgage debt.

We may be contractually obligated to purchase property even if we are unable to secure financing for the acquisition.

We typically finance a portion of the purchase price for each property that we acquire. However, to ensure that our offers are as competitive as possible, we generally do not enter into contracts to purchase property that include financing contingencies. Thus, we may be contractually obligated to purchase a property even if we are unable to secure financing for the acquisition. In this event, we may choose to close on the property by using cash on hand, which would result in less cash available for our operations and distributions to stockholders. Alternatively, we may choose not to close on the acquisition of the property and default on the purchase contract. If we default on any purchase contract, we could lose our earnest money and become subject to liquidated or other contractual damages and remedies.

The total amount we may borrow is limited by our charter.

Our charter generally limits the total amount we may borrow to 300% of our net assets, equivalent to a 75% loan-to-asset value ratio, unless our board of directors (including a majority of our independent directors) determines that a higher level is appropriate and the excess in borrowing is disclosed to stockholders in our next quarterly report along with the justification for the excess. This limit could adversely affect our business, including:

• limiting our ability to purchase real estate assets;

• causing us to lose our REIT status if we cannot borrow to fund the monies needed to satisfy the REIT distribution requirements;

• causing operational problems if there are cash flow shortfalls for working capital purposes; and

• causing the loss of a property if, for example, financing is necessary to cure a default on a mortgage.

Risks Related to Conflicts of Interest

There are conflicts of interest between us and affiliates of our sponsor that may affect our acquisition of properties and financial performance.

Our sponsor and Inland Private Capital Corporation (“IPCC”) sponsored other REITs real estate exchange private placement limited partnerships and limited liability companies. Two of the REITs, Inland American Real Estate Trust, Inc. and Inland Real Estate Income Trust, Inc., are managed by affiliates of our Business Manager. Two other REITs, Inland Real Estate Corporation, Inc. and Retail Properties of America, Inc., formally known as Inland Western Retail Real Estate Trust, Inc., is self-managed, but our sponsor and its affiliates continue to hold a significant investment in these entities. We may be seeking to buy real estate assets at the same time as certain of these other programs. Further, certain programs sponsored by our sponsor or IPCC own and manage the type of properties that we own, and in the same geographical areas in which we own them. Therefore, our properties may compete for tenants with other properties owned and managed by these other programs. Persons performing services for our Real Estate Managers may face conflicts of interest when evaluating tenant leasing opportunities for our properties and other properties owned and managed by these programs, and these conflicts of interest may have an adverse impact on our ability to attract and retain tenants.

Our sponsor may face a conflict of interest in allocating personnel and resources between its affiliates, our Business Manager and our Real Estate Managers.

We currently rely, to a great extent, and will continue to rely if the Merger is not completed, on persons performing services for our Business Manager and Real Estate Managers and their affiliates to manage our day-to-day operations. Some of these persons also provide services to one or more investment programs previously sponsored by our sponsor. These individuals face competing demands for their time and service and may have conflicts in allocating their time between our business and assets and the business and assets of our sponsor, its affiliates and the other programs formed and organized by our sponsor. In addition, if another investment program sponsored by our sponsor decides to internalize its management functions in the future, it may do so by hiring and retaining certain of the persons currently performing services for our Business Manager and Real Estate Managers, and if it did so, would likely not allow these persons to perform services for us.

We do not have arm’s-length agreements with our Business Manager, our Real Estate Managers or any other affiliates of IREIC.

None of the agreements and arrangements with our Business Manager, our Real Estate Managers or any other affiliates of our sponsor was negotiated at arm’s-length. These agreements may contain terms and conditions that are not in our best interest and would not otherwise be applicable if we entered into arm’s length agreements with third parties.

Our Business Manager and its affiliates face conflicts of interest caused by their compensation arrangements with us, which could result in actions that are not in the long-term best interests of our stockholders.

We pay significant fees to our Business Manager, Real Estate Managers and other affiliates of our sponsor for services provided to us. Most significantly, our Business Manager receives fees based on the aggregate book value, including acquired intangibles, of our invested assets. Further, our Real Estate Managers receive fees based on the gross income from properties under management. Other parties related to, or affiliated with, our Business Manager or Real Estate Managers may also receive fees or cost reimbursements from us. These compensation arrangements may cause these entities to take or not take certain actions. For example, these arrangements may provide an incentive for our Business Manager to borrow more money than prudent to increase the amount we can invest. Ultimately, the interests of these parties in receiving fees conflict with the interest of our stockholders in earning income on their investment in our common stock.

We rely on entities affiliated with our sponsor to identify real estate assets.

We rely on Inland Real Estate Acquisitions, Inc. (“IREA”) and other affiliates of our sponsor to identify suitable investment opportunities for us. Other public or private programs sponsored by our sponsor or IPCC also rely on these entities to identify potential investments. These entities invest in some of the same property types that we seek and have, in some cases, rights of first refusal or other pre-emptive rights to the properties that IREA identifies. Our right to acquire properties identified by IREA is subject to the exercise of any prior rights vested in these entities. We may not, therefore, be presented with opportunities to acquire properties that we otherwise would be interested in acquiring.

Three of our seven directors face conflicts of interest because of their positions or affiliations with our real estate manager and our business manager.

Three of our directors, Mr. Parks, Ms. Gujral and Mr. Lazarus also serve as officers or directors of other entities affiliated with Real Estate Manager or Business Manager. Their affiliation with these other entities could result in conflicts with our business and interests that are most likely to arise in their participating in deliberations or voting on matters by our board of directors related to, among others:

• enforcing our agreements with the Business Manager or Real Estate Manager and their affiliates; and

• property sales, which reduce the amount of property management fees payable to our Real Estate Manager.

Risks Related to Our Corporate Structure

Our board of directors may change our investment policies without stockholder approval, which could alter the nature of your investment.

Our charter requires that our independent directors review our investment policies at least annually to determine that the policies we are following are in the best interest of our stockholders. These policies may change over time. The methods of implementing our investment policies may also vary, as new investment techniques are developed. Our investment policies, the methods for implementing them, and our other objectives, policies and procedures may be altered by a majority of the directors (which must include a majority of the independent directors), without the approval of our stockholders. As a result, the nature of your investment could change without your consent. A change in our investment strategy may, among other things, increase our exposure to interest rate risk, default risk and commercial real property market fluctuations, all of which could materially adversely affect our ability to achieve our investment objectives.

Our charter authorizes us to issue additional shares of stock, which may reduce the percentage of our common stock owned by our other stockholders, subordinate your rights or discourage a third party from acquiring us.

Investors who purchased shares in our public offering will not have preemptive rights to purchase any shares issued by us in the future. Our charter authorizes us to issue up to 2.5 billion shares of capital stock, of which 2.46 billion shares are classified as common stock and 40 million are classified as preferred stock. We may, in the sole discretion of our board:

• sell additional shares in future offerings;

• issue equity interests in a private offering of securities;

• classify or reclassify any unissued shares of common or preferred stock by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, or terms or conditions of redemption of the stock;

• amend our charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series that we have authority to issue;

• issue shares of our capital stock in exchange for real estate assets;

• issue shares of our capital stock to our Business Manager or Real Estate Managers in connection with any business combination between us and any of them; or

• cause dilution of our earnings per common share due to the conversion of redeemable noncontrolling interests into common shares.

Future issuances of common stock will reduce the percentage of our outstanding shares owned by our other stockholders. Further, our board of directors could authorize the issuance of stock with terms and conditions that could subordinate the rights of the holders of our current common stock or have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for our stockholders.

Our rights, and the rights of our stockholders, to recover claims against our officers, directors, Business Manager and Real Estate Managers are limited.

Under our charter, we may generally indemnify our directors, our Business Manager, our Real Estate Managers and their respective affiliates for any losses or liabilities suffered by any of them and hold these persons or entities harmless for any loss or liability suffered by us as long as: (1) these persons or entities have determined in good faith that the course of conduct that caused the loss or liability was in our best interest; (2) these persons or entities were acting on our behalf or performing services for us; (3) the loss or liability was not the result of the negligence or misconduct of the directors (gross negligence or willful misconduct of the independent directors), Business Manager, the Real Estate Managers or their respective affiliates; or (4) the indemnity or agreement to hold harmless is recoverable only out of our net assets and not from our stockholders. As a result, we and our stockholders may have more limited rights against our directors, officers, employees and agents, our Business Manager and our Real Estate Managers and their respective affiliates, than might otherwise exist under common law. In addition, we may be obligated to fund the defense costs incurred by our directors, officers, employees and agents or our Business Manager and the Real Estate Managers and their respective affiliates in some cases.

Our board of directors may, in the future, adopt certain measures under Maryland law without stockholder approval that may have the effect of making it less likely that you would receive a “control premium” for your shares.

Corporations organized under Maryland law with a class of registered securities and at least three independent directors are permitted to protect themselves from unsolicited proposals or offers to acquire the company by electing to be subject, by a charter or bylaw provision or a board of directors resolution and notwithstanding any contrary charter or bylaw provision, to any or all of five provisions:

• staggering the board of directors into three classes;

• requiring a two-thirds vote of stockholders to remove directors;

• providing that only the board can fix the size of the board;

• providing that all vacancies on the board, regardless of how the vacancy was created, may be filled only by the affirmative vote of a majority of the remaining directors in office and for the remainder of the full term of the class of directors in which the vacancy occurred; and

• requiring that special stockholders meetings be called only by holders of shares entitled to cast a majority of the votes entitled to be cast at the meeting.

These provisions may discourage an extraordinary transaction, such as a merger, tender offer or sale of all or substantially all of our assets, all of which might provide a premium price for your shares.

Further, under the Maryland Business Combination Act, we may not engage in any merger or other business combination with an “interested stockholder” or any affiliate of that interested stockholder for a period of five years after the most recent date on which the interested stockholder became an interested stockholder. After the five-year period ends, any merger or other business combination with the interested stockholder must be recommended by our board of directors and approved by the affirmative vote of at least:

• 80% of all votes entitled to be cast by holders of outstanding shares of our voting stock; and

• two-thirds of all of the votes entitled to be cast by holders of outstanding shares of our voting stock other than those shares owned or held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder unless, among other things, our stockholders receive a minimum payment for their common stock equal to the highest price paid by the interested stockholder for its common stock.

Our directors have adopted a resolution exempting any business combination involving us and The Inland Group or any affiliate of The Inland Group, including our Business Manager and Real Estate Managers, from the provisions of this law.

Our charter places limits on the amount of common stock that any person may own without the prior approval of our board of directors.

To maintain our qualification as a REIT, no more than 50% of the outstanding shares of our common stock may be beneficially owned, directly or indirectly, by five or fewer individuals at any time during the last half of each taxable year (other than the first taxable year for which an election to be a REIT has been made). Our charter prohibits any persons or groups from owning more than 9.8% of our common stock, in value or number of shares (whichever is more restrictive), without the prior approval of our board of directors. These provisions may have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction such as a merger, tender offer or sale of all or substantially all of our assets that might involve a premium price for holders of our common stock. Further, any person or group attempting to purchase shares exceeding these limits could be compelled to sell the additional shares and, as a result, to forfeit the benefits of owning the additional shares.

Our charter permits our board of directors to issue preferred stock on terms that may subordinate the rights of the holders of our current common stock or discourage a third party from acquiring us.

Our board of directors is permitted, subject to certain restrictions set forth in our charter, to issue up to forty million shares of preferred stock without stockholder approval. Further, our board may classify or reclassify any unissued common or preferred stock and establish the preferences, conversions or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms or conditions of redemption of the stock and may increase or decrease the aggregate number of shares or the number of shares of any class or series that we have authority to issue without stockholder approval. Thus, our board of directors could authorize us to issue shares of preferred stock with terms and conditions that could subordinate the rights of the holders of our common stock or have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction such as a merger, tender offer or sale of all or substantially all of our assets, that might provide a premium price for holders of our common stock.

Maryland law limits, in some cases, the ability of a third party to vote shares acquired in a “control share acquisition.”

The Maryland Control Share Acquisition Act provides that “control shares” of a Maryland corporation acquired in a “control share acquisition” have no voting rights except to the extent approved by stockholders by a vote of two-thirds of the votes entitled to be cast on the matter. Shares of stock owned by the acquirer, by officers or by employees who are directors of the corporation, are excluded from shares entitled to vote on the matter. “Control shares” are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer can exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within specified ranges of voting power. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A “control share acquisition” means the acquisition of issued and outstanding control shares. The control share acquisition statute does not apply (1) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction, or (2) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Control Share Acquisition Act any and all acquisitions of our stock by any person. There can be no assurance that this provision will not be amended or eliminated at any time in the future.

Federal Income Tax Risks

If we fail to maintain our qualification as a REIT, our operations and distributions to stockholders will be adversely affected.

Qualification as a REIT involves the application of highly technical and complex rules related to, among other things, the composition of our assets, the income generated by those assets and distributions paid to our stockholders. There are limited judicial or administrative interpretations regarding these rules. The determination of various factual matters and circumstances not entirely within our control may affect our ability to continue to qualify as a REIT. In addition, new legislation, new regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to qualifying as a REIT or the federal income tax consequences of such qualification.

If we were to fail to qualify as a REIT, without the benefit of certain relief provisions, in any taxable year:

• we would not be allowed to deduct distributions paid to stockholders when computing our taxable income;

• we would be subject to federal (including any applicable alternative minimum tax) and state income tax on our taxable income at regular corporate rates;

• we would be disqualified from being taxed as a REIT for the four taxable years following the year during which we failed to qualify, unless entitled to relief under certain statutory provisions;

• we would have less cash to pay distributions to stockholders; and

• we may be required to borrow additional funds or sell some of our assets in order to pay corporate tax obligations we may incur as a result of being disqualified.

In addition, if we were to fail to qualify as a REIT, we would not be required to pay distributions to stockholders, and all distributions to stockholders that we did pay would be subject to tax as regular corporate dividends to the extent of our current and accumulated earnings and profits. This means that, under current law, which is subject to change, our U.S. stockholders who are taxed as individuals would be taxed on our dividends at long-term capital gains rates through 2012 and that our corporate stockholders would be entitled to the dividends received deduction with respect to such dividends, subject, in each case, to applicable limitations under the Code.

The taxation of distributions to our stockholders can be complex; however, distributions that we make to our stockholders generally will be taxable as ordinary income.

Distributions that we make to our taxable stockholders out of current and accumulated earnings and profits (and not designated as capital gain dividends, or, for tax years beginning before January 1, 2013, qualified dividend income) generally will be taxable as ordinary income. However, a portion of our distributions may: (1) be designated by us as capital gain dividends generally taxable as long-term capital gain to the extent that they are attributable to net capital gain recognized by us; (2) be designated by us, as qualified dividend income generally to the extent they are attributable to dividends we receive from any taxable REIT subsidiaries or certain other taxable C corporations in which we own shares of stock; or (3) constitute a return of capital generally to the extent that they exceed our current and accumulated earnings and profits as determined for U.S. federal income tax purposes. A return of capital is not taxable, but has the effect of reducing the basis of a stockholder’s investment in our common stock. Distributions that exceed our current and accumulated earnings and profits and a stockholder’s basis in our common stock generally will be taxable as capital gain.

To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions to make distributions to our stockholders.

To qualify as a REIT, we must distribute to our stockholders each year 90% of our taxable income, subject to certain adjustments and excluding any net capital gain. At times, we may not have sufficient funds to satisfy these distribution requirements and may need to borrow funds to make these distributions and maintain our REIT status and avoid the payment of income and excise taxes. These borrowing needs could result from: (1) differences in timing between the actual receipt of cash and inclusion of income for federal income tax purposes; (2) the effect of non-deductible capital expenditures; (3) the creation of reserves; or (4) required debt amortization payments. We may need to borrow funds at times when market conditions are unfavorable. Further, if we are unable to borrow funds when needed for this purpose, we would have to find alternative sources of funding or risk losing our status as a REIT.

If we were considered to actually or constructively pay a “preferential dividend” to certain of our stockholders, our status as a REIT could be adversely affected.

The requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income is determined without regard to the deduction for dividends paid and excluding net capital gain. In order for distributions to be counted as satisfying the annual distribution requirements for REITs, and to provide us with a REIT-level tax deduction, the distributions must not be “preferential dividends.” A dividend is not a preferential dividend if the distribution is pro rata among all outstanding shares of stock within a particular class, and in accordance with the preferences among different classes of stock as set forth in our organizational documents. Guidance from the Internal Revenue Service generally permits a discount in the price paid for stock purchased under a distribution reinvestment plan of up to 5% of the value of the stock without creating a preferential dividend. Currently, however, there is uncertainty as to the Internal Revenue Service’s position regarding whether certain arrangements that REITs have with their stockholders could give rise to the inadvertent payment of a preferential dividend (e.g., the pricing methodology for stock purchased under a distribution reinvestment plan inadvertently causing a greater than 5% discount on the price of such stock purchased). There is no de minimis exception with respect to preferential dividends; therefore, if the Internal Revenue Service were to take the position that we inadvertently paid a preferential dividend, we may be deemed to have failed the 90% distribution requirement, and our status as a REIT could be terminated for the year in which the determination is made if we were unable to cure such failure.

Certain of our business activities are potentially subject to the prohibited transaction tax.

Our ability to dispose of property during the first two years following acquisition is restricted to a substantial extent as a result of our REIT status. Under applicable provisions of the Code regarding prohibited transactions by REITs, we will be subject to a 100% tax on any gain realized on the sale or other disposition of any property (other than foreclosure property) we own, directly or through any wholly owned subsidiary (or entity in which we are treated as a partner), excluding our taxable REIT subsidiaries, that is deemed to be inventory or property held primarily for sale to customers in the ordinary course of trade or business. Determining whether property is inventory or otherwise held primarily for sale to customers in the ordinary course of a trade or business depends on the particular facts and circumstances surrounding each property. We cannot provide assurance that any particular property we own, directly or through any wholly owned subsidiary (or entity in which we are treated as a partner), excluding our taxable REIT subsidiaries, will not be treated as inventory or property held primarily for sale to customers in the ordinary course of a trade or business. The Code sets forth a safe harbor for REITs that wish to sell property without risking the imposition of the 100% tax; however there is no assurance that we will be able to qualify for the safe harbor. Even if we do not hold property for sale in the ordinary course of a trade or business, there is no assurance that our position will not be challenged by the Internal Revenue Service, especially if we make frequent sales or sales of property in which we have short holding periods.

Certain fees paid to us may affect our REIT status.

Income received in the nature of rental subsidies or rent guarantees, in some cases, may not qualify as rental income from real estate and could be characterized by the Internal Revenue Service as non-qualifying income for purposes of satisfying the 75% and 95% gross income tests required for REIT qualification. If the aggregate of non-qualifying income under the 95% gross income test in any taxable year ever exceeded 5% of our gross revenues for the taxable year or non-qualifying income under the 75% gross income test in any taxable year ever exceeded 25% of our gross revenues for the taxable year, we could lose our REIT status for that taxable year and the four taxable years following the year of losing our REIT status.

Complying with the REIT requirements may force us to liquidate otherwise attractive investments.

To qualify as a REIT, we must ensure that at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, certain government securities and qualified real estate assets, including shares of stock in other REITs, certain mortgage loans and mortgage backed securities. The remainder of our investment in securities (other than qualified government securities, qualified real estate assets and taxable REIT subsidiaries) generally may not include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our assets (other than qualified government securities, qualified real estate assets and taxable REIT subsidiaries) may consist of the securities of any one issuer, and no more than 25% of the value of our total assets may be securities (including securities issued by our taxable REIT subsidiaries), excluding government securities, stock issued by our qualified REIT subsidiaries and other securities that qualify as REIT real estate assets. In order to meet these tests, we may be required to forego investments we might otherwise make. Thus, compliance with the REIT requirements may hinder our performance.

If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within thirty days after the end of the calendar quarter to avoid losing our REIT status and suffering adverse tax consequences. As a result, we may be required to liquidate otherwise attractive investments.

The “taxable mortgage pool” rules may increase the taxes that we or our stockholders incur and may limit the manner in which we conduct securitizations.

If we securitize mortgages, certain of our securitizations could be considered to result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, provided that we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. In addition, to the extent that our stock is owned by tax-exempt “disqualified organizations,” such as certain government-related entities and charitable remainder trusts that are not subject to tax on unrelated business income, we will incur a corporate-level tax on a portion of our income from the taxable mortgage pool. In that case, we are authorized to reduce and intend to reduce the amount of our distributions to any disqualified organization whose stock ownership gave rise to the tax. Moreover, we would be precluded from selling equity interests in these securitizations to outside investors, or selling any debt securities issued in connection with these securitizations that might be considered to be equity interests for federal income tax purposes. These limitations may prevent us from using certain techniques to maximize our returns from securitization transactions.

Our ability to dispose of some of our properties may be constrained by their tax attributes.

Federal tax laws may limit our ability to sell properties and this may affect our ability to sell properties without adversely affecting returns to our stockholders. These restrictions may reduce our ability to respond to changes in the performance of our investments.

Our ability to dispose of some of our properties is constrained by their tax attributes. Properties which we own for a significant period of time often have low tax bases. If we dispose of low-basis properties outright in taxable transactions, we may recognize a significant amount of taxable gain that we must distribute to our stockholders in order to avoid tax, and potentially, if the gain does not qualify as a net capital gain, in order to meet the minimum distribution requirements of the Code for REITs, which in turn would impact our cash flow. To dispose of low basis or tax-protected properties efficiently we may use like-kind exchanges, which qualify for non-recognition of taxable gain, but can be difficult to consummate and result in the property for which the disposed assets are exchanged inheriting their low tax bases and other tax attributes (including tax protection covenants).

You may have tax liability on distributions that you elect to reinvest in our common stock.

If you participate in our distribution reinvestment plan, you will be deemed to have received, and for income tax purposes will be taxed on, the fair market value of the share of our common stock that you receive in lieu of cash distributions. As a result, unless you are a tax-exempt entity, you will have to use funds from other sources to pay your tax liability.

In certain circumstances, we may be subject to federal, state and local income taxes as a REIT.

Even if we maintain our status as a REIT, we may become subject to federal, state and local income taxes. For example:

• We will be subject to tax on any undistributed income. We will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay in any calendar year plus amounts retained for which federal income tax was paid are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years.

• If we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we must pay a tax on that income at the highest corporate income tax rate.

• If we sell a property, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the 100% “prohibited transaction” tax.

• We will be subject to a 100% penalty tax on certain amounts if the economic arrangements of our tenants, our taxable REIT subsidiaries and us are not comparable to similar arrangements among unrelated parties.

Certain equity participation in mortgage loans may result in taxable income and gains from these properties, which could adversely impact our REIT status.

If we participate under a mortgage loan in any appreciation of the properties securing the mortgage loan or its cash flow and the Internal Revenue Service characterizes this participation as “equity,” we might have to recognize income, gains and other items from the property. This could affect our ability to maintain our status as a REIT.

Complying with REIT requirements may limit our ability to hedge effectively.

The REIT provisions of the Code may limit our ability to hedge the risks inherent to our operations. Under current law, any income that we generate from derivatives or other transactions intended to hedge our interest rate risk with respect to borrowings made or to be made to acquire or carry real estate assets generally will not constitute gross income for purposes of the 75% and 95% income requirements applicable to REITs. In addition, any income from certain other qualified hedging transactions would generally not constitute gross income for purposes of both the 75% and 95% income tests. However, we may be required to limit the use of hedging techniques that might otherwise be advantageous, which could result in greater risks associated with interest rate or other changes than we would otherwise incur.

Legislative or regulatory action could adversely affect investors.

Changes to the tax laws are likely to occur, and these changes may adversely affect the taxation of a stockholder. Any such changes could have an adverse effect on an investment in our shares or on the market value or the resale potential of our assets. You are urged to consult with your own tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our shares.

The maximum tax rate on qualified dividends paid by corporations to individuals is 20%. REIT dividends, however, generally do not constitute qualified dividends and consequently are not eligible for the current reduced tax rates. Therefore, our stockholders will pay federal income tax on distributions out of our current and accumulated earnings and profits (excluding distributions of amounts either subject to corporate-level taxation or designated as a capital gain dividend) at the applicable “ordinary income” rate, the maximum of which is 39.6%. In addition this income also might be subject to the 3.8% Medicare surtax on certain investment income. However, as a REIT, we generally would not be subject to federal or state corporate income taxes on that portion of our ordinary income or capital gain that we distribute currently to our stockholders, and we thus expect to avoid the “double taxation” to which other corporations are typically subject.

Future legislation might result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect to be taxed, for federal income tax purposes, as a corporation. As a result, our charter provides our board of directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a corporation, without the vote of our stockholders. Our board of directors has fiduciary duties to us and our stockholders and could only cause changes in our tax treatment if it determines in good faith that such changes are in the best interest of our stockholders.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

All dollar amounts are stated in thousands, except share data, per share amounts, rent per square foot, and rent per unit.

As of December 31, 2013, we owned interests in 135 retail properties, four office properties, two industrial properties and two multi-family properties. As of December 31, 2013, we, through our wholly-owned subsidiaries, either owned a fee simple interests in each of our properties or a controlling interest in the joint ventures which owns each of our properties. Our properties are encumbered by mortgage loans with an aggregate outstanding principal balance as of December 31, 2013 of $1,184,256. For additional information regarding our mortgage indebtedness, see Note 10 to the consolidated financial statements included in “Item 8. Consolidated Financial Statements and Supplementary Data” to this annual report.

As of December 31, 2013 and 2012, annualized base rent per square foot for all of our properties other than the multi-family properties averaged $13.69 and $13.51, respectively. As of December 31, 2013 and 2012, annualized base rent per square foot for our multi-family properties averaged $12,415 and $12,098 per unit, respectively. Annualized base rent is calculated by annualizing the current, in-place monthly base rent for leases, including any tenant concessions, such as rent abatement or allowances, which may have been granted.

The following table sets forth additional information regarding our property portfolio as of December 31, 2013:

		As of December 31, 2013
Property/Type	Location	Square Footage/Units	Physical Occupancy		Economic Occupancy (a)
Retail:
Merrimack Village Center	Merrimack, NH	82,292	100.0	%	100.0	%
Pleasant Hill Commons	Kissimmee, FL	70,642	93.5	%	93.5	%
Regal Court	Shreveport, LA	363,174	91.4	%	91.4	%
Draper Crossing	Draper, UT	167,148	99.1	%	99.1	%
Tradition Village Center	Port St. Lucie, FL	112,421	75.4	%	75.4	%
The Landing at Tradition	Port St. Lucie, FL	359,758	90.4	%	90.4	%
Temple Terrace	Temple Terrace, FL	87,213	98.0	%	98.0	%
Kohl’s at Calvine Pointe*	Elk Grove, CA	89,887	100.0	%	100.0	%
Lake City Commons	Lake City, FL	66,510	88.9	%	92.4	%
Publix Shopping Center	St. Cloud, FL	78,820	97.8	%	97.8	%
Kohl’s Bend River Promenade*	Bend, OR	69,000	100.0	%	100.0	%
Whispering Ridge	Omaha, NE	69,676	100.0	%	100.0	%
Bell Oaks Shopping Center	Newburgh, IN	94,811	100.0	%	100.0	%
Colonial Square Town Center	Fort Myers, FL	272,354	93.8	%	96.3	%
Shops at Village Walk	Fort Myers, FL	78,533	90.0	%	90.0	%
Lima Marketplace	Fort Wayne, IN	106,880	98.7	%	98.7	%
Dollar General- Ariton*	Ariton, AL	9,014	100.0	%	100.0	%
Dollar General- Collins*	Collins, GA	9,014	100.0	%	100.0	%
Dollar General- Decatur*	Decatur, AL	9,014	100.0	%	100.0	%
Dollar General- Dublin*	Dublin, GA	10,640	100.0	%	100.0	%
Dollar General- Duncanville*	Duncanville, AL	9,026	100.0	%	100.0	%
Dollar General- Excel*	Frisco City, AL	8,982	100.0	%	100.0	%
Dollar General- LaGrange*	LaGrange, GA	9,014	100.0	%	100.0	%
Dollar General- Milledgeville*	Milledgeville, GA	9,014	100.0	%	100.0	%

5

		As of December 31, 2013
Property/Type	Location	Square Footage/Units	Physical Occupancy		Economic Occupancy (a)
Dollar General- Uriah*	Uriah, AL	9,100	100.0	%	100.0	%
Waxahachie Crossing	Waxahachie, TX	97,127	98.8	%	98.8	%
Village at Bay Park	Ashwaubenon, WI	180,754	94.6	%	94.6	%
Northcrest Shopping Center	Charlotte, NC	133,674	94.9	%	98.9	%
Prattville Town Center	Prattville, AL	168,842	97.5	%	97.5	%
Landstown Commons	Virginia Beach, VA	409,747	92.0	%	92.0	%
Silver Springs Pointe	Oklahoma City, OK	135,028	92.0	%	92.8	%
Copps Grocery Store	Neenah, WI	61,065	100.0	%	100.0	%
University Town Center	Norman, OK	158,516	97.4	%	98.2	%
Pick N Save Grocery Store	Burlington, WI	48,403	100.0	%	100.0	%
Walgreens – Lake Mary	Lake Mary, FL	21,370	100.0	%	100.0	%
Walgreens Plaza	Jacksonville, NC	42,219	87.9	%	87.9	%
Walgreens – Heritage Square	Conyers, GA	22,385	80.1	%	80.1	%
Perimeter Woods	Charlotte, NC	303,328	97.4	%	100.0	%
Draper Peaks	Draper, UT	229,794	90.4	%	97.8	%
Shoppes at Prairie Ridge	Pleasant Prairie, WI	232,629	97.3	%	100.0	%
Fairgrounds Crossing	Hot Springs, AR	155,127	98.7	%	98.7	%
Mullins Crossing	Evans, GA	297,168	99.5	%	99.5	%
Fox Point	Neenah, WI	171,121	98.1	%	98.1	%
Harvest Square	Harvest, AL	70,590	97.2	%	97.2	%
Palm Coast Landing	Palm Coast, FL	171,297	97.6	%	97.6	%
Dollar General – Sycamore*	Sycamore, AL	9,026	100.0	%	100.0	%
Dollar General Market - Port St. Joe*	Port St. Joe, FL	20,707	100.0	%	100.0	%
Hamilton Crossing	Alcoa, TN	179,864	97.6	%	100.0	%
Dollar General - Buffalo*	Buffalo, NY	10,566	100.0	%	100.0	%
Shoppes at Branson Hills	Branson, MO	447,718	99.4	%	99.4	%
Shoppes at Hawk Ridge	Lake St. Louis, MO	75,951	98.2	%	100.0	%
Bayonne Crossing	Bayonne, NJ	360,045	98.6	%	100.0	%
Eastside Junction	Athens, AL	79,700	96.3	%	96.3	%
Shops at Julington Creek	Jacksonville, FL	40,207	89.4	%	96.2	%
Dollar General Store - Lillian*	Lillian, AL	9,026	100.0	%	100.0	%
Dollar General Market - Slocomb*	Slocomb, AL	20,707	100.0	%	100.0	%
Dollar General Store - Clanton*	Clanton, AL	10,566	100.0	%	100.0	%
BB&T - Plantation*	Plantation, FL	3,750	100.0	%	100.0	%
BB&T - Wilmington*	Wilmington, NC	4,375	100.0	%	100.0	%
KeyBank - Beachwood*	Beachwood, OH	4,460	100.0	%	100.0	%
KeyBank - Euclid*	Euclid, OH	7,879	100.0	%	100.0	%
KeyBank - Mentor*	Mentor, OH	4,231	100.0	%	100.0	%
KeyBank - Pepper Pike*	Pepper Pike, OH	3,353	100.0	%	100.0	%
KeyBank - Shaker Heights*	Shaker Heights, OH	7,049	100.0	%	100.0	%
Regions Bank - Acworth*	Acworth, GA	3,933	100.0	%	100.0	%
Regions Bank - Alpharetta*	Alpharetta, GA	3,852	100.0	%	100.0	%
Dollar General Store*	Marbury, AL	9,026	100.0	%	100.0	%
Dollar General Store*	Gilbertown, AL	12,406	100.0	%	100.0	%
South Elgin Commons	Elgin, IL	128,000	100.0	%	100.0	%
Walgreens - Berlin	Berlin, CT	14,820	100.0	%	100.0	%
Walgreens - Brandford	Brandford, CT	13,548	100.0	%	100.0	%
Walgreens - Brockton	Brockton, MA	16,704	100.0	%	100.0	%
Walgreens - Derry	Derry, NH	14,820	100.0	%	100.0	%
Walgreens - Dover	Dover, NH	14,418	100.0	%	100.0	%
Walgreens - Ledgewood	Ledgewood, NJ	14,696	100.0	%	100.0	%
Walgreens - Melrose	Melrose, MA	16,053	100.0	%	100.0	%
Walgreens - Mount Ephraim	Mount Ephraim, NJ	14,739	100.0	%	100.0	%
Walgreens - Sewell	Sewell, NJ	14,820	100.0	%	100.0	%
Saxon Crossing	Orange City, FL	119,894	98.0	%	99.0	%

6

		As of December 31, 2013
Property/Type	Location	Square Footage/Units	Physical Occupancy		Economic Occupancy (a)
Dollar General Store - Enterprise*	Enterprise, AL	9,002	100.0	%	100.0	%
Dollar General Store - Odenville*	Odenville, AL	9,100	100.0	%	100.0	%
BP - Gordonsville*	Gordonsville, VA	5,756	100.0	%	100.0	%
BP - Fontaine*	Charlottesville, VA	3,589	100.0	%	100.0	%
BP - Monticello*	Charlottesville, VA	2,257	100.0	%	100.0	%
BP - Seminole*	Charlottesville, VA	2,573	100.0	%	100.0	%
Citgo - Gordonsville*	Gordonsville, VA	4,136	100.0	%	100.0	%
BJ's at Ritchie Station	Capital Heights, MD	117,875	100.0	%	100.0	%
Dollar General Market - Candler*	Candler, NC	20,700	100.0	%	100.0	%
Shops at Moore	Moore, OK	259,903	97.1	%	97.5	%
Kohl's - Cummings	Cumming, GA	86,584	100.0	%	100.0	%
Dollar General Market - Vienna*	Vienna, GA	20,707	100.0	%	100.0	%
Centre Point Commons	Bradenton, FL	119,275	83.7	%	98.8	%
Dollar General Store - Borger	Borger, TX	9,014	100.0	%	100.0	%
Dollar General Store - Brookshire	Brookshire, TX	12,480	100.0	%	100.0	%
Dollar General Store - Bullard	Bullard, TX	9,100	100.0	%	100.0	%
Dollar General Store - Cisco	Cisco, TX	9,014	100.0	%	100.0	%
Dollar General Store - Glen Rose	Glen Rose, TX	12,480	100.0	%	100.0	%
Dollar General Store - Hamilton	Hamilton, TX	9,100	100.0	%	100.0	%
Dollar General Store - Itasca	Itasca, TX	9,014	100.0	%	100.0	%
Dollar General Store - Joaquin	Joaquin, TX	12,480	100.0	%	100.0	%
Dollar General Store - Llano	Llano, TX	12,000	100.0	%	100.0	%
Dollar General Store - Memphis	Memphis, TX	9,100	100.0	%	100.0	%
Dollar General Store - Mt. Vernon	Mt. Vernon, TX	9,100	100.0	%	100.0	%
Dollar General Store - Pineland	Pineland, TX	11,914	100.0	%	100.0	%
Dollar General Store - Rockdale	Rockdale, TX	9,014	100.0	%	100.0	%
Dollar General Store - Sealy	Sealy, TX	9,014	100.0	%	100.0	%
Dollar General Store - Van Horn	Van Horn, TX	12,500	100.0	%	100.0	%
Lake City Commons II	Lake City, FL	16,291	100.0	%	100.0	%
Pathmark - Seaford	Seaford, NY	41,030	100.0	%	100.0	%
Pathmark - Upper Darby	Upper Darby, PA	52,791	100.0	%	100.0	%
Pathmark - Wilmington	Wilmington, DE	48,622	100.0	%	100.0	%
Schnucks - Arsenal*	St. Louis, MO	61,514	100.0	%	100.0	%
Schnucks - Festus*	Festus, MO	52,223	100.0	%	100.0	%
Schnucks - Grand*	St. Louis, MO	71,985	100.0	%	100.0	%
Dollar General Store - Anson	Anson, TX	9,100	100.0	%	100.0	%
Dollar General Store - East Bernard	East Bernard, TX	9,014	100.0	%	100.0	%
City Center (b)	White Plains, NY	365,905	100.0	%	100.0	%
Miramar Square	Miramar, FL	238,334	85.6	%	85.6	%
Crossing at Killingly Commons	Dayville, CT	395,084	96.5	%	100.0	%
Wheatland Town Center	Dallas, TX	158,103	100.0	%	100.0	%
Dollar General Store - Hertford*	Hertford, NC	12,406	100.0	%	100.0	%
Dollar General Market - Resaca*	Resaca, GA	20,707	100.0	%	100.0	%
Landings at Ocean Isle Beach	Ocean Isle Beach, NC	53,220	94.5	%	94.5	%
The Corner	Tucson, AZ	79,902	95.5	%	100.0	%
University Town Center Phase II	Norman, OK	259,133	96.4	%	100.0	%
Dollar General Store - Remlap*	Remlap, AL	9,100	100.0	%	100.0	%
Dollar General Market - Canton*	Canton, MS	20,707	100.0	%	100.0	%
Cannery Corner	Las Vegas, NV	44,472	84.8	%	88.7	%
Centennial Center	Las Vegas, NV	857,831	95.3	%	97.5	%
Centennial Gateway	Las Vegas, NV	193,009	89.9	%	96.2	%
Eastern Beltway	Las Vegas, NV	525,226	99.8	%	100.0	%
Eastgate	Henderson, NV	96,589	87.2	%	87.2	%
Lowe's Plaza	Las Vegas, NV	30,208	37.1	%	58.8	%
Dollar General Store - Samson*	Samson, AL	12,480	100.0	%	100.0	%

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		As of December 31, 2013
Property/Type	Location	Square Footage/Units	Physical Occupancy		Economic Occupancy (a)
Copps Grocery - Stevens Point	Stevens Point, WI	69,911	100.0	%	100.0	%
Office:
Siemens’ Building	Buffalo Grove, IL	105,106	100.0	%	100.0	%
Time Warner Cable Division HQ	East Syracuse, NY	102,924	100.0	%	100.0	%
Elementis Worldwide Global HQ	East Windsor, NJ	65,552	100.0	%	100.0	%
Hasbro Office Building*	Providence, RI	135,908	100.0	%	100.0	%
Industrial:
Siemens Gas Turbine Service Division	Deer Park, TX	160,000	100.0	%	100.0	%
FedEx Distribution Centers*	Houston, TX	256,815	100.0	%	100.0	%
Multi-Family:
The Crossings at Hillcroft	Houston, TX	300 units	92.0	%	92.0	%
One Webster	Chelsea, MA	120 units	94.2	%	94.2	%
City Center (b)	White Plains, NY	24 units	100.0	%	100.0	%
Portfolio Totals		12,521,013 sq. ft. and 444 units	96.1	%	97.2	%

(a) Economic occupancy excludes square footage associated with an earnout component. At the time of acquisition, certain properties have an earnout component to the purchase price, meaning we did not pay a portion of the purchase price at closing for certain vacant spaces, although we own the entire property. We are not obligated to settle this contingent purchase price unless the seller obtains leases for the vacant spaces within the time limits and parameters set forth in the applicable acquisition agreement.

(b) City Center is a multi-tenant retail property that also includes 24 multifamily units.

* Property was sold to Realty Income in Tranche I Closing on January 31, 2014. Following the Tranche I Closing, we owned interests in 91 retail properties, three office properties and one industrial property, collectively totaling 11.5 million square feet including 24 multi-family units, and two multi-family properties with a total of 420 units.

Assuming the completion of the Net Lease Sale Transactions and the sale of all of the properties contemplated to be sold therein, following the completion of the Net Lease Sale Transactions we will own 57 retail properties, collectively totaling approximately 10.2 million square feet including 24 multi-family units, and two multi-family properties with a total of 420 units.

The following table sets forth a summary, as of December 31, 2013, of lease expirations scheduled to occur during each of the calendar years from 2014 to 2018 and thereafter, assuming no exercise of renewal options or early termination rights for leases commenced on or prior to December 31, 2013 and excluding multi-family leases.

Lease Expiration Year	Number of Expiring Leases	Gross Leasable Area of  Expiring Leases - Square Footage	Percent of Total Gross Leasable Area of  Expiring Leases	Total Annualized Base Rent of Expiring Leases (a)		Percent of Total Annualized Base Rent of Expiring Leases	Annualized Base Rent per Leased Square Foot
2014 (b)	114	297,176	2.5%	$	6,377	3.5%	$	21.46
2015	108	326,204	2.7%	6,446		3.6%	19.76
2016	144	546,347	4.5%	9,297		5.2%	17.02
2017	149	835,545	6.9%	14,739		8.1%	17.64
2018	200	1,535,454	12.7%	24,638		13.6%	16.05
Thereafter	399	8,537,593	70.7%	119,551		66.0%	14.00
Leased Total	1,114	12,078,319	100.0%	$	181,048	100.0%	$	14.99

(a) Represents the base rent in place at the time of lease expiration.

(b) Includes month-to-month leases.

8

The following table sets forth the top five tenants in our portfolio based on annualized base rent for leases in-place on December 31, 2013 excluding multi-family leases.

Tenant	Number of Leases	Gross Leasable Area - Square Footage	Percent of Portfolio Total Gross Leasable Area		Total Annualized Base Rent		Percent of Portfolio Total Annualized Base Rent		Annualized Base Rent per Square Foot
Kohl’s Department Stores Inc.	10	832,839	6.7	%	$	7,587	4.3	%	$	9.11
Walgreens	14	204,167	1.6	%	7,299		4.1	%	35.75
Dollar General	44	502,721	4.0	%	5,077		2.9	%	10.10
PetSmart	15	281,848	2.3	%	4,277		2.4	%	15.17
Ross Dress For Less	12	342,967	2.7	%	3,757		2.1	%	10.95
Top Five Tenants	95	2,164,542	17.3	%	$	27,997	15.8	%	$	12.93

We believe our properties are adequately covered by insurance and are generally suitable for their intended purposes. Our properties face competition in attracting new tenants and residents, as applicable, and in retaining current tenants and residents, as applicable, from other properties in and around their respective submarkets.

The following table sets forth a summary of tenant diversity for our entire portfolio based on leases in-place on December 31, 2013.

Tenant Type	Square Footage Including Multi-family Units	Percent of Total Square Footage
Dollar stores and off price clothing	2,156,783	17.3	%
Grocery	1,482,062	11.9	%
Lifestyle, health clubs, books and phones	1,289,614	10.3	%
Department	1,138,365	9.1	%
Home Improvement	768,894	6.2	%
Clothing and accessories	722,743	5.8	%
Restaurants and fast food	719,646	5.8	%
Home goods	675,283	5.4	%
Sporting goods	607,968	4.9	%
Multi-family	445,309	3.6	%
Consumer services, salons, cleaners and banks	430,651	3.4	%
Industrial	416,815	3.3	%
Commercial office	409,490	3.3	%
Pet supplies	406,285	3.2	%
Health, doctors and health food	396,876	3.2	%
Electronics	254,276	2.0	%
Other	166,327	1.3	%
Total	12,487,387	100.0	%

Item 3. Legal Proceedings

We are not a party to, and none of our properties is subject to, any material pending legal proceedings.

Item 4. Mine Safety Disclosures

Not applicable.

9

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

All dollar amounts are stated in thousands, except per share amounts.

Market Information

There is no established public trading market for our shares of common stock.

The Financial Industry Regulatory Authority, or “FINRA,” requires registered broker-dealers, including the soliciting dealers who had sold shares in our initial “best efforts” public offering, to disclose in customer account statements an estimated per share value of our common stock if our annual report discloses an estimated per share value. FINRA rules currently prohibit broker-dealers from using an estimated per share value developed from data that is more than eighteen months old. As a result, broker-dealers are prohibited from disclosing on a customer account statement a per share value derived from the per share public offering price from our best efforts public offering for more than eighteen months following the termination of the offering. Our initial best efforts public offering terminated in August 2012.

On February 19, 2014, for the sole purpose of assisting broker-dealers that sold our common stock in our initial best efforts public offering to comply with the rules regarding account statement reporting published by FINRA, our board of directors, including our independent directors, adopted an estimated per share value of our common stock as of February 18, 2014 of $10.70. As discussed in Part I, Item 1 of this Annual Report on Form 10-K, “Business-Formation,” on February 9, 2014, we entered into the Merger Agreement with Kite. Pursuant to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of our common stock will be converted into the right to receive Kite common shares, based on:

• an exchange ratio of 1.707 Kite common shares for each share of our common stock if the Reference Price is equal to or less than $6.36;

• a floating exchange ratio if the Reference Price is more than $6.36 or less than $6.58 (with such floating exchange ratio being determined by dividing $10.85 by the Reference Price); and

• an exchange ratio of 1.650 Kite common shares for each share of our common stock if the Reference Price is $6.58 or greater.

The $10.70 estimated per share value as of February 18, 2014 was determined by multiplying (i) the final closing price of the Kite common shares on February 18, 2014 of $6.27 per share by (ii) the exchange ratio of 1.707 Kite common shares for each share of our common stock, which is the exchange ratio that would be applied at the effective time of the merger if the Reference Price was equal to the $6.27 per share closing price of the Kite common shares on February 18, 2014. In accordance with the requirements of FINRA, beginning on February 21, 2014, we made available to broker-dealers information for inclusion in the customer account statements they provide to holders of our common stock that referenced the $10.70 estimated per share value of our common stock as of February 18, 2014. The estimated per share value as of February 18, 2014 was calculated as of a moment in time based solely upon the final closing price of the Kite common shares on February 18, 2014. The trading price of the Kite common shares will fluctuate daily, and as a result the Reference Price (which will be calculated based on the ten day volume-weighted average trading price of Kite common shares, rather than a single day’s closing price) actually used to determine the exchange ratio for our common stock at the effective time of the Merger may differ significantly from the assumed Reference Price of $6.27 per share used to determine our estimated per share value as of February 18, 2014. Therefore, the estimated per share value as of February 18, 2014 most likely does not represent the actual per share value of the Kite common shares that our stockholders would receive pursuant to the Merger or the price that our stockholders would receive if they were able to sell their shares of our common stock prior to the closing of the Merger.

Stockholders

As of March 3, 2014, we had 117,809,586 shares of common stock outstanding, held by 27,616 stockholders of record. The number of stockholders is based on the records of DST Systems, Inc., which serves as our registrar and transfer agent.

Distributions

We currently pay distributions based on daily record dates, payable monthly in arrears. For 2013, we paid distributions that equal to a daily amount equal to $0.00164384, which if paid each day for the 365-day period, would equal to $0.60 per share or

10

a 6.0% annualized rate based on a purchase price of $10.00 per share. During the years ended December 31, 2013, 2012 and 2011, we paid cash distributions, which were paid monthly in arrears to stockholders, totaling $69,824, $51,767, and $23,641, respectively. For federal income tax purposes for the years ended December 31, 2013, 2012 and 2011, 39%, 38% and 27% of the distributions constituted a non-dividend distribution, respectively.

Notification Regarding Payments of Distributions

Stockholders should be aware that the method by which a stockholder has chosen to receive his or her distributions affects the timing of the stockholder's receipt of those distributions. Specifically, under our transfer agent's payment processing procedures, distributions are paid in the following manner:

(1) those stockholders who have chosen to receive their distributions via ACH wire transfers receive their distributions on the distribution payment date (as determined by our board of directors);

(2) those stockholders who have chosen to receive their distributions by paper check are typically mailed those checks on the distribution payment date, but sometimes paper checks are mailed on the day following the distribution payment date; and

(3) for those stockholders holding shares through a broker or other nominee, the distributions payments are wired, or paper checks are mailed, to the broker or other nominee on the day following the distribution payment date.

All stockholders who hold shares directly in record name may change at any time the method through which they receive their distributions from our transfer agent, and those stockholders will not have to pay any fees to us or our transfer agent to make such a change. Accordingly, each stockholder may select the timing of receipt of distributions from our transfer agent by selecting the method above that corresponds to the desired timing for receipt of the distributions.

On November 13, 2013 our board of directors voted to suspend the DRP until further notice, effective immediately. If the DRP is reinstated, all stockholders are eligible to participate at no cost in our DRP. Because all stockholders may elect to have their distributions sent via ACH wire on the distribution payment date or credited on the distribution payment date to their DRP, we will treat all of our stockholders, regardless of the method by which they have chosen to receive their distributions, as having constructively received their distributions from us on the distribution payment date for federal income tax purposes. In the event the Merger does not occur, we plan to reinstate the DRP.

Stockholders who hold shares directly in record name and who would like to change their distribution payment method should complete a “Change of Distribution Election Form.”

We note that the payment method for stockholders who hold shares through a broker or nominee is determined by the broker or nominee. Similarly, the payment method for stockholders who hold shares in a tax-deferred account, such as an IRA, is generally determined by the custodian for the account. Stockholders that currently hold shares through a broker or other nominee and would like to receive distributions via ACH wire or paper check should contact their broker or other nominee regarding their processes for transferring shares to record name ownership. Similarly, stockholders who hold shares in a tax deferred account may need to hold shares outside of their tax-deferred accounts to change the method through which they receive their distributions. Stockholders who hold shares through a tax-deferred account and who would like to change the method through which they receive their distributions should contact their custodians regarding the transfer process and should consult their tax advisor regarding the consequences of transferring shares outside of a tax-deferred account.

Share Repurchase Program

We adopted a share repurchase program (“SRP”), effective August 24, 2009. The SRP was amended and restated effective as of May 20, 2010. On November 13, 2013 our board of directors voted to suspend the amended and restated SRP until further notice, effective December 13, 2013. We do not anticipate that the board of directors will resume our SRP while the Merger is pending. In the event the Merger does not occur, our board of directors may consider reinstatement of the SRP.

As a result of the suspension of the SRP, all redemption requests received from stockholders during the fourth quarter of 2013 on or before December 13, 2013 and that were determined by us to be in good order on or before December 13, 2013 were honored in accordance with the terms, conditions and limitations of the SRP. We did not process or accept any requests for redemption received after December 13, 2013 and will not process or accept any future requests until such time as our board of directors may approve resumption of the SRP.

Under the SRP, we could make “ordinary repurchases,” which are defined as all repurchases other than upon the death of a stockholder, at prices ranging from 92.5% of the “share price,” as defined in the SRP, for stockholders who have owned their shares continuously for at least one year, but less than two years, to 100% of the “share price” for stockholders who have owned their shares continuously for at least four years. In the case of “exceptional repurchases,” which are defined as

11

repurchases upon the death of a stockholder, we could repurchase shares at a repurchase price equal to 100% of the “share price.”

With respect to ordinary repurchases, we could make repurchases only if we had sufficient funds available to complete the repurchase. In any given calendar month, we were authorized to use only the proceeds generated from our DRP during that month to fund ordinary repurchases under the program; provided that, if we had excess funds during any particular month, we could, but are not obligated to, carry those excess funds to the subsequent calendar month for the purpose of making ordinary repurchases. Subject to funds being available, in the case of ordinary repurchases, we further would limit the number of shares repurchased during any calendar year to 5% of the number of shares of common stock outstanding on December 31st of the previous calendar year. With respect to exceptional repurchases, we were authorized to use all available funds to repurchase shares. In addition, the one-year holding period and 5% limit described herein would not apply to exceptional repurchases. We must, however, receive the written request for an exceptional repurchase within one year after the death of the stockholder.

The SRP will immediately terminate if our shares are listed on any national securities exchange. In addition, our board of directors, in its sole discretion, may amend, suspend (in whole or in part), or terminate our SRP. In the event that we amend, suspend or terminate the SRP, however, we will send stockholders notice of the amendment, suspension or termination at least thirty days prior to the effective date thereof, and we will disclose the amendment, suspension or termination in a report filed with the Securities and Exchange Commission on either Form 8-K, Form 10-Q or Form 10-K, as appropriate. Further, our board reserves the right in its sole discretion at any time and from time to time to reject any requests for repurchases. For the years ended December 31, 2013 and 2012, we processed all of the requests we received for share repurchases.

The table below outlines the shares of common stock we repurchased during the quarter ended December 31, 2013, pursuant to the SRP.

	Total Requests Received for Shares Repurchased	Total Number of Shares Repurchased	Average Price Paid per Share		Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
October 2013	73,003	73,003	$	9.43	73,003	(1)
November 2013	117,047	117,047	$	9.58	117,047	(1)
December 2013	117,460	117,460	$	9.63	117,460	(1)
Total	307,510	307,510	$	9.60	307,510	(1)

(1) A description of the maximum number of shares that may be purchased under our repurchase program is included in the narrative preceding this table.

Securities Authorized for Issuance under Equity Compensation Plans

None.

Use of Proceeds from Registered Securities

None.

Recent Shares of Unregistered Securities

None.

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Item 6. Selected Financial Data

The following table shows our selected financial data relating to our consolidated historical financial condition and results of operations. This selected data should be read in conjunction with “Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto appearing elsewhere in this annual report (all amounts are in thousands, except share and per share amounts).

	December 31,
	2013			2012			2011			2010			2009
Total assets	$	2,327,598		$	2,393,523		$	1,010,386		$	450,114		$	26,439
Mortgages, credit facility and securities margin payable including held for sale	$	1,248,273		$	1,249,422		$	464,956		$	192,871		$	—
	For the years ended December 31,
	2013			2012			2011			2010			2009
Total income	$	185,808		$	113,364		$	64,430		$	16,504		$	96
Net (loss) income attributable to common stockholders	$	(283	)	$	2,616		$	(2,279	)	$	(1,743	)	$	(297	)
Net (loss) income attributable to common stockholders per common share, basic and diluted (a)	$	0.00		$	0.03		$	(0.05	)	$	(0.13	)	$	(0.81	)
Distributions declared to common stockholders	$	70,002		$	54,687		$	25,263		$	8,203		$	212
Distributions per weighted average common share (a)	$	0.60		$	0.60		$	0.60		$	0.60		$	0.15
Cash flows provided by (used in) operating activities	$	84,333		$	56,670		$	27,872		$	2,658		$	(342	)
Cash flows used in investing activities	$	(43,606	)	$	(1,215,402	)	$	(454,168	)	$	(346,755	)	$	(9,691	)
Cash flows (used in) provided by financing activities	$	(44,793	)	$	1,134,777		$	445,649		$	369,262		$	25,369
Weighted average number of common shares outstanding, basic and diluted	116,667,708			91,146,154			42,105,681			13,671,936			367,888

(a) The net (loss) income attributable to common stockholders, per common share basic and diluted is based upon the weighted average number of common shares outstanding for the year or period ended. The distributions per common share are based upon the weighted average number of common shares outstanding for the year or period ended.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Annual Report on Form 10-K constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Words such as “may,” “could,” “should,” “expect,” “intend,” “plan,” “goal,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “variables,” “potential,” “continue,” “expand,” “maintain,” “create,” “strategies,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking statements.

These forward-looking statements are not historical facts but reflect the intent, belief or current expectations of the management of Inland Diversified Real Estate Trust, Inc. (which we refer to herein as the “Company,” “we,” “our” or “us”) based on their knowledge and understanding of the business and industry, the economy and other future conditions. These statements are not guarantees of future performance, and we caution stockholders not to place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under “Risk Factors” in this Annual Report on Form 10-K and the factors described below:

• our investment policies and strategies are very broad and permit us to invest in numerous types of commercial real estate;

• if we cannot generate sufficient cash flow from operations to fully fund distributions, some or all of our distributions may be paid from other sources, including cash flow generated by investing activities, which will reduce the amount of money available to invest in assets;

• no established public trading market currently exists, and one may never exist, for our shares, and we are not required to liquidate;

• we may borrow up to 300% of our net assets, and principal and interest payments will reduce the funds available for distribution;

• we do not have employees and rely on our Business Manager and Real Estate Managers to manage our business and assets;

• employees of our Business Manager and three of our directors are also employed by our Sponsor or its affiliates and face competing demands for their time and service and may have conflicts in allocating their time to our business and assets;

• we do not have arm’s length agreements with our Business Manager, Real Estate Managers or any other affiliates of our Sponsor;

• we may pay significant fees to our Business Manager, Real Estate Managers and other affiliates of our Sponsor;

• our Business Manager could recommend investments in an attempt to increase its fees which are generally based on a percentage of our invested assets and, in certain cases, the purchase price for the assets;

• in connection with the pending Merger, some of our tenants or vendors may delay or defer decisions, which could negatively impact our revenues, earnings, cash flows and expenses regardless of whether the Merger is completed;

• the Merger may not be consummated on the terms described in the Merger Agreement or at all, which could adversely affect our ongoing business and expose us to a number of risks, including but not limited to significant transaction costs incurred by us related to the Merger and potential termination fee payable by us to Kite in certain circumstances; and

• we may fail to continue to qualify as a REIT.

Forward-looking statements in this Annual Report on Form 10-K reflect our management’s view only as of the date of this Report, and may ultimately prove to be incorrect or false. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. We intend for these forward-looking statements to be covered by the applicable safe harbor provisions created by Section 27A of the Securities Act and Section 21E of the Exchange Act.

The following discussion and analysis relates to the years ended December 31, 2013, 2012 and 2011 and as of December 31, 2013 and 2012. You should read the following discussion and analysis in conjunction with the “Selected Financial Data” section of this annual report and our consolidated financial statements and the related notes included in this report. Unless otherwise noted, all dollar amounts are stated in thousands, except share data, per share amounts, rent per square foot, and rent per unit.

Overview

We are a Maryland corporation sponsored by Inland Real Estate Investment Corporation (“IREIC” or the “Sponsor”), formed to acquire and develop commercial real estate located in the United States and Canada. We also may invest in other real estate assets such as interests in real estate investment trusts, or REITs, or other “real estate operating companies” that own these assets, joint

14

ventures and commercial mortgage debt. We may originate or invest in real estate-related loans made to third parties. Our primary investment objectives are to balance investing in real estate assets that produce attractive current yield and long-term risk-adjusted returns to our stockholders, with our desire to preserve stockholders’ capital and to pay sustainable and predictable distributions to our stockholders. We elected to be taxed as a REIT commencing with the tax year ended December 31, 2009 and intend to continue to qualify as a REIT for federal income tax purposes.

On August 24, 2009, we commenced our initial public offering of up to 500,000,000 shares of our common stock to the public at a price of $10.00 per share on a “best efforts” basis and up to 50,000,000 shares of our common stock at a price of $9.50 per share to our stockholders pursuant to our distribution reinvestment plan, or “DRP.” The dealer manager of our public offering was Inland Securities Corporation, a wholly owned subsidiary of our Sponsor. The “best efforts” portion of the offering was completed on August 23, 2012. As of the termination of our best efforts public offering on August 23, 2012, we sold a total of 110,485,936 shares, generating $1,099,311 in aggregate gross offering proceeds. Following the termination of the best efforts portion of the offering, we filed another registration statement to permit us to continue offering and selling shares of common stock to stockholders who choose to participate in the DRP. On November 13, 2013, our board of directors voted to suspend the DRP, effective immediately. In our initial public offering we sold 119,839,478 shares, including 9,353,542 shares pursuant to the DRP, generating $1,188,170 in aggregate gross offering proceeds.

At December 31, 2013, we owned 135 retail properties, four office properties, and two industrial properties collectively totaling 12.5 million square feet including 24 multi-family units and two multi-family properties totaling 420 units. As of December 31, 2013, our combined portfolio had weighted average physical and economic occupancy of 96.1% and 97.2%, respectively. Economic occupancy excludes square footage associated with an earnout component. At the time of acquisition, certain properties have an earnout component to the purchase price, meaning we did not pay a portion of the purchase price at closing related to certain vacant spaces, although we own the entire property. We are not obligated to settle this contingent purchase price obligation unless the seller obtains leases for the vacant space within the time limits and parameters set forth in the applicable acquisition agreement.

As of December 31, 2013 and 2012, annualized base rent per square foot averaged $13.69 and $13.51, respectively for all properties other than the multi-family properties and $12,415 and $12,098 per unit, respectively for the multi-family properties. Annualized base rent is calculated by annualizing the current, in-place monthly base rent for leases, including any tenant concessions, such as rent abatement or allowances, which may have been granted.

Net Lease Sale Transactions

On December 16, 2013, we, Inland Diversified Cumming Market Place, L.L.C., a Delaware limited liability company and our subsidiary, and Bulwark Corporation, a Delaware corporation and our subsidiary, entered into the Purchase and Sale Agreements with Realty Income. The Purchase and Sale Agreements collectively provide for the sale of the Net Lease Properties to Realty Income in a series of transactions which we refer to as the “Net Lease Sale Transactions.”

The Purchase and Sale Agreements provide that the Net Lease Properties will be sold in multiple separate tranches. The closing of each tranche is subject to the satisfaction of various closing conditions. On January 31, 2014, we closed the first tranche of Net Lease Properties, the Tranche I Closing, resulting in the sale to Realty Income of a total of 46 of the Net Lease Properties for an aggregate cash purchase price of approximately $201,955. The Tranche I Closing resulted in net proceeds to us of $126,312. Subject to the satisfaction of all closing conditions, the sale of the remainder of the Net Lease Sale Transactions is expected to close by April 30, 2014. However, there are no assurances that the remainder of the Net Lease Sale Transactions will be consummated on the expected timetable, or at all.

Following the Tranche I Closing, our portfolio consisted of 91 retail properties, three office properties and one industrial property collectively totaling 11.5 million square feet including 24 multi-family units and two multi-family properties totaling 420 units.

Proposed Merger

On February 9, 2014, we entered into the Merger Agreement with Kite and Merger Sub. The Merger Agreement provides for, upon the terms and conditions of the Merger Agreement, the merger of the Company with and into Merger Sub, with Merger Sub surviving the Merger as a direct wholly owned subsidiary of Kite. Pursuant to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of our common stock will be converted into the right to receive Kite Common Shares, based on:

• an exchange ratio of 1.707 Kite Common Shares for each share of our common stock if the volume-weighted average trading price of Kite Common Shares for the ten consecutive trading days ending on the third trading day preceding the meeting of our stockholders to approve the Merger (the “Reference Price”) is equal to or less than $6.36;

• a floating exchange ratio if the Reference Price is more than $6.36 or less than $6.58 (with such floating exchange ratio being determined by dividing $10.85 by the Reference Price); and

• an exchange ratio of 1.650 Kite Common Shares for each share of our common stock if the Reference Price is $6.58 or greater.

15

Pursuant to the Merger Agreement, upon the effective time of the merger, the board of trustees of Kite will consist of nine members, six of whom will be current trustees of Kite and three of whom will be designated by us.

The completion of the Merger is subject to a number of closing conditions, including, among others: (i) approval by Kite’s stockholders and our stockholders, including the approval of Kite’s stockholders of an amendment to Kite’s declaration of trust to increase the number of Kite Common Shares that Kite is authorized to issue; (ii) the absence of a material adverse effect on either us or Kite; (iii) the receipt of tax opinions relating to the REIT status of Kite and the Company and the tax-free nature of the transaction; (iv) the completion of the Net Lease Sale Transactions; and (v) the completion of the redeployment of certain proceeds from the Net Lease Sale Transactions to acquire replacement properties for purposes of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a result of the closing conditions to which the Merger is subject, there are no assurances that the proposed Merger will be consummated on the expected timetable, or at all. If the closing conditions are satisfied, it is anticipated that the Merger may close during the second or third quarter of 2014.

The Merger Agreement may be terminated under certain circumstances, including by either us or Kite if the Merger has not been consummated on or before the outside date of August 31, 2014, subject to extension under certain circumstances. The Merger Agreement provides that, in connection with the termination of the Merger Agreement under specified circumstances, we may be required to pay to Kite a termination fee of $43,000 and/or reimburse Kite’s transaction expenses up to an amount equal to $8,000. Where termination is in connection with a failure to close the Net Lease Sale Transactions, we may be required to (i) reimburse Kite for its transaction expenses up to an amount equal to $8,000 and (ii) pay Kite a termination fee of $3,000. The Merger Agreement also provides that, under specified circumstances, Kite may be required to pay us a termination fee of $30,000 and/or reimburse our transaction expenses up to an amount equal to $8,000. Under certain circumstances, including upon payment of the applicable termination fee, either party is permitted to terminate the Merger Agreement to enter into a definitive agreement with a third party with respect to a superior acquisition proposal.

In connection with the execution of Merger Agreement, we entered into the Master Agreement with the Business Manager, the Real Estate Managers, and certain other affiliates of the Business Manager. The Master Agreement sets forth the terms of the consideration due to the Business Manager and the Real Estate Managers in connection with the Merger, provides for the automatic termination upon the closing of the Merger of our agreements with the Business Manager and the Real Estate Managers and certain other agreements between us and affiliates of the Business Manager and includes certain other agreements in order to facilitate the Merger. See Part III, Item 13 of this Annual Report on Form 10-K, “Certain Relationships and Related Transactions, and Director Independence,” for additional information.

Market Outlook

After almost three years of uneven growth, the economy has improved to a level at which most indicators show progress has been achieved and some consumer confidence has returned. The unemployment rate has broken below the 7% range for the first time in several quarters. The Dow Jones Industrial Average has been at a record high for almost all of 2014. And in the real estate industry, we have seen increases in rental and occupancy rates over the past year. Our portfolio is reflective of this trend in that rental rates have increased and our economic occupancy levels have remained above 97% since we began operating.

There are other signs of progress. Development activity has reached a level not seen since 2007. We feel this signifies demand for space by tenants who can no longer satisfy their needs by backfilling existing shopping centers. We expect that this also means that construction lenders are providing funds to the industry. To date, our portfolio has benefitted from lower levels of competition resulting from sparse development activity, yet no industry can survive without at least some growth. We believe that demand based growth of retail tenants means corresponding demand from their customers, a healthy sign for everyone.

We are faced with a constantly changing environment, bringing new challenges to the industry. Our industry knowledge leads us to believe most operators of retail real estate portfolios are attempting to decrease their exposure to tenants who are affected by internet business. Many such tenants are closing their doors, or downsizing the size of their stores. The profile of a typical shopping center includes fewer book stores, electronics retailers and smaller office supply space. Instead, we are seeing service businesses, health clubs and upscale value oriented stores replace them. Other retailers have innovated to meet this challenge by offering same day delivery of items purchased in store or over the internet.

Our acquisition philosophy has been to acquire newer, well located properties occupied by tenants who provide necessity based goods and services. Our property management philosophy has been to work with our tenants to help ensure their success in light of specific or industry wide challenges. With a moderately improving economy, a portfolio built upon conservative principles and our dedication to focused management, we are optimistic as we enter 2014.

Liquidity and Capital Resources

General

Our principal demands for funds are to acquire real estate and real estate-related assets, to pay capital expenditures including tenant improvements, to pay our operating expenses including property operating expenses, to pay principal and interest on our outstanding

16

indebtedness, to fund repurchases of previously issued common stock and to pay distributions to our stockholders. We seek to fund our cash needs for items other than asset acquisitions, capital expenditures and related financings from operations. Our cash needs for acquisitions (including any contingent earnout payments), capital improvements and related financings have been funded primarilyfrom the sale of our shares, including through our DRP, as well as debt financings. For the years ended December 31, 2013, 2012 and 2011, $38,286, $31,349 and $14,657, respectively, have been provided by the DRP which have been used to fund redemptions and other capital needs. On November 13, 2013, our board of directors voted to suspend the DRP, effective immediately, and the SRP, effective December 13, 2013. We do not believe that the suspension of the DRP will have a material impact on our ability to fund capital needs. Our primary source to fund our future cash needs, including cash to fund earnout payments, are expected to come from our undistributed cash flow from operations as well as secured or unsecured financings, including proceeds from lines of credit. The maximum total earnout payments which are expected to be paid in cash, issuance of redeemable noncontrolling interests by our consolidated joint ventures or from proceeds from mortgages payable during the next three years related to our acquisitions was $32,906 at December 31, 2013 and will not materially affect our liquidity. During the years ended December 31, 2013, we paid $8,806 related to construction in progress, capital expenditures and tenant improvements. We anticipate capital expenditures including tenant improvements to further increase in future years relating to signing new leases as our tenant's leases expire and as our properties age. These costs may be material.

On December 16, 2013, we entered into the Purchase and Sale Agreements with Realty Income. All or the majority of the net proceeds from the Net Lease Sale Transactions will be used to pay down the line of credit and mortgage debt secured by the remaining properties held by the Company. The Tranche I Closing occurred on January 31, 2014, from which we received approximately $126,312 in net proceeds.

As of December 31, 2013, $52,500 was outstanding on our line of credit with an interest rate of 2.14% per annum which was subsequently repaid on January 31, 2014. We may borrow, on an unsecured basis, up to $105,000 on the line of credit. Our general strategy is to target borrowing 55% of the total value of our assets on a portfolio basis. As of December 31, 2013, our borrowings did not exceed our target of 55% of the total value of our assets. For these purposes, the value of each asset is equal to the purchase price paid for the asset or the value reported in the most recent appraisal of the asset, whichever is the later to occur. Our charter limits the amount we may borrow to 300% of our net assets (as defined in our charter) unless any excess borrowing is approved by the board of directors including a majority of the independent directors and is disclosed to our stockholders in our next quarterly report along with justification for the excess. As of December 31, 2013, our borrowings did not exceed 300% of our net assets and we had a principal balance outstanding on mortgage loans of $1,184,256 with a weighted average stated interest rate including interest rate swaps of 4.30% per annum. As of December 31, 2013, we had $247,278 or 19.8% of our total outstanding debt that bore interest at variable rates, at a weighted average interest rate equal to 2.25% per annum, including the effect of interest rate swaps. This variable rate debt will begin to mature in 2015. As of December 31, 2013, we had $999,819 or 80.2% of our total outstanding debt that bore interest at fixed rates at a weighted average interest rate equal to 4.66% per annum. As of December 31, 2013, we had $7,638 of fixed rate debt maturing by the end of 2014 with a weighted average interest rate equal to 5.84% per annum of which $6,720 was repaid on March 10, 2014. See “Quantitative and Qualitative Disclosures About Market Risk” below.

As of December 31, 2013, our consolidated joint ventures had issued $67,950 in noncontrolling interests that will become redeemable at future dates generally no earlier than in 2015 but generally no later than 2022 based on certain redemption criteria. The redeemable noncontrolling interests are not mandatorily redeemable. At the noncontrolling interest holders’ option, we may be required to pay cash, but if the noncontrolling interest holder elects to redeem its interest for the Company’s stock, we have the option to pay cash, issue common stock, or a mixture of both.

As of December 31, 2013, we had invested $34,070 in marketable securities, primarily in real estate-related equity securities issued by publicly traded companies and publicly traded corporate bonds and had borrowed $10,341 on margin.

As of December 31, 2013 and December 31, 2012, we owed $2,074 and $2,532, respectively, to our Sponsor and its affiliates for business management fees not otherwise waived, advances from these parties used to pay administrative costs and certain accrued expenses which are included in due to related parties on the consolidated balance sheets. These amounts represent non-interest bearing advances by the Sponsor and its affiliates, which the Company has subsequently repaid.

Distributions

All or the majority of the net proceeds from the Net Lease Sale Transactions will be used to pay down the line of credit and mortgage debt secured by the remaining properties held by the Company and will not be distributed to stockholders as stated in the Merger Agreement. We generated sufficient cash flow from operations, determined in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), to fully fund distributions paid during the years ended December 31, 2013. Cash retained by us of $164 from the waiver of the business management fee for the years ended December 31, 2013 by our Business Manager had the effect of increasing cash flow from operations for this period because we did not have to use cash to pay the fee. However, even if the Business Manager had not waived this business management fee during the years ended December 31, 2013, we would have still generated sufficient cash flow from operations to fund the distributions paid for the period. There is no assurance that any deferral or waiver of any fee or reimbursement will be available to fund distributions in the future.

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We intend to fund cash distributions to our stockholders from cash generated by our operations. Cash generated by operations is not equivalent to our net income from continuing operations as determined under U.S. GAAP or our taxable income for federal income tax purposes. If we are unable to generate sufficient cash flow from operations, determined in accordance with U.S. GAAP, to fully fund distributions, some or all of our distributions may be paid from cash flow generated from investing activities, including the net proceeds from the sale of our assets. In addition, we may fund distributions from, among other things, advances or contributions from our Business Manager or IREIC or from the cash retained by us in the case that our Business Manager defers or waives all, or a portion, of its business management fee, or waives its right to be reimbursed for certain expenses. As noted above a deferral or waiverof any fee or reimbursement owed to our Business Manager has the effect of increasing cash flow from operations for the relevant period because we do not have to use cash to pay any fee or reimbursement which was deferred or waived during the relevant period. We will, however, use cash in the future if we pay any fee or reimbursement that was deferred. Neither our Business Manager nor IREIC has any obligation to provide us with advances or contributions, and our Business Manager is not obligated to defer or waive any portion of its business management fee or reimbursements. Further, there is no assurance that these other sources will be available to fund distributions.

We have not funded any distributions from the net proceeds from the sale of our shares but may need to if the Merger Agreement is delayed or does not close. In addition, we have not funded any distributions from the proceeds generated by borrowings, and do not intend to do so.

We intend to continue paying distributions for future periods in the amounts and at times as determined by our board of directors.

During the years ended December 31, 2013, 2012 and 2011, we paid distributions in the amount of $69,824, $51,767 and $23,641 respectively. These distributions were funded from cash flows from operations determined in accordance with U.S. GAAP.

One of our objectives is to provide cash distributions to our stockholders from cash generated by our operations determined under U.S. GAAP. Cash generated from operations is not equivalent to our net income from continuing operations as determined under U.S. GAAP.

A summary of the distributions declared, distributions paid and cash flows provided by operations for the years ended December 31, 2013, 2012 and 2011 follows:

Distributions Paid
Year Ended December 31,	Distributions Declared		Distributions Declared Per Share (1)		Cash		Reinvested via DRP (2)		Total		Cash Flows From Operations		Funds From Operations (3)
2013	$	70,002	$	0.60	$	31,538	$	38,286	$	69,824	$	84,333	$	88,999
2012	$	54,687	$	0.60	$	20,418	$	31,349	$	51,767	$	56,670	$	55,830
2011	$	25,263	$	0.60	$	8,984	$	14,657	$	23,641	$	27,872	$	26,672

(1) Assumes a share was issued and outstanding each day during the period.

(2) On November 13, 2013, the Company's board of directors voted to suspend the DRP until further notice, effective immediately.

(3) Funds from operations is defined in the following section.

Share Repurchase Program

We have a share repurchase program that provides limited liquidity to eligible stockholders. During the year ended December 31, 2013, we received requests to repurchase 947,968 shares and used $9,100 to repurchase all 947,968 requested shares at an average per share repurchase price during this period of $9.60. Since the start of the program through December 31, 2013, we have used $19,604 to repurchase an aggregate of 2,049,892 shares. These repurchases were funded from proceeds from our DRP. On November 13, 2013, the Company's board of directors voted to suspend the SRP until further notice, effective December 13, 2013. Written notice of the suspension was provided to each stockholder pursuant to the terms of the SRP.

Cash Flow Analysis

	For the Years Ended December 31,
	2013			2012			2011
Net cash flows provided by operating activities	$	84,333		$	56,670		$	27,872
Net cash flows used in investing activities	$	(43,606	)	$	(1,215,402	)	$	(454,168	)
Net cash flows (used in) provided by financing activities	$	(44,793	)	$	1,134,777		$	445,649

Net cash provided by operating activities was $84,333, $56,670 and $27,872 for the years ended December 31, 2013, 2012 and 2011, respectively. The funds generated in 2013, 2012 and 2011 were primarily from property operations from our real estate portfolio. The increase from 2011 to 2012 as well as 2012 to 2013 is due to the growth of our real estate portfolio and related, full period, property operations.

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Net cash flows used in investing activities was $43,606, $1,215,402 and $454,168 for the years ended December 31, 2013, 2012 and 2011, respectively. We used $44,945, $1,191,719 and $447,559 during the years ended December 31, 2013, 2012 and 2011, respectively, to purchase properties. We had $6,297 provided by net repayment of notes receivables during the year ended December 31, 2013, and used $19,543 and $12,362 to purchase marketable securities net of sales during the years ended December 31, 2012 and 2011, respectively.

Net cash flows (used in) provided by financing activities was $(44,793), $1,134,777 and $445,649 for the years ended December 31, 2013, 2012 and 2011, respectively. Of these amounts, cash flows from financing activities of $38,286, $31,349 and $14,657, resulted from the sale of our common stock through our DRP during the years ended December 31, 2013, 2012 and 2011, respectively. We used $69,824, $51,767 and $23,641 during the years ended December 31, 2013, 2012 and 2011, respectively, to pay distributions to our stockholders. During the years ended December 31, 2012 and 2011, we generated $536,094 and $308,222, respectively through our “best efforts” offering which was completed on August 23, 2012. During the years ended December 31, 2013, 2012 and 2011, we generated $27,674, $675,470 and $185,697, respectively, from net loan proceeds from borrowings secured by properties in our portfolio. During the year ended December 31, 2013, we used $28,531 to pay down our credit facility and securities margin payable. During the year ended December 31, 2012, we generated $16,580, from net borrowings from securities margin debt. We also used $54,269 and 33,741 to pay offering costs during the years ended December 31, 2012 and 2011, respectively.

Results of Operations

The following discussions are based on our consolidated financial statements for the three and years ended December 31, 2013, 2012 and 2011.

We generate almost all of our net operating income from property operations. In order to evaluate our overall portfolio, management analyzes the net operating income of properties that we have owned and operated for both periods presented, in their entirety, referred to herein as “same store” properties. By evaluating the property net operating income of our “same store” properties, management isable to monitor the operations of our existing properties for comparable periods to measure the performance of our current portfolio and determine the effects of our new acquisitions on net income. Property net operating income, a non-U.S. GAAP measure, is also meaningful as an indicator of the effectiveness of our management of properties because property net operating income excludes certain items that are not reflective of the effectiveness of our management, such as depreciation and amortization and interest expense.

Comparison of the years ended December 31, 2013 and 2012

A total of 32 of our investment properties are considered “same store” properties during the years ended December 31, 2013 and 2012. These “same store” properties are properties classified as held and used that were acquired on or before January 1, 2012. Our “Other investment properties,” as reflected in the table below, include one redevelopment property and properties classified as held and used that were acquired after January 1, 2012. For the years ended December 31, 2013 and 2012, 27 and 26 properties were included in “other investment properties,” respectively. The following table presents the property net operating income (reconciled to U.S. GAAP net income) broken out between “same store” and “other investment properties,” prior to straight-line rental income, amortization of lease intangibles, interest, depreciation, amortization and bad debt expense for the years ended December 31, 2013 and 2012 along with a reconciliation to net income attributable to common stockholders, calculated in accordance with U.S. GAAP.

We had 84 Net Lease Properties held for sale as of December 31, 2013, pursuant to the Purchase and Sale Agreements with Realty Income. These properties are excluded from the “same store” and “other investment properties,” and are included in income from discontinued operations.

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	Year December 31,
	2013			2012
Property operating revenue:
“Same store” investment properties, 32 properties:
Rental income	$	69,314		$	68,498
Tenant recovery income	15,965			15,881
Other property income	2,009			2,099
Other investment properties:
Rental income	69,810			21,756
Tenant recovery income	18,662			5,689
Other property income	4,526			233
Total property income	180,286			114,156
Property operating expenses:
“Same store” investment properties, 32 properties:
Property operating expenses	15,934			15,095
Real estate taxes	9,950			9,712
Other investment properties:
Property operating expenses	16,677			4,305
Real estate taxes	10,614			3,589
Total property operating expenses	53,175			32,701
Property net operating income:
“Same store” investment properties, 32 properties	61,404			61,671
Other investment properties	65,707			19,784
Total property net operating income	127,111			81,455
Other income:
Tenant recovery income related to prior periods	938			(394		)
Straight-line rents	4,082			2,725
Amortization of lease intangibles	(2,443		)	(2,274		)
Fair value adjustment of earnout liability	2,945			(849		)
Interest, dividend and other income	3,135			2,556
Realized gain on sale of marketable securities	641			26
Equity in loss of unconsolidated entities	260			17
Total other income	9,558			1,807
Other expenses:
Bad debt expense	1,366			819
Depreciation and amortization	73,608			44,833
General and administrative expenses	9,223			4,269
Acquisition related costs	619			5,019
Interest expense	42,669			28,069
Business management fee	14,666			1,500
Total other expenses	142,151			84,509
Loss from continuing operations	(5,482		)	(1,247		)
Income from discontinued operations	7,639			4,113
Net income	2,157			2,866
Noncontrolling interests:
Noncontrolling interests	—			(41		)
Redeemable noncontrolling interests	(2,440		)	(209		)
Net income attributable to noncontrolling interests	(2,440		)	(250		)
Net (loss) income attributable to common stockholders	$	(283	)	$	2,616

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On a “same store” basis, comparing the results of operations of the investment properties owned during the year ended December 31, 2013 with the results of the same investment properties during the year ended December 31, 2012, property net operating income decreased $267 with total property income increasing $810 and total property operating expenses which includes real estate tax increasing $1,077 for the year ended December 31, 2013, as compared to the year ended December 31, 2012. These variances are explained by each component below.

Rental income increased $816 on a “same store” basis for the year ended December 31, 2013, as compared to the year ended December 31, 2012, primarily due to the effect of new tenants related to our earnout closings, taking occupancy of previously vacant spaces. As of December 31, 2013 and 2012, our “same store” weighted average physical occupancy increased to 94.6% from 94.3%, respectively. On an aggregate portfolio basis, rental income increased $48,870, for the year ended December 31, 2013, as compared to the year ended December 31, 2012, reflecting an increase in rental income from our other investment properties. The increase is a result of the 27 investment properties acquired after January 1, 2012.

Tenant recovery income increased $84 on a “same store” basis for the year ended December 31, 2013, as compared to the year ended December 31, 2012, primarily due to increases in the recoverable property operating expenses and real estate taxes which resulted in us recognizing more recovery income. On an aggregate portfolio basis, tenant recovery income increased $13,057 for the years ended December 31, 2013, as compared to the year ended December 31, 2012, reflecting an increase in tenant recovery income from other investment properties. The increase is a result of the 27 investment properties acquired after January 1, 2012.

Other property income decreased $90 on a “same store” basis, for the year ended December 31, 2013, as compared to the year ended December 31, 2012, primarily due to a decrease in termination fee income. On an aggregate portfolio basis, other property income increased $4,203 for the year ended December 31, 2013, as compared to the year ended December 31, 2012. The increase is a result of the 27 investment properties acquired after January 1, 2012 as well as the increase in termination fee income of $1,892.

Property operating expenses increased $839 on a “same store” basis, for the year ended December 31, 2013, as compared to the year ended December 31, 2012, primarily due to an increase in property repairs and maintenance costs during the year ended December 31, 2013. On an aggregate portfolio basis, total property operating expenses increased $13,211 for the year ended December 31, 2013, as compared to the year ended December 31, 2012. The increase is a result of the 27 investment properties acquired after January 1, 2012.

Real estate tax expense increased $238 on a “same store” basis, for the year ended December 31, 2013, as compared to the year ended December 31, 2012. This increase in real estate tax expense during the year ended December 31, 2013 can be attributed to increases in assessed values of our investment properties by the various taxing authorities. On an aggregate portfolio basis, total real estate tax expense increased $7,263 for the year ended December 31, 2013, as compared to the year ended December 31, 2012. The increase is a result of the 27 investment properties acquired after January 1, 2012.

Total other income increased $7,751 for the year ended December 31, 2013, as compared to the year ended December 31, 2012, primarily due to an increase related to fair value adjustments of our earnout liability, adjustments to tenant recovery income resulting from differences in estimated expense recoveries billed and actual expenses, along with an increase in realized gains from the sales of certain of our marketable securities, as well as straight line rent from a greater number of properties in our portfolio.

Bad debt expense increased $547 for the year ended December 31, 2013, as compared to the year ended December 31, 2012. The increase in bad debt expense is primarily due to increased estimated tenant reserves for uncollectible accounts and write offs due to tenant failures, which were insignificant. We periodically review the collectability of outstanding receivables. Allowances are taken for those balances that we have reason to believe may be uncollectible, including any amounts relating to straight-line rent receivables. Amounts deemed to be uncollectible are written off.

Depreciation and amortization increased $28,775 for the year ended December 31, 2013, as compared to the year ended December 31, 2012. The increase in depreciation and amortization is primarily due to the full year ownership of a majority of our portfolio during 2013 compared to the partial year ownership of a majority of our portfolio during 2012.

General and administrative expenses increased $4,954 for the year ended December 31, 2013, as compared to the years ended December 31, 2012. The increase is due to $3,402 of costs incurred during the year ended December 31, 2013, related to evaluating potential liquidity options which culminated in the Purchase and Sale Agreement signed on December 16, 2013 and the Merger agreement signed on February 9, 2014 as well as incremental increases resulting from the growth of the portfolio.

Acquisition costs decreased $4,400 for the year ended December 31, 2013, as compared to the year ended December 31, 2012, primarily due to a decrease in the number of potential and actual acquisitions we pursued during the year ended December 31, 2013 compared to the year ended December 31, 2012.

Interest expense increased $14,600 for the year ended December 31, 2013, as compared to the year ended December 31, 2012. The increase in interest expense is primarily due to a debt related to 2012 acquisitions being held for a full year.

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Business management fee was $14,666 and $1,500 for the years ended December 31, 2013 and 2012, respectively. The Business Manager could have been paid a business management fee in the amount equal to $14,830 and $9,195 for the years ended December 31, 2013 and 2012, respectively, however the Business Manager permanently waived $164 and $7,695, respectively of potential fees it may have earned.

Comparison of the years ended December 31, 2012 and 2011

A total of 14 of our investment properties are considered “same store” properties during the years ended December 31, 2012 and 2011. These “same store” properties are properties classified as held and used that were acquired on or before January 1, 2011. Our “Other investment properties,” as reflected in the table below, include one redevelopment property and properties classified as held and used that were acquired after January 1, 2011. For the years ended December 31, 2012 and 2011, 44 and 19 properties were included in “other investment properties,” respectively. The following table presents the property net operating income (reconciled to U.S. GAAP net income) broken out between “same store” and “other investment properties,” prior to straight-line rental income, amortization of lease intangibles, interest, depreciation, amortization and bad debt expense for the years ended December 31, 2012 and 2011 along with a reconciliation to net income attributable to common stockholders, calculated in accordance with U.S. GAAP.

We had 84 Net Lease Properties classified as held for sale as of December 31, 2013, pursuant to the Purchase and Sale Agreements with Realty Income. These properties are excluded from the “same store” and “other investment properties,” and are included in income from discontinued operations.

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	Year Ended December 31,
	2012			2011
Property operating revenue:
“Same store” investment properties, 14 properties:
Rental income	$	26,700		$	26,356
Tenant recovery income	7,006			7,731
Other property income	1,211			1,341
Other investment properties:
Rental income	63,554			24,366
Tenant recovery income	14,564			4,653
Other property income	1,121			244
Total property income	114,156			64,691
Property operating expenses:
“Same store” investment properties, 14 properties:
Property operating expenses	7,279			7,222
Real estate taxes	4,964			5,142
Other investment properties:
Property operating expenses	12,121			4,391
Real estate taxes	8,337			2,609
Total property operating expenses	32,701			19,364
Property net operating income:
“Same store” investment properties, 14 properties	22,674			23,064
Other investment properties	58,781			22,263
Total property net operating income	81,455			45,327
Other income:
Tenant recovery income related to prior periods	(394		)	(44		)
Straight-line rents	2,725			1,727
Amortization of lease intangibles	(2,274		)	(1,629		)
Fair value adjustment of earnout liability	(849		)	(315		)
Interest, dividend and other income	2,556			871
Realized gain on sale of marketable securities	26			365
Equity in income of unconsolidated entities	17			105
Total other income	1,807			1,080
Other expenses:
Bad debt expense	819			395
Depreciation and amortization	44,833			25,713
General and administrative expenses	4,269			2,770
Acquisition related costs	5,019			2,648
Interest expense	28,069			17,432
Business management fee	1,500			1,000
Total other expenses	84,509			49,958
Loss from continuing operations	(1,247		)	(3,551		)
Income from discontinued operations	4,113			1,374
Net income (loss)	2,866			(2,177		)
Noncontrolling interests:
Noncontrolling interests	(41		)	(102		)
Redeemable noncontrolling interests	(209		)	—
Net income attributable to noncontrolling interests	(250		)	(102		)
Net income (loss) attributable to common stockholders	$	2,616		$	(2,279	)

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On a “same store” basis, comparing the results of operations of the investment properties owned during the year ended December 31, 2012 with the results of the same investment properties during the year ended December 31, 2011, property net operating income decreased $390 with total property income decreasing $511 and total property operating expenses including real estate tax expense decreased $121 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. These variances are explained by each component below.

Rental income increased $344 on a “same store” basis for the year ended December 31, 2012, as compared to the year ended December 31, 2011, primarily due increases in rent on existing tenants. As of December 31, 2012 and 2011, our “same store” weighted average physical occupancy decreased to 92.6% from 94.0%, respectively. On an aggregate portfolio basis, rental income increased $39,532, for the year ended December 31, 2012, as compared to the year ended December 31, 2011, reflecting an increase in rental income from our other investment properties during 2012. The increase is a result of the 44 investment properties acquired after January 1, 2011.

Tenant recovery income decreased $725 on a “same store” basis for the year ended December 31, 2012, as compared to the year ended December 31, 2011, primarily due to decrease in real estate tax expenses, as discussed below, which directly affected the amount of tenant recovery income and a decrease in the recovery percentage which resulted in us recognizing less recovery income. On an aggregate portfolio basis, tenant recovery income increased $9,186 for the year ended December 31, 2012, as compared to the year ended December 31, 2011, reflecting an increase in tenant recovery income from other investment properties. The increase is a result of the 44 investment properties acquired after January 1, 2011.

Other property income decreased $130 on a “same store” basis, for the year ended December 31, 2012, as compared to the year ended December 31, 2011, primarily due to a decrease in termination fee income. On an aggregate portfolio basis, other property income increased $747 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase is a result of the 44 investment properties acquired after January 1, 2011.

Property operating expenses increased $57 on a “same store” basis, for the year ended December 31, 2012, as compared to the year ended December 31, 2011, primarily due to an increase in insurance premiums during the year ended December 31, 2012 as compared to the year ended December 31, 2011. On an aggregate portfolio basis, total property operating expenses increased $7,787 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase is a result of the 44 investment properties acquired after January 1, 2011.

Real estate tax expense decreased $178 on a “same store” basis, for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The decrease in real estate tax expense during 2012 can be attributed to decreases in assessed values of our investment properties by the various taxing authorities. On an aggregate portfolio basis, total real estate tax expense increased $5,550 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase is a result of the 44investment properties acquired after January 1, 2011.

Total other income increased $727 for the year ended December 31, 2012, as compared to the year ended December 31, 2011, primarily due to an increase in interest and dividend income which is a result of the increased investments in our marketable securities portfolio and an increase in straight line rent from a greater number of properties in our portfolio. This increase was partially offset by earnout liability fair value adjustments, as well as adjustments to tenant recovery income resulting from differences in estimated expense recoveries billed and actual expenses and an increase in amortization of lease intangibles from a greater number of properties in our portfolio and write-offs of certain acquired above market lease intangibles.

Bad debt expense increased $424 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase in bad debt expense is primarily due to increased estimated tenant reserves for uncollectible accounts and write offs due to tenant failures, which were insignificant. We periodically review the collectability of outstanding receivables. Allowances are taken for those balances that we have reason to believe may be uncollectible, including any amounts relating to straight-line rent receivables. Amounts deemed to be uncollectible are written off.

Depreciation and amortization increased $19,120 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase in depreciation and amortization is primarily due to the increase in the number of properties in our portfolio from December 31, 2011 to December 31, 2012.

General and administrative expenses increased $1,499 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase is primarily due to an increase in payroll reimbursements paid to the Business Manager, professional fees, state taxes and information technology costs, mortgage servicing fees and investment advisor fees resulting from the growth of the portfolio.

Acquisition costs increased $2,371 for the year ended December 31, 2012, as compared to the year ended December 31, 2011, primarily due to an increase in the number of potential and actual acquisitions we pursued during the year ended December 31, 2012 compared to the year ended December 31, 2011.

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Interest expense increased $10,637 for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase in interest expense is primarily due to a $784,446 increase in mortgage payables, credit facility and security margin payable from December 31, 2011 to December 31, 2012.

Business management fee was $1,500 and $1,000 for the years ended December 31, 2012 and 2011, respectively. The Business Manager could have been paid a business management fee in the amount equal to $9,195 and $4,807 for the years ended December 31, 2012 and 2011, respectively, however the Business Manager permanently waived $7,695 and $3,807, respectively of potential fees it may have earned.

Funds from Operations and Modified Funds from Operations

The historical cost accounting rules used for real estate assets require, among other things, straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time, especially if such assets are not adequately maintained or repaired and renovated as required by relevant circumstances. We believe that, since real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, the presentation of operating results for a REIT using historical cost accounting alone may be less informative and insufficient. Therefore, we utilize certain non-U.S. GAAP supplemental performance measures due to certain unique operating characteristics of real estate companies. One non-U.S. GAAP supplemental performance measure that we consider is known as funds from operations, or “FFO.” The National Association of Real Estate Investment Trusts, or “NAREIT,” an industry trade group, promulgated this measure which it believes more accurately reflects the operating performance of a REIT. As defined by NAREIT, FFO means net income or loss computed in accordance with U.S. GAAP, excluding gains or losses from sales of property, plus depreciation and amortization on real property, adding back real estate impairment charges and after adjustments for unconsolidated partnerships and joint ventures in which we hold an interest. While impairment charges are added back in the calculation of FFO, we caution that due to the fact that impairments to the value of any property are typically based on reductions in estimated future undiscounted cash flows compared to current carrying value, declines in the undiscounted cash flows which led to the impairment charges reflect declines in property operating performance which may be permanent. From inception through December 31, 2013, we have not had any impairment charges and, therefore, no adjustments to FFO have been necessary for impairment charges. We believe our FFO calculation complies with NAREIT's definition described above.

Changes in the accounting and reporting promulgations under U.S. GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and certain other changes to U.S. GAAP accounting for real estate intangible assets subsequent to the establishment of NAREIT's definition of FFO have impacted the reporting of operating income. Specifically, acquisition fees and expenses for all industries are accounted for as operating expenses and no longer capitalized as they were prior to 2009. We do not pay acquisition fees to our Business Manager or its affiliates, but we do incur acquisition related costs. Under U.S. GAAP, acquisition related costs are characterized as operating expenses in determining operating income. These expenses are paid in cash by us, and therefore reduce net income and cash available to be distributed to our stockholders. The acquisition of real estate assets, and the corresponding expenses associated with that process, was a key operational feature of our business plan enabling us to generate operating income and cash flow and make distributions to our stockholders. Publicly registered, non-listed REITs typically engage in a significant amount of acquisition activity, and thus incur significant acquisition related costs, during their initial years of investment and operation. Although other start up entities likewise may engage in significant acquisition activity during their initial years, REITs such as us that are not listed on an exchange are unique in that they typically have a limited timeframe during which they acquire a significant number of properties and thus incur significant acquisition related costs. More specifically, as disclosed elsewhere herein, we used the proceeds raised in our “best efforts” offering to acquire properties. Because the offering is completed, our acquisition activity is expected to decline, and acquisition related costs are likewise expected to decrease in future periods. Due to the above factors and other unique features of publicly registered, non-listed REITs, the Investment Program Association, or “IPA,” an industry trade group, has standardized a measure known as modified funds from operations, or “MFFO”, which the IPA has promulgated as a supplemental measure for publicly registered non-listed REITs and which may be another appropriate supplemental measure to reflect the operating performance of a non-listed REIT.

MFFO excludes costs that are more reflective of investing activities, some of which are acquisition related costs that affect our operations only in periods in which properties are acquired, and other non-operating items that are included in FFO. By excluding expensed acquisition related costs, the use of MFFO provides information consistent with the operating performance of the properties in our portfolio. Additionally, fair value adjustments including impairments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, may not be directly related or attributable to our current operating performance. By excluding such market changes that may reflect anticipated and unrealized gains or losses, we believe that MFFO may provide both investors and analysts, on a going forward basis, an indication of our operating performance. Because MFFO may be a recognized measure of operating performance within the non-listed REIT industry, MFFO and the adjustments used to calculate it may be useful in order to evaluate our performance against other non-listed REITs. MFFO is not equivalent to our net income or loss as determined under U.S. GAAP as detailed in the table below, and MFFO may not be a useful measure of the impact of long-term operating performance on value if we continue to acquire a significant amount of properties. Our disclosure of MFFO and the adjustments used to calculate it presents our performance in a manner that reflects certain characteristics that are unique to non-listed REITs, and that may be useful to investors. MFFO should only be used to compare our operating performance during our

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“best efforts” offering to our current operating performance, because it excludes acquisition costs that have a negative effect on our operating performance during the periods in which properties were acquired. We did not pay acquisition fees to our Business Manager or its affiliates which would be classified as acquisition related costs under U.S. GAAP.

We believe our definition of MFFO, a non-U.S. GAAP measure, is consistent with the IPA's Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations, or the “Practice Guideline,” issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for the following items, as applicable, included in the determination of U.S. GAAP net income: acquisition fees and expenses; amounts relating to deferred rent receivables and amortization of above and below market lease assets and liabilities (which are adjusted in order to reflect such payments from a U.S. GAAP accrual basis to a cash basis of disclosing the rent and lease payments); accretion of discounts and amortization of premiums on debt investments; mark-to-market adjustments included in net income; nonrecurring gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. The accretion of discounts and amortization of premiums on debt investments, nonrecurring unrealized gains and losses on hedges, foreign exchange, derivatives or securities holdings, unrealized gains and losses resulting from consolidations, as well as other listed cash flow adjustments are adjustments made to net income in calculating the cash flows provided by operating activities and, in some cases, reflect gains or losses which are unrealized and may not ultimately be realized. Inasmuch as interest rate hedges are not a fundamental part of our operations, it is appropriate to exclude such nonrecurring gains and losses in calculating MFFO, as such gains and losses are not reflective of on-going operations.

However, the calculation of FFO and MFFO may vary from entity to entity since capitalization and expense policies tend to vary from entity to entity. Items that are capitalized do not impact FFO and MFFO whereas items that are expensed reduce FFO and MFFO. Consequently, our presentation of FFO and MFFO may not be comparable to other similarly titled measures presented by other REITs. Neither FFO nor MFFO represent cash flows from operations as defined by U.S. GAAP, are not indicative of cash available to fund all cash flow needs or liquidity, including our ability to pay distributions, and should not be considered as an alternative to net income, as determined in accordance with U.S. GAAP, for purposes of evaluating our operating performance. Management uses FFO and MFFO for several reasons. We use FFO and MFFO to compare our operating performance to that of other REITs, to assess our historical operating performance, and we compute FFO and MFFO as part of our acquisition process to determine whether a proposed investment will satisfy our investment objectives.

We believe that the use of FFO and MFFO, which excludes the impact of real estate related depreciation and amortization, provides a more complete understanding of our operating performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs. However, FFO and MFFO, should not be construed to be equivalent to or a substitute for U.S. GAAP net income or in its applicability in evaluating our operating performance. U.S. GAAP measures should be construed as more relevant measures of financial performance and considered more prominently than the non-U.S. GAAP FFO and MFFO measures and the adjustments to U.S. GAAP in calculating FFO and MFFO. However, we believe that the U.S. GAAP measures and the non-U.S. GAAP FFO and MFFO measures taken together do provide a useful presentation of our operating performance.

Presentation of this information is intended to provide information which may be useful to investors as they compare the operating performance of different REITs and to give investors insight into our historical operations, although it should be noted that not all REITs calculate FFO and MFFO the same way, so comparisons with other REITs may not be meaningful. The exclusion of impairments limits the usefulness of FFO and MFFO as a historical operating performance measure because an impairment charge indicates that the applicable property's operating performance may have been permanently affected.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments that the company uses to calculate FFO or MFFO. In the future, the SEC or another regulatory body may decide to standardize the allowable adjustments across the non-listed REIT industry and we might have to adjust the calculations and characterization of FFO or MFFO.

For the years ended December 31, 2013, 2012 and 2011, we paid distributions of $69,824, $51,767 and $23,641, respectively. For the years ended December 31, 2013, 2012 and 2011, we generated FFO of $88,999, $55,830 and $26,672, respectively, MFFO of $83,273, $60,827 and $29,453, respectively and cash flow from operations of $84,333, $56,670 and $27,872, respectively.

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The table below represents a reconciliation of our net income (loss) attributable to common stockholders to FFO and MFFO for years ended December 31, 2013, 2012 and 2011 (dollars in thousands):

	Year Ended December 31,
	2013			2012			2011
Net (loss) income attributable to common stockholders	$	(283	)	$	2,616		$	(2,279	)
Add:
Depreciation and amortization related to investment properties	89,282			53,239			28,980
Less:
Noncontrolling interest’s share of depreciation and amortization related to investment properties	—			(25		)	(29		)
Funds from operations (FFO)	$	88,999		$	55,830		$	26,672
Add:
Acquisition related costs (1)	619			5,019			2,648
Amortization of acquired above and below market leases, net (2)	3,205			2,855			2,015
Noncontrolling interest’s share of amortization of acquired below market leases and straight-line rental income	—			6			24
Less:
Straight-line rental income (3)	(5,964		)	(3,706		)	(1,856		)
Fair value adjustment of earnout liability (4)	(2,945		)	849			315
Realized gain on sale of marketable securities (5)	(641		)	(26		)	(365		)
Modified funds from operations (MFFO)	$	83,273		$	60,827		$	29,453

(1) Changes in the accounting and reporting promulgations under U.S. GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and certain other changes to U.S. GAAP accounting for real estate intangible assets subsequent to the establishment of NAREIT's definition of FFO have impacted the reporting of operating income. Specifically, acquisition fees and expenses for all industries are accounted for as operating expenses and no longer capitalized as they were prior to 2009.

The acquisition of real estate assets, and the corresponding expenses associated with that process, is an operational feature of our business plan in order to generate additional operating income and cash flow. By excluding expensed acquisition costs, MFFO may provide useful supplemental information for each type of real estate investment that is consistent with management's analysis of the investing and operating performance of our properties. Such information may be comparable only for non-listed REITs that have completed their acquisition activity and have other similar operating characteristics. Acquisition related costs include payments to affiliates of our Business Manager or third parties; however, we do not pay acquisition fees to our Business Manager or its affiliates. Acquisition related costs under U.S. GAAP are considered operating expenses and are included in the determination of net (loss) income and income from continuing operations, both of which are performance measures under U.S. GAAP. These expenses are paid in cash by us, and therefore reduces the cash that will be available to distribute to our stockholders. All paid and accrued acquisition related costs will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us. Because our “best efforts” offering is completed, management believes that acquisition related costs will not be a significant cost to us going forward.

(2) Under U.S. GAAP, certain intangibles are accounted for at cost and are assumed to diminish predictably in value over time and amortized, similar to depreciation and amortization of other real estate related assets that are excluded from FFO. However, because real estate values and market lease rates historically rise or fall with market conditions, we believe by excluding charges relating to amortization of these intangibles, MFFO may provide useful supplemental information on the operating performance of the real estate.

(3) Under U.S. GAAP, our rental receipts are allocated to periods using a straight-line methodology. This may result in income recognition that is different than underlying contract terms. By adjusting for these items (to reflect such payments from a U.S. GAAP accrual basis to a cash basis of disclosing the rent and lease payments), we believe MFFO may provide useful supplemental information on the realized economic impact of lease terms, providing insight on the contractual cash flows of such lease terms.

(4) Fair value adjustments of earnout liability mainly relating to purchase price allocations determined at the time of acquisition and subsequently adjusted.

(5) We have adjusted for gains or losses included in net (loss) income from the sale of securities holdings where trading of such holdings is not a fundamental attribute of the business plan because they are items that may not be reflective of on-going operations.

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Investment in Unconsolidated Entities

In 2009, we became a member of a limited liability company formed as an insurance association captive (the “Insurance Captive”), which is owned in equal proportions by us and four other REITs sponsored by our Sponsor and serviced by an affiliate of our Business Manager. We entered into the Insurance Captive to stabilize insurance costs, manage our exposures and recoup expenses through the functions of the captive program.

Critical Accounting Policies

A critical accounting policy is one that, we believe, would materially affect our operating results or financial condition, and requires management to make estimates or judgments in certain circumstances. We believe that our most critical accounting policies relate to the valuation and purchase price allocation of investment properties, recognition of rental income, valuation of marketable securities and redeemable noncontrolling interests. These judgments often result from the need to make estimates about the effect of matters that are inherently uncertain. U.S. GAAP requires information in financial statements about accounting principles, methods used and disclosures pertaining to significant estimates. The following disclosure discusses judgments known to management pertaining to trends, events or uncertainties that were taken into consideration upon the application of critical accounting policies and the likelihood that materially different amounts would be reported upon taking into consideration different conditions and assumptions.

Revenue Recognition

We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete.

If we conclude we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset will be the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives which reduces revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. We consider a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment.

We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the accompanying consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and decrease in the later years of a lease. We periodically review the collectability of outstanding receivables. Allowances are taken for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables.

Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursement.

We recognize lease termination income if there is a signed termination letter agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, we provide for losses related to unrecovered intangibles and other assets. As a lessor, we defer the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved.

Acquisition of Investment Properties

We are required to determine the total purchase price of each acquired investment property, which includes estimating any contingent consideration to be paid or received in future periods. We are required to allocate the purchase price of each acquired investment property between land, building and improvements, acquired above market and below market leases, in-place lease value, and any assumed financing that is determined to be above or below market terms. In addition, we are required to allocate a portion of the purchase price to the value of customer relationships, if any. The allocation of the purchase price is an area that requires judgment and significant estimates. We use the information contained in the independent appraisal obtained at acquisition or other market sources as the basis for the allocation to land and building and improvements.

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The aggregate value of intangibles is measured based on the difference between the stated price and the property value calculation as if vacant. We determine whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties. We also allocate a portion of the purchase price to the estimated acquired in-place lease costs based on estimated lease execution costs for similar leases as well as lost rent payments during assumed lease up period when calculating as if vacant fair values. We also evaluate each acquired lease based upon current market rates at the acquisition date and we consider various factors including geographical location, size and location of leased space within the investment property, tenant profile and the credit risk of the tenant in determining whether the acquired lease is above or below market.

After an acquired lease is determined to be above or below market, we allocate a portion of the purchase price to such above or below acquired leases based upon the present value of the difference between the contractual lease rate and the estimated market rate. The determination of the discount rate used in the present value calculation is based upon the “risk free rate.” This discount rate is a significant factor in determining the market valuation which requires our judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value are amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals.

The acquisition of certain properties included earnout components to the purchase price, meaning we did not pay a portion of the purchase price of the property at closing, although we own the entire property. We are not obligated to pay the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period ranging from one to three years from the date of acquisition. If at the end of the time period certain space has not been leased, occupied and rent producing, we will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on our best estimate, we have recorded a liability for the potential future earnout payments using estimated fair value measurements at the date of acquisition which include the lease-up periods, market rents, probability of occupancy and discount rate. We have recorded this earnout amount as additional purchase price of the related properties and as a liability included in deferred investment property acquisition obligations on the accompanying consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the accompanying consolidated statements of operations and other comprehensive income. We record changes in the underlying liability assumptions to other property income on the accompanying consolidated statements of operations and other comprehensive income.

Investment Properties Held For Sale

We will classify a property as held for sale in the period in which we committed to a plan to dispose of the property, our Board of Directors has approved the sale of the property, are in the process of finding or have found a buyer, the property is available for immediate sale and subject only to sales terms that are usual and customary, and the sale of the property is probable and is expected to be completed within one year without significant changes. We suspend depreciation on the investment properties held for sale, including depreciation for tenant improvements and additions, as well as on the amortization of acquired in-place leases. We will classify the assets and related liabilities as held for sale in its consolidated balance sheets in the period the held for sale criteria is met and reclassify for presentation purposes all prior periods presented. We do not allocate any general and administrative expenses to discontinued operations and only interest expense to the extent the held for sale property is secured by specific mortgage debt and the mortgage debt will not be assigned to another property owned by us after the disposition.

Disposition of Real Estate

We account for dispositions in accordance with U.S. GAAP. We will recognize a gain or loss in full when a property is sold. A sale is considered complete when the profit is determinable, the collectability of the sales price is reasonably assured or can be estimated, and when the earnings process is virtually complete, and we are not obliged to perform significant activities after the sale to earn the profit. We will record the transaction as discontinued operations for all periods presented in accordance with U.S. GAAP.

Impairment of Investment Property

We assess the carrying values of our respective long-lived assets classified as held and used whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our assets for recoverability, we consider current market conditions, as well as our intent with respect to holding or disposing of the asset. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary. If our analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.

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We estimate the future undiscounted cash flows based on our intent as follows: (i) for real estate properties that we intend to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that we intend to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated proceeds from disposition that are estimated based on future net rental income of the property and expected market capitalization rates.

The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan we use to manage our underlying business. However assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determine value, are complex and subjective. Changes in economic and operating conditions and our ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties.

We assess the carrying value for all properties classified as held for sale for possible impairment. If the fair value less selling costs is less than the current carrying value, we recognize an impairment charge for the amount by which the carrying value exceeds fair value less selling costs.

In addition, we evaluate our equity method investments for impairment indicators. The valuation analysis considers the investment positions in relation to the underlying business and activities of our investments.

Impairment of Marketable Securities

We assess our investments in marketable securities for impairments. A decline in the market value of any available-for-sale or held-to-maturity security below cost, that is deemed to be other-than-temporary, will result in an impairment to reduce the carrying amount to fair value. The impairment will be charged to earnings and a new cost basis for the security will be established. To determine whether an impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until a market price recovery and consider whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. We consider the following factors in evaluating our securities for impairments that are other than temporary:

• declines in REIT stocks and the stock market relative to our marketable security positions;

• the estimated net asset value (“NAV”) of the companies we invest in relative to their current market prices;

• future growth prospects and outlook for companies using analyst reports and company guidance, including dividend coverage, NAV estimates and growth in “funds from operations,” or “FFO,” and

• duration of the decline in the value of the securities.

Redeemable Noncontrolling Interests

Certain of our consolidated joint ventures have issued units to noncontrolling interest holders that are redeemable at the noncontrolling interest holder's option for cash or into our common shares at our option. If the noncontrolling interest holder seeks redemption of its units for our common shares, the joint ventures may redeem the units through issuance of our common shares or through cash settlement at the redemption price. The redemption is at the option of the holder after passage of time or upon the occurrence of an event that is not solely within the control of any of the joint ventures. Because redemption of the noncontrolling interests is outside of the applicable joint venture's control, the interests are presented on the consolidated balance sheets outside of permanent equity as redeemable noncontrolling interests. None of the noncontrolling interests are currently redeemable, but it is probable that the noncontrolling interests will become redeemable. Based on such probability, we measure and record the noncontrolling interests at their maximum redemption amount at each balance sheet date. Any adjustments to the carrying amount of the redeemable noncontrolling interests for changes in the maximum redemption amount are recorded to additional paid in capital in the period of the change.

At issuance, the fair value of the redeemable noncontrolling interests were estimated by applying the income approach, which included significant inputs that are not observable, including discount rates and redemption values.

Contractual Obligations

We have entered into mortgage loans which may require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2013, all of the mortgages were current in payments and we were in compliance with such covenants.

30

We have provided a partial guarantee on certain financial obligations of our subsidiaries with an outstanding principal balance of $284,482. As of December 31, 2013, these guarantees totaled to an aggregate recourse amount of $95,499.

From time to time, we acquire properties subject to the obligation to pay the seller additional monies depending on the future leasing and occupancy of the property. These earnout payments are based on a predetermined formula. Each earnout agreement has a time limit of generally one to three years and other parameters regarding the obligation to pay any additional monies. If at the end of the time period, certain space has not been leased and occupied, we will not have any further obligation. As of December 31, 2013 and 2012, we had liabilities of $29,203 and $70,580, respectively, recorded on the consolidated balance sheet as deferred investment property acquisition obligations. The maximum potential payment is $32,906 at December 31, 2013.

As of December 31, 2013, our consolidated joint ventures had $67,950 in redeemable noncontrolling interests that will become redeemable at future dates generally no earlier than in 2015 but generally no later than 2022 based on certain redemption criteria. The redeemable noncontrolling interests are not mandatorily redeemable. At the noncontrolling interest holders’ option, we may be required to pay cash, but if the noncontrolling interest holder elects to redeem its interest for the Company’s stock, we have the option to pay cash, issue common stock, or a mixture of both.

	Payments due by period
	Total		2014			2015/2016		2017/2018		2019 and Thereafter
Principal payments on long-term debt (1)	$	1,184,256	$	7,638	(2)	$	197,195	$	251,103	$	728,320
Interest payments on long-term debt	358,692		51,505			94,106		77,192		135,889
Securities margin payable	10,341		10,341			—		—		—
Credit facility (3)	52,500		—			52,500		—		—
Total (3)	$	1,605,789	$	69,484		$	343,801	$	328,295	$	864,209

(1) The long-term debt obligations exclude net mortgage premiums of $1,176 associated with debt assumed at acquisition, net of accumulated amortization as of December 31, 2013.

(2) On March 10, 2014, we repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

(3) As part of the Tranche I Closing of the Net Lease Sale Transactions on January 31, 2014, the Company repaid mortgage debt with a principal balance of $74,964 and a weighted average interest rate of 4.25% as of December 31, 2013. Some of the proceeds were used to subsequently repay the outstanding balance on the Credit Facility.

Off-Balance Sheet Arrangements

We currently have no off-balance sheet arrangements that are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Subsequent Events

Our board of directors declared distributions payable to stockholders of record each day beginning on the close of business on January1, 2014 through the close of business on March 31, 2014. Distributions were declared in a daily amount equal to $0.00164384 per share, which if paid each day for a 365-year period, would equate to $0.60 or a 6.0% annualized rate based on a purchase price of $10.00 per share. Distributions were and will continue to be paid monthly in arrears, as follows:

• In January 2014, total distributions declared for the month of December 2013 were paid cash in the amount equal to $6,009.

• In February 2014, total distributions declared for the month of January 2014 were paid cash in the amount equal to $6,003.

• In March 2014, total distributions declared for the month of February 2014 were paid cash in the amount equal to $5,422.

On December 16, 2013, we entered into the Purchase and Sale Agreements with Realty Income. On January 31, 2014, we closed the Tranche I Closing, resulting in the sale by us to Realty Income of a total of 46 of the Net Lease Properties for an aggregate cash purchase price of approximately $201,955. See “Net Lease Sale Transactions” above.

On February 9, 2014, we entered into the Merger Agreement with Kite and Merger Sub and the Master Agreement with the Business Manager. See “Proposed Merger” above.

On March 10, 2014, we repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

31

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Dollar amounts are stated in thousands.

Interest Rate Risk

We may be exposed to interest rate changes primarily as a result of long-term debt used to purchase properties or other real estate assets, maintain liquidity and fund capital expenditures or operations. Including derivative financial instruments, we currently have limited exposure to financial market risks through fixing our interest rates on all long-term debt as of December 31, 2013 except some mortgages payable, the securities margin payable and the credit facility. As of December 31, 2013, we had outstanding debt, which is subject to fixed interest rates and variable rates of $999,819 and $247,278, respectively, bearing interest at weighted average interest rates equal to 4.66% per annum and 2.25% per annum, respectively, including the effect of interest rate swaps. As of December 31, 2013, we had $7,638 of fixed rate debt maturing by the end of 2014 of which $6,720 was subsequently repaid on March 10, 2014.

If market rates of interest on all non-hedged debt which is subject to variable rates as of December 31, 2013 permanently increased by 1% (100 basis points), the increase in interest expense on all debt would decrease future earnings and cash flows by approximately $2,473 annually. If market rates of interest on all non-hedged debt which is subject to variable rates as of December 31, 2013 permanently decreased by 1% (100 basis points), the decrease in interest expense on all debt would increase future earnings and cash flows by the same amount.

We use derivative financial instruments to hedge exposures to changes in interest rates on loans secured by our assets and investments in commercial mortgage-backed securities. Derivative instruments may include interest rate swap contracts, interest rate cap or floor contracts, futures or forward contracts, options or repurchase agreements. Our actual hedging decisions will be determined in light of the facts and circumstances existing at the time of the hedge and may differ from our currently anticipated hedging strategy. We have used derivative financial instruments to hedge against interest rate fluctuations, we are exposed to both credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us because the counterparty may not perform. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. We will seek to manage the market risk associated with interest-rate contracts by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. There is no assurance we will be successful.

Our board has established policies and procedures regarding our use of derivative financial instruments for purposes of fixing or capping floating interest rate debt if it qualifies as an effective hedge pursuant to U.S. GAAP for principal amounts up to $50,000 per transaction.

Derivatives

The following table summarizes our interest rate swap contracts outstanding as of December 31, 2013:

Date Entered		Effective Date	Maturity Date	Pay Fixed Rate		Receive Floating Rate Index	Notional Amount		Fair Value as of December 31, 2013
March 11, 2011	(1)	April 5, 2011	November 5, 2015	5.01	%	1 month LIBOR	$	9,350	$	(322	)
June 22, 2011		June 24, 2011	June 22, 2016	4.47	%	1 month LIBOR	13,359		(457		)
October 28, 2011		November 1, 2011	October 21, 2016	3.75	%	1 month LIBOR	10,837		(240		)
May 9, 2012		May 9, 2012	May 9, 2017	3.38	%	1 month LIBOR	10,150		(66		)
June 13, 2012	(2)	June 10, 2011	December 10, 2018	5.17	%	1 month LIBOR	49,391		(3,041		)
July 24, 2012	(1)	July 26, 2012	July 20, 2017	3.09	%	1 month LIBOR	4,677		23
October 1, 2012		April 1, 2014	March 29, 2019	3.85	%	1 month LIBOR	45,000		977
October 2, 2012		October 4, 2012	October 1, 2017	3.73	%	1 month LIBOR	24,750		132
October 4, 2012	(1)	October 4, 2012	October 3, 2019	3.15	%	1 month LIBOR	10,808		402
December 20, 2012		December 20, 2012	December 20, 2017	3.36	%	1 month LIBOR	9,900		87
February 14, 2013	(1)	February 14, 2013	December 31, 2022	4.25	%	1 month LIBOR	14,900		757
						Total	$	203,122	$	(1,748	)

(1) Interest rate swaps were settled as part of the tranche I closing of the Net Lease Sale Transactions properties on January 31, 2014.

(2) Assumed at the time of acquisition of Walgreens NE Portfolio with a then fair value of ($5,219).

32

Securities Price Risk

Securities price risk is the risk that we will incur economic losses due to adverse changes in equity and debt security prices. Our exposure to changes in equity and debt security prices is a result of our investment in these types of securities. Market prices are subject to fluctuation and therefore, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market prices of a security may result from any number of factors including perceived changes in the underlying fundamental characteristics of the issuer, the relative price of alternative investments, interest rates, default rates, and general market conditions. Additionally, amounts realized in the sale of a particular security may be affected by the relative quantity of the security being sold. We do not currently engage in derivative or other hedging transactions to manage our security price risk.

While it is difficult to project what factors may affect the prices of equity and debt sectors and how much the effect might be, the table below illustrates the impact of a ten percent increase and a ten percent decrease in the price of the equity and debt securities held by us would have on the fair value of the securities as of December 31, 2013.

	Cost		Fair Value		Fair Value Assuming a Hypothetical 10% Increase		Fair Value Assuming a Hypothetical 10% Decrease
Equity securities	$	24,666	$	24,871	$	27,358	$	22,384
Debt securities	8,826		9,199		10,119		8,279
Total marketable securities	$	33,492	$	34,070	$	37,477	$	30,663

33

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

INDEX

Item 8. Consolidated Financial Statements and Supplementary Data

	Page
Report of Independent Registered Public Accounting Firm	35
Financial Statements:
Consolidated Balance Sheets at December 31, 2013 and 2012	36
Consolidated Statements of Operations and Other Comprehensive Income for the years ended December 31, 2013, 2012 and 2011	37
Consolidated Statements of Equity for the years ended December 31, 2013, 2012 and 2011	38
Consolidated Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011	39
Notes to Consolidated Financial Statements	41
Real Estate and Accumulated Depreciation (Schedule III)	63

Schedules not filed:

All schedules other than the one listed in the Index have been omitted as the required information is inapplicable or the information is presented in the financial statements or related notes.

34

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

Inland Diversified Real Estate Trust, Inc.:

We have audited the accompanying consolidated balance sheets of Inland Diversified Real Estate Trust, Inc. and subsidiaries (the “Company”) as of December 31, 2013 and 2012, and the related consolidated statements of operations and other comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2013. In connection with our audits of the consolidated financial statements, we have also audited the financial statement schedule III. These consolidated financial statements and financial statement schedule III are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule III based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Inland Diversified Real Estate Trust, Inc. and subsidiaries as of December 31, 2013 and 2012, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule III, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

As discussed in note 1 to the consolidated financial statements, on February 9, 2014, the Company entered into an agreement and plan of merger, which is subject to a number of closing conditions.

/s/ KPMG LLP

Chicago, Illinois

March 13, 2014

35

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

Consolidated Balance Sheets

(Dollars in thousands, except per share amounts)

	December 31,
Assets	2013			2012
Investment properties:
Land	$	304,971		$	302,013
Building and improvements	1,353,212			1,333,268
Construction in progress	9,322			2,637
Total	1,667,505			1,637,918
Less accumulated depreciation	(94,544		)	(46,134		)
Net investment properties	1,572,961			1,591,784
Cash and cash equivalents	32,233			36,299
Restricted cash and escrows	5,616			4,059
Investment in marketable securities	34,070			40,941
Investment in unconsolidated entities	485			249
Accounts and rents receivable (net of allowance of $2,285 and $1,159, respectively)	17,023			11,367
Acquired lease intangibles, net	194,759			219,523
Deferred costs, net	6,677			7,205
Other assets	8,294			14,695
Assets held for sale, net	455,480			467,401
Total assets	$	2,327,598		$	2,393,523
Liabilities and Equity
Mortgages, credit facility and securities margin payable	$	1,005,593		$	1,006,742
Accounts payable and accrued expenses	7,873			6,222
Distributions payable	6,009			5,831
Accrued real estate taxes payable	4,699			4,390
Deferred investment property acquisition obligations	29,203			70,580
Other liabilities	6,566			7,968
Acquired below market lease intangibles, net	45,732			49,031
Due to related parties	2,074			2,532
Liabilities held for sale, net	256,029			259,029
Total liabilities	1,363,778			1,412,325
Commitments and contingencies
Redeemable noncontrolling interests	67,950			47,215
Equity:
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding	—			—
Common stock, $.001 par value, 2,460,000,000 shares authorized, 117,809,586 and 114,727,439 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively	118			115
Additional paid in capital, net of offering costs of $118,182 as of December 31, 2013 and December 31, 2012	1,053,472			1,024,289
Accumulated distributions and net income	(160,423		)	(90,138		)
Accumulated other comprehensive income (loss)	2,703			(283		)
Total equity	895,870			933,983
Total liabilities and equity	$	2,327,598		$	2,393,523

See accompanying notes to consolidated financial statements.

36

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

Consolidated Statements of Operations and Other Comprehensive Income

(Dollars in thousands, except per share amounts)

	Year Ended December 31,
	2013			2012			2011
Income:
Rental income	$	140,763		$	90,705		$	50,820
Tenant recovery income	35,565			21,176			12,340
Other property income	9,480			1,483			1,270
Total income	185,808			113,364			64,430
Expenses:
General and administrative expenses	9,223			4,269			2,770
Acquisition related costs	619			5,019			2,648
Property operating expenses	33,977			20,219			12,008
Real estate taxes	20,564			13,301			7,751
Depreciation and amortization	73,608			44,833			25,713
Business management fee-related party	14,666			1,500			1,000
Total expenses	152,657			89,141			51,890
Operating income	33,151			24,223			12,540
Interest, dividend and other income	3,135			2,556			871
Realized gain on sale of marketable securities	641			26			365
Interest expense	(42,669		)	(28,069		)	(17,432		)
Equity in income of unconsolidated entities	260			17			105
Loss from continuing operations	(5,482		)	(1,247		)	(3,551		)
Income from discontinued operations	7,639			4,113			1,374
Net income (loss)	2,157			2,866			(2,177		)
Noncontrolling interests:
Noncontrolling interests	—			(41		)	(102		)
Redeemable noncontrolling interests	(2,440		)	(209		)	—
Net income attributable to noncontrolling interests	(2,440		)	(250		)	(102		)
Net (loss) income attributable to common stockholders	$	(283	)	$	2,616		$	(2,279	)
Basic and diluted earnings per common share:
Continuing operations attributable to common stockholders	$	(0.07	)	$	(0.02	)	$	(0.08	)
Discontinued operations attributable to common stockholders	0.07			0.05			0.03
Net (loss) income attributable to common stockholders	$	0.00		$	0.03		$	(0.05	)
Weighted average number of common shares outstanding, basic and diluted	116,667,708			91,146,154			42,105,681
Comprehensive income:
Net income (loss)	$	2,157		$	2,866		$	(2,177	)
Other comprehensive (loss) income:
Unrealized (loss) gain on marketable securities	(2,421		)	3,469			(634		)
Unrealized gain (loss) on derivatives	5,407			(1,989		)	(1,293		)
Comprehensive income (loss)	5,143			4,346			(4,104		)
Noncontrolling interests	—			(41		)	(102		)
Redeemable noncontrolling interests	(2,440		)	(209		)	—
Comprehensive income (loss) attributable to common stockholders	$	2,703		$	4,096		$	(4,206	)

See accompanying notes to consolidated financial statements.

37

Inland Diversified Real Estate Trust, Inc.

Consolidated Statements of Equity

For the years ended December 31, 2013, 2012 and 2011

(Dollars in thousands)

	Number of Shares		Common Stock			Additional Paid-in Capital, Net of Offering Costs			Accumulated Distributions and Net Loss			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total
Balance at January 1, 2011	26,120,871		$	26		$	231,882		$	(10,525	)	$	164		$	4,402		$	225,949
Distributions declared	—		—			—			(25,263		)	—			—			(25,263		)
Distributions paid to noncontrolling interests	—		—			—			—			—			(107		)	(107		)
Proceeds from offering	30,949,567		31			308,191			—			—			—			308,222
Offering costs	—		—			(33,493		)	—			—			—			(33,493		)
Proceeds from distribution reinvestment plan	1,542,941		1			14,656			—			—			—			14,657
Shares repurchased	(182,202	)	—			(1,766		)	—			—			—			(1,766		)
Discounts on shares issued to affiliates	—		—			55			—			—			—			55
Contributions from sponsor	—		—			1,500			—			—			—			1,500
Unrealized loss on marketable securities	—		—			—			—			(634		)	—			(634		)
Unrealized loss on derivatives	—		—			—			—			(1,293		)	—			(1,293		)
Net (loss) income	—		—			—			(2,279		)	—			102			(2,177		)
Balance at December 31, 2011	58,431,177		$	58		$	521,025		$	(38,067	)	$	(1,763	)	$	4,397		$	485,650
Distributions declared	—		—			—			(54,687		)	—			—			(54,687		)
Distributions paid to noncontrolling interests	—		—			—			—			—			(2,720		)	(2,720		)
Proceeds from offering	53,885,826		54			536,040			—			—			—			536,094
Offering costs	—		—			(54,055		)	—			—			—			(54,055		)
Proceeds from distribution reinvestment plan	3,299,771		4			31,345			—			—			—			31,349
Shares repurchased	(889,335	)	(1		)	(8,448		)	—			—			—			(8,449		)
Discounts on shares issued to affiliates	—		—			294			—			—			—			294
Purchase of noncontrolling interests	—		—			(1,912		)	—			—			(1,718		)	(3,630		)
Unrealized gain on marketable securities	—		—			—			—			3,469			—			3,469
Unrealized loss on derivatives	—		—			—			—			(1,989		)	—			(1,989		)
Net income (excluding income attributable to redeemable noncontrolling interests of $209)	—		—			—			2,616			—			41			2,657
Balance at December 31, 2012	114,727,439		$	115		$	1,024,289		$	(90,138	)	$	(283	)	$	—		$	933,983
Distributions declared	—		—			—			(70,002		)	—			—			(70,002		)
Proceeds from distribution reinvestment plan	4,030,115		4			38,282			—			—			—			38,286
Shares repurchased	(947,968	)	(1		)	(9,099		)	—			—			—			(9,100		)
Unrealized loss on marketable securities	—		—			—			—			(2,421		)	—			(2,421		)
Unrealized gain on derivatives	—		—			—			—			5,407			—			5,407
Net loss (excluding income attributable to redeemable noncontrolling interests of $2,440)	—		—			—			(283		)	—			—			(283		)
Balance at December 31, 2013	117,809,586		$	118		$	1,053,472		$	(160,423	)	$	2,703		$	—		$	895,870

See accompanying notes to consolidated financial statements.

38

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

Consolidated Statements of Cash Flows

(Dollars in thousands)

	Year Ended December 31,
	2013			2012			2011
Cash flows from operations:
Net income (loss)	$	2,157		$	2,866		$	(2,177	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	89,282			53,239			28,980
Amortization of debt premium and financing costs	1,338			1,134			825
Amortization of acquired above market leases	6,578			4,496			3,000
Amortization of acquired below market leases	(3,373		)	(1,641		)	(985		)
Fair value adjustment of deferred investment property acquisition obligations	(2,945		)	849			315
Straight-line rental income	(5,964		)	(3,706		)	(1,856		)
Equity in income of unconsolidated entities	(260		)	(17		)	(105		)
Discount on shares issued to affiliates	—			294			55
Payment of leasing fees	(470		)	(278		)	(120		)
Realized gain on sale of marketable securities	(641		)	(26		)	(365		)
Changes in assets and liabilities:
Restricted escrows	(114		)	(65		)	1,885
Accounts and rents receivable, net	(1,892		)	(3,305		)	(1,111		)
Other assets	(477		)	(1,110		)	(640		)
Accounts payable and accrued expenses	2,032			2,437			752
Accrued real estate taxes payable	608			855			811
Other liabilities	(1,797		)	149			(748		)
Due to related parties	271			499			(644		)
Net cash flows provided by operating activities	84,333			56,670			27,872
Cash flows from investing activities:
Purchase of investment properties	(44,945		)	(1,191,719		)	(447,559		)
Construction in progress, capital expenditures and tenant improvements	(8,806		)	(1,189		)	(1,650		)
Purchase of marketable securities	(581		)	(21,371		)	(19,185		)
Sale of marketable securities	5,672			1,828			6,823
Restricted escrows	(1,268		)	(2,951		)	7,340
Repayment of notes receivable	11,007			—			63
Investment in notes receivable	(4,710		)	—			—
Investment in unconsolidated entities	25			—			—
Net cash flows used in investing activities	(43,606		)	(1,215,402		)	(454,168		)
Cash flows from financing activities:
Proceeds from offering	—			536,094			308,222
Proceeds from the distribution reinvestment plan	38,286			31,349			14,657
Shares repurchased	(9,100		)	(8,449		)	(1,766		)
Payment of offering costs	—			(54,269		)	(33,741		)
Proceeds from mortgages payable	37,358			624,340			240,951
Principal payments on mortgages payable	(9,684		)	(22,370		)	(48,254		)
Proceeds from credit facility	—			73,500			48,000
Principal payments on credit facility	(21,000		)	—			(55,000		)
Proceeds from securities margin debt	656			21,464			15,281
Principal payments on securities margin debt	(8,187		)	(4,884		)	(15,495		)
Payment of loan fees and deposits	(396		)	(5,833		)	(3,458		)
Distributions paid	(69,824		)	(51,767		)	(23,641		)
Distributions paid to noncontrolling interests	—			(2,720		)	(107		)
Payment of preferred return to redeemable noncontrolling interests	(2,178		)	(109		)	—
Purchase of noncontrolling interests	—			(1,569		)	—
Payment of amount due to related parties	(724		)	—			—
Net cash flows (used in) provided by financing activities	(44,793		)	1,134,777			445,649
Net (decrease) increase in cash and cash equivalents	(4,066		)	(23,955		)	19,353
Cash and cash equivalents, at beginning of period	36,299			60,254			40,901
Cash and cash equivalents, at end of period	$	32,233		$	36,299		$	60,254

See accompanying notes to consolidated financial statements.

39

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

Consolidated Statements of Cash Flows

(Dollars in thousands)

(continued)

	Year Ended December 31,
	2013			2012			2011
Supplemental disclosure of cash flow information:
In conjunction with the purchase of investment properties, the Company acquired assets and assumed liabilities as follows:
Land	$	3,227		$	220,650		$	83,797
Building and improvements	19,191			1,014,650			400,305
Construction in progress	—			2,218			—
Acquired in-place lease intangibles	3,709			150,915			59,168
Acquired above market lease intangibles	332			22,553			11,616
Acquired below market lease intangibles	—			(34,598		)	(9,816		)
Assumption of mortgage debt at acquisition	—			(92,195		)	(85,528		)
Non-cash mortgage premium	—			(445		)	(1,358		)
Tenant improvement payable	—			(1,597		)	(123		)
Deferred investment property acquisition obligations	—			(57,990		)	(24,753		)
Settlement of deferred investment property acquisition obligations	40,662			15,962			14,679
Accounts payable and accrued expenses	—			(118		)	(327		)
Other liabilities	(31		)	(12,367		)	(2,506		)
Restricted escrows	—			266			2,800
Deferred costs	—			913			75
Accounts and rents receivable	—			—			364
Other assets	4			11,381			256
Accrued real estate taxes payable	—			(1,364		)	(1,090		)
Issuance of redeemable noncontrolling interest	(20,473		)	(47,115		)	—
Partial settlement of note receivable	(1,676		)	—			—
Purchase of investment properties	$	44,945		$	1,191,719		$	447,559
Cash paid for interest	$	52,332		$	34,186		17,575
Supplemental schedule of non-cash investing and financing activities:
Distributions payable	$	6,009		$	5,831		$	2,911
Contributions from sponsor – forgiveness of debt	$	—		$	—		$	1,500

See accompanying notes to consolidated financial statements.

40

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

(1) Organization

Inland Diversified Real Estate Trust, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) was formed on June 30, 2008 (inception) to acquire and develop a diversified portfolio of commercial real estate investments located in the United States and Canada. The Company has entered into a Business Management Agreement (the “Agreement”) with Inland Diversified Business Manager & Advisor, Inc. (the “Business Manager”), to be the Business Manager to the Company. The Business Manager is a related party to our sponsor, Inland Real Estate Investment Corporation (the “Sponsor”). In addition, Inland Diversified Real Estate Services LLC, Inland Diversified Asset Services LLC, Inland Diversified Leasing Services LLC and Inland Diversified Development Services LLC, which are indirectly controlled by the four principals of The Inland Group, Inc. (collectively, the “Real Estate Managers”), serve as the Company’s real estate managers. The Company was authorized to sell up to 500,000,000 shares of common stock (“Shares”) at $10.00 each in its “best efforts” offering which commenced on August 24, 2009 and up to 50,000,000 shares at $9.50 each issuable pursuant to the Company’s distribution reinvestment plan (“DRP”). The “best efforts” portion of the offering was completed on August 23, 2012. On November 13, 2013, the Company's board of directors voted to suspend the DRP until further notice, effective immediately.

At December 31, 2013, the Company owned 135 retail properties, four office properties and two industrial properties collectively totaling 12.5 million square feet including 24 multi-family units and two multi-family properties totaling 420 units. As of December 31, 2013, the portfolio had a weighted average physical occupancy and economic occupancy of 96.1% and 97.2%, respectively. Economic occupancy excludes square footage associated with an earnout component. At the time that we acquired certain properties, the purchase agreement contained an earnout component to the purchase price, meaning the Company did not pay a portion of the purchase price at closing related to certain vacant spaces, although it owns the entire property. The Company is not obligated to settle this contingent purchase price unless the seller obtains leases for the vacant space within the time limits and parameters set forth in the applicable acquisition agreement (note 16).

Proposed Merger

On February 9, 2014, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Kite Realty Group Trust, a publicly traded (NYSE: KRG) Maryland real estate investment trust (“Kite”), and KRG Magellan, LLC, a Maryland limited liability company and a direct wholly owned subsidiary of Kite (“Merger Sub”). The Merger Agreement provides for, upon the terms and conditions of the Merger Agreement, the merger of the Company with and into Merger Sub, with Merger Sub surviving the Merger as a direct wholly owned subsidiary of Kite (the “Merger”). Pursuant to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of the Company’s common stock will be converted into the right to receive shares of beneficial interest of Kite, par value $0.01 per share (“Kite Common Shares”), based on:

• an exchange ratio of 1.707 Kite Common Shares for each share of our common stock if the volume-weighted average trading price of Kite Common Shares for the ten consecutive trading days ending on the third trading day preceding the meeting of our stockholders to approve the Merger (the “Reference Price”) is equal to or less than $6.36;

• a floating exchange ratio if the Reference Price is more than $6.36 or less than $6.58 (with such floating exchange ratio being determined by dividing $10.85 by the Reference Price); and

• an exchange ratio of 1.650 Kite Common Shares for each share of our common stock if the Reference Price is $6.58 or greater.

Pursuant to the Merger Agreement, upon the effective time of the merger, the board of trustees of Kite will consist of nine members, six of whom will be current trustees of Kite and three of whom will be designated by us.

The completion of the Merger is subject to a number of closing conditions, including, among others: (i) approval by Kite’s stockholders and the Company’s stockholders, including the approval of Kite’s stockholders of an amendment to Kite’s declaration of trust to increase the number of Kite Common Shares that Kite is authorized to issue; (ii) the absence of a material adverse effect on either the Company or Kite; (iii) the receipt of tax opinions relating to the REIT status of Kite and the Company and the tax-free nature of the transaction; (iv) the completion of the Net Lease Sale Transactions; and (v) the completion of the redeployment of certain proceeds from the Net Lease Sale Transactions to acquire replacement properties for purposes of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a result of the closing conditions to which the Merger is subject, there are no assurances that the proposed Merger will be consummated on the expected timetable, or at all. If the closing conditions are satisfied, it is anticipated that the Merger will close during the second or third quarter of 2014.

The Merger Agreement may be terminated under certain circumstances, including by either the Company or Kite if the Merger has not been consummated on or before the outside date of August 31, 2014, subject to extension under certain circumstances. The Merger Agreement provides that, in connection with the termination of the Merger Agreement under specified circumstances, the Company

41

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

may be required to pay to Kite a termination fee of $43,000 and/or reimburse Kite’s transaction expenses up to an amount equal to $8,000. Where termination is in connection with a failure to close the Net Lease Sale Transactions, the Company may be required to (i) reimburse Kite for its transaction expenses up to an amount equal to $8,000 and (ii) pay Kite a termination fee of $3,000. The Merger Agreement also provides that, under specified circumstances, Kite may be required to pay the Company a termination fee of $30,000 and/or reimburse the Company’s transaction expenses up to an amount equal to $8,000. Under certain circumstances, including upon payment of the applicable termination fee, either party is permitted to terminate the Merger Agreement to enter into a definitive agreement with a third party with respect to a superior acquisition proposal.

If the Merger is consummated, it is expected to significantly change the scope of the Company’s business and as a result the Company’s 2013 results of operations may not necessarily be representative of the Company’s future results of operations. Unless otherwise stated, all disclosures and discussion in this Form 10-K do not include the expected effects of the Merger.

On February 19, 2014, solely to assist broker-dealers in meeting their customer account statement reporting obligations, the Company’s board of directors established an estimated per share value of the Company common stock as of February 18, 2014 of $10.70. This estimated per share value was determined based upon the final closing price of the Kite Common Shares on February 18, 2014 and the exchange ratio for Kite Common Shares under the Merger Agreement that would apply if the Reference Price was equal to the final closing price of the Kite Common Shares on February 18, 2014.

In connection with the execution of Merger Agreement, the Company entered into a Master Liquidity Event Agreement (the “Master Agreement”) with the Business Manager, the Real Estate Managers, and certain other affiliates of the Business Manager. The Master Agreement sets forth the terms of the consideration due to the Business Manager and the Real Estate Managers in connection with the Merger, provides for the automatic termination upon the closing of the Merger of the Company’s agreements with the Business Manager and the Real Estate Managers and certain other agreements between the Company and affiliates of the Business Manager and includes certain other agreements in order to facilitate the Merger. Pursuant to the Master Agreement, the Company agreed that the liquidity event fee payable by the Company to the Business Manager upon the consummation of the Merger pursuant to the terms of Business Management Agreement will be $10,235; provided, however, that the total amount of the liquidity event fee will be increased to not more than $12,000 in the event that the Business Manager achieves certain cost savings for the Company prior to the closing of the Merger.

The Company provides the following programs to facilitate investment in the Company’s shares and limited liquidity for stockholders.

The Company allowed stockholders to purchase additional shares from the Company by automatically reinvesting distributions through the DRP, subject to certain share ownership restrictions. Such purchases under the DRP were not subject to any selling commissions, and were made at a price of $9.50 per share prior to the DRP being suspended on November 13, 2013.

On November 13, 2013, the Company’s board of directors voted to suspend the share repurchase program, as amended (“SRP”), until further notice, effective December 13, 2013. The Company was authorized to repurchase shares under the SRP, if requested, subject to, among other conditions, funds being available. In any given calendar month, proceeds used for the SRP for ordinary repurchases cannot exceed the proceeds from the DRP, for that month. In addition, the Company would limit the number of ordinary shares repurchased during any calendar year to 5% of the number of shares of common stock outstanding on December 31^st of the previous year. However in the case of repurchases made upon the death of a stockholder known as exceptional repurchases, the Company was authorized to use any funds to complete the repurchase, and neither the limit regarding funds available from the DRP nor the 5% limit would apply. The SRP will be terminated if the Company’s shares become listed for trading on a national securities exchange. In addition, the Company’s board of directors, in its sole direction, may amend, suspend or terminate the SRP.

Net Lease Sale Transactions

On December 16, 2013, the Company, Inland Diversified Cumming Market Place, L.L.C., a Delaware limited liability company and the Company’s subsidiary, and Bulwark Corporation, a Delaware corporation and the Company’s subsidiary, entered into two Purchase and Sale Agreements (collectively, the “Purchase and Sale Agreements”) with Realty Income Corporation, a Maryland corporation and unaffiliated third party purchaser (“Realty Income”). The Purchase and Sale Agreements collectively provide for the sale of a total of 84 of the Company’s single tenant, Net Leased properties (the “Net Lease Properties”) to Realty Income in a series of transactions which the Company refers to as the “Net Lease Sale Transactions.” (see note 4)

The Purchase and Sale Agreements provide that the Net Lease Properties will be sold in multiple separate tranches. The closing of each tranche is subject to the satisfaction of various closing conditions. On January 31, 2014, the Company closed the first tranche of Net Lease Properties (the “Tranche I Closing”), resulting in the sale to Realty Income of a total of 46 of the Net Lease Properties for an aggregate cash purchase price of approximately $201,955. The Tranche I Closing resulted in net proceeds to the Company of $126,312. Subject to the satisfaction of all closing conditions, the sale of the remainder of the Net Lease Sale Transactions is expected

42

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

to close by April 30, 2014. However, there are no assurances that the remainder of the Net Lease Sale Transactions will be consummated on the expected timetable, or at all.

Following the Tranche I Closing, the Company’s portfolio consisted of 91 retail properties, three office properties and one industrial property collectively totaling 11.5 million square feet including 24 multi-family and two multi-family properties totaling 420 units.

(2) Summary of Significant Accounting Policies

General

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. The reclasses primarily represent reclassifications of assets and liabilities to assets and liabilities held for sale as well as revenue and expenses to discontinued operations.

Information with respect to square footage, units and occupancy is unaudited.

Consolidation

The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and entities in which the Company has a controlling financial interest. Interests of third parties in these consolidated entities are reflected as noncontrolling interests in the accompanying consolidated financial statements. Wholly owned subsidiaries generally consist of limited liability companies (LLCs). All intercompany balances and transactions have been eliminated in consolidation.

Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities, except for certain properties which have cross-collateralized first mortgages as previously disclosed.

The Company consolidates the operations of a joint venture if it determines that it's either the primary beneficiary of a variable interest entity (“VIE”) or has substantial influence and control of the entity. The primary beneficiary is the party that has the ability to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. There are significant judgments and estimates involved in determining the primary beneficiary of a variable interest entity or the determination of who has control and influence of the entity. When the Company consolidates an entity, the assets, liabilities and results of operations will be included in the consolidated financial statements.

In instances where the Company is not the primary beneficiary of a variable interest entity or it does not control the joint venture, the Company uses the equity method of accounting. Under the equity method, the operations of a joint venture are not consolidated with the Company's operations but instead its share of operations would be reflected as equity in income of unconsolidated entities on the consolidated statements of operations and other comprehensive income. Additionally, the Company's investment in the entities is reflected as investment in unconsolidated entities on the consolidated balance sheets.

Cash and Cash Equivalents

The Company considers all demand deposits and money market accounts and all short-term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.

Restricted Cash and Escrows

The Company had restricted escrows of $7,555 and $6,173 (including amounts related to investment properties held for sale) as of December 31, 2013 and 2012, respectively, which consist of cash held in escrow based on lender requirements for collateral or funds to be used for the payment of insurance, real estate taxes, tenant improvements and leasing commissions.

43

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

Revenue Recognition

The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduces revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment.

Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and decrease in the later years of a lease. The Company periodically reviews the collectability of outstanding receivables. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.

Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement.

The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets.

As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved.

Capitalization and Depreciation

Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred.

Transactional costs in connection with the acquisition of real estate properties and businesses are expensed as incurred.

Depreciation expense is computed using the straight-line method. Building and improvements are depreciated based upon estimated useful lives of 30 years and 5-15 years for furniture, fixtures and equipment and site improvements.

Tenant improvements are amortized on a straight-line basis over the shorter of the life of the asset or the term of the related lease as a component of depreciation and amortization expense. Leasing fees are amortized on a straight-line basis over the term of the related lease as a component of depreciation and amortization expense. Loan fees are amortized on a straight-line basis, which approximates the effective interest method, over the term of the related loans as a component of interest expense.

Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change.

Depreciation expense was $60,256, $34,799 and $16,715 (including amounts related to discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively.

44

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

Fair Value Measurements

The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition.

The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below:

• Level 1—Quoted prices in active markets for identical assets or liabilities.

• Level 2—Quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable.

• Level 3—model-derived valuations with unobservable inputs that are supported by little or no market activity.

Acquisition of Investment Properties

Upon acquisition, the Company determines the total purchase price of each property (note 3), which includes the estimated contingent consideration to be paid or received in future periods (note 16). The Company allocates the total purchase price of properties and businesses based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources.

Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period ranging from one to three years from the date of acquisition. If at the end of the time period certain space has not been leased, occupied and rent producing, the Company will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on its best estimate, the Company has recorded a liability for the potential future earnout payments using estimated fair value at the date of acquisition using Level 3 inputs including lease-up periods ranging from one to three years, market rents ranging from $9.60 to $45.00, probability of occupancy ranging from 90% to 100% based on leasing activity and discount rates, generally 10%. The Company has recorded these earnout amounts as additional purchase price of the related properties and as a liability included in deferred investment property acquisition obligations on the consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the consolidated statements of operations and other comprehensive income. The Company records changes in the underlying liability assumptions to other property income on the consolidated statements of operations and other comprehensive income.

The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value are amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below-market lease values, the amortization period includes bargain renewal option periods at a fixed rate. Amortization pertaining to the above market lease value of $6,578, $4,496 and $3,000 (including amounts related to discontinued operations) was recorded as a reduction to rental income for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization pertaining to the below market lease value of $3,373, $1,641 and $985 (including amounts related to discontinued operations) was recorded as an increase to rental income for the years ended December 31, 2013, 2012 and 2011, respectively.

The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted-average remaining term. The Company incurred amortization expense pertaining to acquired in-place lease intangibles of $26,712, $15,916 and $10,107 (including amounts related to discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. The portion of the purchase price allocated to customer relationship value is amortized on a straight-line basis over the weighted-average remaining lease term. As of December 31, 2013, no amount has been allocated to customer relationship value.

45

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

The following table summarizes the Company’s identified intangible assets and liabilities (including amounts related to investment properties held for sale) as of December 31, 2013 and 2012.

	December 31,
	2013			2012
Intangible assets:
Acquired in-place lease value	$	272,060		$	269,615
Acquired above market lease value	48,955			49,581
Accumulated amortization	(65,752		)	(34,684		)
Acquired lease intangibles, net	$	255,263		$	284,512
Intangible liabilities:
Acquired below market lease value	$	52,636		$	53,241
Accumulated amortization	(5,546		)	(2,779		)
Acquired below market lease intangibles, net	$	47,090		$	50,462

As of December 31, 2013, the weighted average amortization periods for acquired in-place lease, above market lease and below market lease intangibles (excluding amounts related to investment properties held for sale) are 12, 9 and 23 years, respectively.

Estimated amortization of the respective intangible lease assets and liabilities (excluding amounts related to investment properties held for sale) as of December 31, 2013 for each of the five succeeding years and thereafter is as follows:

	In-place Leases		Above Market Leases		Below Market Leases
2014	$	21,664	$	4,153	$	2,738
2015	21,390		3,847		2,641
2016	20,868		3,517		2,527
2017	19,922		3,229		2,493
2018	17,169		2,353		2,410
Thereafter	69,669		6,978		32,923
Total	$	170,682	$	24,077	$	45,732

Investment Properties Held For Sale

The Company will classify an investment property as held for sale in the period in which it has committed to a plan to dispose of the property, the Company’s Board of Directors has approved the sale of the property, are in the process of finding or have found a buyer, the property is available for immediate sale and subject only to sales terms that are usual and customary, and the sale of the property is probable and is expected to be completed within one year without significant changes. The Company suspends depreciation on the investment properties held for sale, including depreciation for tenant improvements and additions, as well as on the amortization of acquired in-place leases. The Company will classify the assets and related liabilities as held for sale in its consolidated balance sheets in the period the held for sale criteria is met and reclassify for presentation purposes all prior periods presented. The Company does not allocate any general and administrative expenses to discontinued operations and only interest expense to the extent the held for sale property is secured by specific mortgage debt and the mortgage debt will not be assigned to another property owned by the Company after the disposition. During December 2013, the Net Lease Properties met the criteria to be held for sale and was classified as held for sale as of December 31, 2013 and 2012. Assets and liabilities related to the Merger Agreement were not classified as held for sale as of December 31, 2013 and 2012.

Disposition of Real Estate

The Company accounts for dispositions in accordance with U.S. GAAP. The Company recognizes a gain or loss in full when a property is sold. A sale is considered complete when the profit is determinable, the collectability of the sales price is reasonably assured or can be estimated, and when the earnings process is virtually complete, and the Company is not obliged to perform significant activities after the sale to earn the profit. The Company records the transaction as discontinued operations for all periods presented in accordance with U.S. GAAP.

Impairment of Investment Properties

The Company assesses the carrying values of its respective long-lived assets classified as held and used whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for

46

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.

The Company estimates the future undiscounted cash flows based on the estimated future net rental income from operating the property and termination value.

The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of the real estate properties.

The Company assesses the carrying value for all properties classified as held for sale for possible impairment. If the fair value less selling costs is less than the current carrying value, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the fair value less selling costs.

During the years ended December 31, 2013, 2012 and 2011, the Company incurred no impairment charges for any investment property classified as held and used or held for sale.

Impairment of Marketable Securities

The Company assesses the investments in marketable securities for impairment. A decline in the market value of any available-for-sale or held-to-maturity security below cost, that is deemed to be other-than-temporary will result in an impairment to reduce the carrying amount to fair value using Level 1 and 2 inputs (note 7). The impairment will be charged to earnings and a new cost basis for the security will be established. To determine whether impairment is other-than-temporary, the Company considers whether they have the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. The Company considers the following factors in evaluating our securities for impairments that are other than temporary:

• declines in the REIT and overall stock market relative to our security positions; and

• the estimated net asset value (“NAV”) of the companies it invests in relative to their current market prices;

• future growth prospects and outlook for companies using analyst reports and company guidance, including dividend coverage, NAV estimates and growth in “funds from operations,” or “FFO;” and duration of the decline in the value of the securities.

During the years ended December 31, 2013, 2012 and 2011, the Company incurred no other-than-temporary impairment charges.

Redeemable Noncontrolling Interests

Certain of the Company's consolidated joint ventures have issued units to noncontrolling interest holders that are redeemable at the noncontrolling interest holder's option for cash or for shares of the Company's common stock at the Company's option. If the noncontrolling interest holder seeks redemption of its units for the Company's shares, the joint ventures may redeem the units through issuance of common shares by the Company on a one-for-one basis or through cash settlement at the redemption price. The redemption is at the option of the holder after passage of time or upon the occurrence of an event that is not solely within the control of the joint ventures. Because redemption of the noncontrolling interests is outside of the applicable joint venture's control, the interests are presented on the consolidated balance sheets outside of permanent equity as redeemable noncontrolling interests. None of the noncontrolling interests are currently redeemable, but it is probable that the noncontrolling interests will become redeemable. Based on such probability, the Company measures and records the noncontrolling interests at their maximum redemption amount at each balance sheet date. Any adjustments to the carrying amount of the redeemable noncontrolling interests for changes in the maximum redemption amount are recorded to additional paid in capital in the period of the change (see note 11).

At issuance, the fair value of the redeemable noncontrolling interests were estimated by applying the income approach, which included significant inputs that are not observable (Level 3), including discount rates and redemption values.

47

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

REIT Status

The Company has qualified and has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2009. Because the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its taxable income (subject to certain adjustments) to its stockholders. The Company will monitor the business and transactions that may potentially impact our REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income.

Derivatives

The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.

(3) Acquisitions

On March 22, 2013, the Company acquired a fee simple interest in a 12,480 square foot retail property known as Dollar General Store located in Samson, Alabama. The Company purchased this property from an unaffiliated third party for $1,516.

On September 26, 2013, the Company acquired a fee simple interest in a 69,911 square foot retail property known as Copps Grocery Store located in Stevens Point, Wisconsin. The Company purchased this property from an unaffiliated third party for $15,228.

On November 26, 2013, the Company acquired a fee simple interest in a 64,216 square foot building that relates to the University Town Center Phase II located in Norman, Oklahoma. The Company purchased this property from an unaffiliated third party for $9,715. This property is an additional phase of a property that the Company purchased on November 2, 2012. Given the proximity, the 2012 acquisition and the 2013 acquisition are evaluated by management as a single property.

The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2013. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date:

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Dollar General Store	$	269	$	1,069	$	178	$	—	$	—
Copps Grocery Store	1,378		11,507		2,343		—		—
University Town Center Phase II	1,580		6,615		1,520		—		—
Total	$	3,227	$	19,191	$	4,041	$	—	$	—

During the year ended December 31, 2013, the Company acquired through its wholly owned subsidiaries, the properties listed above for an aggregate purchase price of $26,459. The Company financed these acquisitions from cash flow from operations, proceeds from our DRP and through the borrowing of $8,375.

The Company incurred $619, $5,019 and $2,648 for the years ended December 31, 2013, 2012 and 2011, respectively, of acquisition, dead deal and transaction related costs that were recorded in acquisition related costs in the consolidated statements of operations and other comprehensive income and relate to both closed and potential transactions. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as time and travel expense reimbursements to the Sponsor and its affiliates. The Company does not pay acquisition fees to its Business Manager or its affiliates.

48

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

For the properties acquired during the year ended December 31, 2013, the Company recorded revenue of $599 and property net income of $114 not including expensed acquisition related costs.

The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2012. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date:

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Dollar General Market	$	793	$	2,170	$	627	$	—	$	—
Hamilton Crossing	2,825		24,287		3,975		—		989
Dollar General – Buffalo	240		977		133		—		—
Shoppes at Branson Hills (1)	8,247		27,366		7,080		3,424		857
Shoppes at Hawk Ridge	2,709		5,416		1,691		19		—
Bayonne Crossing	20,911		48,066		8,916		3,212		6,806
Eastside Junction	1,856		8,805		1,059		483		—
Shops at Julington Creek	2,247		5,578		685		11		985
Dollar General Store - Lillian	318		575		132		—		—
Dollar General Market - Slocomb	608		1,898		333		—		—
Dollar General Store - Clanton	389		656		171		—		—
Bank Branch Portfolio - 9 properties	6,433		9,256		2,947		—		—
Dollar General Store - Marbury	231		685		139		—		—
Dollar General Store - Gilbertown	123		1,008		193		—		—
Elementis Worldwide Global HQ	1,089		12,327		4,209		—		—
One Webster	3,462		19,243		690		—		—
South Elgin Commons	3,771		18,684		3,196		664		—
Walgreens NE Portfolio - 9 properties (2)	21,650		41,771		8,120		1,060		—
Saxon Crossing	3,455		14,555		2,743		23		—
Dollar General Store - Enterprise	220		768		161		—		—
Dollar General Store - Odenville	197		613		124		—		—
Siemens Gas Turbine Service Division	2,786		13,837		1,089		—		—
Virginia Convenience Store Portfolio - 5 Properties	5,477		8,610		1,613		—		—
FedEx Distribution Centers	5,820		30,518		2,962		—		—
BJ's at Richie Station	4,486		24,827		3,087		—		—
Dollar General Market - Candler	398		2,497		405		—		—
Shops at Moore	6,674		28,206		5,091		1,477		—
Kohl's - Cumming (3)	2,750		5,478		273		—		—
Shoppes at Branson Hills (1)	2,552		9,067		1,132		157		—
Dollar General Market - Vienna	635		1,883		313		—		—
Centre Point Commons	2,842		21,938		3,632		2,835		—
Dollar General Portfolio - 15 properties	2,201		12,851		3,022		—		—
Lake City Commons II	511		2,130		269		28		—
Pathmark Portfolio - 3 properties	5,538		35,456		8,179		408		—
Schnucks Portfolio - 3 properties	4,446		15,938		2,240		—		—
Dollar General Store - Anson	109		816		181		—		—
Dollar General Store - East Bernard	76		799		174		—		—
City Center (4)	11,617		136,439		19,231		1,860		19,508
Miramar Square	14,940		34,784		8,716		1,169		—
Crossing at Killingly Commons (5)	15,281		39,212		7,408		2,200		5,093
Wheatland Town Center	3,684		32,973		4,152		2,789		10,647
Dollar General Market - Resaca	634		2,203		433		—		—
Dollar General Store - Hertford	193		1,077		151		—		—

49

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Landings at Ocean Isle Beach	2,587		5,497		2,165		—		—
The Corner	3,521		20,429		5,198		—		3,681
University Town Center Phase II	3,995		21,027		3,004		3,558		2,205
Dollar General Store - Remlap	124		682		136		—		—
Dollar General Market - Canton	629		2,329		403		—		—
Hasbro Office Building	3,400		21,635		4,773		—		—
Cannery Corner	3,322		10,557		3,628		—		—
Centennial Center (6)	9,824		111,444		15,884		5,910		2,883
Centennial Gateway (6)	6,758		39,834		5,858		376		3,322
Eastern Beltway (6)	5,467		52,095		6,938		2,642		—
Eastgate (6)	3,794		19,775		3,279		293		—
Lowe's Plaza	1,805		3,103		1,125		—		1,014
Total	$	220,650	$	1,014,650	$	173,468	$	34,598	$	57,990

(1) The Company closed on different buildings on March 9, 2012 and August 15, 2012 but this is considered one property.

(2) The Company assumed mortgages payable and an interest rate swap agreement associated with the acquisition of these properties (note 10).

(3) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $1,416 as of the acquisition date.

(4) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $6,092 as of the acquisition date. Additionally at the time of acquisition, the Company received a $10,000 note receivable, and subsequently increased to $11,000, from the redeemable noncontrolling interest holder at an interest rate of 6.00% per annum that matured on May 31, 2013 and has been repaid. The redeemable noncontrolling interest holder has pledged its redeemable noncontrolling interests as collateral to this note receivable.

(5) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $9,608 as of the acquisition date and assumed a mortgage payable (note 10).

(6) The acquisition of this portfolio of properties includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $30,000 as of the acquisition date.

During the year ended December 31, 2012, the Company acquired through its wholly owned subsidiaries, the properties listed above for an aggregate purchase price of $1,314,075. The Company financed these acquisitions with net proceeds from the "best efforts" offering, proceeds from our DRP and through the borrowing of $624,340, debt assumption of $92,195 secured by first mortgages on the properties and borrowing $73,500 on the line of credit.

The following condensed pro forma consolidated financial statements for the year ended December 31, 2012 include pro forma adjustments related to the acquisitions and financings during 2012 considered material to the consolidated financial statements which were Palm Coast Landing, Bayonne Crossing, Shoppes at Branson Hills, Walgreens NE Portfolio, Saxon Crossing, South Elgin Commons, FedEx Distribution Centers, BJ's at Richie Station, Shops at Moore, Centre Point Commons, Pathmark Portfolio, City Center, Miramar Square, Crossings at Killingly Commons, The Corner, University Town Center Phase II, Cannery Corner, Centennial Center, Centennial Gateway, Eastern Beltway, Eastgate and Lowe's Plaza, which are presented assuming the acquisitions had been consummated as of January 1, 2011. Acquisitions for the year ended December 31, 2013 were not considered material.

50

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

On a pro forma basis, the Company assumes the common shares outstanding as of December 31, 2012 were outstanding as of January 1, 2011. The following condensed pro forma financial information has not been adjusted for discontinued operations is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2012 acquisitions had been consummated as of January 1, 2011, nor does it purport to represent the results of operations for future periods.

	For the year ended December 31, 2012
	Historical		Pro Forma Adjustments (unaudited)			As Adjusted (unaudited)
Total income	$	134,335	$	56,664		$	190,999
Net income (loss) attributable to common stockholders	$	2,616	$	(5,306	)	$	(2,690	)
Net income (loss) attributable to common stockholders per common share, basic and diluted	$	0.03				$	(0.02	)
Weighted average number of common shares outstanding, basic and diluted	91,146,154					114,727,439

(4) Discontinued Operations and Investment Properties Held for Sale

On December 16, 2013, the Company entered into the Purchase and Sale Agreements, providing for the sale of the Net Leased Properties in an all-cash transaction with a gross sales price of approximately $503,013. The transaction is expected to close in three tranches during the first and second quarters of 2014. The Tranche I Closing was competed on January 31, 2014, and the second and third tranches are expected to close by the end of April 2014. Each closing is subject to customary approvals and the completion of certain closing conditions, and it is possible that the timing of the closings may be delayed. The Net Leased Properties qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria on December 16, 2013, at which time depreciation and amortization was suspended. The assets and liabilities associated with these properties are separately classified as held for sale in the consolidated balance sheets as of December 31, 2013. All periods presented on the consolidated balance sheets and consolidated statements of operations and other comprehensive income have been adjusted to conform to the current year presentation. Properties relating to the Merger Agreement were classified as held and used as of December 31, 2013.

The following table presents the assets and liabilities associated with the held for sale properties:

	December 31,
Assets	2013			2012
Investment properties:
Land	$	89,365		$	89,096
Building and improvements	315,958			314,805
Total	405,323			403,901
Less accumulated depreciation	(20,555		)	(8,709		)
Net investment properties	384,768			395,192
Restricted cash and escrows	1,939			2,114
Accounts and rents receivable, net	4,199			1,998
Acquired lease intangibles, net	60,504			64,989
Deferred costs, net	2,570			2,890
Other assets	1,500			218
Total assets held for sale	$	455,480		$	467,401
Liabilities
Mortgages payable	$	242,680		$	242,680
Accounts payable and accrued expenses	1,012			846
Accrued real estate taxes payable	813			513
Other liabilities	10,166			13,559
Acquired below market lease intangibles, net	1,358			1,431
Total liabilities held for sale	$	256,029		$	259,029

The Company will have no continuing involvement with any of its disposed properties subsequent to their disposal. The Company did not record any gain or loss associated with the sale of these properties during the year ended December 31, 2013. Any gain will be recorded once each tranche is closed. The Company did not dispose of or enter into any binding agreements to sell any other properties during the years ended December 31, 2012 and 2011.

51

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

The results of operations for the investment properties that are accounted for as discontinued operations are presented for each of the years ended December 31, 2013, 2012 and 2011in the table below:

	Year Ended December 31,
	2013			2012			2011
Income:
Rental income	$	35,587		$	19,129		$	7,253
Tenant recovery income	1,640			876			38
Other property income	118			116			78
Total income	37,345			20,121			7,369
Expenses:
Property operating expenses	2,003			1,002			287
Real estate taxes	1,366			669			38
Depreciation and amortization	15,674			8,406			3,267
Total expenses	19,043			10,077			3,592
Operating income	18,302			10,044			3,777
Interest, dividend and other income	1			—			—
Interest expense	(10,664		)	(5,931		)	(2,403		)
Income from discontinued operations	7,639			4,113			1,374
Redeemable noncontrolling interests associated with discontinued operations	(71		)	(27		)	—
Net income from discontinued operations attributable to common stockholders	$	7,568		$	4,086		$	1,374

(5) Operating Leases

Minimum lease payments to be received under operating leases including ground leases and excluding leases relating to discontinued operations and multi-family units (lease terms of twelve-months or less) as of December 31, 2013 for the years indicated, assuming no expiring leases are renewed, are as follows:

	Minimum Lease Payments
2014	$	133,811
2015	129,558
2016	123,110
2017	111,911
2018	90,462
Thereafter	584,711
Total	$	1,173,563

The remaining lease terms range from less than one year to 72 years. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Some leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and other comprehensive income. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses and reimbursements are included in tenant recovery income on the consolidated statements of operations and other comprehensive income.

52

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

(6) Unconsolidated Entities

The Company is a member of a limited liability company formed as an insurance association captive (the “Insurance Captive”), which is owned in equal proportions by the Company and three related parties, Inland Real Estate Corporation, Inland American Real Estate Trust, Inc. and Inland Real Estate Income Trust, Inc. and a third party, Retail Properties of America, Inc. and is serviced by an affiliate of the Business Manager, Inland Risk and Insurance Management Services Inc. The Insurance Captive was formed to initially insure/reimburse the members’ deductible obligations for the first $100 of property insurance and $100 of general liability insurance. The Company entered into the Insurance Captive to stabilize its insurance costs, manage its exposures and recoup expenses through the functions of the captive program. This entity is considered to be a variable interest entity (VIE) as defined in U.S. GAAP and the Company is not considered to be the primary beneficiary. Therefore, this investment is accounted for utilizing the equity method of accounting. The Company's risk of loss is limited to its investment and it is not required to fund additional capital to the entity.

		Ownership % at		Investment at
Joint Venture	Description	December 31, 2013	December 31, 2012	December 31, 2013		December 31, 2012
Oak Property & Casualty LLC	Insurance Captive	20%	25%	$	484	$	248

The Company’s share of net income from its investment in the unconsolidated entity is based on the ratio of each member’s premium contribution to the venture. The Company was allocated income of $260, $17 and $105for the years ended December 31, 2013, 2012 and 2011, respectively.

On May 28, 2009, the Company purchased 1,000 shares of common stock in the Inland Real Estate Group of Companies for $1, which are accounted for under the cost method and included in investment in unconsolidated entities on the consolidated balance sheets.

(7) Investment in Marketable Securities

Investment in marketable securities of $34,070 and $40,941 at December 31, 2013 and 2012, respectively, consists of primarily preferred and common stock and corporate bond investments in other publicly traded REITs which are classified as available-for-sale securities and recorded at fair value. The cost basis of the Company's investment in marketable securities was $33,492 and $37,943 at December 31, 2013 and 2012, respectively.

Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of comprehensive income until realized. The Company has recorded an accumulated net unrealized gain of $578 and $2,999 on the consolidated balance sheets as of December 31, 2013 and 2012, respectively. The Company had net unrealized (losses) gains of $(2,421), $3,469 and $(634)for the years ended December 31, 2013, 2012 and 2011, respectively. These unrealized (losses) and gains have been recorded as other comprehensive income in the consolidated statements of operations and other comprehensive income.

Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis or first-in, first-out basis. The Company had realized gains of $641, $26 and $365for the years ended December 31, 2013, 2012 and 2011, respectively. These gains have been recorded as realized gain on sale of marketable securities in the consolidated statements of operations and other comprehensive income.

The Company’s policy for assessing recoverability of its available-for-sale securities is to record a charge against net earnings when the Company determines that a decline in the fair value of a security drops below the cost basis and believes that decline to be other-than-temporary, which includes determining whether for marketable securities: (1) the Company intends to sell the marketable security, and (2) it is more likely than not that the Company will be required to sell the marketable security before its anticipated recovery.

(8) Fair Value of Financial Instruments

The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, restricted cash and escrows, accounts and rents receivable, accounts payable and accrued expenses, accrued real estate taxes payable and due to related parties approximates their fair values at December 31, 2013 and 2012 due to the short maturity of these instruments.

All financial assets and liabilities are recognized or disclosed at fair value using a fair value hierarchy as described in note 2 – “Fair Value Measurements.”

53

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

The following table presents the Company’s assets and liabilities, measured at fair value on a recurring basis, and related valuation inputs within the fair value hierarchy utilized to measure fair value as of December 31, 2013 and 2012:

	Level 1		Level 2		Level 3		Total
December 31, 2013
Asset - investment in marketable securities	$	24,871	$	9,199	$	—	$	34,070
Asset - interest rate swap	$	—	$	2,379	$	—	$	2,379
Liability - interest rate swap	$	—	$	4,127	$	—	$	4,127
December 31, 2012
Asset - investment in marketable securities	$	31,231	$	9,710	$	—	$	40,941
Liability - interest rate swap	$	—	$	8,078	$	—	$	8,078

The valuation techniques used to measure fair value of the investment in marketable securities above was quoted prices from national stock exchanges and quoted prices from third party brokers for similar assets (note 7). The Company performs certain validation procedures such as verifying changes in security prices from one period to the next and verifying ending security prices on a test basis.

The valuation techniques used to measure the fair value of the interest rate swaps above in which the counterparties have high credit ratings, were derived from pricing models provided by a third party, such as discounted cash flow techniques, with all significant inputs derived from or corroborated by observable market data. The Company verifies the ending values provided by the third party to the values received on the counterparties' statements for reasonableness. The Company’s discounted cash flow techniques use observable market inputs, such as LIBOR-based yield curves.

The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s mortgage debt (including mortgage debt classified as held for sale) was $1,185,433 and $1,158,051 at December 31, 2013 and 2012, respectively, and its estimated fair value was $1,211,250 and $1,189,621 as of December 31, 2013 and 2012, respectively. The Company’s carrying amount of variable rate borrowings on the credit facility and securities margin payable approximates their fair values at December 31, 2013 and 2012.

(9) Transactions with Related Parties

The Company has an investment in an insurance captive entity with other REITs sponsored by our Sponsor and a third party. The entity is included in the Company’s disclosure of Unconsolidated Entities (note 6) and is included in investment in unconsolidated entities on the consolidated balance sheets.

As of December 31, 2013 and 2012, the Company owed a total of $2,074 and $2,532, respectively, to our Sponsor and its affiliates related to advances used to pay administrative and offering costs and certain accrued expenses which are included in due to related parties on the consolidated balance sheets. These amounts represent non-interest bearing advances by the Sponsor and its affiliates and accrued business management fees, which the Company intends to repay.

At December 31, 2013 and 2012, the Company held $789 and $629, respectively, in shares of common stock in Inland Real Estate Corporation, which are classified as available-for-sale securities and recorded at fair value.

The Company has 1,000 shares of common stock in the Inland Real Estate Group of Companies with a recorded value of $1 at December 31, 2013 and 2012, which are accounted for under the cost method and included in investment in unconsolidated entities on the consolidated balance sheets.

54

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

The following table summarizes the Company’s related party transactions for the years ended December 31, 2013, 2012 and 2011.

		For the Year Ended December 31,							Unpaid Amounts as of
		2013		2012		2011			December 31, 2013		December 31, 2012
General and administrative:
General and administrative reimbursement	(a)	$	1,259	$	1,101	$	793		$	292	$	335
Loan servicing	(b)	306		185		98			—		—
Discount on shares issued to affiliates	(c)	—		294		55			—		—
Investment advisor fee	(d)	291		270		106			25		26
Total general and administrative to related parties		$	1,856	$	1,850	$	1,052		$	317	$	361
Offering costs	(e),(f)	$	—	$	51,745	$	30,179		$	—	$	123
Acquisition related costs	(g)	288		2,048		961			—		348
Real estate management fees	(h)	9,165		5,601		3,124			—		—
Business management fee	(i)	14,666		1,500		1,000			1,757		975
Loan placement fees	(j)	65		1,109		418			—		—
Cost reimbursement	(k)	47		—		75			—		—
Sponsor noninterest bearing advances	(l)	—		—		(1,500		)	—		724
Sponsor contributions to pay dividends	(l)	—		—		1,500			—		—

(a) The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(b) A related party of the Business Manager provides loan servicing to the Company for an annual fee equal to .03% of the first $1,000,000 of serviced loans and .01% for serviced loans over $1,000,000. These loan servicing fees are paid monthly and are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(c) The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 0, 294,331 and 55,203 shares to related parties for the years ended December 31, 2013, 2012 and 2011, respectively.

(d) The Company pays a related party of the Business Manager to purchase and monitor its investment in marketable securities.

(e) A related party of the Business Manager received selling commissions equal to 7.5% of the sale price for each share sold and a marketing contribution equal to 2.5% of the gross offering proceeds from shares sold, the majority of which were reallowed (paid) to third party soliciting dealers. The Company also reimbursed a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. In addition, the Sponsor, its affiliates and third parties were reimbursed for any issuer costs that they paid on the Company's behalf, including any bona fide out-of-pocket, itemized and detailed due diligence expenses not reimbursed from amounts paid or reallowed (paid) as a marketing contribution, in an amount that did not exceed 1.5% of the gross offering proceeds. The Company did not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the distribution reinvestment plan. Such costs were offset against the stockholders’ equity accounts.

(f) The majority of the offering costs were reallowed (paid) to third party soliciting dealers. Pursuant to the terms of the “best efforts” offering, issuer costs were not permitted to exceed 1.5% of the gross offering proceeds over the life of the “best efforts” offering. These costs did not exceed these limitations upon completion of the “best efforts” offering.

(g) The Business Manager and its related parties are reimbursed for acquisition, dead deal and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets. These costs relate to both closed and potential transactions and include customary due diligence costs including time and travel expense reimbursements. Such costs are included in acquisition related costs in the consolidated statements of operations and other comprehensive income. The Company does not pay acquisition fees to its Business Manager or its affiliates.

(h) The real estate managers, entities owned principally by individuals who are related parties of the Business Manager, receive monthly real estate management fees up to 4.5% of gross operating income (as defined), for management and leasing services. Such costs are included in property operating expenses in the consolidated statements of operations and other comprehensive income. In addition to these fees, the real estate managers receive reimbursements of payroll costs for property level employees.

55

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

The Company reimbursed or will reimburse the real estate managers and other affiliates $2,254, $1,458 and $827for the years ended December 31, 2013, 2012 and 2011, respectively.

(i) Subject to satisfying the criteria described below, the Company pays the Business Manager a quarterly business management fee equal to a percentage of the Company’s “average invested assets” (as defined in the business management agreement), calculated as follows:

(1) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1875% of its “average invested assets” for that prior calendar quarter;

(2) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 6% annualized distribution rate but less than 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1625% of its “average invested assets” for that prior calendar quarter;

(3) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 5% annualized distribution rate but less than 6% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.125% of its “average invested assets” for that prior calendar quarter; or

(4) if the Company does not satisfy the criteria in (1), (2) or (3) above in a particular calendar quarter just ended, it will not, except as set forth below, pay a business management fee for that prior calendar quarter.

(5) Assuming that (1), (2) or (3) above is satisfied, the Business Manager may decide, in its sole discretion, to be paid an amount less than the total amount that may be paid. If the Business Manager decides to accept less in any particular quarter, the excess amount that is not paid may, in the Business Manager’s sole discretion, be waived permanently or deferred, without interest, to be paid at a later point in time. This obligation to pay the deferred fee terminates if the Company acquires the Business Manager. For the years ended December 31, 2013, 2012 and 2011, the Business Manager was entitled to a business management fee in the amount equal to $14,830, $9,195 and $4,807, respectively of which $164, $7,695 and $3,807, respectively was permanently waived.

Separate and distinct from any business management fee, the Company will also reimburse the Business Manager, the Real Estate Managers and their affiliates for certain expenses that they, or any related party including the Sponsor, pay or incur on its behalf including the salaries and benefits of persons employed except that the Company will not reimburse either our Business Manager or Real Estate Managers for any compensation paid to individuals who also serve as the Company’s executive officers, or the executive officers of the Business Manager, the Real Estate Managers or their affiliates; provided that, for these purposes, the secretaries will not be considered “executive officers.” These costs were recorded in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(j) The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan it places for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term.

(k) The Company reimburses a related party of the Business Manager for costs incurred for construction oversight provided to the Company relating to its development project. These reimbursements are paid monthly during the development period. These costs are capitalized and are included in construction in progress on the consolidated balance sheet.

(l) As of December 31, 2012, the Company owed $724 to our Sponsor related to advances used to pay administrative and offering costs prior to the commencement of the “best efforts” offering. These amounts are included in due to related parties on the consolidated balance sheets and has been subsequently paid.

The Company may pay additional types of compensation to affiliates of the Sponsor in the future, including the Business Manager and our Real Estate Managers and their respective affiliates; however, we did not pay any other types of compensation for the years ended December 31, 2013, 2012 and 2011.

56

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

(10) Mortgages, Credit Facility, and Securities Margins Payable

The following table shows the scheduled maturities and required principal payments of the Company’s mortgages payable and Credit Facility including liabilities related to investment properties held for sale as of December 31, 2013, for each of the next five years and thereafter, including the effects of interest rate swaps:

	2014 (d)			2015			2016			2017			2018			Thereafter			Total
Fixed rate debt:
Mortgages payable (a)	$	7,638		$	96,016		$	48,806		$	97,715		$	125,131		$	624,513		$	999,819
Total fixed rate debt	7,638			96,016			48,806			97,715			125,131			624,513			999,819
Variable rate debt:
Mortgages payable (a)	—			50,140			2,233			23,077			5,180			103,807			184,437
Credit Facility	—			52,500			—			—			—			—			52,500
Total variable debt	—			102,640			2,233			23,077			5,180			103,807			236,937
Total debt (b)	$	7,638		$	198,656		$	51,039		$	120,792		$	130,311		$	728,320		$	1,236,756
Mortgages payable related to investment properties held for sale (c)	$	341		$	10,090		$	1,002		$	21,596		$	47,205		$	162,447		$	242,681
Weighted average interest rate on debt:
Fixed rate debt	5.84		%	5.26		%	4.84		%	4.47		%	5.23		%	4.52		%	4.70		%
Variable rate debt	—			2.03		%	2.66		%	2.59		%	2.52		%	2.55		%	2.33		%
Total	5.84		%	3.59		%	4.75		%	4.11		%	5.12		%	4.24		%	4.25		%
Weighted average interest rate on mortgages payable related to investment properties held for sale (c)	5.17		%	5.02		%	5.15		%	4.15		%	5.16		%	4.45		%	4.59		%

(a) Excludes net mortgage premiums of $1,176, associated with debt assumed at acquisition, net of accumulated amortization as of December 31, 2013.

(b) Excludes securities margin payable of $10,341 which is due upon the sale of marketable securities, and currently has an interest rate of 0.51% per annum, as of December 31, 2013.

(c) As part of the Tranche I Closing of the Net Lease Properties on January 31, 2014, the Company repaid mortgage debt with a principal balance of $74,964 and a weighted average interest rate of 4.25% as of December 31, 2013. Some of the proceeds were used to subsequently repay the outstanding balance on the Credit Facility.

(d) On March 10, 2014, the Company repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

The principal amount of our mortgage loans outstanding as of December 31, 2013 and 2012 was $1,184,256 and $1,156,582, respectively, and had a weighted average stated interest rate of 4.30% and 4.32% per annum, respectively, which includes effects of interest rate swaps. All of the Company’s mortgage loans are secured by first mortgages on the real estate assets.

On February 20, 2013, the Company entered into a $14,750 loan secured by a first mortgage on The Corner located in Tucson, Arizona. This loan bears interest at a fixed rate equal to 4.10% per annum, and matures on March 1, 2023.

On September 26, 2013, the Company entered into an $8,375 loan secured by a first mortgage on Copps Grocery Store located in Stevens Point, Wisconsin. This loan bears interest at a fixed rate equal to 3.95% per annum, and matures on September 26, 2018.

The mortgage loans may require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2013, all of the mortgages were current in payments and the Company was in compliance with such covenants.

On November 1, 2012, the Company entered into an amended and restated credit agreement (as amended the “Credit Facility”), under which the Company may borrow, on an unsecured basis, up to $105,000. The Company has the right, provided that no default has occurred and is continuing, to increase the facility amount up to $200,000 with approval from the lending group. The obligations under the Credit Facility will mature on October 31, 2015, which may be extended to October 31, 2016 subject to satisfaction of certain conditions. The Company has the right to terminate the facility at any time, upon one business day notice and the repayment of

57

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

all of its obligations thereunder. Borrowings under the Credit Facility bear interest at a base rate applicable to any particular borrowing (e.g., LIBOR) plus a graduated spread that varies with the Company's leverage ratio. The Company generally will be required to make monthly interest-only payments, except that we may be required to make partial principal payments in order to comply with certain debt covenants set forth in the Credit Facility. On December 31, 2013, the interest rate was 2.14% per annum. The Company is also required to pay, on a quarterly basis, an amount up to 0.35% per annum on the average daily unused funds remaining under the Credit Facility. The Credit Facility requires compliance with certain covenants which may restrict the availability of funds under the Credit Facility. Our performance of the obligations under the Credit Facility, including the payment of any outstanding indebtedness thereunder, is secured by a guaranty by certain of our subsidiaries owning unencumbered properties. The amount outstanding on the Credit Facility was $52,500 and $73,500 as of December 31, 2013 and 2012, respectively.

The Company has purchased a portion of its marketable securities through margin accounts. As of December 31, 2013 and 2012, the Company had a payable of $10,341 and $17,872, respectively, for securities purchased on margin. The debt bears a variable interest rate. As of December 31, 2013 and December 31, 2012, the interest rate was 0.51% and 0.56% per annum, respectively. The securities margin payable is due upon the sale of any marketable securities.

Interest Rate Swap Agreements

The Company entered into interest rate swaps to fix the floating LIBOR based debt under certain variable rate loans to a fixed rate to manage the risk exposed to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap.

The following table summarizes the Company's interest rate swap contracts outstanding as of December 31, 2013:

Date Entered		Effective Date	Maturity Date	Pay Fixed Rate		Receive  Floating Rate Index	Notional Amount		Fair Value as of December 31, 2013			Fair Value as of December 31, 2012
March 11, 2011	(1)	April 5, 2011	November 5, 2015	5.01	%	1 month LIBOR	$	9,350	$	(322	)	$	(489	)
June 22, 2011		June 24, 2011	June 22, 2016	4.47	%	1 month LIBOR	13,359		(457		)	(678		)
October 28, 2011		November 1, 2011	October 21, 2016	3.75	%	1 month LIBOR	10,837		(240		)	(387		)
May 9, 2012		May 9, 2012	May 9, 2017	3.38	%	1 month LIBOR	10,150		(66		)	(211		)
June 13, 2012	(2)	June 10, 2011	December 10, 2018	5.17	%	1 month LIBOR	49,391		(3,041		)	(5,428		)
July 24, 2012	(1)	July 26, 2012	July 20, 2017	3.09	%	1 month LIBOR	4,677		23			(44		)
October 1, 2012		April 1, 2014	March 29, 2019	3.85	%	1 month LIBOR	45,000		977			(315		)
October 2, 2012		October 4, 2012	October 1, 2017	3.73	%	1 month LIBOR	24,750		132			(299		)
October 4, 2012	(1)	October 4, 2012	October 3, 2019	3.15	%	1 month LIBOR	10,808		402			(109		)
December 20, 2012		December 20, 2012	December 20, 2017	3.36	%	1 month LIBOR	9,900		87			(118		)
February 14, 2013	(1), (3)	February 14, 2013	December 31, 2022	4.25	%	1 month LIBOR	14,900		757			—
						Total	$	203,122	$	(1,748	)	$	(8,078	)

(1) Interest rate swaps were settled as part of Tranche I Closing of the Net Lease Properties on January 31, 2014.

(2) Assumed at the time of acquisition of Walgreens NE Portfolio with a then fair value of ($5,219).

(3) On February 14, 2013, the Company entered into a floating-to-fixed interest rate swap agreement with a notional value of $14,900 and a maturity date of December 31, 2022 associated with the debt secured by a first mortgage on the Hasbro Office Building located in Providence, Rhode Island.

The Company has documented and designated these interest rate swaps as cash flow hedges. Based on the assessment of effectiveness using statistical regression, the Company determined that the interest rate swaps are effective. Effectiveness testing of the hedge relationship and measurement to quantify ineffectiveness is performed each fiscal quarter using the hypothetical derivative method. As these interest rate swaps qualify as cash flow hedges, the Company adjusts the cash flow hedges on a quarterly basis to their fair values with corresponding offsets to accumulated other comprehensive income. The Company does not offset derivative liabilities with derivative assets relating to its cash flow hedges. The Company has recorded an accumulated net unrealized gain (loss) of $2,125 and $(3,282) on the consolidated balance sheet as of December 31, 2013 and 2012, respectively. The interest rate swaps have been and are expected to remain highly effective for the term of the hedge. Effective amounts are reclassified to interest expense as the related hedged expense is incurred. Any ineffectiveness on the hedges is reported in other income/expense. For the years ended December 31, 2013 and 2012, the Company had $58 and $(66), respectively of ineffectiveness on its cash flow hedges. Amounts related to the swaps expected to be reclassified from accumulated other comprehensive income to interest expense in the next twelve months total $2,239.

58

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012.

	December 31, 2013				December 31, 2012
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as cash flow hedges:
Interest rate swaps (1)	Other liabilities	$	(4,127	)	Other liabilities	$	(8,078	)
Interest rate swaps (2)	Other assets	2,379			Other assets	—

(1) Includes $(3,364) and $(6,055) relating to assets held for sale as of December 31, 2013 and 2012, respectively.

(2) Includes $1,182 relating to assets held for sale as of December 31, 2013.

The table below presents the effect of the Company’s derivative financial instruments (including amounts related to discontinued operations) on the consolidated statements of operations and other comprehensive income for the years ended December 31, 2013, 2012 and 2011:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)									Location of Gain(Loss) Recognized in Income on Derivative (Ineffective Portion)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion)
	2013		2012			2011				2013			2012			2011				2013		2012			2011
Interest rate swaps	$	3,936	$	(2,727	)	$	(1,581	)	Interest Expense	$	(1,471	)	$	(738	)	$	(288	)	Other Expense	$	58	$	(66	)	$	—

(11) Redeemable Noncontrolling Interests

Certain of the Company's consolidated joint ventures have issued units to noncontrolling interest holders that are redeemable at the noncontrolling interest holder's option for cash, or for shares of the Company's common stock at the Company's option. If the noncontrolling interest holder seeks redemption of its units for the Company's shares, the joint ventures may redeem the units through issuance of common stock by the Company on a one-for-one basis or through cash settlement at the redemption price. These redeemable noncontrolling interests will become redeemable at future dates generally no earlier than in 2015 but generally no later than 2022 based on certain redemption criteria. The redeemable noncontrolling interests are not mandatorily redeemable.

The following table summarizes the redeemable noncontrolling interests as of December 31, 2013.

Joint Venture	Number of Redeemable Noncontrolling Interests Units Outstanding (1)	Redeemable Noncontrolling Interests at Issuance		Carrying Value of Redeemable Noncontrolling Interests		Preferred Return per Annum		Notes
Kohl's Cumming	141,602	$	1,416	$	1,416	5.00	%	(2), (3)
City Center	2,656,450	26,565		26,758		4.00	%	(3), (4)
Crossing at Killingly	960,802	9,608		9,776		3.50	%	(3), (5)
Territory Portfolio	3,000,000	30,000		30,000		4.00	%	(6)
Total	6,758,854	$	67,589	$	67,950

(1) Redeemable noncontrolling interest units had a fair value of $10.00 each at the time of issuance.

(2) As part of the Tranche I Closing of the Net Leased Properties on January 31, 2014, the Company's ownership interest in the Kohl's Cumming joint venture, a consolidated subsidiary, was sold and the redeemable noncontrolling interests was derecognized.

(3) If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be greater of i) $10.00 per unit, plus any accumulated, accrued and unpaid distributions to and including the date of redemption or ii) the Company's share price per share.

(4) Preferred return started on June 7, 2013, upon fulfillment of the deferred investment property acquisition obligations.

(5) Preferred return will increase to 5.50% per annum on October 3, 2015. The joint venture may issue up to an additional 298,121 redeemable noncontrolling interest units to settle its earnout liability included in the Company's investment property acquisition obligation on the consolidated balance sheet (note 16).

(6) If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be $10.00 per unit plus 50% of the excess of the Company's share price per share over $10.00 per unit.

59

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

Below is a table reflecting the activity of the consolidated redeemable noncontrolling interests as of and for the years ended December 31, 2013.

	Redeemable Noncontrolling Interests
	2013			2012
Balance at beginning of period	$	47,215		$	—
Issuance of redeemable noncontrolling interests (1)	20,473			47,115
Net income attributable to redeemable noncontrolling interests	2,440			209
Payment of preferred return	(2,178		)	(109		)
Balance at close of period	$	67,950		$	47,215

(1) On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units to settle the earnout obligation related to the City Center joint venture.

(12) Accumulated Other Comprehensive Income (Loss)

The following table indicates the changes and reclassifications affecting accumulated other comprehensive income (loss) by component for the year ended December 31, 2013.

	Gain (Loss) on Cash Flow Hedges				Unrealized Gains and (Losses) on Available-for-sale Securities				Total
Accumulated other comprehensive income (loss) - January 1, 2013	$	(3,282	)		$	2,999			$	(283	)
Activity for current-period:
Other comprehensive income (loss) before reclassifications	3,936				(1,780		)		2,156
Amounts reclassified from other comprehensive income (loss) into income	1,471			(1)	(641		)	(2)	830
Net current-period other comprehensive income (loss)	5,407				(2,421		)		2,986
Accumulated other comprehensive income - December 31, 2013	$	2,125			$	578			$	2,703

(1) Included in interest expense on the consolidated statements of operations and other comprehensive income.

(2) Included in realized gain on sale of marketable securities on the consolidated statements of operations and other comprehensive income.

(13) Income Taxes

The Company had no uncertain tax positions as of December 31, 2013 and 2012. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2013. The Company has no interest or penalties relating to income taxes recognized in the consolidated statements of operations and other comprehensive income for the years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, returns for the calendar years 2010, 2011 and 2012 remain subject to examination by the U.S. tax jurisdiction and various state and local tax returns remain subject to examination for the years 2009, 2010, 2011 and 2012 by the state and local tax jurisdictions.

(14) Distributions

The Company has paid distributions based on daily record dates, payable monthly in arrears. The distributions that the Company has paid are equal to a daily amount equal to $0.00164384, which if paid each day for a 365-day period, would equal to $0.60 per share or a 6.0% annualized rate based on a purchase price of $10.00 per share. During for the years ended December 31, 2013, 2012 and 2011, the Company declared cash distributions, totaling $70,002, $54,687 and $25,263, respectively.

60

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

(15) Earnings (Loss) per Share

Basic earnings (loss) per share (“EPS”) are computed by dividing net (loss) income attributable to common stockholders by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net (loss) income attributable to common stockholders by the common shares plus potential common shares issuable upon exercising options or other contracts. As of December 31, 2013 and 2012, the Company's only potentially dilutive common share equivalents outstanding were the redeemable noncontrolling interests that could be converted to 6,758,854 and 4,721,554 common shares, respectively, at future dates. As of December 31, 2013, our consolidated joint venture may issue up to an additional 298,121 redeemable noncontrolling interest units to settle its earnout liability included in the Company's investment property acquisition obligation on the consolidated balance sheet (note 16). Such common share equivalents were excluded as they were antidilutive.

(16) Commitments and Contingencies

Thirteen of the Company’s properties have earnout components related to property acquisitions. The maximum potential earnout payment was $32,906 at December 31, 2013. The table below presents the change in the Company’s earnout liability for the years ended December 31, 2013, 2012 and 2011.

	For the Year Ended December 31,
	2013			2012
Earnout liability – beginning of period, fair value	$	70,580		$	25,290
Increases:
Acquisitions	—			57,990
Amortization expense	2,230			2,477
Decreases:
Payments to settle earnouts	(18,513		)	(16,026		)
Payments to settle earnouts in units (1)	(20,473		)	—
Partial repayment of note receivable in settlement of earnout	(1,676		)	—
Other:
Fair value adjustment of earnout liability	(2,945		)	849
Earnout liability – end of period, fair value	$	29,203		$	70,580

(1) On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units with a fair value of $20,473 to settle the earnout obligation related to the City Center joint venture.

The Company has provided a partial guarantee on certain financial obligations of our subsidiaries with an outstanding principal balance of $284,482. As of December 31, 2013, these guarantees totaled to an aggregate recourse amount of $95,499.

As of December 31, 2013, our consolidated joint ventures had $67,950 in redeemable noncontrolling interests that will become redeemable at future dates generally no earlier than in 2015 but generally no later than 2022 based on certain redemption criteria. The Kohl's Cumming redeemable noncontrolling interest units were transferred as part of Tranche I Closing of the Net Lease Properties on January 31, 2014. The redeemable noncontrolling interests are not mandatorily redeemable. At the noncontrolling interest holders’ option, the Company may be required to pay cash, but if the noncontrolling interest holder elects to redeem its interest for the Company’s stock, the Company at its option, may pay cash, issue common stock, or a mixture of both. See additional information relating to these redeemable noncontrolling interests in note 11.

The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company.

(17) Segment Reporting

The Company has 1 reportable segment as defined by U.S. GAAP for the years ended 12/31/2013 and 2012.

61

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

(18) Subsequent Events

The Company has evaluated events and transactions that have occurred subsequent to December 31, 2013 for potential recognition and disclosure in these consolidated financial statements.

The Company's board of directors declared distributions payable to stockholders of record each day beginning on the close of business on January 1, 2013 through the close of business on March 31, 2013. Distributions were declared in a daily amount equal to $0.00164384 per share, which if paid each day for a 365-year period, would equate to $0.60 or a 6.0% annualized rate based on a purchase price of $10.00 per share. Distributions were and will continue to be paid monthly in arrears, as follows:

• In January 2014, total distributions declared for the month of December 2013 were paid cash in the amount equal to $6,009.

• In February 2014, total distributions declared for the month of January 2014 were paid cash in the amount equal to $6,003.

• In March 2014, total distributions declared for the month of February 2014 were paid cash in the amount equal to $5,422.

On December 16, 2013, the Company entered into the Purchase and Sale Agreements with Realty Income. On January 31, 2014, the Company completed the Tranche I Closing, resulting in the sale to Realty Income of a total of 46 of the Net Lease Properties for an aggregate cash purchase price of approximately $201,955. See Note 1 to these consolidated financial statements.

On February 9, 2014, the Company entered into the Merger Agreement with Kite and Merger Sub and the Master Agreement with the Business Manager. See Note 1 to these consolidated financial statements.

On March 10, 2014, the Company repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

(19) Quarterly Supplemental Financial Information (unaudited)

The following represents the results of operations, for each quarterly period, during 2013 and 2012.

	2013
	December 31			September 30			June 30			March 31
Total income as previously reported	$	48,978		$	55,376		$	53,540		$	56,487
Reclassified to discontinued operations (1)	—			(9,514		)	(9,272		)	(9,787		)
Adjusted total income	$	48,978		$	45,862		$	44,268		$	46,700
Net income (loss) attributable to common stockholders	$	768		$	227		$	(1,483	)	$	205
Net income (loss) attributable to common stockholders per common share, basic and diluted (2)	$	0.01		$	0.00		$	(0.01	)	$	0.00
Weighted average number of common shares outstanding, basic and diluted (2)	117,895,702			117,107,314			116,255,280			115,380,042
	2012
	December 31			September 30			June 30			March 31
Total income as previously reported	$	44,308		$	35,794		$	29,179		$	24,205
Reclassified to discontinued operations (1)	(8,572		)	(6,674		)	(2,827		)	(2,049		)
Adjusted total income	$	35,736		$	29,120		$	26,352		$	22,156
Net (loss) income attributable to common stockholders	$	(306	)	$	1,594		$	990		$	338
Net (loss) income attributable to common stockholders per common share, basic and diluted (2)	$	0.00		$	0.02		$	0.01		$	0.01
Weighted average number of common shares outstanding, basic and diluted (2)	114,436,422			104,419,606			81,159,713			64,164,709

(1) Represents income that has been reclassified to discontinued operations since previously reported amounts in Form 10-Q or 10-K.

(2) Quarterly income per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

62

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

Schedule III

Real Estate and Accumulated Depreciation

December 31, 2013

(Dollars in thousands)

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Retail
Merrimack Village Center	5,445	2,500	5,654	99	2,500	5,753	8,253	825	2007	2009
Merrimack, NH
Pleasant Hill Commons	6,800	5,000	5,200	47	5,000	5,247	10,247	783	2008	2010
Kissimmee, FL
Regal Court	23,900	6,500	31,306	278	6,500	31,584	38,084	4,308	2008	2010
Shreveport, LA
Draper Crossing	—	8,500	11,665	361	8,500	12,026	20,526	1,614	2001	2010
Draper, UT
Tradition Village Center	8,750	4,400	12,702	25	4,400	12,727	17,127	1,610	2006	2010
Port St. Lucie, FL
The Landing At Tradition	28,750	21,090	25,185	147	21,090	25,332	46,422	3,226	2007	2010
Port St. Lucie, FL
Temple Terrace	—	3,500	825	3,767	3,500	4,592	8,092	574	1969	2010
Temple Terrace, FL
Kohl’s at Calvine Pointe	10,500	3,437	9,263	—	3,437	9,263	12,700	1,291	2007	2010
Elk Grove, CA
Lake City Commons	5,200	1,584	7,570	43	1,584	7,613	9,197	990	2008	2010
Lake City, FL
Publix Shopping Center	6,749	2,065	6,009	242	2,065	6,251	8,316	770	2003	2010
St. Cloud, FL
Kohl’s Bend River Promenade	9,350	5,440	7,765	—	5,440	7,765	13,205	991	2009	2010
Bend, OR
Whispering Ridge	5,000	2,101	6,445	—	2,101	6,445	8,546	760	2008	2010
Omaha, NE
Bell Oaks Shopping Center	6,548	1,800	9,058	—	1,800	9,058	10,858	1,075	2008	2010
Newburgh, IN
Colonial Square Town Center	18,140	4,900	19,360	283	4,900	19,643	24,543	2,379	2010	2010
Fort Myers, FL
Shops At Village Walk	6,860	1,645	7,840	—	1,645	7,840	9,485	886	2009	2010
Fort Myers, FL
Lima Marketplace	8,383	4,765	12,452	1	4,765	12,454	17,219	1,381	2008	2010
Fort Wayne, IN
Dollar General - Ariton	391	35	704	—	35	704	739	78	2010	2010
Ariton, AL
Dollar General - Collins	465	142	720	—	142	720	862	76	2010	2010
Collins, GA
Dollar General - Decatur	450	171	676	—	171	676	847	75	2010	2010
Decatur, AL

63

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Dollar General - Dublin	606	258	876	—	258	876	1,134	97	2010	2010
Dublin, GA
Dollar General - Duncanville	430	78	733	—	78	733	811	81	2010	2010
Duncanville, AL
Dollar General - Excel	455	49	810	—	49	810	859	85	2010	2010
Frisco City, AL
Dollar General - Lagrange	554	197	838	—	197	838	1,035	93	2011	2010
LaGrange, GA
Dollar General - Milledgeville	423	139	650	—	139	650	789	69	2010	2010
Milledgeville, GA
Dollar General - Uriah	391	19	727	—	19	727	746	77	2010	2010
Uriah, AL
Waxahachie Crossing	7,750	1,752	13,190	75	1,752	13,265	15,017	1,388	2010	2011
Waxahachie, TX
Village at Bay Park	9,183	5,068	8,956	45	5,068	9,002	14,070	954	2005	2011
Ashwaubenon, WI
Northcrest Shopping Center	15,780	3,907	26,974	—	3,907	26,974	30,881	2,689	2008	2011
Charlotte, NC
Prattville Town Center	15,930	2,463	23,553	—	2,463	23,553	26,016	2,351	2007	2011
Prattville, AL
Landstown Commons	50,140	9,751	68,167	394	9,751	68,561	78,312	6,673	2007	2011
Virginia Beach, VA
Silver Springs Pointe	8,800	3,032	12,126	—	3,032	12,126	15,158	1,230	2001	2011
Oklahoma City, OK
Copps Grocery Store	3,480	892	4,642	—	892	4,642	5,534	460	2000	2011
Neenah, WI
University Town Center (2 properties)	18,690	11,046	54,148	164	11,046	54,312	65,358	3,534	2009/2012/2013	2009/2012/2013
Norman, OK
Pick N Save Grocery Store	4,490	923	5,993	—	923	5,993	6,916	597	2009	2011
Burlington, WI
Walgreens - Lake Mary	5,080	1,743	7,031	—	1,743	7,031	8,774	670	2009	2011
Lake Mary, FL
Walgreens Plaza	4,650	1,031	7,320	—	1,031	7,320	8,351	701	2010	2011
Jacksonville, NC
Walgreens - Heritage Square	4,460	1,224	6,504	24	1,224	6,528	7,752	620	2010	2011
Conyers, GA
Perimeter Woods	33,330	9,010	44,081	33	9,010	44,114	53,124	4,007	2008	2011
Charlotte, NC
Draper Peaks	23,905	11,144	28,566	416	11,144	28,981	40,126	2,689	2007	2011
Draper, UT
Shoppes At Prairie Ridge	15,591	4,556	20,388	2	4,556	20,390	24,946	1,903	2009	2011
Pleasant Prairie, WI
Fairgrounds Crossing	13,453	6,163	14,356	84	6,163	14,440	20,603	1,352	2011	2011
Hot Springs, AR

64

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Mullins Crossing	21,339	5,683	30,263	—	5,683	30,263	35,946	2,486	2005	2011
Evans, GA
Fox Point	10,837	3,502	11,581	20	3,502	11,601	15,103	988	2008	2011
Neenah, WI
Harvest Square	6,800	2,317	8,529	141	2,317	8,670	10,987	666	2008	2011
Harvest, AL
Palm Coast Landing	22,550	3,950	31,002	—	3,950	31,002	34,952	2,188	2010	2011
Palm Coast, FL
Dollar General - Sycamore	461	215	577	—	215	577	792	41	2011	2011
Sycamore, AL
Dollar General Market - Port St. Joe	2,017	793	2,170	—	793	2,170	2,963	163	2011	2012
Port St. Joe, FL
Hamilton Crossing	15,637	2,825	24,287	—	2,825	24,287	27,112	1,571	2008	2012
Alcoa, TN
Dollar General Store - Buffalo	—	240	977	—	240	977	1,217	63	2011	2012
Buffalo, NY
Shoppes at Branson Hills	29,964	10,798	36,434	—	10,798	36,434	47,232	2,335	2005	2012
Branson, MO
Shoppes at Hawk Ridge	4,950	2,709	5,416	50	2,709	5,466	8,175	359	2008	2012
Lake St. Louis, MO
Bayonne Crossing	45,000	20,911	48,066	—	20,911	48,066	68,977	3,118	2011	2012
Bayonne, NJ
Eastside Junction	6,270	1,856	8,805	93	1,856	8,898	10,754	537	2008	2012
Athens, AL
Shops at Julington Creek	4,785	2,247	5,578	—	2,247	5,578	7,825	345	2011	2012
Jacksonville, FL
Dollar General Store - Lillian	—	318	575	—	318	575	893	34	2012	2012
Lillian, AL
Dollar General Market - Slocomb	1,417	608	1,898	—	608	1,898	2,506	118	2012	2012
Slocomb, AL
Dollar General Store - Clanton	—	389	656	—	389	656	1,045	39	2012	2012
Clanton, AL
BB&T - Plantation	1,295	610	1,483	—	610	1,483	2,093	89	2001	2012
Plantation, FL
BB&T - Wilmington	1,024	776	1,177	—	776	1,177	1,953	69	1990	2012
Wilmington, NC
KeyBank - Beachwood	1,145	1,146	601	—	1,146	601	1,747	38	1979	2012
Beachwood, OH
KeyBank - Euclid	612	260	912	—	260	912	1,172	53	1965	2012
Euclid, OH
KeyBank - Mentor	921	680	914	—	680	914	1,594	54	1976	2012
Mentor, OH
KeyBank - Pepper Pike	860	957	689	—	957	689	1,646	40	1974	2012
Pepper Pike, OH

65

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
KeyBank - Shaker Heights	932	736	1,047	—	736	1,047	1,783	61	1957	2012
Shaker Heights, OH
Regions Bank - Acworth	1,043	570	1,068	—	570	1,068	1,638	64	2004	2012
Acworth, GA
Regions Bank - Alpharetta	1,522	698	1,365	—	698	1,365	2,063	84	2003	2012
Alpharetta, GA
Dollar General Store - Marbury	—	231	685	—	231	685	916	41	2012	2012
Marbury, AL
Dollar General Store - Gilbertown	—	123	1,008	—	123	1,008	1,131	56	2012	2012
Gilbertown, AL
South Elgin Commons	—	3,771	18,684	—	3,771	18,684	22,455	1,098	2011	2012
Elgin, IL
Walgreens - Berlin	4,840	2,000	4,155	—	2,000	4,155	6,155	245	2007	2012
Berlin, CT
Walgreens - Brandford	5,285	2,200	4,500	—	2,200	4,500	6,700	266	2007	2012
Brandford, CT
Walgreens - Brockton	6,421	3,500	4,424	—	3,500	4,424	7,924	263	2007	2012
Brockton, MA
Walgreens - Derry	4,988	1,750	4,363	—	1,750	4,363	6,113	258	2007	2012
Derry, NH
Walgreens - Dover	4,742	1,800	4,043	—	1,800	4,043	5,843	240	2008	2012
Dover, NH
Walgreens - Ledgewood	6,223	2,600	5,352	—	2,600	5,352	7,952	316	2007	2012
Ledgewood, NJ
Walgreens - Melrose	6,026	3,000	4,435	—	3,000	4,435	7,435	249	2007	2012
Melrose, MA
Walgreens - Mount Ephraim	6,223	2,600	5,581	—	2,600	5,581	8,181	311	2007	2012
Mount Ephraim, NJ
Walgreens - Sewell	4,643	2,200	4,918	—	2,200	4,918	7,118	283	2008	2012
Sewell, NJ
Saxon Crossing	11,400	3,455	14,555	—	3,455	14,555	18,010	814	2009	2012
Orange City, FL
Dollar General Store - Enterprise	—	220	768	—	220	768	988	43	2012	2012
Enterprise, AL
Dollar General Store - Odenville	—	197	613	—	197	613	810	33	2012	2012
Odenville, AL
BP - Gordonsville	707	840	322	—	840	322	1,162	17	1997	2012
Gordonsville, VA
BP - Fontaine	1,476	1,043	1,374	—	1,043	1,374	2,417	73	1989	2012
Charlottesville, VA
BP - Monticello	1,030	399	1,285	—	399	1,285	1,684	68	1995	2012
Charlottesville, VA
BP - Seminole	1,695	945	1,833	—	945	1,833	2,778	97	1992	2012
Charlottesville, VA

66

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Citgo - Gordonsville	3,727	2,250	3,796	—	2,250	3,796	6,046	201	2003	2012
Gordonsville, VA
BJ's at Ritchie Station	17,820	4,486	24,827	—	4,486	24,827	29,313	1,238	2010	2012
Capital Heights, MD
Dollar General Market - Candler	—	398	2,497	—	398	2,497	2,895	132	2012	2012
Candler, NC
Shops at Moore	21,300	6,674	28,206	—	6,674	28,206	34,880	1,482	2010	2012
Moore, OK
Kohl's - Cumming	4,675	2,750	5,478	—	2,750	5,478	8,228	286	2000	2012
Cumming, GA
Dollar General Market - Vienna	1,417	635	1,883	—	635	1,883	2,518	93	2012	2012
Vienna, GA
Centre Point Commons	14,410	2,842	21,938	—	2,842	21,938	24,780	1,026	2007	2012
Bradenton, FL
Dollar General Store - Borger	589	214	680	—	214	680	894	34	2010	2012
Borger, TX
Dollar General Store - Brookshire	863	347	960	—	347	960	1,307	48	2010	2012
Brookshire, TX
Dollar General Store - Bullard	600	159	747	—	159	747	906	37	2009	2012
Bullard, TX
Dollar General Store - Cisco	531	40	757	—	40	757	797	38	2010	2012
Cisco, TX
Dollar General Store - Glen Rose	903	297	1,087	—	297	1,087	1,384	54	2010	2012
Glen Rose, TX
Dollar General Store - Hamilton	626	147	807	—	147	807	954	40	2010	2012
Hamilton, TX
Dollar General Store - Itasca	543	30	784	—	30	784	814	39	2010	2012
Itasca, TX
Dollar General Store - Joaquin	656	50	935	—	50	935	985	47	2010	2012
Joaquin, TX
Dollar General Store - Llano	804	207	1,019	—	207	1,019	1,226	51	2010	2012
Llano, TX
Dollar General Store - Memphis	461	29	654	—	29	654	683	33	2009	2012
Memphis, TX
Dollar General Store - Mt. Vernon	641	60	919	—	60	919	979	46	2010	2012
Mt. Vernon, TX
Dollar General Store - Pineland	703	108	950	—	108	950	1,058	47	2009	2012
Pineland, TX
Dollar General Store - Rockdale	592	117	784	—	117	784	901	39	2010	2012
Rockdale, TX
Dollar General Store - Sealy	723	348	745	—	348	745	1,093	37	2010	2012
Sealy, TX
Dollar General Store - Van Horn	707	48	1,022	—	48	1,022	1,070	51	2010	2012
Van Horn, TX

67

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Lake City Commons II	—	511	2,130	—	511	2,130	2,641	105	2011	2012
Lake City, FL
Pathmark - Seaford	13,839	2,440	17,000	—	2,440	17,000	19,440	854	1968	2012
Seaford, NY
Pathmark - Upper Darby	8,835	1,750	11,834	—	1,750	11,834	13,584	588	1978	2012
Upper Darby, PA
Pathmark - Wilmington	4,794	1,348	6,622	—	1,348	6,622	7,970	326	1981	2012
Wilmington, DE
Schnucks - Arsenal	—	1,403	4,722	—	1,403	4,722	6,125	234	1984	2012
St. Louis, MO
Schnucks - Festus	—	1,507	5,584	—	1,507	5,584	7,091	276	1984	2012
Festus, MO
Schnucks - Grand	—	1,536	5,632	—	1,536	5,632	7,168	264	1989	2012
St. Louis, MO
Dollar General Store - Anson	608	109	816	—	109	816	925	38	2009	2012
Anson, TX
Dollar General Store - East Bernard	577	76	799	—	76	799	875	37	2009	2012
East Bernard, TX
City Center	93,000	11,617	136,439	—	11,617	136,439	148,056	6,005	2004	2012
White Plains, NY
Miramar Square	31,625	14,940	34,784	—	14,940	34,784	49,724	1,626	2008	2012
Miramar, FL
Crossing at Killingly Commons	33,000	15,281	39,212	—	15,281	39,212	54,493	1,819	2010	2012
Dayville, CT
Wheatland Town Center	15,080	3,684	32,973	—	3,684	32,973	36,657	1,450	2012	2012
Dallas, TX
Dollar General Store - Hertford	—	193	1,077	—	193	1,077	1,270	47	2012	2012
Hertford, NC
Dollar General Market - Resaca	1,635	634	2,203	—	634	2,203	2,837	103	2012	2012
Resaca, GA
Landings at Ocean Isle Beach	—	2,587	5,497	8	2,587	5,505	8,092	244	2009	2012
Ocean Isle Beach, NC
The Corner	14,750	3,521	20,429	—	3,521	20,429	23,950	844	2010	2012
Tucson, AZ
Dollar General Store - Remlap	—	124	682	—	124	682	806	30	2012	2012
Remlap, AZ
Dollar General Market - Canton	—	629	2,329	—	629	2,329	2,958	89	2012	2012
Canton, MS
Cannery Corner	—	3,322	10,557	—	3,322	10,557	13,879	376	2008	2012
North Las Vegas, NV
Centennial Center	70,455	9,824	111,444	10	9,824	111,454	121,278	3,918	2002	2012
Las Vegas, NV
Centennial Gateway	29,978	6,758	39,834	—	6,758	39,834	46,592	1,403	2005	2012
Las Vegas, NV

68

			Initial Cost (A)				Cost Capitalized Subsequent to Acquisition (C)		Gross amount at which carried at end of period (B)								Date Constructed	Date of Acquisition
	Encumbrance		Land		Buildings and Improvements				Land and Improvements		Buildings and Improvements		Total (D)		Accumulated Depreciation (E,F)
Eastern Beltway	34,100		5,467		52,095		—		5,467		52,089		57,562		1,830		1998	2012
Las Vegas, NV
Eastgate	14,407		3,794		19,775		—		3,794		19,775		23,569		697		1998	2012
Henderson, NV
Lowe's Plaza	—		1,805		3,103		—		1,805		3,103		4,908		110		2007	2012
Las Vegas, NV
Dollar General Store - Samson	—		269		1,069		—		269		1,069		1,338		30		2012	2013
Samson, AL
Copps Grocery - Stevens Point	8,375		1,378		11,507		—		1,378		11,507		12,885		107		2012	2013
Stevens Point, WI
Office
Siemens’ Building	10,250		4,426		9,880		405		4,426		10,285		14,711		1,274		2009	2010
Buffalo Grove, IL
Time Warner Cable Division HQ	9,100		682		15,408		—		682		15,408		16,090		1,673		2000	2010
East Syracuse, NY
Elementis Worldwide Global HQ	9,625		1,089		12,327		—		1,089		12,327		13,416		694		2012	2012
East Windsor, NJ
Hasbro Office Building	14,900		3,400		21,635		84		3,400		21,719		25,119		766		2012	2012
Providence, RI
Multi-Family
The Crossings At Hillcroft	11,370		1,240		17,362		—		1,240		17,362		18,602		1,986		2007	2010
Houston, TX
One Webster	12,925		3,462		19,243		—		3,462		19,243		22,705		1,068		2011	2012
Chelsea, MA
Industrial
Siemens Gas Turbine Service Division	9,790		2,786		13,837		—		2,786		13,837		16,623		766		2012	2012
Deer Park, TX
FedEx Distribution Centers	21,615		5,820		30,518		—		5,820		30,518		36,338		1,937		2009	2012
Houston, TX
TOTAL (G):	$	1,184,256	$	394,336	$	1,661,829	$	7,341	$	394,336	$	1,669,165	$	2,063,508	$	115,099

69

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

Schedule III (continued)

Real Estate and Accumulated Depreciation

December 31, 2013

(Dollars in thousands)

Notes:

(A) The initial cost to the Company represents the original purchase price of the property, including estimated earnouts and other amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

(B) The aggregate cost of real estate owned at December 31, 2013 for federal income tax purposes was approximately $1,973,643. (unaudited).

(C) Does not include construction in progress.

(D) Reconciliation of real estate owned:

	Year ended December 31,
	2013		2012
Balance at beginning of period	$	2,039,182	$	802,646
Acquisitions	22,420		1,235,302
Improvements	1,906		1,234
Balance at close of period	$	2,063,508	$	2,039,182

(E) Reconciliation of accumulated depreciation:

	Year ended December 31,
	2013		2012
Balance at beginning of period	$	54,843	$	20,044
Depreciation expense	60,256		34,799
Balance at close of period	$	115,099	$	54,843

(F) Depreciation is computed based upon the following estimated lives:

Buildings and improvements	15 – 30 years
Tenant improvements	Shorter of life of asset or term of the lease

(G) Amounts in this table may not tie to the total due to rounding.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, our management, including our principal executive officer and our principal financial officer, evaluated as of December 31, 2013, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures, as of December 31, 2013, were effective for the purpose of ensuring that information required to be disclosed by us in this report is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including our principal executive officer and principal financial and accounting officer, as appropriate to allow timely decisions regarding required disclosures.

Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, including our principal executive officer and principal financial officer, evaluated as of December 31, 2013, the effectiveness of our internal control over financial reporting based on the framework in “Internal Control-Integrated Framework” 1992 issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its evaluation, our management has concluded that we maintained effective internal control over financial reporting as of December 31, 2013.

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This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to permanent rules adopted by the Securities and Exchange Commission, permitting the Company to provide only management’s report in this annual report.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the three months ended December 31, 2013, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

Part III

Item 10. Directors, Executive Officers and Corporate Governance

Our directors and executive officers and their respective positions and offices are as follows:

Name	Age	Title
Robert D. Parks	70	Director and Chairman of the Board
Lee A. Daniels	71	Independent Director
Gerald W. Grupe	75	Independent Director
Brenda G. Gujral	71	Director
Heidi N. Lawton	51	Independent Director
Barry L. Lazarus	67	Director and President
Charles H. Wurtzebach	65	Independent Director
Roberta S. Matlin	69	Vice President
Steven T. Hippel	42	Treasurer and Chief Financial Officer
Jeremy Zednick	41	Chief Accounting Officer
Cathleen M. Hrtanek	37	Secretary

Robert D. Parks. Director and chairman of the board since June 2008. Mr. Parks has over forty years of experience in the commercial real estate industry, having been a principal of the Inland organization since May 1968. Mr. Parks is currently chairman of Inland Real Estate Investment Corporation (“IREIC”), a position he has held since November 1984. He has also served as a director of Inland Investment Advisors, Inc. since June 1995, and served as a director of Inland Securities Corporation from August 1984 until June 2009. He served as a director of Inland Real Estate Corporation from 1994 through June 2008, and served as chairman of the board from May 1994 to May 2004 and president and chief executive officer from 1994 to April 2008. He also served as a director and chairman of the board of Inland Retail Real Estate Trust, Inc. from its inception in September 1998 to March 2006, and as chief executive officer until December 2004, and as the chairman of the board and a director of Retail Properties of America, Inc. (formerly, Inland Western Retail Real Estate Trust, Inc.) from its inception in March 2003 to October 2010. Mr. Parks also has served as the chairman of the board and a director of Inland American Real Estate Trust, Inc. since its inception in October 2004. Mr. Parks is responsible for the ongoing administration of existing investment programs, corporate budgeting and administration for IREIC. He oversees and coordinates the marketing of all investments and investor relations. Prior to joining Inland, Mr. Parks taught in Chicago's public schools. He received his bachelor degree from Northeastern Illinois University and his master's degree from the University of Chicago. He is a member of the National Association of Real Estate Investment Trusts, or “NAREIT.”

Lee A. Daniels has been an independent director of Inland Diversified Real Estate Trust, Inc. since September 2008. Mr. Daniels serves as the Chairman of the Nominating and Corporate Governance Committee and as a member of the Audit Committee. Mr. Daniels brings to the board a depth of knowledge and experience regarding the law, government and community relations, based on his more than forty six years of legal practice and experience in government and community relations. Mr. Daniels founded Lee Daniels & Associates, LLC, a consulting firm for government and community relations, in February 2007. From 2007 to 2012 Mr. Daniels was a principal in a commercial real estate firm. From 1992 to 2006, Mr. Daniels was an equity partner at the Chicago law firm of Bell Boyd & Lloyd, and previously had been an equity partner at Katten Muchin & Zavis from 1982 to 1991 and Daniels & Faris from 1967 to 1982. From 1971 to 1974, Mr. Daniels served as Special Assistant Attorney General for the State of Illinois. Mr.

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Daniels also served as a member of the Illinois House of Representatives from 1975 to 2007, and was Speaker of the Illinois House of Representatives from 1995 to 1997 and Minority Leader from 1983 to 1995 and 1998 to 2003.

Mr. Daniels has served as an independent director of Inland Real Estate Income Trust, Inc. since February 2012. Mr. Daniels serves as a member of the Audit Committee. Mr. Daniels currently serves as the Chairman of Haymarket Center in Chicago (member since June 2010) and previously on the Board of Governors (1990 - 2013) and Healthcare Board of Trustees (1981 - 2013) for Elmhurst Memorial Hospital. Mr. Daniels also previously served on Boards of Directors of Suburban Bank of Elmhurst and Elmhurst Federal Savings and Loan Association. Mr. Daniels received his bachelor degree from University of Iowa in Iowa City, Iowa, and received his law degree from The John Marshall Law School in Chicago, Illinois. Mr. Daniels received the Distinguished Alumni Award from both the University of Iowa (1997) and the John Marshall Law School (1995). Mr. Daniels serves as a Distinguished Fellow in the Political Science Department and Special Assistant to the President for Government and Community Relations at Elmhurst College, where he received an Honorary Doctor of Laws in 1996.

Gerald W. Grupe. Independent director since October 2009. Mr. Grupefounded Ideal Insurance Agency, Inc., serving as president and chief executive officer from June 1980 to June 2009. Ideal provides insurance program administration, claims administration and related services to public and quasi-public entities in Illinois, including representing the Volunteer Firemen's Insurance Services, for which Mr. Grupe served as regional director from June 1974 to June 2009. Mr. Grupe retired from Ideal in June 2009. In addition, Mr. Grupe served as the chairman of the board of the Illinois Public Risk Fund from 1984 to June 2006 and served as its treasurer from June 2006 to June 2009. 

Brenda G. Gujral. Serves as a director of IREIC. Ms. Gujral served as IREIC’s president most recently from January 2013 to December 2013 and also served in that capacity from July 1987 through June 1992 and again from January 1998 through January 2011. Ms. Gujral was appointed chief executive officer of IREIC in January 2008 until February 2012. She served as a director of Inland Securities Corporation from January 1997 to August 2013, and has served as its president from January 2013 to August 2013 (and served as its president and chief operating officer from January 1997 to June 2009). Ms. Gujral was a director of Inland Western Retail Real Estate Trust, Inc. (n/k/a Retail Properties of America, Inc.) from its inception in March 2003 until May 2012 and served as its chief executive officer from June 2005 until November 2007. Ms. Gujral serves as a director of Inland American Real Estate Trust, Inc. and served as its president since its inception in October of 2004 until December of 2011. She also serves as a director of Inland Diversified Real Estate Trust, Inc. since its inception in June 2008, and served as its president from June 2008 to May 2009. She has been a director of the board of Inland Private Capital Corporation (f/k/a Inland Real Estate Exchange Corporation) since May 2001 and has served as its President since May 2012. She has been a director of Inland Opportunity Business Manager & Advisor, Inc. since April 2009, and was a director of Inland Retail Real Estate Trust, Inc. from its inception in September 1998 until it was acquired in February 2007.

Ms. Gujral has been with the Inland organization for thirty five years, becoming an officer in 1982. Prior to joining the Inland organization, she worked for the Land Use Planning Commission, establishing an office in Portland, Oregon, to implement land use legislation for that state. Ms. Gujral graduated from California State University. She holds Series 7, 22, 39 and 63 certifications from the Financial Industry Regulatory Authority (“FINRA”), and is a member of the National Association of Real Estate Investment Trusts (“NAREIT”), the Investment Program Association (“IPA”) and the Real Estate Investment Securities Association (“REISA”).

Heidi N. Lawton. Independent director since July 2010. Since 1994, Ms. Lawton has also served as a member of the board of directors of Inland Real Estate Corporation (NYSE: IRC), the chairperson of IRC's compensation committee and a member of IRC's nominating and corporate governance committee and audit committee. Ms. Lawton is the managing broker and principal of Lawton Realty Group, Inc., a full service commercial real estate brokerage, development and management firm, which she founded in 1989. Ms. Lawton has over twenty years of experience acquiring, developing and managing, as well as arranging financing for large commercial properties. Through her experiences she has developed skills in assessing risk and reading and writing financial reports. She has also successfully turned around failed developments and associations. Her areas of expertise include acquisitions for property development; structuring real estate investments, property conversions, and implementing value add strategies. Ms. Lawton has been licensed as a real estate professional since 1982 and served as president of the Northern Illinois Commercial Association of Realtors in 2009.

Barry L. Lazarus. Director since October 2009, and our president and chief operating officer, as well as a director and the president of our Business Manager, since May 2009. As such Mr. Lazarus implements board policy and coordinates our operations as well as service provider activities on a day to day basis. Mr. Lazarus has been affiliated with the Inland organization for forty years. Mr. Lazarus originally joined the Inland organization in 1973, after three years in public accounting, His first position was controller and he was later promoted to treasurer. In 1979, he relocated to Arizona and formed The Butterfield Company, a development and contracting firm, while also serving as a consultant to investors in several commercial ventures. In October 1990, Mr. Lazarus rejoined Inland and became the president of Intervest Midwest Real Estate Corporation (“Intervest”), then an affiliate of The Inland Group, Inc. and in 1994 Mr. Lazarus's company Wisconsin and Southern Land Company, Inc. acquired Intervest from The Inland Group, Inc. From January 1999 through December 2004, Mr. Lazarus was president and chief financial officer of Inland Retail Real Estate Trust, Inc. (“IRRETI”). In December 2004, he was also promoted to chief executive officer at which time he relinquished his position as chief financial officer. As chief financial officer, Mr. Lazarus structured the company's overall financial plan, including budgeting, arranging corporate lines of credit and development and permanent financing. As president, he coordinated the major operating divisions of IRRETI as well as the various entities providing services to IRRETI. He was part of the team of professionals that

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negotiated the merger and sale of IRRETI to Developers Diversified Real Estate Corporation (NYSE: DDR), which closed in February 2007. In May 2007, Mr. Lazarus became chief executive officer of Inland Atlantic Development Corporation, a private company providing development services in the Southeastern United States. Mr. Lazarus received his bachelor of business administration degree from the University of Wisconsin and is a certified public accountant.

Charles H. Wurtzebach, Ph.D. Independent director since May 2009. Dr. Wurtzebach is currently the George L. Ruff Professor in Real Estate Studies in the Department of Real Estate at DePaul University in Chicago, Illinois, lecturing at both the undergraduate and graduate levels, participating in joint research projects with other faculty, and providing support to the DePaul Real Estate Center. Dr. Wurtzebach joined the faculty at DePaul University in January 2009. From 1999 to November 2008, Dr. Wurtzebach served as managing director and property chief investment officer of Henderson Global Investors (North America) Inc., where he was responsible for the strategic portfolio planning and the overall management of Henderson's North American business. This included responsibility for Henderson's overall product offerings including institutional equity, property, and retail equity and fixed interest. As property chief investment officer, Dr. Wurtzebach worked directly with Henderson's property portfolio managers developing client investment strategies. He also chaired Henderson's North American Property Investment and Management Committees. He was also a member of Henderson's Global Senior Management Team. Dr. Wurtzebach was president and chief executive officer of Heitman Capital Management from June 1994 to May 1998 and president of JMB Institutional Realty from June 1991 to June 1994. In these positions with Heitman and JMB, Dr. Wurtzebach actively supervised the financial risk exposure, financial reporting and internal control procedures of each company. In addition, Dr. Wurtzebach was the Director of the Real Estate and Urban Land Economics program within the Graduate School of Business at the University of Texas at Austin from 1974 to 1986. Dr. Wurtzebach has co-authored or acted as co-editor of several books including Modern Real Estate, co-authored with Mike Miles, and Managing Real Estate Portfolios, co-edited with Susan Hudson-Wilson. Additional publication experience includes authoring numerous academic and professional articles. A frequent featured speaker at professional and academic gatherings, Dr. Wurtzebach was the 1994 recipient of the prestigious Graaskamp Award for Research Excellence presented by the Pension Real Estate Association and is a member of the American Real Estate Society and a past president and director of the Real Estate Research Institute. Dr. Wurtzebach obtained his bachelor degree from DePaul University, a master's degree in business administration from Northern Illinois University and a Ph.D. in finance from the University of Illinois at Urbana.

Roberta S. Matlin. Our vice president since September 2008, and the vice president of our Business Manager since May 2009. Ms. Matlin also served as the president of our Business Manager from June 2008 to May 2009.

Ms. Matlin joined IREIC in 1984 as director of investor administration and currently serves as a director and senior vice president of IREIC, in the latter capacity directing its day-to-day internal operations. Ms. Matlin also has been a director of Inland Private Capital Corporation since May 2001, a vice president of Inland Institutional Capital Partners Corporation since May 2006 and a director since August 2012. She also has served as a director and president of Inland Investment Advisors, Inc. since June 1995 and Intervest Southern Real Estate Corporation since July 1995, and a director and president of Inland Securities Corporation from July 1995 to March 1997 and director and vice president since April 1997. Ms. Matlin has served as a director of Pan American Bank since December 2007 and since 2008 Ms. Matlin has served as vice president of administration of Inland Diversified Real Estate Trust, Inc. and also has served as the president of Inland Diversified Business Manager & Advisor, Inc. from June 2008 through May 2009 and is currently its vice president. Since April 2009 she has served as president of Inland Opportunity Business Manager & Advisor, Inc. She has served as vice president of administration of Inland American Real Estate Trust, Inc. since its inception in October 2004. She served as president of Inland American Business Manager & Advisor from October 2004 until January 2012. She has served as vice president of administration of Inland Real Estate Income Trust, Inc. and IREIT Business Manager & Advisor, Inc. since August 2011. Ms. Matlin served as vice president of administration of Inland Western Retail Real Estate Trust, Inc. from 2003 until 2007, vice president of administration of Inland Retail Real Estate Trust, Inc. from 1998 until 2004, vice president of administration of Inland Real Estate Corporation from 1995 until 2000 and trustee and executive vice president of Inland Mutual Fund Trust from 2001 until 2004.

Prior to joining Inland, Ms. Matlin worked for the Chicago Region of the Social Security Administration of the United States Department of Health and Human Services. Ms. Matlin is a graduate of the University of Illinois in Champaign. She holds Series 7, 22, 24, 39, 63 and 65 certifications from FINRA, and is a member of REISA.

Steven T. Hippel. Our chief financial officer as well as the chief financial officer of our Business Manager since July of 2012. In addition, Mr. Hippel was our chief accounting officer as well as the chief accounting officer of our Business Manager from November 2009 until January 2014. From September 2004 to May 2009, Mr. Hippel served as the senior vice president and chief financial officer of ORIX Real Estate Capital, Inc., a wholly owned subsidiary of ORIX USA Corporation. Mr. Hippel directed all corporate and partnership financial reporting, accounting, treasury and tax compliance for ORIX's nationwide portfolio of commercial and residential real estate development and investment assets, mortgage loan receivables and third-party investment management assets. Prior to joining ORIX, Mr. Hippel was employed by Shorenstein Company from January 2002 to September 2004, serving as the vice president of finance and accounting from March 2003 to September 2004. At Shorenstein, Mr. Hippel oversaw the accounting, reporting, and operational requirements for three investment funds. Mr. Hippel also worked with Deloitte & Touche in their Chicago-based real estate practice from June 1995 to December 2001, where he served as an audit and advisory manager from August 2000 to December 2001.

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Mr. Hippel received his bachelor degree in economics, with honors, from Williams College in Williamstown, Massachusetts and his Master of Science degree in accountancy from DePaul University in Chicago, Illinois. Mr. Hippel is a certified public accountant and a member of the American Institute of Certified Public Accountants, the Illinois CPA Society, and the International Council of Shopping Centers.

Jeremy Zednick. Our chief accounting officer as well as the chief accounting officer of our Business Manager since January 2014. Mr. Zednick joined Inland Diversified Business Manager & Advisor, Inc., in October 2010 as controller - accounting and financial reporting. Prior to this, he served as vice president - corporate accounting at Prime Group Realty Trust from April 2009 to May 2010 where he oversaw the accounting and financial reporting departments. Prior to joining Prime Group Realty Trust, Mr. Zednick served as corporate controller of ORIX Real Estate Capital, Inc., a wholly owned subsidiary of ORIX USA Corporation, from December 2004 to October 2008. Mr. Zednick led ORIX’s corporate accounting, treasury and reporting efforts. Prior to ORIX, Mr. Zednick also held various positions at Equity Office, Brookdale and Ernst & Young. Mr. Zednick received his bachelor degree in business administration - accounting from University of Miami in Coral Gables, Florida. Mr. Zednick is a certified public accountant and a member of the American Institute of Certified Public Accountants.

Cathleen M. Hrtanek. Our secretary, and the secretary of our Business Manager, since September 2008. Ms. Hrtanek joined Inland in 2005 and is an associate counsel and vice president of The Inland Real Estate Group, Inc. In her capacity as associate counsel, Ms. Hrtanek represents many of the entities that comprise the Inland Real Estate Group of Companies on a variety of legal matters. She is also a member of the audit committee for the two public partnerships sponsored by IREIC. Ms. Hrtanek also has served as the secretary of Inland Monthly Income Trust, Inc. since August 2011, as the secretary of Inland Opportunity Business Manager & Advisor, Inc. since April 2009 and as the secretary of Inland Private Capital Corporation (formerly, Inland Real Estate Exchange Corporation) since August 2009. Prior to joining Inland, Ms. Hrtanek had been employed by Edwards Wildman Palmer LLP (formerly, Wildman Harrold Allen & Dixon LLP) in Chicago, Illinois since September 2001. Ms. Hrtanek has been admitted to practice law in the State of Illinois and is a licensed real estate broker. Ms. Hrtanek received her bachelor degree from the University of Notre Dame in South Bend, Indiana and her law degree from Loyola University Chicago School of Law.

Audit Committee

Our board has formed a separately-designated standing audit committee, comprised of Messrs. Daniels and Wurtzebach and Ms. Lawton. Mr. Wurtzebach serves as the chairman of the audit committee, and our board has determined that Mr. Wurtzebach qualifies as an “audit committee financial expert” as defined by the SEC. All of the members of the audit committee are “independent” as defined by our charter. The audit committee assists the board in fulfilling its oversight responsibility relating to: (1) the integrity of our financial statements; (2) our compliance with legal and regulatory requirements; (3) the qualifications and independence of the independent registered public accounting firm; (4) the adequacy of our internal controls; and (5) the performance of our independent registered public accounting firm.

Nominating and Corporate Governance Committee.

Our board has formed a separately-designated standing nominating and corporate governance committee, comprised of Messrs. Daniels, Grupe and Wurtzebach and Ms. Lawton. Mr. Daniels serves as the chairman of this committee. All of the members of the audit committee are “independent” as defined by our charter. The committee is responsible for recommending individuals to the board for nomination as members of the board and its committees as well as developing and recommending corporate governance guidelines. The committee considers all qualified candidates identified by members of the committee, by other members of the board of directors, by the Business Manager and by stockholders. In recommending candidates for director positions, the committee takes into account many factors and evaluates each director candidate in light of, among other things, the candidate's knowledge, experience, judgment and skills such as an understanding of the real estate industry or brokerage industry or accounting or financial management expertise. Other considerations include the candidate's independence from conflict with the Company and the ability of the candidate to devote an appropriate amount of effort to board duties. The committee also focuses on persons actively engaged in their occupations or professions or are otherwise regularly involved in the business, professional or academic community. A majority of our directors must be independent, as defined in our charter. Moreover, as required by our charter, at least one of our independent directors must have at least three years of relevant real estate experience, and each director, other than the independent directors, must have at least three years of relevant experience demonstrating the knowledge and experience required to successfully evaluate the type of assets we acquire. The committee also considers diversity in its broadest sense, including persons diverse in geography, gender and ethnicity as well as representing diverse experiences, skills and backgrounds. The committee evaluates each individual candidate by considering all of these factors as a whole, favoring active deliberation rather than the use of rigid formulas to assign relative weights to these factors.

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Special Committee

In April 2013, our board of directors established a special committee to evaluate, review of and negotiate various liquidity and strategic alternatives for our company and to execute any transaction recommended by the special committee and approved by the board. The special committee is comprised of Dr. Wurtzebach, Mr. Daniels and Mr. Grupe, with Dr. Wurtzebach serving as chairman of the special committee.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires each director, officer and individual beneficially owning more than 10% of our common stock to file with the SEC, within specified time frames, initial statements of beneficial ownership (Form 3) of our common stock and statements of changes in beneficial ownership (Forms 4 and 5) of our common stock. Reporting persons are required to furnish us with copies of all Section 16(a) forms filed with the SEC. Based solely on a review of the copies of such forms furnished to us during and with respect to the fiscal year ended December 31, 2013, or written representations that no additional forms were required, we believe that all required Section 16(a) filings were timely made by reporting persons during the fiscal year ended December 31, 2013.

Code of Ethics

We have adopted a code of ethics that applies to all of our executive officers and directors, including but not limited to, our principal executive officer, principal financial officer and principal accounting officer. Our code of ethics is available on our website free of charge at http://www.inlanddiversified.com. We will also provide a copy of the code of ethics free of charge upon request to our customer relations group.

Item 11. Executive Compensation

Compensation of Executive Officers

All of our executive officers are officers of IREIC or one or more of its affiliates and are compensated by those entities, in part, for services rendered to us. We do not separately compensate our executive officers for their service as officers or, except as set forth below with respect to our corporate secretary, reimburse either our Business Manager or Real Estate Managers or any of their affiliates for any compensation paid to individuals who also serve as our executive officers, or the executive officers of our Business Manager or our Real Estate Managers or their affiliates. Our corporate secretary is employed by The Inland Real Estate Group, Inc., or “TIREG,” an affiliate of the Business Manager. We reimburse TIREG, based on hourly billing rates, for the time that our corporate secretary spends providing legal services related to our company or for our benefit. During the year ended December 31, 2013, we incurred TIREG for approximately $126,500 pursuant to this arrangement.

Due to the fact that we do not employee or directly compensate any of our executive officers, we do not have, and our board of directors has not considered, a compensation policy or program for our executive officers and we have not included a “Compensation Discussion and Analysis” in this annual report. The fees we pay to the Business Manager and Real Estate Managers under the business management agreement or the real estate management agreements, respectively, are described in more detail under Item 13, “Certain Relationships and Related Transactions.”

Compensation of Directors

We pay our independent directors an annual retainer of $30,000, plus $1,250 for each in-person meeting of the board and $750 for each telephonic meeting of the board attended by an independent director. We also pay the chairperson of our audit committee an annual retainer of $10,000 and the chairpersons of any other committee of our board, including any special committee, an annual retainer of $7,500. We pay our independent directors $750 for each in-person meeting of each committee of the board and $500 for each telephonic meeting of each committee of the board attended by an independent director. We reimburse all of our directors for any out-of-pocket expenses incurred by them in attending meetings. We do not compensate any director that also is an employee of our company, our Business Manager or its affiliates.

The following table further summarizes compensation earned by our independent directors for the year ended December 31, 2013.

	Fees Earned in Cash ($)		All Other Compensation ($)		Total ($)
Lee A. Daniels	$	108,750	$	—	$	108,750
Gerald W. Grupe	$	88,750	$	—	$	88,750
Heidi N. Lawton	$	54,250	$	—	$	54,250
Charles H. Wurtzebach	$	112,250	$	—	$	112,250

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Compensation Committee Interlocks and Insider Participation

We currently do not have a compensation committee of our board of directors because we do not pay, or plan to pay, any compensation to our officers. There are no interlocks or insider participation as to compensation decisions required to be disclosed pursuant to SEC regulations.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table shows, as of March 1, 2014, the amount of our common stock beneficially owned (unless otherwise indicated) by: (1) any person who is known by us to be the beneficial owner of more than 5% of the outstanding shares of our common stock, (2) our directors, (3) our executive officers, and (4) all of our directors and executive officers as a group.

Name and Address of Beneficial Owner (1)	Amount and Nature of Beneficial Ownership (2)	Percent of Class
Robert D. Parks, Director and Chairman of the Board (3)	81,895	*
Lee A. Daniels, Independent Director (4)	4,298	*
Gerald W. Grupe, Independent Director (5)	10,000	*
Brenda G. Gujral, Director (6)	3,855	*
Heidi N. Lawton, Independent Director	—	—
Barry L. Lazarus, Director and President (7)	24,170	*
Charles H. Wurtzebach, Independent Director (8)	1,224	*
Roberta S. Matlin, Vice President (9)	1,136	*
Steven T. Hippel, Treasurer and Chief Financial Officer	—	—
Jeremy Zednick, Chief Accounting Officer	—	—
Cathleen M. Hrtanek, Secretary (10)	3,633	*
All Directors and Officers as a group (eleven persons)	130,211	*

* Less than 1%

(1) The business address of each person listed in the table is c/o Inland Diversified Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, Illinois 60523.

(2) All fractional ownership amounts have been rounded to the nearest whole number.

(3) Mr. Parks has sole voting power and shares investment power with his wife over all of the shares that he beneficially owns. Mr. Parks shares voting power and investment power over 10,778 of the shares that that they own, and he shares voting power and investment power with his brother over 10,000 shares that they own.

(4) Mr. Daniels has sole voting and investment power over all of the shares that he beneficially owns.

(5) Mr. Grupe and his wife share voting and investment power over all of the shares that he beneficially owns.

(6) Ms. Gujral has sole voting power and shares investment power with her husband over 507 of the shares that she beneficially owns. Ms. Gujral has sole voting and investment power over the remainder of the shares that she beneficially owns.

(7) Mr. Lazarus has sole voting power and shares investment power with his wife over all of the shares that he beneficially owns.

(8) Dr. Wurtzebach has sole voting and investment power over all of the shares that he beneficially owns.

(9) Ms. Matlin has sole voting power and shares investment power with the trustee of her trust over all of the shares that she beneficially owns.

(10) Ms. Hrtanek has sole voting and investment power over all of the shares that she beneficially owns.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Set forth below is a summary of the material transactions between our company and various affiliates of IREIC, including our Business Manager and Real Estate Managers, during the year ended December 31, 2013.

Business Management Agreement

We have entered into a Business Management Agreement with Inland Diversified Business Manager & Advisor, Inc., which serves as our Business Manager with responsibility for overseeing and managing our day-to-day operations. Subject to satisfying the criteria described below, we pay our Business Manager a quarterly business management fee equal to a percentage of our “average invested assets,” calculated as follows: (1) if we have declared distributions during the prior calendar quarter just ended, in an amount equal to, or greater than, an average 7% annualized distribution rate (assuming a share was purchased for $10.00), we pay a fee equal to 0.1875% of our “average invested assets” for that prior calendar quarter; (2) if we have declared distributions during the prior calendar quarter just ended, in an amount equal to, or greater than, an average 6% annualized distribution rate but less than an average 7%

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annualized distribution rate (in each case, assuming a share was purchased for $10.00), we pay a fee equal to 0.1625% of our “average invested assets” for that prior calendar quarter; (3) if we have declared distributions during the prior calendar quarter just ended, in an amount equal to, or greater than, an average 5% annualized distribution rate but less than an average 6% annualized distribution rate (in each case, assuming a share was purchased for $10.00), we pay a fee equal to 0.125% of our “average invested assets” for that prior calendar quarter; or (4) if we do not satisfy the criteria in (1), (2) or (3) above in a particular calendar quarter just ended, we do not, except as set forth below, pay a business management fee for that prior calendar quarter. Assuming that (1), (2) or (3) above is satisfied, our Business Manager may decide, in its sole discretion, to be paid an amount less than the total amount that may be paid. If the Business Manager decides to accept less in any particular quarter, the excess amount that is not paid may, in the Business Manager's sole discretion, be waived permanently or accrued, without interest, to be paid at a later point in time. For the year ended December 31, 2013, because we declared distributions during each calendar quarter in an amount equal to 6% per annum, the Business Manager was entitled to a business management fee in an amount equal to approximately $14.8 million, of which approximately $0.1 million was permanently waived and $14.7 million was paid or accrued.

As used herein, “average invested assets” means, for any period, the average of the aggregate book value of our assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, real estate assets, as well as amounts invested in consolidated and unconsolidated joint ventures or other partnerships, REITs and other real estate operating companies, before reserves for amortization and depreciation or bad debts or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Notwithstanding the above, “average invested assets” excludes, for these purposes, any investments in securities, including any non-controlling interests in REITs or other real estate operating companies, for which a separate investment advisor fee is paid.

After stockholders have first received, on an aggregate basis, from distributions from all sources, a 10% per annum cumulative, non-compounded return on, plus return of, aggregate “invested capital,” we will pay our Business Manager an incentive fee equal to 15% of the net proceeds from the sale of our real estate assets, including assets owned by a REIT or other real estate operating company that we acquire and operate as a subsidiary. For these purposes, “invested capital” means the aggregate original issue price paid for the shares of our common stock reduced by prior distributions identified as special distributions from the sale or financing of our real estate assets. Net sales proceeds will be calculated after paying any property disposition fee to Inland Real Estate Brokerage, Inc. or Inland Partnership Property Sales Corporation. We did not satisfy the conditions necessary for the payment of an incentive fee, and thus did not incur any incentive fees, during the year ended December 31, 2013.

Upon a “liquidity event,” we will pay our Business Manager a “liquidity event fee” equal to 15% of the amount by which (1) the “market value” of the outstanding shares of our common stock, or the common stock of our subsidiary, plus the total distributions paid to stockholders from inception until the date that market value is determined exceeds (2) the aggregate invested capital, less any distributions of net sales or financing proceeds, plus the total distributions required to be paid to our stockholders in order to pay them the “priority return” from inception through the date that market value is determined. In the event that, at the date of determination, stockholders have not received a return of capital plus the priority return, less any distributions of net sales or financing proceeds, the liquidity event fee will be paid at the time that we have paid the total distributions required to be paid to our stockholders in order to pay them the priority return, calculated as described herein. The obligation to pay the liquidity event fee will terminate if we acquire our Business Manager prior to a liquidity event. The terms “liquidity event,” “market value” and “priority return” are defined in our Business Management Agreement. We did not experience a “liquidity event,” and thus did not incur a liquidity event fee, during the year ended December 31, 2013. As described below, pursuant to the Master Agreement we have agreed, among other things, to pay our Business Manager a liquidity event fee upon the closing of the Merger with Kite.

Real Estate Management Agreements

We have entered into real estate management agreements with each of our Real Estate Managers (“Property Management Agreements”), under which our Real Estate Managers and their affiliates manage or oversee each of our real properties. For each property that is managed directly by any of our Real Estate Managers or their affiliates, we pay the applicable Real Estate Manager a monthly fee of up to 4.5% of the gross income from each property the entity manages. The applicable Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the 4.5% limitation. This fee may be increased, subject to the approval of a majority of our independent directors, for certain properties. For the year ended December 31, 2013, we incurred real estate management fees in an aggregate amount equal to approximately $9.2 million.

If we acquire a property that will be managed directly by entities other than our Real Estate Managers or their affiliates, such as any healthcare-related properties and lodging properties which must be operated by third parties to ensure proper treatment of the income generated by these properties under the applicable REIT rules or that will be owned through a joint venture, or if we acquire a property as a result of acquiring interests in other REITs or real estate operating companies, we will pay the applicable Real Estate Manager a monthly oversight fee of up to 1% of the gross income from the applicable property. The applicable Real Estate Manager will determine, in its sole discretion, the amount of the fee with respect to a particular property, subject to the 1% limit. We also will reimburse each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on our behalf, including the salaries, bonuses and benefits of persons employed by the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as one of our executive officers or as an executive officer of any of our Real Estate Managers. In

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addition, with respect to any property that is managed directly by entities other than our Real Estate Managers or their affiliates and does not generate income, such as properties that are newly constructed, are under development or construction, or have not yet been developed, we may pay a monthly oversight fee based upon the “hourly billing rate” of the applicable Real Estate Manager, multiplied by the number of hours spent by its employees in providing oversight services for us in respect of that property. In no event will our Real Estate Managers receive both a real estate management fee and an oversight fee with respect to a particular property. In addition, except as otherwise approved by a majority of our independent directors, the total fees paid to our Real Estate Managers for managing a particular property, including oversight fees, may not exceed 4.5% of the gross income generated by the applicable property. During the year ended December 31, 2013, we incurred oversight fees and related expenses in an aggregate amount equal to approximately $2.3 million. As described below, pursuant to the Master Agreement we have agreed, among other things, to terminate the Property Management Agreements upon the closing of the Merger with Kite.

Other Fees and Expense Reimbursements

We reimburse our Business Manager, Real Estate Managers and entities affiliated with each of them, such as Inland Real Estate Acquisitions, Inc. (“IREA”), Inland Institutional Capital Partners Corporation and their respective affiliates for expenses paid on our behalf in connection with acquiring real estate assets, regardless of whether we acquire the assets. We may not, however, reimburse expenses that exceed the greater of 6% of the contract price of any real estate asset or, in the case of a loan, 6% of the funds advanced. For the year ended December 31, 2013, we incurred approximately $0.3 million in acquisition expenses.

We pay Inland Mortgage Servicing Corporation 0.03% per year on the first billion dollars and 0.01% thereafter on all mortgages that are serviced by Inland Mortgage Servicing Corporation. In addition, we pay Inland Mortgage Brokerage Corporation and Inland Commercial Mortgage Corporation 0.2% of the principal amount of each loan placed for us by either entity. During the year ended December 31, 2013, we incurred approximately $0.3 million in loan servicing fees and approximately $0.1 million in loan placement fees.

We pay Inland Investment Advisors, Inc. a monthly fee for providing investment advisory services in connection with our investments in securities. We pay fees at an annual rate equal to 1% of the first $1 to $5 million of securities under management, 0.85% of securities from $5 to $10 million, 0.75% of securities from $10 to $25 million, 0.65% of securities from $25 to $50 million, 0.60% of securities from $50 to $100 million and 0.50% of securities above $100 million. Assets under management are determined based on the aggregate carrying value of the securities as reported on the applicable broker's monthly statement or report. During the year ended December 31, 2013, we incurred approximately $0.3 million in investment advisory fees.

We reimburse IREIC, our Business Manager, our Real Estate Managers and their respective affiliates for any expenses that they pay or incur in providing ancillary services to us. During the year ended December 31, 2013, we reimbursed approximately $1.3 million to IREIC, our Business Manager and their respective affiliates.

We reimburse a related party of the Business Manager for costs incurred for construction oversight provided to us relating to our joint venture redevelopment project. During the year ended December 31, 2013, we incurred approximately $0.1 million in construction oversite fees.

We may pay a property disposition fee to Inland Real Estate Brokerage, Inc. or Inland Partnership Property Sales Corporation in an amount equal to the lesser of: (1) 3% of the contract sales price of the property; or (2) 50% of the customary commission which would be paid to a third party broker for the sale of a comparable property. The amount paid, when added to the sums paid to unaffiliated parties, may not exceed either the customary commission or an amount equal to 6% of the contract sales price. We did not incur any property disposition fees during the year ended December 31, 2013.

Other Related Party Transactions

As of December 31, 2013, we owed approximately $2.1 million to IREIC and its affiliates related to advances used to pay administrative and certain accrued expenses which are included in due to related parties. These amounts were subsequently repay.

We are a member of a limited liability company formed as an insurance association captive, which is owned in equal proportions by us and four other REITs sponsored by IREIC and serviced by an affiliate of our Business Manager. We entered into this insurance captive in 2009, to stabilize insurance costs, manage our exposures and recoup expenses through the functions of the captive program.

At December 31, 2013, we owned 75,000 shares of common stock of Inland Real Estate Corporation, valued at approximately $0.8 million as of December 31, 2013, and 1,000 shares of common stock in the Inland Real Estate Group of Companies, with a recorded value of $1,000 at December 31, 2013.

Master Liquidity Event Agreement

In connection with the execution of the Merger Agreement, on February 9, 2014, we entered into the Master Agreement with the Business Manager, each of the Property Managers, Inland Investment Advisors, Inc. and Inland Computer Services, Inc.

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The Master Agreement provides that the liquidity event fee payable to the Business Manager pursuant to the terms of Business Management Agreement upon the consummation of the Merger will be $10,235,000; provided, however, that the total amount of the liquidity event fee will be increased to not more than $12,000,000 in the event that the Business Manager achieves certain cost savings for us prior to the closing of the Merger. If the savings achieved prior to the closing of the Merger are at least $3.0 million, the amount of the liquidity event fee will be increased to $12.0 million. If the savings achieved prior to the closing of the merger are less than $3.0 million, the Business Manager will be entitled to a pro-rata portion of the increase in the liquidity event fee. Under the terms of the Business Management Agreement, absent agreement between the parties, the precise amount of the liquidity event fee could not be finally determined until consummation of the Merger. The parties agreed to a specific liquidity event fee payable to the Business Manager in order to provide certainty to the parties, including Kite, as to those costs.

The Master Agreement provides that the management fees payable to the Business Manager and the Real Estate Managers pursuant to the terms of the Business Management Agreement and the Property Management Agreements will be paid by us in accordance with past practice up to the closing of the merger, with such final payments subject to adjustment as necessary by Kite and the Business Manager and Real Estate Managers following the Merger.

Except as provided for in the Master Agreement, none of the Business Manager, the Real Estate Managers or any of their respective affiliates will receive, in connection with the consummation of the Merger or the Net Lease Sale Transactions, or any transactions contemplated thereby, any additional incentive fee or other liquidity, disposition, brokerage, or other fees of any kind from us or any of our affiliates.

Pursuant to the Master Agreement, upon the closing of the Merger, we will reimburse the Business Managers and the Real Estate Managers for all of the severance payments and retention bonuses paid by the Business Manager and the Real Estate Managers to certain employees (excluding any of our executive officers and executive officers of the Business Manager or the Real Estate Managers). Kite will reimburse the Business Managers and Real Estate Managers for any such payments which become due and payable subsequent to the closing of the Merger.

Pursuant to the Master Agreement, the Business Manager and the Property Managers agreed to waive the non-solicitation provisions and, effective as of the closing of the Merger, the non-hire provisions, of the Business Management Agreement and the Property Management Agreements with respect to certain individuals employed by the Business Manager and the Property Managers in order to permit (1) us and Kite to engage in discussions with such individuals regarding the employment of such individuals with Kite, and (2) Kite or its affiliates to hire such individuals following the closing of the Merger.

The Master Agreement provides that each of the Business Management Agreement, the Property Management Agreements and certain other agreements by and between the Company and the Business Manager and the Business Manager’s affiliates will automatically terminate, or that we will withdraw from such agreements, effective as of the closing of the Merger.

The Master Agreement also provides for certain other agreements in order to facilitate the Merger. In the event that the Merger Agreement is terminated prior to the consummation of the Merger, the Master Agreement will automatically terminate and be of no further effect.

Policies and Procedures with Respect to Related Party Transactions

We may not engage in transactions with entities sponsored by, or affiliated with, IREIC unless a majority of our board of directors, including a majority of our independent directors, finds the transaction to be fair and reasonable and on terms no less favorable to us than those from an unaffiliated party under the same circumstances. Our board also has adopted a policy prohibiting us from engaging in the following types of transactions with these entities:

• purchasing real estate assets from, or selling real estate assets to, any IREIC-affiliated entities (this excludes circumstances where an entity affiliated with IREIC, such as IREA, enters into a purchase agreement to acquire a property and then assigns the purchase agreement to us);

• making loans to, or borrowing money from, any IREIC-affiliated entities (this excludes expense advancements under existing agreements and the deposit of monies in any banking institution affiliated with IREIC); and

• investing in joint ventures with any IREIC-affiliated entities.

This policy does not impact agreements or relationships between us and IREIC and its affiliates that relate to the day-to-day management of our business or our offering of securities.

Director Independence

As required by our charter, a majority of our directors must be “independent.” As defined by our charter, an “independent director” is a person who: (1) is not directly or indirectly associated, and has not been directly or indirectly associated within the two years prior to becoming an independent director, with our sponsor, IREIC, our Business Manager or any of their affiliates, whether by ownership of, ownership interest in, employment by, any material business or professional relationship with or as an officer or director of IREIC, our

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Business Manager or any of their affiliates; (2) has not served, or is not serving, as directors for more than three REITs originated by IREIC or advised by the Business Manager or any of its affiliates; and (3) performs no other services for us, except as a director.

Although our shares are not listed for trading on any national securities exchange and therefore our board of directors is not subject to the independence requirements of the New York Stock Exchange (“NYSE”) or any other national securities exchange, our board has evaluated whether our directors are “independent” as defined by the NYSE. The NYSE standards provide that to qualify as an independent director, among other things, the board of directors must affirmatively determine that a director has no material relationship with us (either directly or as a partner, stockholder or officer of an organization that has a relationship with us).

After reviewing all relevant transactions or relationships between each director, or any of his or her family members, and our company, our management and our independent registered public accounting firm, and considering each director's direct and indirect association with IREIC, our Business Manager or any of their affiliates, the board has determined that Ms. Lawton along with Mr. Daniels, Mr. Grupe and Dr. Wurtzebach qualify as independent directors.

Item 14. Principal Accounting Fees and Services

During the years ended December 31, 2013 and 2012, KPMG LLP, or KPMG, served as our independent registered public accounting firm and provided us certain tax and other services.

Principal Independent Registered Public Accounting Firm Fees

The following table presents fees for professional services rendered by KPMG for the audit of our annual financial statements for the years ended December 31, 2013 and 2013, together with fees for audit-related services and tax services rendered by KPMG for the years ended December 31, 2013 and 2012, respectively.

	Year Ended December 31,
Description	2013		2012
Audit fees (1)	$	740,000	$	913,969
Audit-related fees	—		—
Tax fees (2)	191,477		140,000
All other fees	—		—
TOTAL	$	931,477	$	1,053,969

(1) Audit fees consist of fees paid for the audit of our annual financial statements included in our quarterly reports on Form 10-Q, as well as fees relating to registration statements and the audits of Historical Summary of Gross Income and Direct Operating Expenses of properties acquired.

(2) Tax fees are comprised of tax compliance fees.

Pre-Approval Policies

Our audit committee has reviewed and approved all of the fees charged by KPMG, and actively monitors the relationship between audit and non-audit services provided by KPMG. The audit committee concluded that all services rendered by KPMG during the years ended December 31, 2013 and 2012, respectively, were consistent with maintaining KPMG's independence. Accordingly, the audit committee has approved all of the services provided by KPMG. As a matter of policy, we will not engage our primary independent registered public accounting firm for non-audit services other than “audit-related services,” as defined by the SEC, certain tax services and other permissible non-audit services except as specifically approved by the chairperson of the audit committee and presented to the full committee at its next regular meeting. The policy also includes limits on hiring partners of, and other professionals employed by, KPMG to ensure that the SEC's auditor independence rules are satisfied.

Under the policy, the audit committee must pre-approve any engagements to render services provided by our independent registered public accounting firm and the fees charged for these services including an annual review of audit fees, audit-related fees, tax fees and other fees with specific dollar value limits for each category of service. During the year, the audit committee will periodically monitor the levels of fees charged by KPMG and compare these fees to the amounts previously approved. The audit committee also will consider on a case-by-case basis and, if appropriate, approve specific engagements that are not otherwise pre-approved. Any proposed engagement that does not fit within the definition of a pre-approved service may be presented to the chairperson of the audit committee for approval.

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Part IV

Item 15. Exhibits and Financial Statement Schedules

(a) List of documents filed:

(1) Financial Statements:

Report of Independent Registered Public Accounting Firm

The consolidated financial statements of the Company are set forth in the report in Item 8.

(2) Financial Statement Schedules:

Financial statement schedule for the year ended December 31, 2013 is submitted herewith.

Real Estate and Accumulated Depreciation (Schedule III)

(3) Exhibits:

The list of exhibits filed as part of this Annual Report is set forth on the Exhibit Index attached hereto.

(b) Exhibits:

The exhibits filed in response to Item 601 of Regulation S-K are listed on the Exhibit Index attached hereto.

(c) Financial Statement Schedules

All schedules other than those indicated in the index have been omitted as the required information is inapplicable or the information is presented in the consolidated financial statements or related notes.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

INLAND DIVERSIFIED REAL ESTATE TRUST, INC.

	/s/    Barry L. Lazarus
BY:	Barry L. Lazarus
	President and principal executive officer
Date:	March 13, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	Signature	Title	Date
By:	/s/    Robert D. Parks	Director and chairman of the board	March 13, 2014
Name:	Robert D. Parks
By:	/s/    Barry L. Lazarus	Director and president (principal executive officer)	March 13, 2014
Name:	Barry L. Lazarus
By:	/s/    Steven T. Hippel	Treasurer and chief financial officer (principal financial officer)	March 13, 2014
Name:	Steven T. Hippel
By:	/s/    Brenda G. Gujral	Director	March 13, 2014
Name:	Brenda G. Gujral
By:	/s/    Lee A. Daniels	Director	March 13, 2014
Name:	Lee A. Daniels
By:	/s/    Heidi N. Lawton	Director	March 13, 2014
Name:	Heidi N. Lawton
By:	/s/    Gerald W. Grupe	Director	March 13, 2014
Name:	Gerald W. Grupe
By:	/s/    Charles H. Wurtzebach	Director	March 13, 2014
Name:	Charles H. Wurtzebach

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Exhibit Index

Exhibit No.	Description
3.1	First Articles of Amendment and Restatement of Inland Diversified Real Estate Trust, Inc. (incorporated by reference to Exhibit 3.1 to Amendment No. 5 to the Registrant’s Form S-11 Registration Statement, as filed by the Registrant with the Securities and Exchange Commission on August 19, 2009 (file number 333-153356))
3.2	Amended and Restated Bylaws of Inland Diversified Real Estate Trust, Inc., effective August 12, 2009 (incorporated by reference to Exhibit 3.2 to Amendment No. 5 to the Registrant’s Form S-11 Registration Statement, as filed by the Registrant with the Securities and Exchange Commission on August 19, 2009 (file number 333-153356))
4.1	Distribution Reinvestment Plan (incorporated by reference to Post-Effective Amendment No. 1 to the Registrant’s Form S-3D Registration Statement, as filed by the Registrant with the Securities and Exchange Commission on August 3, 2012 (file number 333-182748))
4.2	Amended and Restated Share Repurchase Program (incorporated by reference to Exhibit 4.2 to Post-Effective Amendment No. 3 to the Registrant’s Form S-11 Registration Statement, as filed by the Registrant with the Securities and Exchange Commission on April 16, 2010 (file number 333-153356)), as amended by First Amendment to the Amended and Restated Share Repurchase Program of Inland Diversified Real Estate Trust, Inc., effective November 1, 2011 (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on September 14, 2011)
4.3	Statement regarding restrictions on transferability of shares of common stock (to appear on stock certificate or to be sent upon request and without charge to stockholders issued shares without certificates) (incorporated by reference to Exhibit 4.3 to the Registrant’s Form S-11 Registration Statement, as filed by the Registrant with the Securities and Exchange Commission on September 5, 2008 (file number 333-153356))
10.1	Second Amended and Restated Business Management Agreement, effective as of May 9, 2013, by and among, Inland Diversified Real Estate Trust, Inc., Inland Diversified Business Manager & Advisor, Inc. and Inland Real Estate Investment Corporation (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q, as filed by the Registrant with the Securities and Exchange Commission on May 10, 2013)
10.2	Third Amended and Restated Business Management Agreement, effective as of July 10, 2013, by and among, Inland Diversified Real Estate Trust, Inc., Inland Diversified Business Manager & Advisor, Inc. and Inland Real Estate Investment Corporation (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on July 16, 2013)
10.3	Amended and Restated Master Real Estate Management Agreement, effective as of September 8, 2011, by and between Inland Diversified Real Estate Trust, Inc. and Inland Diversified Real Estate Services LLC (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on September 14, 2011)
10.4	Amended and Restated Master Real Estate Management Agreement, effective as of September 8, 2011, by and between Inland Diversified Real Estate Trust, Inc. and Inland Diversified Asset Services LLC (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on September 14, 2011)
10.5	Amended and Restated Master Real Estate Management Agreement, effective as of September 8, 2011, by and between Inland Diversified Real Estate Trust, Inc. and Inland Diversified Leasing Services LLC (incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on September 14, 2011)

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Exhibit No.	Description
10.6	Amended and Restated Master Real Estate Management Agreement, effective as of September 8, 2011, by and between Inland Diversified Real Estate Trust, Inc. and Inland Diversified Development Services LLC (incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on September 14, 2011)
10.7	First Amended and Restated Credit Agreement, dated as of November 1, 2012, among Inland Diversified Real Estate Trust, Inc., as borrower, and KeyBank National Association, as administrative agent, KeyBanc Capital Markets, as sole lead arranger, RBS Citizens, N.A. d/b/a Charter One, as syndication agent, PNC Bank, National Association, as documentation agent and the several banks, financial institutions and other entities that may from time to time become parties thereto, as lenders (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on November 7, 2012)
10.8	Form of Note, dated November 1, 2012, by Inland Diversified Real Estate Trust, Inc. for the benefit lenders under the Credit Agreement (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on November 7, 2012)
10.9	Subsidiary Guaranty, dated as of November 1, 2012, by the parties identified on the signature pages thereto to and for the benefit of KeyBank National Association for itself and as administrative agent for the lenders under the Credit Agreement and to and for the benefit of the counterparties to certain related swap obligations (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on November 7, 2012)
10.10	Term Loan Agreement, dated as of March 25, 2011, by and between Inland Diversified Virginia Beach Landstown, L.L.C., as borrower, and Bank of America, N.A., as lender (incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on March 31, 2011)
10.11	Promissory Note, dated as of March 25, 2011, by Inland Diversified Virginia Beach Landstown, L.L.C. for the benefit of Bank of America, N.A. (incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on March 31, 2011)
10.12	Promissory Note, dated as of March 25, 2011, by Inland Diversified Virginia Beach Landstown, L.L.C. for the benefit of Bank of America, N.A. (incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on March 31, 2011)
10.13	Guaranty Agreement, dated as of March 25, 2011, by Inland Diversified Real Estate Trust, Inc. in favor of Bank of America, N.A. (incorporated by reference to Exhibit 10.7 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on March 31, 2011)
10.14	Environmental Indemnification and Release Agreement, dated as of March 25, 2011, by and between Inland Diversified Virginia Beach Landstown, L.L.C. and Bank of America, N.A. (incorporated by reference to Exhibit 10.8 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on March 31, 2011)
10.15	Loan Agreement, dated as of April 29, 2011, by and between Inland Diversified Prattville Legends, L.L.C., as borrower, and JPMorgan Chase Bank, National Association, as lender (incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)
10.16	Promissory Note, dated as of April 29, 2011, by Inland Diversified Prattville Legends, L.L.C. for the benefit of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)

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Exhibit No.	Description
10.17	Guaranty Agreement, dated as of April 29, 2011, by Inland Diversified Real Estate Trust, Inc. for the benefit of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.7 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)
10.18	Environmental Indemnification Agreement, dated as of April 29, 2011, by and between Inland Diversified Prattville Legends, L.L.C. and Inland Diversified Real Estate Trust, Inc. in favor of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.8 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)
10.19	Loan Agreement, dated as of April 29, 2011, by and between Inland Diversified Charlotte Northcrest, L.L.C., as borrower, and JPMorgan Chase Bank, National Association, as lender (incorporated by reference to Exhibit 10.9 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)
10.20	Promissory Note, dated as of April 29, 2011, by Inland Diversified Charlotte Northcrest, L.L.C. for the benefit of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.10 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)
10.21	Guaranty Agreement, dated as of April 29, 2011, by Inland Diversified Real Estate Trust, Inc. for the benefit of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.11 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)
10.22	Environmental Indemnification Agreement, dated as of April 29, 2011, by and between Inland Diversified Charlotte Northcrest, L.L.C. and Inland Diversified Real Estate Trust, Inc. in favor of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.12 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 5, 2011)
10.23	Loan Agreement, dated as of May 19, 2011, by and between Inland Diversified Norman University, L.L.C., as borrower, and JPMorgan Chase Bank, National Association, as lender (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 25, 2011)
10.24	Promissory Note, dated as of May 19, 2011, by Inland Diversified Norman University, L.L.C. for the benefit of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 25, 2011)
10.25	Guaranty Agreement, dated as of May 19, 2011, by Inland Diversified Real Estate Trust, Inc. for the benefit of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 25, 2011)
10.26	Environmental Indemnification Agreement, dated as of May 19, 2011, by and between Inland Diversified Norman University, L.L.C. and Inland Diversified Real Estate Trust, Inc. in favor of JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on May 25, 2011)
10.27	Loan Assumption Agreement, dated as of June 1, 2011, by and between Inland Diversified Charlotte Perimeter Woods, L.L.C., as borrower, and Jackson National Life Insurance Company, as lender (incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on June 7, 2011)

85

Exhibit No.	Description
10.28	Assumption and Modification Agreement, dated as of June 1, 2011, by Inland Diversified Charlotte Perimeter Woods, L.L.C. for the benefit of Jackson National Life Insurance Company (incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on June 7, 2011)
10.29	Indemnification Agreement, dated as of June 1, 2011, by Inland Diversified Real Estate Trust, Inc. for the benefit of Jackson National Life Insurance Company (incorporated by reference to Exhibit 10.7 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on June 7, 2011)
10.30	Environmental Indemnity Agreement, dated as of June 1, 2011, by and between Inland Diversified Charlotte Perimeter Woods, L.L.C. and Inland Diversified Real Estate Trust, Inc., as Indemnitor, in favor of Jackson National Life Insurance Company (incorporated by reference to Exhibit 10.8 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on June 7, 2011)
10.31	Limited Payment Guaranty, dated as of August 18, 2011, by Inland Diversified Real Estate Trust, Inc. for the benefit of U.S. Bank National Association, as Trustee, Successor-In-Interest to Bank of America, N.A., in its capacity as Trustee, Successor to Wells Fargo Bank, N.A., in its capacity as Trustee, for the registered holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates Series 2006 GG8, its Successors and Assigns (incorporated by reference to Exhibit 10.8 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on August 24, 2011)
10.32	Guaranty of Recourse Obligations, dated as of August 18, 2011, by Inland Diversified Real Estate Trust, Inc. in favor of U.S. Bank National Association, as Trustee, Successor-In-Interest to Bank of America, N.A., in its capacity as Trustee, Successor to Wells Fargo Bank, N.A., in its capacity as Trustee, for the registered holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates Series 2006 GG8 (incorporated by reference to Exhibit 10.9 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on August 24, 2011)
10.33	Environmental and Hazardous Substance Indemnification Agreement, dated as of August 18, 2011, by and between Inland Diversified Evans Mullins, L.L.C. and Inland Diversified Real Estate Trust, Inc., collectively, the Indemnitor, to and for the benefit of U.S. Bank National Association, as Trustee, Successor-In-Interest to Bank of America, N.A., in its capacity as Trustee, Successor to Wells Fargo Bank, N.A., in its capacity as Trustee, for the registered holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates Series 2006 GG8 (incorporated by reference to Exhibit 10.10 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on August 24, 2011)
10.34	First Modification of Note, Loan Agreement and Other Loan Documents, dated as of March 13, 2012, by and among Inland Diversified Virginia Beach Landstown, L.L.C., as borrower, Bank of America, N.A., as lender, and Inland Diversified Real Estate Trust, Inc. as guarantor (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on March 19, 2012)
10.35	Limited Liability Company Operating Agreement of Inland Diversified White Plains City Center Member, L.L.C., made as of September 28, 2012, by and between Inland Diversified White Plains City Center Member II, L.L.C., LC White Plains Retail, LLC and LC White Plains Recreation, LLC (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 4, 2012)
10.36	Agreement of Contribution, dated as of September 28, 2012, by and between LC White Plains Retail, LLC, LC White Plains Recreation, LLC and Inland Diversified White Plains City Center Member II, L.L.C. (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 4, 2012)
10.37	Mortgage, dated as of September 28, 2012, by Inland Diversified White Plains City Center, L.L.C. to and in favor of Bank of America, N.A. (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 4, 2012)

86

Exhibit No.	Description
10.38	Environmental Indemnification and Release Agreement, dated as of September 28, 2012, by and between Inland Diversified White Plains City Center, L.L.C., Inland Diversified Real Estate Trust, Inc. and Bank of America, N.A. (incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 4, 2012)
10.39	Limited Guaranty Agreement, dated as of September 28, 2012, by Inland Diversified Real Estate Trust, Inc. in favor of Bank of America, N.A. (incorporated by reference to Exhibit 10.5 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 4, 2012)
10.40	Term Loan Agreement, dated as of September 28, 2012, by and between Inland Diversified White Plains City Center, L.L.C., as borrower and Bank of America, N.A. as lender (incorporated by reference to Exhibit 10.6 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 4, 2012)
10.41	Promissory Note, dated as of September 28, 2012, by Inland Diversified White Plains City Center, L.L.C. for the benefit of Bank of America, N.A. (incorporated by reference to Exhibit 10.7 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 4, 2012)
10.42	Limited Liability Company Operating Agreement of Inland Diversified Dayville Killingly Member, L.L.C., made as of October 3, 2012, by and between Inland Diversified Dayville Killingly Member II, L.L.C. and Dayville Unit Investors, LLC (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 10, 2012)
10.43	Agreement of Contribution, dated as of October 3, 2012, by and between Dayville Unit Investors, LLC and Inland Diversified Dayville Killingly Member II, L.L.C. (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 10, 2012)
10.44	Third Amended and Restated Mortgage Note, dated as of October 3, 2012, by Dayville Property Development LLC to and in favor of The Huntington National Bank (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 10, 2012)
10.45	Environmental Indemnity Agreement, dated as of October 3, 2012, by Dayville Property Development LLC and Inland Diversified Real Estate Trust, Inc. to The Huntington National Bank (incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 10, 2012)
10.46	Twelfth Loan Modification and Extension Agreement and Release of Guaranty and Indemnity, made as of October 3, 2012, by and between Dayville Property Development LLC, BVS Acquisition Co., LLC, Inland Diversified Real Estate Trust, Inc. and The Huntington National Bank (incorporated by reference to Exhibit 10.5 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 10, 2012)
10.47	Guaranty and Suretyship Agreement, made as of October 3, 2012, by and between Inland Diversified Real Estate Trust, Inc. and The Huntington National Bank (incorporated by reference to Exhibit 10.6 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 10, 2012)
10.48	Assignment and Assumption of Limited Liability Company Membership Interests, entered into effective as of October 3, 2012, by and between Dayville Unit Investors LLC and Inland Diversified Dayville Killingly Member II, L.L.C. and Inland Diversified Dayville Killingly Member, L.L.C. (incorporated by reference to Exhibit 10.7 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on October 10, 2012)

87

Exhibit No.	Description
10.49	Agreement of Purchase and Sale and Contribution Agreement, made as of October 17, 2012, between Inland Real Estate Acquisitions, Inc. and Centennial Centre, L.L.C., Centennial Holdings, L.L.C., Eastern - Beltway, Ltd., Craig Losee Corner, LLC, Retail Development Partners, LLC and Virgin Territory LLC, as amended by the First Amendment, executed as of December 20, 2012 and the Second Amendment, executed as of December 27, 2012 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.50	Agreement of Purchase and Sale and Contribution Agreement, made as of October 17, 2012, between Centennial Gateway, L.L.C. and Inland Real Estate Acquisitions, Inc., as amended by the First Amendment, executed as of December 20, 2012 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.51	Assignment and Assumption of Agreement for Purchase and Sale, dated as of December 27, 2012, by and between Inland Real Estate Acquisitions, Inc. and Inland Diversified Las Vegas Centennial Centre, L.L.C. (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.52	Assignment and Assumption of Agreement for Purchase and Sale, dated as of December 27, 2012, by and between Inland Real Estate Acquisitions, Inc. and Inland Diversified Las Vegas Centennial Gateway, L.L.C. (incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.53	Assignment and Assumption of Agreement for Purchase and Sale, dated as of December 27, 2012, by and between Inland Real Estate Acquisitions, Inc. and Inland Diversified Henderson Eastgate, L.L.C. (incorporated by reference to Exhibit 10.5 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.54	Assignment and Assumption of Agreement for Purchase and Sale, dated as of December 27, 2012, by and between Inland Real Estate Acquisitions, Inc. and Inland Diversified Las Vegas Eastern Beltway, L.L.C. (incorporated by reference to Exhibit 10.6 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.55	Assignment and Assumption of Agreement for Purchase and Sale, dated as of December 27, 2012, by and between Inland Real Estate Acquisitions, Inc. and Inland Diversified Las Vegas Craig, L.L.C. (incorporated by reference to Exhibit 10.7 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.56	Assignment and Assumption of Agreement for Purchase and Sale, dated as of December 27, 2012, by and between Inland Real Estate Acquisitions, Inc. and Inland Diversified North Las Vegas Losee, L.L.C. (incorporated by reference to Exhibit 10.8 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.57	Limited Liability Company Agreement of Inland Territory, L.L.C., made as of December 27, 2012, by and between Inland Territory Member, L.L.C., Centennial Centre, L.L.C., Eastern - Beltway, Ltd., Centennial Gateway, L.L.C., and Retail Development Partners, LLC (incorporated by reference to Exhibit 10.9 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.58	Loan Agreement, dated as of December 27, 2012, between Inland Diversified Las Vegas Centennial Centre, L.L.C. and Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.10 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.59	Promissory Note, dated as of December 27, 2012, by Inland Diversified Las Vegas Centennial Centre, L.L.C. for the benefit of Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.11 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)

88

Exhibit No.	Description
10.60	Environmental Indemnity Agreement (Unsecured), made jointly and severally as of December 27, 2012, by and between Inland Diversified Las Vegas Centennial Centre, L.L.C. and Inland Diversified Real Estate Trust, Inc. in favor of Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.12 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.61	Guaranty of Recourse Obligations (Unsecured), made as of December 27, 2012, by Inland Diversified Real Estate Trust, Inc. for the benefit of Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.13 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.62	Post-Closing Agreement, dated as of December 27, 2012, by Inland Diversified Las Vegas Centennial Centre, L.L.C. to Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.14 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.63	Loan Agreement, dated as of December 27, 2012, between Inland Diversified Las Vegas Eastern Beltway, L.L.C. and Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.15 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.64	Promissory Note, dated as of December 27, 2012, by Inland Diversified Las Vegas Eastern Beltway, L.L.C. for the benefit of Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.16 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.65	Environmental Indemnity Agreement (Unsecured), made jointly and severally as of December 27, 2012, by and between Inland Diversified Las Vegas Eastern Beltway, L.L.C. and Inland Diversified Real Estate Trust, Inc. in favor of Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.17 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.66	Guaranty of Recourse Obligations (Unsecured), made as of December 27, 2012, by Inland Diversified Real Estate Trust, Inc. for the benefit of Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.18 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.67	Loan Agreement, dated as of December 27, 2012, by and among Inland Diversified Las Vegas Centennial Gateway, L.L.C., Inland Diversified Henderson Eastgate, L.L.C. and The Royal Bank of Scotland PLC (incorporated by reference to Exhibit 10.19 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.68	Promissory Note, dated as of December 27, 2012, by Inland Diversified Las Vegas Centennial Gateway, L.L.C., Inland Diversified Henderson Eastgate, L.L.C. for the benefit of The Royal Bank of Scotland PLC (incorporated by reference to Exhibit 10.20 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.69	Contribution Agreement, entered into as of December 27, 2012, by and among Inland Diversified Las Vegas Centennial Gateway, L.L.C., Inland Diversified Henderson Eastgate, L.L.C. and The Royal Bank of Scotland PLC (incorporated by reference to Exhibit 10.21 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.70	Guaranty of Recourse Obligations, dated as of December 27, 2012, by Inland Diversified Real Estate Trust, Inc. as guarantor, in favor of The Royal Bank of Scotland PLC (incorporated by reference to Exhibit 10.22 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)

89

Exhibit No.	Description
10.71	Post Closing Obligations Letter, dated as of December 27, 2012, from Inland Diversified Las Vegas Centennial Gateway, L.L.C. and Inland Diversified Henderson Eastgate, L.L.C. to The Royal Bank of Scotland PLC (incorporated by reference to Exhibit 10.23 to the Registrant's Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on January 3, 2013)
10.72	Agreement, dated as of January 4, 2013, between Inland Diversified Las Vegas Centennial Centre, L.L.C. and Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K/A, as filed by the Registrant with the Securities and Exchange Commission on January 9, 2013)
10.73	Agreement, dated as of January 4, 2013, between Inland Diversified Las Vegas Eastern Beltway, L.L.C. and Cantor Commercial Real Estate Lending, L.P. (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K/A, as filed by the Registrant with the Securities and Exchange Commission on January 9, 2013)
10.74	Purchase Agreement, dated as of December 16, 2013, by and among Inland Diversified Real Estate Trust, Inc., Inland Diversified Cumming Market Place, L.L.C., and Realty Income Corporation (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on December 17, 2013)
10.75	Purchase Agreement, dated as of December 16, 2013, by and among Bulwark Corporation, Inland Diversified Real Estate Trust, Inc. (solely as guarantor), and Realty Income Corporation (incorporated by reference to Exhibit 2.2 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on December 17, 2013)
14.1	Code of Ethics (incorporated by reference to Exhibit 14.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed by the Registrant with the Securities and Exchange Commission on March 13, 2013)
21.1	Subsidiaries of the Registrant*
23.1	Consent of KPMG LLP*
31.1	Certification by Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2	Certification by Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Certification by Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2	Certification by Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
99.1	First Amendment to the Amended and Restated Share Repurchase Program of Inland Diversified Real Estate Trust, Inc., effective November 1, 2011 (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K, as filed by the Registrant with the Securities and Exchange Commission on September 14, 2011)
101	The following financial information from our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on March 13, 2014, is formatted in Extensible Business Reporting Language (“XBRL”): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Other Comprehensive Income, (iii) Consolidated Statements of Equity, (iv) Consolidated Statements of Cash Flows (v) Notes to Consolidated Financial Statements.

* Filed as part of this Annual Report on Form 10-K.

90

EX-21.1

Exhibit 21.1

Subsidiaries of the Registrant

Name of Subsidiary	State of Organization
Alcoa TN, L.L.C.	Delaware
Bulwark Berlin LLC	Delaware
Bulwark Branford LLC	Delaware
Bulwark Brockton LLC	Delaware
Bulwark Corporation	Delaware
Bulwark Derry LLC	Delaware
Bulwark Dover LLC	Delaware
Bulwark Melrose LLC	Delaware
Bulwark Mount Ephraim LLC	Delaware
Bulwark Roxbury LLC	Delaware
Bulwark Washington Township LLC	Delaware
Dayville Property Development LLC	Connecticut
Inland Diversified Acworth Cobb, L.L.C.	Delaware
Inland Diversified Alcoa Hamilton, L.L.C.	Delaware
Inland Diversified Alpharetta Windward, L.L.C.	Delaware
Inland Diversified Ariton DG Portfolio, L.L.C.	Delaware
Inland Diversified Ashwaubenon Bay Park, L.L.C.	Delaware
Inland Diversified Athens Eastside, L.L.C.	Delaware
Inland Diversified Bayonne Urban Renewal, L.L.C.	Delaware
Inland Diversified Beachwood Chagrin, L.L.C.	Delaware
Inland Diversified Bend River, L.L.C.	Delaware
Inland Diversified Bradenton Centre Point, L.L.C.	Delaware
Inland Diversified Branson Hills IV, L.L.C.	Delaware
Inland Diversified Branson Hills K-II, L.L.C.	Delaware
Inland Diversified Branson Hills, L.L.C.	Delaware
Inland Diversified Branson Hills T-III, L.L.C.	Delaware
Inland Diversified Buffalo Genesee, L.L.C.	Delaware
Inland Diversified Buffalo Grove Deerfield, L.L.C.	Delaware
Inland Diversified Burlington Milwaukee, L.L.C.	Delaware
Inland Diversified Candler DG, L.L.C.	Delaware
Inland Diversified Canton DG, L.L.C.	Delaware
Inland Diversified Capitol Heights Ritchie Station, L.L.C.	Delaware
Inland Diversified Charlotte Northcrest, L.L.C.	Delaware
Inland Diversified Charlotte Perimeter Woods, L.L.C.	Delaware
Inland Diversified Charlottesville Fontaine, L.L.C.	Delaware
Inland Diversified Charlottesville Monticello, L.L.C.	Delaware
Inland Diversified Charlottesville Seminole Trail, L.L.C.	Delaware
Inland Diversified Chelsea One Webster, L.L.C.	Delaware
Inland Diversified Chelsea One Webster Member, L.L.C.	Delaware
Inland Diversified Clanton DG, L.L.C.	Delaware
Inland Diversified Collins DG Portfolio, L.L.C.	Delaware
Inland Diversified Conyers Heritage, L.L.C.	Delaware

Name of Subsidiary	State of Organization
Inland Diversified Cumming Market Place, L.L.C.	Delaware
Inland Diversified Cumming Market Place Member, L.L.C.	Delaware
Inland Diversified Cumming Market Place Member II, L.L.C.	Delaware
Inland Diversified Dallas Wheatland, L.L.C.	Delaware
Inland Diversified Dayville Killingly Member, L.L.C.	Delaware
Inland Diversified Dayville Killingly Member II, L.L.C.	Delaware
Inland Diversified Decatur DG Portfolio, L.L.C.	Delaware
Inland Diversified Deer Park Deerwood Glen GP, L.L.C.	Delaware
Inland Diversified Deer Park Deerwood Glen Limited Partnership	Texas
Inland Diversified Deer Park Deerwood Glen LP, L.L.C.	Delaware
Inland Diversified DG Texas Portfolio I, L.L.C.	Delaware
Inland Diversified DG Texas Portfolio II, L.L.C.	Delaware
Inland Diversified Draper Crossing, L.L.C.	Delaware
Inland Diversified Draper Peaks, L.L.C.	Delaware
Inland Diversified Dublin DG Portfolio, L.L.C.	Delaware
Inland Diversified Duncanville DG Portfolio, L.L.C.	Delaware
Inland Diversified East Syracuse Fair Lakes, L.L.C.	Delaware
Inland Diversified East Windsor SciPark, L.L.C.	Delaware
Inland Diversified Elk Grove Calvine, L.L.C.	Delaware
Inland Diversified Enterprise DG, L.L.C.	Delaware
Inland Diversified Euclid Lakeshore, L.L.C.	Delaware
Inland Diversified Evans Mullins, L.L.C.	Delaware
Inland Diversified Evans Mullins Outlots, L.L.C.	Delaware
Inland Diversified Excel DG Portfolio, L.L.C.	Delaware
Inland Diversified Festus Gannon, L.L.C.	Delaware
Inland Diversified Fort Myers Colonial Square, L.L.C.	Delaware
Inland Diversified Fort Myers Village Walk, L.L.C.	Delaware
Inland Diversified Fort Wayne Lima, L.L.C.	Delaware
Inland Diversified Fort Wayne Lima Outlot, L.L.C.	Delaware
Inland Diversified Gilbertown DG, L.L.C.	Delaware
Inland Diversified Gordonsville 11445 James Madison, L.L.C.	Delaware
Inland Diversified Gordonsville 11497 James Madison, L.L.C.	Delaware
Inland Diversified Harvest Square, L.L.C.	Delaware
Inland Diversified Henderson Eastgate, L.L.C.	Delaware
Inland Diversified Hertford DG, L.L.C.	Delaware
Inland Diversified Hot Springs Fairgrounds, L.L.C.	Delaware
Inland Diversified Houston Hillcroft GP, L.L.C.	Delaware
Inland Diversified Houston Hillcroft Limited Partnership	Illinois
Inland Diversified Houston Hillcroft, LP, L.L.C.	Delaware
Inland Diversified Houston Orem, L.L.C.	Delaware
Inland Diversified Jacksonville Deerwood Lake, L.L.C.	Delaware
Inland Diversified Jacksonville Julington Creek, L.L.C.	Delaware
Inland Diversified Jacksonville Julington Creek II, L.L.C.	Delaware
Inland Diversified Jacksonville Richlands, L.L.C.	Delaware
Inland Diversified Kissimmee Pleasant Hill, L.L.C.	Delaware
Inland Diversified Lagrange DG Portfolio, L.L.C.	Delaware

Name of Subsidiary	State of Organization
Inland Diversified Lake City Commons, L.L.C.	Delaware
Inland Diversified Lake City Commons II, L.L.C.	Delaware
Inland Diversified Lake Mary, L.L.C.	Delaware
Inland Diversified Lake St. Louis Hawk Ridge, L.L.C.	Delaware
Inland Diversified Las Vegas Centennial Center, L.L.C.	Delaware
Inland Diversified Las Vegas Centennial Gateway, L.L.C.	Delaware
Inland Diversified Las Vegas Craig, L.L.C.	Delaware
Inland Diversified Las Vegas Eastern Beltway, L.L.C.	Delaware
Inland Diversified Lillian DG, L.L.C.	Delaware
Inland Diversified Marbury DG, L.L.C.	Delaware
Inland Diversified Mentor Plaza, L.L.C.	Delaware
Inland Diversified Merrimack Village, L.L.C.	Delaware
Inland Diversified Milledgeville DG Portfolio, L.L.C.	Delaware
Inland Diversified Miramar Square, L.L.C.	Delaware
Inland Diversified Neenah Commercial, L.L.C.	Delaware
Inland Diversified Neenah Fox Point, L.L.C.	Delaware
Inland Diversified Newburgh Bell Oaks, L.L.C.	Delaware
Inland Diversified Norman University, L.L.C.	Delaware
Inland Diversified Ocean Isle Beach Landing, L.L.C.	Delaware
Inland Diversified Odenville DG, L.L.C.	Delaware
Inland Diversified Oklahoma City Silver Springs, L.L.C.	Delaware
Inland Diversified Omaha Whispering Ridge, L.L.C.	Delaware
Inland Diversified Orange City Saxon, L.L.C.	Delaware
Inland Diversified Palm Coast Landing, L.L.C.	Delaware
Inland Diversified Pepper Pike Chagrin, L.L.C.	Delaware
Inland Diversified Plantation Pine Island, L.L.C.	Delaware
Inland Diversified Pleasant Prairie Ridge, L.L.C.	Delaware
Inland Diversified Port St. Joe DG Portfolio, L.L.C.	Delaware
Inland Diversified Port St Lucie Landing, L.L.C.	Delaware
Inland Diversified Port St Lucie Square, L.L.C.	Delaware
Inland Diversified Prattville Legends, L.L.C.	Delaware
Inland Diversified Providence LaSalle Square, L.L.C.	Delaware
Inland Diversified Remlap DG, L.L.C.	Delaware
Inland Diversified Resaca DG, L.L.C.	Delaware
Inland Diversified Seaford Merrick, L.L.C.	Delaware
Inland Diversified Shaker Heights Warrensville, L.L.C.	Delaware
Inland Diversified Shops at Moore II, L.L.C.	Delaware
Inland Diversified Shops at Moore, L.L.C.	Delaware
Inland Diversified Shops at Moore Member, L.L.C.	Delaware
Inland Diversified Shreveport Regal Court, L.L.C.	Delaware
Inland Diversified Slocomb DG, L.L.C.	Delaware
Inland Diversified South Elgin Commons, L.L.C.	Delaware
Inland Diversified St. Cloud 13th, L.L.C.	Delaware
Inland Diversified St. Louis Arsenal, L.L.C.	Delaware
Inland Diversified St. Louis Grand, L.L.C.	Delaware
Inland Diversified Sycamore DG, L.L.C.	Delaware

Name of Subsidiary	State of Organization
Inland Diversified Temple Terrace Member, L.L.C.	Delaware
Inland Diversified Tucson Corner, L.L.C.	Delaware
Inland Diversified Upper Darby 69th, L.L.C.	Delaware
Inland Diversified Uriah DG Portfolio, L.L.C.	Delaware
Inland Diversified Vienna DG, L.L.C.	Delaware
Inland Diversified Virginia Beach Landstown, L.L.C.	Delaware
Inland Diversified/Vlass Temple Terrace JV, LLC	Delaware
Inland Diversified Waxahachie Crossing GP, L.L.C.	Delaware
Inland Diversified Waxahachie Crossing Limited Partnership	Illinois
Inland Diversified Waxahachie Crossing LP, L.L.C.	Delaware
Inland Diversified White Plains City Center, L.L.C.	Delaware
Inland Diversified White Plains City Center Member, L.L.C.	Delaware
Inland Diversified White Plains City Center Member II, L.L.C.	Delaware
Inland Diversified Wilmington Lancaster, L.L.C.	Delaware
Inland Diversified Wilmington Military Cutoff, L.L.C.	Delaware
Inland Territory, L.L.C.	Delaware
Inland Territory Member, L.L.C.	Delaware
Splendido Real Estate, Inc.	Delaware

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

The Board of Directors

Inland Diversified Real Estate Trust, Inc.:

We consent to the incorporation by reference in the registration statement (No. 333-182748) on Form S-3 of Inland Diversified Real Estate Trust, Inc. of our report dated March 13, 2014, with respect to the consolidated balance sheets of Inland Diversified Real Estate Trust, Inc. as of December 31, 2013 and 2012, and the related consolidated statements of operations and other comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2013, and the related financial statement schedule III, which report appears in the December 31, 2013 annual report on Form 10-K of Inland Diversified Real Estate Trust, Inc.

Our report dated March 13, 2014 contains an emphasis of a matter paragraph that states on February 9, 2014, the Company entered into an agreement and plan of merger, which is subject to a number of closing conditions.

/s/ KPMG LLP

Chicago, Illinois

March 13, 2014

EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer

I, Barry L. Lazarus, certify that:

1. I have reviewed this Annual Report on Form 10-K of Inland Diversified Real Estate Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/    Barry L. Lazarus
Name:	Barry L. Lazarus
Title:	President (principal executive officer)
Date:	March 13, 2014

EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer

I, Steven T. Hippel certify that:

1. I have reviewed this Annual Report on Form 10-K of Inland Diversified Real Estate Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/    Steven T. Hippel
Name:	Steven T. Hippel
Title:	Treasurer and chief financial officer (principal financial officer)
Date:	March 13, 2014

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of Inland Diversified Real Estate Trust, Inc. (the “Company”) for the year ended December 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Barry L. Lazarus, president of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	March 13, 2014	By:	/s/ Barry L. Lazarus
		Name:	Barry L. Lazarus
		Title:	President (principal executive officer)

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of Inland Diversified Real Estate Trust, Inc. (the “Company”) for the year ended December 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Steven T. Hippel, treasurer and chief financial officer of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	March 13, 2014	By:	/s/ Steven T. Hippel
		Name:	Steven T. Hippel
		Title:	Treasurer and chief financial officer (principal financial officer)

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of earnout liability

The table below presents the change in the Company’s earnout liability for the years ended December 31, 2013, 2012 and 2011.

	For the Year Ended December 31,
	2013			2012
Earnout liability – beginning of period, fair value	$	70,580		$	25,290
Increases:
Acquisitions	—			57,990
Amortization expense	2,230			2,477
Decreases:
Payments to settle earnouts	(18,513		)	(16,026		)
Payments to settle earnouts in units (1)	(20,473		)	—
Partial repayment of note receivable in settlement of earnout	(1,676		)	—
Other:
Fair value adjustment of earnout liability	(2,945		)	849
Earnout liability – end of period, fair value	$	29,203		$	70,580

(1) On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units with a fair value of $20,473 to settle the earnout obligation related to the City Center joint venture.

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Transactions with Related Parties (Related Party Transactions) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Related Party Transactions [Abstract]
General and administrative reimbursement	$ 1,259	[1]	$ 1,101	[1]	$ 793	[1]
Loan servicing	306	[2]	185	[2]	98	[2]
Affiliate share purchase discounts	0	[3]	294	[3]	55	[3]
Investment advisor fee	291	[4]	270	[4]	106	[4]
Total general and administrative to related parties	1,856		1,850		1,052
Offering costs	0	[5],[6]	51,745	[5],[6]	30,179	[5],[6]
Acquisition related costs	288	[7]	2,048	[7]	961	[7]
Real estate management fees	9,165	[8]	5,601	[8]	3,124	[8]
Business mangement fee	14,666	[9]	1,500	[9]	1,000	[9]
Loan placement fees	65	[10]	1,109	[10]	418	[10]
Related Party Transaction, Cost Reimbursement	47	[11]	0	[11]	75	[11]
Sponsor noninterest bearing advances	0	[12]	0	[12]	(1,500)	[12]
Sponsor contributions to pay dividends	0	[12]	0	[12]	1,500	[12]
Unpaid amounts as of period end
General and administrative reimbursement	292	[1]	335	[1]
Loan servicing	0	[2]	0	[2]
Affiliate share purchase discounts	0	[3]	0	[3]
Investment advisor fee	25	[4]	26	[4]
Total general and administrative to related parties	317		361
Offering costs	0	[5],[6]	123	[5],[6]
Acquisition related costs	0	[7]	348	[7]
Real estate management fees	0	[8]	0	[8]
Business management fee	1,757	[9]	975	[9]
Loan placement fees	0	[10]	0	[10]
Sponsor noninterest bearing advances	$ 0	[12]	$ 724	[12]

[1] The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

[2] A related party of the Business Manager provides loan servicing to the Company for an annual fee equal to .03% of the first $1,000,000 of serviced loans and .01% for serviced loans over $1,000,000. These loan servicing fees are paid monthly and are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

[3] The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 0, 294,331 and 55,203 shares to related parties for the years ended December 31, 2013, 2012 and 2011, respectively.

[4] The Company pays a related party of the Business Manager to purchase and monitor its investment in marketable securities.

[5] A related party of the Business Manager received selling commissions equal to 7.5% of the sale price for each share sold and a marketing contribution equal to 2.5% of the gross offering proceeds from shares sold, the majority of which were reallowed (paid) to third party soliciting dealers. The Company also reimbursed a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. In addition, the Sponsor, its affiliates and third parties were reimbursed for any issuer costs that they paid on the Company's behalf, including any bona fide out-of-pocket, itemized and detailed due diligence expenses not reimbursed from amounts paid or reallowed (paid) as a marketing contribution, in an amount that did not exceed 1.5% of the gross offering proceeds. The Company did not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the distribution reinvestment plan. Such costs were offset against the stockholders’ equity accounts.

[6] The majority of the offering costs were reallowed (paid) to third party soliciting dealers. Pursuant to the terms of the “best efforts” offering, issuer costs were not permitted to exceed 1.5% of the gross offering proceeds over the life of the “best efforts” offering. These costs did not exceed these limitations upon completion of the “best efforts” offering.

[7] The Business Manager and its related parties are reimbursed for acquisition, dead deal and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets. These costs relate to both closed and potential transactions and include customary due diligence costs including time and travel expense reimbursements. Such costs are included in acquisition related costs in the consolidated statements of operations and other comprehensive income. The Company does not pay acquisition fees to its Business Manager or its affiliates.

[8] The real estate managers, entities owned principally by individuals who are related parties of the Business Manager, receive monthly real estate management fees up to 4.5% of gross operating income (as defined), for management and leasing services. Such costs are included in property operating expenses in the consolidated statements of operations and other comprehensive income. In addition to these fees, the real estate managers receive reimbursements of payroll costs for property level employees. The Company reimbursed or will reimburse the real estate managers and other affiliates $2,254, $1,458 and $827 for the years ended December 31, 2013, 2012 and 2011, respectively.

[9] Subject to satisfying the criteria described below, the Company pays the Business Manager a quarterly business management fee equal to a percentage of the Company’s “average invested assets” (as defined in the business management agreement), calculated as follows:(1)if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1875% of its “average invested assets” for that prior calendar quarter;(2)if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 6% annualized distribution rate but less than 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1625% of its “average invested assets” for that prior calendar quarter;(3)if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 5% annualized distribution rate but less than 6% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.125% of its “average invested assets” for that prior calendar quarter; or (4)if the Company does not satisfy the criteria in (1), (2) or (3) above in a particular calendar quarter just ended, it will not, except as set forth below, pay a business management fee for that prior calendar quarter.(5)Assuming that (1), (2) or (3) above is satisfied, the Business Manager may decide, in its sole discretion, to be paid an amount less than the total amount that may be paid. If the Business Manager decides to accept less in any particular quarter, the excess amount that is not paid may, in the Business Manager’s sole discretion, be waived permanently or deferred, without interest, to be paid at a later point in time. This obligation to pay the deferred fee terminates if the Company acquires the Business Manager. For the years ended December 31, 2013, 2012 and 2011, the Business Manager was entitled to a business management fee in the amount equal to $14,830, $9,195 and $4,807, respectively of which $164, $7,695 and $3,807, respectively was permanently waived.Separate and distinct from any business management fee, the Company will also reimburse the Business Manager, the Real Estate Managers and their affiliates for certain expenses that they, or any related party including the Sponsor, pay or incur on its behalf including the salaries and benefits of persons employed except that the Company will not reimburse either our Business Manager or Real Estate Managers for any compensation paid to individuals who also serve as the Company’s executive officers, or the executive officers of the Business Manager, the Real Estate Managers or their affiliates; provided that, for these purposes, the secretaries will not be considered “executive officers.” These costs were recorded in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

[10] The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan it places for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term.

[11] The Company reimburses a related party of the Business Manager for costs incurred for construction oversight provided to the Company relating to its development project. These reimbursements are paid monthly during the development period. These costs are capitalized and are included in construction in progress on the consolidated balance sheet.

[12] As of December 31, 2012, the Company owed $724 to our Sponsor related to advances used to pay administrative and offering costs prior to the commencement of the “best efforts” offering. These amounts are included in due to related parties on the consolidated balance sheets and has been subsequently paid.

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Discontinued Operations and Investment Properties Held for Sale (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 16, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Lease Properties Aggregate Cash Sale Price												$ 503,013
Land	304,971				302,013				304,971	302,013
Building and improvements	1,353,212				1,333,268				1,353,212	1,333,268
Total	1,667,505				1,637,918				1,667,505	1,637,918
Real Estate Investment Property, Accumulated Depreciation	(94,544)				(46,134)				(94,544)	(46,134)
Net investment properties	1,572,961				1,591,784				1,572,961	1,591,784
Restricted cash and escrows	5,616				4,059				5,616	4,059
Accounts and rents receivable (net of allowance)	17,023				11,367				17,023	11,367
Acquired lease intangibles, net	194,759				219,523				194,759	219,523
Deferred costs, net	6,677				7,205				6,677	7,205
Other assets	8,294				14,695				8,294	14,695
Mortgages, credit facility and securities margin payable	1,005,593				1,006,742				1,005,593	1,006,742
Accounts payable and accrued expenses	7,873				6,222				7,873	6,222
Accrued real estate taxes payable	4,699				4,390				4,699	4,390
Other liabilities	6,566				7,968				6,566	7,968
Acquired below market lease intangibles, net	45,732				49,031				45,732	49,031
Liabilities held for sale, net	256,029				259,029				256,029	259,029
Rental income									140,763	90,705	50,820
Tenant recovery income									35,565	21,176	12,340
Other property income									9,480	1,483	1,270
Total income	48,978	55,376	53,540	56,487	44,308	35,794	29,179	24,205	185,808	113,364	64,430
Property operating expenses									33,977	20,219	12,008
Real estate taxes									20,564	13,301	7,751
Depreciation and amortization									73,608	44,833	25,713
Total expenses									152,657	89,141	51,890
Operating income									33,151	24,223	12,540
Interest, dividend and other income									3,135	2,556	871
Interest Expense									(42,669)	(28,069)	(17,432)
Income from discontinued operations									7,639	4,113	1,374
Redeemable noncontrolling interests									(2,440)	(209)	0
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental income									35,587	19,129	7,253
Tenant recovery income									1,640	876	38
Other property income									118	116	78
Total income									37,345	20,121	7,369
Property operating expenses									2,003	1,002	287
Real estate taxes									1,366	669	38
Depreciation and amortization									15,674	8,406	3,267
Total expenses									19,043	10,077	3,592
Operating income									18,302	10,044	3,777
Interest, dividend and other income									1	0	0
Interest Expense									(10,664)	(5,931)	(2,403)
Income from discontinued operations									7,639	4,113	1,374
Redeemable noncontrolling interests									(71)	(27)	0
Net income from discontinued operations attributable to common stockholders									7,568	4,086	1,374
Assets Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land	89,365				89,096				89,365	89,096
Building and improvements	315,958				314,805				315,958	314,805
Total	405,323				403,901				405,323	403,901
Real Estate Investment Property, Accumulated Depreciation	(20,555)				(8,709)				(20,555)	(8,709)
Net investment properties	384,768				395,192				384,768	395,192
Restricted cash and escrows	1,939				2,114				1,939	2,114
Accounts and rents receivable (net of allowance)	4,199				1,998				4,199	1,998
Acquired lease intangibles, net	60,504				64,989				60,504	64,989
Deferred costs, net	2,570				2,890				2,570	2,890
Other assets	1,500				218				1,500	218
Assets Held-for-sale, Current	455,480				467,401				455,480	467,401
Liability Held for Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgages, credit facility and securities margin payable	242,680				242,680				242,680	242,680
Accounts payable and accrued expenses	1,012				846				1,012	846
Accrued real estate taxes payable	813				513				813	513
Other liabilities	10,166				13,559				10,166	13,559
Acquired below market lease intangibles, net	1,358				1,431				1,358	1,431
Liabilities held for sale, net	$ 256,029				$ 259,029				$ 256,029	$ 259,029

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Subsequent Events (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended		3 Months Ended		1 Months Ended
	Dec. 31, 2013	Dec. 16, 2013	Mar. 31, 2014 Dividend Declared [Member] Subsequent Event [Member]	Dec. 31, 2013 Dividend Declared [Member] Subsequent Event [Member]	Mar. 31, 2014 Dividend Paid [Member] Subsequent Event [Member]	Feb. 28, 2014 Dividend Paid [Member] Subsequent Event [Member]	Jan. 31, 2014 Dividend Paid [Member] Subsequent Event [Member]	Jan. 31, 2014 Extinguishment of Debt, Type [Domain]	Mar. 10, 2014 Extinguishment of Debt, Type [Domain] Subsequent Event [Member]	Jan. 31, 2014 Tranche I [Member]	Jan. 31, 2014 Tranche I [Member] Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Daily Amount Per Share, Declared			$ 0.00164384
Cash distributions declared	$ 0.60		$ 0.60
Annualized dividend yield calculated	6.00%		6.00%
Share price (in dollars per share)	$ 10.00			$ 10.00
Dividends Common Stock Cash And Dividend Reinvestment Plan					$ 5,422	$ 6,003	$ 6,009
Net Lease Properties Sold										46	46
Net Lease Properties Aggregate Cash Sale Price		503,013								201,955	201,955
Payment of Principal on Mortgage Debt								$ 74,964	$ 6,720

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Transactions with Related Parties (Parenthetical Footnotes) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended											12 Months Ended												3 Months Ended	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2013 Business Manager and Related Parties	Dec. 31, 2012 Business Manager and Related Parties	Dec. 31, 2011 Business Manager and Related Parties	Dec. 31, 2013 Sponsor	Dec. 31, 2012 Sponsor	Dec. 31, 2013 First $1,000,000 Serviced Loans Business Manager and Related Parties	Dec. 31, 2013 Excess Amounts Over $1,000,000 Serviced Loans Business Manager and Related Parties	Dec. 31, 2013 Sales Commissions and Fees Business Manager and Related Parties	Dec. 31, 2013 Marketing Expense Business Manager and Related Parties	Dec. 31, 2013 Maximum	Dec. 31, 2013 Maximum Business Manager and Related Parties	Dec. 31, 2013 Maximum Other expense Business Manager and Related Parties	Dec. 31, 2013 7% or greater Business Manager and Related Parties	Dec. 31, 2013 7% or greater Minimum Business Manager and Related Parties	Dec. 31, 2013 Between 6% and 7% Business Manager and Related Parties	Dec. 31, 2013 Between 6% and 7% Maximum Business Manager and Related Parties	Dec. 31, 2013 Between 6% and 7% Minimum Business Manager and Related Parties	Sep. 30, 2013 Between 5% and 6% Business Manager and Related Parties	Dec. 31, 2013 Between 5% and 6% Business Manager and Related Parties	Dec. 31, 2013 Between 5% and 6% Maximum Business Manager and Related Parties	Dec. 31, 2013 Between 5% and 6% Minimum Business Manager and Related Parties
Related Party Transactions
Loan servicing fee percent												0.03%	0.01%
Serviced Loans Initial Amount												$ 1,000,000	$ 1,000,000
Related party, stock price per share (in dollars per share)							$ 9.00												$ 10.00		$ 10.00			$ 10.00
Related party, stock shares sold							0	294,331	55,203
Commssions fee, percent gross offering proceeds														7.50%	2.50%			0.50%
Commission on stock sales and other fees, reimbursement as percent of gross offering proceeds over life of offering																1.50%
Issuance costs as percent of gross proceeds																1.50%
Management fee, percent gross operating income																	4.50%
Payroll Reimbursement to Related Party Real Estate Management	2,254		1,458		827
Average annual distribution rate, minimum																				7.00%		7.00%	6.00%			6.00%	5.00%
Fee, percent average annual investments																			0.1875%		0.1625%				0.125%
Business mangement fee	14,666	[1]	1,500	[1]	1,000	[1]	14,830	9,195	4,807
Business management fee waived							164	7,695	3,807
Loan Placement Fee, Percentage							0.20%
Sponsor noninterest bearing advances, due to related parties	$ 0	[2]	$ 724	[2]						$ 0	$ 724

[1] Subject to satisfying the criteria described below, the Company pays the Business Manager a quarterly business management fee equal to a percentage of the Company’s “average invested assets” (as defined in the business management agreement), calculated as follows:(1)if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1875% of its “average invested assets” for that prior calendar quarter;(2)if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 6% annualized distribution rate but less than 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1625% of its “average invested assets” for that prior calendar quarter;(3)if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 5% annualized distribution rate but less than 6% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.125% of its “average invested assets” for that prior calendar quarter; or (4)if the Company does not satisfy the criteria in (1), (2) or (3) above in a particular calendar quarter just ended, it will not, except as set forth below, pay a business management fee for that prior calendar quarter.(5)Assuming that (1), (2) or (3) above is satisfied, the Business Manager may decide, in its sole discretion, to be paid an amount less than the total amount that may be paid. If the Business Manager decides to accept less in any particular quarter, the excess amount that is not paid may, in the Business Manager’s sole discretion, be waived permanently or deferred, without interest, to be paid at a later point in time. This obligation to pay the deferred fee terminates if the Company acquires the Business Manager. For the years ended December 31, 2013, 2012 and 2011, the Business Manager was entitled to a business management fee in the amount equal to $14,830, $9,195 and $4,807, respectively of which $164, $7,695 and $3,807, respectively was permanently waived.Separate and distinct from any business management fee, the Company will also reimburse the Business Manager, the Real Estate Managers and their affiliates for certain expenses that they, or any related party including the Sponsor, pay or incur on its behalf including the salaries and benefits of persons employed except that the Company will not reimburse either our Business Manager or Real Estate Managers for any compensation paid to individuals who also serve as the Company’s executive officers, or the executive officers of the Business Manager, the Real Estate Managers or their affiliates; provided that, for these purposes, the secretaries will not be considered “executive officers.” These costs were recorded in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

[2] As of December 31, 2012, the Company owed $724 to our Sponsor related to advances used to pay administrative and offering costs prior to the commencement of the “best efforts” offering. These amounts are included in due to related parties on the consolidated balance sheets and has been subsequently paid.

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Acquisitions (Acquisitions) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended																12 Months Ended							12 Months Ended
	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Current Year Acquisitions [Member]	Mar. 22, 2013 Retail Samson, AL Dollar General Store sqft	Sep. 26, 2013 Retail Stevens Point, WI Copps Grocery Store - Stevens Point sqft	Nov. 26, 2013 Retail Norman, Oklahoma [Member] University Town Center Phase II [Member] sqft	Dec. 31, 2012 Scenario, Previously Reported [Member]	Dec. 31, 2012 Pro Forma [Member]	Dec. 31, 2012 Mortgages	Dec. 31, 2013 Acquired Year to Date [Member]	Dec. 31, 2012 Acquired Year to Date [Member]
Business acquisition
Square Footage/Units																					12,480	69,911	64,216
Approximate purchase price																					$ 1,516	$ 15,228	$ 9,715				$ 26,459	$ 1,314,075
Proceeds from mortgages payable																	37,358	624,340	240,951	8,375
Revenue of Acquiree since Acquisition Date, Actual																	599
Earnings or Loss of Acquiree since Acquisition Date, Actual																	114
Business Acquisition, Purchase Price Allocation, Liabilities Assumed																										92,195
Business Combination, Acquisition Related Costs Excluding Earnout Adjustments																	619	5,019	2,648
Proceeds from credit facility																	0	73,500	48,000
Business Acquisition, Pro Forma Revenue																		190,999						134,335	56,664
Business Acquisition, Pro Forma Net Income (Loss)																		$ (2,690)						$ 2,616	$ (5,306)
Business Acquisition Pro Forma Earnings Per Share Basic And Diluted																		$ (0.02)						$ 0.03
Weighted average number of common shares outstanding, basic and diluted	117,895,702	[1]	117,107,314	[1]	116,255,280	[1]	115,380,042	[1]	114,436,422	[1]	104,419,606	[1]	81,159,713	[1]	64,164,709	[1]	116,667,708	91,146,154	42,105,681					91,146,154
Business Acquisition, Weighted Average Number of Shares Outstanding, Basic and Diluted																		114,727,439

[1] Quarterly income per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

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Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Schedule of variable interest entities

		Ownership % at		Investment at
Joint Venture	Description	December 31, 2013	December 31, 2012	December 31, 2013		December 31, 2012
Oak Property & Casualty LLC	Insurance Captive	20%	25%	$	484	$	248

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Mortgages, Credit Facility, and Securities Margins Payable (Maturity and Principal Payments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012	Jan. 31, 2014 Extinguishment of Debt, Type [Domain]	Dec. 31, 2013 Mortgages		Dec. 31, 2012 Mortgages	Dec. 31, 2013 Securities margin payable	Dec. 31, 2012 Securities margin payable	Dec. 31, 2013 Fixed Rate Debt		Dec. 31, 2013 Fixed Rate Debt Mortgages		Dec. 31, 2013 Variable Rate Debt	Dec. 31, 2013 Variable Rate Debt Mortgages		Dec. 31, 2013 Variable Rate Debt Line of credit	Mar. 10, 2014 Subsequent Event [Member] Extinguishment of Debt, Type [Domain]
Maturities of Long-term Debt [Line Items]
Long-term Debt, Current Maturities	$ 7,638	[1],[2]			$ 341	[3]				$ 7,638	[2]	$ 7,638	[2],[4]	$ 0	$ 0	[4]	$ 0
Long-term Debt, Maturities, Repayments of Principal in Year Two	198,656	[1]			10,090	[3]				96,016		96,016	[4]	102,640	50,140	[4]	52,500
Long-term Debt, Maturities, Repayments of Principal in Year Three	51,039	[1]			1,002	[3]				48,806		48,806	[4]	2,233	2,233	[3],[4]	0
Long-term Debt, Maturities, Repayments of Principal in Year Four	120,792	[1]			21,596	[3]				97,715		97,715	[4]	23,077	23,077	[4]	0
Long-term Debt, Maturities, Repayments of Principal in Year Five	130,311	[1]			47,205	[3]				125,131		125,131	[4]	5,180	5,180	[4]	0
Long-term Debt, Maturities, Repayments of Principal after Year Five	728,320	[1]			162,447	[3]				624,513		624,513	[4]	103,807	103,807	[4]	0
Long-term Debt	1,236,756	[1]			242,681	[3]				999,819		999,819	[4]	236,937	184,437	[4]	52,500
Weighted Average Interest Rate on Current Maturities	5.84%				5.17%	[3]				5.84%				0.00%
Weighted Average Interest Rate on Maturities in Year Two	3.59%				5.02%	[3]				5.26%				2.03%
Weighted Average Interest Rate on Maturities in Year Three	4.75%				5.15%	[3]				4.84%				2.66%
Weighted Average Interest Rate on Maturities in Year Four	4.11%				4.15%	[3]				4.47%				2.59%
Weighted Average Interest Rate on Maturities in Year Five	5.12%				5.16%	[3]				5.23%				2.52%
Weighted Average Interest Rate on Maturities in after Year Five	4.24%				4.45%	[3]				4.52%				2.55%
Debt, Weighted Average Interest Rate	4.25%				4.30%		4.32%			4.70%				2.33%
Debt, unamortized premium					1,176
Margin payable	10,341		17,872
Interest rate at end of period								0.51%	0.56%
Payment of Principal on Mortgage Debt				$ 74,964														$ 6,720
Subsequently Repaid Debt, Weighted Average Interest Rate				4.25%
Weighted Average Interest Rate, on Investment Properties Held for Sale					4.59%	[3]

[1] Excludes securities margin payable of $10,341 which is due upon the sale of marketable securities, and currently has an interest rate of 0.51% per annum, as of December 31, 2013.

[2] On March 10, 2014, the Company repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

[3] As part of the Tranche I Closing of the Net Lease Properties on January 31, 2014, the Company repaid mortgage debt with a principal balance of $74,964 and a weighted average interest rate of 4.25% as of December 31, 2013

[4] Excludes net mortgage premiums of $1,176, associated with debt assumed at acquisition, net of accumulated amortization as of December 31, 2013.

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Quarterly Supplemental Financial Information (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended																12 Months Ended
	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]
Real Estate Revenue, Net	$ 48,978		$ 55,376		$ 53,540		$ 56,487		$ 44,308		$ 35,794		$ 29,179		$ 24,205		$ 185,808	$ 113,364	$ 64,430
Income reclassified to discontinued operations	0	[1]	(9,514)	[1]	(9,272)	[1]	(9,787)	[1]	(8,572)	[1]	(6,674)	[1]	(2,827)	[1]	(2,049)	[1]
Adjusted total income	48,978		45,862		44,268		46,700		35,736		29,120		26,352		22,156
Net Income (Loss) Attributable to Parent	$ 768		$ 227		$ (1,483)		$ 205		$ (306)		$ 1,594		$ 990		$ 338		$ (283)	$ 2,616	$ (2,279)
Earnings Per Share, Basic and Diluted	$ 0.01	[2]	$ 0.00	[2]	$ (0.01)	[2]	$ 0.00	[2]	$ 0.00	[2]	$ 0.02	[2]	$ 0.01	[2]	$ 0.01	[2]	$ 0.00	$ 0.03	$ (0.05)
Weighted average number of common shares outstanding, basic and diluted	117,895,702	[2]	117,107,314	[2]	116,255,280	[2]	115,380,042	[2]	114,436,422	[2]	104,419,606	[2]	81,159,713	[2]	64,164,709	[2]	116,667,708	91,146,154	42,105,681

[1] Represents income that has been reclassified to discontinued operations since previously reported amounts in Form 10-Q or 10-K.

[2] Quarterly income per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

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Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated events and transactions that have occurred subsequent to December 31, 2013 for potential recognition and disclosure in these consolidated financial statements.

The Company's board of directors declared distributions payable to stockholders of record each day beginning on the close of business on January 1, 2013 through the close of business on March 31, 2013. Distributions were declared in a daily amount equal to $0.00164384 per share, which if paid each day for a 365-year period, would equate to $0.60 or a 6.0% annualized rate based on a purchase price of $10.00 per share. Distributions were and will continue to be paid monthly in arrears, as follows:

• In January 2014, total distributions declared for the month of December 2013 were paid cash in the amount equal to $6,009.

• In February 2014, total distributions declared for the month of January 2014 were paid cash in the amount equal to $6,003.

• In March 2014, total distributions declared for the month of February 2014 were paid cash in the amount equal to $5,422.

On December 16, 2013, the Company entered into the Purchase and Sale Agreements with Realty Income. On January 31, 2014, the Company completed the Tranche I Closing, resulting in the sale to Realty Income of a total of 46 of the Net Lease Properties for an aggregate cash purchase price of approximately $201,955. See Note 1 to these consolidated financial statements.

On February 9, 2014, the Company entered into the Merger Agreement with Kite and Merger Sub and the Master Agreement with the Business Manager. See Note 1 to these consolidated financial statements.

On March 10, 2014, the Company repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

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Unconsolidated Entities (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 REIT	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Oak Property & Casualty LLC	Dec. 31, 2012 Oak Property & Casualty LLC	Dec. 31, 2011 Oak Property & Casualty LLC	May 28, 2009 Inland Real Estate Group of Companies
Schedule of Equity Method Investments
Number of Other Owners In Limited Liability Company	1
Number of Related Party Owners In Limited Liability Company	3
Insure reimburse members’ deductible obligations property insurance amount	$ 100
Insure reimburse members’ deductible obligations general liability insurance	100
Equity method investment, ownership percentage				20.00%	25.00%
Equity method investments				484	248
Income (loss) from equity method investments	260	17	105	260	17	105
Investment owned, balance, shares							1,000
Cost-method investments, aggregate carrying amount							$ 1

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Organization Proposed Merger (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	Feb. 09, 2014
Organization diclosure
Kite Realty Group Trust par value per share	$ 0.01
Numerator For Exchange Ratio	$ 10.85
Merger Transaction Costs	$ 8,000
Maximum
Organization diclosure
Exchange ratio of Kite Common Share	$ 1.707
Merger Reference Price	$ 6.58
Seller Merger Termination Fee	43,000
Buyer Merger Termination Fee	30,000
Business Manager Liquidity Event Fee	12,000
Minimum
Organization diclosure
Exchange ratio of Kite Common Share	$ 1.650
Merger Reference Price	$ 6.36
Seller Merger Termination Fee	3,000
Business Manager Liquidity Event Fee	$ 10,235

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Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2013

Noncontrolling Interest [Abstract]

Redeemable noncontrolling interest

The following table summarizes the redeemable noncontrolling interests as of December 31, 2013.

Joint Venture	Number of Redeemable Noncontrolling Interests Units Outstanding (1)	Redeemable Noncontrolling Interests at Issuance		Carrying Value of Redeemable Noncontrolling Interests		Preferred Return per Annum		Notes
Kohl's Cumming	141,602	$	1,416	$	1,416	5.00	%	(2), (3)
City Center	2,656,450	26,565		26,758		4.00	%	(3), (4)
Crossing at Killingly	960,802	9,608		9,776		3.50	%	(3), (5)
Territory Portfolio	3,000,000	30,000		30,000		4.00	%	(6)
Total	6,758,854	$	67,589	$	67,950

(1) Redeemable noncontrolling interest units had a fair value of $10.00 each at the time of issuance.

(2) As part of the Tranche I Closing of the Net Leased Properties on January 31, 2014, the Company's ownership interest in the Kohl's Cumming joint venture, a consolidated subsidiary, was sold and the redeemable noncontrolling interests was derecognized.

(3) If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be greater of i) $10.00 per unit, plus any accumulated, accrued and unpaid distributions to and including the date of redemption or ii) the Company's share price per share.

(4) Preferred return started on June 7, 2013, upon fulfillment of the deferred investment property acquisition obligations.

(5) Preferred return will increase to 5.50% per annum on October 3, 2015. The joint venture may issue up to an additional 298,121 redeemable noncontrolling interest units to settle its earnout liability included in the Company's investment property acquisition obligation on the consolidated balance sheet (note 16).

(6) If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be $10.00 per unit plus 50% of the excess of the Company's share price per share over $10.00 per unit.

Schedule of activity of consolidated redeemable noncontrolling interest

Below is a table reflecting the activity of the consolidated redeemable noncontrolling interests as of and for the years ended December 31, 2013.

	Redeemable Noncontrolling Interests
	2013			2012
Balance at beginning of period	$	47,215		$	—
Issuance of redeemable noncontrolling interests (1)	20,473			47,115
Net income attributable to redeemable noncontrolling interests	2,440			209
Payment of preferred return	(2,178		)	(109		)
Balance at close of period	$	67,950		$	47,215

(1) On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units to settle the earnout obligation related to the City Center joint venture.

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Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - investment in marketable securities	$ 24,871	$ 31,231
Recurring basis | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - interest rate swap	0
Liability - interest rate swap	0	0
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - investment in marketable securities	9,199	9,710
Recurring basis | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - interest rate swap	2,379
Liability - interest rate swap	4,127	8,078
Recurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - investment in marketable securities	0	0
Recurring basis | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - interest rate swap	0
Liability - interest rate swap	0	0
Recurring basis | Estimate of Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - investment in marketable securities	34,070	40,941
Recurring basis | Estimate of Fair Value | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset - interest rate swap	2,379
Liability - interest rate swap	4,127	8,078
Carrying (Reported) Amount | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Mortgage debt	1,185,433	1,158,051
Estimate of Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Mortgage debt	$ 1,211,250	$ 1,189,621

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Commitments and Contingencies (Guarantor Obligations) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 property		Jun. 07, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Mortgages	Jun. 07, 2013 City Center		Sep. 28, 2012 City Center
Guarantor obligations
Contingent Issuance of Redeemable Noncontrolling Interest Units							2,047,300
Redeemable Noncontrolling Interests at Issuance	$ 20,473	[1]	$ 20,473	$ 47,115			$ 26,565	[2]	$ 6,092
Number of properties acquired	13
Earnout liability, maximum potential payment	32,906
Principal Amount Outstanding on Guarantor Obligations						284,482
Guarantor obligations, maximum exposure, undiscounted						95,499
Redeemable Noncontrolling Interest, Equity, Other, Fair Value	$ 67,950			$ 47,215	$ 0

[1] On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units to settle the earnout obligation related to the City Center joint venture.

[2] If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be greater of i) $10.00 per unit, plus any accumulated, accrued and unpaid distributions to and including the date of redemption or ii) the Company's share price per share.

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Mortgages, Credit Facility, and Securities Margins Payable Derivative Instruments (Details) (Designated as Hedging Instrument, Interest rate swaps, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	$ 2,125	$ (3,282)
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing	58	(66)
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ (2,239)

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Acquisitions (Acquired Assets and Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Jun. 07, 2013	Dec. 31, 2012	Dec. 31, 2013 Dollar General Store	Dec. 31, 2013 Copps Grocery Store - Stevens Point	Dec. 31, 2013 University Town Center Phase II [Member]	Nov. 02, 2012 University Town Center Phase II [Member]	Jan. 05, 2012 Dollar General Market [Member]	Mar. 08, 2012 Hamilton Crossing [Member]	Mar. 09, 2012 Dollar General Buffalo [Member]	Mar. 09, 2012 Shoppes At Branson Hills [Member]		Mar. 23, 2012 Shoppes At Hawk Ridge [Member]	Mar. 28, 2012 Bayonne Crossing [Member]	Apr. 03, 2012 Eastside Junction [Member]	Apr. 30, 2012 Shops at Junglington Creek [Member]	May 03, 2012 Dollar General Store - LIllian [Member]	May 03, 2012 Dollar General Store - Slocomb [Member]	May 03, 2012 Dollar General Store - Clanton [Member]	May 17, 2012 9 Bank Branch Portfolio [Member]	May 18, 2012 Dollar General Store - Marbury [Member]	May 18, 2012 Dollar General Store - Gilbertown [Member]	May 23, 2012 Elementis Worldwide Global HQ [Member]	Jun. 04, 2012 One Webster [Member]	Jun. 12, 2012 South Elgin Commons [Member]	Jun. 13, 2012 Walgreens Ne Portfolio 9 Properties [Member]		Jun. 18, 2012 Saxon Crossing [Member]	Jul. 03, 2012 Dollar General Store - Enterprise [Member]	Jul. 03, 2012 Dollar General Store - Odenville [Member]	Jul. 05, 2012 Siemens Gas Turbine Service Division [Member]	Jul. 19, 2012 Virginia Convenience Store Portfolio 5 Properties [Member]	Jul. 31, 2012 Fedex Centers [Member]	Aug. 01, 2012 Bjs at Richie Station [Member]	Aug. 06, 2012 Dollar General Market - Candler [Member]	Aug. 07, 2012 Shops at Moore [Member]	Aug. 15, 2012 Kohl's - Cumming		Aug. 15, 2012 Shoppes at Branson Hills (2) [Member]		Aug. 22, 2012 Dollar General Market - Vienna [Member]	Aug. 28, 2012 Centre Point Commons [Member]	Aug. 31, 2012 Dollar General Portfolio 15 Properties [Member]	Aug. 31, 2012 Lake City Commons II [Member]	Sep. 13, 2012 Pathmark Portfolio - 3 Properties [Member]	Sep. 14, 2012 Schnucks Portfolio - 3 Properties [Member]	Sep. 27, 2012 Dollar General Store - Anson [Member]	Sep. 27, 2012 Dollar General Store - East Bernard [Member]	Jun. 07, 2013 City Center		Dec. 31, 2012 City Center	Sep. 28, 2012 City Center		Sep. 28, 2012 Miramar Square [Member]	Oct. 03, 2012 Crossing at Killingly Commons		Oct. 03, 2012 Wheatland Town Center [Member]	Oct. 09, 2012 Dollar General Market - Resaca [Member]	Oct. 09, 2012 Dollar General Store - Hertford [Member]	Nov. 01, 2012 Landings at Ocean Isle Beach [Member]	Nov. 02, 2012 The Corner [Member]	Nov. 02, 2012 Dollar General Store - Remlap [Member]	Nov. 21, 2012 Dollar General Market - Canton [Member]	Dec. 21, 2012 Hasbro Office Building [Member]	Dec. 28, 2012 Cannery Corner [Member]	Dec. 28, 2012 Centennial Center [Member]		Dec. 28, 2012 Centennial Gateway [Member]		Dec. 28, 2012 Eastern Beltway [Member]		Dec. 28, 2012 Eastgate [Member]		Dec. 28, 2012 Lowe's Plaza [Member]	Dec. 28, 2012 Cenennial Center, Centennial Gateway, Eastern Beltway, and Eastgate [Member]	Dec. 31, 2013 Acquired Year to Date [Member]	Dec. 31, 2012 Acquired Year to Date [Member]
Business acquisition
Business Acquisition Cost Of Acquired Entity Approximate Purchase Price																																																																													$ 26,459	$ 1,314,075
Redeemable Noncontrolling Interests at Issuance	20,473	[1]	20,473	47,115																																		1,416	[2],[3]											26,565	[2]		6,092			9,608																				30,000
Business Acquisition, Purchase Price Allocation [Abstract]
Land	3,227			220,650	269	1,378	1,580	3,995	793	2,825	240	8,247	[4]	2,709	20,911	1,856	2,247	318	608	389	6,433	231	123	1,089	3,462	3,771	21,650	[5]	3,455	220	197	2,786	5,477	5,820	4,486	398	6,674	2,750	[6]	2,552	[4]	635	2,842	2,201	511	5,538	4,446	109	76				11,617	[7]	14,940	15,281	[8]	3,684	634	193	2,587	3,521	124	629	3,400	3,322	9,824	[9]	6,758	[9]	5,467	[9]	3,794	[9]	1,805
Building and Improvements	19,191			1,014,650	1,069	11,507	6,615	21,027	2,170	24,287	977	27,366	[4]	5,416	48,066	8,805	5,578	575	1,898	656	9,256	685	1,008	12,327	19,243	18,684	41,771	[5]	14,555	768	613	13,837	8,610	30,518	24,827	2,497	28,206	5,478	[6]	9,067	[4]	1,883	21,938	12,851	2,130	35,456	15,938	816	799				136,439	[7]	34,784	39,212	[8]	32,973	2,203	1,077	5,497	20,429	682	2,329	21,635	10,557	111,444	[9]	39,834	[9]	52,095	[9]	19,775	[9]	3,103
Acquired Lease Intangibles	4,041			173,468	178	2,343	1,520	3,004	627	3,975	133	7,080	[4]	1,691	8,916	1,059	685	132	333	171	2,947	139	193	4,209	690	3,196	8,120	[5]	2,743	161	124	1,089	1,613	2,962	3,087	405	5,091	273	[6]	1,132	[4]	313	3,632	3,022	269	8,179	2,240	181	174				19,231	[7]	8,716	7,408	[8]	4,152	433	151	2,165	5,198	136	403	4,773	3,628	15,884	[9]	5,858	[9]	6,938	[9]	3,279	[9]	1,125
Business Combination Recognized Identifiable Assets Acquired And Liabilties Assumed, Below Market Lease Intangibles	0			34,598	0	0	0	3,558	0	0	0	3,424	[4]	19	3,212	483	11	0	0	0	0	0	0	0	0	664	1,060	[5]	23	0	0	0	0	0	0	0	1,477	0	[6]	157	[4]	0	2,835	0	28	408	0	0	0				1,860	[7]	1,169	2,200	[8]	2,789	0	0	0	0	0	0	0	0	5,910	[9]	376	[9]	2,642	[9]	293	[9]	0
Business Combination Recognized Identifiable Assets Acquired And Liabilties Assumed, Deferred Investment Property Acquisition Obligations	0			57,990	0	0	0	2,205	0	989	0	857	[4]	0	6,806	0	985	0	0	0	0	0	0	0	0	0	0	[5]	0	0	0	0	0	0	0	0	0	0	[6]	0	[4]	0	0	0	0	0	0	0	0				19,508	[7]	0	5,093	[8]	10,647	0	0	0	3,681	0	0	0	0	2,883	[9]	3,322	[9]	0	[9]	0	[9]	1,014
Other Receivables																																																				$ 11,000	$ 10,000
Note Receivables, Interest Rate, Stated Percentage																																																					6.00%

[1] On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units to settle the earnout obligation related to the City Center joint venture.

[2] If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be greater of i) $10.00 per unit, plus any accumulated, accrued and unpaid distributions to and including the date of redemption or ii) the Company's share price per share.

[3] As part of the Tranche I Closing of the Net Leased Properties on January 31, 2014, the Company's ownership interest in the Kohl's Cumming joint venture, a consolidated subsidiary, was sold and the redeemable noncontrolling interests was derecognized.

[4] The Company closed on different buildings on March 9, 2012 and August 15, 2012 but this is considered one property.

[5] The Company assumed mortgages payable and an interest rate swap agreement associated with the acquisition of these properties (note 10).

[6] This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $1,416 as of the acquisition date.

[7] This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $6,092 as of the acquisition date. Additionally at the time of acquisition, the Company received a $10,000 note receivable, and subsequently increased to $11,000, from the redeemable noncontrolling interest holder at an interest rate of 6.00% per annum that matured on May 31, 2013 and has been repaid. The redeemable noncontrolling interest holder has pledged its redeemable noncontrolling interests as collateral to this note receivable.

[8] This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $9,608 as of the acquisition date and assumed a mortgage payable (note 10).

[9] The acquisition of this portfolio of properties includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $30,000 as of the acquisition date.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

General

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. The reclasses primarily represent reclassifications of assets and liabilities to assets and liabilities held for sale as well as revenue and expenses to discontinued operations.

Information with respect to square footage, units and occupancy is unaudited.

Consolidation

The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and entities in which the Company has a controlling financial interest. Interests of third parties in these consolidated entities are reflected as noncontrolling interests in the accompanying consolidated financial statements. Wholly owned subsidiaries generally consist of limited liability companies (LLCs). All intercompany balances and transactions have been eliminated in consolidation.

Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities, except for certain properties which have cross-collateralized first mortgages as previously disclosed.

The Company consolidates the operations of a joint venture if it determines that it's either the primary beneficiary of a variable interest entity (“VIE”) or has substantial influence and control of the entity. The primary beneficiary is the party that has the ability to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. There are significant judgments and estimates involved in determining the primary beneficiary of a variable interest entity or the determination of who has control and influence of the entity. When the Company consolidates an entity, the assets, liabilities and results of operations will be included in the consolidated financial statements.

In instances where the Company is not the primary beneficiary of a variable interest entity or it does not control the joint venture, the Company uses the equity method of accounting. Under the equity method, the operations of a joint venture are not consolidated with the Company's operations but instead its share of operations would be reflected as equity in income of unconsolidated entities on the consolidated statements of operations and other comprehensive income. Additionally, the Company's investment in the entities is reflected as investment in unconsolidated entities on the consolidated balance sheets.

Cash and Cash Equivalents

The Company considers all demand deposits and money market accounts and all short-term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.

Restricted Cash and Escrows

The Company had restricted escrows of $7,555 and $6,173 (including amounts related to investment properties held for sale) as of December 31, 2013 and 2012, respectively, which consist of cash held in escrow based on lender requirements for collateral or funds to be used for the payment of insurance, real estate taxes, tenant improvements and leasing commissions.

Revenue Recognition

The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduces revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment.

Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and decrease in the later years of a lease. The Company periodically reviews the collectability of outstanding receivables. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.

Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement.

The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets.

As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved.

Capitalization and Depreciation

Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred.

Transactional costs in connection with the acquisition of real estate properties and businesses are expensed as incurred.

Depreciation expense is computed using the straight-line method. Building and improvements are depreciated based upon estimated useful lives of 30 years and 5-15 years for furniture, fixtures and equipment and site improvements.

Tenant improvements are amortized on a straight-line basis over the shorter of the life of the asset or the term of the related lease as a component of depreciation and amortization expense. Leasing fees are amortized on a straight-line basis over the term of the related lease as a component of depreciation and amortization expense. Loan fees are amortized on a straight-line basis, which approximates the effective interest method, over the term of the related loans as a component of interest expense.

Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change.

Depreciation expense was $60,256, $34,799 and $16,715 (including amounts related to discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively.

Fair Value Measurements

The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition.

The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below:

• Level 1—Quoted prices in active markets for identical assets or liabilities.

• Level 2—Quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable.

• Level 3—model-derived valuations with unobservable inputs that are supported by little or no market activity.

Acquisition of Investment Properties

Upon acquisition, the Company determines the total purchase price of each property (note 3), which includes the estimated contingent consideration to be paid or received in future periods (note 16). The Company allocates the total purchase price of properties and businesses based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources.

Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period ranging from one to three years from the date of acquisition. If at the end of the time period certain space has not been leased, occupied and rent producing, the Company will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on its best estimate, the Company has recorded a liability for the potential future earnout payments using estimated fair value at the date of acquisition using Level 3 inputs including lease-up periods ranging from one to three years, market rents ranging from $9.60 to $45.00, probability of occupancy ranging from 90% to 100% based on leasing activity and discount rates, generally 10%. The Company has recorded these earnout amounts as additional purchase price of the related properties and as a liability included in deferred investment property acquisition obligations on the consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the consolidated statements of operations and other comprehensive income. The Company records changes in the underlying liability assumptions to other property income on the consolidated statements of operations and other comprehensive income.

The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value are amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below-market lease values, the amortization period includes bargain renewal option periods at a fixed rate. Amortization pertaining to the above market lease value of $6,578, $4,496 and $3,000 (including amounts related to discontinued operations) was recorded as a reduction to rental income for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization pertaining to the below market lease value of $3,373, $1,641 and $985 (including amounts related to discontinued operations) was recorded as an increase to rental income for the years ended December 31, 2013, 2012 and 2011, respectively.

The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted-average remaining term. The Company incurred amortization expense pertaining to acquired in-place lease intangibles of $26,712, $15,916 and $10,107 (including amounts related to discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. The portion of the purchase price allocated to customer relationship value is amortized on a straight-line basis over the weighted-average remaining lease term. As of December 31, 2013, no amount has been allocated to customer relationship value.

The following table summarizes the Company’s identified intangible assets and liabilities (including amounts related to investment properties held for sale) as of December 31, 2013 and 2012.

	December 31,
	2013			2012
Intangible assets:
Acquired in-place lease value	$	272,060		$	269,615
Acquired above market lease value	48,955			49,581
Accumulated amortization	(65,752		)	(34,684		)
Acquired lease intangibles, net	$	255,263		$	284,512
Intangible liabilities:
Acquired below market lease value	$	52,636		$	53,241
Accumulated amortization	(5,546		)	(2,779		)
Acquired below market lease intangibles, net	$	47,090		$	50,462

As of December 31, 2013, the weighted average amortization periods for acquired in-place lease, above market lease and below market lease intangibles (excluding amounts related to investment properties held for sale) are 12, 9 and 23 years, respectively.

Estimated amortization of the respective intangible lease assets and liabilities (excluding amounts related to investment properties held for sale) as of December 31, 2013 for each of the five succeeding years and thereafter is as follows:

	In-place Leases		Above Market Leases		Below Market Leases
2014	$	21,664	$	4,153	$	2,738
2015	21,390		3,847		2,641
2016	20,868		3,517		2,527
2017	19,922		3,229		2,493
2018	17,169		2,353		2,410
Thereafter	69,669		6,978		32,923
Total	$	170,682	$	24,077	$	45,732

Investment Properties Held For Sale

The Company will classify an investment property as held for sale in the period in which it has committed to a plan to dispose of the property, the Company’s Board of Directors has approved the sale of the property, are in the process of finding or have found a buyer, the property is available for immediate sale and subject only to sales terms that are usual and customary, and the sale of the property is probable and is expected to be completed within one year without significant changes. The Company suspends depreciation on the investment properties held for sale, including depreciation for tenant improvements and additions, as well as on the amortization of acquired in-place leases. The Company will classify the assets and related liabilities as held for sale in its consolidated balance sheets in the period the held for sale criteria is met and reclassify for presentation purposes all prior periods presented. The Company does not allocate any general and administrative expenses to discontinued operations and only interest expense to the extent the held for sale property is secured by specific mortgage debt and the mortgage debt will not be assigned to another property owned by the Company after the disposition. During December 2013, the Net Lease Properties met the criteria to be held for sale and was classified as held for sale as of December 31, 2013 and 2012. Assets and liabilities related to the Merger Agreement were not classified as held for sale as of December 31, 2013 and 2012.

Disposition of Real Estate

The Company accounts for dispositions in accordance with U.S. GAAP. The Company recognizes a gain or loss in full when a property is sold. A sale is considered complete when the profit is determinable, the collectability of the sales price is reasonably assured or can be estimated, and when the earnings process is virtually complete, and the Company is not obliged to perform significant activities after the sale to earn the profit. The Company records the transaction as discontinued operations for all periods presented in accordance with U.S. GAAP.

Impairment of Investment Properties

The Company assesses the carrying values of its respective long-lived assets classified as held and used whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.

The Company estimates the future undiscounted cash flows based on the estimated future net rental income from operating the property and termination value.

The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of the real estate properties.

The Company assesses the carrying value for all properties classified as held for sale for possible impairment. If the fair value less selling costs is less than the current carrying value, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the fair value less selling costs.

During the years ended December 31, 2013, 2012 and 2011, the Company incurred no impairment charges for any investment property classified as held and used or held for sale.

Impairment of Marketable Securities

The Company assesses the investments in marketable securities for impairment. A decline in the market value of any available-for-sale or held-to-maturity security below cost, that is deemed to be other-than-temporary will result in an impairment to reduce the carrying amount to fair value using Level 1 and 2 inputs (note 7). The impairment will be charged to earnings and a new cost basis for the security will be established. To determine whether impairment is other-than-temporary, the Company considers whether they have the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. The Company considers the following factors in evaluating our securities for impairments that are other than temporary:

• declines in the REIT and overall stock market relative to our security positions; and

• the estimated net asset value (“NAV”) of the companies it invests in relative to their current market prices;

• future growth prospects and outlook for companies using analyst reports and company guidance, including dividend coverage, NAV estimates and growth in “funds from operations,” or “FFO;” and duration of the decline in the value of the securities.

During the years ended December 31, 2013, 2012 and 2011, the Company incurred no other-than-temporary impairment charges.

Redeemable Noncontrolling Interests

Certain of the Company's consolidated joint ventures have issued units to noncontrolling interest holders that are redeemable at the noncontrolling interest holder's option for cash or for shares of the Company's common stock at the Company's option. If the noncontrolling interest holder seeks redemption of its units for the Company's shares, the joint ventures may redeem the units through issuance of common shares by the Company on a one-for-one basis or through cash settlement at the redemption price. The redemption is at the option of the holder after passage of time or upon the occurrence of an event that is not solely within the control of the joint ventures. Because redemption of the noncontrolling interests is outside of the applicable joint venture's control, the interests are presented on the consolidated balance sheets outside of permanent equity as redeemable noncontrolling interests. None of the noncontrolling interests are currently redeemable, but it is probable that the noncontrolling interests will become redeemable. Based on such probability, the Company measures and records the noncontrolling interests at their maximum redemption amount at each balance sheet date. Any adjustments to the carrying amount of the redeemable noncontrolling interests for changes in the maximum redemption amount are recorded to additional paid in capital in the period of the change (see note 11).

At issuance, the fair value of the redeemable noncontrolling interests were estimated by applying the income approach, which included significant inputs that are not observable (Level 3), including discount rates and redemption values.

REIT Status

The Company has qualified and has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2009. Because the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its taxable income (subject to certain adjustments) to its stockholders. The Company will monitor the business and transactions that may potentially impact our REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income.

Derivatives

The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.

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Redeemable Noncontrolling Interest (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended																									12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011	Jun. 07, 2013	Dec. 31, 2013 Kohl's - Cumming		Aug. 15, 2012 Kohl's - Cumming		Dec. 31, 2013 City Center		Jun. 07, 2013 City Center		Sep. 28, 2012 City Center		Oct. 03, 2012 Crossing at Killingly Commons	Dec. 31, 2013 Crossing at Killingly Commons Joint Venture, Dayville Investors		Oct. 03, 2012 Crossing at Killingly Commons Joint Venture, Dayville Investors		Dec. 31, 2013 Territory Portfolio		Dec. 27, 2012 Territory Portfolio		Oct. 03, 2012 October 3, 2015 and Thereafter Crossing at Killingly Commons Joint Venture, Dayville Investors	Dec. 31, 2013 Contingent Issuance of Redeemable Noncontrolling Interest Units
Redeemable Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest Units	6,758,854	[1]						141,602	[1],[2],[3]					2,656,450	[1],[2]				960,802	[1],[2]			3,000,000	[1],[4]
Redeemable Noncontrolling Interests at Issuance	$ 20,473	[5]	$ 47,115		$ 20,473			$ 1,416	[2],[3]			$ 26,565	[2]	$ 6,092		$ 9,608			$ 9,608	[2]			$ 30,000	[4]
Redeemable Noncontrolling Interests Outstanding	67,589
Carrying Value of Redeemable Noncontrolling Interests	67,950					1,416	[2],[3]			26,758	[2]						9,776	[2]			30,000	[4]
Preferred Return per Annum								5.00%	[2],[3]					4.00%	[2],[6]				3.50%	[2],[7]			4.00%	[4]	5.50%
Share price (in dollars per share)	$ 10.00
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount																										298,121
Redemption Value, Percent of Excess Share Price Per Share Deducted From Share Price Per Share																							50.00%
Redeemable Noncontrolling Interests [Roll Forward]
Redeemable Noncontrolling Interest, Beginning Balance	47,215		0
Issuance of redeemable noncontrolling interests	20,473	[5]	47,115		20,473			1,416	[2],[3]			26,565	[2]	6,092		9,608			9,608	[2]			30,000	[4]
Net income attributable to redeemable noncontrolling interests	2,440		209	0
Payment of preferred return	(2,178)		(109)
Redeemable Noncontrolling Interest, Ending Balance	$ 67,950		$ 47,215	$ 0
Contingent Issuance of Redeemable Noncontrolling Interest Units												2,047,300

[1] Redeemable noncontrolling interest units had a fair value of $10.00 each at the time of issuance.

[2] If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be greater of i) $10.00 per unit, plus any accumulated, accrued and unpaid distributions to and including the date of redemption or ii) the Company's share price per share.

[3] As part of the Tranche I Closing of the Net Leased Properties on January 31, 2014, the Company's ownership interest in the Kohl's Cumming joint venture, a consolidated subsidiary, was sold and the redeemable noncontrolling interests was derecognized.

[4] If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be $10.00 per unit plus 50% of the excess of the Company's share price per share over $10.00 per unit.

[5] On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units to settle the earnout obligation related to the City Center joint venture.

[6] Preferred return started on June 7, 2013, upon fulfillment of the deferred investment property acquisition obligations.

[7] Preferred return will increase to 5.50% per annum on October 3, 2015. The joint venture may issue up to an additional 298,121 redeemable noncontrolling interest units to settle its earnout liability included in the Company's investment property acquisition obligation on the consolidated balance sheet (note 16).

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Organization Net Lease Sale Transactions (Details) (USD $) In Thousands, unless otherwise specified	Dec. 16, 2013 property	Jan. 31, 2014 Tranche I [Member]	Jan. 31, 2014 Office Properties property	Dec. 31, 2013 Office Properties property	Jan. 31, 2014 Industrial property	Dec. 31, 2013 Industrial property	Jan. 31, 2014 Retail and Office Properties sqft	Dec. 31, 2013 Retail and Office Properties sqft	Jan. 31, 2014 Multi-Family Properties property property_unit	Dec. 31, 2013 Multi-Family Properties property_unit property	Jan. 31, 2014 Retail property	Dec. 31, 2013 Retail property	Jan. 31, 2014 City Center Multi-Family Properties property_unit	Dec. 31, 2013 City Center Multi-Family Properties property_unit
Organization diclosure
Net Lease Properties Sold		46
Net Lease Properties Aggregate Cash Sale Price	$ 503,013	$ 201,955
Sale of Net Lease Properties Net Proceeds Received		$ 126,312
Number of Real Estate Properties			3	4	1	2			2	2	91	135
Square Footage/Units							11,500,000	12,500,000
Number of Units in Real Estate Property									420	420			24	24
Total Net Lease properties held for sale	84

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Schedule of intangible assets and liabilities

The following table summarizes the Company’s identified intangible assets and liabilities (including amounts related to investment properties held for sale) as of December 31, 2013 and 2012.

	December 31,
	2013			2012
Intangible assets:
Acquired in-place lease value	$	272,060		$	269,615
Acquired above market lease value	48,955			49,581
Accumulated amortization	(65,752		)	(34,684		)
Acquired lease intangibles, net	$	255,263		$	284,512
Intangible liabilities:
Acquired below market lease value	$	52,636		$	53,241
Accumulated amortization	(5,546		)	(2,779		)
Acquired below market lease intangibles, net	$	47,090		$	50,462

Future amortization of the intangible lease assets and liabilities

Estimated amortization of the respective intangible lease assets and liabilities (excluding amounts related to investment properties held for sale) as of December 31, 2013 for each of the five succeeding years and thereafter is as follows:

	In-place Leases		Above Market Leases		Below Market Leases
2014	$	21,664	$	4,153	$	2,738
2015	21,390		3,847		2,641
2016	20,868		3,517		2,527
2017	19,922		3,229		2,493
2018	17,169		2,353		2,410
Thereafter	69,669		6,978		32,923
Total	$	170,682	$	24,077	$	45,732

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

General

General

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. The reclasses primarily represent reclassifications of assets and liabilities to assets and liabilities held for sale as well as revenue and expenses to discontinued operations.

Information with respect to square footage, units and occupancy is unaudited.

Consolidation

Consolidation

The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and entities in which the Company has a controlling financial interest. Interests of third parties in these consolidated entities are reflected as noncontrolling interests in the accompanying consolidated financial statements. Wholly owned subsidiaries generally consist of limited liability companies (LLCs). All intercompany balances and transactions have been eliminated in consolidation.

Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities, except for certain properties which have cross-collateralized first mortgages as previously disclosed.

The Company consolidates the operations of a joint venture if it determines that it's either the primary beneficiary of a variable interest entity (“VIE”) or has substantial influence and control of the entity. The primary beneficiary is the party that has the ability to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. There are significant judgments and estimates involved in determining the primary beneficiary of a variable interest entity or the determination of who has control and influence of the entity. When the Company consolidates an entity, the assets, liabilities and results of operations will be included in the consolidated financial statements.

In instances where the Company is not the primary beneficiary of a variable interest entity or it does not control the joint venture, the Company uses the equity method of accounting. Under the equity method, the operations of a joint venture are not consolidated with the Company's operations but instead its share of operations would be reflected as equity in income of unconsolidated entities on the consolidated statements of operations and other comprehensive income. Additionally, the Company's investment in the entities is reflected as investment in unconsolidated entities on the consolidated balance sheets.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all demand deposits and money market accounts and all short-term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.

Restricted Cash and Escrows

Restricted Cash and Escrows

The Company had restricted escrows of $7,555 and $6,173 (including amounts related to investment properties held for sale) as of December 31, 2013 and 2012, respectively, which consist of cash held in escrow based on lender requirements for collateral or funds to be used for the payment of insurance, real estate taxes, tenant improvements and leasing commissions.

Revenue Recognition

Revenue Recognition

The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduces revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment.

Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and decrease in the later years of a lease. The Company periodically reviews the collectability of outstanding receivables. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.

Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement.

The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets.

As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved.

Capitalization and Depreciation

Capitalization and Depreciation

Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred.

Transactional costs in connection with the acquisition of real estate properties and businesses are expensed as incurred.

Depreciation expense is computed using the straight-line method. Building and improvements are depreciated based upon estimated useful lives of 30 years and 5-15 years for furniture, fixtures and equipment and site improvements.

Tenant improvements are amortized on a straight-line basis over the shorter of the life of the asset or the term of the related lease as a component of depreciation and amortization expense. Leasing fees are amortized on a straight-line basis over the term of the related lease as a component of depreciation and amortization expense. Loan fees are amortized on a straight-line basis, which approximates the effective interest method, over the term of the related loans as a component of interest expense.

Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change.

Fair Value Measurements

Fair Value Measurements

The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition.

The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below:

• Level 1—Quoted prices in active markets for identical assets or liabilities.

• Level 2—Quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable.

• Level 3—model-derived valuations with unobservable inputs that are supported by little or no market activity.

Acquisition of Investment Properties

Acquisition of Investment Properties

Upon acquisition, the Company determines the total purchase price of each property (note 3), which includes the estimated contingent consideration to be paid or received in future periods (note 16). The Company allocates the total purchase price of properties and businesses based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources.

Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase prices unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period ranging from one to three years from the date of acquisition. If at the end of the time period certain space has not been leased, occupied and rent producing, the Company will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on its best estimate, the Company has recorded a liability for the potential future earnout payments using estimated fair value at the date of acquisition using Level 3 inputs including lease-up periods ranging from one to three years, market rents ranging from $9.60 to $45.00, probability of occupancy ranging from 90% to 100% based on leasing activity and discount rates, generally 10%. The Company has recorded these earnout amounts as additional purchase price of the related properties and as a liability included in deferred investment property acquisition obligations on the consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the consolidated statements of operations and other comprehensive income. The Company records changes in the underlying liability assumptions to other property income on the consolidated statements of operations and other comprehensive income.

The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value are amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below-market lease values, the amortization period includes bargain renewal option periods at a fixed rate. Amortization pertaining to the above market lease value of $6,578, $4,496 and $3,000 (including amounts related to discontinued operations) was recorded as a reduction to rental income for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization pertaining to the below market lease value of $3,373, $1,641 and $985 (including amounts related to discontinued operations) was recorded as an increase to rental income for the years ended December 31, 2013, 2012 and 2011, respectively.

The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted-average remaining term. The Company incurred amortization expense pertaining to acquired in-place lease intangibles of $26,712, $15,916 and $10,107 (including amounts related to discontinued operations) for the years ended December 31, 2013, 2012 and 2011, respectively. The portion of the purchase price allocated to customer relationship value is amortized on a straight-line basis over the weighted-average remaining lease term. As of December 31, 2013, no amount has been allocated to customer relationship value.

Investment Properties Held For Sale

Investment Properties Held For Sale

The Company will classify an investment property as held for sale in the period in which it has committed to a plan to dispose of the property, the Company’s Board of Directors has approved the sale of the property, are in the process of finding or have found a buyer, the property is available for immediate sale and subject only to sales terms that are usual and customary, and the sale of the property is probable and is expected to be completed within one year without significant changes. The Company suspends depreciation on the investment properties held for sale, including depreciation for tenant improvements and additions, as well as on the amortization of acquired in-place leases. The Company will classify the assets and related liabilities as held for sale in its consolidated balance sheets in the period the held for sale criteria is met and reclassify for presentation purposes all prior periods presented. The Company does not allocate any general and administrative expenses to discontinued operations and only interest expense to the extent the held for sale property is secured by specific mortgage debt and the mortgage debt will not be assigned to another property owned by the Company after the disposition. During December 2013, the Net Lease Properties met the criteria to be held for sale and was classified as held for sale as of December 31, 2013 and 2012. Assets and liabilities related to the Merger Agreement were not classified as held for sale as of December 31, 2013 and 2012.

Disposition of Real Estate

Disposition of Real Estate

The Company accounts for dispositions in accordance with U.S. GAAP. The Company recognizes a gain or loss in full when a property is sold. A sale is considered complete when the profit is determinable, the collectability of the sales price is reasonably assured or can be estimated, and when the earnings process is virtually complete, and the Company is not obliged to perform significant activities after the sale to earn the profit. The Company records the transaction as discontinued operations for all periods presented in accordance with U.S. GAAP.

Impairment of Investment Properties

Impairment of Investment Properties

The Company assesses the carrying values of its respective long-lived assets classified as held and used whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.

The Company estimates the future undiscounted cash flows based on the estimated future net rental income from operating the property and termination value.

The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of the real estate properties.

The Company assesses the carrying value for all properties classified as held for sale for possible impairment. If the fair value less selling costs is less than the current carrying value, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the fair value less selling costs.

Impairment of Marketable Securities

Impairment of Marketable Securities

The Company assesses the investments in marketable securities for impairment. A decline in the market value of any available-for-sale or held-to-maturity security below cost, that is deemed to be other-than-temporary will result in an impairment to reduce the carrying amount to fair value using Level 1 and 2 inputs (note 7). The impairment will be charged to earnings and a new cost basis for the security will be established. To determine whether impairment is other-than-temporary, the Company considers whether they have the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. The Company considers the following factors in evaluating our securities for impairments that are other than temporary:

• declines in the REIT and overall stock market relative to our security positions; and

• the estimated net asset value (“NAV”) of the companies it invests in relative to their current market prices;

• future growth prospects and outlook for companies using analyst reports and company guidance, including dividend coverage, NAV estimates and growth in “funds from operations,” or “FFO;” and duration of the decline in the value of the securities.

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interests

Certain of the Company's consolidated joint ventures have issued units to noncontrolling interest holders that are redeemable at the noncontrolling interest holder's option for cash or for shares of the Company's common stock at the Company's option. If the noncontrolling interest holder seeks redemption of its units for the Company's shares, the joint ventures may redeem the units through issuance of common shares by the Company on a one-for-one basis or through cash settlement at the redemption price. The redemption is at the option of the holder after passage of time or upon the occurrence of an event that is not solely within the control of the joint ventures. Because redemption of the noncontrolling interests is outside of the applicable joint venture's control, the interests are presented on the consolidated balance sheets outside of permanent equity as redeemable noncontrolling interests. None of the noncontrolling interests are currently redeemable, but it is probable that the noncontrolling interests will become redeemable. Based on such probability, the Company measures and records the noncontrolling interests at their maximum redemption amount at each balance sheet date. Any adjustments to the carrying amount of the redeemable noncontrolling interests for changes in the maximum redemption amount are recorded to additional paid in capital in the period of the change (see note 11).

At issuance, the fair value of the redeemable noncontrolling interests were estimated by applying the income approach, which included significant inputs that are not observable (Level 3), including discount rates and redemption values.

REIT Status

REIT Status

The Company has qualified and has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2009. Because the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its taxable income (subject to certain adjustments) to its stockholders. The Company will monitor the business and transactions that may potentially impact our REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income.

Derivatives

Derivatives

The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.

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Mortgages, Credit Facility, and Securities Margins Payable (Narrative) (Details) (USD $) In Thousands, unless otherwise specified									12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Mortgages	Dec. 31, 2012 Mortgages	Dec. 31, 2013 Securities margin payable	Dec. 31, 2012 Securities margin payable	Feb. 20, 2013 Tucson, AZ First Mortgage Retail	Sep. 26, 2013 Stevens Point, WI First Mortgage Retail	Dec. 31, 2013 Line of credit	Dec. 31, 2012 Line of credit	Nov. 02, 2012 Line of credit
Line of Credit Facility [Line Items]
Loans payable			$ 1,184,256	$ 1,156,582
Debt, Weighted Average Interest Rate	4.25%		4.30%	4.32%
Debt Instrument, Face Amount							14,750	8,375
Stated interest rate per annum							4.10%	3.95%
Line of Credit Facility, Maximum Borrowing Capacity											105,000
Line of Credit Facility, Borrowing Capacity Increase, Lender Appproval											200,000
Notice Period to Terminate the Credit Facility									1 day
Line of Credit Facility, Interest Rate at Period End									2.14%
Debtor-in-Possession Financing, Fee on Unused Borrowings											0.35%
Line of Credit Facility, Amount Outstanding									52,500	73,500
Margin payable	$ 10,341	$ 17,872
Interest rate at end of period					0.51%	0.56%

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Summary of Significant Accounting Policies - Narrative (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Restricted escrow	$ 7,555	$ 6,173
Depreciation	60,256	34,799	16,715
Minimum
Earnout Liability Term	1 year
Maximum
Earnout Liability Term	3 years
Building and improvements
Property, plant and equipment, useful life	30 years
Furniture, fixtures, equipment, and site improvements | Minimum
Property, plant and equipment, useful life	5 years
Furniture, fixtures, equipment, and site improvements | Maximum
Property, plant and equipment, useful life	15 years
Level 3 [Member] | Minimum
Fair Value Inputs, Lease Up Period	1 year
Fair Value Inputs, Market Rents	9.60
Fair Value Inputs, Probabiilty of Occupancy	90.00%
Level 3 [Member] | Maximum
Fair Value Inputs, Lease Up Period	3 years
Fair Value Inputs, Market Rents	45.00
Fair Value Inputs, Probabiilty of Occupancy	100.00%
Fair Value Inputs, Discount Rate	10.00%
Below Market Leases [Member]
Amortization of Acquired Intangible Assets	3,373	1,641	985
Above market leases
Amortization of Acquired Intangible Assets	6,578	4,496	3,000
Leases, acquired in-place
Amortization of Acquired Intangible Assets	$ 26,712	$ 15,916	$ 10,107

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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Major assets acquired and liabilities assumed

The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2013. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date:

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Dollar General Store	$	269	$	1,069	$	178	$	—	$	—
Copps Grocery Store	1,378		11,507		2,343		—		—
University Town Center Phase II	1,580		6,615		1,520		—		—
Total	$	3,227	$	19,191	$	4,041	$	—	$	—

The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2012. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date:

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Dollar General Market	$	793	$	2,170	$	627	$	—	$	—
Hamilton Crossing	2,825		24,287		3,975		—		989
Dollar General – Buffalo	240		977		133		—		—
Shoppes at Branson Hills (1)	8,247		27,366		7,080		3,424		857
Shoppes at Hawk Ridge	2,709		5,416		1,691		19		—
Bayonne Crossing	20,911		48,066		8,916		3,212		6,806
Eastside Junction	1,856		8,805		1,059		483		—
Shops at Julington Creek	2,247		5,578		685		11		985
Dollar General Store - Lillian	318		575		132		—		—
Dollar General Market - Slocomb	608		1,898		333		—		—
Dollar General Store - Clanton	389		656		171		—		—
Bank Branch Portfolio - 9 properties	6,433		9,256		2,947		—		—
Dollar General Store - Marbury	231		685		139		—		—
Dollar General Store - Gilbertown	123		1,008		193		—		—
Elementis Worldwide Global HQ	1,089		12,327		4,209		—		—
One Webster	3,462		19,243		690		—		—
South Elgin Commons	3,771		18,684		3,196		664		—
Walgreens NE Portfolio - 9 properties (2)	21,650		41,771		8,120		1,060		—
Saxon Crossing	3,455		14,555		2,743		23		—
Dollar General Store - Enterprise	220		768		161		—		—
Dollar General Store - Odenville	197		613		124		—		—
Siemens Gas Turbine Service Division	2,786		13,837		1,089		—		—
Virginia Convenience Store Portfolio - 5 Properties	5,477		8,610		1,613		—		—
FedEx Distribution Centers	5,820		30,518		2,962		—		—
BJ's at Richie Station	4,486		24,827		3,087		—		—
Dollar General Market - Candler	398		2,497		405		—		—
Shops at Moore	6,674		28,206		5,091		1,477		—
Kohl's - Cumming (3)	2,750		5,478		273		—		—
Shoppes at Branson Hills (1)	2,552		9,067		1,132		157		—
Dollar General Market - Vienna	635		1,883		313		—		—
Centre Point Commons	2,842		21,938		3,632		2,835		—
Dollar General Portfolio - 15 properties	2,201		12,851		3,022		—		—
Lake City Commons II	511		2,130		269		28		—
Pathmark Portfolio - 3 properties	5,538		35,456		8,179		408		—
Schnucks Portfolio - 3 properties	4,446		15,938		2,240		—		—
Dollar General Store - Anson	109		816		181		—		—
Dollar General Store - East Bernard	76		799		174		—		—
City Center (4)	11,617		136,439		19,231		1,860		19,508
Miramar Square	14,940		34,784		8,716		1,169		—
Crossing at Killingly Commons (5)	15,281		39,212		7,408		2,200		5,093
Wheatland Town Center	3,684		32,973		4,152		2,789		10,647
Dollar General Market - Resaca	634		2,203		433		—		—
Dollar General Store - Hertford	193		1,077		151		—		—

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Landings at Ocean Isle Beach	2,587		5,497		2,165		—		—
The Corner	3,521		20,429		5,198		—		3,681
University Town Center Phase II	3,995		21,027		3,004		3,558		2,205
Dollar General Store - Remlap	124		682		136		—		—
Dollar General Market - Canton	629		2,329		403		—		—
Hasbro Office Building	3,400		21,635		4,773		—		—
Cannery Corner	3,322		10,557		3,628		—		—
Centennial Center (6)	9,824		111,444		15,884		5,910		2,883
Centennial Gateway (6)	6,758		39,834		5,858		376		3,322
Eastern Beltway (6)	5,467		52,095		6,938		2,642		—
Eastgate (6)	3,794		19,775		3,279		293		—
Lowe's Plaza	1,805		3,103		1,125		—		1,014
Total	$	220,650	$	1,014,650	$	173,468	$	34,598	$	57,990

(1) The Company closed on different buildings on March 9, 2012 and August 15, 2012 but this is considered one property.

(2) The Company assumed mortgages payable and an interest rate swap agreement associated with the acquisition of these properties (note 10).

(3) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $1,416 as of the acquisition date.

(4) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $6,092 as of the acquisition date. Additionally at the time of acquisition, the Company received a $10,000 note receivable, and subsequently increased to $11,000, from the redeemable noncontrolling interest holder at an interest rate of 6.00% per annum that matured on May 31, 2013 and has been repaid. The redeemable noncontrolling interest holder has pledged its redeemable noncontrolling interests as collateral to this note receivable.

(5) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $9,608 as of the acquisition date and assumed a mortgage payable (note 10).

(6) The acquisition of this portfolio of properties includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $30,000 as of the acquisition date.

Condensed pro forma financial information

The following condensed pro forma financial information has not been adjusted for discontinued operations is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2012 acquisitions had been consummated as of January 1, 2011, nor does it purport to represent the results of operations for future periods.

	For the year ended December 31, 2012
	Historical		Pro Forma Adjustments (unaudited)			As Adjusted (unaudited)
Total income	$	134,335	$	56,664		$	190,999
Net income (loss) attributable to common stockholders	$	2,616	$	(5,306	)	$	(2,690	)
Net income (loss) attributable to common stockholders per common share, basic and diluted	$	0.03				$	(0.02	)
Weighted average number of common shares outstanding, basic and diluted	91,146,154					114,727,439

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Discontinued Operations and Investment Properties Held for Sale (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Investment Properties Held for Sale [Abstract]

Assets and Liabilities Held for Sale

The following table presents the assets and liabilities associated with the held for sale properties:

	December 31,
Assets	2013			2012
Investment properties:
Land	$	89,365		$	89,096
Building and improvements	315,958			314,805
Total	405,323			403,901
Less accumulated depreciation	(20,555		)	(8,709		)
Net investment properties	384,768			395,192
Restricted cash and escrows	1,939			2,114
Accounts and rents receivable, net	4,199			1,998
Acquired lease intangibles, net	60,504			64,989
Deferred costs, net	2,570			2,890
Other assets	1,500			218
Total assets held for sale	$	455,480		$	467,401
Liabilities
Mortgages payable	$	242,680		$	242,680
Accounts payable and accrued expenses	1,012			846
Accrued real estate taxes payable	813			513
Other liabilities	10,166			13,559
Acquired below market lease intangibles, net	1,358			1,431
Total liabilities held for sale	$	256,029		$	259,029

Discontinued Operations

The results of operations for the investment properties that are accounted for as discontinued operations are presented for each of the years ended December 31, 2013, 2012 and 2011in the table below:

	Year Ended December 31,
	2013			2012			2011
Income:
Rental income	$	35,587		$	19,129		$	7,253
Tenant recovery income	1,640			876			38
Other property income	118			116			78
Total income	37,345			20,121			7,369
Expenses:
Property operating expenses	2,003			1,002			287
Real estate taxes	1,366			669			38
Depreciation and amortization	15,674			8,406			3,267
Total expenses	19,043			10,077			3,592
Operating income	18,302			10,044			3,777
Interest, dividend and other income	1			—			—
Interest expense	(10,664		)	(5,931		)	(2,403		)
Income from discontinued operations	7,639			4,113			1,374
Redeemable noncontrolling interests associated with discontinued operations	(71		)	(27		)	—
Net income from discontinued operations attributable to common stockholders	$	7,568		$	4,086		$	1,374

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Organization

12 Months Ended

Dec. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Inland Diversified Real Estate Trust, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) was formed on June 30, 2008 (inception) to acquire and develop a diversified portfolio of commercial real estate investments located in the United States and Canada. The Company has entered into a Business Management Agreement (the “Agreement”) with Inland Diversified Business Manager & Advisor, Inc. (the “Business Manager”), to be the Business Manager to the Company. The Business Manager is a related party to our sponsor, Inland Real Estate Investment Corporation (the “Sponsor”). In addition, Inland Diversified Real Estate Services LLC, Inland Diversified Asset Services LLC, Inland Diversified Leasing Services LLC and Inland Diversified Development Services LLC, which are indirectly controlled by the four principals of The Inland Group, Inc. (collectively, the “Real Estate Managers”), serve as the Company’s real estate managers. The Company was authorized to sell up to 500,000,000 shares of common stock (“Shares”) at $10.00 each in its “best efforts” offering which commenced on August 24, 2009 and up to 50,000,000 shares at $9.50 each issuable pursuant to the Company’s distribution reinvestment plan (“DRP”). The “best efforts” portion of the offering was completed on August 23, 2012. On November 13, 2013, the Company's board of directors voted to suspend the DRP until further notice, effective immediately.

At December 31, 2013, the Company owned 135 retail properties, four office properties and two industrial properties collectively totaling 12.5 million square feet including 24 multi-family units and two multi-family properties totaling 420 units. As of December 31, 2013, the portfolio had a weighted average physical occupancy and economic occupancy of 96.1% and 97.2%, respectively. Economic occupancy excludes square footage associated with an earnout component. At the time that we acquired certain properties, the purchase agreement contained an earnout component to the purchase price, meaning the Company did not pay a portion of the purchase price at closing related to certain vacant spaces, although it owns the entire property. The Company is not obligated to settle this contingent purchase price unless the seller obtains leases for the vacant space within the time limits and parameters set forth in the applicable acquisition agreement (note 16).

Proposed Merger

On February 9, 2014, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Kite Realty Group Trust, a publicly traded (NYSE: KRG) Maryland real estate investment trust (“Kite”), and KRG Magellan, LLC, a Maryland limited liability company and a direct wholly owned subsidiary of Kite (“Merger Sub”). The Merger Agreement provides for, upon the terms and conditions of the Merger Agreement, the merger of the Company with and into Merger Sub, with Merger Sub surviving the Merger as a direct wholly owned subsidiary of Kite (the “Merger”). Pursuant to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of the Company’s common stock will be converted into the right to receive shares of beneficial interest of Kite, par value $0.01 per share (“Kite Common Shares”), based on:

• an exchange ratio of 1.707 Kite Common Shares for each share of our common stock if the volume-weighted average trading price of Kite Common Shares for the ten consecutive trading days ending on the third trading day preceding the meeting of our stockholders to approve the Merger (the “Reference Price”) is equal to or less than $6.36;

• a floating exchange ratio if the Reference Price is more than $6.36 or less than $6.58 (with such floating exchange ratio being determined by dividing $10.85 by the Reference Price); and

• an exchange ratio of 1.650 Kite Common Shares for each share of our common stock if the Reference Price is $6.58 or greater.

Pursuant to the Merger Agreement, upon the effective time of the merger, the board of trustees of Kite will consist of nine members, six of whom will be current trustees of Kite and three of whom will be designated by us.

The completion of the Merger is subject to a number of closing conditions, including, among others: (i) approval by Kite’s stockholders and the Company’s stockholders, including the approval of Kite’s stockholders of an amendment to Kite’s declaration of trust to increase the number of Kite Common Shares that Kite is authorized to issue; (ii) the absence of a material adverse effect on either the Company or Kite; (iii) the receipt of tax opinions relating to the REIT status of Kite and the Company and the tax-free nature of the transaction; (iv) the completion of the Net Lease Sale Transactions; and (v) the completion of the redeployment of certain proceeds from the Net Lease Sale Transactions to acquire replacement properties for purposes of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a result of the closing conditions to which the Merger is subject, there are no assurances that the proposed Merger will be consummated on the expected timetable, or at all. If the closing conditions are satisfied, it is anticipated that the Merger will close during the second or third quarter of 2014.

The Merger Agreement may be terminated under certain circumstances, including by either the Company or Kite if the Merger has not been consummated on or before the outside date of August 31, 2014, subject to extension under certain circumstances. The Merger Agreement provides that, in connection with the termination of the Merger Agreement under specified circumstances, the Company may be required to pay to Kite a termination fee of $43,000 and/or reimburse Kite’s transaction expenses up to an amount equal to $8,000. Where termination is in connection with a failure to close the Net Lease Sale Transactions, the Company may be required to (i) reimburse Kite for its transaction expenses up to an amount equal to $8,000 and (ii) pay Kite a termination fee of $3,000. The Merger Agreement also provides that, under specified circumstances, Kite may be required to pay the Company a termination fee of $30,000 and/or reimburse the Company’s transaction expenses up to an amount equal to $8,000. Under certain circumstances, including upon payment of the applicable termination fee, either party is permitted to terminate the Merger Agreement to enter into a definitive agreement with a third party with respect to a superior acquisition proposal.

If the Merger is consummated, it is expected to significantly change the scope of the Company’s business and as a result the Company’s 2013 results of operations may not necessarily be representative of the Company’s future results of operations. Unless otherwise stated, all disclosures and discussion in this Form 10-K do not include the expected effects of the Merger.

On February 19, 2014, solely to assist broker-dealers in meeting their customer account statement reporting obligations, the Company’s board of directors established an estimated per share value of the Company common stock as of February 18, 2014 of $10.70. This estimated per share value was determined based upon the final closing price of the Kite Common Shares on February 18, 2014 and the exchange ratio for Kite Common Shares under the Merger Agreement that would apply if the Reference Price was equal to the final closing price of the Kite Common Shares on February 18, 2014.

In connection with the execution of Merger Agreement, the Company entered into a Master Liquidity Event Agreement (the “Master Agreement”) with the Business Manager, the Real Estate Managers, and certain other affiliates of the Business Manager. The Master Agreement sets forth the terms of the consideration due to the Business Manager and the Real Estate Managers in connection with the Merger, provides for the automatic termination upon the closing of the Merger of the Company’s agreements with the Business Manager and the Real Estate Managers and certain other agreements between the Company and affiliates of the Business Manager and includes certain other agreements in order to facilitate the Merger. Pursuant to the Master Agreement, the Company agreed that the liquidity event fee payable by the Company to the Business Manager upon the consummation of the Merger pursuant to the terms of Business Management Agreement will be $10,235; provided, however, that the total amount of the liquidity event fee will be increased to not more than $12,000 in the event that the Business Manager achieves certain cost savings for the Company prior to the closing of the Merger.

The Company provides the following programs to facilitate investment in the Company’s shares and limited liquidity for stockholders.

The Company allowed stockholders to purchase additional shares from the Company by automatically reinvesting distributions through the DRP, subject to certain share ownership restrictions. Such purchases under the DRP were not subject to any selling commissions, and were made at a price of $9.50 per share prior to the DRP being suspended on November 13, 2013.

On November 13, 2013, the Company’s board of directors voted to suspend the share repurchase program, as amended (“SRP”), until further notice, effective December 13, 2013. The Company was authorized to repurchase shares under the SRP, if requested, subject to, among other conditions, funds being available. In any given calendar month, proceeds used for the SRP for ordinary repurchases cannot exceed the proceeds from the DRP, for that month. In addition, the Company would limit the number of ordinary shares repurchased during any calendar year to 5% of the number of shares of common stock outstanding on December 31^st of the previous year. However in the case of repurchases made upon the death of a stockholder known as exceptional repurchases, the Company was authorized to use any funds to complete the repurchase, and neither the limit regarding funds available from the DRP nor the 5% limit would apply. The SRP will be terminated if the Company’s shares become listed for trading on a national securities exchange. In addition, the Company’s board of directors, in its sole direction, may amend, suspend or terminate the SRP.

Net Lease Sale Transactions

On December 16, 2013, the Company, Inland Diversified Cumming Market Place, L.L.C., a Delaware limited liability company and the Company’s subsidiary, and Bulwark Corporation, a Delaware corporation and the Company’s subsidiary, entered into two Purchase and Sale Agreements (collectively, the “Purchase and Sale Agreements”) with Realty Income Corporation, a Maryland corporation and unaffiliated third party purchaser (“Realty Income”). The Purchase and Sale Agreements collectively provide for the sale of a total of 84 of the Company’s single tenant, Net Leased properties (the “Net Lease Properties”) to Realty Income in a series of transactions which the Company refers to as the “Net Lease Sale Transactions.” (see note 4)

The Purchase and Sale Agreements provide that the Net Lease Properties will be sold in multiple separate tranches. The closing of each tranche is subject to the satisfaction of various closing conditions. On January 31, 2014, the Company closed the first tranche of Net Lease Properties (the “Tranche I Closing”), resulting in the sale to Realty Income of a total of 46 of the Net Lease Properties for an aggregate cash purchase price of approximately $201,955. The Tranche I Closing resulted in net proceeds to the Company of $126,312. Subject to the satisfaction of all closing conditions, the sale of the remainder of the Net Lease Sale Transactions is expected to close by April 30, 2014. However, there are no assurances that the remainder of the Net Lease Sale Transactions will be consummated on the expected timetable, or at all.

Following the Tranche I Closing, the Company’s portfolio consisted of 91 retail properties, three office properties and one industrial property collectively totaling 11.5 million square feet including 24 multi-family and two multi-family properties totaling 420 units.

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Operating Leases (Tables)

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Schedule of future minimum rental payments for operating leases

Minimum lease payments to be received under operating leases including ground leases and excluding leases relating to discontinued operations and multi-family units (lease terms of twelve-months or less) as of December 31, 2013 for the years indicated, assuming no expiring leases are renewed, are as follows:

	Minimum Lease Payments
2014	$	133,811
2015	129,558
2016	123,110
2017	111,911
2018	90,462
Thereafter	584,711
Total	$	1,173,563

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Quarterly Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Supplemental Financial Information (unaudited) [Abstract]

Schedule of Quarterly Financial Information

Quarterly Supplemental Financial Information (unaudited)

The following represents the results of operations, for each quarterly period, during 2013 and 2012.

	2013
	December 31			September 30			June 30			March 31
Total income as previously reported	$	48,978		$	55,376		$	53,540		$	56,487
Reclassified to discontinued operations (1)	—			(9,514		)	(9,272		)	(9,787		)
Adjusted total income	$	48,978		$	45,862		$	44,268		$	46,700
Net income (loss) attributable to common stockholders	$	768		$	227		$	(1,483	)	$	205
Net income (loss) attributable to common stockholders per common share, basic and diluted (2)	$	0.01		$	0.00		$	(0.01	)	$	0.00
Weighted average number of common shares outstanding, basic and diluted (2)	117,895,702			117,107,314			116,255,280			115,380,042
	2012
	December 31			September 30			June 30			March 31
Total income as previously reported	$	44,308		$	35,794		$	29,179		$	24,205
Reclassified to discontinued operations (1)	(8,572		)	(6,674		)	(2,827		)	(2,049		)
Adjusted total income	$	35,736		$	29,120		$	26,352		$	22,156
Net (loss) income attributable to common stockholders	$	(306	)	$	1,594		$	990		$	338
Net (loss) income attributable to common stockholders per common share, basic and diluted (2)	$	0.00		$	0.02		$	0.01		$	0.01
Weighted average number of common shares outstanding, basic and diluted (2)	114,436,422			104,419,606			81,159,713			64,164,709

(1) Represents income that has been reclassified to discontinued operations since previously reported amounts in Form 10-Q or 10-K.

(2) Quarterly income per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

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Transactions with Related Parties (Related Party Summary) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transactions
Due to Related Parties	$ 2,074	$ 2,532
Common stock, par value (in dollars per share)	485	249
Sponsor
Related Party Transactions
Due to Related Parties	2,074	2,532
Inland Real Estate Corporation
Related Party Transactions
Available-for-sale securities	789	629
Inland Real Estate Group of Companies
Related Party Transactions
Investment owned, balance, shares	1,000	1,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Business Manager and Related Parties
Related Party Transactions
Related Party, Stock Shares Sold	0	294,331	55,203

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Real Estate and Accumulated Depreciation (Schedule III) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 1,184,256
Real Estate and Accumulated Depreciation, Initial Cost of Land	394,336	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,661,829	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	7,341	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	394,336	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,669,165	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,063,508	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	115,099	[3],[5],[6],[7]
Real Estate, Federal Income Tax Basis	1,973,643
Real Estate, Gross	2,063,508		2,039,182	802,646
Real Estate, Other Acquisitions	22,420		1,235,302
Real Estate, Improvements	1,906		1,234
Real Estate Accumulated Depreciation	115,099		54,843	20,044
Real Estate Accumulated Depreciation, Depreciation Expense	60,256		34,799
Kissimmee, Florida [Member] | Pleasant Hill Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,800
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,000	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,200	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	47	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,000	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,247	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	10,247	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	783	[3],[5],[6],[7]
Shreveport, Louisiana [Member] | Regal Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	23,900
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,500	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	31,306	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	278	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,500	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	31,584	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	38,084	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	4,308	[3],[5],[6],[7]
Draper, Utah [Member] | Draper Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,500	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,665	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	361	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,500	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,026	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	20,526	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,614	[3],[5],[6],[7]
Draper, Utah [Member] | Draper Peaks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	23,905
Real Estate and Accumulated Depreciation, Initial Cost of Land	11,144	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,566	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	416	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	11,144	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	28,981	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	40,126	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	2,689	[3],[5],[6],[7]
Port St Lucie, Florida [Member] | Tradition Village Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	8,750
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,400	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,702	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	25	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,400	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,727	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	17,127	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,610	[3],[5],[6],[7]
Port St Lucie, Florida [Member] | The Landing at Tradition [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	28,750
Real Estate and Accumulated Depreciation, Initial Cost of Land	21,090	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,185	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	147	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	21,090	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	25,332	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	46,422	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	3,226	[3],[5],[6],[7]
Temple Terrace, Florida [Member] | Temple Terrace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,500	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	825	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	3,767	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,500	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,592	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,092	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	574	[3],[5],[6],[7]
Elk Grove, California [Member] | Kohls at Calvine Pointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	10,500
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,437	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,263	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,437	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,263	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	12,700	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,291	[3],[5],[6],[7]
Lake City, Florida [Member] | Lake City Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	5,200
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,584	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,570	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	43	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,584	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,613	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	9,197	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	990	[3],[5],[6],[7]
Lake City, Florida [Member] | Lake City Commons II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	511	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,130	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	511	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	2,130	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,641	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	105	[3],[5],[6],[7]
St Cloud, Florida [Member] | Publix Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,749
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,065	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	6,009	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	242	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,065	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	6,251	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,316	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	770	[3],[5],[6],[7]
Bend, Oregon [Member] | Kohls Bend River Promenade [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,350
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,440	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,765	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,440	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,765	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	13,205	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	991	[3],[5],[6],[7]
Omaha, Nebraska [Member] | Whispering Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	5,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,101	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	6,445	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,101	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	6,445	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,546	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	760	[3],[5],[6],[7]
Newburgh, Indiana [Member] | Bell Oaks Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,548
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,800	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,058	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,800	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,058	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	10,858	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,075	[3],[5],[6],[7]
Fort Myers, Florida [Member] | Colonial Square Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	18,140
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,900	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	19,360	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	283	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,900	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	19,643	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	24,543	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	2,379	[3],[5],[6],[7]
Fort Myers, Florida [Member] | Shops at Village Walk [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,860
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,645	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,840	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,645	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,840	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	9,485	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	886	[3],[5],[6],[7]
Fort Wayne, Indiana [Member] | Lima Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	8,383
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,765	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,452	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	1	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,765	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,454	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	17,219	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,381	[3],[5],[6],[7]
Ariton, Alabama [Member] | Dollar General - Ariton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	391
Real Estate and Accumulated Depreciation, Initial Cost of Land	35	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	704	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	35	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	704	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	739	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	78	[3],[5],[6],[7]
Collins, Georgia [Member] | Dollar General - Collins [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	465
Real Estate and Accumulated Depreciation, Initial Cost of Land	142	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	720	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	142	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	720	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	862	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	76	[3],[5],[6],[7]
Decatur, Alabama [Member] | Dollar General - Decatur [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	450
Real Estate and Accumulated Depreciation, Initial Cost of Land	171	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	676	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	171	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	676	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	847	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	75	[3],[5],[6],[7]
Dublin, Georgia [Member] | Dollar General - Dublin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	606
Real Estate and Accumulated Depreciation, Initial Cost of Land	258	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	876	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	258	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	876	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,134	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	97	[3],[5],[6],[7]
Duncanville, Alabama [Member] | Dollar General - Duncanville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	430
Real Estate and Accumulated Depreciation, Initial Cost of Land	78	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	733	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	78	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	733	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	811	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	81	[3],[5],[6],[7]
Frisco City, Alabama [Member] | Dollar General - Excel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	455
Real Estate and Accumulated Depreciation, Initial Cost of Land	49	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	810	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	49	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	810	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	859	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	85	[3],[5],[6],[7]
LaGrange, Georgia [Member] | Dollar General - Lagrange [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	554
Real Estate and Accumulated Depreciation, Initial Cost of Land	197	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	838	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	197	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	838	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,035	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	93	[3],[5],[6],[7]
Milledgeville, Georgia [Member] | Dollar General - Milledgeville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	423
Real Estate and Accumulated Depreciation, Initial Cost of Land	139	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	650	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	139	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	650	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	789	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	69	[3],[5],[6],[7]
Uriah, Alabama [Member] | Dollar General - Uriah [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	391
Real Estate and Accumulated Depreciation, Initial Cost of Land	19	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	727	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	19	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	727	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	746	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	77	[3],[5],[6],[7]
Waxahachie, Texas [Member] | Waxahachie Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	7,750
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,752	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,190	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	75	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,752	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,265	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	15,017	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,388	[3],[5],[6],[7]
Ashwaubenon, Wisconsin [Member] | The Village at Bay Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,183
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,068	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,956	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	45	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,068	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,002	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	14,070	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	954	[3],[5],[6],[7]
Charlotte, North Carolina [Member] | Northcrest Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	15,780
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,907	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,974	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,907	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	26,974	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	30,881	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	2,689	[3],[5],[6],[7]
Charlotte, North Carolina [Member] | Perimeter Woods [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	33,330
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,010	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	44,081	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	33	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,010	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	44,114	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	53,124	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	4,007	[3],[5],[6],[7]
Prattville, Alabama [Member] | Prattville Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	15,930
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,463	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,553	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,463	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	23,553	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	26,016	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	2,351	[3],[5],[6],[7]
Virginia Beach, Virginia [Member] | Landstown Commons
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	50,140
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,751	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	68,167	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	394	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,751	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	68,561	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	78,312	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	6,673	[3],[5],[6],[7]
Oklahoma City, Oklahoma [Member] | Silver Springs Pointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	8,800
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,032	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,126	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,032	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,126	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	15,158	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,230	[3],[5],[6],[7]
Neenah, Wisconsin [Member] | Copps Grocery Store [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	3,480
Real Estate and Accumulated Depreciation, Initial Cost of Land	892	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,642	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	892	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,642	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	5,534	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	460	[3],[5],[6],[7]
Neenah, Wisconsin [Member] | Fox Point [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	10,837
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,502	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,581	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	20	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,502	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,601	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	15,103	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	988	[3],[5],[6],[7]
Norman, Oklahoma [Member] | University Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	18,690
Real Estate and Accumulated Depreciation, Initial Cost of Land	11,046	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	54,148	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	164	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	11,046	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	54,312	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	65,358	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	3,534	[3],[5],[6],[7]
Burlington, Wisconsin [Member] | Pick N Save Grocery Store [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,490
Real Estate and Accumulated Depreciation, Initial Cost of Land	923	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,993	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	923	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,993	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	6,916	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	597	[3],[5],[6],[7]
Lake Mary, Florida [Member] | Walgreens – Lake Mary Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	5,080
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,743	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,031	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,743	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,031	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,774	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	670	[3],[5],[6],[7]
Jacksonville, North Carolina [Member] | Walgreens – Walgreens Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,650
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,031	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,320	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,031	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,320	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,351	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	701	[3],[5],[6],[7]
Conyers, Georgia [Member] | Walgreens – Heritage Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,460
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,224	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	6,504	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	24	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,224	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	6,528	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,752	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	620	[3],[5],[6],[7]
Pleasant Prairie, Wisconsin [Member] | Shoppes at Prairie Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	15,591
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,556	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,388	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	2	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,556	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	20,390	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	24,946	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,903	[3],[5],[6],[7]
Hot Springs, Arkansas [Member] | Fairgrounds Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	13,453
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,163	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,356	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	84	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,163	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	14,440	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	20,603	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,352	[3],[5],[6],[7]
Evans, Georgia [Member] | Mullins Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	21,339
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,683	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	30,263	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,683	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	30,263	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	35,946	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	2,486	[3],[5],[6],[7]
Harvest, Alabama [Member] | Harvest Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,800
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,317	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,529	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	141	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,317	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,670	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	10,987	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	666	[3],[5],[6],[7]
Palm Coast, Florida [Member] | Palm Coast Landing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	22,550
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,950	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	31,002	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,950	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	31,002	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	34,952	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	2,188	[3],[5],[6],[7]
Sycamore, Alabama [Member] | Dollar General - Sycamore [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	461
Real Estate and Accumulated Depreciation, Initial Cost of Land	215	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	577	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	215	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	577	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	792	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	41	[3],[5],[6],[7]
Port St Joe, Florida [Member] | Dollar General Market [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	2,017
Real Estate and Accumulated Depreciation, Initial Cost of Land	793	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,170	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	793	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	2,170	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,963	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	163	[3],[5],[6],[7]
Alcoa TN [Member] | Hamilton Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	15,637
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,825	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,287	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,825	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	24,287	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	27,112	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,571	[3],[5],[6],[7]
Bufflalo, New York [Member] | Dollar General Buffalo [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	240	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	977	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	240	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	977	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,217	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	63	[3],[5],[6],[7]
Branson MO [Member] | Shoppes At Branson Hills [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	29,964
Real Estate and Accumulated Depreciation, Initial Cost of Land	10,798	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,434	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	10,798	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	36,434	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	47,232	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	2,335	[3],[5],[6],[7]
Lake St Louis MO [Member] | Shoppes At Hawk Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,950
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,709	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,416	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	50	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,709	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,466	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,175	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	359	[3],[5],[6],[7]
Bayonne, New Jersey [Member] | Bayonne Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	45,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	20,911	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	48,066	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	20,911	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	48,066	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	68,977	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	3,118	[3],[5],[6],[7]
Athens, Ga [Member] | Eastside Junction [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,270
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,856	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,805	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	93	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,856	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,898	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	10,754	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	537	[3],[5],[6],[7]
Jacksonville, Fl [Member] | Shops at Julington Creek [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,785
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,247	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,578	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,247	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,578	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,825	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	345	[3],[5],[6],[7]
Lillian, Alabama [Member] | Dollar General Store - LIllian [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	318	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	575	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	318	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	575	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	893	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	34	[3],[5],[6],[7]
Slocomb, Alabama [Member] | Dollar General Store - Slocomb [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,417
Real Estate and Accumulated Depreciation, Initial Cost of Land	608	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,898	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	608	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,898	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,506	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	118	[3],[5],[6],[7]
Clanton, Al [Member] | Dollar General Store - Clanton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	389	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	656	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	389	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	656	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,045	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	39	[3],[5],[6],[7]
Plantation, Florida [Member] | BB and T - Plantation [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,295
Real Estate and Accumulated Depreciation, Initial Cost of Land	610	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,483	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	610	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,483	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,093	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	89	[3],[5],[6],[7]
Wilmington, North Carolina [Member] | BB and T - Wilmington [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,024
Real Estate and Accumulated Depreciation, Initial Cost of Land	776	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,177	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	776	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,177	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,953	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	69	[3],[5],[6],[7]
Beachwood, Ohio [Member] | KeyBank - Beachwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,145
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,146	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	601	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,146	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	601	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,747	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	38	[3],[5],[6],[7]
Euclid, Ohio [Member] | KeyBank - Euclid [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	612
Real Estate and Accumulated Depreciation, Initial Cost of Land	260	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	912	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	260	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	912	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,172	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	53	[3],[5],[6],[7]
Mentor, Ohio [Member] | KeyBank - Mentor [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	921
Real Estate and Accumulated Depreciation, Initial Cost of Land	680	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	914	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	680	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	914	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,594	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	54	[3],[5],[6],[7]
Pepper Pike, Ohio [Member] | KeyBank - Pepper Pike [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	860
Real Estate and Accumulated Depreciation, Initial Cost of Land	957	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	689	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	957	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	689	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,646	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	40	[3],[5],[6],[7]
Shaker Heights, Ohio [Member] | KeyBank - Shaker Heights [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	932
Real Estate and Accumulated Depreciation, Initial Cost of Land	736	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,047	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	736	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,047	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,783	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	61	[3],[5],[6],[7]
Acworth, Georgia [Member] | Regions Bank - Acworth [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,043
Real Estate and Accumulated Depreciation, Initial Cost of Land	570	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,068	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	570	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,068	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,638	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	64	[3],[5],[6],[7]
Alpharetta, Georgia [Member] | Regions Bank - Alpharetta [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,522
Real Estate and Accumulated Depreciation, Initial Cost of Land	698	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,365	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	698	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,365	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,063	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	84	[3],[5],[6],[7]
Marbury Alabama [Member] | Dollar General Store - Marbury [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	231	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	685	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	231	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	685	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	916	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	41	[3],[5],[6],[7]
Gilbertown, Al [Member] | Dollar General Store - Gilbertown [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	123	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,008	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	123	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,008	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,131	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	56	[3],[5],[6],[7]
Elgin, Il [Member] | South Elgin Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,771	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,684	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,771	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	18,684	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	22,455	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,098	[3],[5],[6],[7]
Berlin, Connecticut [Member] | Walgreens - Berlin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,840
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,000	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,155	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,000	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,155	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	6,155	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	245	[3],[5],[6],[7]
Brandford, Connecticut [Member] | Walgreens - Brandford [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	5,285
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,200	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,500	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,200	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,500	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	6,700	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	266	[3],[5],[6],[7]
Brockton, Massachusetts [Member] | Walgreens - Brockton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,421
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,500	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,424	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,500	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,424	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,924	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	263	[3],[5],[6],[7]
Derry, New Hampshire [Member] | Walgreens - Derry [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,988
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,750	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,363	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,750	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,363	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	6,113	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	258	[3],[5],[6],[7]
Dover, New Hampshire [Member] | Walgreens - Dover [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,742
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,800	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,043	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,800	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,043	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	5,843	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	240	[3],[5],[6],[7]
Ledgewood, New Jersey [Member] | Walgreens - Ledgewood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,223
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,600	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,352	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,600	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,352	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,952	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	316	[3],[5],[6],[7]
Melrose, Massachusetts [Member] | Walgreens - Melrose [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,026
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,000	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,435	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,000	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,435	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,435	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	249	[3],[5],[6],[7]
Mount Ephraim, New Jersey [Member] | Walgreens - Mount Ephraim [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,223
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,600	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,581	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,600	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,581	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,181	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	311	[3],[5],[6],[7]
Sewell, New Jersey [Member] | Walgreens - Sewell [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,643
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,200	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,918	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,200	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,918	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,118	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	283	[3],[5],[6],[7]
Orange City, Florida [Member] | Saxon Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	11,400
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,455	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,555	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,455	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	14,555	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	18,010	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	814	[3],[5],[6],[7]
Enterprise, AL [Member] | Dollar General Store - Enterprise [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	220	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	768	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	220	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	768	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	988	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	43	[3],[5],[6],[7]
Odenville, Alabama [Member] | Dollar General Store - Odenville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	197	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	613	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	197	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	613	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	810	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	33	[3],[5],[6],[7]
Gordonsville, Virginia [Member] | BP - Gordonsville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	707
Real Estate and Accumulated Depreciation, Initial Cost of Land	840	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	322	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	840	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	322	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,162	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	17	[3],[5],[6],[7]
Gordonsville, Virginia [Member] | Citgo - Gordonsville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	3,727
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,250	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,796	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,250	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	3,796	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	6,046	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	201	[3],[5],[6],[7]
Charlottesville, Virginia [Member] | BP - Fontaine [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,476
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,043	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,374	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,043	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,374	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,417	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	73	[3],[5],[6],[7]
Charlottesville, Virginia [Member] | BP - Monticello [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,030
Real Estate and Accumulated Depreciation, Initial Cost of Land	399	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,285	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	399	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,285	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,684	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	68	[3],[5],[6],[7]
Charlottesville, Virginia [Member] | BP - Seminole [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,695
Real Estate and Accumulated Depreciation, Initial Cost of Land	945	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,833	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	945	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,833	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,778	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	97	[3],[5],[6],[7]
Capital Heights, Maryland [Member] | Bjs at Richie Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	17,820
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,486	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,827	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,486	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	24,827	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	29,313	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,238	[3],[5],[6],[7]
Candler, North Carolina [Member] | Dollar General Market - Candler [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	398	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,497	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	398	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	2,497	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,895	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	132	[3],[5],[6],[7]
Moore, Oklahoma [Member] | Shops at Moore [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	21,300
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,674	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,206	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,674	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	28,206	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	34,880	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,482	[3],[5],[6],[7]
Cumming, GA [Member] | Kohl's - Cumming
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,675
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,750	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,478	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,750	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,478	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,228	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	286	[3],[5],[6],[7]
Vienna, Georgia [Member] | Dollar General Market - Vienna [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,417
Real Estate and Accumulated Depreciation, Initial Cost of Land	635	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,883	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	635	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,883	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,518	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	93	[3],[5],[6],[7]
Bradenton, Florida [Member] | Centre Point Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	14,410
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,842	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,938	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,842	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	21,938	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	24,780	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,026	[3],[5],[6],[7]
Borger, Texas [Member] | Dollar General Store - Borger [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	589
Real Estate and Accumulated Depreciation, Initial Cost of Land	214	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	680	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	214	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	680	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	894	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	34	[3],[5],[6],[7]
Brookshire, Texas [Member] | Dollar General Store - Brookshire [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	863
Real Estate and Accumulated Depreciation, Initial Cost of Land	347	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	960	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	347	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	960	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,307	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	48	[3],[5],[6],[7]
Bullard, Texas [Member] | Dollar General Store - Bullard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	600
Real Estate and Accumulated Depreciation, Initial Cost of Land	159	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	747	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	159	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	747	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	906	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	37	[3],[5],[6],[7]
Cisco, Texas [Member] | Dollar General Store - Cisco [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	531
Real Estate and Accumulated Depreciation, Initial Cost of Land	40	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	757	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	40	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	757	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	797	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	38	[3],[5],[6],[7]
Glen Rose, Texas [Member] | Dollar General Store - Glen Rose [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	903
Real Estate and Accumulated Depreciation, Initial Cost of Land	297	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,087	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	297	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,087	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,384	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	54	[3],[5],[6],[7]
Hamilton, Texas [Member] | Dollar General Store - Hamilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	626
Real Estate and Accumulated Depreciation, Initial Cost of Land	147	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	807	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	147	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	807	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	954	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	40	[3],[5],[6],[7]
Itasca, Texas [Member] | Dollar General Store - Itasca [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	543
Real Estate and Accumulated Depreciation, Initial Cost of Land	30	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	784	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	30	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	784	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	814	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	39	[3],[5],[6],[7]
Joaquin, Texas [Member] | Dollar General Store - Joaquin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	656
Real Estate and Accumulated Depreciation, Initial Cost of Land	50	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	935	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	50	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	935	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	985	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	47	[3],[5],[6],[7]
Llano, Texas [Member] | Dollar General Store - Llano [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	804
Real Estate and Accumulated Depreciation, Initial Cost of Land	207	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,019	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	207	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,019	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,226	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	51	[3],[5],[6],[7]
Memphis, Texas [Member] | Dollar General Store - Memphis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	461
Real Estate and Accumulated Depreciation, Initial Cost of Land	29	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	654	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	29	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	654	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	683	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	33	[3],[5],[6],[7]
Mt Vernon, Texas [Member] | Dollar General Store - Mt Vernon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	641
Real Estate and Accumulated Depreciation, Initial Cost of Land	60	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	919	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	60	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	919	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	979	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	46	[3],[5],[6],[7]
Pineland, Texas [Member] | Dollar General Store - Pineland [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	703
Real Estate and Accumulated Depreciation, Initial Cost of Land	108	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	950	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	108	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	950	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,058	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	47	[3],[5],[6],[7]
Rockdale, Texas [Member] | Dollar General Store - Rockdale [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	592
Real Estate and Accumulated Depreciation, Initial Cost of Land	117	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	784	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	117	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	784	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	901	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	39	[3],[5],[6],[7]
Sealy, Texas [Member] | Dollar General Store - Sealy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	723
Real Estate and Accumulated Depreciation, Initial Cost of Land	348	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	745	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	348	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	745	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,093	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	37	[3],[5],[6],[7]
Van Horn, Texas [Member] | Dollar General Store - Van Horn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	707
Real Estate and Accumulated Depreciation, Initial Cost of Land	48	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,022	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	48	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,022	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,070	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	51	[3],[5],[6],[7]
Seaford, New York [Member] | Pathmark - Seaford [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	13,839
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,440	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	17,000	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,440	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	17,000	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	19,440	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	854	[3],[5],[6],[7]
Upper Darby, Pennsylvania [Member] | Pathmark - Upper Darby [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	8,835
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,750	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,834	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,750	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,834	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	13,584	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	588	[3],[5],[6],[7]
Wilmington, Delaware [Member] | Pathmark - Wilmington [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,794
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,348	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	6,622	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,348	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	6,622	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,970	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	326	[3],[5],[6],[7]
St Louis, MO [Member] | Schnucks - Arsenal [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,403	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,722	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,403	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,722	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	6,125	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	234	[3],[5],[6],[7]
St Louis, MO [Member] | Schnucks - Grand [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,536	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,632	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,536	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,632	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,168	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	264	[3],[5],[6],[7]
Festus, Missouri [Member] | Schnucks - Festus [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,507	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,584	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,507	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,584	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	7,091	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	276	[3],[5],[6],[7]
Anson, Texas [Member] | Dollar General Store - Anson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	608
Real Estate and Accumulated Depreciation, Initial Cost of Land	109	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	816	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	109	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	816	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	925	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	38	[3],[5],[6],[7]
East Bernard, Texas [Member] | Dollar General Store - East Bernard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	577
Real Estate and Accumulated Depreciation, Initial Cost of Land	76	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	799	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	76	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	799	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	875	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	37	[3],[5],[6],[7]
White Plains, NY [Member] | City Center
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	93,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	11,617	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	136,439	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	11,617	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	136,439	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	148,056	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	6,005	[3],[5],[6],[7]
Miramar, Florida [Member] | Miramar Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	31,625
Real Estate and Accumulated Depreciation, Initial Cost of Land	14,940	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,784	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	14,940	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	34,784	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	49,724	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,626	[3],[5],[6],[7]
Dayville Connecticut [Member] | Crossing at Killingly Commons
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	33,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	15,281	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,212	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	15,281	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	39,212	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	54,493	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,819	[3],[5],[6],[7]
Dallas, Texas [Member] | Wheatland Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	15,080
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,684	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	32,973	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,684	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	32,973	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	36,657	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,450	[3],[5],[6],[7]
Hertford, North Carolina [Member] | Dollar General Store - Hertford [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	193	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,077	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	193	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,077	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,270	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	47	[3],[5],[6],[7]
Resaca, Georgia [Member] | Dollar General Market - Resaca [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,635
Real Estate and Accumulated Depreciation, Initial Cost of Land	634	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,203	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	634	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	2,203	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,837	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	103	[3],[5],[6],[7]
Ocean Isle Beach, North Carolina [Member] | Landings at Ocean Isle Beach [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,587	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,497	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	8	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,587	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,505	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,092	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	244	[3],[5],[6],[7]
Tucson, AZ | The Corner [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	14,750
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,521	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,429	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,521	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	20,429	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	23,950	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	844	[3],[5],[6],[7]
Remlap Alabama [Member] | Dollar General Store - Remlap [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	124	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	682	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	124	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	682	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	806	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	30	[3],[5],[6],[7]
Canton, Mississippi [Member] | Dollar General Market - Canton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	629	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,329	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	629	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	2,329	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	2,958	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	89	[3],[5],[6],[7]
North Las Vegas, Nevada [Member] | Cannery Corner [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,322	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,557	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,322	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,557	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	13,879	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	376	[3],[5],[6],[7]
Las Vegas, Nevada [Member] | Centennial Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	70,455
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,824	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	111,444	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	10	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,824	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	111,454	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	121,278	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	3,918	[3],[5],[6],[7]
Las Vegas, Nevada [Member] | Centennial Gateway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	29,978
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,758	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,834	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,758	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	39,834	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	46,592	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,403	[3],[5],[6],[7]
Las Vegas, Nevada [Member] | Eastern Beltway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	34,100
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,467	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	52,095	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,467	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	52,089	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	57,562	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,830	[3],[5],[6],[7]
Las Vegas, Nevada [Member] | Lowe's Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,805	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,103	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,805	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	3,103	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	4,908	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	110	[3],[5],[6],[7]
Samson, AL | Dollar General Store
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	269	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,069	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	269	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,069	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	1,338	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	30	[3],[5],[6],[7]
Stevens Point, WI | Copps Grocery Store - Stevens Point
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	8,375
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,378	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,507	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,378	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,507	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	12,885	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	107	[3],[5],[6],[7]
Henderson, Nevada [Member] | Eastgate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	14,407
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,794	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	19,775	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,794	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	19,775	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	23,569	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	697	[3],[5],[6],[7]
Buffalo Grove, Illinois [Member] | Siemens’ Building [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	10,250
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,426	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,880	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	405	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,426	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,285	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	14,711	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,274	[3],[5],[6],[7]
East Syracuse, New York [Member] | Time Warner Cable Div. HQ [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,100
Real Estate and Accumulated Depreciation, Initial Cost of Land	682	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,408	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	682	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	15,408	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	16,090	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,673	[3],[5],[6],[7]
East Windsor, New Jersey [Member] | Elementis Worldwide Global HQ [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,625
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,089	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,327	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,089	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,327	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	13,416	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	694	[3],[5],[6],[7]
Providence, Rhode Island [Member] | Hasbro Office Building [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	14,900
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,400	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,635	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	84	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,400	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	21,719	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	25,119	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	766	[3],[5],[6],[7]
Houston, Texas [Member] | The Crossings at Hillcroft [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	11,370
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,240	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	17,362	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,240	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	17,362	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	18,602	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,986	[3],[5],[6],[7]
Houston, Texas [Member] | Fedex Centers [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	21,615
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,820	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	30,518	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,820	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	30,518	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	36,338	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,937	[3],[5],[6],[7]
Chelsea, Massachusetts [Member] | One Webster [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	12,925
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,462	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	19,243	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,462	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	19,243	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	22,705	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	1,068	[3],[5],[6],[7]
Deer Park, Texas [Member] | Siemens Gas Turbine Service Division [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,790
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,786	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,837	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,786	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,837	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	16,623	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	766	[3],[5],[6],[7]
Merrimack, New Hampshire [Member] | Merrimack Village Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	5,445
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,500	[1]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,654	[1]
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	99	[2]
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,500	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,753	[3]
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements	8,253	[3],[4]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ 825	[3],[5],[6],[7]
Minimum | Building and Building Improvements
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Life Used for Depreciation	15 years
Maximum | Building and Building Improvements
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years

[1] The initial cost to the Company represents the original purchase price of the property, including estimated earnouts and other amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

[2] Does not include construction in progress.

[3] The aggregate cost of real estate owned at December 31, 2013 for federal income tax purposes was approximately $1,973,643. (unaudited).

[4] Reconciliation of real estate owned: Year ended December 31, 2013 2012Balance at beginning of period $2,039,182 $802,646Acquisitions 22,420 1,235,302Improvements 1,906 1,234Balance at close of period $2,063,508 $2,039,182

[5] Reconciliation of accumulated depreciation: Year ended December 31, 2013 2012Balance at beginning of period $54,843 $20,044Depreciation expense 60,256 34,799Balance at close of period $115,099 $54,843

[6] Amounts in this table may not tie to the total due to rounding.

[7] Depreciation is computed based upon the following estimated lives:Buildings and improvements 15 – 30 yearsTenant improvements Shorter of life of asset or term of the lease

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investment properties:
Land	$ 304,971	$ 302,013
Building and improvements	1,353,212	1,333,268
Construction in progress	9,322	2,637
Total	1,667,505	1,637,918
Less accumulated depreciation	(94,544)	(46,134)
Net investment properties	1,572,961	1,591,784
Cash and cash equivalents	32,233	36,299
Restricted cash and escrows	5,616	4,059
Investment in marketable securities	34,070	40,941
Investment in unconsolidated entities	485	249
Accounts and rents receivable (net of allowance)	17,023	11,367
Acquired lease intangibles, net	194,759	219,523
Deferred costs, net	6,677	7,205
Other assets	8,294	14,695
Assets held for sale, net	455,480	467,401
Total assets	2,327,598	2,393,523
Liabilities and Equity
Mortgages, credit facility and securities margin payable	1,005,593	1,006,742
Accounts payable and accrued expenses	7,873	6,222
Distributions payable	6,009	5,831
Accrued real estate taxes payable	4,699	4,390
Deferred investment property acquisition obligations	29,203	70,580
Other liabilities	6,566	7,968
Acquired below market lease intangibles, net	45,732	49,031
Due to related parties	2,074	2,532
Liabilities held for sale, net	256,029	259,029
Total liabilities	1,363,778	1,412,325
Commitments and contingencies
Redeemable noncontrolling interests	67,950	47,215
Equity:
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding	0	0
Common stock, $.001 par value, 2,460,000,000 shares authorized, 117,809,586 and 114,727,439 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively	118	115
Additional paid in capital, net of offering costs of $118,182 as of December 31, 2013 and December 31, 2012	1,053,472	1,024,289
Accumulated distributions and net income	(160,423)	(90,138)
Accumulated other comprehensive income (loss)	2,703	(283)
Total equity	895,870	933,983
Total liabilities and equity	$ 2,327,598	$ 2,393,523

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Summary of Significant Accounting Policies Acquisition of Investment Properties (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Customer Relationships, Gross	$ 0
Intangible assets:
Accumulated amortization	(65,752)	(34,684)
Acquired lease intangibles, net	255,263	284,512
Intangible liabiltiies:
Accumulated amortization	(5,546)	(2,779)
Acquired below market lease intangibles, net	47,090	50,462
Intangible assets and liabilities, amortization, fiscal year maturity
Asset Impairment Charges	0	0	0
Other than Temporary Impairment Losses, Investments	0	0	0
Leases, acquired in-place
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	26,712	15,916	10,107
Intangible assets:
Acquired intangible assets	272,060	269,615
Intangible liabiltiies:
Acquired finite-lived intangible assets, weighted average useful life	12 years
Intangible assets and liabilities, amortization, fiscal year maturity
2014	21,664
2015	21,390
2016	20,868
2017	19,922
2018	17,169
Thereafter	69,669
Total	170,682
Above market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	6,578	4,496	3,000
Intangible assets:
Acquired intangible assets	48,955	49,581
Intangible liabiltiies:
Acquired finite-lived intangible assets, weighted average useful life	9 years
Intangible assets and liabilities, amortization, fiscal year maturity
2014	4,153
2015	3,847
2016	3,517
2017	3,229
2018	2,353
Thereafter	6,978
Total	24,077
Below market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	3,373	1,641	985
Intangible liabiltiies:
Acquired intangible liabilities	52,636	53,241
Acquired finite-lived intangible assets, weighted average useful life	23 years
Intangible assets and liabilities, amortization, fiscal year maturity
2014	2,738
2015	2,641
2016	2,527
2017	2,493
2018	2,410
Thereafter	32,923
Total	$ 45,732

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Consolidated Statements of Equity (Parentheticals) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement of Stockholders' Equity [Abstract]
Comprehensive income attributable to redeemable noncontrolling interests	$ 2,440	$ 209	$ 0

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Mortgages, Credit Facility, and Securities Margins Payable (Balance Sheet Classification of Derivatives) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Derivatives, fair value
Derivative Liability, Fair Value, Net	$ (3,364)		$ (6,055)
Derivative Asset, Fair Value, Net	1,182
Designated as Hedging Instrument | Other Liabilities [Member] | Interest rate swaps
Derivatives, fair value
Derivative Liability, Fair Value, Net	(4,127)	[1]	(8,078)	[1]
Derivative Asset, Fair Value, Net	$ 2,379	[2]	$ 0	[2]

[1] Includes $(3,364) and $(6,055) relating to assets held for sale as of December 31, 2013 and 2012, respectively.

[2] Includes $1,182 relating to assets held for sale as of December 31, 2013.

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Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Schedule of related party transactions

The following table summarizes the Company’s related party transactions for the years ended December 31, 2013, 2012 and 2011.

		For the Year Ended December 31,							Unpaid Amounts as of
		2013		2012		2011			December 31, 2013		December 31, 2012
General and administrative:
General and administrative reimbursement	(a)	$	1,259	$	1,101	$	793		$	292	$	335
Loan servicing	(b)	306		185		98			—		—
Discount on shares issued to affiliates	(c)	—		294		55			—		—
Investment advisor fee	(d)	291		270		106			25		26
Total general and administrative to related parties		$	1,856	$	1,850	$	1,052		$	317	$	361
Offering costs	(e),(f)	$	—	$	51,745	$	30,179		$	—	$	123
Acquisition related costs	(g)	288		2,048		961			—		348
Real estate management fees	(h)	9,165		5,601		3,124			—		—
Business management fee	(i)	14,666		1,500		1,000			1,757		975
Loan placement fees	(j)	65		1,109		418			—		—
Cost reimbursement	(k)	47		—		75			—		—
Sponsor noninterest bearing advances	(l)	—		—		(1,500		)	—		724
Sponsor contributions to pay dividends	(l)	—		—		1,500			—		—

(a) The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(b) A related party of the Business Manager provides loan servicing to the Company for an annual fee equal to .03% of the first $1,000,000 of serviced loans and .01% for serviced loans over $1,000,000. These loan servicing fees are paid monthly and are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(c) The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 0, 294,331 and 55,203 shares to related parties for the years ended December 31, 2013, 2012 and 2011, respectively.

(d) The Company pays a related party of the Business Manager to purchase and monitor its investment in marketable securities.

(e) A related party of the Business Manager received selling commissions equal to 7.5% of the sale price for each share sold and a marketing contribution equal to 2.5% of the gross offering proceeds from shares sold, the majority of which were reallowed (paid) to third party soliciting dealers. The Company also reimbursed a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. In addition, the Sponsor, its affiliates and third parties were reimbursed for any issuer costs that they paid on the Company's behalf, including any bona fide out-of-pocket, itemized and detailed due diligence expenses not reimbursed from amounts paid or reallowed (paid) as a marketing contribution, in an amount that did not exceed 1.5% of the gross offering proceeds. The Company did not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the distribution reinvestment plan. Such costs were offset against the stockholders’ equity accounts.

(f) The majority of the offering costs were reallowed (paid) to third party soliciting dealers. Pursuant to the terms of the “best efforts” offering, issuer costs were not permitted to exceed 1.5% of the gross offering proceeds over the life of the “best efforts” offering. These costs did not exceed these limitations upon completion of the “best efforts” offering.

(g) The Business Manager and its related parties are reimbursed for acquisition, dead deal and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets. These costs relate to both closed and potential transactions and include customary due diligence costs including time and travel expense reimbursements. Such costs are included in acquisition related costs in the consolidated statements of operations and other comprehensive income. The Company does not pay acquisition fees to its Business Manager or its affiliates.

(h) The real estate managers, entities owned principally by individuals who are related parties of the Business Manager, receive monthly real estate management fees up to 4.5% of gross operating income (as defined), for management and leasing services. Such costs are included in property operating expenses in the consolidated statements of operations and other comprehensive income. In addition to these fees, the real estate managers receive reimbursements of payroll costs for property level employees. The Company reimbursed or will reimburse the real estate managers and other affiliates $2,254, $1,458 and $827for the years ended December 31, 2013, 2012 and 2011, respectively.

(i) Subject to satisfying the criteria described below, the Company pays the Business Manager a quarterly business management fee equal to a percentage of the Company’s “average invested assets” (as defined in the business management agreement), calculated as follows:

(1) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1875% of its “average invested assets” for that prior calendar quarter;

(2) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 6% annualized distribution rate but less than 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1625% of its “average invested assets” for that prior calendar quarter;

(3) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 5% annualized distribution rate but less than 6% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.125% of its “average invested assets” for that prior calendar quarter; or

(4) if the Company does not satisfy the criteria in (1), (2) or (3) above in a particular calendar quarter just ended, it will not, except as set forth below, pay a business management fee for that prior calendar quarter.

(5) Assuming that (1), (2) or (3) above is satisfied, the Business Manager may decide, in its sole discretion, to be paid an amount less than the total amount that may be paid. If the Business Manager decides to accept less in any particular quarter, the excess amount that is not paid may, in the Business Manager’s sole discretion, be waived permanently or deferred, without interest, to be paid at a later point in time. This obligation to pay the deferred fee terminates if the Company acquires the Business Manager. For the years ended December 31, 2013, 2012 and 2011, the Business Manager was entitled to a business management fee in the amount equal to $14,830, $9,195 and $4,807, respectively of which $164, $7,695 and $3,807, respectively was permanently waived.

Separate and distinct from any business management fee, the Company will also reimburse the Business Manager, the Real Estate Managers and their affiliates for certain expenses that they, or any related party including the Sponsor, pay or incur on its behalf including the salaries and benefits of persons employed except that the Company will not reimburse either our Business Manager or Real Estate Managers for any compensation paid to individuals who also serve as the Company’s executive officers, or the executive officers of the Business Manager, the Real Estate Managers or their affiliates; provided that, for these purposes, the secretaries will not be considered “executive officers.” These costs were recorded in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(j) The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan it places for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term.

(k) The Company reimburses a related party of the Business Manager for costs incurred for construction oversight provided to the Company relating to its development project. These reimbursements are paid monthly during the development period. These costs are capitalized and are included in construction in progress on the consolidated balance sheet.

(l) As of December 31, 2012, the Company owed $724 to our Sponsor related to advances used to pay administrative and offering costs prior to the commencement of the “best efforts” offering. These amounts are included in due to related parties on the consolidated balance sheets and has been subsequently paid.

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Distributions (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Distributions [Abstract]
Dividends payable, daily amount per share (in dollars per share)	$ 0.00164384
Cash distributions declared	$ 0.60
Annualized dividend yield calculated	6.00%
Share price (in dollars per share)	$ 10.00
Dividends, common stock, cash	$ 70,002	$ 54,687	$ 25,263

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Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Earnings (Loss) per Share

Basic earnings (loss) per share (“EPS”) are computed by dividing net (loss) income attributable to common stockholders by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net (loss) income attributable to common stockholders by the common shares plus potential common shares issuable upon exercising options or other contracts. As of December 31, 2013 and 2012, the Company's only potentially dilutive common share equivalents outstanding were the redeemable noncontrolling interests that could be converted to 6,758,854 and 4,721,554 common shares, respectively, at future dates. As of December 31, 2013, our consolidated joint venture may issue up to an additional 298,121 redeemable noncontrolling interest units to settle its earnout liability included in the Company's investment property acquisition obligation on the consolidated balance sheet (note 16). Such common share equivalents were excluded as they were antidilutive.

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Mortgages, Credit Facility, and Securities Margins Payable (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of maturities of long-term debt

The following table shows the scheduled maturities and required principal payments of the Company’s mortgages payable and Credit Facility including liabilities related to investment properties held for sale as of December 31, 2013, for each of the next five years and thereafter, including the effects of interest rate swaps:

	2014 (d)			2015			2016			2017			2018			Thereafter			Total
Fixed rate debt:
Mortgages payable (a)	$	7,638		$	96,016		$	48,806		$	97,715		$	125,131		$	624,513		$	999,819
Total fixed rate debt	7,638			96,016			48,806			97,715			125,131			624,513			999,819
Variable rate debt:
Mortgages payable (a)	—			50,140			2,233			23,077			5,180			103,807			184,437
Credit Facility	—			52,500			—			—			—			—			52,500
Total variable debt	—			102,640			2,233			23,077			5,180			103,807			236,937
Total debt (b)	$	7,638		$	198,656		$	51,039		$	120,792		$	130,311		$	728,320		$	1,236,756
Mortgages payable related to investment properties held for sale (c)	$	341		$	10,090		$	1,002		$	21,596		$	47,205		$	162,447		$	242,681
Weighted average interest rate on debt:
Fixed rate debt	5.84		%	5.26		%	4.84		%	4.47		%	5.23		%	4.52		%	4.70		%
Variable rate debt	—			2.03		%	2.66		%	2.59		%	2.52		%	2.55		%	2.33		%
Total	5.84		%	3.59		%	4.75		%	4.11		%	5.12		%	4.24		%	4.25		%
Weighted average interest rate on mortgages payable related to investment properties held for sale (c)	5.17		%	5.02		%	5.15		%	4.15		%	5.16		%	4.45		%	4.59		%

(a) Excludes net mortgage premiums of $1,176, associated with debt assumed at acquisition, net of accumulated amortization as of December 31, 2013.

(b) Excludes securities margin payable of $10,341 which is due upon the sale of marketable securities, and currently has an interest rate of 0.51% per annum, as of December 31, 2013.

(c) As part of the Tranche I Closing of the Net Lease Properties on January 31, 2014, the Company repaid mortgage debt with a principal balance of $74,964 and a weighted average interest rate of 4.25% as of December 31, 2013. Some of the proceeds were used to subsequently repay the outstanding balance on the Credit Facility.

(d) On March 10, 2014, the Company repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

Derivatives and fair value

The following table summarizes the Company's interest rate swap contracts outstanding as of December 31, 2013:

Date Entered		Effective Date	Maturity Date	Pay Fixed Rate		Receive  Floating Rate Index	Notional Amount		Fair Value as of December 31, 2013			Fair Value as of December 31, 2012
March 11, 2011	(1)	April 5, 2011	November 5, 2015	5.01	%	1 month LIBOR	$	9,350	$	(322	)	$	(489	)
June 22, 2011		June 24, 2011	June 22, 2016	4.47	%	1 month LIBOR	13,359		(457		)	(678		)
October 28, 2011		November 1, 2011	October 21, 2016	3.75	%	1 month LIBOR	10,837		(240		)	(387		)
May 9, 2012		May 9, 2012	May 9, 2017	3.38	%	1 month LIBOR	10,150		(66		)	(211		)
June 13, 2012	(2)	June 10, 2011	December 10, 2018	5.17	%	1 month LIBOR	49,391		(3,041		)	(5,428		)
July 24, 2012	(1)	July 26, 2012	July 20, 2017	3.09	%	1 month LIBOR	4,677		23			(44		)
October 1, 2012		April 1, 2014	March 29, 2019	3.85	%	1 month LIBOR	45,000		977			(315		)
October 2, 2012		October 4, 2012	October 1, 2017	3.73	%	1 month LIBOR	24,750		132			(299		)
October 4, 2012	(1)	October 4, 2012	October 3, 2019	3.15	%	1 month LIBOR	10,808		402			(109		)
December 20, 2012		December 20, 2012	December 20, 2017	3.36	%	1 month LIBOR	9,900		87			(118		)
February 14, 2013	(1), (3)	February 14, 2013	December 31, 2022	4.25	%	1 month LIBOR	14,900		757			—
						Total	$	203,122	$	(1,748	)	$	(8,078	)

(1) Interest rate swaps were settled as part of Tranche I Closing of the Net Lease Properties on January 31, 2014.

(2) Assumed at the time of acquisition of Walgreens NE Portfolio with a then fair value of ($5,219).

(3) On February 14, 2013, the Company entered into a floating-to-fixed interest rate swap agreement with a notional value of $14,900 and a maturity date of December 31, 2022 associated with the debt secured by a first mortgage on the Hasbro Office Building located in Providence, Rhode Island.

Cash flow hedges as well as their classification on the consolidated balance sheets

The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012.

	December 31, 2013				December 31, 2012
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as cash flow hedges:
Interest rate swaps (1)	Other liabilities	$	(4,127	)	Other liabilities	$	(8,078	)
Interest rate swaps (2)	Other assets	2,379			Other assets	—

(1) Includes $(3,364) and $(6,055) relating to assets held for sale as of December 31, 2013 and 2012, respectively.

(2) Includes $1,182 relating to assets held for sale as of December 31, 2013.

Derivative financial instruments on the consolidated statements of operations and other comprehensive loss

The table below presents the effect of the Company’s derivative financial instruments (including amounts related to discontinued operations) on the consolidated statements of operations and other comprehensive income for the years ended December 31, 2013, 2012 and 2011:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)									Location of Gain(Loss) Recognized in Income on Derivative (Ineffective Portion)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion)
	2013		2012			2011				2013			2012			2011				2013		2012			2011
Interest rate swaps	$	3,936	$	(2,727	)	$	(1,581	)	Interest Expense	$	(1,471	)	$	(738	)	$	(288	)	Other Expense	$	58	$	(66	)	$	—

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Segment Reporting

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has one reportable segment as defined by U.S. GAAP for the years ended December 31, 2013 and 2012.

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Commitments and Contingencies (Earnout Liability Rollforward) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
Earnout Liability
Earnout liability – beginning of period, fair value	$ 70,580		$ 25,290
Acquisitions	0		57,990
Amortization expense	2,230		2,477
Payments to settle earnouts	(18,513)		(16,026)
Earnout settlements in units	(20,473)	[1]	0	[1]
Earnout Liability, Payments in partial settlement of note receivable	(1,676)		0
Fair value adjustment of earnout liability	2,945		(849)
Earnout liability – end of period, fair value	$ 29,203		$ 70,580

[1] On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units with a fair value of $20,473 to settle the earnout obligation related to the City Center joint venture.

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operations:
Net income (loss)	$ 2,157	$ 2,866	$ (2,177)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	89,282	53,239	28,980
Amortization of debt premium and financing costs	1,338	1,134	825
Amortization of acquired above market leases	6,578	4,496	3,000
Amortization of acquired below market leases	(3,373)	(1,641)	(985)
Fair value adjustment of deferred investment property acquisition obligations	(2,945)	849	315
Straight-line rental income	(5,964)	(3,706)	(1,856)
Equity in income of unconsolidated entities	(260)	(17)	(105)
Discount on shares issued to affiliates	0	294	55
Payment of leasing fees	(470)	(278)	(120)
Realized gain on sale of marketable securities	(641)	(26)	(365)
Changes in assets and liabilities:
Restricted escrows	(114)	(65)	1,885
Accounts and rents receivable, net	(1,892)	(3,305)	(1,111)
Other assets	(477)	(1,110)	(640)
Accounts payable and accrued expenses	2,032	2,437	752
Accrued real estate taxes payable	608	855	811
Other liabilities	(1,797)	149	(748)
Due to related parties	271	499	(644)
Net cash flows provided by operating activities	84,333	56,670	27,872
Cash flows from investing activities:
Purchase of investment properties	(44,945)	(1,191,719)	(447,559)
Construction in progress, capital expenditures and tenant improvements	(8,806)	(1,189)	(1,650)
Purchase of marketable securities	(581)	(21,371)	(19,185)
Sale of marketable securities	5,672	1,828	6,823
Restricted escrows	(1,268)	(2,951)	7,340
Repayment of notes receivable	11,007	0	63
Investment in notes receivable	(4,710)	0	0
Investment in unconsolidated entities	25	0	0
Net cash flows used in investing activities	(43,606)	(1,215,402)	(454,168)
Cash flows from financing activities:
Proceeds from offering	0	536,094	308,222
Proceeds from the distribution reinvestment plan	38,286	31,349	14,657
Shares repurchased	(9,100)	(8,449)	(1,766)
Payment of offering costs	0	(54,269)	(33,741)
Proceeds from mortgages payable	37,358	624,340	240,951
Principal payments on mortgages payable	(9,684)	(22,370)	(48,254)
Proceeds from credit facility	0	73,500	48,000
Principal payments on credit facility	(21,000)	0	(55,000)
Proceeds from securities margin debt	656	21,464	15,281
Principal payments on securities margin debt	(8,187)	(4,884)	(15,495)
Payment of loan fees and deposits	(396)	(5,833)	(3,458)
Distributions paid	(69,824)	(51,767)	(23,641)
Distributions paid to noncontrolling interests	0	(2,720)	(107)
Payment of preferred return to redeemable noncontrolling interests	(2,178)	(109)	0
Purchase of noncontrolling interests	0	(1,569)	0
Payment of amount due to related parties	(724)	0	0
Net cash flows (used in) provided by financing activities	(44,793)	1,134,777	445,649
Net (decrease) increase in cash and cash equivalents	(4,066)	(23,955)	19,353
Cash and cash equivalents, at beginning of period	36,299	60,254	40,901
Cash and cash equivalents, at end of period	32,233	36,299	60,254
Supplemental disclosure of cash flow information:
Land	3,227	220,650	83,797
Building and improvements	19,191	1,014,650	400,305
Construction in progress	0	2,218	0
Acquired in-place lease intangibles	3,709	150,915	59,168
Acquired above market lease intangibles	332	22,553	11,616
Acquired below market lease intangibles	0	(34,598)	(9,816)
Assumption of mortgage debt at acquisition	0	92,195	85,528
Non-cash mortgage premium	0	(445)	(1,358)
Tenant improvement payable	0	(1,597)	(123)
Deferred investment property acquisition obligations	0	(57,990)	(24,753)
Settlement of deferred investment property acquisition obligations	40,662	15,962	14,679
Accounts payable and accrued expenses	0	(118)	(327)
Other liabilities	(31)	(12,367)	(2,506)
Restricted escrows	0	266	2,800
Deferred costs	0	913	75
Accounts and rents receivable	0	0	364
Other assets	4	11,381	256
Accrued real estate taxes payable	0	(1,364)	(1,090)
Issuance of redeemable noncontrolling interest	(20,473)	(47,115)	0
Partial settlement of note receivable	(1,676)	0	0
Purchase of investment properties	44,945	1,191,719	447,559
Cash paid for interest	52,332	34,186	17,575
Supplemental schedule of non-cash investing and financing activities:
Distributions payable	6,009	5,831	2,911
Contributions from sponsor – forgiveness of debt	$ 0	$ 0	$ 1,500

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Consolidated Balance Sheet (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Accounts and rents receivable, allowance	$ 2,285	$ 1,159
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,460,000,000	2,460,000,000
Common stock, shares issued	117,809,586	114,727,439
Common stock, shares outstanding	117,809,586	114,727,439
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares outstanding	0	0
Additional paid in capital, offering costs	$ 118,182	$ 118,182

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Mortgages, Credit Facility, and Securities Margins Payable

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Mortgages, Credit Facility, and Securities Margins Payable

Mortgages, Credit Facility, and Securities Margins Payable

The following table shows the scheduled maturities and required principal payments of the Company’s mortgages payable and Credit Facility including liabilities related to investment properties held for sale as of December 31, 2013, for each of the next five years and thereafter, including the effects of interest rate swaps:

	2014 (d)			2015			2016			2017			2018			Thereafter			Total
Fixed rate debt:
Mortgages payable (a)	$	7,638		$	96,016		$	48,806		$	97,715		$	125,131		$	624,513		$	999,819
Total fixed rate debt	7,638			96,016			48,806			97,715			125,131			624,513			999,819
Variable rate debt:
Mortgages payable (a)	—			50,140			2,233			23,077			5,180			103,807			184,437
Credit Facility	—			52,500			—			—			—			—			52,500
Total variable debt	—			102,640			2,233			23,077			5,180			103,807			236,937
Total debt (b)	$	7,638		$	198,656		$	51,039		$	120,792		$	130,311		$	728,320		$	1,236,756
Mortgages payable related to investment properties held for sale (c)	$	341		$	10,090		$	1,002		$	21,596		$	47,205		$	162,447		$	242,681
Weighted average interest rate on debt:
Fixed rate debt	5.84		%	5.26		%	4.84		%	4.47		%	5.23		%	4.52		%	4.70		%
Variable rate debt	—			2.03		%	2.66		%	2.59		%	2.52		%	2.55		%	2.33		%
Total	5.84		%	3.59		%	4.75		%	4.11		%	5.12		%	4.24		%	4.25		%
Weighted average interest rate on mortgages payable related to investment properties held for sale (c)	5.17		%	5.02		%	5.15		%	4.15		%	5.16		%	4.45		%	4.59		%

(a) Excludes net mortgage premiums of $1,176, associated with debt assumed at acquisition, net of accumulated amortization as of December 31, 2013.

(b) Excludes securities margin payable of $10,341 which is due upon the sale of marketable securities, and currently has an interest rate of 0.51% per annum, as of December 31, 2013.

(c) As part of the Tranche I Closing of the Net Lease Properties on January 31, 2014, the Company repaid mortgage debt with a principal balance of $74,964 and a weighted average interest rate of 4.25% as of December 31, 2013. Some of the proceeds were used to subsequently repay the outstanding balance on the Credit Facility.

(d) On March 10, 2014, the Company repaid the outstanding mortgage loan balance of $6,720 secured by Publix Shopping Center property located in St. Cloud, Florida.

The principal amount of our mortgage loans outstanding as of December 31, 2013 and 2012 was $1,184,256 and $1,156,582, respectively, and had a weighted average stated interest rate of 4.30% and 4.32% per annum, respectively, which includes effects of interest rate swaps. All of the Company’s mortgage loans are secured by first mortgages on the real estate assets.

On February 20, 2013, the Company entered into a $14,750 loan secured by a first mortgage on The Corner located in Tucson, Arizona. This loan bears interest at a fixed rate equal to 4.10% per annum, and matures on March 1, 2023.

On September 26, 2013, the Company entered into an $8,375 loan secured by a first mortgage on Copps Grocery Store located in Stevens Point, Wisconsin. This loan bears interest at a fixed rate equal to 3.95% per annum, and matures on September 26, 2018.

The mortgage loans may require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2013, all of the mortgages were current in payments and the Company was in compliance with such covenants.

On November 1, 2012, the Company entered into an amended and restated credit agreement (as amended the “Credit Facility”), under which the Company may borrow, on an unsecured basis, up to $105,000. The Company has the right, provided that no default has occurred and is continuing, to increase the facility amount up to $200,000 with approval from the lending group. The obligations under the Credit Facility will mature on October 31, 2015, which may be extended to October 31, 2016 subject to satisfaction of certain conditions. The Company has the right to terminate the facility at any time, upon one business day notice and the repayment of all of its obligations thereunder. Borrowings under the Credit Facility bear interest at a base rate applicable to any particular borrowing (e.g., LIBOR) plus a graduated spread that varies with the Company's leverage ratio. The Company generally will be required to make monthly interest-only payments, except that we may be required to make partial principal payments in order to comply with certain debt covenants set forth in the Credit Facility. On December 31, 2013, the interest rate was 2.14% per annum. The Company is also required to pay, on a quarterly basis, an amount up to 0.35% per annum on the average daily unused funds remaining under the Credit Facility. The Credit Facility requires compliance with certain covenants which may restrict the availability of funds under the Credit Facility. Our performance of the obligations under the Credit Facility, including the payment of any outstanding indebtedness thereunder, is secured by a guaranty by certain of our subsidiaries owning unencumbered properties. The amount outstanding on the Credit Facility was $52,500 and $73,500 as of December 31, 2013 and 2012, respectively.

The Company has purchased a portion of its marketable securities through margin accounts. As of December 31, 2013 and 2012, the Company had a payable of $10,341 and $17,872, respectively, for securities purchased on margin. The debt bears a variable interest rate. As of December 31, 2013 and December 31, 2012, the interest rate was 0.51% and 0.56% per annum, respectively. The securities margin payable is due upon the sale of any marketable securities.

Interest Rate Swap Agreements

The Company entered into interest rate swaps to fix the floating LIBOR based debt under certain variable rate loans to a fixed rate to manage the risk exposed to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap.

The following table summarizes the Company's interest rate swap contracts outstanding as of December 31, 2013:

Date Entered		Effective Date	Maturity Date	Pay Fixed Rate		Receive  Floating Rate Index	Notional Amount		Fair Value as of December 31, 2013			Fair Value as of December 31, 2012
March 11, 2011	(1)	April 5, 2011	November 5, 2015	5.01	%	1 month LIBOR	$	9,350	$	(322	)	$	(489	)
June 22, 2011		June 24, 2011	June 22, 2016	4.47	%	1 month LIBOR	13,359		(457		)	(678		)
October 28, 2011		November 1, 2011	October 21, 2016	3.75	%	1 month LIBOR	10,837		(240		)	(387		)
May 9, 2012		May 9, 2012	May 9, 2017	3.38	%	1 month LIBOR	10,150		(66		)	(211		)
June 13, 2012	(2)	June 10, 2011	December 10, 2018	5.17	%	1 month LIBOR	49,391		(3,041		)	(5,428		)
July 24, 2012	(1)	July 26, 2012	July 20, 2017	3.09	%	1 month LIBOR	4,677		23			(44		)
October 1, 2012		April 1, 2014	March 29, 2019	3.85	%	1 month LIBOR	45,000		977			(315		)
October 2, 2012		October 4, 2012	October 1, 2017	3.73	%	1 month LIBOR	24,750		132			(299		)
October 4, 2012	(1)	October 4, 2012	October 3, 2019	3.15	%	1 month LIBOR	10,808		402			(109		)
December 20, 2012		December 20, 2012	December 20, 2017	3.36	%	1 month LIBOR	9,900		87			(118		)
February 14, 2013	(1), (3)	February 14, 2013	December 31, 2022	4.25	%	1 month LIBOR	14,900		757			—
						Total	$	203,122	$	(1,748	)	$	(8,078	)

(1) Interest rate swaps were settled as part of Tranche I Closing of the Net Lease Properties on January 31, 2014.

(2) Assumed at the time of acquisition of Walgreens NE Portfolio with a then fair value of ($5,219).

(3) On February 14, 2013, the Company entered into a floating-to-fixed interest rate swap agreement with a notional value of $14,900 and a maturity date of December 31, 2022 associated with the debt secured by a first mortgage on the Hasbro Office Building located in Providence, Rhode Island.

The Company has documented and designated these interest rate swaps as cash flow hedges. Based on the assessment of effectiveness using statistical regression, the Company determined that the interest rate swaps are effective. Effectiveness testing of the hedge relationship and measurement to quantify ineffectiveness is performed each fiscal quarter using the hypothetical derivative method. As these interest rate swaps qualify as cash flow hedges, the Company adjusts the cash flow hedges on a quarterly basis to their fair values with corresponding offsets to accumulated other comprehensive income. The Company does not offset derivative liabilities with derivative assets relating to its cash flow hedges. The Company has recorded an accumulated net unrealized gain (loss) of $2,125 and $(3,282) on the consolidated balance sheet as of December 31, 2013 and 2012, respectively. The interest rate swaps have been and are expected to remain highly effective for the term of the hedge. Effective amounts are reclassified to interest expense as the related hedged expense is incurred. Any ineffectiveness on the hedges is reported in other income/expense. For the years ended December 31, 2013 and 2012, the Company had $58 and $(66), respectively of ineffectiveness on its cash flow hedges. Amounts related to the swaps expected to be reclassified from accumulated other comprehensive income to interest expense in the next twelve months total $2,239.

The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012.

	December 31, 2013				December 31, 2012
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as cash flow hedges:
Interest rate swaps (1)	Other liabilities	$	(4,127	)	Other liabilities	$	(8,078	)
Interest rate swaps (2)	Other assets	2,379			Other assets	—

(1) Includes $(3,364) and $(6,055) relating to assets held for sale as of December 31, 2013 and 2012, respectively.

(2) Includes $1,182 relating to assets held for sale as of December 31, 2013.

The table below presents the effect of the Company’s derivative financial instruments (including amounts related to discontinued operations) on the consolidated statements of operations and other comprehensive income for the years ended December 31, 2013, 2012 and 2011:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)									Location of Gain(Loss) Recognized in Income on Derivative (Ineffective Portion)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion)
	2013		2012			2011				2013			2012			2011				2013		2012			2011
Interest rate swaps	$	3,936	$	(2,727	)	$	(1,581	)	Interest Expense	$	(1,471	)	$	(738	)	$	(288	)	Other Expense	$	58	$	(66	)	$	—

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Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 03, 2014	Jun. 30, 2013
Document And Entity Information [Abstract]
Entity Registrant Name	Inland Diversified Real Estate Trust, Inc.
Entity Central Index Key	0001438897
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		117,809,586
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

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Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2013

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interests

Certain of the Company's consolidated joint ventures have issued units to noncontrolling interest holders that are redeemable at the noncontrolling interest holder's option for cash, or for shares of the Company's common stock at the Company's option. If the noncontrolling interest holder seeks redemption of its units for the Company's shares, the joint ventures may redeem the units through issuance of common stock by the Company on a one-for-one basis or through cash settlement at the redemption price. These redeemable noncontrolling interests will become redeemable at future dates generally no earlier than in 2015 but generally no later than 2022 based on certain redemption criteria. The redeemable noncontrolling interests are not mandatorily redeemable.

The following table summarizes the redeemable noncontrolling interests as of December 31, 2013.

Joint Venture	Number of Redeemable Noncontrolling Interests Units Outstanding (1)	Redeemable Noncontrolling Interests at Issuance		Carrying Value of Redeemable Noncontrolling Interests		Preferred Return per Annum		Notes
Kohl's Cumming	141,602	$	1,416	$	1,416	5.00	%	(2), (3)
City Center	2,656,450	26,565		26,758		4.00	%	(3), (4)
Crossing at Killingly	960,802	9,608		9,776		3.50	%	(3), (5)
Territory Portfolio	3,000,000	30,000		30,000		4.00	%	(6)
Total	6,758,854	$	67,589	$	67,950

(1) Redeemable noncontrolling interest units had a fair value of $10.00 each at the time of issuance.

(2) As part of the Tranche I Closing of the Net Leased Properties on January 31, 2014, the Company's ownership interest in the Kohl's Cumming joint venture, a consolidated subsidiary, was sold and the redeemable noncontrolling interests was derecognized.

(3) If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be greater of i) $10.00 per unit, plus any accumulated, accrued and unpaid distributions to and including the date of redemption or ii) the Company's share price per share.

(4) Preferred return started on June 7, 2013, upon fulfillment of the deferred investment property acquisition obligations.

(5) Preferred return will increase to 5.50% per annum on October 3, 2015. The joint venture may issue up to an additional 298,121 redeemable noncontrolling interest units to settle its earnout liability included in the Company's investment property acquisition obligation on the consolidated balance sheet (note 16).

(6) If the unit holder elects shares and the joint venture pays the redemption price in cash, the redemption value will be $10.00 per unit plus 50% of the excess of the Company's share price per share over $10.00 per unit.

Below is a table reflecting the activity of the consolidated redeemable noncontrolling interests as of and for the years ended December 31, 2013.

	Redeemable Noncontrolling Interests
	2013			2012
Balance at beginning of period	$	47,215		$	—
Issuance of redeemable noncontrolling interests (1)	20,473			47,115
Net income attributable to redeemable noncontrolling interests	2,440			209
Payment of preferred return	(2,178		)	(109		)
Balance at close of period	$	67,950		$	47,215

(1) On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units to settle the earnout obligation related to the City Center joint venture.

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Consolidated Statements of Operations and Other Comprehensive Income (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income:
Rental income	$ 140,763	$ 90,705	$ 50,820
Tenant recovery income	35,565	21,176	12,340
Other property income	9,480	1,483	1,270
Total income	185,808	113,364	64,430
Expenses:
General and administrative expenses	9,223	4,269	2,770
Acquisition related costs	619	5,019	2,648
Property operating expenses	33,977	20,219	12,008
Real estate taxes	20,564	13,301	7,751
Depreciation and amortization	73,608	44,833	25,713
Business management fee-related party	14,666	1,500	1,000
Total expenses	152,657	89,141	51,890
Operating income	33,151	24,223	12,540
Interest, dividend and other income	3,135	2,556	871
Realized gain on sale of marketable securities	641	26	365
Interest expense	(42,669)	(28,069)	(17,432)
Equity in income of unconsolidated entities	260	17	105
Loss from continuing operations	(5,482)	(1,247)	(3,551)
Income from discontinued operations	7,639	4,113	1,374
Net income (loss)	2,157	2,866	(2,177)
Noncontrolling interests:
Noncontrolling interests	0	(41)	(102)
Redeemable noncontrolling interests	(2,440)	(209)	0
Net income attributable to noncontrolling interests	2,440	250	102
Net (loss) income attributable to common stockholders	(283)	2,616	(2,279)
Basic and diluted earnings per common share:
Continuing operations attributable to common stockholders	$ (0.07)	$ (0.02)	$ (0.08)
Discontinued operations attributable to common stockholders	$ 0.07	$ 0.05	$ 0.03
Net (loss) income attributable to common stockholders	$ 0.00	$ 0.03	$ (0.05)
Weighted average number of common shares outstanding, basic and diluted	116,667,708	91,146,154	42,105,681
Comprehensive income:
Net income (loss)	2,157	2,866	(2,177)
Other comprehensive (loss) income:
Unrealized (loss) gain on marketable securities	(2,421)	3,469	(634)
Unrealized gain (loss) on derivatives	5,407	(1,989)	(1,293)
Comprehensive income (loss)	5,143	4,346	(4,104)
Noncontrolling interests	0	(41)	(102)
Redeemable noncontrolling interests	(2,440)	(209)	0
Comprehensive income (loss) attributable to common stockholders	$ 2,703	$ 4,096	$ (4,206)

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Operating Leases

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Operating Leases

Operating Leases

Minimum lease payments to be received under operating leases including ground leases and excluding leases relating to discontinued operations and multi-family units (lease terms of twelve-months or less) as of December 31, 2013 for the years indicated, assuming no expiring leases are renewed, are as follows:

	Minimum Lease Payments
2014	$	133,811
2015	129,558
2016	123,110
2017	111,911
2018	90,462
Thereafter	584,711
Total	$	1,173,563

The remaining lease terms range from less than one year to 72 years. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Some leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and other comprehensive income. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses and reimbursements are included in tenant recovery income on the consolidated statements of operations and other comprehensive income.

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Discontinued Operations and Investment Properties Held for Sale

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Investment Properties Held for Sale [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations and Investment Properties Held for Sale

On December 16, 2013, the Company entered into the Purchase and Sale Agreements, providing for the sale of the Net Leased Properties in an all-cash transaction with a gross sales price of approximately $503,013. The transaction is expected to close in three tranches during the first and second quarters of 2014. The Tranche I Closing was competed on January 31, 2014, and the second and third tranches are expected to close by the end of April 2014. Each closing is subject to customary approvals and the completion of certain closing conditions, and it is possible that the timing of the closings may be delayed. The Net Leased Properties qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria on December 16, 2013, at which time depreciation and amortization was suspended. The assets and liabilities associated with these properties are separately classified as held for sale in the consolidated balance sheets as of December 31, 2013. All periods presented on the consolidated balance sheets and consolidated statements of operations and other comprehensive income have been adjusted to conform to the current year presentation. Properties relating to the Merger Agreement were classified as held and used as of December 31, 2013.

The following table presents the assets and liabilities associated with the held for sale properties:

	December 31,
Assets	2013			2012
Investment properties:
Land	$	89,365		$	89,096
Building and improvements	315,958			314,805
Total	405,323			403,901
Less accumulated depreciation	(20,555		)	(8,709		)
Net investment properties	384,768			395,192
Restricted cash and escrows	1,939			2,114
Accounts and rents receivable, net	4,199			1,998
Acquired lease intangibles, net	60,504			64,989
Deferred costs, net	2,570			2,890
Other assets	1,500			218
Total assets held for sale	$	455,480		$	467,401
Liabilities
Mortgages payable	$	242,680		$	242,680
Accounts payable and accrued expenses	1,012			846
Accrued real estate taxes payable	813			513
Other liabilities	10,166			13,559
Acquired below market lease intangibles, net	1,358			1,431
Total liabilities held for sale	$	256,029		$	259,029

The Company will have no continuing involvement with any of its disposed properties subsequent to their disposal. The Company did not record any gain or loss associated with the sale of these properties during the year ended December 31, 2013. Any gain will be recorded once each tranche is closed. The Company did not dispose of or enter into any binding agreements to sell any other properties during the years ended December 31, 2012 and 2011.

The results of operations for the investment properties that are accounted for as discontinued operations are presented for each of the years ended December 31, 2013, 2012 and 2011in the table below:

	Year Ended December 31,
	2013			2012			2011
Income:
Rental income	$	35,587		$	19,129		$	7,253
Tenant recovery income	1,640			876			38
Other property income	118			116			78
Total income	37,345			20,121			7,369
Expenses:
Property operating expenses	2,003			1,002			287
Real estate taxes	1,366			669			38
Depreciation and amortization	15,674			8,406			3,267
Total expenses	19,043			10,077			3,592
Operating income	18,302			10,044			3,777
Interest, dividend and other income	1			—			—
Interest expense	(10,664		)	(5,931		)	(2,403		)
Income from discontinued operations	7,639			4,113			1,374
Redeemable noncontrolling interests associated with discontinued operations	(71		)	(27		)	—
Net income from discontinued operations attributable to common stockholders	$	7,568		$	4,086		$	1,374

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Thirteen of the Company’s properties have earnout components related to property acquisitions. The maximum potential earnout payment was $32,906 at December 31, 2013. The table below presents the change in the Company’s earnout liability for the years ended December 31, 2013, 2012 and 2011.

	For the Year Ended December 31,
	2013			2012
Earnout liability – beginning of period, fair value	$	70,580		$	25,290
Increases:
Acquisitions	—			57,990
Amortization expense	2,230			2,477
Decreases:
Payments to settle earnouts	(18,513		)	(16,026		)
Payments to settle earnouts in units (1)	(20,473		)	—
Partial repayment of note receivable in settlement of earnout	(1,676		)	—
Other:
Fair value adjustment of earnout liability	(2,945		)	849
Earnout liability – end of period, fair value	$	29,203		$	70,580

(1) On June 7, 2013, the Company issued 2,047,300 redeemable noncontrolling interest units with a fair value of $20,473 to settle the earnout obligation related to the City Center joint venture.

The Company has provided a partial guarantee on certain financial obligations of our subsidiaries with an outstanding principal balance of $284,482. As of December 31, 2013, these guarantees totaled to an aggregate recourse amount of $95,499.

As of December 31, 2013, our consolidated joint ventures had $67,950 in redeemable noncontrolling interests that will become redeemable at future dates generally no earlier than in 2015 but generally no later than 2022 based on certain redemption criteria. The Kohl's Cumming redeemable noncontrolling interest units were transferred as part of Tranche I Closing of the Net Lease Properties on January 31, 2014. The redeemable noncontrolling interests are not mandatorily redeemable. At the noncontrolling interest holders’ option, the Company may be required to pay cash, but if the noncontrolling interest holder elects to redeem its interest for the Company’s stock, the Company at its option, may pay cash, issue common stock, or a mixture of both. See additional information relating to these redeemable noncontrolling interests in note 11.

The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company.

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table indicates the changes and reclassifications affecting accumulated other comprehensive income (loss) by component for the year ended December 31, 2013.

	Gain (Loss) on Cash Flow Hedges				Unrealized Gains and (Losses) on Available-for-sale Securities				Total
Accumulated other comprehensive income (loss) - January 1, 2013	$	(3,282	)		$	2,999			$	(283	)
Activity for current-period:
Other comprehensive income (loss) before reclassifications	3,936				(1,780		)		2,156
Amounts reclassified from other comprehensive income (loss) into income	1,471			(1)	(641		)	(2)	830
Net current-period other comprehensive income (loss)	5,407				(2,421		)		2,986
Accumulated other comprehensive income - December 31, 2013	$	2,125			$	578			$	2,703

(1) Included in interest expense on the consolidated statements of operations and other comprehensive income.

(2) Included in realized gain on sale of marketable securities on the consolidated statements of operations and other comprehensive income.

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Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, restricted cash and escrows, accounts and rents receivable, accounts payable and accrued expenses, accrued real estate taxes payable and due to related parties approximates their fair values at December 31, 2013 and 2012 due to the short maturity of these instruments.

All financial assets and liabilities are recognized or disclosed at fair value using a fair value hierarchy as described in note 2 – “Fair Value Measurements.”

The following table presents the Company’s assets and liabilities, measured at fair value on a recurring basis, and related valuation inputs within the fair value hierarchy utilized to measure fair value as of December 31, 2013 and 2012:

	Level 1		Level 2		Level 3		Total
December 31, 2013
Asset - investment in marketable securities	$	24,871	$	9,199	$	—	$	34,070
Asset - interest rate swap	$	—	$	2,379	$	—	$	2,379
Liability - interest rate swap	$	—	$	4,127	$	—	$	4,127
December 31, 2012
Asset - investment in marketable securities	$	31,231	$	9,710	$	—	$	40,941
Liability - interest rate swap	$	—	$	8,078	$	—	$	8,078

The valuation techniques used to measure fair value of the investment in marketable securities above was quoted prices from national stock exchanges and quoted prices from third party brokers for similar assets (note 7). The Company performs certain validation procedures such as verifying changes in security prices from one period to the next and verifying ending security prices on a test basis.

The valuation techniques used to measure the fair value of the interest rate swaps above in which the counterparties have high credit ratings, were derived from pricing models provided by a third party, such as discounted cash flow techniques, with all significant inputs derived from or corroborated by observable market data. The Company verifies the ending values provided by the third party to the values received on the counterparties' statements for reasonableness. The Company’s discounted cash flow techniques use observable market inputs, such as LIBOR-based yield curves.

The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s mortgage debt (including mortgage debt classified as held for sale) was $1,185,433 and $1,158,051 at December 31, 2013 and 2012, respectively, and its estimated fair value was $1,211,250 and $1,189,621 as of December 31, 2013 and 2012, respectively. The Company’s carrying amount of variable rate borrowings on the credit facility and securities margin payable approximates their fair values at December 31, 2013 and 2012.

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Mortgages, Credit Facility, and Securities Margins Payable (Income Statement Classification of Derivatives) (Details) (Designated as Hedging Instrument, Interest rate swaps, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ 3,936	$ (2,727)	$ (1,581)
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(1,471)	(738)	(288)
Other expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion)	$ 58	$ (66)	$ 0

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Unconsolidated Entities

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Unconsolidated Entities

Unconsolidated Entities

The Company is a member of a limited liability company formed as an insurance association captive (the “Insurance Captive”), which is owned in equal proportions by the Company and three related parties, Inland Real Estate Corporation, Inland American Real Estate Trust, Inc. and Inland Real Estate Income Trust, Inc. and a third party, Retail Properties of America, Inc. and is serviced by an affiliate of the Business Manager, Inland Risk and Insurance Management Services Inc. The Insurance Captive was formed to initially insure/reimburse the members’ deductible obligations for the first $100 of property insurance and $100 of general liability insurance. The Company entered into the Insurance Captive to stabilize its insurance costs, manage its exposures and recoup expenses through the functions of the captive program. This entity is considered to be a variable interest entity (VIE) as defined in U.S. GAAP and the Company is not considered to be the primary beneficiary. Therefore, this investment is accounted for utilizing the equity method of accounting. The Company's risk of loss is limited to its investment and it is not required to fund additional capital to the entity.

		Ownership % at		Investment at
Joint Venture	Description	December 31, 2013	December 31, 2012	December 31, 2013		December 31, 2012
Oak Property & Casualty LLC	Insurance Captive	20%	25%	$	484	$	248

The Company’s share of net income from its investment in the unconsolidated entity is based on the ratio of each member’s premium contribution to the venture. The Company was allocated income of $260, $17 and $105for the years ended December 31, 2013, 2012 and 2011, respectively.

On May 28, 2009, the Company purchased 1,000 shares of common stock in the Inland Real Estate Group of Companies for $1, which are accounted for under the cost method and included in investment in unconsolidated entities on the consolidated balance sheets.

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Investment in Marketable Securities

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Investment in Marketable Securities

Investment in Marketable Securities

Investment in marketable securities of $34,070 and $40,941 at December 31, 2013 and 2012, respectively, consists of primarily preferred and common stock and corporate bond investments in other publicly traded REITs which are classified as available-for-sale securities and recorded at fair value. The cost basis of the Company's investment in marketable securities was $33,492 and $37,943 at December 31, 2013 and 2012, respectively.

Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of comprehensive income until realized. The Company has recorded an accumulated net unrealized gain of $578 and $2,999 on the consolidated balance sheets as of December 31, 2013 and 2012, respectively. The Company had net unrealized (losses) gains of $(2,421), $3,469 and $(634)for the years ended December 31, 2013, 2012 and 2011, respectively. These unrealized (losses) and gains have been recorded as other comprehensive income in the consolidated statements of operations and other comprehensive income.

Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis or first-in, first-out basis. The Company had realized gains of $641, $26 and $365for the years ended December 31, 2013, 2012 and 2011, respectively. These gains have been recorded as realized gain on sale of marketable securities in the consolidated statements of operations and other comprehensive income.

The Company’s policy for assessing recoverability of its available-for-sale securities is to record a charge against net earnings when the Company determines that a decline in the fair value of a security drops below the cost basis and believes that decline to be other-than-temporary, which includes determining whether for marketable securities: (1) the Company intends to sell the marketable security, and (2) it is more likely than not that the Company will be required to sell the marketable security before its anticipated recovery.

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Transactions with Related Parties

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Transactions With Related Parties

Transactions with Related Parties

The Company has an investment in an insurance captive entity with other REITs sponsored by our Sponsor and a third party. The entity is included in the Company’s disclosure of Unconsolidated Entities (note 6) and is included in investment in unconsolidated entities on the consolidated balance sheets.

As of December 31, 2013 and 2012, the Company owed a total of $2,074 and $2,532, respectively, to our Sponsor and its affiliates related to advances used to pay administrative and offering costs and certain accrued expenses which are included in due to related parties on the consolidated balance sheets. These amounts represent non-interest bearing advances by the Sponsor and its affiliates and accrued business management fees, which the Company intends to repay.

At December 31, 2013 and 2012, the Company held $789 and $629, respectively, in shares of common stock in Inland Real Estate Corporation, which are classified as available-for-sale securities and recorded at fair value.

The Company has 1,000 shares of common stock in the Inland Real Estate Group of Companies with a recorded value of $1 at December 31, 2013 and 2012, which are accounted for under the cost method and included in investment in unconsolidated entities on the consolidated balance sheets.

The following table summarizes the Company’s related party transactions for the years ended December 31, 2013, 2012 and 2011.

		For the Year Ended December 31,							Unpaid Amounts as of
		2013		2012		2011			December 31, 2013		December 31, 2012
General and administrative:
General and administrative reimbursement	(a)	$	1,259	$	1,101	$	793		$	292	$	335
Loan servicing	(b)	306		185		98			—		—
Discount on shares issued to affiliates	(c)	—		294		55			—		—
Investment advisor fee	(d)	291		270		106			25		26
Total general and administrative to related parties		$	1,856	$	1,850	$	1,052		$	317	$	361
Offering costs	(e),(f)	$	—	$	51,745	$	30,179		$	—	$	123
Acquisition related costs	(g)	288		2,048		961			—		348
Real estate management fees	(h)	9,165		5,601		3,124			—		—
Business management fee	(i)	14,666		1,500		1,000			1,757		975
Loan placement fees	(j)	65		1,109		418			—		—
Cost reimbursement	(k)	47		—		75			—		—
Sponsor noninterest bearing advances	(l)	—		—		(1,500		)	—		724
Sponsor contributions to pay dividends	(l)	—		—		1,500			—		—

(a) The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(b) A related party of the Business Manager provides loan servicing to the Company for an annual fee equal to .03% of the first $1,000,000 of serviced loans and .01% for serviced loans over $1,000,000. These loan servicing fees are paid monthly and are included in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(c) The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 0, 294,331 and 55,203 shares to related parties for the years ended December 31, 2013, 2012 and 2011, respectively.

(d) The Company pays a related party of the Business Manager to purchase and monitor its investment in marketable securities.

(e) A related party of the Business Manager received selling commissions equal to 7.5% of the sale price for each share sold and a marketing contribution equal to 2.5% of the gross offering proceeds from shares sold, the majority of which were reallowed (paid) to third party soliciting dealers. The Company also reimbursed a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. In addition, the Sponsor, its affiliates and third parties were reimbursed for any issuer costs that they paid on the Company's behalf, including any bona fide out-of-pocket, itemized and detailed due diligence expenses not reimbursed from amounts paid or reallowed (paid) as a marketing contribution, in an amount that did not exceed 1.5% of the gross offering proceeds. The Company did not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the distribution reinvestment plan. Such costs were offset against the stockholders’ equity accounts.

(f) The majority of the offering costs were reallowed (paid) to third party soliciting dealers. Pursuant to the terms of the “best efforts” offering, issuer costs were not permitted to exceed 1.5% of the gross offering proceeds over the life of the “best efforts” offering. These costs did not exceed these limitations upon completion of the “best efforts” offering.

(g) The Business Manager and its related parties are reimbursed for acquisition, dead deal and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets. These costs relate to both closed and potential transactions and include customary due diligence costs including time and travel expense reimbursements. Such costs are included in acquisition related costs in the consolidated statements of operations and other comprehensive income. The Company does not pay acquisition fees to its Business Manager or its affiliates.

(h) The real estate managers, entities owned principally by individuals who are related parties of the Business Manager, receive monthly real estate management fees up to 4.5% of gross operating income (as defined), for management and leasing services. Such costs are included in property operating expenses in the consolidated statements of operations and other comprehensive income. In addition to these fees, the real estate managers receive reimbursements of payroll costs for property level employees. The Company reimbursed or will reimburse the real estate managers and other affiliates $2,254, $1,458 and $827for the years ended December 31, 2013, 2012 and 2011, respectively.

(i) Subject to satisfying the criteria described below, the Company pays the Business Manager a quarterly business management fee equal to a percentage of the Company’s “average invested assets” (as defined in the business management agreement), calculated as follows:

(1) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1875% of its “average invested assets” for that prior calendar quarter;

(2) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 6% annualized distribution rate but less than 7% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.1625% of its “average invested assets” for that prior calendar quarter;

(3) if the Company has declared distributions during the prior calendar quarter just ended, in an amount equal to or greater than an average 5% annualized distribution rate but less than 6% annualized distribution rate (assuming a share was purchased for $10.00), it will pay a fee equal to 0.125% of its “average invested assets” for that prior calendar quarter; or

(4) if the Company does not satisfy the criteria in (1), (2) or (3) above in a particular calendar quarter just ended, it will not, except as set forth below, pay a business management fee for that prior calendar quarter.

(5) Assuming that (1), (2) or (3) above is satisfied, the Business Manager may decide, in its sole discretion, to be paid an amount less than the total amount that may be paid. If the Business Manager decides to accept less in any particular quarter, the excess amount that is not paid may, in the Business Manager’s sole discretion, be waived permanently or deferred, without interest, to be paid at a later point in time. This obligation to pay the deferred fee terminates if the Company acquires the Business Manager. For the years ended December 31, 2013, 2012 and 2011, the Business Manager was entitled to a business management fee in the amount equal to $14,830, $9,195 and $4,807, respectively of which $164, $7,695 and $3,807, respectively was permanently waived.

Separate and distinct from any business management fee, the Company will also reimburse the Business Manager, the Real Estate Managers and their affiliates for certain expenses that they, or any related party including the Sponsor, pay or incur on its behalf including the salaries and benefits of persons employed except that the Company will not reimburse either our Business Manager or Real Estate Managers for any compensation paid to individuals who also serve as the Company’s executive officers, or the executive officers of the Business Manager, the Real Estate Managers or their affiliates; provided that, for these purposes, the secretaries will not be considered “executive officers.” These costs were recorded in general and administrative expenses in the consolidated statements of operations and other comprehensive income.

(j) The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan it places for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term.

(k) The Company reimburses a related party of the Business Manager for costs incurred for construction oversight provided to the Company relating to its development project. These reimbursements are paid monthly during the development period. These costs are capitalized and are included in construction in progress on the consolidated balance sheet.

(l) As of December 31, 2012, the Company owed $724 to our Sponsor related to advances used to pay administrative and offering costs prior to the commencement of the “best efforts” offering. These amounts are included in due to related parties on the consolidated balance sheets and has been subsequently paid.

The Company may pay additional types of compensation to affiliates of the Sponsor in the future, including the Business Manager and our Real Estate Managers and their respective affiliates; however, we did not pay any other types of compensation for the years ended December 31, 2013, 2012 and 2011.

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Income Taxes Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Liability for Uncertain Tax Positions, Current	$ 0	$ 0
Liability for Uncertain Tax Positions, Noncurrent	0
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0

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Earnings (Loss) per Share (Antidilutive Securities) (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Redeemable Noncontrolling Interest
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,758,854	4,721,554
Contingent Issuance of Redeemable Noncontrolling Interest Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	298,121

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Accumulated Other Comprehensive Income (Loss) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Schedule of Changes and Reclassifications of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive inocme (loss), beginning of period	$ (283)
Other comprehensive income (loss) before reclassifications	2,156
Amounts reclassified from other comprehensive income (loss) into income	830
Net current-period other comprehensive loss	2,986
Accumulated other comprehensive inocme (loss), end of period	2,703
Unrealized Gains and (Losses) on Available-for-sale Securities
Schedule of Changes and Reclassifications of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive inocme (loss), beginning of period	2,999
Other comprehensive income (loss) before reclassifications	(1,780)
Amounts reclassified from other comprehensive income (loss) into income	(641)	[1]
Net current-period other comprehensive loss	(2,421)
Accumulated other comprehensive inocme (loss), end of period	578
Gain (Loss) on Cash Flow Hedges
Schedule of Changes and Reclassifications of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive inocme (loss), beginning of period	(3,282)
Other comprehensive income (loss) before reclassifications	3,936
Amounts reclassified from other comprehensive income (loss) into income	1,471	[2]
Net current-period other comprehensive loss	5,407
Accumulated other comprehensive inocme (loss), end of period	$ 2,125

[1] Included in realized gain on sale of marketable securities on the consolidated statements of operations and other comprehensive income.

[2] Included in interest expense on the consolidated statements of operations and other comprehensive income.

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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Assets and liabilities, measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities, measured at fair value on a recurring basis, and related valuation inputs within the fair value hierarchy utilized to measure fair value as of December 31, 2013 and 2012:

	Level 1		Level 2		Level 3		Total
December 31, 2013
Asset - investment in marketable securities	$	24,871	$	9,199	$	—	$	34,070
Asset - interest rate swap	$	—	$	2,379	$	—	$	2,379
Liability - interest rate swap	$	—	$	4,127	$	—	$	4,127
December 31, 2012
Asset - investment in marketable securities	$	31,231	$	9,710	$	—	$	40,941
Liability - interest rate swap	$	—	$	8,078	$	—	$	8,078

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Investment in Marketable Securities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract]
Investment in marketable securities	$ 34,070	$ 40,941
Available-for-sale securities, amortized cost	33,492	37,943
Available-for-sale securities, gross unrealized gain (loss)	578	2,999
Unrealized (loss) gain on marketable securities	(2,421)	3,469	(634)
Realized gain on sale of marketable securities	$ 641	$ 26	$ 365

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Distributions

12 Months Ended

Dec. 31, 2013

Distributions [Abstract]

Distributions

Distributions

The Company has paid distributions based on daily record dates, payable monthly in arrears. The distributions that the Company has paid are equal to a daily amount equal to $0.00164384, which if paid each day for a 365-day period, would equal to $0.60 per share or a 6.0% annualized rate based on a purchase price of $10.00 per share. During for the years ended December 31, 2013, 2012 and 2011, the Company declared cash distributions, totaling $70,002, $54,687 and $25,263, respectively.

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Quarterly Supplemental Financial Information

12 Months Ended

Dec. 31, 2013

Quarterly Supplemental Financial Information (unaudited) [Abstract]

Quarterly Financial Information [Text Block]

Quarterly Supplemental Financial Information (unaudited)

The following represents the results of operations, for each quarterly period, during 2013 and 2012.

	2013
	December 31			September 30			June 30			March 31
Total income as previously reported	$	48,978		$	55,376		$	53,540		$	56,487
Reclassified to discontinued operations (1)	—			(9,514		)	(9,272		)	(9,787		)
Adjusted total income	$	48,978		$	45,862		$	44,268		$	46,700
Net income (loss) attributable to common stockholders	$	768		$	227		$	(1,483	)	$	205
Net income (loss) attributable to common stockholders per common share, basic and diluted (2)	$	0.01		$	0.00		$	(0.01	)	$	0.00
Weighted average number of common shares outstanding, basic and diluted (2)	117,895,702			117,107,314			116,255,280			115,380,042
	2012
	December 31			September 30			June 30			March 31
Total income as previously reported	$	44,308		$	35,794		$	29,179		$	24,205
Reclassified to discontinued operations (1)	(8,572		)	(6,674		)	(2,827		)	(2,049		)
Adjusted total income	$	35,736		$	29,120		$	26,352		$	22,156
Net (loss) income attributable to common stockholders	$	(306	)	$	1,594		$	990		$	338
Net (loss) income attributable to common stockholders per common share, basic and diluted (2)	$	0.00		$	0.02		$	0.01		$	0.01
Weighted average number of common shares outstanding, basic and diluted (2)	114,436,422			104,419,606			81,159,713			64,164,709

(1) Represents income that has been reclassified to discontinued operations since previously reported amounts in Form 10-Q or 10-K.

(2) Quarterly income per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

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Operating Leases (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Land, Buildings and Improvements
Minimum lease payments to be received under operating leases
2014	$ 133,811
2015	129,558
2016	123,110
2017	111,911
2018	90,462
Thereafter	584,711
Total	$ 1,173,563
Minimum
Minimum lease payments to be received under operating leases
Remaining Operating Lease Term	1 year
Maximum
Minimum lease payments to be received under operating leases
Remaining Operating Lease Term	72 years

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Organization (Details) (USD $)	Feb. 18, 2014	Dec. 31, 2013 principal	Dec. 31, 2012	Dec. 31, 2013 Initial Public Offering	Dec. 31, 2013 Distribution Reinvestment Plan	Jan. 31, 2014 Retail Properties property	Dec. 31, 2013 Retail Properties property	Jan. 31, 2014 Office Properties property	Dec. 31, 2013 Office Properties property	Jan. 31, 2014 Industrial property	Dec. 31, 2013 Industrial property	Jan. 31, 2014 Retail and Office Properties sqft	Dec. 31, 2013 Retail and Office Properties sqft	Jan. 31, 2014 Multi-Family Properties property_unit property	Dec. 31, 2013 Multi-Family Properties property property_unit	Jan. 31, 2014 City Center Multi-Family Properties property_unit	Dec. 31, 2013 City Center Multi-Family Properties property_unit
Organization diclosure
Estimated Per Share Value	$ 10.70
Number of Principals With Indirect Control of the Real Estate Managers		4
Common stock, shares authorized		2,460,000,000	2,460,000,000	500,000,000	50,000,000
Share price (in dollars per share)		$ 10.00		$ 10.00	$ 9.50
Share repurchase limit		5.00%
Number of real estate properties						91	135	3	4	1	2			2	2
Square Footage/Units												11,500,000	12,500,000
Number of units in real estate property														420	420	24	24
Weighted average physical occupancy		96.10%
Weighted average economic occupancy		97.20%

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Consolidated Statements of Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-in Capital, Net of Offering Costs	Accumulated Distributions and Net Loss	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance at Dec. 31, 2010	$ 225,949	$ 26	$ 231,882	$ (10,525)	$ 164	$ 4,402
Balance (In Shares) at Dec. 31, 2010		26,120,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions declared	(25,263)			(25,263)
Distributions paid to noncontrolling interests	(107)					(107)
Proceeds from offering (in Shares)		30,949,567
Proceeds from offering	308,222	31	308,191
Offering costs	(33,493)		(33,493)
Discounts on shares issued to affiliates	55		55
Contributions from sponsor	1,500		1,500
Proceeds from distribution reinvestment plan	14,657	1	14,656
Proceeds from distribution reinvestment plan (In Shares)		1,542,941
Shares repurchased	(1,766)	0	(1,766)
Shares repurchased (In Shares)		(182,202)
Unrealized gain (loss) on marketable securities	(634)				(634)
Unrealized gain (loss) on derivatives	(1,293)				(1,293)
Net (loss) income (excluding income attributable to redeemable noncontrolling interests)	(2,177)			(2,279)		102
Balance at Dec. 31, 2011	485,650	58	521,025	(38,067)	(1,763)	4,397
Balance (In Shares) at Dec. 31, 2011		58,431,177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions declared	(54,687)			(54,687)
Distributions paid to noncontrolling interests	(2,720)					(2,720)
Proceeds from offering (in Shares)		53,885,826
Proceeds from offering	536,094	54	536,040
Offering costs	(54,055)		(54,055)
Discounts on shares issued to affiliates	294		294
Purchase of noncontrolling interests	(3,630)		(1,912)			(1,718)
Proceeds from distribution reinvestment plan	31,349	4	31,345
Proceeds from distribution reinvestment plan (In Shares)		3,299,771
Shares repurchased	(8,449)	(1)	(8,448)
Shares repurchased (In Shares)		(889,335)
Unrealized gain (loss) on marketable securities	3,469				3,469
Unrealized gain (loss) on derivatives	(1,989)				(1,989)
Net (loss) income (excluding income attributable to redeemable noncontrolling interests)	2,657			2,616		41
Balance at Dec. 31, 2012	933,983	115	1,024,289	(90,138)	(283)	0
Balance (In Shares) at Dec. 31, 2012		114,727,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions declared	(70,002)			(70,002)
Proceeds from distribution reinvestment plan	38,286	4	38,282
Proceeds from distribution reinvestment plan (In Shares)		4,030,115
Shares repurchased	(9,100)	(1)	(9,099)
Shares repurchased (In Shares)		(947,968)
Unrealized gain (loss) on marketable securities	(2,421)				(2,421)
Unrealized gain (loss) on derivatives	5,407				5,407
Net (loss) income (excluding income attributable to redeemable noncontrolling interests)	(283)			(283)		0
Balance at Dec. 31, 2013	$ 895,870	$ 118	$ 1,053,472	$ (160,423)	$ 2,703	$ 0
Balance (In Shares) at Dec. 31, 2013	117,809,586

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Acquisitions

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Acquisitions In 2013

Acquisitions

On March 22, 2013, the Company acquired a fee simple interest in a 12,480 square foot retail property known as Dollar General Store located in Samson, Alabama. The Company purchased this property from an unaffiliated third party for $1,516.

On September 26, 2013, the Company acquired a fee simple interest in a 69,911 square foot retail property known as Copps Grocery Store located in Stevens Point, Wisconsin. The Company purchased this property from an unaffiliated third party for $15,228.

On November 26, 2013, the Company acquired a fee simple interest in a 64,216 square foot building that relates to the University Town Center Phase II located in Norman, Oklahoma. The Company purchased this property from an unaffiliated third party for $9,715. This property is an additional phase of a property that the Company purchased on November 2, 2012. Given the proximity, the 2012 acquisition and the 2013 acquisition are evaluated by management as a single property.

The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2013. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date:

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Dollar General Store	$	269	$	1,069	$	178	$	—	$	—
Copps Grocery Store	1,378		11,507		2,343		—		—
University Town Center Phase II	1,580		6,615		1,520		—		—
Total	$	3,227	$	19,191	$	4,041	$	—	$	—

During the year ended December 31, 2013, the Company acquired through its wholly owned subsidiaries, the properties listed above for an aggregate purchase price of $26,459. The Company financed these acquisitions from cash flow from operations, proceeds from our DRP and through the borrowing of $8,375.

The Company incurred $619, $5,019 and $2,648 for the years ended December 31, 2013, 2012 and 2011, respectively, of acquisition, dead deal and transaction related costs that were recorded in acquisition related costs in the consolidated statements of operations and other comprehensive income and relate to both closed and potential transactions. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as time and travel expense reimbursements to the Sponsor and its affiliates. The Company does not pay acquisition fees to its Business Manager or its affiliates.

For the properties acquired during the year ended December 31, 2013, the Company recorded revenue of $599 and property net income of $114 not including expensed acquisition related costs.

The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2012. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date:

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Dollar General Market	$	793	$	2,170	$	627	$	—	$	—
Hamilton Crossing	2,825		24,287		3,975		—		989
Dollar General – Buffalo	240		977		133		—		—
Shoppes at Branson Hills (1)	8,247		27,366		7,080		3,424		857
Shoppes at Hawk Ridge	2,709		5,416		1,691		19		—
Bayonne Crossing	20,911		48,066		8,916		3,212		6,806
Eastside Junction	1,856		8,805		1,059		483		—
Shops at Julington Creek	2,247		5,578		685		11		985
Dollar General Store - Lillian	318		575		132		—		—
Dollar General Market - Slocomb	608		1,898		333		—		—
Dollar General Store - Clanton	389		656		171		—		—
Bank Branch Portfolio - 9 properties	6,433		9,256		2,947		—		—
Dollar General Store - Marbury	231		685		139		—		—
Dollar General Store - Gilbertown	123		1,008		193		—		—
Elementis Worldwide Global HQ	1,089		12,327		4,209		—		—
One Webster	3,462		19,243		690		—		—
South Elgin Commons	3,771		18,684		3,196		664		—
Walgreens NE Portfolio - 9 properties (2)	21,650		41,771		8,120		1,060		—
Saxon Crossing	3,455		14,555		2,743		23		—
Dollar General Store - Enterprise	220		768		161		—		—
Dollar General Store - Odenville	197		613		124		—		—
Siemens Gas Turbine Service Division	2,786		13,837		1,089		—		—
Virginia Convenience Store Portfolio - 5 Properties	5,477		8,610		1,613		—		—
FedEx Distribution Centers	5,820		30,518		2,962		—		—
BJ's at Richie Station	4,486		24,827		3,087		—		—
Dollar General Market - Candler	398		2,497		405		—		—
Shops at Moore	6,674		28,206		5,091		1,477		—
Kohl's - Cumming (3)	2,750		5,478		273		—		—
Shoppes at Branson Hills (1)	2,552		9,067		1,132		157		—
Dollar General Market - Vienna	635		1,883		313		—		—
Centre Point Commons	2,842		21,938		3,632		2,835		—
Dollar General Portfolio - 15 properties	2,201		12,851		3,022		—		—
Lake City Commons II	511		2,130		269		28		—
Pathmark Portfolio - 3 properties	5,538		35,456		8,179		408		—
Schnucks Portfolio - 3 properties	4,446		15,938		2,240		—		—
Dollar General Store - Anson	109		816		181		—		—
Dollar General Store - East Bernard	76		799		174		—		—
City Center (4)	11,617		136,439		19,231		1,860		19,508
Miramar Square	14,940		34,784		8,716		1,169		—
Crossing at Killingly Commons (5)	15,281		39,212		7,408		2,200		5,093
Wheatland Town Center	3,684		32,973		4,152		2,789		10,647
Dollar General Market - Resaca	634		2,203		433		—		—
Dollar General Store - Hertford	193		1,077		151		—		—

Property Name	Land		Building and Improvements		Acquired Lease Intangibles		Acquired Below Market Lease Intangibles		Deferred Investment Property Acquisition Obligations (note 16)
Landings at Ocean Isle Beach	2,587		5,497		2,165		—		—
The Corner	3,521		20,429		5,198		—		3,681
University Town Center Phase II	3,995		21,027		3,004		3,558		2,205
Dollar General Store - Remlap	124		682		136		—		—
Dollar General Market - Canton	629		2,329		403		—		—
Hasbro Office Building	3,400		21,635		4,773		—		—
Cannery Corner	3,322		10,557		3,628		—		—
Centennial Center (6)	9,824		111,444		15,884		5,910		2,883
Centennial Gateway (6)	6,758		39,834		5,858		376		3,322
Eastern Beltway (6)	5,467		52,095		6,938		2,642		—
Eastgate (6)	3,794		19,775		3,279		293		—
Lowe's Plaza	1,805		3,103		1,125		—		1,014
Total	$	220,650	$	1,014,650	$	173,468	$	34,598	$	57,990

(1) The Company closed on different buildings on March 9, 2012 and August 15, 2012 but this is considered one property.

(2) The Company assumed mortgages payable and an interest rate swap agreement associated with the acquisition of these properties (note 10).

(3) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $1,416 as of the acquisition date.

(4) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $6,092 as of the acquisition date. Additionally at the time of acquisition, the Company received a $10,000 note receivable, and subsequently increased to $11,000, from the redeemable noncontrolling interest holder at an interest rate of 6.00% per annum that matured on May 31, 2013 and has been repaid. The redeemable noncontrolling interest holder has pledged its redeemable noncontrolling interests as collateral to this note receivable.

(5) This acquisition includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $9,608 as of the acquisition date and assumed a mortgage payable (note 10).

(6) The acquisition of this portfolio of properties includes the issuance of redeemable noncontrolling interests in a consolidated joint venture (note 11) to the seller with a fair value of $30,000 as of the acquisition date.

During the year ended December 31, 2012, the Company acquired through its wholly owned subsidiaries, the properties listed above for an aggregate purchase price of $1,314,075. The Company financed these acquisitions with net proceeds from the "best efforts" offering, proceeds from our DRP and through the borrowing of $624,340, debt assumption of $92,195 secured by first mortgages on the properties and borrowing $73,500 on the line of credit.

The following condensed pro forma consolidated financial statements for the year ended December 31, 2012 include pro forma adjustments related to the acquisitions and financings during 2012 considered material to the consolidated financial statements which were Palm Coast Landing, Bayonne Crossing, Shoppes at Branson Hills, Walgreens NE Portfolio, Saxon Crossing, South Elgin Commons, FedEx Distribution Centers, BJ's at Richie Station, Shops at Moore, Centre Point Commons, Pathmark Portfolio, City Center, Miramar Square, Crossings at Killingly Commons, The Corner, University Town Center Phase II, Cannery Corner, Centennial Center, Centennial Gateway, Eastern Beltway, Eastgate and Lowe's Plaza, which are presented assuming the acquisitions had been consummated as of January 1, 2011. Acquisitions for the year ended December 31, 2013 were not considered material.

On a pro forma basis, the Company assumes the common shares outstanding as of December 31, 2012 were outstanding as of January 1, 2011. The following condensed pro forma financial information has not been adjusted for discontinued operations is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2012 acquisitions had been consummated as of January 1, 2011, nor does it purport to represent the results of operations for future periods.

	For the year ended December 31, 2012
	Historical		Pro Forma Adjustments (unaudited)			As Adjusted (unaudited)
Total income	$	134,335	$	56,664		$	190,999
Net income (loss) attributable to common stockholders	$	2,616	$	(5,306	)	$	(2,690	)
Net income (loss) attributable to common stockholders per common share, basic and diluted	$	0.03				$	(0.02	)
Weighted average number of common shares outstanding, basic and diluted	91,146,154					114,727,439

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Mortgages, Credit Facility, and Securities Margins Payable (Interest Rate Swaps) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Designated as Hedging Instrument Kohls Bend River Promenade [Member] Interest rate swap		Dec. 31, 2012 Designated as Hedging Instrument Kohls Bend River Promenade [Member] Interest rate swap		Mar. 11, 2011 Designated as Hedging Instrument Kohls Bend River Promenade [Member] Interest rate swap		Dec. 31, 2013 Designated as Hedging Instrument Shoppes at Prairie Ridge [Member] Interest rate swap	Dec. 31, 2012 Designated as Hedging Instrument Shoppes at Prairie Ridge [Member] Interest rate swap	Jun. 22, 2011 Designated as Hedging Instrument Shoppes at Prairie Ridge [Member] Interest rate swap	Dec. 31, 2013 Designated as Hedging Instrument Fox Point [Member] Interest rate swap	Dec. 31, 2012 Designated as Hedging Instrument Fox Point [Member] Interest rate swap	Oct. 28, 2011 Designated as Hedging Instrument Fox Point [Member] Interest rate swap	Dec. 31, 2013 Designated as Hedging Instrument Shoppes At Branson Hills [Member] Interest rate swap	Dec. 31, 2012 Designated as Hedging Instrument Shoppes At Branson Hills [Member] Interest rate swap	May 09, 2012 Designated as Hedging Instrument Shoppes At Branson Hills [Member] Interest rate swap	Dec. 31, 2013 Designated as Hedging Instrument Walgreens NE Portfolio [Member] Interest rate swap		Dec. 31, 2012 Designated as Hedging Instrument Walgreens NE Portfolio [Member] Interest rate swap		Jun. 13, 2012 Designated as Hedging Instrument Walgreens NE Portfolio [Member] Interest rate swap		Dec. 31, 2013 Designated as Hedging Instrument 9 Bank Branch Portfolio [Member] Interest rate swap		Dec. 31, 2012 Designated as Hedging Instrument 9 Bank Branch Portfolio [Member] Interest rate swap		Jul. 24, 2012 Designated as Hedging Instrument 9 Bank Branch Portfolio [Member] Interest rate swap		Dec. 31, 2013 Designated as Hedging Instrument City Center Interest rate swap	Dec. 31, 2012 Designated as Hedging Instrument City Center Interest rate swap	Oct. 02, 2012 Designated as Hedging Instrument City Center Interest rate swap	Dec. 31, 2013 Designated as Hedging Instrument Crossing at Killingly Commons Interest rate swap	Dec. 31, 2012 Designated as Hedging Instrument Crossing at Killingly Commons Interest rate swap	Oct. 02, 2012 Designated as Hedging Instrument Crossing at Killingly Commons Interest rate swap	Dec. 31, 2013 Houston, Texas [Member] Designated as Hedging Instrument Fedex Centers [Member] Interest rate swap		Dec. 31, 2012 Houston, Texas [Member] Designated as Hedging Instrument Fedex Centers [Member] Interest rate swap		Oct. 04, 2012 Houston, Texas [Member] Designated as Hedging Instrument Fedex Centers [Member] Interest rate swap		Dec. 31, 2013 Dallas, Texas [Member] Designated as Hedging Instrument Wheatland Town Center [Member] Interest rate swap	Dec. 31, 2012 Dallas, Texas [Member] Designated as Hedging Instrument Wheatland Town Center [Member] Interest rate swap	Dec. 20, 2012 Dallas, Texas [Member] Designated as Hedging Instrument Wheatland Town Center [Member] Interest rate swap	Dec. 31, 2013 Cash Flow Hedging [Member] Office Properties First Mortgage Providence, Rhode Island [Member] Interest rate swap		Feb. 14, 2013 Cash Flow Hedging [Member] Office Properties First Mortgage Providence, Rhode Island [Member] Interest rate swap		Dec. 31, 2012 Cash Flow Hedging [Member] Office Properties First Mortgage Providence, Rhode Island [Member] Interest rate swap
Derivative [Line Items]
Derivative, Effective Fixed Interest Rate							5.01%	[1]			4.47%			3.75%			3.38%					5.17%	[2]					3.09%	[1]			3.85%			3.73%					3.15%	[1]			3.36%			4.25%	[1],[3]
Notional Amount	$ 203,122						$ 9,350	[1]			$ 13,359			$ 10,837			$ 10,150					$ 49,391	[2]					$ 4,677	[1]			$ 45,000			$ 24,750					$ 10,808				$ 9,900			$ 14,900	[1],[3]
Derivative Liability, Fair Value, Gross Liability	$ (1,748)	$ (8,078)	$ (322)	[1]	$ (489)	[1]			$ (457)	$ (678)		$ (240)	$ (387)		$ (66)	$ (211)		$ (3,041)	[2]	$ (5,428)	[2]	$ (5,219)		$ 23	[1]	$ (44)	[1]			$ 977	$ (315)		$ 132	$ (299)		$ 402	[1]	$ (109)	[1]			$ 87	$ (118)		$ 757	[1],[3]			$ 0	[1],[3]

[1] Interest rate swaps were settled as part of Tranche I Closing of the Net Lease Properties on January 31, 2014.

[2] Assumed at the time of acquisition of Walgreens NE Portfolio with a then fair value of ($5,219).

[3] On February 14, 2013, the Company entered into a floating-to-fixed interest rate swap agreement with a notional value of $14,900 and a maturity date of December 31, 2022 associated with the debt secured by a first mortgage on the Hasbro Office Building located in Providence, Rhode Island.

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Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2013 segment	Dec. 31, 2012 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1	1

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Real Estate and Accumulated Depreciation (Schedule III)

12 Months Ended

Dec. 31, 2013

Real Estate Accumulated Depreciation (Schedule III) [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Retail
Merrimack Village Center	5,445	2,500	5,654	99	2,500	5,753	8,253	825	2007	2009
Merrimack, NH
Pleasant Hill Commons	6,800	5,000	5,200	47	5,000	5,247	10,247	783	2008	2010
Kissimmee, FL
Regal Court	23,900	6,500	31,306	278	6,500	31,584	38,084	4,308	2008	2010
Shreveport, LA
Draper Crossing	—	8,500	11,665	361	8,500	12,026	20,526	1,614	2001	2010
Draper, UT
Tradition Village Center	8,750	4,400	12,702	25	4,400	12,727	17,127	1,610	2006	2010
Port St. Lucie, FL
The Landing At Tradition	28,750	21,090	25,185	147	21,090	25,332	46,422	3,226	2007	2010
Port St. Lucie, FL
Temple Terrace	—	3,500	825	3,767	3,500	4,592	8,092	574	1969	2010
Temple Terrace, FL
Kohl’s at Calvine Pointe	10,500	3,437	9,263	—	3,437	9,263	12,700	1,291	2007	2010
Elk Grove, CA
Lake City Commons	5,200	1,584	7,570	43	1,584	7,613	9,197	990	2008	2010
Lake City, FL
Publix Shopping Center	6,749	2,065	6,009	242	2,065	6,251	8,316	770	2003	2010
St. Cloud, FL
Kohl’s Bend River Promenade	9,350	5,440	7,765	—	5,440	7,765	13,205	991	2009	2010
Bend, OR
Whispering Ridge	5,000	2,101	6,445	—	2,101	6,445	8,546	760	2008	2010
Omaha, NE
Bell Oaks Shopping Center	6,548	1,800	9,058	—	1,800	9,058	10,858	1,075	2008	2010
Newburgh, IN
Colonial Square Town Center	18,140	4,900	19,360	283	4,900	19,643	24,543	2,379	2010	2010
Fort Myers, FL
Shops At Village Walk	6,860	1,645	7,840	—	1,645	7,840	9,485	886	2009	2010
Fort Myers, FL
Lima Marketplace	8,383	4,765	12,452	1	4,765	12,454	17,219	1,381	2008	2010
Fort Wayne, IN
Dollar General - Ariton	391	35	704	—	35	704	739	78	2010	2010
Ariton, AL
Dollar General - Collins	465	142	720	—	142	720	862	76	2010	2010
Collins, GA
Dollar General - Decatur	450	171	676	—	171	676	847	75	2010	2010
Decatur, AL

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Dollar General - Dublin	606	258	876	—	258	876	1,134	97	2010	2010
Dublin, GA
Dollar General - Duncanville	430	78	733	—	78	733	811	81	2010	2010
Duncanville, AL
Dollar General - Excel	455	49	810	—	49	810	859	85	2010	2010
Frisco City, AL
Dollar General - Lagrange	554	197	838	—	197	838	1,035	93	2011	2010
LaGrange, GA
Dollar General - Milledgeville	423	139	650	—	139	650	789	69	2010	2010
Milledgeville, GA
Dollar General - Uriah	391	19	727	—	19	727	746	77	2010	2010
Uriah, AL
Waxahachie Crossing	7,750	1,752	13,190	75	1,752	13,265	15,017	1,388	2010	2011
Waxahachie, TX
Village at Bay Park	9,183	5,068	8,956	45	5,068	9,002	14,070	954	2005	2011
Ashwaubenon, WI
Northcrest Shopping Center	15,780	3,907	26,974	—	3,907	26,974	30,881	2,689	2008	2011
Charlotte, NC
Prattville Town Center	15,930	2,463	23,553	—	2,463	23,553	26,016	2,351	2007	2011
Prattville, AL
Landstown Commons	50,140	9,751	68,167	394	9,751	68,561	78,312	6,673	2007	2011
Virginia Beach, VA
Silver Springs Pointe	8,800	3,032	12,126	—	3,032	12,126	15,158	1,230	2001	2011
Oklahoma City, OK
Copps Grocery Store	3,480	892	4,642	—	892	4,642	5,534	460	2000	2011
Neenah, WI
University Town Center (2 properties)	18,690	11,046	54,148	164	11,046	54,312	65,358	3,534	2009/2012/2013	2009/2012/2013
Norman, OK
Pick N Save Grocery Store	4,490	923	5,993	—	923	5,993	6,916	597	2009	2011
Burlington, WI
Walgreens - Lake Mary	5,080	1,743	7,031	—	1,743	7,031	8,774	670	2009	2011
Lake Mary, FL
Walgreens Plaza	4,650	1,031	7,320	—	1,031	7,320	8,351	701	2010	2011
Jacksonville, NC
Walgreens - Heritage Square	4,460	1,224	6,504	24	1,224	6,528	7,752	620	2010	2011
Conyers, GA
Perimeter Woods	33,330	9,010	44,081	33	9,010	44,114	53,124	4,007	2008	2011
Charlotte, NC
Draper Peaks	23,905	11,144	28,566	416	11,144	28,981	40,126	2,689	2007	2011
Draper, UT
Shoppes At Prairie Ridge	15,591	4,556	20,388	2	4,556	20,390	24,946	1,903	2009	2011
Pleasant Prairie, WI
Fairgrounds Crossing	13,453	6,163	14,356	84	6,163	14,440	20,603	1,352	2011	2011
Hot Springs, AR

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Mullins Crossing	21,339	5,683	30,263	—	5,683	30,263	35,946	2,486	2005	2011
Evans, GA
Fox Point	10,837	3,502	11,581	20	3,502	11,601	15,103	988	2008	2011
Neenah, WI
Harvest Square	6,800	2,317	8,529	141	2,317	8,670	10,987	666	2008	2011
Harvest, AL
Palm Coast Landing	22,550	3,950	31,002	—	3,950	31,002	34,952	2,188	2010	2011
Palm Coast, FL
Dollar General - Sycamore	461	215	577	—	215	577	792	41	2011	2011
Sycamore, AL
Dollar General Market - Port St. Joe	2,017	793	2,170	—	793	2,170	2,963	163	2011	2012
Port St. Joe, FL
Hamilton Crossing	15,637	2,825	24,287	—	2,825	24,287	27,112	1,571	2008	2012
Alcoa, TN
Dollar General Store - Buffalo	—	240	977	—	240	977	1,217	63	2011	2012
Buffalo, NY
Shoppes at Branson Hills	29,964	10,798	36,434	—	10,798	36,434	47,232	2,335	2005	2012
Branson, MO
Shoppes at Hawk Ridge	4,950	2,709	5,416	50	2,709	5,466	8,175	359	2008	2012
Lake St. Louis, MO
Bayonne Crossing	45,000	20,911	48,066	—	20,911	48,066	68,977	3,118	2011	2012
Bayonne, NJ
Eastside Junction	6,270	1,856	8,805	93	1,856	8,898	10,754	537	2008	2012
Athens, AL
Shops at Julington Creek	4,785	2,247	5,578	—	2,247	5,578	7,825	345	2011	2012
Jacksonville, FL
Dollar General Store - Lillian	—	318	575	—	318	575	893	34	2012	2012
Lillian, AL
Dollar General Market - Slocomb	1,417	608	1,898	—	608	1,898	2,506	118	2012	2012
Slocomb, AL
Dollar General Store - Clanton	—	389	656	—	389	656	1,045	39	2012	2012
Clanton, AL
BB&T - Plantation	1,295	610	1,483	—	610	1,483	2,093	89	2001	2012
Plantation, FL
BB&T - Wilmington	1,024	776	1,177	—	776	1,177	1,953	69	1990	2012
Wilmington, NC
KeyBank - Beachwood	1,145	1,146	601	—	1,146	601	1,747	38	1979	2012
Beachwood, OH
KeyBank - Euclid	612	260	912	—	260	912	1,172	53	1965	2012
Euclid, OH
KeyBank - Mentor	921	680	914	—	680	914	1,594	54	1976	2012
Mentor, OH
KeyBank - Pepper Pike	860	957	689	—	957	689	1,646	40	1974	2012
Pepper Pike, OH

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
KeyBank - Shaker Heights	932	736	1,047	—	736	1,047	1,783	61	1957	2012
Shaker Heights, OH
Regions Bank - Acworth	1,043	570	1,068	—	570	1,068	1,638	64	2004	2012
Acworth, GA
Regions Bank - Alpharetta	1,522	698	1,365	—	698	1,365	2,063	84	2003	2012
Alpharetta, GA
Dollar General Store - Marbury	—	231	685	—	231	685	916	41	2012	2012
Marbury, AL
Dollar General Store - Gilbertown	—	123	1,008	—	123	1,008	1,131	56	2012	2012
Gilbertown, AL
South Elgin Commons	—	3,771	18,684	—	3,771	18,684	22,455	1,098	2011	2012
Elgin, IL
Walgreens - Berlin	4,840	2,000	4,155	—	2,000	4,155	6,155	245	2007	2012
Berlin, CT
Walgreens - Brandford	5,285	2,200	4,500	—	2,200	4,500	6,700	266	2007	2012
Brandford, CT
Walgreens - Brockton	6,421	3,500	4,424	—	3,500	4,424	7,924	263	2007	2012
Brockton, MA
Walgreens - Derry	4,988	1,750	4,363	—	1,750	4,363	6,113	258	2007	2012
Derry, NH
Walgreens - Dover	4,742	1,800	4,043	—	1,800	4,043	5,843	240	2008	2012
Dover, NH
Walgreens - Ledgewood	6,223	2,600	5,352	—	2,600	5,352	7,952	316	2007	2012
Ledgewood, NJ
Walgreens - Melrose	6,026	3,000	4,435	—	3,000	4,435	7,435	249	2007	2012
Melrose, MA
Walgreens - Mount Ephraim	6,223	2,600	5,581	—	2,600	5,581	8,181	311	2007	2012
Mount Ephraim, NJ
Walgreens - Sewell	4,643	2,200	4,918	—	2,200	4,918	7,118	283	2008	2012
Sewell, NJ
Saxon Crossing	11,400	3,455	14,555	—	3,455	14,555	18,010	814	2009	2012
Orange City, FL
Dollar General Store - Enterprise	—	220	768	—	220	768	988	43	2012	2012
Enterprise, AL
Dollar General Store - Odenville	—	197	613	—	197	613	810	33	2012	2012
Odenville, AL
BP - Gordonsville	707	840	322	—	840	322	1,162	17	1997	2012
Gordonsville, VA
BP - Fontaine	1,476	1,043	1,374	—	1,043	1,374	2,417	73	1989	2012
Charlottesville, VA
BP - Monticello	1,030	399	1,285	—	399	1,285	1,684	68	1995	2012
Charlottesville, VA
BP - Seminole	1,695	945	1,833	—	945	1,833	2,778	97	1992	2012
Charlottesville, VA

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Citgo - Gordonsville	3,727	2,250	3,796	—	2,250	3,796	6,046	201	2003	2012
Gordonsville, VA
BJ's at Ritchie Station	17,820	4,486	24,827	—	4,486	24,827	29,313	1,238	2010	2012
Capital Heights, MD
Dollar General Market - Candler	—	398	2,497	—	398	2,497	2,895	132	2012	2012
Candler, NC
Shops at Moore	21,300	6,674	28,206	—	6,674	28,206	34,880	1,482	2010	2012
Moore, OK
Kohl's - Cumming	4,675	2,750	5,478	—	2,750	5,478	8,228	286	2000	2012
Cumming, GA
Dollar General Market - Vienna	1,417	635	1,883	—	635	1,883	2,518	93	2012	2012
Vienna, GA
Centre Point Commons	14,410	2,842	21,938	—	2,842	21,938	24,780	1,026	2007	2012
Bradenton, FL
Dollar General Store - Borger	589	214	680	—	214	680	894	34	2010	2012
Borger, TX
Dollar General Store - Brookshire	863	347	960	—	347	960	1,307	48	2010	2012
Brookshire, TX
Dollar General Store - Bullard	600	159	747	—	159	747	906	37	2009	2012
Bullard, TX
Dollar General Store - Cisco	531	40	757	—	40	757	797	38	2010	2012
Cisco, TX
Dollar General Store - Glen Rose	903	297	1,087	—	297	1,087	1,384	54	2010	2012
Glen Rose, TX
Dollar General Store - Hamilton	626	147	807	—	147	807	954	40	2010	2012
Hamilton, TX
Dollar General Store - Itasca	543	30	784	—	30	784	814	39	2010	2012
Itasca, TX
Dollar General Store - Joaquin	656	50	935	—	50	935	985	47	2010	2012
Joaquin, TX
Dollar General Store - Llano	804	207	1,019	—	207	1,019	1,226	51	2010	2012
Llano, TX
Dollar General Store - Memphis	461	29	654	—	29	654	683	33	2009	2012
Memphis, TX
Dollar General Store - Mt. Vernon	641	60	919	—	60	919	979	46	2010	2012
Mt. Vernon, TX
Dollar General Store - Pineland	703	108	950	—	108	950	1,058	47	2009	2012
Pineland, TX
Dollar General Store - Rockdale	592	117	784	—	117	784	901	39	2010	2012
Rockdale, TX
Dollar General Store - Sealy	723	348	745	—	348	745	1,093	37	2010	2012
Sealy, TX
Dollar General Store - Van Horn	707	48	1,022	—	48	1,022	1,070	51	2010	2012
Van Horn, TX

		Initial Cost (A)		Cost Capitalized Subsequent to Acquisition (C)	Gross amount at which carried at end of period (B)				Date Constructed	Date of Acquisition
	Encumbrance	Land	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total (D)	Accumulated Depreciation (E,F)
Lake City Commons II	—	511	2,130	—	511	2,130	2,641	105	2011	2012
Lake City, FL
Pathmark - Seaford	13,839	2,440	17,000	—	2,440	17,000	19,440	854	1968	2012
Seaford, NY
Pathmark - Upper Darby	8,835	1,750	11,834	—	1,750	11,834	13,584	588	1978	2012
Upper Darby, PA
Pathmark - Wilmington	4,794	1,348	6,622	—	1,348	6,622	7,970	326	1981	2012
Wilmington, DE
Schnucks - Arsenal	—	1,403	4,722	—	1,403	4,722	6,125	234	1984	2012
St. Louis, MO
Schnucks - Festus	—	1,507	5,584	—	1,507	5,584	7,091	276	1984	2012
Festus, MO
Schnucks - Grand	—	1,536	5,632	—	1,536	5,632	7,168	264	1989	2012
St. Louis, MO
Dollar General Store - Anson	608	109	816	—	109	816	925	38	2009	2012
Anson, TX
Dollar General Store - East Bernard	577	76	799	—	76	799	875	37	2009	2012
East Bernard, TX
City Center	93,000	11,617	136,439	—	11,617	136,439	148,056	6,005	2004	2012
White Plains, NY
Miramar Square	31,625	14,940	34,784	—	14,940	34,784	49,724	1,626	2008	2012
Miramar, FL
Crossing at Killingly Commons	33,000	15,281	39,212	—	15,281	39,212	54,493	1,819	2010	2012
Dayville, CT
Wheatland Town Center	15,080	3,684	32,973	—	3,684	32,973	36,657	1,450	2012	2012
Dallas, TX
Dollar General Store - Hertford	—	193	1,077	—	193	1,077	1,270	47	2012	2012
Hertford, NC
Dollar General Market - Resaca	1,635	634	2,203	—	634	2,203	2,837	103	2012	2012
Resaca, GA
Landings at Ocean Isle Beach	—	2,587	5,497	8	2,587	5,505	8,092	244	2009	2012
Ocean Isle Beach, NC
The Corner	14,750	3,521	20,429	—	3,521	20,429	23,950	844	2010	2012
Tucson, AZ
Dollar General Store - Remlap	—	124	682	—	124	682	806	30	2012	2012
Remlap, AZ
Dollar General Market - Canton	—	629	2,329	—	629	2,329	2,958	89	2012	2012
Canton, MS
Cannery Corner	—	3,322	10,557	—	3,322	10,557	13,879	376	2008	2012
North Las Vegas, NV
Centennial Center	70,455	9,824	111,444	10	9,824	111,454	121,278	3,918	2002	2012
Las Vegas, NV
Centennial Gateway	29,978	6,758	39,834	—	6,758	39,834	46,592	1,403	2005	2012
Las Vegas, NV

			Initial Cost (A)				Cost Capitalized Subsequent to Acquisition (C)		Gross amount at which carried at end of period (B)								Date Constructed	Date of Acquisition
	Encumbrance		Land		Buildings and Improvements				Land and Improvements		Buildings and Improvements		Total (D)		Accumulated Depreciation (E,F)
Eastern Beltway	34,100		5,467		52,095		—		5,467		52,089		57,562		1,830		1998	2012
Las Vegas, NV
Eastgate	14,407		3,794		19,775		—		3,794		19,775		23,569		697		1998	2012
Henderson, NV
Lowe's Plaza	—		1,805		3,103		—		1,805		3,103		4,908		110		2007	2012
Las Vegas, NV
Dollar General Store - Samson	—		269		1,069		—		269		1,069		1,338		30		2012	2013
Samson, AL
Copps Grocery - Stevens Point	8,375		1,378		11,507		—		1,378		11,507		12,885		107		2012	2013
Stevens Point, WI
Office
Siemens’ Building	10,250		4,426		9,880		405		4,426		10,285		14,711		1,274		2009	2010
Buffalo Grove, IL
Time Warner Cable Division HQ	9,100		682		15,408		—		682		15,408		16,090		1,673		2000	2010
East Syracuse, NY
Elementis Worldwide Global HQ	9,625		1,089		12,327		—		1,089		12,327		13,416		694		2012	2012
East Windsor, NJ
Hasbro Office Building	14,900		3,400		21,635		84		3,400		21,719		25,119		766		2012	2012
Providence, RI
Multi-Family
The Crossings At Hillcroft	11,370		1,240		17,362		—		1,240		17,362		18,602		1,986		2007	2010
Houston, TX
One Webster	12,925		3,462		19,243		—		3,462		19,243		22,705		1,068		2011	2012
Chelsea, MA
Industrial
Siemens Gas Turbine Service Division	9,790		2,786		13,837		—		2,786		13,837		16,623		766		2012	2012
Deer Park, TX
FedEx Distribution Centers	21,615		5,820		30,518		—		5,820		30,518		36,338		1,937		2009	2012
Houston, TX
TOTAL (G):	$	1,184,256	$	394,336	$	1,661,829	$	7,341	$	394,336	$	1,669,165	$	2,063,508	$	115,099

Notes:

(A) The initial cost to the Company represents the original purchase price of the property, including estimated earnouts and other amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

(B) The aggregate cost of real estate owned at December 31, 2013 for federal income tax purposes was approximately $1,973,643. (unaudited).

(C) Does not include construction in progress.

(D) Reconciliation of real estate owned:

	Year ended December 31,
	2013		2012
Balance at beginning of period	$	2,039,182	$	802,646
Acquisitions	22,420		1,235,302
Improvements	1,906		1,234
Balance at close of period	$	2,063,508	$	2,039,182

(E) Reconciliation of accumulated depreciation:

	Year ended December 31,
	2013		2012
Balance at beginning of period	$	54,843	$	20,044
Depreciation expense	60,256		34,799
Balance at close of period	$	115,099	$	54,843

(F) Depreciation is computed based upon the following estimated lives:

Buildings and improvements	15 – 30 years
Tenant improvements	Shorter of life of asset or term of the lease

(G) Amounts in this table may not tie to the total due to rounding.

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table indicates the changes and reclassifications affecting accumulated other comprehensive income (loss) by component for the year ended December 31, 2013.

	Gain (Loss) on Cash Flow Hedges				Unrealized Gains and (Losses) on Available-for-sale Securities				Total
Accumulated other comprehensive income (loss) - January 1, 2013	$	(3,282	)		$	2,999			$	(283	)
Activity for current-period:
Other comprehensive income (loss) before reclassifications	3,936				(1,780		)		2,156
Amounts reclassified from other comprehensive income (loss) into income	1,471			(1)	(641		)	(2)	830
Net current-period other comprehensive income (loss)	5,407				(2,421		)		2,986
Accumulated other comprehensive income - December 31, 2013	$	2,125			$	578			$	2,703

(1) Included in interest expense on the consolidated statements of operations and other comprehensive income.

(2) Included in realized gain on sale of marketable securities on the consolidated statements of operations and other comprehensive income.

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Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company had no uncertain tax positions as of December 31, 2013 and 2012. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2013. The Company has no interest or penalties relating to income taxes recognized in the consolidated statements of operations and other comprehensive income for the years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, returns for the calendar years 2010, 2011 and 2012 remain subject to examination by the U.S. tax jurisdiction and various state and local tax returns remain subject to examination for the years 2009, 2010, 2011 and 2012 by the state and local tax jurisdictions.