10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)
x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2015
o	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 000-54939

COLE CREDIT PROPERTY TRUST IV, INC.

(Exact name of registrant as specified in its charter)

Maryland	27-3148022
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
2325 East Camelback Road, Suite 1100 Phoenix, Arizona 85016 (Address of principal executive offices; zip code)	(602) 778-8700 (Registrant’s telephone number, including area code)

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

Title of Each Class	Name of Exchange on Which Registered
None	None

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.01 par value per share

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

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 o No x

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 such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 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 x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) 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. x

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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o Non-accelerated filer x Smaller reporting company o

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

While there is no established market for the registrant’s shares of common stock, the registrant has made an initial public offering of its shares of common stock pursuant to a Registration Statement on Form S-11. The registrant ceased offering shares of its common stock in its initial public offering on April 4, 2014. The last price paid to acquire shares of the registrant’s common stock in the initial public offering was $10.00 per share, with discounts available for certain categories of purchasers. As of June 30, 2015, the last business day of the registrant’s most recently completed second fiscal quarter, there were approximately 309.0 million shares of common stock held by non-affiliates, for an aggregate market value of $3.1 billion, assuming a market value as of that date of $10.00 per share. Effective August 31, 2015, the estimated share value of the registrant’s common stock is $9.70 per share.

The number of shares of common stock outstanding as of March 24, 2016 was approximately 312.1 million.

Documents Incorporated by Reference:

The Registrant incorporates by reference portions of the Cole Credit Property Trust IV, Inc. Definitive Proxy Statement for the 2016 Annual Meeting of Stockholders (into Items 10, 11, 12, 13 and 14 of Part III).

TABLE OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		2
PART I
ITEM 1.	BUSINESS	3
ITEM 1A.	RISK FACTORS	16
ITEM 1B.	UNRESOLVED STAFF COMMENTS	41
ITEM 2.	PROPERTIES	42
ITEM 3.	LEGAL PROCEEDINGS	42
ITEM 4.	MINE SAFETY DISCLOSURES	42
PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	43
ITEM 6.	SELECTED FINANCIAL DATA	47
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANLYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	48
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	61
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	61
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	61
ITEM 9A.	CONTROLS AND PROCEDURES	62
ITEM 9B.	OTHER INFORMATION	62
PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	63
ITEM 11.	EXECUTIVE COMPENSATION	63
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	63
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	63
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	63
PART IV
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	64
SIGNATURES		65
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS		F-1

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Annual Report on Form 10-K of Cole Credit Property Trust IV, Inc., other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “would,” “could,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. We caution readers not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date this Annual Report on Form 10-K is filed with the U.S. Securities and Exchange Commission (the “SEC”). Additionally, 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.

The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause our actual results to differ materially from those presented in our forward-looking statements:

• We may be unable to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all.

• We are subject to risks associated with tenant, geographic and industry concentrations with respect to our properties.

• Our properties, intangible assets and other assets may be subject to impairment charges.

• We could be subject to unexpected costs or unexpected liabilities that may arise from potential dispositions and may be unable to dispose of properties on advantageous terms.

• We are subject to competition in the acquisition and disposition of properties and in the leasing of our properties and we may be unable to acquire, dispose of, or lease properties on advantageous terms.

• We could be subject to risks associated with bankruptcies or insolvencies of tenants or from tenant defaults generally.

• We have substantial indebtedness, which may affect our ability to pay distributions, and expose us to interest rate fluctuation risk and the risk of default under our debt obligations.

• We may be affected by the incurrence of additional secured or unsecured debt.

• We may not be able to maintain profitability.

• We may not generate cash flows sufficient to pay our distributions to stockholders or meet our debt service obligations.

• We may be affected by risks resulting from losses in excess of insured limits.

• We may fail to remain qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.

• Our advisor has the right to terminate the advisory agreement upon 60 days’ written notice without cause or penalty.

The forward-looking statements should be read in light of the risk factors identified in Part I, Item 1A. Risk Factors of this Annual Report on Form 10-K.

2

PART I

ITEM 1. BUSINESS

Formation

Cole Credit Property Trust IV, Inc. (the “Company,” “we,” “our” or “us”) is a Maryland corporation that was formed on July 27, 2010, our date of inception, which has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes commencing with our taxable year ended December 31, 2012. We are the sole general partner of and own, directly or indirectly, 100% of the partnership interests in Cole Operating Partnership IV, LP, a Delaware limited partnership (“CCPT IV OP”). We are externally managed by Cole REIT Advisors IV, LLC (“CR IV Advisors”), an affiliate of the Company’s sponsor, Cole Capital^®, which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls our external advisor, CR IV Advisors, the dealer manager for our Offering (as defined below), Cole Capital Corporation (“CCC”), our property manager, CREI Advisors, LLC (“CREI Advisors”), and our sponsor, Cole Capital.

Cole Capital has sponsored various real estate investment programs. CR IV Advisors, pursuant to an advisory agreement with us, is responsible for managing our affairs on a day-to-day basis and for identifying and making acquisitions and investments on our behalf. Pursuant to the advisory agreement, CR IV Advisors has fiduciary obligations to us and our stockholders. Our charter provides that our independent directors are responsible for reviewing the performance of CR IV Advisors and determining whether the compensation paid to CR IV Advisors and its affiliates is reasonable. The advisory agreement with CR IV Advisors has a term that is reconsidered for renewal on an annual basis by our board of directors.

Pursuant to a Registration Statement on Form S-11 filed under the Securities Act (Registration No. 333-169533) and declared effective by the SEC on January 26, 2012, we commenced our initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock. On November 25, 2013, we reallocated $400.0 million in shares from our distribution reinvestment plan (the “DRIP”) to the primary offering, and on February 18, 2014, we reallocated an additional $23.0 million in shares from the DRIP to the primary offering. As a result of these reallocations, the initial public offering offered up to a maximum of approximately 292.3 million shares of our common stock at a price of $10.00 per share, and up to approximately 5.5 million additional shares pursuant to the DRIP under which our stockholders could have elected to have distributions reinvested in additional shares of common stock at a price of $9.50 per share (the “Offering”).

We terminated the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock sold pursuant to the DRIP.

In addition, we registered 26.0 million shares of common stock under the DRIP pursuant to a Registration Statement on Form S-3 under the Securities Act (Registration No. 333-192958) (the “DRIP Offering” and collectively with the Offering, the “Offerings”), which was filed with the SEC on December 19, 2013 and automatically became effective with the SEC upon filing. We will continue to issue shares of common stock under the DRIP Offering. As of December 31, 2015, we had issued approximately 317.9 million shares of our common stock in the Offerings for gross offering proceeds of $3.2 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million.

We invest primarily in income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to national and regional creditworthy tenants under long-term net leases, and are strategically located throughout the United States and U.S. protectorates. We consider necessity retail properties to be properties leased to retail tenants that attract consumers for everyday needs, such as pharmacies, home improvement stores, national superstores, restaurants and regional retailers. Power centers are multi-tenant properties that are anchored by one or more large national, regional or local retailers. We expect that our retail properties typically will be subject to long-term triple-net or double-net leases, which means the tenant will be obligated to pay for most of the expenses of maintaining the property.

As of December 31, 2015, we owned 871 properties, comprising 25.2 million rentable square feet of commercial space located in 45 states. As of December 31, 2015, the rentable space at these properties was 98.5% leased. In addition, through an unconsolidated joint venture arrangement, we had an interest in one property comprising 176,000 rentable square feet of commercial space as of December 31, 2015.

3

Investment Objectives and Policies

Our primary investment objectives are:

• to acquire quality commercial real estate properties, net leased under long-term leases to creditworthy tenants, which provide current operating cash flow;

• to provide reasonably stable, current income for stockholders through the payment of cash distributions; and

• to provide the opportunity to participate in capital appreciation in the value of our investments.

Our charter requires that our independent directors review our investment policies, described below, at least annually to determine that our policies are in the best interests of our stockholders. Except to the extent that investment policies and limitations are included in our charter, our board of directors may revise our investment policies without the approval of our stockholders. Investment policies that are provided in our charter may only be amended by a vote of stockholders holding a majority of our outstanding shares, unless the amendments do not adversely affect the rights, preferences and privileges of our stockholders.

Acquisition and Investment Policies

Types of Real Estate Investments

We invest primarily in income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to national and regional creditworthy tenants under long-term net leases, and are strategically located throughout the United States and U.S. protectorates. We consider necessity retail properties to be properties leased to retail tenants that attract consumers for everyday needs, such as pharmacies, home improvement stores, national superstores, restaurants and regional retailers. Power centers are multi-tenant properties that are anchored by one or more large national, regional or local retailers.

For over three decades, our sponsor, Cole Capital, has developed and utilized this investment approach in acquiring and managing core commercial real estate assets primarily in the retail sector, but also in the office and industrial sectors as well. We believe that our sponsor’s experience in assembling real estate portfolios, which principally focus on national and regional creditworthy tenants subject to long-term leases, provides us with a competitive advantage. In addition, our sponsor has built a business of approximately 350 employees who are experienced in the various aspects of acquiring, financing and managing commercial real estate, and we believe that our access to these resources provides us with a competitive advantage.

We have and may continue to invest in other income-producing properties, such as office and industrial properties, which may share certain core characteristics with our retail investments, such as a principal creditworthy tenant, a long-term net lease, and a strategic location. We believe investments in these types of office and industrial properties are consistent with our goal of providing investors with a stable stream of current income and an opportunity for capital appreciation.

Many of our properties are, and we anticipate future properties will be, leased to tenants in the chain or franchise retail industry, including, but not limited to, convenience stores, drug stores and restaurant properties, as well as leased to large national retailers as stand alone properties or as part of so-called “power centers,” which are anchored by national, regional or local retailers. CR IV Advisors will monitor industry trends and identify properties on our behalf that serve to provide a favorable return balanced with risk. Our management primarily targets regional or national name brand retail businesses with established track records. We generally intend to hold each property for a period in excess of seven years.

We believe that our general focus on the acquisition of a large number of single-tenant and multi-tenant necessity retail properties net leased to creditworthy tenants presents lower investment risks and greater stability than other sectors of today’s commercial real estate market. By acquiring a large number of single-tenant and multi-tenant retail properties, we believe that lower than expected results of operations from one or a few investments will not necessarily preclude our ability to realize our investment objective of cash flow from our overall portfolio. We believe this approach can result in less risk to investors than an investment approach that targets other asset classes. In addition, we believe that retail properties under long-term triple-net and double-net leases offer a distinct investment advantage since these properties generally require less management and operating capital, have less recurring tenant turnover and, with respect to single-tenant properties, often offer superior locations that are less dependent on the financial stability of adjoining tenants. In addition, since we acquire properties that are geographically diverse, we expect to minimize the potential adverse impact of economic slow downs or downturns in local markets. Our management believes that a portfolio consisting of both freestanding, single-tenant retail properties and multi-tenant retail properties anchored by large national, regional or local retailers will enhance our liquidity opportunities for investors by making the sale of individual properties, multiple properties or our investment portfolio as a whole attractive to institutional investors and by making a possible listing of our shares attractive to the public investment community.

4

To the extent feasible, we seek to achieve a well-balanced portfolio diversified by geographic location, age and lease maturities of the various properties. We pursue properties leased to tenants representing a variety of retail industries to avoid concentration in any one industry. We also are diversified between national, regional and local brands. We generally target properties with lease terms in excess of ten years. We have acquired and may continue to acquire properties with shorter lease terms if the property is in an attractive location, is difficult to replace, or has other significant favorable attributes. We expect that these investments will provide long-term value by virtue of their size, location, quality and condition, and lease characteristics.

There is no limitation on the number, size or type of properties that we may acquire, or on the percentage of net proceeds of the Offerings that may be invested in a single property. The number and mix of properties comprising our portfolio will depend upon real estate market conditions and other circumstances existing at the time we acquire properties. We will not forgo a high-quality investment because it does not precisely fit our expected portfolio composition. See “— Other Possible Investments” below for a description of other types of real estate and real estate-related investments we may make.

We incur debt to acquire properties where CR IV Advisors determines that incurring such debt is in our best interests and in the best interest of our stockholders. In addition, from time to time, we have acquired and may continue to acquire some properties without financing and later incur mortgage debt secured by one or more of such properties if favorable financing terms are available. We use the proceeds from these loans to acquire additional properties. See “— Borrowing Policies” below for a more detailed description of our borrowing intentions and limitations.

Real Estate Underwriting Process

In evaluating potential property acquisitions consistent with our investment objectives, CR IV Advisors applies a well-established underwriting process to determine the creditworthiness of potential tenants. Similarly, CR IV Advisors applies credit underwriting criteria to possible new tenants when we are re-leasing properties in our portfolio. Many of the tenants of our properties are, and we expect will continue to be, national or regional retail chains that are creditworthy entities having high net worth and operating income. CR IV Advisors’ underwriting process includes analyzing the financial data and other available information about the tenant, such as income statements, balance sheets, net worth, cash flow, business plans, data provided by industry credit rating services, and/or other information CR IV Advisors may deem relevant. Generally, these tenants must have a proven track record in order to meet the credit tests applied by CR IV Advisors. In addition, we may obtain guarantees of leases by the corporate parent of the tenant, in which case CR IV Advisors will analyze the creditworthiness of the guarantor. In many instances, especially in sale-leaseback situations where we are acquiring a property from a company and simultaneously leasing it back to the company under a long-term lease, we will meet with the tenant’s senior management to discuss the company’s business plan and strategy.

When using debt rating agencies, a tenant typically will be considered creditworthy when the tenant has an “investment grade” debt rating by Moody’s Investors Service (“Moody’s”) of Baa3 or better, credit rating by Standard & Poor’s Financial Services LLC (“Standard & Poor’s”) of BBB- or better, or its payments are guaranteed by a company with such rating. Changes in tenant credit ratings, coupled with future acquisition and disposition activity, may increase or decrease our concentration of creditworthy tenants in the future.

Moody’s ratings are forward-looking opinions of future relative creditworthiness, which consider, but are not limited to, franchise value, financial statement analysis and management quality. The rating given to a debt obligation describes the level of risk associated with receiving full and timely payment of principal and interest on that specific debt obligation and how that risk compares with that of all other debt obligations. The rating, therefore, provides one measure of the ability of a company to generate cash in the future.

A Moody’s debt rating of Baa3, which is the lowest investment grade rating given by Moody’s, is assigned to companies which, in Moody’s opinion, are subject to moderate credit risk and as such may possess certain speculative characteristics. A Moody’s debt rating of AAA, which is the highest investment grade rating given by Moody’s, is assigned to companies which, in Moody’s opinion, are of the highest quality and subject to the lowest level of credit risk.

Standard & Poor’s assigns a credit rating to companies and to each issuance or class of debt issued by a rated company. A Standard & Poor’s credit rating of BBB-, which is the lowest investment grade rating given by Standard & Poor’s, is assigned to companies that, in Standard & Poor’s opinion, exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the company to meet its financial commitments. A Standard & Poor’s credit rating of AAA+, which is the highest investment grade rating given by Standard & Poor’s, is assigned to companies that, in Standard & Poor’s opinion, have extremely strong capacities to meet their financial commitments.

5

While we will utilize ratings by Moody’s and Standard & Poor’s as one factor in determining whether a tenant is creditworthy, CR IV Advisors will also consider other factors in determining whether a tenant is creditworthy for the purpose of meeting our investment objectives. CR IV Advisors’ underwriting process will also consider other information provided by third-party analytical services, such as Moody’s CreditEdge, along with CR IV Advisors’ own analysis of the financial condition of the tenant and/or the guarantor, the operating history of the property with the tenant, the tenant’s market share and track record within the tenant’s industry segment, the general health and outlook of the tenant’s industry segment, the strength of the tenant’s management team and the terms and length of the lease at the time of the acquisition.

Description of Leases

We expect, in most instances, to continue to acquire tenant properties with existing double-net or triple-net leases. “Net” leases means leases that typically require tenants to pay all or a majority of the operating expenses, including real estate taxes, special assessments and sales and use taxes, utilities, maintenance, insurance and building repairs related to the property, in addition to the lease payments. Triple-net leases typically require the tenant to pay all costs associated with a property in addition to the base rent and percentage rent, if any, including capital expenditures for the roof and the building structure. Double-net leases typically hold the landlord responsible for the capital expenditures for the roof and structure, while the tenant is responsible for all lease payments and remaining operating expenses associated with the property. Double-net and triple-net leases help ensure the predictability and stability of our expenses, which we believe will result in greater predictability and stability of our cash distributions to stockholders. Not all of our leases will be net leases. In respect of multi-tenant properties, we expect to continue to have a variety of lease arrangements with the tenants of these properties. Since each lease is an individually negotiated contract between two or more parties, each lease will have different obligations of both the landlord and tenant. Many large national tenants have standard lease forms that generally do not vary from property to property. We will have limited ability to revise the terms of leases to those tenants. We have acquired and may continue to acquire properties subject to “gross” leases. “Gross” leases means leases that typically require the tenant to pay a flat rental amount and we would pay for all property charges regularly incurred as a result of our owning the property. When spaces in a property become vacant, existing leases expire, or we acquire properties under development or requiring substantial refurbishment or renovation, we anticipate entering into “net” leases.

We anticipate that a majority of our future acquisitions will have lease terms of ten years or more. We have acquired and may continue to acquire properties under which the lease term has partially expired. We also may acquire properties with shorter lease terms if the property is in an attractive location, if the property is difficult to replace, or if the property has other significant favorable real estate attributes. Under most commercial leases, tenants are obligated to pay a predetermined annual base rent. Some of the leases also contain provisions that increase the amount of base rent payable at points during the lease term. We expect that many of our leases will contain periodic rent increases. Generally, the leases require each tenant to procure, at its own expense, commercial general liability insurance, as well as property insurance covering the building for the full replacement value and naming the ownership entity and the lender, if applicable, as the additional insured on the policy. Tenants will be required to provide proof of insurance by furnishing a certificate of insurance to CR IV Advisors on an annual basis. The insurance certificates will be tracked and reviewed for compliance by CR IV Advisors personnel responsible for property and risk management. As a precautionary measure, we may obtain, to the extent available, secondary liability insurance, as well as loss of rents insurance that covers one year of annual rent in the event of a rental loss.

Some leases require that we procure insurance for both commercial general liability and property damage; however, generally the premiums are fully reimbursable from the tenant. In such instances, the policy will list us as the named insured and the tenant as the additional insured.

In general, if a lease is assigned or subleased, the original tenant remains fully liable under the lease unless we release that original tenant from its obligations.

We may enter into sale-leaseback transactions, pursuant to which we purchase properties and lease them back to the sellers of such properties. While we intend to use our best efforts to structure any such sale-leaseback transaction so that the lease will be characterized as a “true lease” and so that we are treated as the owner of the property for federal income tax purposes, the Internal Revenue Service could challenge this characterization. In the event that any sale-leaseback transaction is re-characterized as a financing transaction for federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed, and in certain circumstances, we could lose our REIT status.

Real Estate Investment Decisions

CR IV Advisors has substantial discretion with respect to the selection of our specific investments, subject to our investment and borrowing policies, and our policies are approved by our board of directors. In pursuing our investment objectives and making investment decisions on our behalf, CR IV Advisors evaluates the proposed terms of the investment against all aspects of the transaction, including the condition and financial performance of the asset, the terms of existing leases

6

and the creditworthiness of the tenant, and property location and characteristics. Because the factors considered, including the specific weight we place on each factor, vary for each potential investment, we do not, and are not able to, assign a specific weight or level of importance to any particular factor.

CR IV Advisors procures and reviews an independent valuation estimate on each and every proposed investment. In addition, CR IV Advisors, to the extent such information is available, considers the following:

• tenant rolls and tenant creditworthiness;

• a property condition report;

• unit level store performance;

• property location, visibility and access;

• age of the property, physical condition and curb appeal;

• neighboring property uses;

• local market conditions including vacancy rates;

• area demographics, including trade area population and average household income;

• neighborhood growth patterns and economic conditions;

• presence of nearby properties that may positively or negatively impact store sales at the subject property; and

• lease terms, including length of lease term, scope of landlord responsibilities, presence and frequency of contractual rental increases, renewal option provisions, exclusive and permitted use provisions, co-tenancy requirements and termination options.

CR IV Advisors also reviews the terms of each existing lease by considering various factors, including:

•rent escalations;

•remaining lease term;

•renewal option terms;

•tenant purchase options;

•termination options;

•scope of the landlord’s maintenance, repair and replacement requirements;

•projected net cash flow yield; and

•projected internal rates of return.

Our board of directors has adopted a policy to prohibit acquisitions from affiliates of CR IV Advisors unless a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction determine that the transaction is fair and reasonable to us and certain other conditions are met. See the section captioned “— Acquisition of Properties from Affiliates of CR IV Advisors” below.

Conditions to Closing Our Acquisitions

Generally, we condition our obligation to close the purchase of any investment on the delivery and verification of certain documents from the seller or developer, including, where appropriate:

• plans and specifications;

• surveys;

• evidence that title to the property can be freely sold or otherwise transferred to us, subject to such liens and encumbrances as are acceptable to CR IV Advisors;

• financial statements covering recent operations of properties, if available;

• title and liability insurance policies; and

• certificates of the tenant attesting that the tenant believes that, among other things, the lease is valid and enforceable.

In addition, we will take such steps as we deem necessary with respect to potential environmental matters. See the section captioned “Environmental Matters” below.

We have and may continue to enter into purchase and sale arrangements with a seller or developer of a suitable property under development or construction. In such cases, we are obligated to purchase the property at the completion of construction, provided that the construction conforms to definitive plans, specifications, and costs approved by us in advance. In such cases,

7

prior to our acquiring the property, we generally receive a certificate of an architect, engineer or other appropriate party, stating that the property complies with all plans and specifications. If renovation or remodeling is required prior to the purchase of a property, we expect to pay a negotiated maximum amount to the seller upon completion.

In determining whether to purchase a particular property, we may obtain an option to purchase such property. The amount paid for an option, if any, normally is forfeited if the property is not purchased and credited against the purchase price if the property is purchased. 

In the purchasing, leasing and developing of properties, we are subject to risks generally incident to the ownership of real estate. Refer to Part I, Item 1A. Risk Factors — General Risks Related to Investments in Real Estate included elsewhere in this Annual Report on Form 10-K.

Ownership Structure

Our investments in real estate generally take the form of holding fee title or a long-term leasehold estate. We have acquired, and expect to continue to acquire, such interests either directly through our operating partnership or indirectly through limited liability companies, limited partnerships or other entities owned and/or controlled by us or our operating partnership. We have acquired and may continue to acquire properties by acquiring the entity that holds the desired properties. We also have acquired and may continue to acquire properties through investments in joint ventures, partnerships, co-tenancies or other co-ownership arrangements with third parties, including the developers of the properties or affiliates of CR IV Advisors. See the section captioned “— Joint Venture Investments” below.

Joint Venture Investments

We have entered, and may continue to enter into, joint ventures, partnerships, co-tenancies and other co-ownership arrangements with affiliated entities of CR IV Advisors, including other real estate programs sponsored by affiliates of CR IV Advisors, and other third parties for the acquisition, development or improvement of properties or the acquisition of other real estate-related investments. We may also enter into such arrangements with real estate developers, owners and other unaffiliated third parties for the purpose of developing, owning and operating real properties. In determining whether to invest in a particular joint venture, CR IV Advisors will evaluate the underlying real property or other real estate-related investment using the same criteria described above in “— Investment Decisions” for the selection of our real property investments. CR IV Advisors also will evaluate the joint venture or co-ownership partner and the proposed terms of the joint venture or a co-ownership arrangement.

Our general policy is to invest in joint ventures only when we will have an option or contract to purchase, or a right of first refusal to purchase, the property held by the joint venture or the co-venturer’s interest in the joint venture if the co-venturer elects to sell such interest. In the event that the co-venturer elects to sell all or a portion of the interests held in any such joint venture, however, we may not have sufficient funds to exercise our right of first refusal to buy the other co-venturer’s interest in the joint venture. In the event that any joint venture with an affiliated entity holds interests in more than one asset, the interest in each such asset may be specially allocated between us and the joint venture partner based upon the respective proportion of funds deemed invested by each co-venturer in each such asset.

CR IV Advisors’ officers and key persons may have conflicts of interest in determining which program sponsored by Cole Capital should enter into any particular joint venture agreement. The co-venturer may have economic or business interests or goals that are or may become inconsistent with our business interests or goals. In addition, CR IV Advisors’ officers and key persons may face a conflict in structuring the terms of the relationship between our interests and the interest of the affiliated co-venturer and in managing the joint venture. Since some or all of CR IV Advisors’ officers and key persons will also advise the affiliated co-venturer, agreements and transactions between us and VEREIT or any other real estate programs sponsored by Cole Capital will not have the benefit of arm’s-length negotiation of the type normally conducted between unrelated co-venturers, which may result in the co-venturer receiving benefits greater than the benefits that we receive. In addition, we may assume liabilities related to the joint venture that exceed the percentage of our investment in the joint venture.

We may enter into joint ventures with VEREIT, other real estate programs sponsored by Cole Capital, or with CR IV Advisors, one or more of our directors, or any of their respective affiliates, only if a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction approve the transaction as being fair and reasonable to us and on substantially the same terms and conditions as those received by unaffiliated joint venturers, and the cost of our investment must be supported by a current third-party appraisal of the asset.

8

Development and Construction of Properties

We have invested and may continue to invest in properties on which improvements are to be constructed or completed or which require substantial renovation or refurbishment. We expect that joint ventures would be the exclusive vehicle through which we would invest in build-to-suit properties. Our general policy is to structure them as follows:

• we may enter into a joint venture with third parties who have an executed lease with the developer who has an executed lease in place with the future tenant whereby we will provide a portion of the equity or debt financing;

• we would accrue a preferred return during construction on any equity investment;

• the properties will be developed by third parties; and

• consistent with our general policy regarding joint venture investments, we would have an option or contract to purchase, or a right of first refusal to purchase, the property or the co-investor’s interest.

It is possible that joint venture partners may resist granting us a right of first refusal or may insist on a different methodology for unwinding the joint venture if one of the parties wishes to liquidate its interest.

In the event that we elect to engage in development or construction projects, in order to help ensure performance by the builders of properties that are under construction, completion of such properties will be guaranteed at the contracted price by a completion guaranty, completion bond or performance bond. CR IV Advisors may rely upon the substantial net worth of the contractor or developer or a personal guarantee accompanied by financial statements showing a substantial net worth provided by an affiliate of the person entering into the construction or development contract as an alternative to a completion bond or performance bond. Development of real estate properties is subject to risks relating to a builder’s ability to control construction costs or to build in conformity with plans, specifications and timetables. Refer to Part I, Item 1A. Risk Factors — General Risks Related to Investments in Real Estate included elsewhere in this Annual Report on Form 10-K.

We have and may continue to make periodic progress payments or other cash advances to developers and builders of our properties prior to completion of construction only upon receipt of an architect’s certification as to the percentage of the project then completed and as to the dollar amount of the construction then completed. We intend to use such additional controls on disbursements to builders and developers as we deem necessary or prudent. We have and may continue to directly employ one or more project managers, including CR IV Advisors or an affiliate of CR IV Advisors, to plan, supervise and implement the development of any unimproved properties that we may acquire. Such persons would be compensated directly by us or through an affiliate of CR IV Advisors and reimbursed by us. In either event, the compensation would reduce the amount of any construction fee, development fee or acquisition fee that we would otherwise pay to CR IV Advisors or its affiliate.

In addition, we have and may continue to invest in unimproved properties, provided that we will not invest more than 10% of our total assets in unimproved properties or in mortgage loans secured by such properties. We will consider a property to be an unimproved property if it was not acquired for the purpose of producing rental or other operating cash flows, has no development or construction in process at the time of acquisition and no development or construction is planned to commence within one year of the acquisition.

Other Possible Investments

Although we have invested and expect to continue to invest primarily in real estate, our portfolio may also include other real estate-related investments, such as mortgage, mezzanine, bridge and other loans and securities related to real estate assets, frequently, but not necessarily always, in the corporate sector, to the extent such assets do not cause us to lose our REIT status or cause us to be an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We may make adjustments to our target portfolio based on real estate market conditions, capital raised, financing secured and investment opportunities. Thus, to the extent that CR IV Advisors presents us with high quality investment opportunities that allow us to meet the REIT requirements under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) and do not cause us, our operating partnership or any other subsidiaries to meet the definition of an “investment company” under the Investment Company Act, our portfolio composition may vary from what we initially expect. Our board of directors has broad discretion to change our investment policies in order for us to achieve our investment objectives.

Investing in and Originating Loans. The criteria that CR IV Advisors will use in making or investing in loans on our behalf are substantially the same as those involved in acquiring properties for our portfolio. We do not intend to make loans to other persons, to underwrite securities of other issuers or to engage in the purchase and sale of any types of investments other than those relating to real estate. However, unlike our property investments, which we expect to hold in excess of seven years, we expect that the average duration of loans will typically be one to five years.

9

We do not expect to make or invest in loans that are not directly or indirectly secured by real estate. We will not make or invest in mortgage loans on any one property if the aggregate amount of all mortgage loans outstanding on the property, including our loan, would exceed an amount equal to 85% of the appraised value of the property, as determined by an independent third-party appraiser, unless we find substantial justification due to other underwriting criteria. We may find such justification in connection with the purchase of loans in cases in which we believe there is a high probability of our foreclosure upon the property in order to acquire the underlying assets and in which the cost of the loan investment does not exceed the fair market value of the underlying property. We will not invest in or make loans unless an appraisal has been obtained concerning the underlying property, except for those loans insured or guaranteed by a government or government agency. In cases in which a majority of our independent directors so determine, and in the event the transaction is with our sponsor, CR IV Advisors, any of our directors or their respective affiliates, the appraisal will be obtained from a certified independent appraiser in order to support its determination of fair market value.

We may invest in first, second and third mortgage loans, mezzanine loans, bridge loans, wraparound mortgage loans, construction mortgage loans on real property and loans on leasehold interest mortgages. However, we will not make or invest in any loans that are subordinate to any mortgage or equity interest of CR IV Advisors or any of its or our affiliates. We also may invest in participations in mortgage loans. A mezzanine loan is a loan made in respect of certain real property but is secured by a lien on the ownership interests of the entity that, directly or indirectly, owns the real property. A bridge loan is short-term financing for an individual or business, until permanent or the next stage of financing can be obtained. Second mortgage and wraparound loans are secured by second or wraparound deeds of trust on real property that is already subject to prior mortgage indebtedness. A wraparound loan is one or more junior mortgage loans having a principal amount equal to the outstanding balance under the existing mortgage loan, plus the amount actually to be advanced under the wraparound mortgage loan. Under a wraparound loan, we would generally make principal and interest payments on behalf of the borrower to the holders of the prior mortgage loans. Third mortgage loans are secured by third deeds of trust on real property that is already subject to prior first and second mortgage indebtedness. Construction loans are loans made for either original development or renovation of property. Construction loans in which we would generally consider an investment would be secured by first deeds of trust on real property for terms of six months to two years. Loans on leasehold interests are secured by an assignment of the borrower’s leasehold interest in the particular real property. These loans are generally for terms of six months to 15 years. The leasehold interest loans are either amortized over a period that is shorter than the lease term or have a maturity date prior to the date the lease terminates. These loans would generally permit us to cure any default under the lease. Participations in mortgage loans are investments in partial interests of mortgages of the type described above that are made and administered by third-party mortgage lenders.

In evaluating prospective loan investments, CR IV Advisors will consider factors such as the following:

•the ratio of the investment amount to the underlying property’s value;

•the property’s potential for capital appreciation;

•expected levels of rental and occupancy rates;

•the condition and use of the property;

•current and projected cash flow of the property;

•potential for rent increases;

•the degree of liquidity of the investment;

•the property’s income-producing capacity;

•the quality, experience and creditworthiness of the borrower;

•general economic conditions in the area where the property is located;

•in the case of mezzanine loans, the ability to acquire the underlying real property; and

•other factors that CR IV Advisors believes are relevant.

In addition, 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. Because the factors considered, including the specific weight we place on each factor, will vary for each prospective loan investment, we do not, and are not able to, assign a specific weight or level of importance to any particular factor.

We may originate loans from mortgage brokers or personal solicitations of suitable borrowers, or may purchase existing loans that were originated by other lenders. CR IV Advisors will evaluate all potential loan investments to determine if the security for the loan and the loan-to-value ratio meets our investment criteria and objectives. Most loans that we will consider for investment would provide for monthly payments of interest and some may also provide for principal amortization, although

10

many loans of the nature that we will consider provide for payments of interest only and a payment of principal in full at the end of the loan term. We will not originate loans with negative amortization provisions.

We do not have any policies directing the portion of our assets that may be invested in construction loans, mezzanine loans, bridge loans, loans secured by leasehold interests and second, third and wraparound mortgage loans. However, we recognize that these types of loans are more subject to risk than first deeds of trust or first priority mortgages on income-producing, fee-simple properties, and we expect to minimize the amount of these types of loans in our portfolio, to the extent that we make or invest in loans at all. CR IV Advisors will evaluate the fact that these types of loans are riskier in determining the rate of interest on the loans. We do not have any policy that limits the amount that we may invest in any single loan or the amount we may invest in loans to any one borrower. We are not limited as to the amount of gross offering proceeds that we may use to invest in or originate loans.

Our loan investments may be subject to regulation by federal, state and local authorities and subject to various laws and judicial and administrative decisions imposing various requirements and restrictions, including among other things, regulating credit granting activities, establishing maximum interest rates and finance charges, requiring disclosures to customers, governing secured transactions and setting collection, repossession and claims handling procedures and other trade practices. In addition, certain states have enacted legislation requiring the licensing of mortgage bankers or other lenders and these requirements may affect our ability to effectuate our proposed investments in loans. Commencement of operations in these or other jurisdictions may be dependent upon a finding of our financial responsibility, character and fitness. We may determine not to make loans in any jurisdiction in which the regulatory authority determines that we have not complied in all material respects with applicable requirements.

Investment in Other Real Estate-Related Securities. To the extent permitted by Section V.D.2 of the Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association (the “NASAA REIT Guidelines”), and subject to the limitations set forth in our charter, we may invest in common and preferred real estate-related equity securities of both publicly traded and private real estate companies. Real estate-related equity securities are generally unsecured and also may be subordinated to other obligations of the issuer. Our investments in real estate-related equity securities will involve special risks relating to the particular issuer of the equity securities, including the financial condition and business outlook of the issuer.

We may also make investments in commercial mortgage backed securities (“CMBS”) to the extent permitted by the NASAA REIT Guidelines. CMBS are securities that evidence interests in, or are secured by, a single commercial mortgage loan or a pool of commercial mortgage loans. CMBS are generally pass-through certificates that represent beneficial ownership interests in common law trusts whose assets consist of defined portfolios of one or more commercial mortgage loans. They are typically issued in multiple tranches whereby the more senior classes are entitled to priority distributions from the trust’s income. Losses and other shortfalls from expected amounts to be received on the mortgage pool are borne by the most subordinate classes, which receive payments only after the more senior classes have received all principal and/or interest to which they are entitled. CMBS are subject to all of the risks of the underlying mortgage loans. We may invest in investment grade and non-investment grade CMBS classes. Our board of directors has adopted a policy to limit any investments in non-investment grade CMBS to not more than 10% of our total assets.

Borrowing Policies

CR IV Advisors believes that utilizing borrowings to make investments is consistent with our investment objective of maximizing the return to investors. By operating on a leveraged basis, we have more funds available for investment in properties. This allows us to make more investments than would otherwise be possible, potentially resulting in a more diversified portfolio.

At the same time, CR IV Advisors believes in utilizing leverage in a moderate fashion. While there is no limitation on the amount we may borrow against any single improved property, our charter limits our aggregate borrowings to 75% of the cost of our gross assets (or 300% of net assets) (before deducting depreciation or other non-cash reserves) unless excess borrowing is approved by a majority of the independent directors and disclosed to our stockholders in the next quarterly report along with the justification for such excess borrowing. Consistent with CR IV Advisors’ approach toward the moderate use of leverage, our board of directors has adopted a policy to further limit our borrowings to 60% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our gross assets, unless excess borrowing is approved by a majority of the independent directors and disclosed to our stockholders in the next quarterly report along with a justification for such excess borrowing. Our advisor has set a target leverage ratio of 40% to 50% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our gross assets. As of December 31, 2015, the debt leverage ratio of our consolidated real estate assets, which is the ratio of debt to total gross real estate assets net of gross intangible lease liabilities, was 44%.

11

CR IV Advisors uses its best efforts to obtain financing on the most favorable terms available to us. CR IV Advisors has substantial discretion with respect to the financing we obtain, subject to our borrowing policies, which have been approved by our board of directors. Under certain limited circumstances, lenders may have recourse to assets not securing the repayment of the indebtedness. CR IV Advisors may elect to refinance properties during the term of a loan, but we expect this would occur only in limited circumstances, such as when a decline in interest rates makes it beneficial to prepay an existing mortgage, when an existing mortgage matures or if an attractive investment becomes available and the proceeds from the refinancing can be used to purchase such investment. The benefits of the refinancing may include increased cash flow resulting from reduced debt service requirements and an increase in property ownership if some refinancing proceeds are reinvested in real estate.

Our ability to increase our diversification through borrowing may be adversely impacted if banks and other lending institutions reduce the amount of funds available for loans secured by real estate. When interest rates on mortgage loans are high or financing is otherwise unavailable on a timely basis, we have purchased, and may continue to purchase, properties for cash with the intention of obtaining a mortgage loan for a portion of the purchase price at a later time. To the extent that we do not obtain mortgage loans on our properties, our ability to acquire additional properties will be restricted and we may not be able to adequately diversify our portfolio. Refer to Part I, Item 1A. Risk Factors — Risks Associated with Debt Financing included elsewhere in this Annual Report on Form 10-K.

We may not borrow money from any of our directors, Cole Capital, CR IV Advisors or any of their affiliates unless such loan is approved by a majority of the directors (including a majority of the independent directors) not otherwise interested in the transaction as fair, competitive and commercially reasonable and no less favorable to us than a comparable loan between unaffiliated parties.

Disposition Policies

We intend to hold each property we acquire for an extended period, generally in excess of seven years. Holding periods for other real estate-related investments may vary. Regardless of intended holding periods, circumstances might arise that could cause us to determine to sell an asset before the end of the expected holding period if we believe the sale of the asset would be in the best interests of our stockholders. The determination of whether a particular asset should be sold or otherwise disposed of will be made after consideration of relevant factors, including prevailing and projected economic conditions, current tenant rolls and tenant creditworthiness, whether we could apply the proceeds from the sale of the asset to make other investments, whether disposition of the asset would increase cash flow, and whether the sale of the asset would be a prohibited transaction under the Internal Revenue Code or otherwise impact our status as a REIT for federal income tax purposes. The selling price of a property that is net leased will be determined in large part by the amount of rent payable under the lease. If a tenant has a repurchase option at a formula price, we may be limited in realizing any appreciation. In connection with our sales of properties, we may lend the purchaser all or a portion of the purchase price. In these instances, our taxable income may exceed the cash received in the sale. During the year endedDecember 31, 2015, we sold one undeveloped land parcel for a gross sales price of $1.1 million, resulting in net cash proceeds of $1.0 million and a loss of $108,000.

Acquisition of Properties from Affiliates of CR IV Advisors

We may acquire properties or interests in properties from, or in co-ownership arrangements with, entities affiliated with CR IV Advisors, including properties acquired from affiliates of CR IV Advisors engaged in construction and development of commercial real properties. We will not acquire any property from an affiliate of CR IV Advisors unless a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction determine that the transaction is fair and reasonable to us. The purchase price that we will pay for any property we acquire from affiliates of CR IV Advisors, including property developed by an affiliate of CR IV Advisors as well as property held by such an affiliate that has already been developed, will not exceed the current appraised value of the property. In addition, the price of the property we acquire from an affiliate of CR IV Advisors may not exceed the cost of the property to the affiliate, unless a majority of our directors (including a majority of our independent directors) determine that substantial justification for the excess exists and the excess is reasonable. During the year ended December 31, 2015, we did not purchase any properties from affiliates of our advisor.

Conflicts of Interest

We are subject to various conflicts of interest arising out of our relationship with CR IV Advisors and its affiliates, including conflicts related to the arrangements pursuant to which we will compensate CR IV Advisors and its affiliates. Certain conflict resolution procedures are set forth in our charter.

Our officers and affiliates of CR IV Advisors will try to balance our interests with the interests of other real estate programs sponsored by Cole Capital to whom they owe duties. However, to the extent that these persons take actions that are

12

more favorable to other entities than to us, these actions could have a negative impact on our financial performance and, consequently, on distributions to our stockholders and the value of their investments.

Our independent directors have an obligation to act on our behalf and on behalf of our stockholders in all situations in which a conflict of interest may arise.

We are subject to conflicts of interest arising out of our relationship with VEREIT, which also has investment objectives, targeted assets, and legal obligations similar to ours.

Interests in Other Real Estate Programs and Other Concurrent Offerings

Affiliates of CR IV Advisors act as an advisor to, and our chief financial officer and chief executive officer act as executive officers of, Cole Credit Property Trust V, Inc. (“CCPT V”), Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) and Cole Real Estate Income Strategy (Daily NAV), Inc. (“Cole Income NAV Strategy”), all of which are public, non-traded REITs distributed and managed by affiliates of CR IV Advisors. In addition, all of these REITs primarily focus on the acquisition and management of commercial properties subject to long term net leases to creditworthy tenants. VEREIT and CCPT V, like us, focus primarily on the retail sector, while CCIT II focuses primarily on the office and industrial sectors and Cole Income NAV Strategy focuses primarily on commercial properties in the retail, office and industrial sectors. The investment strategy used by each REIT would permit them to purchase certain properties that also may be suitable for our portfolio. Former programs sponsored, distributed and managed by affiliates of CR IV Advisors were: Cole Corporate Income Trust, Inc. (“CCIT”), which merged with Select Income REIT, an unaffiliated publicly-listed REIT, on January 28, 2015; Cole Credit Property Trust, Inc. (“CCPT I”), which merged with VEREIT on May 19, 2014; and Cole Credit Property Trust II, Inc. (“CCPT II”), which merged with Spirit Realty Capital, Inc., an unaffiliated publicly-listed REIT, on July 17, 2013.

CCIT II’s initial public offering of up to $2.975 billion in shares of common stock was declared effective by the SEC on September 17, 2013. Cole Income NAV Strategy’s offerings of up to $4.0 billion in shares of common stock of three classes were declared effective by the SEC on December 6, 2011 and August 26, 2013. CCPT V’s initial public offering of up to $2.975 billion in shares of common stock was declared effective by the SEC on March 17, 2014.

VEREIT and any real estate program sponsored by Cole Capital, whether or not currently existing, could compete with us in the sale or operation of our assets. We will seek to achieve any operating efficiencies or similar savings that may result from affiliated management of competitive assets. However, to the extent such programs own or acquire property that is adjacent, or in close proximity, to a property we own, our property may compete with such other program’s property for tenants or purchasers.

Although our board of directors has adopted a policy limiting the types of transactions that we may enter into with CR IV Advisors and its affiliates, including VEREIT and other real estate programs sponsored by Cole Capital, we may enter into certain such transactions, which are subject to inherent conflicts of interest. Similarly, joint ventures involving affiliates of CR IV Advisors also give rise to conflicts of interest. In addition, our board of directors may encounter conflicts of interest in enforcing our rights against any affiliate of CR IV Advisors in the event of a default by or disagreement with an affiliate or in invoking powers, rights or options pursuant to any agreement between us and CR IV Advisors, any of its affiliates, VEREIT or another real estate program sponsored by Cole Capital.

Other Activities of CR IV Advisors and Its Affiliates

We rely on CR IV Advisors for the day-to-day operation of our business pursuant to an advisory agreement. As a result of the interests of members of its management in other real estate programs sponsored by Cole Capital and the fact that they have also engaged and will continue to engage in other business activities, CR IV Advisors and its officers, key persons and respective affiliates have conflicts of interest in allocating their time between us and other real estate programs sponsored by Cole Capital and other activities in which they are involved. However, CR IV Advisors believes that it and its affiliates have sufficient personnel to discharge fully their responsibilities to all of the real estate programs sponsored by Cole Capital and other ventures in which they are involved.

In addition, each of our executive officers also serves as an officer and/or director of CR IV Advisors, our property manager, and/or other affiliated entities. As a result, these individuals owe duties to these other entities, as applicable, which may conflict with the duties that they owe to us and our stockholders.

Dealer Manager

Because CCC, the dealer manager for the Offering, is an affiliate of CR IV Advisors, we did not have the benefit of an independent due diligence review and investigation of the type normally performed by an unaffiliated, independent underwriter in connection with the Offerings.

13

Property Manager

Our properties are, and we anticipate that substantially all properties we acquire in the future will be, managed and leased by our property manager, CREI Advisors, an affiliate of our advisor, pursuant to property management and leasing agreements with our subsidiaries that hold title to our properties. We expect CREI Advisors to also serve as property manager for properties owned by other real estate programs sponsored by Cole Capital, some of which may be in competition with our properties.

Receipt of Fees and Other Compensation by CR IV Advisors and Its Affiliates

We have incurred, and expect to continue to incur, fees and expenses payable to CR IV Advisors and its affiliates in connection with the acquisition and management of our assets, including acquisition and advisory fees, acquisition expenses and operating expenses.

A transaction involving the purchase or sale of properties, or the purchase or sale of any other real estate-related investment will likely result in the receipt of fees and other compensation by CR IV Advisors and its affiliates, including acquisition and advisory fees, disposition fees and the possibility of subordinated performance fees. Subject to oversight by our board of directors, CR IV Advisors will continue to have considerable discretion with respect to all decisions relating to the terms and timing of all transactions. Therefore, CR IV Advisors may have conflicts of interest concerning certain actions taken on our behalf, particularly due to the fact that acquisition fees will generally be based on the cost of the investment and payable to CR IV Advisors and its affiliates regardless of the quality of the properties acquired. The advisory fees are based on the estimated value of our investments regardless of the quality of the properties acquired or services provided to us. Basing acquisition fees and advisory fees on the estimated value of our investments may influence CR IV Advisors’ decisions relating to property acquisitions.

Employees

We have no direct employees. The employees of CR IV Advisors and its affiliates provide services to us related to acquisition and disposition, property management, asset management, financing, accounting, investor relations and administration. The employees of CCC, the dealer manager for the Offering, provide wholesale brokerage services.

We are dependent on CR IV Advisors and its affiliates for services that are essential to us, including the sale of shares of our common stock, asset acquisition decisions, property management and other general administrative responsibilities. In the event that these companies were unable to provide these services to us, we would be required to obtain such services from other sources.

We reimburse CR IV Advisors and its affiliates for expenses incurred in connection with its provision of administrative, acquisition, property management, asset management, financing, accounting and investor relation services, including personnel costs, subject to certain limitations. During the years ended December 31, 2015, 2014 and 2013, $9.7 million, $7.3 million and $6.2 million, respectively, were recorded for reimbursement of services provided by CR IV Advisors and its affiliates in connection with the acquisition, management, and financing of our assets. In addition, during the years ended December 31, 2014 and 2013, $7.3 million and $36.2 million, respectively, were recorded for the reimbursement of certain third-party and personnel costs allocated in connection with the issuance of shares pursuant to the Offering. No amounts were recorded for the reimbursement of certain third-party and personnel costs allocated in connection with the issuance of shares pursuant to the Offering during the year ended December 31, 2015.

Reportable Segment

We operate on a consolidated basis in our commercial properties segment. See Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K.

Competition

As we purchase properties, we are in competition with other potential buyers for the same properties and may have to pay more to purchase the property than if there were no other potential acquirers or we may have to locate another property that meets our investment criteria. Regarding the leasing efforts of our owned properties, the leasing of real estate is highly competitive in the current market, and we may continue to experience competition for tenants from owners and managers of competing projects. As a result, we may have to provide free rent, incur charges for tenant improvements, or offer other inducements, or we might not be able to timely lease the space, all of which may have an adverse impact on our results of operations. At the time we elect to dispose of our properties, we may also be in competition with sellers of similar properties to locate suitable purchasers for our properties. See the section captioned “— Conflicts of Interest” above.

14

Property Concentrations

As of December 31, 2015, no single tenant accounted for greater than 10% of our 2015 gross annualized rental revenues. We had certain geographic concentrations in our property holdings. In particular, as of December 31, 2015, 77 of our properties were located in California, which accounted for 11% of our 2015 gross annualized rental revenues. In addition, we have tenants in the discount store and pharmacy industries, which comprised 14% and 11%, respectively, of our 2015 gross annualized rental revenues. See Part I, Item 2. Properties of this Annual Report on Form 10-K for additional information regarding the geographic concentration of our properties.

Environmental Matters

In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. We may own certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party has been identified as the responsible party for environmental remediation costs related to the respective property subject to environmental remediation. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. In addition, we also carry environmental liability insurance on our properties that provides limited coverage for remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable.

We generally will not purchase any property unless and until we also obtain what is generally referred to as a “Phase I” environmental site assessment and are generally satisfied with the environmental status of the property. However, we may purchase a property without obtaining such assessment if our advisor determines the assessment is not necessary because there is an existing recent Phase I environmental site assessment. A Phase I environmental site assessment generally consists of a visual survey of the building and the property in an attempt to identify areas of potential environmental concerns, visually observing neighboring properties to assess surface conditions or activities that may have an adverse environmental impact on the property, interviewing the key site manager and/or property owner, contacting local governmental agency personnel and performing an environmental regulatory database search in an attempt to determine any known environmental concerns in, and in the immediate vicinity of, the property. A Phase I environmental site assessment does not generally include any sampling or testing of soil, ground water or building materials from the property and may not reveal all environmental hazards on a property.

In the event the Phase I environmental site assessment uncovers potential environmental problems with a property, our advisor will determine whether we will pursue the investment opportunity and whether we will have a “Phase II” environmental site assessment performed. The factors we may consider in determining whether to conduct a Phase II environmental site assessment include, but are not limited to, (1) the types of operations conducted on the property and surrounding property, (2) the time, duration and materials used during such operations, (3) the waste handling practices of any tenants or property owners, (4) the potential for hazardous substances to be released into the environment, (5) any history of environmental law violations on the subject property and surrounding property, (6) any documented environmental releases, (7) any observations from the consultant that conducted the Phase I environmental site assessment, and (8) whether any party (i.e., surrounding property owners, prior owners or tenants) may be responsible for addressing the environmental conditions. We will determine whether to conduct a Phase II environmental site assessment on a case by case basis.

We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our results of operations, financial condition or liquidity.

Available Information

We electronically file our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports with the SEC. We have also filed registration statements, amendments to our registration statements, and/or supplements to our prospectus in connection with our Offerings with the SEC. Copies of our filings with the SEC may be obtained from the SEC’s website, at http://www.sec.gov. Access to these filings is free of charge.

15

ITEM 1A. RISK FACTORS

Investors should carefully consider the following factors, together with all the other information included in this Annual Report on Form 10-K, in evaluating the Company and our business. If any of the following risks actually occur, our business, financial condition and results of operations could be materially and adversely affected, and stockholders may lose all or part of their investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations.

Risks Related to Our Business

We currently have not identified all of the properties or real estate-related investments we intend to purchase. For this and other reasons, an investment in our shares is speculative.

We currently have not identified all of the properties or real estate-related investments that we may purchase. We have established policies relating to the types of investments we will make and the creditworthiness of tenants of our properties, but our advisor will have wide discretion in implementing these policies, subject to the oversight of our board of directors. Additionally, our advisor has discretion to determine the location, number and size of our investments and the percentage of net proceeds we may dedicate to a single investment. As a result, you will not be able to evaluate the economic merit of our future investments until after such investments have been made. Therefore, an investment in our shares is speculative.

You should consider our prospects in light of the risks, uncertainties and difficulties frequently encountered by companies that are, like us, in their early stages of development. To be successful in this market, we and our advisor must, among other things:

• identify and acquire investments that further our investment objectives;

• increase awareness of the Cole Credit Property Trust IV, Inc. name within the investment products market;

• rely on our advisor and its affiliates to attract, integrate, motivate and retain qualified personnel to manage our day-to-day operations;

• respond to competition for our targeted real estate and other investments;

• rely on our advisor and its affiliates to continue to build and expand our operations structure to support our business; and

• be continuously aware of, and interpret, marketing trends and conditions.

We may not succeed in achieving these goals, and our failure to do so could cause you to lose all or a portion of your investment.

Our shares have limited liquidity and we are not required, through our charter or otherwise, to provide for a liquidity event. There is no public trading market for our shares and there may never be one; therefore, it will be difficult for you to sell your shares. You should view our shares only as a long-term investment.

There is no public market for our common stock and there may never be one. In addition, although we presently intend to consider alternatives for providing liquidity for our stockholders beginning five to seven years following the termination of our initial public offering, we do not have a fixed date or method for providing stockholders with liquidity. We expect that our board of directors will make that determination in the future based, in part, upon advice from our advisor. If you are able to find a buyer for your shares, you will likely have to sell them at a substantial discount to your purchase price. It also is likely that your shares would not be accepted as the primary collateral for a loan. Therefore, shares of our common stock should be considered illiquid and a long-term investment, and our stockholders must be prepared to hold their shares of our common stock for an indefinite length of time.

You are limited in your ability to sell your shares pursuant to our share redemption program and may have to hold your shares for an indefinite period of time.

Our share redemption program includes numerous restrictions that limit your ability to sell your shares. Generally, you will be required to have held your shares for at least one year in order to participate in our share redemption program, and subject to funds being available, we will limit the number of shares redeemed pursuant to our share redemption program to no more than 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemption is being paid. In addition, we intend to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds we receive from the sale of shares in the respective quarter under our DRIP. Any of the foregoing limits might prevent us from accommodating all redemption

16

requests made in any fiscal quarter or in any 12-month period. Our board of directors may amend the terms of, suspend, or terminate our share redemption program without stockholder approval upon 30 days prior notice, and our management may reject any request for redemption. These restrictions severely limit your ability to sell your shares should you require liquidity, and limit your ability to recover the value you invested or the fair market value of your shares.

Our estimated value per share is an estimate as of a given point in time and likely will not represent the amount of net proceeds that would result if we were liquidated or dissolved or completed a merger or other sale of the Company.

Based on the recommendation from the audit committee of the Company’s board of directors, on September 27, 2015, the board of directors, including all of its independent directors, approved and established an estimated value per share of the Company’s common stock of $9.70 based on an estimated market value of the Company’s assets less the estimated market value of the Company’s liabilities, divided by the number of shares outstanding, as of August 31, 2015. The Company is providing this estimated value per share to assist broker-dealers that participated in the Company’s public offering in meeting their customer account statement reporting obligations under NASD Rule 2340. This is the first time that our board of directors has determined an estimated value per share of the Company’s common stock. Subsequent estimates of our per share value will be done at least annually.

As with any valuation methodology, the methodology used by our board of directors in reaching an estimate of the value of our shares is based upon a number of estimates, assumptions, judgments and opinions that may, or may not, prove to be correct. The use of different estimates, assumptions, judgments or opinions may have resulted in significantly different estimates of the value of our shares. In addition, our board of directors’ estimate of share value is not based on the book values of the Company’s real estate, as determined by generally accepted accounting principles, as the Company’s book value for most real estate is based on the amortized cost of the property, subject to certain adjustments. Furthermore, in reaching an estimate of the value of the Company’s shares, our board of directors did not include, among other things, a discount for debt that may include a prepayment obligation or a provision precluding assumption of the debt by a third party. As a result, there can be no assurance that:

• stockholders will be able to realize the estimated share value upon attempting to sell their shares;

• the Company will be able to achieve, for its stockholders, the estimated value per share upon a listing of the Company’s shares of common stock on a national securities exchange, a merger of the Company, or a sale of the Company’s portfolio; or

• the estimated share value, or the methodology relied upon by the board of directors to estimate the share value, will be found by any regulatory authority to comply with ERISA, the Internal Revenue Code or other regulatory requirements.

Furthermore, the estimated per share value was calculated as of a particular point in time. The value of the Company’s shares will fluctuate over time as a result of, among other things, developments related to individual assets and responses to the real estate and capital markets. The estimated per share value is an estimate as of a given point in time and likely will not represent the amount of net proceeds that would result from an immediate sale of our assets.

We may be unable to pay or maintain cash distributions or increase distributions over time.

There are many factors that can affect the availability and timing of cash distributions to our stockholders. Distributions are based primarily on cash flow from operations. The amount of cash available for distributions is affected by many factors, such as the performance of our advisor in selecting investments for us to make, selecting tenants for our properties and securing financing arrangements, our ability to buy properties, the amount of rental income from our properties, and our operating expense levels, as well as many other variables. We may not always be in a position to pay distributions to you and any distributions we do make may not increase over time. In addition, our actual results may differ significantly from the assumptions used by our board of directors in establishing the distribution rate to our stockholders. There also is a risk that we may not have sufficient cash flow from operations to fund distributions required to qualify as a REIT or maintain our REIT status.

We have paid, and may continue to pay, distributions from sources other than cash flow from operations, which may reduce the amount of capital we ultimately invest in real estate and may negatively impact the value of your investment.

To the extent that cash flow from operations has been or is insufficient to fully cover our distributions to our stockholders, we have paid, and may continue to pay, some of our distributions from sources other than cash flow from operations. Such sources may include borrowings, proceeds from asset sales or the sale of our securities in this or future offerings. We have no limits on the amounts we may pay from sources other than cash flow from operations. The payment of distributions from sources other than cash provided by operating activities mayreduce the amount of proceeds available for investment and

17

operations or cause us to incur additional interest expense as a result of borrowed funds, and may cause subsequent investors to experience dilution. This may negatively impact the value of your investment in our common stock.

During the year ended December 31, 2015 we paid distributions of $192.9 million, including $112.2 million through the issuance of shares pursuant to the DRIP. Net cash provided by operating activities for the year endedDecember 31, 2015 was $182.9 million and reflected a reduction for real estate acquisition-related expenses incurred of $15.5 million, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We treat our real estate acquisition related expenses as funded by proceeds from the Offerings, including proceeds from the DRIP. Therefore, for consistency, proceeds from the issuance of common stock for the year ended December 31, 2015 are considered a source of our distributions to the extent that real estate acquisition-related expenses have reduced net cash flows provided by operating activities. Therefore, for consistency, proceeds from the issuance of common stock for the year ended December 31, 2015 are considered a source of our distributions to the extent that real estate acquisition-related expenses have reduced net cash flows provided by operating activities. As such our 2015 distributions were covered by net cash provided by operating activities of $182.9 million, or 95%, and proceeds from the issuance of notes payable of $10.0 million, or 5%.

Because we have paid, and may continue to pay, distributions from sources other than our cash flows from operations, distributions at any point in time may not reflect the current performance of our properties or our current operating cash flows.

Our organizational documents permit us to make distributions from any source, including the sources described in the risk factor above. Because the amount we pay out in distributions may exceed our earnings and our cash flow from operations, distributions may not reflect the current performance of our properties or our current operating cash flows. To the extent distributions exceed cash flow from operations, distributions may be treated as a return of your investment and could reduce your basis in our common stock. A reduction in a stockholder’s basis in our common stock could result in the stockholder recognizing more gain upon the disposition of his or her shares, which in turn could result in greater taxable income to such stockholder.

We have experienced losses in the past, and we may experience additional losses in the future.

Historically, we have experienced net losses (calculated in accordance with GAAP) and we may not be profitable or realize growth in the value of our investments. Many of our losses can be attributed to start-up costs, depreciation and amortization, as well as acquisition expenses incurred in connection with purchasing properties or making other investments. The extent of our future operating losses and the timing of when we will achieve profitability are uncertain, and together depend on the demand for, and value of, our portfolio of properties. We may never achieve or sustain profitability. For a further discussion of our operational history and the factors affecting our losses, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations appearing elsewhere in this Annual Report on Form 10-K and our accompanying consolidated financial statements and notes thereto.

We may suffer from delays in locating suitable investments, which could adversely affect our ability to pay distributions to you and the value of your investment.

We could suffer from delays in locating suitable investments. Delays we encounter in the selection and/or acquisition of income-producing properties likely would adversely affect our ability to pay distributions to you and the value of your overall returns. Competition from other real estate investors increases the risk of delays in investing our net offering proceeds. If our advisor is unable to identify suitable investments, we will hold the proceeds we raise or raised in our Offerings in an interest-bearing account or invest the proceeds in short-term, investment-grade investments, which would provide a significantly lower return to us than the return we expect from our investments in real estate. Our stockholders should expect to wait at least several months after the closing of a property acquisition before receiving cash distributions attributable to that property.

It may be difficult to accurately reflect material events that may impact the estimated value of our shares between valuations and, accordingly, we may be selling shares in our DRIP and repurchasing shares at too high or too low a price.

Our independent valuer will calculate an estimate of the market value of our principal real estate and real estate-related assets, and our board of directors will determine the net value of our real estate and real estate-related assets and liabilities taking into consideration such estimate provided by the independent valuer. Since each property might be valued only annually, there may be changes in the course of the year that are not fully reflected in the most recent estimated per share value. As a result, the published per share value may not fully reflect changes in value that may have occurred since the prior valuation.

Furthermore, our advisor will monitor our portfolio, but it may be difficult to reflect changing market conditions or material events that may impact the value of our portfolio between valuations, or to obtain timely or complete information

18

regarding any such events. Therefore, the per share value published before the announcement of an extraordinary event may differ significantly from our actual net asset value until such time as sufficient information is available and analyzed, the financial impact is fully evaluated, and the appropriate adjustment is made to our estimated per share value, as determined by our board of directors. Any resulting disparity may be to the detriment of a stockholder who purchases our shares in our DRIP or a stockholder selling shares pursuant to our share redemption program.

Our success depends to a significant degree upon certain key personnel of our advisor. If our advisor loses or is unable to attract and retain key personnel, our ability to achieve our investment objectives could be delayed or hindered, which could adversely affect our ability to pay distributions to you and the value of your investment.

Our success depends to a significant degree upon the contributions of certain executive officers and other key personnel of our sponsor and our advisor. Our sponsor underwent several changes in management in the past year. We cannot guarantee that all of these key personnel, or any particular person, will remain affiliated with us, our sponsor and/or our advisor. If any of our key personnel were to cease their affiliation with our advisor, our operating results could suffer. We believe that our future success depends, in large part, upon our advisor’s ability to hire and retain highly skilled managerial, operational and marketing personnel. Competition for such personnel is intense, and we cannot assure you that our sponsor or advisor will be successful in attracting and retaining such skilled personnel. If our advisor loses or is unable to obtain the services of key personnel, our ability to implement our investment strategies could be delayed or hindered, and the value of your investment may decline.

If our board of directors elects to internalize our management functions in connection with a listing of our shares of common stock on an exchange or other liquidity event, your interest in us could be diluted, and we could incur other significant costs associated with being self-managed.

In the future, we may undertake a listing of our common stock on an exchange or other liquidity event that may involve internalizing our management functions. If our board of directors elects to internalize our management functions, we may negotiate to acquire our advisor’s assets and personnel. At this time, we cannot be sure of the form or amount of consideration or other terms relating to any such acquisition. Such consideration could take many forms, including cash payments, promissory notes and shares of our common stock. The payment of such consideration could result in dilution of your interests as a stockholder and could reduce the net income per share attributable to your investment. Internalization transactions involving the acquisition of advisors affiliated with entity sponsors have also, in some cases, been the subject of litigation. Even if these claims are without merit, we could be forced to spend significant amounts of money defending claims, which would reduce the amount of funds available to operate our business and to pay distributions.

In addition, while we would no longer bear the costs of the various fees and expenses we expect to pay to our advisor under the advisory agreement, our direct expenses would include general and administrative costs, including legal, accounting, and other expenses related to corporate governance, including SEC reporting and compliance. We would also incur the compensation and benefits costs of our officers and other employees and consultants that we now expect will be paid by our advisor or its affiliates. If the expenses we assume as a result of an internalization are higher than the expenses we avoid paying to our advisor, our net income per share would be lower as a result of the internalization than it otherwise would have been, potentially decreasing the amount of funds available to distribute to you and the value of our shares.

If we internalize our management functions, we could have difficulty integrating these functions as a stand-alone entity and we may fail to properly identify the appropriate mix of personnel and capital needs to operate as a stand-alone entity. Additionally, upon any internalization of our advisor, certain key personnel may not remain with our advisor, but will instead remain employees of our sponsor or its affiliates.

Our participation in a co-ownership arrangement could subject us to risks that otherwise may not be present in other real estate investments, which could result in litigation or other potential liabilities that could increase our costs and negatively affect our results of operations.

From time to time, we enter in co-ownership arrangements with respect to properties. Co-ownership arrangements involve risks generally not otherwise present with an investment in real estate and could result in litigation or other potential liabilities, such as the following:

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

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

• the possibility that an individual co-owner might become insolvent or bankrupt, or otherwise default under any mortgage loan financing documents applicable to the property, which may constitute an event of default under all of

19

the applicable mortgage loan financing documents, result in a foreclosure and the loss of all or a substantial portion of the investment made by the co-owner, or allow the bankruptcy court to reject the agreements entered into by the co-owners owning interests in the property;

• the possibility that a co-owner might not have adequate liquid assets to make cash advances that may be required in order to fund operations, maintenance and other expenses related to the property, which could result in the loss of current or prospective tenants and otherwise adversely affect the operation and maintenance of the property, could cause a default under any mortgage loan financing documents applicable to the property and result in late charges, penalties and interest, and could lead to the exercise of foreclosure and other remedies by the lender;

• the risk that a co-owner could breach agreements related to the property, which may cause a default under, and possibly result in personal liability in connection with, any mortgage loan financing documents, violate applicable securities laws, result in a foreclosure or otherwise adversely affect the property and the co-ownership arrangement;

• the risk that we could have limited control and rights, with management decisions made entirely by a third party; and

• the possibility that we will not have the right to sell the property at a time that otherwise could result in the property being sold for its maximum value.

In the event that our interests become adverse to those of the other co-owners, we may not have the contractual right to purchase the co-ownership interests from the other co-owners. Even if we are given the opportunity to purchase such co-ownership interests in the future, we cannot guarantee that we will have sufficient funds available at the time to purchase co-ownership interests from the co-owners.

We might want to sell our co-ownership interests in a given property at a time when the other co-owners in such property do not desire to sell their interests. Therefore, because we anticipate that it will be much more difficult to find a willing buyer for our co-ownership interests in a property than it would be to find a buyer for a property we owned outright, we may not be able to sell our co-ownership interest in a property at the time we would like to sell.

Cybersecurity risks and cyber incidents may adversely affect 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. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our tenant and investor relationships. As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those we have outsourced.We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that our financial results, operations, business relationships or confidential information will not be negatively impacted by such an incident.

Risks Related to Conflicts of Interest

We are subject to conflicts of interest arising out of our relationships with our advisor and its affiliates, including the material conflicts discussed below. The “Conflicts of Interest” section of Part I, Item 1 of this Annual Report on Form 10-K provides a more detailed discussion of the conflicts of interest between us and our advisor and its affiliates, and our policies to reduce or eliminate certain potential conflicts.

Our advisor and its affiliates face conflicts of interest caused by their compensation arrangements with us, including significant compensation that may be required to be paid to our advisor if our advisor is terminated, which could result in actions that are not in the long-term best interests of our stockholders.

Our advisor and its affiliates are entitled to substantial fees from us under the terms of the advisory agreement. These fees could influence the judgment of our advisor and its affiliates in performing services for us. Among other matters, these compensation arrangements could affect their judgment with respect to:

• the continuation, renewal or enforcement of our agreements with our advisor and its affiliates, including the advisory agreement;

• property acquisitions from other real estate programs sponsored by Cole Capital, which might entitle affiliates of our advisor to real estate commissions and possible success-based sale fees in connection with its services for the seller;

20

• property acquisitions from third parties, which entitle our advisor to acquisition fees and advisory fees;

• property or asset dispositions, which may entitle our advisor or its affiliates to disposition fees;

• borrowings to acquire properties, which borrowings will increase the acquisition and advisory fees payable to our advisor; and

• how and when to recommend to our board of directors a proposed strategy to provide our investors with liquidity, which proposed strategy, if implemented, could entitle our advisor to the payment of fees.

Our advisor’s fee structure is principally based on the cost or book value of investments and not on performance, which could result in our advisor taking actions that are not necessarily in the long-term best interests of our stockholders.

The acquisition fee and the advisory fee we pay to our advisor are both based on the cost or book value of such investments. As a result, our advisor receives these fees regardless of the quality of such investments, the performance of such investments or the quality of our advisor’s services rendered to us in connection with such investments. This creates a potential conflict of interest between us and our advisor, as the interests of our advisor in receiving the acquisition fee and the advisory fee may not be aligned with our interest of acquiring real estate that is likely to produce the maximum risk adjusted returns.

Our advisor faces conflicts of interest relating to the incentive fee structure under our advisory agreement, which could result in actions that are not necessarily in the long-term best interests of our stockholders.

Pursuant to the terms of our advisory agreement, our advisor is entitled to a subordinated performance fee that is structured in a manner intended to provide incentives to our advisor to perform in our best interests and in the best interests of our stockholders. However, because our advisor does not maintain a significant equity interest in us and is entitled to receive certain fees regardless of performance, our advisor’s interests are not wholly aligned with those of our stockholders. Furthermore, our advisor could be motivated to recommend riskier or more speculative investments in order for us to generate the specified levels of performance or sales proceeds that would entitle our advisor to performance-based fees. In addition, our advisor will have substantial influence with respect to how and when our board of directors elects to provide liquidity to our investors, and these performance-based fees could influence our advisor’s recommendations to us in this regard. Our advisor also has the right to terminate the advisory agreement upon 60 days’ written notice without cause or penalty which, under certain circumstances, could result in our advisor earning a performance fee, which could have the effect of delaying, deferring or preventing a change of control.

A number of other real estate programs sponsored by Cole Capital, as well as VEREIT, use investment strategies that are similar to ours, therefore our executive officers and the officers and key personnel of our advisor and its affiliates may face conflicts of interest relating to the purchase and leasing of properties, and such conflicts may not be resolved in our favor.

CCPT V, Cole Income NAV Strategy, CCIT II and VEREIT have characteristics, including targeted investment types, investment objectives and criteria, substantially similar to ours. As a result, we may be seeking to acquire properties and real estate-related investments at the same time as VEREIT or one or more of the other real estate programs sponsored by Cole Capital and managed by officers and key personnel of our advisor and/or its affiliates, and these other programs sponsored by Cole Capital may use investment strategies and have investment objectives that are similar to ours. Certain of our executive officers and the executive officers of our advisor also are executive officers of VEREIT and other REITs sponsored by Cole Capital and/or their advisors, the general partners of other private investment programs sponsored by Cole Capital and/or the advisors or fiduciaries of other real estate programs sponsored by Cole Capital. VEREIT has implemented an asset allocation process to allocate property acquisitions among VEREIT and various programs sponsored by Cole Capital. There is a risk that the allocation of investment properties may result in our acquiring a property that provides lower returns to us than a property purchased by VEREIT or another real estate program sponsored by Cole Capital. In addition, we have acquired, and may continue to acquire, properties in geographic areas where VEREIT or other real estate programs sponsored by Cole Capital own properties. If one of these other real estate programs attracts a tenant that we are competing for, we could suffer a loss of revenue due to delays in locating another suitable tenant. Similar conflicts of interest may arise if our advisor recommends that we make or purchase mortgage loans or participations in mortgage loans, since VEREIT or other real estate programs sponsored by Cole Capital may be competing with us for these investments.

Our officers and our advisor, including its key personnel and officers, face conflicts of interest related to the positions they hold with affiliated and unaffiliated entities, which could hinder our ability to successfully implement our business strategy and to generate returns to you.

Our president and chief executive officer, Thomas W. Roberts, who serves on our board of directors, is also an officer of Cole Capital and one or more entities affiliated with our advisor. In addition, our chief financial officer and treasurer, Simon J. Misselbrook, is also an officer of Cole Capital, our advisor, other real estate programs sponsored by Cole Capital and one or more entities affiliated with our advisor. Our advisor and its key personnel are also key personnel of other real estate programs

21

that have investment objectives, targeted assets, and legal and financial obligations similar to ours and/or the advisor to such programs, and they may have other business interests as well. As a result, these individuals have duties to us and our stockholders, as well as to these other entities and their stockholders, members and limited partners, in addition to business interests in other entities. These duties to such other entities and persons may create conflicts with the duties that they owe to us and our stockholders. There is a risk that their loyalties to these other entities could result in actions or inactions that are adverse to our business and violate their duties to us and our stockholders, which could harm the implementation of our investment strategy and our investment and leasing opportunities.

Conflicts with our business and interests are most likely to arise from involvement in activities related to (1) allocation of new investments and management time and services between us and the other entities, (2) our purchase of properties from, or sale of properties to, affiliated entities, (3) the timing and terms of the investment in or sale of an asset, (4) development of our properties by affiliates, (5) investments with affiliates of our advisor, and (6) compensation to our advisor and its affiliates. Even if these persons do not violate their duties to us and our stockholders, they will have competing demands on their time and resources and may have conflicts of interest in allocating their time and resources between our business and these other entities. Should such persons devote insufficient time or resources to our business, returns on our investments may suffer.

Our charter permits us to acquire assets and borrow funds from affiliates of our advisor and sell or lease our assets to affiliates of our advisor, and any such transaction could result in conflicts of interest.

Under our charter, we are permitted to acquire properties from affiliates of our advisor, provided that any and all acquisitions from affiliates of our advisor must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction as being fair and reasonable to us and at a price to us that is no greater than the cost of the property to the affiliate of our advisor, unless a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction determines that there is substantial justification for any amount that exceeds such cost and that the difference is reasonable. In no event will we acquire a property from an affiliate of our advisor if the cost to us would exceed the property’s current appraised value as determined by an independent appraiser. In the event that we acquire a property from an affiliate of our advisor, we may be foregoing an opportunity to acquire a different property that might be more advantageous to us. In addition, under our charter, we are permitted to borrow funds from affiliates of our advisor, including our sponsor, provided that any such loans from affiliates of our advisor must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction as fair, competitive and commercially reasonable, and no less favorable to us than comparable loans between unaffiliated parties. Under our charter, we are also permitted to sell and lease our assets to affiliates of our advisor, and we have not established a policy that specifically addresses how we will determine the sale or lease price in any such transaction. Any such sale or lease transaction must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction as being fair and reasonable to us. To the extent that we acquire any properties from affiliates of our advisor, borrow funds from affiliates of our advisor or sell or lease our assets to affiliates of our advisor, such transactions could result in a conflict of interest.

Our advisor faces conflicts of interest relating to joint ventures or other co-ownership arrangements that we may enter into with VEREIT or real estate programs sponsored by Cole Capital, which could result in a disproportionate benefit to VEREIT or another real estate program sponsored by Cole Capital.

We may enter into joint ventures with VEREIT or another real estate program sponsored by Cole Capital for the acquisition, development or improvement of properties as well as the acquisition of real-estate related investments. Since one or more of the executive officers of our advisor are executive officers of Cole Capital and the advisors to other real estate programs sponsored by Cole Capital, our advisor may face conflicts of interest in determining which real estate program should enter into any particular joint venture or co-ownership arrangement. These persons also may have a conflict in structuring the terms of the relationship between us and any affiliated co-venturer or co-owner, as well as conflicts of interests in managing the joint venture, which may result in the co-venturer or co-owner receiving benefits greater than the benefits that we receive.

In the event we enter into joint venture or other co-ownership arrangements with VEREIT or another real estate program sponsored by Cole Capital, our advisor and its affiliates may have a conflict of interest when determining when and whether to buy or sell a particular property, or to make or dispose of another real estate-related investment. In addition, if we become listed for trading on a national securities exchange, we may develop more divergent goals and objectives from any affiliated co-venturer or co-owner that is not listed for trading. In the event we enter into a joint venture or other co-ownership arrangement with another real estate program sponsored by Cole Capital that has a term shorter than ours, the joint venture may be required to sell its properties earlier than we may desire to sell the properties. Even if the terms of any joint venture or other co-ownership agreement between us and VEREIT or another real estate program sponsored by Cole Capital grants us the right of first refusal to buy such properties, we may not have sufficient funds or borrowing capacity to exercise our right of first refusal

22

under these circumstances. We have adopted certain procedures for dealing with potential conflicts of interest as described in Item 1. Business — Conflicts of Interest of this Annual Report on Form 10-K.

Risks Related to Our Corporate Structure

Our charter permits our board of directors to issue stock with terms that may subordinate the rights of common stockholders or discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.

Our charter permits our board of directors to issue up to 500,000,000 shares of stock, of which 490,000,000 shares are classified as common stock and 10,000,000 shares are classified as preferred stock. In addition, our board of directors, without any action by our stockholders, may 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 of stock that we have authority to issue. Our board of directors may classify or reclassify any unissued common stock or preferred stock into other classes or series of stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of any such stock. Shares of our common stock shall be subject to the express terms of any series of our preferred stock. Thus, if also approved by a majority of our independent directors not otherwise interested in the transaction, our board of directors could authorize the issuance of preferred stock with terms and conditions that have a priority as to distributions and amounts payable upon liquidation over the rights of the holders of our common stock. Preferred stock could also have the effect of delaying, deferring or preventing the removal of incumbent management or a change of 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 to the purchase price of our common stock for our stockholders.

Maryland law prohibits certain business combinations, which may make it more difficult for us to be acquired and may limit your ability to dispose of your shares.

Under Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

• any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock; or

• an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding stock of the corporation.

A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which he, she or it otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board of directors.

After the five-year prohibition, any such business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

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

• two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares 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.

These super-majority vote requirements do not apply if the corporation’s stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. The business combination statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the statute, our board of directors has exempted any business combination involving our advisor or any affiliate of our advisor. As a result, our advisor and any affiliate of our advisor may be able to enter into business combinations with us that may not be in the best interests of our stockholders, without compliance with the super-majority vote requirements and the other provisions of the statute. The business combination statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

23

Maryland law also limits the ability of a third party to buy a large percentage of our outstanding shares and exercise voting control in electing directors.

Under its Control Share Acquisition Act, Maryland law also provides that a holder of “control shares” of a Maryland corporation acquired in a “control share acquisition” has no voting rights with respect to such shares except to the extent approved by the corporation’s disinterested stockholders by a vote of two-thirds of the votes entitled to be cast on the matter. Shares of stock owned by interested stockholders, that is, by the acquirer, or officers of the corporation or employees of the corporation who are directors of the corporation, are excluded from shares entitled to vote on the matter. “Control shares” are voting shares of stock that would entitle the acquirer, except solely by virtue of a revocable proxy, to exercise voting control in electing directors within specified ranges of voting control. 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 control shares. The control share acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) 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 Cole Capital Advisors, Inc. or any affiliate of Cole Capital Advisors, Inc. This provision may be amended or eliminated at any time in the future. If this provision were amended or eliminated, this statute could have the effect of discouraging offers from third parties to acquire us and increasing the difficulty of successfully completing this type of offer by anyone other than our advisor or any of its affiliates.

Our charter includes a provision that may discourage a stockholder from launching a tender offer for our shares.

Our charter requires that any tender offer, including any “mini-tender” offer, must comply with most of the requirements of Regulation 14D of the Exchange Act. The offering person must provide us notice of the tender offer at least ten business days before initiating the tender offer. If the offering person does not comply with these requirements, our stockholders will be prohibited from transferring any shares to such non-complying person unless they first offered such shares to us at the tender offer price offered by the non-complying person. In addition, the non-complying person shall be responsible for all of our expenses in connection with that person’s noncompliance. This provision of our charter may discourage a person from initiating a tender offer for our shares and prevent you from receiving a premium to your purchase price for your shares in such a transaction.

If we are required to register as an investment company under the Investment Company Act, we could not continue our current business plan, which may significantly reduce the value of your investment.

We intend to conduct our operations, and the operations of our operating partnership and any other subsidiaries, so that no such entity meets the definition of an “investment company” under Section 3(a)(1) of the Investment Company Act. Under the Investment Company Act, in relevant part, a company is an “investment company” if:

• pursuant to Section 3(a)(1)(A), it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities; or

• pursuant to Section 3(a)(1)(C), it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire “investment securities” having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis (the 40% test). “Investment securities” exclude U.S. government securities and securities of majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.

We intend to monitor our operations and our assets on an ongoing basis in order to ensure that neither we, nor any of our subsidiaries, meet the definition of “investment company” under Section 3(a)(1) of the Investment Company Act. If we were obligated to register as an investment company, we 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;

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

• potentially, compliance with daily valuation requirements.

24

In order for us to not meet the definition of an “investment company” and avoid regulation under the Investment Company Act, we must engage primarily in the business of buying real estate, and these investments must be made within one year after the Offering ends. If we are unable to invest a significant portion of the proceeds of our Offering in properties within one year of the termination of the Offering, we may avoid being required to register as an investment company by temporarily investing any unused proceeds in certificates of deposit or other cash items with low returns. This would reduce the cash available for distribution to investors and possibly lower your returns.

To avoid meeting the definition of an “investment company” under Section 3(a)(1) of 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. Similarly, 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. Accordingly, our board of directors may not be able to change our investment policies as they may deem appropriate if such change would cause us to meet the definition of an “investment company.” In addition, a change in the value of any of our assets could negatively affect our ability to avoid being required to register as an investment company. If we were required to register 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 were to require enforcement, and a court could appoint a receiver to take control of us and liquidate our business.

Our board of directors may change certain of our policies without stockholder approval, which could alter the nature of your investment. If you do not agree with the decisions of our board of directors, you only have limited control over changes in our policies and operations and may not be able to change such policies and operations.

Our board of directors determines our major policies, including our policies regarding investments, financing, growth, debt capitalization, REIT qualification and distributions. Our board of directors may amend or revise these and other policies without a vote of our stockholders. As a result, the nature of your investment could change without your consent. Under the Maryland General Corporation Law and our charter, our stockholders generally have a right to vote only on the following:

• the election or removal of directors;

• an amendment of our charter, except that our board of directors may amend our charter without stockholder approval to increase or decrease the aggregate number of our shares or the number of our shares of any class or series that we have the authority to issue, to change our name, to change the name or other designation or the par value of any class or series of our stock and the aggregate par value of our stock or to effect certain reverse stock splits; provided, however, that any such amendment does not adversely affect the rights, preferences and privileges of our stockholders;

• our dissolution; and

• a merger or consolidation , a statutory share exchange or the sale or other disposition of all or substantially all of our assets.

In addition, pursuant to our charter, we will submit any other proposed liquidity event or transaction to our stockholders for approval if the transaction involves (a) the internalization of our management functions through our acquisition of our advisor or an affiliate of our advisor or (b) the payment of consideration to our advisor or an affiliate of our advisor other than pursuant to the terms of the advisory or dealer manager agreements or where the advisor or its affiliate receives consideration in its capacity as a stockholder on the same terms as our other stockholders.

All other matters are subject to the discretion of our board of directors.

Our rights and the rights of our stockholders to recover claims against our officers, directors and our advisor are limited, which could reduce your and our recovery against them if they cause us to incur losses.

Maryland law provides that a director has no liability in that capacity if he or she performs his or her duties in good faith, in a manner he or she reasonably believes to be in the corporation’s best interests and with the care that an ordinarily prudent person in a like position would use under similar circumstances. Our charter, in the case of our directors and officers, and our charter and the advisory agreement, in the case of our advisor and its affiliates, require us, subject to certain exceptions, to indemnify and advance expenses to our directors, our officers, and our advisor and its affiliates. Our charter permits us to provide such indemnification and advance for expenses to our employees and agents. Additionally, our charter limits, subject to certain exceptions, the liability of our directors and officers to us and our stockholders for monetary damages. Although our charter does not allow us to indemnify our directors or our advisor and its affiliates for any liability or loss suffered by them or hold harmless our directors or our advisor and its affiliates for any loss or liability suffered by us to a greater extent than permitted under Maryland law or the NASAA REIT Guidelines, we and our stockholders may have more limited rights against our directors, officers, employees and agents, and our advisor and its affiliates, than might otherwise exist under common law, which could reduce our stockholders and our recovery against them. In addition, our advisor is not required to retain cash to pay

25

potential liabilities and it may not have sufficient cash available to pay liabilities if they arise. If our advisor is held liable for a breach of its fiduciary duty to us, or a breach of its contractual obligations to us, we may not be able to collect the full amount of any claims we may have against our advisor. We may be obligated to fund the defense costs incurred by our directors, officers, employees and agents or our advisor in some cases, which would decrease the cash otherwise available for distribution to our stockholders.

Your interest in us will be diluted if we issue additional shares.

Existing stockholders do not have preemptive rights to any shares issued by us in the future. Our charter has authorized 500,000,000 shares of stock, of which 490,000,000 shares are classified as common stock and 10,000,000 shares are classified as preferred stock. Subject to any limitations set forth under Maryland law, our board of directors may increase or decrease the aggregate number of authorized shares of stock or the number of shares of any class or series of stock that we have the authority to issue, or classify or reclassify any unissued shares into other classes or series of stock without the necessity of obtaining stockholder approval. All of such shares may be issued in the discretion of our board of directors, except that the issuance of preferred stock must also be approved by a majority of our independent directors not otherwise interested in the transaction. Our stockholders likely will suffer dilution of their equity investment in us, in the event that we (1) sell additional shares in the future, including those issued pursuant to our DRIP Offering, (2) sell securities that are convertible into shares of our common stock, (3) issue shares of our common stock in a private offering of securities to institutional investors, (4) issue shares of our common stock to our advisor, its successors or assigns, in payment of an outstanding fee obligation as set forth under our advisory agreement or (5) issue shares of our common stock to sellers of properties acquired by us in connection with an exchange of limited partnership interests of our operating partnership. In addition, the partnership agreement of our operating partnership contains provisions that would allow, under certain circumstances, other entities, including other real estate programs sponsored by Cole Capital, to merge into or cause the exchange or conversion of their interest in that entity for interests of our operating partnership. Because the limited partnership interests of our operating partnership may, in the discretion of our board of directors, be exchanged for shares of our common stock, any merger, exchange or conversion between our operating partnership and another entity ultimately could result in the issuance of a substantial number of shares of our common stock, thereby diluting the percentage ownership interest of other stockholders.

General Risks Related to Investments in Real Estate

Adverse economic, regulatory and geographical conditions that have an impact on the real estate market in general may prevent us from being profitable or from realizing growth in the value of our real estate properties.

Our operating results will be subject to risks generally incident to the ownership of real estate, including:

• changes in international, national or local economic and geographic conditions;

• changes in supply of or demand for similar or competing properties in an area;

• changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive;

• the illiquidity of real estate investments generally;

• changes in tax, real estate, environmental and zoning laws; and

• periods of high interest rates and tight money supply.

These risks and other factors may prevent us from being profitable, or from maintaining or growing the value of our real estate properties.

We are primarily dependent on single-tenant leases for our revenue and, accordingly, if we are unable to renew leases, lease vacant space, including vacant space resulting from tenant defaults, or re-lease space as leases expire on favorable terms or at all, our financial condition could be adversely affected.

We focus our investment activities on ownership of freestanding, single-tenant commercial properties that are net leased to a single tenant. Therefore, the financial failure of, or other default in payment by, a single tenant under its lease is likely to cause a significant reduction in our operating cash flows from that property and could cause a significant reduction in our revenues. In addition, to the extent that we enter into a master lease with a particular tenant, the termination of such master lease could affect each property subject to the master lease, resulting in the loss of revenue from all such properties.

We cannot assure you that our leases will be renewed or that we will be able to lease or re-lease the properties on favorable terms, or at all, or that lease terminations will not cause us to sell the properties at a loss. Any of our properties that incur a vacancy could be difficult to re-lease or sell. We have and may continue to experience vacancies either by the continued default of a tenant under its lease or the expiration of one of our leases. Upon the expiration of leases at our properties, we may be

26

required to make rent or other concessions to tenants, or accommodate requests for renovations, build-to-suit remodeling and other improvements, in order to retain and attract tenants. Certain of our properties may be specifically suited to the particular needs of a tenant (e.g., a restaurant) and major renovations and expenditures may be required in order for us to re-lease the space for other uses. If the vacancies continue for a long period of time, we may suffer reduced revenues, resulting in less cash available for distribution to our stockholders and unitholders. If we are unable to renew leases, lease vacant space, including vacant space resulting from tenant defaults, or re-lease space as leases expire on favorable terms or at all, our financial condition could be adversely affected.

We are subject to geographic and industry concentrations that make us more susceptible to adverse events with respect to certain geographic areas or industries.

As of December 31, 2015, we had derived approximately:

• 11% of our gross annualized rental revenues from tenants in California; and

• 14% and 11% of our 2015 gross annualized rental revenues from tenants in the discount store and pharmacy industries, respectively.

Any adverse change in the financial condition of a tenant to whom we may have a significant credit concentration now or in the future, or any downturn of the economy in any state or industry in which we may have a significant credit concentration now or in the future, could result in a material reduction of our cash flows or material losses to us.

If a major tenant declares bankruptcy, we may be unable to collect balances due under relevant leases, which could have a material adverse effect on our financial condition and ability to pay distributions to you.

The bankruptcy or insolvency of our tenants may adversely affect the income produced by our properties. Under bankruptcy law, a tenant cannot be evicted solely because of its bankruptcy and has the option to assume or reject any unexpired lease. If the tenant rejects the lease, any resulting claim we have for breach of the lease (excluding collateral securing the claim) will be treated as a general unsecured claim. Our claim against the bankrupt tenant for unpaid and future rent will be subject to a statutory cap that might be substantially less than the remaining rent actually owed under the lease, and it is unlikely that a bankrupt tenant would pay in full amounts it owes us under the lease. Any shortfall resulting from the bankruptcy of one or more of our tenants could adversely affect our cash flows and results of operations and could cause us to reduce the amount of distributions to our stockholders and unitholders.

In addition, the financial failure of, or other default in payment by, one or more of the tenants to whom we have exposure could have an adverse effect on our results of our operations. While we evaluate the creditworthiness of our tenants by reviewing available financial and other pertinent information, there can be no assurance that any tenant will be able to make timely rental payments or avoid defaulting under its lease. If any of our tenants’ businesses experience significant adverse changes, they may fail to make rental payments when due, close a number of stores, exercise early termination rights (to the extent such rights are available to the tenant) or declare bankruptcy. A default by a significant tenant or multiple tenants could cause a material reduction in our revenues and operating cash flows. In addition, if a tenant defaults, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment.

If a sale-leaseback transaction is re-characterized in a tenant’s bankruptcy proceeding, our financial condition could be adversely affected.

We may enter into sale-leaseback transactions, whereby we would purchase a property and then lease the same property back to the person from whom we purchased it. In the event of the bankruptcy of a tenant, a transaction structured as a sale-leaseback may be re-characterized as either a financing or a joint venture, either of which outcomes could adversely affect our financial condition, cash flow and the amount available for distributions to you.

If the sale-leaseback were re-characterized as a financing, we might not be considered the owner of the property, and as a result would have the status of a creditor in relation to the tenant. In that event, we would no longer have the right to sell or encumber our ownership interest in the property. Instead, we would have a claim against the tenant for the amounts owed under the lease, with the claim arguably secured by the property. The tenant/debtor might have the ability to propose a plan restructuring the term, interest rate and amortization schedule of its outstanding balance. If confirmed by the bankruptcy court, we could be bound by the new terms, and prevented from foreclosing our lien on the property. If the sale-leaseback were re-characterized as a joint venture, our lessee and we could be treated as co-venturers with regard to the property. As a result, we could be held liable, under some circumstances, for debts incurred by the lessee relating to the property.

27

We have assumed, and may in the future assume, liabilities in connection with our property acquisitions, including unknown liabilities.

We have assumed existing liabilities, some of which may have been unknown or unquantifiable at the time of the transaction and expect in the future to assume existing liabilities in the event we acquire additional properties. Unknown liabilities might include liabilities for cleanup or remediation of undisclosed environmental conditions, claims of tenants or other persons dealing with the sellers prior to our acquisition of the properties, tax liabilities, and accrued but unpaid liabilities whether incurred in the ordinary course of business or otherwise. If the magnitude of such unknown liabilities is high, either singly or in the aggregate, it could adversely affect our business, financial condition, liquidity and results of operations.

Challenging economic conditions could adversely affect vacancy rates, which could have an adverse impact on our ability to make distributions and the value of an investment in our shares.

Challenging economic conditions, the availability and cost of credit, turmoil in the mortgage market, and declining real estate markets have contributed to increased vacancy rates in the commercial real estate sector. If we experience vacancy rates that are higher than historical vacancy rates, we may have to offer lower rental rates and greater tenant improvements or concessions than expected. Increased vacancies may have a greater impact on us, as compared to REITs with other investment strategies, as our investment approach relies on long-term leases in order to provide a relatively stable stream of income for our stockholders. As a result, increased vacancy rates could have the following negative effects on us:

• the values of our investments in commercial properties could decrease below the amount paid for such investments;

• revenues from such properties could decrease due to low or no rental income during vacant periods, lower future rental rates and/or increased tenant improvement expenses or concessions;

• revenues from such properties that secure loans could decrease, making it more difficult for us to meet our payment obligations; and/or

• the resale value of such properties could decline.

All of these factors could impair our ability to make distributions and decrease the value of an investment in our shares.

We may be unable to secure funds for future tenant improvements or capital needs, which could adversely impact our ability to pay cash distributions to you.

When tenants do not renew their leases or otherwise vacate their space, it is usual that, in order to attract replacement tenants, we will be required to expend substantial funds for tenant improvements and tenant refurbishments to the vacated space. In addition, although we expect that our leases with tenants will require tenants to pay routine property maintenance costs, we will likely be responsible for any major structural repairs, such as repairs to the foundation, exterior walls and rooftops. We will use substantially all of the gross proceeds from our Offerings to buy real estate and real estate-related investments and to pay various fees and expenses. We intend to reserve only approximately 0.1% of the gross proceeds from our Offerings for future capital needs. Accordingly, if we need additional capital in the future to improve or maintain our properties or for any other reason, we will have to obtain funds from other sources, such as cash flow from operations, borrowings, property sales or future equity offerings. These sources of funding may not be available on attractive terms or at all. If we cannot procure additional funding for capital improvements, we may be required to defer necessary improvements to a property, which may cause that property to suffer from a greater risk of obsolescence or a decline in value, or a greater risk of decreased operating cash flows as a result of fewer potential tenants being attracted to the property. If this happens, our investments may generate lower cash flows or decline in value, or both.

Our properties may be subject to impairment charges.

We routinely evaluate our real estate investments for impairment indicators. The judgment regarding the existence of impairment indicators is based on factors such as market conditions, tenant performance and legal structure. For example, the early termination of, or default under, a lease by a tenant may lead to an impairment charge. Since our investment focus is on properties net leased to a single tenant, the financial failure of, or other default in payment by, a single tenant under its lease may result in a significant impairment loss. If we determine that an impairment has occurred, we would be required to make a downward adjustment to the net carrying value of the property, which could have a material adverse effect on our results of operations in the period in which the impairment charge is recorded. Management has recorded an impairment charge related to a certain property in the year ended December 31, 2015, and may record future impairments based on actual results and changes in circumstances. Negative developments in the real estate market may cause management to reevaluate the business and macro-economic assumptions used in its impairment analysis. Changes in management’s assumptions based on actual results may have a material impact on the Company’s financial statements. See Note 3 — Fair Value Measurements to our consolidated financial statements for a discussion of our real estate impairment charge.

28

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 such 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 may be unable to sell a property if or when we decide to do so, including as a result of uncertain market conditions, which could adversely impact our ability to make cash distributions to our stockholders.

Real estate investments are relatively illiquid generally and may become even more illiquid during periods of economic downturn. As a result, we may not be able to sell our properties quickly or on favorable terms in response to changes in the economy or other conditions when it otherwise may be prudent to do so. In addition, certain significant expenditures generally do not change in response to economic or other conditions, including debt service obligations, real estate taxes, and operating and maintenance costs. This combination of variable revenue and relatively fixed expenditures may result, under certain market conditions, in reduced earnings. Further, as a result of the 100% prohibited transactions tax applicable to REITs, we intend to hold our properties for investment, rather than primarily for sale in the ordinary course of business, which may cause us to forgo or defer sales of properties that otherwise would be in our best interest. Therefore, we may be unable to adjust our portfolio promptly in response to economic, market or other conditions, which could adversely affect our business, financial condition, liquidity and results of operations.

Some of our leases may not contain rental increases over time, or the rental increases may be less than the fair market rate at a future point in time. When that is the case, the value of the leased property to a potential purchaser may not increase over time, which may restrict our ability to sell that property, or if we are able to sell that property, may result in a sale price less than the price that we paid to purchase the property.

We expect to hold the various real properties in which we invest until such time as we decide that a sale or other disposition is appropriate given our investment business objectives. Our ability to dispose of properties on advantageous terms or at all depends on certain factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers of our properties. We cannot predict the various market conditions affecting real estate investments which will exist at any particular time in the future. Due to the uncertainty of market conditions which may affect the disposition of our properties, we cannot assure you that we will be able to sell such properties at a profit or at all in the future. Accordingly, the extent to which our stockholders will receive cash distributions and realize potential appreciation on our real estate investments will depend upon fluctuating market conditions. Furthermore, we may be required to expend funds to correct defects or to make improvements before a property can be sold. We cannot assure you that we will have funds available to correct such defects or to make such improvements.

Our investments in properties where the underlying tenant has below investment grade credit rating, as determined by major credit rating agencies, or unrated tenants may have a greater risk of default.

As of December 31, 2015, approximately 64.9% of our tenants were not rated or did not have an investment grade credit rating from a major ratings agency or were not affiliates of companies having an investment grade credit rating. Our investments with such tenants may have a greater risk of default and bankruptcy than investments in properties leased exclusively to investment grade tenants. When we invest in properties where the tenant does not have a publicly available credit rating, we will use certain credit assessment tools as well as rely on our own estimates of the tenant’s credit rating which includes reviewing the tenant’s financial information (i.e., financial ratios, net worth, revenue, cash flows, leverage and liquidity). If our lender or a credit rating agency disagrees with our ratings estimates, or our ratings estimates are otherwise inaccurate, we may not be able to obtain our desired level of leverage or our financing costs may exceed those that we projected. This outcome could have an adverse impact on our returns on that asset and hence our operating results.

We are exposed to risks related to increases in market lease rates and inflation, as income from long-term leases is the primary source of our cash flow from operations.

We are exposed to risks related to increases in market lease rates and inflation, as income from long-term leases is the primary source of our cash flow from operations. Leases of long-term duration or which include renewal options that specify a maximum rate increase may result in below-market lease rates over time if we do not accurately estimate inflation or market lease rates. Provisions of our leases designed to mitigate the risk of inflation and unexpected increases in market lease rates, such as periodic rental increases, may not adequately protect us from the impact of inflation or unexpected increases in market

29

lease rates. If we are subject to below-market lease rates on a significant number of our properties pursuant to long-term leases, our cash flow from operations and financial position may be adversely affected.

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.

A lock-out provision is a provision that prohibits the prepayment of a loan during a specified period of time. Lock-out provisions may include terms that provide strong financial disincentives for borrowers to prepay their outstanding loan balance and exist in order to protect the yield expectations of investors. We expect that many of our properties that are subject to loans will be subject to lock-out provisions. Lock-out provisions could materially restrict us from selling or otherwise disposing of or refinancing properties when we may desire to do so. Lock-out provisions may prohibit us from reducing the outstanding indebtedness with respect to any properties, refinancing such indebtedness on a non-recourse basis at maturity, or increasing the amount of indebtedness with respect to such properties. Lock-out provisions could impair our ability to take other actions during the lock-out period that could be in the best interests of our stockholders and, therefore, may have an adverse impact on the value of our shares relative to the value that would result if the lock-out provisions did not exist. 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 of control even though that disposition or change of control might be in the best interests of our stockholders.

Increased operating expenses could reduce cash flow from operations and funds available to acquire investments or make distributions.

Our properties are subject to operating risks common to real estate in general, any or all of which may negatively affect us. If any property is not fully occupied or if rents are being paid in an amount that is insufficient to cover operating expenses, we could be required to expend funds with respect to that property for operating expenses. Our properties are subject to increases in tax rates, utility costs, insurance costs, repairs and maintenance costs, administrative costs and other operating expenses. Some of our property leases may not require the tenants to pay all or a portion of these expenses, in which event we may have to pay these costs. If we are unable to lease properties on terms that require the tenants to pay all or some of the properties’ operating expenses, if our tenants fail to pay these expenses as required or if expenses we are required to pay exceed our expectations, we could have less funds available for future acquisitions or cash available for distributions to you.

The market environment may adversely affect our operating results, financial condition and ability to pay distributions to our stockholders.

Any deterioration of domestic or international financial markets could impact the availability of credit or contribute to rising costs of obtaining credit and therefore, could have the potential to adversely affect the value of our properties and other investments, the availability or the terms of financing that we may anticipate utilizing, our ability to make principal and interest payments on, or refinance, certain property acquisitions or refinance any debt at maturity, and/or, for our leased properties, the ability of our tenants to enter into new leasing transactions or satisfy rental payments under existing leases. The market environment also could affect our operating results and financial condition as follows:

• Debt Markets - The debt market is sensitive to the macro environment, such as Federal Reserve policy, market sentiment, or regulatory factors affecting the banking and commercial mortgage backed securities (“CMBS”) industries. Should overall borrowing costs increase, due to either increases in index rates or increases in lender spreads, our operations may generate lower returns.

• Real Estate Markets - While incremental demand growth has helped to reduce vacancy rates and support modest rental growth in recent years, and while improving fundamentals have resulted in gains in property values, in many markets property values, occupancy and rental rates continue to be below those previously experienced before the most recent economic downturn. If recent improvements in the economy reverse course, the properties we acquire could substantially decrease in value after we purchase them. Consequently, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment charge or record a loss on sale in our earnings.

If we suffer losses that are not covered by insurance or that are in excess of insurance coverage, we could lose invested capital and anticipated profits.

Generally, we expect each of our tenants will be responsible for insuring their goods and premises and, in some circumstances, may be required to reimburse us for a share of the cost of acquiring comprehensive insurance for the property, including casualty, liability, fire and extended coverage customarily obtained for similar properties in amounts that our advisor determines are sufficient to cover reasonably foreseeable losses. Tenants of single-user properties leased on a triple-net basis typically are required to pay all insurance costs associated with those properties. Material losses may occur in excess of

30

insurance proceeds with respect to any property, as insurance may not be sufficient to fund the losses. In addition, there are types of losses, generally of a catastrophic nature, such as losses due to wars, acts of terrorism, earthquakes, floods, hurricanes, pollution or environmental matters, which are either 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. We carry comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio under a blanket insurance policy with policy specifications, limits and deductibles customarily carried for similar properties. In addition, we carry professional liability and directors’ and officers’ insurance. There can be no assurance, however, that the insured limits on any particular policy will adequately cover an insured loss if one occurs. If any such loss is insured, we may be required to pay a significant deductible on any claim for recovery of such loss prior to our insurer being obligated to reimburse us for the loss. Additionally, mortgage lenders in some cases insist that commercial property owners purchase coverage against specific types of risks as a condition for providing mortgage loans. It is uncertain whether such insurance policies will be available at a reasonable cost, which could inhibit our ability to finance or refinance our potential properties. In these instances, we may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. We may not have adequate, or any, coverage for such losses.

Real estate related taxes may increase, and if these increases are not passed on to tenants, our income will be reduced.

Local real property tax assessors may reassess our properties, which may result in increased taxes. Generally, property taxes increase as property values or assessment rates change, or for other reasons deemed relevant by property tax 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 such tax increases to the tenants for payment, renewal leases or future leases may not be negotiated on the same basis. Tax increases not passed through to tenants may adversely affect our income, cash available for distributions, and the amount of distributions to you.

Covenants, conditions and restrictions may restrict our ability to operate a property.

Some of our properties may be contiguous to other parcels of real property, comprising part of the same retail center. In connection with such properties, we will be subject to significant covenants, conditions and restrictions, known as “CC&Rs,” restricting the operation of such properties and any improvements on such properties, and related to granting easements on such properties. Moreover, the operation and management of the contiguous properties may impact such properties. Compliance with CC&Rs may adversely affect our operating costs and reduce the amount of funds that we have available to pay distributions to you.

Acquisitions of build-to-suit properties will be subject to additional risks related to properties under development.

We may engage in build-to-suit programs and the acquisition of properties under development. In connection with these acquisitions, we will enter into purchase and sale arrangements with sellers or developers of suitable properties under development or construction. In such cases, we are generally obligated to purchase the property at the completion of construction, provided that the construction conforms to definitive plans, specifications, and costs approved by us in advance. We may also engage in development and construction activities involving existing properties, including the expansion of existing facilities (typically at the request of a tenant) or the development or build-out of vacant space at retail properties. We may advance significant amounts in connection with certain development projects.

As a result, we are subject to potential development risks and construction delays and the resultant increased costs and risks, as well as the risk of loss of certain amounts that we have advanced should a development project not be completed. To the extent that we engage in development or construction projects, we may be subject to uncertainties associated with obtaining permits or re-zoning for development, environmental concerns of governmental entities and/or community groups, and the builder’s ability to build in conformity with plans, specifications, budgeted costs and timetables. If a developer or builder fails to perform, we may terminate the purchase, modify the construction contract or resort to legal action to compel performance (or in certain cases, we may elect to take over the project and pursue completion of the project ourselves). A developer’s or builder’s performance may also be affected or delayed by conditions beyond that party’s control. Delays in obtaining permits or completion of construction could also give tenants the right to terminate preconstruction leases.

We may incur additional risks if we make periodic progress payments or other advances to builders before they complete construction. These and other such factors can result in increased project costs or the loss of our investment. Although we rarely engage in construction activities relating to space that is not already leased to one or more tenants, to the extent that we do so, we may be subject to normal lease-up risks relating to newly constructed projects. We also will rely on rental income and expense projections and estimates of the fair market value of property upon completion of construction when agreeing upon a price at the time we acquire the property. If these projections are inaccurate, we may pay too much for a property and our

31

return on our investment could suffer. If we contract with a development company for a newly developed property, there is a risk that money advanced to that development company for the project may not be fully recoverable if the developer fails to successfully complete the project.

Our operating results may be negatively affected by potential development and construction delays and resultant increased costs and risks.

We may use proceeds from the Offerings to acquire properties upon which we will construct improvements. If we engage in development or construction projects, we will be subject to uncertainties associated with re-zoning for development, environmental concerns of governmental entities and/or community groups, and our builder’s ability to build in conformity with plans, specifications, budgeted costs, and timetables. If a builder fails to perform, we may resort to legal action to rescind the purchase or the construction contract or to compel performance. A builder’s performance may also be affected or delayed by conditions beyond the builder’s control. Delays in completion of construction could also give tenants the right to terminate preconstruction leases. We may incur additional risks if we make periodic progress payments or other advances to builders before they complete construction. These and other such 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 price at the time we acquire the property. If our projections are inaccurate, we may pay too much for a property, and our return on our investment could suffer.

We may invest in unimproved real property. Returns from development of unimproved properties are also subject to risks associated with re-zoning the land for development and environmental concerns of governmental entities and/or community groups.

If we purchase an option to acquire a property but do not exercise the option, we likely would forfeit the amount we paid for such option, which would reduce the amount of cash we have available to make other investments.

In determining whether to purchase a particular property, we may obtain an option to purchase such property. The amount paid for an option, if any, normally is forfeited if the property is not purchased and normally is credited against the purchase price if the property is purchased. If we purchase an option to acquire a property but do not exercise the option, we likely would forfeit the amount we paid for such option, which would reduce the amount of cash we have available to make other investments.

Competition with third parties in acquiring, leasing or selling properties may reduce our profitability and the return on your investment.

We will compete with many other entities engaged in real estate investment activities, including individuals, corporations, bank and insurance company investment accounts, other REITs, real estate limited partnerships, and other entities engaged in real estate investment activities, many of which have greater resources than we do. Larger competitors may enjoy significant advantages that result from, among other things, a lower cost of capital and enhanced operating efficiencies. In addition, the number of entities and the amount of funds competing for suitable investments may increase. Any such increase would result in increased demand for these assets and therefore increased prices paid for them. If we pay higher prices for properties and other investments as a result of competition with third parties without a corresponding increase in tenant lease rates, our profitability will be reduced, and you may experience a lower return on your investment.

We also are subject to competition in the leasing of our properties. Many of our competitors own properties similar to ours in the same markets in which our properties are located. If one of our properties becomes vacant and our competitors (which could include funds sponsored by affiliates of our advisor) 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 or to offer substantial rent abatements in order to retain tenants when such tenants’ lease expire or attract new tenants.

In addition, if our competitors sell assets similar to assets we intend to divest in the same markets and/or at valuations below our valuations for comparable assets, we may be unable to divest our assets at all or at favorable pricing or on favorable terms. As a result of these actions by our competitors, our business, financial condition, liquidity and results of operations may be adversely affected.

32

Our properties face competition that may affect tenants’ ability to pay rent, and the amount of rent paid to us may affect the cash available for distributions to you and the amount of distributions.

Many of our leases provide for increases in rent as a result of increases in the tenant’s sales volume. There likely will be numerous other retail properties within the market area of such properties that will compete with our tenants for customer traffic. In addition, traditional retailers face increasing competition from alternative retail channels, including factory outlet centers, wholesale clubs, mail order catalogs, television shopping networks and various forms of e-commerce that could adversely impact our retail tenants’ sales volume. Such competition could negatively affect such tenants’ ability to pay rent or the amount of rent paid to us. This could result in decreased cash flow from tenants thus affecting cash available for distributions to you and the amount of distributions we pay.

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

From time to time, we may acquire multiple properties in a single transaction. Portfolio acquisitions are often 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 ability to manage 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. To acquire multiple properties in a single transaction, we may be required to accumulate a large amount of cash. We would expect the returns that we earn on such cash to be less than the ultimate returns on real property, therefore accumulating such cash could reduce our funds available for distributions to you. Any of the foregoing events may have an adverse effect on our operations.

Costs of complying with environmental laws and regulations may adversely affect our income and the cash available for any distributions.

All real property and the operations conducted on real property are subject to federal, state and local laws, ordinances 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 hazardous materials, and the remediation of contamination associated with disposals. Some of these laws and regulations may impose joint and several liability on tenants, current or previous owners or operators for the costs of investigation or remediation of contaminated properties, regardless of fault or whether the acts causing the contamination were legal. This liability could be substantial. In addition, such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Environmental laws also may impose restrictions on the manner in which the property may be used or businesses may be operated, and these restrictions may require substantial expenditures. Environmental laws provide for sanctions in the event of noncompliance and may be enforced by governmental agencies or, in certain circumstances, by private parties. Certain environmental laws and common law principles could be used to impose liability for release of and exposure to hazardous substances, including asbestos-containing materials into the air, and 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. The presence of hazardous substances, or the failure to properly remediate these substances, may adversely affect our ability to sell or rent such property or to use such property as collateral for future borrowing.

Compliance with new or more stringent laws or regulations or stricter interpretation of existing laws may require material expenditures by us. Future laws, ordinances or regulations may impose material environmental liability. Additionally, our properties may be affected by our tenants’ operations, the existing condition of land when we buy it, operations in the vicinity of our properties, such as the presence of underground storage tanks, or activities of unrelated third parties. In addition, there are various local, state and federal fire, health, life-safety and similar regulations that we may be required to comply with, and that may subject us to liability in the form of fines or damages for noncompliance. Any material expenditures, fines, or damages we must pay will reduce our ability to make distributions to you and may reduce the value of your investment.

We intend to invest primarily in properties historically used for corporate purposes. Some of these properties may contain at the time of our investment, or may have contained prior to our investment, underground storage tanks for the storage of petroleum products and other hazardous or toxic substances. All of these operations create a potential for the release of petroleum products or other hazardous or toxic substances. Some of our potential properties may be adjacent to or near other properties that have contained or then currently contain underground storage tanks used to store petroleum products or other hazardous or toxic substances. In addition, certain of our potential properties may be on or adjacent to or near other properties upon which others, including former owners or tenants of our properties, have engaged, or may engage in the future, in activities that may release petroleum products or other hazardous or toxic substances.

33

From time to time, we may acquire properties, or interests in properties, with known adverse environmental conditions where we believe that the environmental liabilities associated with these conditions are quantifiable and that the acquisition will yield a superior risk-adjusted return. In such an instance, we will estimate the costs of environmental investigation, clean-up and monitoring in determining the purchase price. Further, in connection with property dispositions, we may agree to remain responsible for, and to bear the cost of, remediating or monitoring certain environmental conditions on the properties.

We may not obtain an independent third-party environmental assessment for every property we acquire. In addition, any such assessment that we do obtain may not reveal all environmental liabilities. The cost of defending against claims of liability, of compliance with environmental regulatory requirements, of remediating any contaminated property, or of paying personal injury claims would adversely affect our business, assets or results of operations and, consequently, amounts available for distribution to you.

If we sell properties by providing financing to purchasers, defaults by the purchasers would adversely affect our cash flow from operations.

In some instances we may sell our properties by providing financing to purchasers. When we provide financing to purchasers, we will bear the risk that the purchaser may default on its obligations under the financing, which could negatively impact cash flow from operations. Even in the absence of a purchaser default, the distribution of sale proceeds or their reinvestment in other assets will be delayed until the promissory notes or other property we may accept upon the sale are actually paid, sold, refinanced or otherwise disposed of. 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. If any purchaser defaults under a financing arrangement with us, it could negatively impact our ability to pay cash distributions to you.

A change in U.S. accounting standards regarding operating leases may make the leasing of our properties less attractive to our potential tenants, which could reduce overall demand for our leasing services.

Under current authoritative accounting guidance for leases, a lease is classified by a tenant as a capital lease if the significant risks and rewards of ownership are considered to reside with the tenant. Under capital lease accounting for a tenant, both the leased asset and liability are reflected on its balance sheet. If the lease does not meet any of the criteria for a capital lease, the lease is considered an operating lease by the tenant, and the obligation does not appear on the tenant’s balance sheet; rather, the contractual future minimum payment obligations are only disclosed in the footnotes thereto. Thus, entering into an operating lease can appear to enhance a tenant’s balance sheet in comparison to direct ownership. On February 25, 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), “Leases” which replaces the existing guidance in ASC 840, Leases. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.

Our costs associated with complying with the Americans with Disabilities Act of 1990, as amended, may affect cash available for distributions.

Our properties are subject to the Americans with Disabilities Act of 1990, as amended (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. The Disabilities Act’s requirements 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 may not be able to acquire properties that comply with the Disabilities Act or allocate responsibilities for compliance on the seller or other third party, such as a tenant. If we cannot, our funds used for Disabilities Act compliance may affect cash available for distributions and the amount of distributions to you.

Risks Associated with Debt Financing

We have incurred mortgage indebtedness and other borrowings, which may increase our business risks, hinder our ability to make distributions, and decrease the value of your investment.

We have acquired real estate and other real estate-related investments by borrowing new funds. In addition, we have incurred mortgage debt and pledge all or some of our real properties as security for that debt to obtain funds to acquire additional real properties and other investments and to pay distributions to our stockholders. We may borrow additional funds if

34

we need funds to satisfy the REIT tax qualification requirement that we distribute at least 90% of our annual REIT taxable income to our stockholders. We may also borrow additional funds if we otherwise deem it necessary or advisable to assure that we maintain our qualification as a REIT for federal income tax purposes.

Our advisor believes that utilizing borrowing is consistent with our investment objective of maximizing the return to investors. There is no limitation on the amount we may borrow against any individual property or other investment. However, under our charter, we are required to limit our borrowings to 75% of the cost of our gross assets (before deducting depreciation or other non-cash reserves) of our gross assets, unless excess borrowing is approved by a majority of the independent directors and disclosed to our stockholders in our next quarterly report along with a justification for such excess borrowing. Moreover, our board of directors has adopted a policy to further limit our borrowings to 60% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our gross assets, unless such borrowing is approved by a majority of the independent directors and disclosed to our stockholders in the next quarterly report along with justification for such excess borrowing. Our borrowings will not exceed 300% of our net assets as of the date of any borrowing, which is the maximum level of indebtedness permitted under the NASAA REIT Guidelines; however, we may exceed that limit if approved by a majority of our independent directors and disclosed to our stockholders in our next quarterly report, along with a justification for such excess borrowing. These factors could limit the amount of cash we have available to distribute to you and could result in a decline in the value of your investment.

We do not intend to incur mortgage debt on a particular property unless we believe the property’s projected operating cash flows are sufficient to service the mortgage debt. However, if there is a shortfall between the cash flow from a property and the cash flow needed to service mortgage debt on a property, the amount available for distributions to you may be reduced. In addition, incurring mortgage debt increases the risk of loss since defaults on indebtedness secured by a property may result in lenders initiating foreclosure actions. In that case, we could lose the property securing the loan that is in default, thus reducing the value of our stockholders’ investment. For tax purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds from the foreclosure. In such event, we may be unable to pay the amount of distributions required in order to qualify and maintain our qualification as a REIT. We may give full or partial guarantees to lenders of mortgage debt to the entities that own our properties. If we provide a guaranty on behalf of an entity that owns one of our properties, we will be responsible to the lender for satisfaction of the debt if it is not paid by such entity. If any mortgages contain cross-collateralization or cross-default provisions, a default on a single property could affect multiple properties. If any of our properties are foreclosed upon due to a default, our ability to pay cash distributions to you will be adversely affected, which could result in our losing our REIT status and would result in a decrease in the value of your investment.

We intend to rely on external sources of capital to fund future capital needs, and if we encounter difficulty in obtaining such capital, we may not be able to meet maturing obligations or make any additional investments.

In order to qualify as a REIT under the Internal Revenue Code, we are required, among other things, to distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net income as calculated in accordance with U.S. GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. Because of this dividend requirement, we may not be able to fund from cash retained from operations all of our future capital needs, including capital needed to refinance maturing obligations or make investments.

The capital and credit markets have experienced extreme volatility and disruption in recent years. Market volatility and disruption could hinder our ability to obtain new debt financing or refinance our maturing debt on favorable terms or at all or to raise debt and equity capital. Our access to capital will depend upon a number of factors, including:

• general market conditions;

• the market’s perception of our future growth potential;

• the extent of investor interest;

• analyst reports about us and the REIT industry;

• the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;

• our financial performance and that of our tenants;

• our current debt levels;

• our current and expected future earnings; and

• our cash flow and cash dividends, including our ability to satisfy the dividend requirements applicable to REITs.

35

If we are unable to obtain needed capital on satisfactory terms or at all, we may not be able to meet our obligations and commitments as they mature or make any additional investments.

High interest rates may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire and the amount of cash distributions we can make to you.

We run the risk of being unable to finance or refinance our properties on favorable terms or at all. If interest rates are higher when we desire to mortgage our properties or when existing loans come due and the properties need to be refinanced, we may not be able to finance the properties and we would be required to use cash to purchase or repay outstanding obligations. Our inability to use debt to finance or refinance our properties could reduce the number of properties we can acquire, which could reduce our operating cash flows and the amount of cash distributions we can make to you. Higher costs of capital also could negatively impact operating cash flows and returns on our investments.

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

We have incurred, and may in the future incur additional indebtedness, that bears interest at a variable rate. To the extent that we incur variable rate debt, increases in interest rates would increase our interest costs, which could reduce our operating cash flows and our ability to pay distributions to our stockholders. In addition, if we need to repay existing debt during periods of rising interest rates, we could be required to liquidate one or more of our investments at times that may not permit realization of the maximum return on such investments.

We may not be able to generate sufficient cash flow to meet our debt service obligations.

Our ability to make payments on and to refinance our indebtedness, and to fund our operations, working capital and capital expenditures, depends on our ability to generate cash. To a certain extent, our cash flow is subject to general economic, industry, financial, competitive, operating, legislative, regulatory and other factors, many of which are beyond our control.

We cannot assure you that our business will generate sufficient cash flow from operations or that future sources of cash will be available to us in an amount sufficient to enable us to pay amounts due on our indebtedness or to fund our other liquidity needs.

Additionally, if we incur additional indebtedness in connection with any future acquisitions or development projects or for any other purpose, our debt service obligations could increase. We may need to refinance all or a portion of our indebtedness before maturity. Our ability to refinance our indebtedness or obtain additional financing will depend on, among other things:

• our financial condition and market conditions at the time; and

• restrictions in the agreements governing our indebtedness.

As a result, we may not be able to refinance our indebtedness on commercially reasonable terms, or at all. If we do not generate sufficient cash flow from operations, and additional borrowings or refinancings or proceeds of asset sales or other sources of cash are not available to us, we may not have sufficient cash to enable us to meet all of our obligations. Accordingly, if we cannot service our indebtedness, we may have to take actions such as seeking additional equity, or delaying any strategic acquisitions and alliances or capital expenditures, any of which could have a material adverse effect on our operations.

Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to you.

In connection with providing us financing, a lender could impose restrictions on us that affect our distribution and operating policies and our ability to incur additional debt. In general, our loan agreements restrict our ability to encumber or otherwise transfer our interest in the respective property without the prior consent of the lender. Loan documents we enter into may contain covenants that limit our ability to further mortgage the property, discontinue insurance coverage or replace CR IV Advisors as our advisor. These or other limitations imposed by a lender may adversely affect our flexibility and our ability to achieve our investment and operating objectives, which could limit our ability to make distributions to you.

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

We have financed some of our property acquisitions using interest-only mortgage indebtedness and may continue to do so. During the interest-only period, the amount of each scheduled payment will be less than that of a traditional amortizing mortgage loan. The principal balance of the mortgage loan will not be reduced (except in the case of prepayments) because there are no scheduled monthly payments of principal during this period. After the interest-only period, we will be required

36

either to make scheduled payments of amortized principal and interest or to make a lump-sum or “balloon” payment at 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 the mortgage loan has an adjustable interest rate, the amount of our scheduled payments also may increase at a time of rising interest rates. Increased payments and substantial principal or balloon maturity payments will reduce the funds available for distribution to our stockholders because cash otherwise available for distribution will be required to pay principal and interest associated with these mortgage loans.

Our ability to make a balloon payment at maturity is uncertain and may depend upon our ability to obtain additional financing or our ability to sell the property. At the time the balloon payment is due, we may or may not be able to refinance the loan on terms as favorable as the original loan or sell the property at a price sufficient to make the balloon payment. The effect of a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets. In addition, payments of principal and interest made to service our debts may leave us with insufficient cash to pay the distributions that we are required to pay to maintain our qualification as a REIT. Any of these results would have a significant, negative impact on your investment.

To hedge against exchange rate and interest rate fluctuations, we have used, and may continue to use, derivative financial instruments that may be costly and ineffective and may reduce the overall returns on your investment.

We have used, and may continue to use, derivative financial instruments to hedge our exposure to changes in exchange rates and interest rates on loans secured by our assets and investments in CMBS. 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 time to time.

Using derivative financial instruments to hedge against exchange rate and interest rate fluctuations exposes us to credit risk, market 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. Market risk includes the adverse effect on the value of the financial instrument resulting from a change in interest rates. 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. If we are unable to manage these risks effectively, our results of operations, financial condition and ability to pay distributions to you will be adversely affected.

Risks Associated with Investments in Mortgage, Bridge and Mezzanine Loans and Real Estate-Related Securities

Investing in mortgage, bridge or mezzanine loans could adversely affect our return on our loan investments.

We may make or acquire mortgage, bridge or mezzanine loans, or participations in such loans, to the extent our advisor determines that it is advantageous for us to do so. However, if we make or invest in mortgage, bridge or mezzanine loans, we will be at risk of defaults on those loans caused by many conditions beyond our control, including local and other economic conditions affecting real estate values and interest rate levels. If there are defaults under these loans, we may not be able to repossess and sell quickly any properties securing such loans. An action to foreclose on a property securing a loan is regulated by state statutes and regulations and is subject to many of the delays and expenses of any lawsuit brought in connection with the foreclosure if the defendant raises defenses or counterclaims. In the event of default by a mortgagor, these restrictions, among other things, may impede our ability to foreclose on or sell the mortgaged property or to obtain proceeds sufficient to repay all amounts due to us on the loan, which could reduce the value of our investment in the defaulted loan.

We are subject to risks relating to real estate-related securities, including CMBS.

Real estate-related securities are often unsecured and also may be subordinated to other obligations of the issuer. As a result, investments in real estate-related securities may be subject to risks of (1) limited liquidity in the secondary trading market in the case of unlisted or thinly traded securities, (2) substantial market price volatility resulting from changes in prevailing interest rates in the case of traded equity securities, (3) subordination to the prior claims of banks and other senior lenders to the issuer, (4) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the issuer to reinvest redemption proceeds in lower yielding assets, (5) the possibility that earnings of the issuer or that income from collateral may be insufficient to meet debt service and distribution obligations and (6) the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and economic slowdown or downturn. These risks may adversely affect the value of outstanding real estate-related securities and the ability of the obliged parties to repay principal and interest or make distribution payments.

37

CMBS are securities that evidence interests in, or are secured by, a single commercial mortgage loan or a pool of commercial mortgage loans. Accordingly, these securities are subject to the risks listed above and all of the risks of the underlying mortgage loans. CMBS are issued by investment banks and non-regulated financial institutions, and are not insured or guaranteed by the U.S. government. The value of CMBS may change due to shifts in the market’s perception of issuers and regulatory or tax changes adversely affecting the mortgage securities market as a whole and may be negatively impacted by any dislocation in the mortgage-backed securities market in general.

CMBS are also subject to several risks created through the securitization process. Subordinate CMBS are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes delinquent loans, there is a risk that interest payments on subordinate CMBS will not be fully paid. Subordinate CMBS are also subject to greater credit risk than those CMBS that are more highly rated. In certain instances, third-party guarantees or other forms of credit support can reduce the credit risk.

Federal Income Tax Risks

Failure to qualify and maintain our qualification as a REIT for federal income tax purposes would adversely affect our operations and our ability to make distributions.

We are currently taxed as a REIT under the Internal Revenue Code. Our ability to maintain our qualification as a REIT will depend upon our ability to meet requirements regarding our organization and ownership, distributions of our income, the nature and diversification of our income and assets and other tests imposed by the Internal Revenue Code. Future legislative, judicial or administrative changes to the federal income tax laws could be applied retroactively, which could result in our disqualification as a REIT. If we fail to qualify as a REIT for any taxable year, we will be subject to federal income tax on our taxable income at corporate rates. In addition, we would generally be disqualified from treatment as a REIT for the four taxable years following the year of losing our REIT status. Losing our REIT status would reduce our net earnings available for investment or distribution to you because of the additional tax liability. In addition, distributions to you would no longer qualify for the dividends paid deduction, and we would no longer be required to make distributions. If we lose our REIT status, we might be required to borrow funds or liquidate some investments in order to pay the applicable tax. Our failure to qualify as a REIT would adversely affect the return on your investment.

Re-characterization of sale-leaseback transactions may cause us to lose our REIT status.

We may purchase properties and lease them back to the sellers of such properties. We would characterize such a sale-leaseback transaction as a “true lease,” which treats the lessor as the owner of the property for federal income tax purposes. In the event that any sale-leaseback transaction is challenged by the IRS and re-characterized as a financing transaction or loan for federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed. If a sale-leaseback transaction were so re-characterized, we might fail to satisfy the REIT qualification “asset tests” or the “income tests” and, consequently, lose our REIT status effective with the year of re- characterization. Alternatively, such a re-characterization could cause the amount of our REIT taxable income to be recalculated, which might also cause us to fail to meet the distribution requirement for a taxable year and thus lose our REIT status.

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

If you participate in our DRIP, you will be deemed to have received, and for income tax purposes will be taxed on, the amount reinvested in shares of our common stock that does not represent a return of capital. In addition, you may be treated, for tax purposes, as having received an additional distribution to the extent the shares are purchased at a discount from fair market value. Such an additional deemed distribution could cause you to be subject to additional income tax liability. Unless you are a tax-exempt entity, you may have to use funds from other sources to pay your tax liability arising as a result of the distributions reinvested in our shares.

Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.

Currently, the maximum U.S. federal income tax rate applicable to qualified dividend income payable to U.S. stockholders that are individuals, trusts and estates is 20% (not including the net investment income tax). Dividends payable by REITs, however, generally are not eligible for this reduced rate. Although this does not adversely affect the taxation of REITs or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividends could cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our common stock. Tax rates could be changed in future legislation.

38

If our operating partnership or certain other subsidiaries fail to maintain their status as disregarded entities or partnerships, their income may be subject to taxation, which would reduce the cash available to us for distribution to you.

We intend to cause CCPT IV OP, our operating partnership, to maintain its current status as an entity separate from us (a disregarded entity), or in the alternative, a partnership for federal income tax purposes. CCPT IV OP would lose its status as a disregarded entity for federal income tax purposes if it issues interests to any subsidiary we establish that is not a disregarded entity for tax purposes (a “regarded entity”) or a person other than us. If CCPT IV OP issues interests to any subsidiary we establish that is a regarded entity for tax purposes or a person other than us, we would characterize our operating partnership as a partnership for federal income tax purposes. As a disregarded entity or partnership, CCPT IV OP is not subject to federal income tax on its income. However, if the Internal Revenue Service were to successfully challenge the status of our operating partnership as a disregarded entity or partnership, CCPT IV OP would be taxable as a corporation. In such event, this would reduce the amount of distributions that the operating partnership could make to us. This could also result in our losing REIT status, and becoming subject to a corporate-level tax on our income. This would substantially reduce the cash available to us to make distributions to you and the return on your investment. In addition, if certain of our other subsidiaries through which CCPT IV OP owns its properties, in whole or in part, lose their status as partnerships or disregarded entities for federal income tax purposes, such subsidiaries would be subject to taxation as corporations, thereby reducing cash available for distributions to our operating partnership. Such a re-characterization of CCPT IV OP’s subsidiaries also could threaten our ability to maintain REIT status.

In certain circumstances, we may be subject to certain federal, state and local taxes as a REIT, which would reduce our cash available for distribution to you.

Even if we qualify and maintain our status as a REIT, we may be subject to certain federal, state and local taxes. For example, net income from the sale of properties that are “dealer” properties sold by a REIT (a “prohibited transaction” under the Internal Revenue Code) will be subject to a 100% excise tax. Additionally, if we are not able to make sufficient distributions to eliminate our REIT taxable income, we may be subject to tax as a corporation on our undistributed REIT taxable income. We may also decide to retain income we earn from the sale or other disposition of our property and pay income tax directly on such income. In that event, our stockholders would be treated as if they earned that income and paid the tax on it directly. However, stockholders that are tax-exempt, such as charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability. We may also be subject to state and local taxes on our income or property, either directly or at the level of our operating partnership or at the level of the other entities through which we indirectly own our assets. Any federal, state or local taxes we pay will reduce our cash available for distribution to you.

We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability or reduce our operating flexibility.

In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of U.S. federal income tax laws applicable to investments similar to an investment in shares of our common stock. Additional changes to the tax laws are likely to continue to occur, and we cannot assure you that any such changes will not adversely affect our taxation and our ability to qualify as a REIT, or 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. Our stockholders are urged to consult with their tax advisor with respect to the impact of recent legislation on their investment in our shares and the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our shares.

Although REITs generally receive better tax treatment than entities taxed as regular corporations, it is possible that future legislation would 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 treated for U.S. federal income tax purposes as a regular 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 regular corporation, without the vote of our stockholders. Our board of directors has fiduciary duties to us and our stockholders and could only cause such changes in our tax treatment if it determines in good faith that such changes are in the best interest of our stockholders.

To qualify as a REIT we must meet annual distribution requirements, which may force us to forgo otherwise attractive opportunities or borrow funds during unfavorable market conditions. This could delay or hinder our ability to meet our investment objectives and reduce your overall return.

In order to qualify as a REIT, we must distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net income as calculated in accordance with U.S. GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. We will be subject to U.S. federal income tax on our undistributed taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which dividends we pay with respect to

39

any calendar year are less than the sum of (a) 85% of our ordinary income, (b) 95% of our capital gain net income and (c) 100% of our undistributed income from prior years. These requirements could cause us to distribute amounts that otherwise would be spent on investments in real estate assets and it is possible that we might be required to borrow funds, possibly at unfavorable rates, or sell assets to fund these dividends or make taxable stock dividends. Although we intend to make distributions sufficient to meet the annual distribution requirements and to avoid U.S. federal income and excise taxes on our earnings while we qualify as a REIT, it is possible that we might not always be able to do so.

Non-U.S. stockholders may be subject to U.S. federal withholding tax and may be subject to U.S. federal income tax upon the disposition of our shares.

Gain recognized by a non-U.S. stockholder upon the sale or exchange of our common stock generally will not be subject to U.S. federal income taxation unless such stock constitutes a “U.S. real property interest” (“USRPI”) under the Foreign Investment in Real Property Tax Act of 1980 (the “FIRPTA”). Our common stock will not constitute a USRPI so long as we are a “domestically-controlled qualified investment entity.” A domestically-controlled qualified investment entity includes a REIT if at all times during a specified testing period, less than 50% in value of such REIT’s stock is held directly or indirectly by non-U.S. stockholders. We believe that we are a domestically-controlled qualified investment entity. However, because our common stock is and will be publicly traded, no assurance can be given that we are or will be a domestically-controlled qualified investment entity.

Even if we do not qualify as a domestically-controlled qualified investment entity at the time a non-U.S. stockholder sells or exchanges our common stock, gain arising from such a sale or exchange would not be subject to U.S. taxation under FIRPTA as a sale of a USRPI if: (a) our common stock is “regularly traded,” as defined by applicable Treasury regulations, on an established securities market, and (b) such non-U.S. stockholder owned, actually and constructively, 10% or less of our common stock at any time during the five-year period ending on the date of the sale.

For qualified accounts, if an investment in our common stock constitutes a prohibited transaction under the Employee Retirement Income Security Act (“ERISA”) or the Internal Revenue Code, it is possible that you may be subject to the imposition of significant excise taxes and penalties with respect to the amount invested. In order to avoid triggering additional taxes and/or penalties, if you intend to invest in our shares through pension or profit-sharing trusts or IRAs, you should consider additional factors.

If you are investing the assets of a pension, profit-sharing, 401(k), Keogh or other qualified retirement plan or the assets of an IRA in our common stock, you should satisfy yourself that, among other things:

• your investment is consistent with your fiduciary obligations under ERISA and the Internal Revenue Code;

• your investment is made in accordance with the documents and instruments governing your plan or IRA, including your plan’s investment policy;

• your investment satisfies the prudence and diversification requirements of ERISA and other applicable provisions of ERISA and the Internal Revenue Code;

• your investment will not impair the liquidity of the plan or IRA;

• your investment will not produce unrelated business taxable income for the plan or IRA;

• you will be able to value the assets of the plan annually in accordance with ERISA requirements and applicable provisions of the plan or IRA; and

• your investment will not constitute a prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code.

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

For our taxable years that ended on or before December 31, 2014, in order for our distributions to be counted as satisfying the annual distribution requirements for REITs, and to provide us with a REIT-level tax deduction, the distributions could not have been “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. There is uncertainty as to the IRS’s position regarding whether certain arrangements that REITs have with their stockholders could give rise to the inadvertent payment of a preferential dividend. While we believe that our operations have been structured in such a manner that we will not be treated as inadvertently paying preferential dividends, there is no de minimis or reasonable cause exception with respect to preferential dividends under the Internal Revenue Code. Therefore, if the IRS were to take the position that we inadvertently paid a preferential dividend, we may be deemed either to

40

(a) have distributed less than 100% of our REIT taxable income and be subject to tax on the undistributed portion, or (b) have distributed less than 90% of our REIT taxable income and our status as a REIT could be terminated for the year in which such determination is made and for the four taxable years following the year of termination if we were unable to cure such failure.

Complying with REIT requirements may limit our ability to hedge our liabilities effectively and may cause us to incur tax liabilities.

The REIT provisions of the Internal Revenue Code may limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage risk of interest rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets or to offset certain other positions, if properly identified under applicable Treasury Regulations, does not constitute “gross income” for purposes of the 75% or 95% gross income tests. To the extent that we enter into other types of hedging transactions, the income from those transactions will likely be treated as non-qualifying income for purposes of one or both of the gross income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a taxable REIT subsidiary (“TRS”). This could increase the cost of our hedging activities because our TRSs would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in a TRS generally will not provide any tax benefit, except for being carried forward against future taxable income of such TRS.

Our property taxes could increase due to property tax rate changes or reassessment, which would impact our cash flows.

Even if we qualify as a REIT for federal income tax purposes, we will be required to pay some state and local taxes on our properties. The real property taxes on our properties may increase as property tax rates change or as our properties are assessed or reassessed by taxing authorities. Therefore, the amount of property taxes we pay in the future may increase substantially. If the property taxes we pay increase and if any such increase is not reimbursable under the terms of our lease, then our cash flows will be impacted, and our ability to pay expected distributions to our stockholders could be adversely affected.

The share ownership restrictions of the Internal Revenue Code for REITs and the 9.8% share ownership limit in our charter may inhibit market activity in our shares of stock and restrict our business combination opportunities.

In order to qualify as a REIT, five or fewer individuals, as defined in the Internal Revenue Code, may not own, actually or constructively, more than 50% in value of our issued and outstanding shares of stock at any time during the last half of each taxable year, other than the first year for which a REIT election is made. Attribution rules in the Internal Revenue Code determine if any individual or entity actually or constructively owns our shares of stock under this requirement. Additionally, at least 100 persons must beneficially own our shares of stock during at least 335 days of a taxable year for each taxable year, other than the first year for which a REIT election is made. To help ensure that we meet these tests, among other purposes, our charter restricts the acquisition and ownership of our shares of stock.

Our charter, with certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT. Unless exempted by the board of directors, for so long as we qualify as a REIT, our charter prohibits, among other limitations on ownership and transfer of shares of our stock, any person from beneficially or constructively owning (applying certain attribution rules under the Internal Revenue Code) more than 9.8% in value of the aggregate of our outstanding shares of stock and more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of our shares of stock. The board of directors, in its sole discretion and upon receipt of certain representations and undertakings, may exempt a person (prospectively or retrospectively) from the ownership limits. However, the board of directors may not, among other limitations, grant an exemption from these ownership restrictions to any proposed transferee whose ownership, direct or indirect, in excess of the 9.8% ownership limit would result in the termination of our qualification as a REIT. These restrictions on transferability and ownership will not apply, however, if the board of directors determines that it is no longer in our best interest to continue to qualify as a REIT or that compliance with the restrictions is no longer required in order for us to continue to so qualify as a REIT.

These ownership limits could delay or prevent a transaction or a change in control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

41

ITEM 2. PROPERTIES

See Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio Information for a discussion of the properties we hold for rental operations and Part IV, Item 15. Exhibits, Financial Statement Schedules — Schedule III — Real Estate and Accumulated Depreciation of this Annual Report on Form 10-K for a detailed listing of such properties.

ITEM 3. LEGAL PROCEEDINGS

In the ordinary course of business, we may become subject to litigation or claims. We are not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to our business to which we are a party or to which our properties are the subject.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

42

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

As of March 24, 2016, we had approximately 312.1 million shares of common stock outstanding, held by a total of 60,373 stockholders of record. The number of stockholders is based on the records of DST Systems, Inc., which serves as our registrar and transfer agent.

There is no established trading market for our common stock. Therefore, there is a risk that a stockholder may not be able to sell our stock at a time or price acceptable to the stockholder, or at all. Unless and until our shares are listed on a national securities exchange, we do not expect that a public market for the shares will develop. Pursuant to the DRIP Offering, we are selling shares of our common stock to the public at a price of $9.70 per share, which as described below, is the most recent per share estimated value of our shares.

To assist fiduciaries of tax-qualified pension, stock bonus or profit-sharing plans, employee benefit plans and annuities described in Section 403(a) or (b) of the Internal Revenue Code or an individual retirement account or annuity described in Section 408 of the Internal Revenue Code subject to the annual reporting requirements of ERISA and IRA trustees or custodians in preparation of reports relating to an investment in the shares, we intend to provide reports of the per share estimated value of our common stock to those fiduciaries who request such reports. In addition, we are required pursuant to FINRA Rule 5110(f)(2)(m) to disclose in each annual report distributed to investors a per share estimated value of the shares (“Estimated Share Value”), the method by which it was developed and the date of the data used to develop the estimated value. For these purposes, the Estimated Share Value of our common stock was $9.70 as of December 31, 2015, as determined by the board of directors. However, as set forth above, there is no public trading market for the shares at this time and stockholders may not receive $9.70 per share if a market did exist.

In determining an estimated value of our shares, the board of directors considered information and analysis, including valuation materials that were provided by Duff & Phelps, LLC. (“Duff & Phelps”), information provided by CR IV Advisors, LLC, and the estimated share value recommendation made by the audit committee of the board of directors, which committee is comprised entirely of independent directors. See our Current Report on Form 8-K, filed with the SEC on September 28, 2015, for additional information regarding Duff & Phelps and its valuation materials.

Share Redemption Program

Our board of directors has adopted a share redemption program that enables our stockholders to sell their shares to us in limited circumstances. Our share redemption program permits stockholders to sell their shares back to us after they have held them for at least one year, subject to the conditions and limitations described below.

Our common stock is currently not listed on a national securities exchange, and we will not seek to list our stock unless and until such time as our independent directors believe that the listing of our stock would be in the best interest of our stockholders. In order to provide stockholders with the benefit of interim liquidity, stockholders who have held their shares for at least one year may present a portion consisting of at least the lesser of (1) 25% of the holder’s shares; or (2) a number of shares with an aggregate redemption price of at least $2,500 to us for redemption at any time in accordance with the procedures outlined below. At that time, we may, subject to the conditions and limitations described below, redeem the shares presented for redemption for cash to the extent that we have sufficient funds available to us to fund such redemption. We will not pay to our advisor or its affiliates any fees to complete any transactions under our share redemption program.

The per share redemption price (other than for shares purchased pursuant to our DRIP) depends on the length of time the stockholder has held such shares as follows: after one year from the purchase date, 95% of the Estimated Share Value; after two years from the purchase date, 97.5% of the Estimated Share Value; and after three years from the purchase date, 100% of the Estimated Share Value. During this time period, the redemption price for shares purchased pursuant to our DRIP will be 100% of the Estimated Share Value (in each case, the redemption price will be adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our common stock). For purposes of establishing the redemption price per share, “Estimated Share Value” shall mean the most recently disclosed estimated per share net asset value as determined by our board of directors, including a majority of our independent directors. As a result of the board of directors’ determination of an estimated value of our shares of common stock, the estimated per share value of $9.70, as of August 31, 2015, shall serve as the most recent Estimated Share Value for purposes of the share redemption program, effective October 1, 2015, until such time as the board of directors provides a new Estimated Share Value.

43

In determining the redemption price, we consider shares to have been redeemed from a stockholder’s account on a first-in, first-out basis. Our board of directors will announce any redemption price adjustment and the time period of its effectiveness as a part of its regular communications with our stockholders. If we have sold a property and have made one or more special distributions to our stockholders of all or a portion of the net proceeds from such sales subsequent to the establishment of the Estimated Share Value, the per share redemption price will be reduced by the net sale proceeds per share distributed to stockholders prior to the redemption date. Our board of directors will, in its sole discretion, determine which distributions, if any, constitute a special distribution. While our board of directors does not have specific criteria for determining a special distribution, we expect that a special distribution will only occur upon the sale of a property and the subsequent distribution of the net sale proceeds. In no event will the Estimated Share Value established for purposes of our share redemption program exceed the then-current estimated share value established for purposes of our DRIP.

Upon receipt of a request for redemption, we may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. We will not redeem any shares subject to a lien. Any costs for conducting the Uniform Commercial Code search will be borne by us.

We may waive the one-year holding period requirement upon request due to a stockholder’s death or bankruptcy or other exigent circumstances as determined by our advisor. In the event of the death of a stockholder, we must receive notice from the stockholder’s estate within 270 days after the stockholder’s death. In addition, in the event that a stockholder redeems all of their shares, any shares that were purchased pursuant to our DRIP will be excluded from the one-year holding requirement. Also, for purposes of the one-year-holding period, limited partners of our operating partnership who exchanged their limited partnership units for shares of our common stock will be deemed to have owned their shares as of the date our operating partnership’s units were issued. Shares redeemed in connection with a stockholder’s death will be redeemed at a purchase price per share equal to 100% of the Estimated Share Value. Shares redeemed in connection with a stockholder’s bankruptcy or other exigent circumstance within one year from the purchase date will be redeemed at a price per share equal to the price per share we would pay had the stockholder held the shares for one year from the purchase date.

In the event that a stockholder requests a redemption of all of their shares, and such stockholder is participating in our DRIP, the stockholder will be deemed to have notified us, at the time they submit their redemption request, that such stockholder is terminating its participation in our DRIP, and has elected to receive future distributions in cash.  This election will continue in effect even if less than all of such stockholder’s shares are redeemed unless they notify us that they wish to resume their participation in our DRIP.

We will limit the number of shares redeemed pursuant to our share redemption program as follows: (1) we will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited to the net proceeds we receive from the sale of shares under our DRIP. In an effort to accommodate redemption requests throughout the calendar year, we intend to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds we receive from the sale of shares in the respective quarter under our DRIP; however, our management may waive these quarterly limitations in its sole discretion, subject to the 5% cap on the number of shares we may redeem during the respective trailing 12-month period. Any of the foregoing limits might prevent us from accommodating all redemption requests made in any quarter, in which case quarterly redemptions will be made pro rata, except as described below. Our management also reserves the right, in its sole discretion at any time, and from time to time, to reject any request for redemption for any reason.

We will redeem our shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for us to repurchase the shares in the month following the end of that fiscal quarter. A stockholder may withdraw their request to have shares redeemed, but all such requests generally must be submitted prior to the last business day of the applicable fiscal quarter. Any redemption capacity that is not used as a result of the withdrawal or rejection of redemption requests may be used to satisfy the redemption requests of other stockholders received for that fiscal quarter, and such redemption payments may be made at a later time than when that quarter’s redemption payments are made.

We will determine whether we have sufficient funds and/or shares available as soon as practicable after the end of each fiscal quarter, but in any event prior to the applicable payment date. If we cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares we may redeem during any quarter or year, we will give priority to the redemption of deceased stockholders’ shares. (While deceased stockholders’ shares will be included in calculating the maximum number of shares that may be redeemed in any annual or quarterly period, they will not be subject to the annual or quarterly percentage caps; therefore, if the volume of requests to redeem deceased stockholders’ shares in a particular quarter were large enough to cause the annual or quarterly percentage caps to be exceeded,

44

even if no other redemption requests were processed, the redemptions of deceased stockholders’ shares would be completed in full, assuming sufficient proceeds from the sale of shares under our DRIP were available. If sufficient proceeds from the sale of shares under our DRIP were not available to pay all such redemptions in full, the requests to redeem deceased stockholders’ shares would be honored on a pro rata basis.) We next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time we receive the request, in order to reduce the expense of maintaining small accounts. Thereafter, we will honor the remaining redemption requests on a pro rata basis. Following such quarterly redemption period, if a stockholder would like to resubmit the unsatisfied portion of the prior request for redemption, such stockholder must submit a new request for redemption of such shares prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods.

Our board of directors may choose to amend, suspend or terminate our share redemption program at any time upon 30 days’ notice to our stockholders. Additionally, we will be required to discontinue sales of shares under our DRIP Offering on the date we sell all of the shares registered for sale under the DRIP Offering, unless we file a new registration statement with the SEC and applicable states. Because the redemption of shares will be funded with the net proceeds we receive from the sale of shares under our DRIP Offering, the discontinuance or termination of our DRIP Offering will adversely affect our ability to redeem shares under the share redemption program. We will notify our stockholders of such developments (1) in our next annual or quarterly report or (2) by means of a separate mailing, accompanied by disclosure in a current or periodic report under the Exchange Act.

Our share redemption program is only intended to provide interim liquidity for stockholders until a liquidity event occurs, such as the listing of the shares on a national securities exchange, or our merger with a listed company. The share redemption program will be terminated if the shares become listed on a national securities exchange. We cannot guarantee that a liquidity event will occur.

The shares we redeem under our share redemption program are canceled and returned to the status of authorized but unissued shares. We do not intend to resell such shares to the public unless they are first registered with the SEC under the Securities Act and under appropriate state securities laws or otherwise sold in compliance with such laws.

During the year ended December 31, 2015, we received valid redemption requests under our share redemption program totaling approximately 6.7 million shares, of which we redeemed approximately 3.8 million shares as of December 31, 2015 for $36.1 million ($9.59 per share) and approximately 2.9 million shares subsequent to December 31, 2015 for $27.6 million ($9.59 per share). During the year ended December 31, 2014, we received valid redemption requests under our share redemption program totaling approximately 1.9 million shares, of which we redeemed approximately 1.1 million shares as of December 31, 2014 for $10.6 million ($9.64 per share) and approximately 818,000 shares subsequent to December 31, 2014 for $7.9 million ($9.64 per share). A valid redemption request is one that complies with the applicable requirements and guidelines of our current share redemption program set forth above. We funded such redemptions with proceeds from our DRIP. During the years ended December 31, 2015 and 2014, we issued approximately 11.7 million and 11.0 million shares of common stock, respectively, under the DRIP portion of the Offering and the DRIP Offering, for proceeds of $112.2 million and $104.3 million, respectively, which were recorded as redeemable common stock on the consolidated balance sheets, net of any redemptions paid.

During the three-month period ended December 31, 2015, we redeemed shares as follows:

Period	Total Number of Shares Redeemed	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
October 1, 2015 - October 31, 2015	952	$	9.50	952	(1)
November 1, 2015 - November 30, 2015	1,686,475	$	9.50	1,686,475	(1)
December 1, 2015 - December 31, 2015	—	$	—	—	(1)
Total	1,687,427			1,687,427	(1)

____________________________________

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

See Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Share Redemptions appearing elsewhere in this Annual Report on Form 10-K, and Note 13 — Stockholders’ Equity to our consolidated financial statements in this Annual Report on Form 10-K for additional share redemption information.

45

Distributions

We elected to be taxed, and currently qualify, as a REIT for federal income tax purposes commencing with our taxable year ended December 31, 2012. As a REIT, we have made, and intend to continue to make, distributions each taxable year equal to at least 90% of our taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). One of our primary goals is to pay regular (monthly) distributions to our stockholders.

See Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Distributions appearing elsewhere in this Annual Report on Form 10-K for additional distribution information.

For federal income tax purposes, distributions to common stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. To the extent that we make a distribution in excess of our current or accumulated earnings and profits, the distribution will be a nontaxable return of capital, reducing the tax basis in each U.S. stockholder’s shares.  In addition, the amount of distributions in excess of U.S. stockholders’ tax basis in their shares will be taxable as a capital gain realized from the sale of those shares.

The following table shows the character of the distributions we paid on a per share basis during the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share data):

	Total		Distributions Paid		Nontaxable Distributions		Ordinary Dividends
	Distributions Paid		per Common Share		per Common Share		per Common Share
2015	$	192,931	$	0.62	$	0.26	$	0.36
2014	$	177,017	$	0.61	$	0.32	$	0.29
2013	$	47,470	$	0.53	$	0.21	$	0.32

Use of Public Offering Proceeds

Pursuant to a Registration Statement on Form S-11 (Registration No. 333-169533) filed under the Securities Act and declared effective by the SEC on January 26, 2012, we commenced the Offering of up to a maximum of $2.975 billion in shares of common stock. On November 25, 2013, we reallocated $400.0 million in shares from our DRIP to the primary portion of the Offering, and on February 18, 2014, we reallocated an additional $23.0 million in shares from the DRIP to the primary portion of the Offering. As a result of these reallocations, we offered up to a maximum of approximately 292.3 million shares of our common stock at a price of $10.00 per share in the primary portion of the Offering and up to approximately 5.5 million additional shares to be issued pursuant to the DRIP portion of the Offering at a price of $9.50 per share. As of February 25, 2014, we no longer accepted subscription agreements in connection with the Offering because we had received subscription agreements that allowed us to reach the maximum primary offering. We ceased issuing shares in the Offering on April 4, 2014.

In addition, we registered 26.0 million shares of common stock under the DRIP Offering pursuant to a Registration Statement on Form S-3 under the Securities Act (Registration No. 333-192958), which was filed with the SEC on December 19, 2013 and automatically became effective with the SEC upon filing. We will continue to issue shares of common stock under the DRIP Offering. As of December 31, 2015, we had issued approximately 317.9 million shares of our common stock in the Offerings for gross offering proceeds of $3.2 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million, out of which we paid $256.5 million in selling commissions and dealer manager fees and $49.5 million in organization and offering costs to CR IV Advisors or its affiliates. With the net offering proceeds and indebtedness, we acquired $4.7 billion in real estate and related assets and incurred acquisition costs of $129.9 million, including costs of $97.2 million in acquisition fees and expense reimbursements to CR IV Advisors. As of March 24, 2016, we had received $3.2 billion in gross offering proceeds through the issuance of approximately 320.7 million shares of our common stock in the Offerings.

46

ITEM 6. SELECTED FINANCIAL DATA

The following data should be read in conjunction with our consolidated financial statements and the notes thereto and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations appearing elsewhere in this Annual Report on Form 10-K. Certain amounts presented below have been reclassified to conform to the current period presentation. See Note 2 — Summary of Significant Policies to our consolidated financial statements in this Annual Report on Form 10-K for a discussion of the various reclassifications. The selected financial data (in thousands, except share and per share amounts) presented below was derived from our consolidated financial statements.

	Year Ended December 31,
	2015			2014			2013			2012			2011
Balance Sheet Data:
Total real estate investments and related assets, net	$	4,484,326		$	3,923,840		$	2,203,056		$	520,083		$	—
Cash and cash equivalents	$	26,316		$	55,287		$	300,574		$	13,895		$	200
Total assets	$	4,582,199		$	4,031,468		$	2,544,324		$	540,578		$	—
Notes payable and credit facility, net	$	2,066,563		$	1,458,828		$	689,621		$	272,972		$	—
Intangible lease liabilities, net	$	53,822		$	55,535		$	37,485		$	7,810		$	—
Redeemable common stock and noncontrolling interest	$	190,561		$	121,972		$	26,484		$	1,964		$	—
Total liabilities	$	2,195,084		$	1,583,090		$	775,868		$	293,099		$	—
Total stockholders’ equity	$	2,196,554		$	2,326,406		$	1,741,972		$	245,515		$	200
Operating Data:
Total revenues	$	367,731		$	256,282		$	102,557		$	7,837		$	—
Total operating expenses	$	243,531		$	210,852		$	113,253		$	19,853		$	—
Operating income (loss)	$	124,200		$	45,430		$	(10,696	)	$	(12,016	)	$	—
Net income (loss) attributable to the Company	$	64,771		$	11,190		$	(32,880	)	$	(13,744	)	$	—
Cash Flow Data:
Net cash provided by (used in) operating activities	$	182,900		$	89,086		$	7,570		$	(8,717	)	$	—
Net cash used in investing activities	$	(676,738	)	$	(1,740,355	)	$	(1,702,957	)	$	(511,223	)	$	—
Net cash provided by financing activities	$	464,867		$	1,405,982		$	1,982,066		$	533,635		$	—
Per Share Data:
Net income (loss) - basic and diluted	$	0.21		$	0.04		$	(0.36	)	$	(1.60	)	$	—
Distributions declared per common share	$	0.63		$	0.63		$	0.63		$	0.63		$	—
Weighted average shares outstanding - basic and diluted	309,263,576			292,072,088			90,330,927			8,578,494			20,000

47

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part II, Item 6. Selected Financial Data of this Annual Report on Form 10-K and our accompanying consolidated financial statements and notes thereto. See also the “Cautionary Note Regarding Forward-Looking Statements” section preceding Part I of this Annual Report on Form 10-K.

Overview

We were formed on July 27, 2010, and we elected to be taxed, and currently qualify, as a REIT for federal income tax purposes commencing with our taxable year ended December 31, 2012. VEREIT indirectly owns and/or controls our external advisor, CR IV Advisors, the dealer manager for the Offering, Cole Capital Corporation, our property manager, CREI Advisors, and our sponsor, Cole Capital. We commenced our principal operations on April 13, 2012, when we satisfied the conditions of our escrow agreement and issued approximately 308,000 shares of our common stock. We have no paid employees and are externally advised and managed by CR IV Advisors.

We ceased issuing shares in our Offering on April 4, 2014 and will continue to issue shares of common stock under the DRIP Offering until such time as our shares are listed on a national securities exchange or the DRIP Offering is otherwise terminated by our board of directors. We expect that property acquisitions in 2016 and future periods will be funded by proceeds from financing of the acquired properties, proceeds from our DRIP Offering, cash flows from operations and the strategic sale of properties and other investments.

On September 27, 2015, we announced that the board of directors established an Estimated Share Value of our common stock, as of August 31, 2015, of $9.70 per share for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Going forward, we intend to publish an updated Estimated Share Value on at least an annual basis.

Our operating results and cash flows are primarily influenced by rental income from our commercial properties, interest expense on our property indebtedness and acquisition and operating expenses. Rental and other property income accounted for 87% of our total revenue for the years ended December 31, 2015 and 2014. As 98.5% of our rentable square feet was under lease as of December 31, 2015, with a weighted average remaining lease term of 10.9 years, we believe our exposure to changes in commercial rental rates on our portfolio is substantially mitigated, except for vacancies caused by tenant bankruptcies or other factors. CR IV Advisors regularly monitors the creditworthiness of our tenants by reviewing the tenant’s financial results, credit rating agency reports, when available, on the tenant or guarantor, the operating history of the property with such tenant, the tenant’s market share and track record within its industry segment, the general health and outlook of the tenant’s industry segment, and other information for changes and possible trends. If CR IV Advisors identifies significant changes or trends that may adversely affect the creditworthiness of a tenant, it will gather a more in-depth knowledge of the tenant’s financial condition and, if necessary, attempt to mitigate the tenant credit risk by evaluating the possible sale of the property, or identifying a possible replacement tenant should the current tenant fail to perform on the lease. As of December 31, 2015, the net debt leverage ratio of our consolidated real estate assets, which is the ratio of debt, less cash and cash equivalents, to total gross real estate and related assets net of gross intangible lease liabilities, was 44%.

Our Business Environment and Current Outlook

Current conditions in the global capital markets remain volatile as the world’s economic growth has been affected by geopolitical and economic events. In the United States, the overall economic environment continued to improve in 2015. The U.S. gross domestic product increased to 2.4% in 2015 and unemployment decreased 0.6% during 2015 to 5.0% for December 2015. In 2015, the Federal Reserve raised interest rates for the first time since 2006. In addition, cross-border investors deployed record levels of capital into the U.S. in 2015, increasing by more than 150% over 2014.

Economic trends and government policies affect global and regional commercial real estate markets as well as our operations directly. These include: overall economic activity and employment growth, interest rate levels, the cost and availability of credit and the impact of tax and regulatory policies.

48

Critical Accounting Policies and Significant Accounting Estimates

Our accounting policies have been established to conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to the various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact comparability of our results of operations to those of companies in similar businesses. We believe the following critical accounting policies govern the significant judgments and estimates used in the preparation of our financial statements, which should be read in conjunction with the more complete discussion of our accounting policies and procedures included in Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K.

Recoverability of Real Estate Assets

We invest in real estate assets and subsequently monitor those investments quarterly for impairment, including the review of real estate properties subject to direct financing leases. Additionally, we record depreciation and amortization related to our investments. The risks and uncertainties involved in applying the principles related to real estate investments include, but are not limited to, the following:

• The estimated useful lives of our depreciable assets affects the amount of depreciation and amortization recognized on our investments;

• The review of impairment indicators and subsequent determination of the undiscounted future cash flows could require us to reduce the value of assets and recognize an impairment loss;

• The fair value of held for sale assets is estimated by management. This estimated value could result in a reduction of the carrying value of the asset; and

• Changes in assumptions based on actual results may have a material impact on our financial results.

Consolidation of Equity Investment

We hold an equity investment in the Unconsolidated Joint Venture and account for this investment using the equity method of accounting as we have the ability to exercise significant influence, but not control, over operating and financial policies of this investment. We must continually evaluate this and other non-controlling interests for consolidation based on standards set forth in GAAP. For legal entities being evaluated, we must first determine whether the interests that we hold and fees we receive qualify as variable interests in the entity, as discussed in Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K. The difference between consolidating the variable interest entity (“VIE”) and accounting for it using the equity method could be material to our consolidated financial statements. The risks and uncertainties involved in applying the principles related to equity investments include, but are not limited to, the following:

• Consideration for VIEs involves determining their ability to finance their operations without additional subordinated financial support, whether the equity holders lack the characteristic of controlling financial interest, or whether the entity is established with non-substantive voting rights; and

• We perform significance calculations based on investments, total assets and income, on an individual basis or on an aggregated basis, by any combination of unconsolidated subsidiaries and equity-method investees.

Allocation of Purchase Price of Real Estate Assets

In connection with our acquisition of properties, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their respective estimated fair values. Tangible assets consist of land, buildings, fixtures and tenant improvements. Intangible assets consist of above- and below-market lease values and the value of in-place leases. Our purchase price allocations are developed utilizing third-party appraisal reports, industry standards and management experience. The risks and uncertainties involved in applying the principles related to purchase price allocations include, but are not limited to, the following:

49

• The value allocated to land, as opposed to buildings, fixtures and tenant improvements, affects the amount of depreciation expense we record. If more value is attributed to land, depreciation expense is lower than if more value is attributed to buildings, fixtures and tenant improvements;

• Intangible lease assets and liabilities can be significantly affected by estimates including market rent, lease terms including renewal options at rental rates below estimated market rental rates, carrying costs of the property during a hypothetical expected lease-up period, and current market conditions and costs, including tenant improvement allowances and rent concessions; and

• We determine whether any financing assumed is above- or below-market based upon comparison to similar financing terms for similar investment properties.

Derivative Instruments and Hedging Activities

Our decision to enter into hedging activities is based on the application of current market conditions and is subject to variability over time. Utilizing derivative financial instruments exposes us to credit risk, basis risk and legal enforceability risks. If we were unable to manage these risks effectively, our results of operations and financial condition could be adversely affected. We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such instruments is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. We do not hold or issue derivative financial instruments for trading or speculative purposes. We account for our derivative instruments at fair value.

Recently Issued Accounting Pronouncements

Recently issued accounting pronouncements are described in Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K.

Portfolio Information

Real Estate Portfolio

As of December 31, 2015, we owned 871 properties located in 45 states, the gross rentable space of which was 98.5% leased with a weighted average lease term remaining of 10.9 years.

The following table shows the property statistics of our real estate assets as of December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015		2014		2013
Number of commercial properties (1)	871		759		337
Approximate rentable square feet (1) (2)	25.2 million		20.2 million		10.8 million
Percentage of rentable square feet leased	98.5	%	98.6	%	98.6	%

____________________________________

(1)     Excludes a property owned through the Unconsolidated Joint Venture.

(2)     Includes square feet of the buildings on land parcels subject to ground leases.

The following table summarizes our real estate investment activity during the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015	2014	2013
Commercial properties acquired (1)	111	422	248
Approximate aggregate purchase price of acquired properties	$ 615.8 million	$ 1.7 billion	$ 1.7 billion
Approximate rentable square feet (1) (2)	3.4 million	9.4 million	8.3 million

____________________________________

(1) Excludes a property owned through the Unconsolidated Joint Venture and a development project placed into service during 2015. Real estate investment activity for the year ended December 31, 2014 excludes the acquisition of a build-to-suit property. The 1.6 million square foot industrial property was placed in service during the year ended December 31, 2015. As of December 31, 2015, the Company had a total investment in the property of $102.8 million.

(2) Includes square feet of the buildings on land parcels subject to ground leases.

50

As shown in the tables above, we owned 871 commercial properties as of December 31, 2015, excluding a property owned through the Unconsolidated Joint Venture, compared to 759 commercial properties as of December 31, 2014. Accordingly, our results of operations for the year endedDecember 31, 2015, compared to the year endedDecember 31, 2014, reflect significant increases in most categories.

The following table shows the tenant diversification of our real estate portfolio, based on gross annualized rental revenue, as of December 31, 2015:

			2015 Gross		Percentage of
	Total		Annualized		2015 Gross
	Number	Leased	Rental Revenue		Annualized
Tenant	of Leases (1)	Square Feet (1) (2)	(in thousands)		Rental Revenue
Walgreens - pharmacy	67	979,129	$	24,236	7	%
Dollar General - discount store	169	1,636,008	16,530		5	%
Family Dollar - discount store	151	1,325,092	16,151		4	%
United Oil - gas and convenience	55	71,741	13,344		4	%
Lowe’s - home and garden	15	1,897,958	13,256		4	%
CVS - pharmacy	45	576,154	12,884		4	%
Academy Sports - sporting and hobby	7	2,034,260	12,560		3	%
PetSmart - pet supply	34	654,318	9,707		3	%
L.A. Fitness - fitness	11	502,146	9,042		3	%
Home Depot - home and garden	5	651,754	8,339		2	%
Other	1,073	14,483,487	210,807		61	%
	1,632	24,812,047	$	346,856	100	%

____________________________________

(1) Excludes the property owned through the Unconsolidated Joint Venture.

(2) Includes square feet of the buildings on land parcels subject to ground leases.

The following table shows the tenant industry diversification of our real estate portfolio, based on gross annualized rental revenue, as of December 31, 2015:

			2015 Gross		Percentage of
	Total		Annualized		2015 Gross
	Number	Leased	Rental Revenue		Annualized
Industry	of Leases (1)	Square Feet (1) (2)	(in thousands)		Rental Revenue
Discount store	392	4,896,877	$	49,681	14	%
Pharmacy	115	1,582,408	37,638		11	%
Home and garden	52	3,239,532	30,171		9	%
Gas and convenience	87	286,512	27,105		8	%
Sporting and hobby	34	3,124,083	26,352		8	%
Grocery	44	1,757,070	23,905		7	%
Fitness	24	722,483	13,863		4	%
Restaurants - casual dining	89	434,217	13,231		4	%
Apparel and jewelry	88	769,551	12,379		3	%
Pet supply	47	826,415	12,346		3	%
Other	660	7,172,899	100,165		29	%
	1,632	24,812,047	$	346,856	100	%

____________________________________

(1) Excludes the property owned through the Unconsolidated Joint Venture.

(2) Includes square feet of the buildings on land parcels subject to ground leases.

51

The following table shows the geographic diversification of our real estate portfolio, based on gross annualized rental revenue, as of December 31, 2015:

			2015 Gross		Percentage of
	Total		Annualized		2015 Gross
	Number of	Rentable	Rental Revenue		Annualized
Location	Properties (1)	Square Feet (1) (2)	(in thousands)		Rental Revenue
California	77	1,033,997	$	38,033	11	%
Texas	101	1,993,832	32,024		9	%
Georgia	36	2,000,402	23,163		7	%
Ohio	54	1,879,498	21,039		6	%
Florida	60	1,429,508	18,193		5	%
Illinois	26	1,217,516	16,687		5	%
Tennessee	15	2,898,025	16,612		5	%
North Carolina	30	1,161,754	14,120		4	%
New York	12	372,245	13,952		4	%
Indiana	26	1,015,158	13,812		4	%
Other	434	10,193,370	139,221		40	%
	871	25,195,305	$	346,856	100	%

____________________________________

(1) Excludes the property owned through the Unconsolidated Joint Venture.

(2) Includes square feet of the buildings on land parcels subject to ground leases.

Leases

Although there are variations in the specific terms of the leases of our properties, the following is a summary of the general structure of our leases. Generally, the leases of the properties acquired provide for initial terms of 10 to 20 years. As of December 31, 2015, the weighted average remaining lease term was 10.9 years. The properties generally are leased under net leases pursuant to which the tenant bears responsibility for substantially all property costs and expenses associated with ongoing maintenance and operation, including utilities, property taxes and insurance. However, certain of the leases require us to maintain the roof and structure of the building. The leases of the properties provide for annual rental payments (payable in monthly installments) ranging from $6,000 to $8.0 million (average of $213,000). Certain leases provide for limited increases in rent as a result of fixed increases or increases in the consumer price index.

Generally, the property leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions as the initial lease term.

52

The following table shows lease expirations of our real estate portfolio, as of December 31, 2015, during each of the next ten years and thereafter, assuming no exercise of renewal options:

			2015 Gross
	Total		Annualized		Percentage of
	Number	Leased	Rental Revenue		2015 Gross
	of Leases	Square Feet	Expiring		Annualized
Year of Lease Expiration	Expiring (1)	Expiring (1) (2)	(in thousands)		Rental Revenue
2016	74	346,061	$	5,453	1	%
2017	85	564,620	6,469		2	%
2018	150	928,655	16,515		4	%
2019	128	1,087,816	16,173		5	%
2020	107	729,055	11,279		3	%
2021	75	790,519	12,683		4	%
2022	70	1,438,066	17,239		5	%
2023	93	2,078,257	27,295		8	%
2024	87	1,806,621	24,473		7	%
2025	54	1,739,941	19,561		6	%
Thereafter	709	13,302,436	189,716		55	%
	1,632	24,812,047	$	346,856	100	%

____________________________________

(1) Excludes the property owned through the Unconsolidated Joint Venture.

(2) Includes square feet of the buildings on land parcels subject to ground leases.

Investment in Unconsolidated Joint Venture

As of December 31, 2015, through the Unconsolidated Joint Venture, we had an interest in one property comprising 176,000 rentable square feet of commercial space. As of December 31, 2015, our aggregate investment in the Unconsolidated Joint Venture was $18.4 million. For more information on our Unconsolidated Joint Venture, see Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements included in this Annual Report on Form 10-K.

53

Same Store Properties

We review our stabilized operating results, measured by contract rental revenue, from properties that we owned for the entirety of both the current and prior year reporting periods, referred to as “same store” properties. Contract rental revenue is a supplemental non-GAAP financial measure of real estate companies’ operating performance. Contract rental revenue is considered by management to be a helpful supplemental performance measure, as it provides a consistent method for the comparison of the Company’s properties. In determining the same store property pool, we include all properties that were owned for the entirety of both the current and prior reporting periods, except for properties during the current or prior year that were under development or redevelopment. “Non-same store,” as reflected in the table below, includes properties acquired on or after January 1, 2014.

As shown in the table below, contract rental revenue on the 337 same store properties for the year ended December 31, 2015 increased approximately $532,000 to $160.4 million, compared to $159.9 million for the year ended December 31, 2014. The same store properties were 97.6% occupied as of December 31, 2015 and 98.5% occupied as of December 31, 2014. The following table shows the contract rental revenue from properties owned for both of the entire years ended December 31, 2015 and 2014, along with a reconciliation to rental income, calculated in accordance with GAAP (dollar amounts in thousands):

	Number of Properties	Year Ended December 31,				Increase/(Decrease)
Contract rental revenue		2015		2014		$ Change			% Change
“Same store” properties	337	$	160,437	$	159,905	$	532		0.3	%
“Non-same store” properties	534	148,114		51,636		96,478			186.8	%
Total contract rental revenue	871	308,551		211,541		97,010			45.9	%
Straight-line rental income		11,776		8,227		3,549			43.1	%
Amortization(1)		1,098		2,141		(1,043		)	(48.7	)%
Rental income - as reported		$	321,425	$	221,909	$	99,516		44.8	%

____________________________________

(1) Includes amortization of above- and below-market lease intangibles and deferred lease incentives.

Due to the volume of acquisitions during the year ended December 31, 2014, a discussion of same store sales for the years ended December 31, 2014 and 2013 is not considered meaningful and as such is not included in the results of operations.

Results of Operations

The following tables provides summary information about our results of operations for the years ended December 31, 2015, 2014 and 2013 (dollars in thousands):

	Year Ended December 31,							2015 vs. 2014 Increase/(Decrease)			2014 vs. 2013 Increase/(Decrease)
	2015		2014		2013
Total revenues	$	367,731	$	256,282	$	102,557		$	111,449		$	153,725
General and administrative expenses	$	13,652	$	11,510	$	7,566		$	2,142		$	3,944
Property operating expenses	$	20,890	$	15,508	$	5,807		$	5,382		$	9,701
Real estate tax expenses	$	33,571	$	23,527	$	7,700		$	10,044		$	15,827
Advisory fees and expenses	$	36,225	$	24,142	$	10,549		$	12,083		$	13,593
Acquisition-related expenses	$	15,526	$	51,763	$	48,286		$	(36,237	)	$	3,477
Depreciation and amortization	$	122,227	$	84,402	$	33,345		$	37,825		$	51,057
Operating income (loss)	$	124,200	$	45,430	$	(10,696	)	$	78,770		$	56,126
Interest expense and other, net	$	59,307	$	34,260	$	22,184		$	25,047		$	12,076
Net income (loss) attributable to the Company	$	64,771	$	11,190	$	(32,880	)	$	53,581		$	44,070

Revenue

Our revenue consists primarily of rental and other property income from net leased commercial properties. We also pay certain operating expenses that are subject to reimbursement by our tenants, which results in tenant reimbursement income.

2015 v 2014 – Revenue increased $111.4 million to $367.7 million for the year ended December 31, 2015, compared to $256.3 million for the year ended December 31, 2014. Rental income from net leased commercial properties accounted for

54

87% of total revenue for each of the years ended December 31, 2015 and December 31, 2014. We also paid certain operating expenses subject to reimbursement by our tenants, which resulted in $46.3 million of tenant reimbursement income during the year endedDecember 31, 2015, compared to $34.4 million during the year endedDecember 31, 2014. The increase was primarily due to the acquisition of 111 rental income-producing properties subsequent to December 31, 2014 and owning 759 properties for the entire period ended December 31, 2015.

2014 v 2013 – Revenue increased $153.7 million to $256.3 million for the year ended December 31, 2014, compared to $102.6 million for the year ended December 31, 2013. Our revenue consisted primarily of rental and other property income from net leased commercial properties, which accounted for 87% and 88% of total revenue during the years ended December 31, 2014 and 2013, respectively. We also paid certain operating expenses subject to reimbursement by our tenants, which resulted in $34.4 million of tenant reimbursement income during the year ended December 31, 2014, compared to $11.9 million during the year ended December 31, 2013. The increase was primarily due to the acquisition of 422 rental income-producing properties during the year ended December 31, 2014.

General and Administrative Expenses

The primary general and administrative operating expense items are reimbursements to our advisor, audit fees, unused fees on the credit facility, escrow and trustee fees and board of director fees.

2015 v 2014 – General and administrative expenses increased $2.2 million to $13.7 million for the year endedDecember 31, 2015, compared to $11.5 million for the year ended December 31, 2014. The increase was primarily due to higher professional fees incurred during the year, as well as increases in state franchise and income taxes and operating expense reimbursements to our advisor during the year ended December 31, 2015, primarily as a result of the acquisition of 111 rental income-producing properties subsequent to December 31, 2014 and owning 759 properties for the entire period ended December 31, 2015.

2014 v 2013 – General and administrative expenses increased $3.9 million to $11.5 million for the year ended December 31, 2014, compared to $7.6 million for the year ended December 31, 2013. The increase was primarily due to increased trustee fees as a result of an increase in the number of stockholders of record, combined with an increase in state franchise and income taxes for the year ended December 31, 2014, compared to the year ended December 31, 2013.

Property Operating Expenses

Property operating expenses such as property repairs, maintenance and property related insurance include both reimbursable and non-reimbursable property expenses. We are reimbursed by the tenant for reimbursable property operating expenses in accordance with the respective lease agreements.

2015 v 2014 – Property operating expenses increased $5.4 million to $20.9 million for the year ended December 31, 2015, compared to $15.5 million for the year ended December 31, 2014. The increase was primarily due to the acquisition of 111 rental income-producing properties subsequent to December 31, 2014 and owning 759 properties for the entire period ended December 31, 2015.

2014 v 2013 – Property operating expenses increased $9.7 million to $15.5 million for the year ended December 31, 2014, compared to $5.8 million during the year ended December 31, 2013. The increase was primarily due to the acquisition of 422 rental income-producing properties during the year ended December 31, 2014 and owning 337 properties for the entire period ended December 31, 2014.

Real Estate Tax Expenses

2015 v 2014 – Real estate tax expenses increased $10.1 million to $33.6 million for the year endedDecember 31, 2015, compared to $23.5 million for the year ended December 31, 2014. The increase was primarily due to the acquisition of 111 rental income-producing properties during the year ended December 31, 2015, as well as recognizing a full year of real estate tax expense on 422 properties acquired in 2014.

2014 v 2013 – Real estate tax expenses increased $15.8 million to $23.5 million for the year ended December 31, 2014, compared to $7.7 million during the year ended December 31, 2013. The increase was primarily due to the acquisition of 422 rental income-producing properties during the year ended December 31, 2014.

55

Advisory Fees and Expenses

Pursuant to the advisory agreement with CR IV Advisors and based upon the amount of our current invested assets, we are required to pay to CR IV Advisors a monthly advisory fee equal to one-twelfth of 0.75% of the average invested assets up to $2.0 billion, one-twelfth of 0.70% of the average invested assets over $2.0 billion up to $4.0 billion and one-twelfth of 0.65% of assets over $4.0 billion. Additionally, we may be required to reimburse certain expenses incurred by CR IV Advisors in providing such advisory services, subject to limitations as set forth in the advisory agreement.

2015 v 2014 – Advisory fees and expenses increased $12.1 million to $36.2 million for the year ended December 31, 2015, compared to $24.1 million for the year ended December 31, 2014. The increase was primarily due to an increase in our average invested assets to $4.6 billion for the year ended December 31, 2015, compared to $3.1 billion for the year ended December 31, 2014.

2014 v 2013 – Advisory fees and expenses increased $13.6 million to $24.1 million for the year ended December 31, 2014, compared to $10.5 million for the year ended December 31, 2013. The increase was due to an increase in our average invested assets to $3.1 billion for the year ended December 31, 2014, compared to $1.4 billion for the year ended December 31, 2013.

Acquisition-Related Expenses

Acquisition-related expenses include costs incurred for deals that were not consummated and the change in fair value of contingent consideration arrangements.

2015 v 2014 – Acquisition-related expenses decreased $36.3 million to $15.5 million for the year endedDecember 31, 2015, compared to $51.8 million for the year ended December 31, 2014. The change was primarily due to the acquisition of 111 commercial properties for an aggregate purchase price of $615.8 million during the year endedDecember 31, 2015, compared to the acquisition of 422 commercial properties for an aggregate purchase price of $1.7 billion during the year endedDecember 31, 2014.

2014 v 2013 – Acquisition-related expenses increased $3.5 million to $51.8 million for the year ended December 31, 2014, compared to $48.3 million during the year ended December 31, 2013. The increase was primarily due to the acquisition of 422 commercial properties for an aggregate purchase price of $1.7 billion during the year ended December 31, 2014, compared to the acquisition of 248 commercial properties for an aggregate purchase price of $1.7 billion during the year ended December 31, 2013.

Depreciation and Amortization

2015 v 2014 – Depreciation and amortization expenses increased $37.8 million to $122.2 million for the year ended December 31, 2015, compared to $84.4 million for the year ended December 31, 2014. The increase was primarily due to the acquisition of 111 additional rental income-producing properties subsequent to December 31, 2014 and owning 759 properties for the entire period ended December 31, 2015.

2014 v 2013 – Depreciation and amortization expenses increased $51.1 million to $84.4 million for the year ended December 31, 2014, compared to $33.3 million during the year ended December 31, 2013. The increase was primarily due to the acquisition of 422 rental income-producing properties during the year ended December 31, 2014 and owning 337 properties for the entire period ended December 31, 2014.

Interest Expense and Other, Net

Interest expense and other, net includes amortization of deferred financing costs and equity in income related to the Unconsolidated Joint Venture.

2015 v 2014 – Interest expense and other, net increased $25.0 million to $59.3 million for the year ended December 31, 2015, compared to $34.3 million for the year ended December 31, 2014. The increase was primarily due to an increase in the average aggregate amount of debt outstanding from $1.1 billion during the year ended December 31, 2014 to $1.8 billion during the year ended December 31, 2015.

2014 v 2013 – Interest expense and other, net increased $12.1 million to $34.3 million for the year ended December 31, 2014, compared to $22.2 million for the year ended December 31, 2013. The increase was primarily due to an increase in the average aggregate amount of debt outstanding to $1.1 billion during the year ended December 31, 2014 from $485.8 million during the year ended December 31, 2013.

56

Distributions

Our board of directors authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.44% on an annualized basis calculated at the current rate, assuming an estimated value per share of $9.70) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on December 31, 2015. In addition, our board of directors authorized a daily distribution, based on 366 days in the calendar year, of $0.001706776 per share (which equates to 6.44% on an annualized basis calculated at the current rate, assuming an estimated value per share of $9.70) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2016 and ending on June 30, 2016.

During the years ended December 31, 2015 and 2014, we paid distributions of $192.9 million and $177.0 million, respectively, including $112.2 million and $104.3 million, respectively, through the issuance of shares pursuant to the DRIP. Net cash provided by operating activities for the year endedDecember 31, 2015 was $182.9 million and reflected a reduction for real estate acquisition-related expenses incurred of $15.5 million, in accordance with GAAP. For the year endedDecember 31, 2014, net cash provided by operating activities was $89.1 million and reflected a reduction for real estate acquisition-related expenses incurred of $51.8 million, in accordance with GAAP. We treat our real estate acquisition-related expenses as covered by proceeds from the Offerings, including proceeds from the DRIP. Therefore, for consistency, proceeds from the issuance of common stock for the years ended December 31, 2015 and 2014 are considered a source of our distributions to the extent that real estate acquisition-related expenses have reduced net cash flows provided by operating activities. Our 2015 distributions were covered by net cash provided by operating activities of $182.9 million, or 95%, and proceeds from the issuance of notes payable of $10.0 million, or 5%. Our 2014 distributions were covered by net cash provided by operating activities of $89.1 million, or 50%, and proceeds from the Offering of $87.9 million, or 50%.

Share Redemptions

Our share redemption program permits our stockholders to sell their shares of common stock back to us after they have held them for at least one year, subject to significant conditions and limitations. The share redemption program provides that we will redeem shares of our common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. We will not redeem in excess of 5.0% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid. Funding for the redemption of shares will be limited to the net proceeds we receive from the sale of shares under the DRIP. In addition, we will redeem shares on a quarterly basis, at the rate of approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter for which the redemptions are being paid. During the year ended December 31, 2015, we received valid redemption requests under our share redemption program totaling approximately 6.7 million shares, of which we redeemed approximately 3.8 million shares as of December 31, 2015 for $36.1 million ($9.59 per share) and approximately 2.9 million shares subsequent to December 31, 2015 for $27.6 million ($9.59 per share). As of December 31, 2014, we received valid redemption requests under our share redemption program totaling approximately 1.9 million shares, of which we redeemed approximately 1.1 million shares as of December 31, 2014 for $10.6 million ($9.64 per share) and approximately 818,000 shares subsequent to December 31, 2014 for $7.9 million ($9.64 per share). A valid redemption request is one that complies with the applicable requirements and guidelines of our current share redemption program. We have funded and intend to continue funding share redemptions with proceeds from our DRIP Offering.

See the discussion of our share redemption program in Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Share Redemption Program of this Annual Report on Form 10-K.

Liquidity and Capital Resources

General

Our principal demands for funds will be for real estate and real estate-related investments, for the payment of operating expenses and distributions, for the payment of principal and interest on any outstanding indebtedness and to satisfy redemption requests. Generally, cash needs for items other than acquisitions and acquisition-related expenses will be generated from operations of our current and future investments. We expect to utilize funds from the Offerings and future proceeds from secured or unsecured financing to complete future property acquisitions. As the Offering has closed, we expect to meet cash needs for acquisitions from proceeds raised pursuant to the DRIP Offering, cash flow from operations and from debt financings. The sources of our operating cash flows will primarily be provided by the rental income received from current and future leased properties.

We have an unsecured credit facility with JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Facility”), that provides for borrowings of up to $1.28 billion, which is comprised of a $636.7 million unsecured term loan and up to $643.3

57

million in unsecured revolving loans (the “Revolving Loans”). The Credit Facility may be increased up to a maximum of $1.6 billion, subject to meeting certain requirements. As of December 31, 2015, we had $152.3 million in unused capacity under the Credit Facility, subject to borrowing availability. As of December 31, 2015, we also had cash and cash equivalents of $26.3 million.

Short-term Liquidity and Capital Resources

On a short-term basis, our principal demands for funds will be for the acquisition of real estate and real estate-related investments and the payment of acquisition-related expenses, operating expenses, distributions, redemptions and interest and principal on current and any future indebtedness. We expect to meet our short-term liquidity requirements through net cash provided by operations and proceeds from the Offerings, as well as secured or unsecured borrowings from banks and other lenders to finance our expected future acquisitions. Operating cash flows are expected to increase as additional properties are added to our portfolio. We believe that the resources stated above will be sufficient to satisfy our operating requirements for the foreseeable future, and we do not anticipate a need to raise funds from sources other than those described above within the next 12 months.

CR IV Advisors paid the organizational and other offering costs associated with the sale of our common stock in the Offering (excluding selling commissions and the dealer manager fees), which we reimbursed in an amount up to 2.0% of the gross proceeds of the Offering.

Long-term Liquidity and Capital Resources

On a long-term basis, our principal demands for funds will be for the acquisition of real estate and real estate-related investments and the payment of tenant improvements, acquisition-related expenses, operating expenses, distributions and redemptions to stockholders and interest and principal on any current and future indebtedness. We expect to meet our long-term liquidity requirements through proceeds from cash flow from operations, borrowings on the Credit Facility, proceeds from secured or unsecured borrowings from banks and other lenders, and proceeds raised pursuant to the DRIP Offering.

We expect that substantially all net cash flows from operations will be used to pay distributions to our stockholders after certain capital expenditures, including tenant improvements and leasing commissions, are paid; however, we have used, and may continue to use, other sources to fund distributions, as necessary, including proceeds from the Offerings, borrowings on the Credit Facility and/or future borrowings on our unencumbered assets. To the extent that cash flows from operations are lower due to fewer properties being acquired or lower than expected returns on the properties, distributions paid to our stockholders may be lower. We expect that substantially all net cash flows from the Offerings or debt financings will be used to fund acquisitions, certain capital expenditures identified at acquisition, repayments of outstanding debt or distributions to our stockholders.

As of December 31, 2015, we had issued approximately 317.9 million shares of our common stock in the Offering, resulting in gross proceeds of $3.2 billion.

Contractual Obligations

As of December 31, 2015, we had $2.1 billion of debt outstanding and the ratio of debt, less cash and cash equivalents, to gross real estate and real estate related assets, net of gross intangible lease liabilities, was 44%. See Note 7 — Notes Payable and Credit Facility to our consolidated financial statements in this Annual Report on Form 10-K for certain terms of our debt outstanding.

Our contractual obligations as of December 31, 2015 were as follows (in thousands):

	Payments due by period (1) (2)
	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
Principal payments — fixed rate debt (3)	$	896,628	$	425	$	24,662	$	313,214	$	558,327
Interest payments — fixed rate debt	237,087		36,292		71,839		63,828		65,128
Principal payments — variable rate debt	53,500		—		33,000		20,500		—
Interest payments — variable rate debt (4)	4,526		1,552		2,288		686		—
Principal payments — credit facility	1,127,666		—		1,127,666		—		—
Interest payments — credit facility (5)	70,068		31,548		38,520		—		—
Total	$	2,389,475	$	69,817	$	1,297,975	$	398,228	$	623,455

____________________________________

58

(1) The table does not include amounts due to CR IV Advisors or its affiliates pursuant to our advisory agreement because such amounts are not fixed and determinable.

(2) As of December 31, 2015, we had $107.8 million of variable rate debt effectively fixed through the use of interest rate swap agreements. We used the effective interest rates fixed under our swap agreements to calculate the debt payment obligations in future periods.

(3) Principal payment amounts reflect actual payments based on the face amount of notes payable secured by our wholly-owned properties. As of December 31, 2015, the fair value adjustment, net of amortization, of mortgage notes assumed was $590,000.

(4) As of December 31, 2015, we had variable rate debt outstanding of $53.5 million with a weighted average interest rate of 2.9%. We used the weighted average interest rate to calculate the debt payment obligations in future periods.

(5) As of December 31, 2015, the Term Loan outstanding totaled $636.7 million, $561.7 million of which is subject to interest rate swap agreements. As of December 31, 2015 the weighted average all-in interest rate for the Swapped Term Loan was 3.1%. As of December 31, 2015, the Revolving Loans outstanding totaled $491.0 million, $250.0 million of which is subject to an interest rate swap agreement (the “Swapped Revolver”). The Swapped Revolver had an all-in interest rate of 3.0% as of December 31, 2015. The remaining $316.0 million outstanding under the Credit Facility had a weighted average interest rate of 2.1% as of December 31, 2015.

We expect to incur additional borrowings in the future to acquire additional properties and make other real estate-related investments. There is no limitation on the amount we may borrow against any single improved property. Our future borrowings will not exceed 300% of our net assets as of the date of any borrowing, which is the maximum level of indebtedness permitted under the NASAA REIT Guidelines; however, we may exceed that limit if approved by a majority of our independent directors. Our board of directors has adopted a policy to further limit our borrowings to 60% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our gross assets, unless excess borrowing is approved by a majority of our independent directors and disclosed to our stockholders in the next quarterly report along with the justification for such excess borrowing. Our advisor has set a target leverage ratio of 40% to 50% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our gross assets. As of December 31, 2015, our ratio of debt to total gross real estate assets net of gross intangible lease liabilities was 44%.

As of December 31, 2015, we had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in five retail properties, subject to meeting certain criteria, for an aggregate purchase price of $32.0 million, exclusive of closing costs. As of December 31, 2015, we had $1.0 million of property escrow deposits held by escrow agents in connection with these future property acquisitions. These deposits are included in the consolidated balance sheets in prepaid expenses, property escrow deposits, derivative assets and other assets and could be forfeited under certain circumstances. None of these escrow deposits have been forfeited.

Cash Flow Analysis

Year Ended December 31, 2015 Compared to Year Ended December 31, 2014

Operating Activities. During the year endedDecember 31, 2015, net cash provided by operating activities increased by $93.8 million to $182.9 million compared to net cash provided by operating activities of $89.1 million for the year endedDecember 31, 2014. The change was primarily due to an increase in adjustments in depreciation and amortization of $40.4 million, an increase in net income of $53.7 million and an increase in net working capital accounts of $3.3 million, partially offset by an increase in straight-line rental income of $3.5 million and a contingent consideration fair value adjustment of $1.7 million. See “— Results of Operations” for a more complete discussion of the factors impacting our operating performance.

Investing Activities. Net cash used in investing activities decreased by $1.1 billion to $676.7 million for the year endedDecember 31, 2015, compared to $1.7 billion for the year endedDecember 31, 2014. The decrease was primarily due to the acquisition of 111 commercial properties for an aggregate purchase price of $615.8 million during the year endedDecember 31, 2015, compared to 422 commercial properties for an aggregate purchase price of $1.7 billion during the year endedDecember 31, 2014.

Financing Activities. Net cash provided by financing activities decreased by $941.1 million to $464.9 million for the year endedDecember 31, 2015, compared to $1.4 billion for the year endedDecember 31, 2014. The change was primarily due to our having received no net proceeds from the issuance of common stock in the Offerings and net proceeds from the borrowing facilities and notes payable of $597.0 million for the year endedDecember 31, 2015, compared to net proceeds from the issuance of common stock of $752.7 million in the Offering and net proceeds from the borrowing facilities and notes payable of $743.7 million for the year endedDecember 31, 2014. In addition, share redemptions increased by $33.4 million to $44.2 million for the year endedDecember 31, 2015, compared to $10.8 million for the year endedDecember 31, 2014.

59

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

Operating Activities. During the year ended December 31, 2014, net cash provided by operating activities was $89.1 million compared to net cash provided by operating activities of $7.6 million for the year ended December 31, 2013. The change was primarily due to an increase in adjustments in depreciation and amortization of $49.0 million, and an increase in net income of $44.1 million, partially offset by an increase in rents and tenant receivables of $7.6 million. See “— Results of Operations” for a more complete discussion of the factors impacting our operating performance.

Investing Activities. Net cash used in investing activities increased $37.4 million to $1.74 billion for the year ended December 31, 2014, compared to $1.70 billion for the year ended December 31, 2013. The increase was primarily due to the acquisition of 422 commercial properties for an aggregate purchase price of $1.74 billion during the year ended December 31, 2014, compared to 248 commercial properties for an aggregate purchase price of $1.66 billion during the year ended December 31, 2013.

Financing Activities. Net cash provided by financing activities decreased $576.1 million to $1.4 billion for the year ended December 31, 2014, compared to $2.0 billion for the year ended December 31, 2013. The change was primarily due to net proceeds from the issuance of common stock of $752.7 million in the Offerings and net proceeds from the borrowing facilities and notes payable of $743.7 million for the year ended December 31, 2014, compared to net proceeds from the issuance of common stock of $1.6 billion in the Offering and net proceeds from the borrowing facilities and notes payable of $422.4 million for the year ended December 31, 2013.

Election as a REIT

We elected to be taxed, and currently qualify, as a REIT under the Internal Revenue Code commencing with our taxable year ended December 31, 2012. To maintain our qualification as a REIT, we must continue to meet certain requirements relating to our organization, sources of income, nature of assets, distributions of income to our stockholders and recordkeeping. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders so long as we distribute at least 90% of our annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains).

If we fail to maintain our qualification as a REIT for any reason in a taxable year and applicable relief provisions do not apply, we will be subject to tax, including any applicable alternative minimum tax, on our taxable income at regular corporate rates. We will not be able to deduct distributions paid to our stockholders in any year in which we fail to maintain our qualification as a REIT. We also will be disqualified for the four taxable years following the year during which qualification was lost, unless we are entitled to relief under specific statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to maintain our qualification as a REIT for federal income tax purposes. No provision for federal income taxes has been made in our accompanying consolidated financial statements. We are subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in our accompanying consolidated financial statements.

Inflation

We are exposed to inflation risk as income from long-term leases is the primary source of our cash flows from operations. There are, and we expect that there will continue to be, provisions in many of our tenant leases that are intended to protect us from, and mitigate the risk of, the impact of inflation. These provisions include rent steps and clauses enabling us to receive payment of additional rent calculated as a percentage of the tenant’s gross sales above pre-determined thresholds. In addition, most of our leases require the tenant to pay all or a majority of the property’s operating expenses, including real estate taxes, special assessments and sales and use taxes, utilities, insurance and building repairs. However, because of the long-term nature of leases for real property, such leases may not reset frequently enough to adequately offset the effects of inflation.

Related-Party Transactions and Agreements

We have entered into agreements with CR IV Advisors and its affiliates whereby we agree to pay certain fees to, or reimburse certain expenses of, CR IV Advisors or its affiliates such as acquisition and advisory fees and expenses, organization and offering costs, leasing fees and reimbursement of certain operating costs. See Note 11— Related-Party Transactions and Arrangements to our consolidated financial statements in this Annual Report on Form 10-K for a discussion of the various related-party transactions, agreements and fees.

60

Conflicts of Interest

Affiliates of CR IV Advisors act as an advisor to, and our chief financial officer acts as an executive officer of, CCPT V, CCIT II and Cole Income NAV Strategy, all of which are REITs distributed and managed by affiliates of CR IV Advisors. As such, there are conflicts of interest where CR IV Advisors or its affiliates, while serving in the capacity as sponsor, general partner, officer, director, key personnel and/or advisor for VEREIT or another real estate program sponsored by Cole Capital, may be in conflict with us in connection with providing services to other real estate-related programs related to property acquisitions, property dispositions, and property management among others. The compensation arrangements between affiliates of CR IV Advisors and VEREIT and these other real estate programs sponsored by Cole Capital could influence the advice to us. See Part I, Item 1. Business — Conflicts of Interest of this Annual Report on Form 10-K.

Off-Balance Sheet Arrangements

As of December 31, 2015 and 2014, we had no material off-balance sheet arrangements that had or are reasonably likely to have a current or future effect on our financial condition, results of operations, liquidity or capital resources.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In connection with the acquisition of our properties, we have obtained variable rate debt financing through borrowings under the Revolving Loans and therefore may be exposed to changes in the London Interbank Offered Rate (“LIBOR”). In the future, we may obtain additional variable rate debt financing to fund certain property acquisitions, and may be exposed to interest rate changes. Our objectives in managing interest rate risks will be to limit the impact of interest rate changes on operations and cash flows, and to lower overall borrowing costs. To achieve these objectives, we expect to borrow primarily at interest rates with the lowest margins available and, in some cases, with the ability to convert variable rates to fixed rates. We have entered, and expect to continue to enter, into derivative financial instruments, such as interest rate swaps, in order to mitigate our interest rate risk associated with our variable rate debt. We have not entered, and do not intend to enter, into derivative or interest rate transactions for speculative purposes. We may also enter into rate lock arrangements to lock interest rates on future borrowings. We may be exposed to credit and market risks including, but not limited to, the failure of any counterparty to perform under the terms of the derivative contract or the adverse effect on the value of the financial instrument resulting from a change in interest rates.

As of December 31, 2015, we had $369.5 million of variable rate debt, excluding any debt subject to interest rate swap agreements, and, therefore, we are exposed to interest rate changes in LIBOR. As of December 31, 2015, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $1.8 million per year.

As of December 31, 2015, we had eight interest rate swap agreements outstanding, which mature on various dates from June 2018 through November 2020, with an aggregate notional amount of $919.5 million and an aggregate net fair value of $(5.4) million. The fair value of these interest rate swap agreements is dependent upon existing market interest rates and swap spreads. As of December 31, 2015, an increase of 50 basis points in interest rates would result in a decrease of $12.2 million to the net fair value of the derivative liability, resulting in a derivative asset of $6.8 million. A decrease of 50 basis points in interest rates would result in a $12.3 million increase to the net fair value of the derivative liability, resulting in a derivative liability of $17.7 million.

We do not have any foreign operations and thus we are not exposed to foreign currency fluctuations.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and supplementary data filed as part of this report are set forth beginning on page F-1 of this Annual Report on Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There were no changes in or disagreements with our independent registered public accountants during the year endedDecember 31, 2015.

61

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that no controls and procedures, no matter how well designed and operated, can provide absolute assurance of achieving the desired control objectives.

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of December 31, 2015 was conducted under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures, as of December 31, 2015, were effective.

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 Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected.

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, management has concluded that our internal control over financial reporting was effective as of December 31, 2015.

Changes in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d -15(f) of the Exchange Act) during the quarter ended December 31, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

62

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this Item will be presented in our definitive proxy statement for our 2016 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2015, and is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item will be presented in our definitive proxy statement for our 2016 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2015, and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by this Item will be presented in our definitive proxy statement for our 2016 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2015, and is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this Item will be presented in our definitive proxy statement for our 2016 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2015, and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item will be presented in our definitive proxy statement for our 2016 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2015, and is incorporated herein by reference.

63

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements

The list of the consolidated financial statements contained herein is set forth on page F-1 hereof.

Financial Statement Schedules

Schedule III – Real Estate Assets and Accumulated Depreciation is set forth beginning on page S-1 hereof.

All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are not applicable and therefore have been omitted.

Exhibits

The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the year ended December 31, 2015 (and are numbered in accordance with Item 601 of Regulation S-K).

Exhibit No.	Description
3.1	First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.4 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
3.2	Certificate of Correction to the First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.6 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
3.3	Articles of Amendment of First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed February 27, 2012).
3.4	Certificate of Correction to First Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.6 to the Company’s Annual Report on Form 10-K (File No. 000-54939), filed March 29, 2013).
3.5	Second Articles of Amendment of First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed June 2, 2014).
3.6	Bylaws of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.5 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
3.7	First Amendment to the Bylaws of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed June 27, 2012).
4.1	Distribution Reinvestment Plan (Incorporated by reference to Exhibit 10.3 to Post-Effective Amendment No. 8 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 10, 2014).
10.1	Advisory Agreement by and between Cole Credit Property Trust IV, Inc. and Cole REIT Advisors IV, LLC, dated January 20, 2012 (Incorporated by reference to Exhibit 10.1 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
10.2	Amended and Restated Agreement of Limited Partnership of Cole Operating Partnership IV, LP, by and between Cole Credit Property Trust IV, Inc. and the limited partners thereto (Incorporated by reference to Exhibit 10.2 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
10.3	First Amendment of Advisory Agreement by and between Cole Credit Property Trust IV, Inc. and Cole REIT Advisors IV, LLC, dated February 23, 2012 (Incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q (File No. 000-54939), filed May 15, 2012).
10.4	Loan Agreement by and between Cole MT Brooklyn NY, LLC, as borrower and PNC Bank, National Association, as lender dated December 5, 2012 (Incorporated by reference to Exhibit 10.22 to Post-Effective Amendment No. 4 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 10, 2013).
10.5	Credit Agreement, dated December 14, 2012, among Cole Operating Partnership IV, LP, as borrower, each lender from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and syndication agent, and J.P. Morgan Securities LLC as lead arranger and book manager (Incorporated by reference to Exhibit 10.23 to Post-Effective Amendment No. 4 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed January 10, 2013).
10.6	Purchase Agreement by and between Cole CCPT IV Acquisitions, LLC and WPV San Jose, LLC, dated January 18, 2013 (Incorporated by reference to Exhibit 10.24 to Post-Effective Amendment No. 5 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed April 10, 2013).
10.7	Fourth Amendment to Purchase Agreement by and between Cole CCPT IV Acquisitions, LLC and WPV San Jose, LLC, dated February 12, 2013 (Incorporated by reference to Exhibit 10.25 to Post-Effective Amendment No. 5 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed April 10, 2013).
10.8	First Modification and Lender Joinder Agreement, dated March 8, 2013, by and among Cole Operating Partnership IV, LP, JPMorgan Chase Bank, N.A. and Bank of America, N.A. (Incorporated by reference to Exhibit 10.26 to Post-Effective Amendment No. 5 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed April 10, 2013).
10.9	Loan Agreement dated April 15, 2013 between Cole MT San Jose CA, LP as Borrower and Wells Fargo Bank, National Association as Lender (Incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q (File No. 000-54939), filed May 14, 2013).
10.10	Second Modification Agreement, dated May 3, 2013, by and among Cole Operating Partnership IV, LP, JPMorgan Chase Bank, N.A. and Bank of America, N.A. (Incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 000-54939), filed August 13, 2013).
10.11	Third Modification and Lender Joinder Agreement, dated July 19, 2013, among Cole Operating Partnership IV, LP, JP Morgan Chase Bank, N.A., Bank of America, N.A. and U.S. Bank National Association (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 000-54939), filed November 12, 2013).
10.12	Amended and Restated Credit Agreement, dated as of August 15, 2013, among Cole Operating Partnership IV, LP , as the borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Bank of America, N.A. and U.S. Bank National Association as Co-Syndication Agents, Capital One, N.A., Regions Bank, Wells Fargo Bank, National Association and PNC Bank, National Association as Co-Documentation Agents and the other lenders party thereto (Incorporated by reference to Exhibit 10.29 to Post-Effective Amendment No. 7 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed October 10, 2013).
21.1*	Subsidiaries of the Registrant.
23.1*	Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm.
31.1*	Certifications of the Principal Executive Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certifications of the Principal Financial Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certifications of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.

____________________________________

*

Filed herewith.

**

In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

64

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized this 29th day of March, 2016.

	Cole Credit Property Trust IV, Inc.
By:	/s/ SIMON J. MISSELBROOK
	Simon J. Misselbrook
	Chief Financial Officer and Treasurer
	(Principal Financial Officer)

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 date indicated.

Signature	Title	Date
/s/ THOMAS W. ROBERTS	Chief Executive Officer and President	March 29, 2016
Thomas W. Roberts	(Principal Executive Officer)
/s/ SIMON J. MISSELBROOK	Chief Financial Officer and	March 29, 2016
Simon J. Misselbrook	Treasurer (Principal Financial Officer)
/s/ CHRISTINE T. BROWN	Vice President of Accounting	March 29, 2016
Christine T. Brown	(Principal Accounting Officer)
/s/ LAWRENCE S. JONES	Director	March 29, 2016
Lawrence S. Jones
/s/ T. PATRICK DUNCAN	Chairman of the Board	March 29, 2016
T. Patrick Duncan

65

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Financial Statements	Page
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheets as of December 31, 2015 and 2014	F-3
Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014 and 2013	F-4
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2015, 2014 and 2013	F-5
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2015, 2014 and 2013	F-6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013	F-7
Notes to Consolidated Financial Statements	F-8
Schedule III - Real Estate Assets and Accumulated Depreciation	S-1

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Cole Credit Property Trust IV, Inc.

Phoenix, Arizona

We have audited the accompanying consolidated balance sheets of Cole Credit Property Trust IV, Inc. and subsidiaries (the “Company”) as of December 31, 2015 and 2014, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2015. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on the financial statements and financial statement schedule 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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, such consolidated financial statements present fairly, in all material respects, the financial position of Cole Credit Property Trust IV, Inc. and subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, 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.

/s/ DELOITTE & TOUCHE LLP

Phoenix, Arizona

March 29, 2016

F-2

COLE CREDIT PROPERTY TRUST IV, INC.

CONSOLIDATED BALANCE SHEETS

 (in thousands, except share and per share amounts)

	December 31, 2015			December 31, 2014
ASSETS
Investment in real estate assets:
Land	$	1,113,987		$	972,983
Buildings, fixtures and improvements	3,071,618			2,617,956
Intangible lease assets	533,477			440,002
Total real estate investments, at cost	4,719,082			4,030,941
Less: accumulated depreciation and amortization	(253,115		)	(126,271		)
Total real estate investments, net	4,465,967			3,904,670
Investment in unconsolidated joint venture	18,359			19,170
Total real estate investments and related assets, net	4,484,326			3,923,840
Cash and cash equivalents	26,316			55,287
Restricted cash	8,274			4,560
Rents and tenant receivables, net	54,782			34,929
Due from affiliates	47			470
Prepaid expenses, property escrow deposits, derivative assets and other assets	4,359			7,137
Deferred costs, net	4,095			5,245
Total assets	$	4,582,199		$	4,031,468
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable and credit facility, net	$	2,066,563		$	1,458,828
Accounts payable and accrued expenses	26,418			25,355
Due to affiliates	5,613			5,473
Intangible lease liabilities, net	53,822			55,535
Distributions payable	16,568			16,189
Deferred rental income, derivative liabilities and other liabilities	26,100			21,710
Total liabilities	2,195,084			1,583,090
Commitments and contingencies
Redeemable common stock and noncontrolling interest	190,561			121,972
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued and outstanding	—			—
Common stock, $0.01 par value; 490,000,000 shares authorized, 312,093,211 and 304,950,000 shares issued and outstanding, respectively	3,121			3,050
Capital in excess of par value	2,607,367			2,607,448
Accumulated distributions in excess of earnings	(408,575		)	(280,035		)
Accumulated other comprehensive loss	(5,359		)	(4,057		)
Total stockholders’ equity	2,196,554			2,326,406
Total liabilities and stockholders’ equity	$	4,582,199		$	4,031,468

The accompanying notes are an integral part of these consolidated financial statements.

F-3

COLE CREDIT PROPERTY TRUST IV, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 (in thousands, except share and per share amounts)

	Year Ended December 31,
	2015			2014			2013
Revenues:
Rental income	$	321,425		$	221,909		$	90,680
Tenant reimbursement income	46,306			34,373			11,877
Total revenues	367,731			256,282			102,557
Operating expenses:
General and administrative	13,652			11,510			7,566
Property operating	20,890			15,508			5,807
Real estate tax	33,571			23,527			7,700
Advisory fees and expenses	36,225			24,142			10,549
Acquisition-related	15,526			51,763			48,286
Depreciation and amortization	122,227			84,402			33,345
Impairment	1,440			—			—
Total operating expenses	243,531			210,852			113,253
Operating income (loss)	124,200			45,430			(10,696		)
Other income (expense):
Interest expense and other, net	(59,307		)	(34,260		)	(22,184		)
Net income (loss)	64,893			11,170			(32,880		)
Net income (loss) allocated to noncontrolling interest	122			(20		)	—
Net income (loss) attributable to the Company	$	64,771		$	11,190		$	(32,880	)
Weighted average number of common shares outstanding:
Basic and diluted	309,263,576			292,072,088			90,330,927
Net income (loss) per common share:
Basic and diluted	$	0.21		$	0.04		$	(0.36	)

The accompanying notes are an integral part of these consolidated financial statements.

F-4

COLE CREDIT PROPERTY TRUST IV, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 (in thousands)

	Year Ended December 31,
	2015			2014			2013
Net income (loss)	$	64,893		$	11,170		$	(32,880	)
Other comprehensive loss:
Unrealized loss on interest rate swaps	(7,787		)	(7,046		)	(4,203		)
Amount of loss reclassified from other comprehensive loss into income as interest expense	6,485			5,241			1,951
Total other comprehensive loss	(1,302		)	(1,805		)	(2,252		)
Comprehensive income (loss)	63,591			9,365			(35,132		)
Comprehensive income (loss) allocated to noncontrolling interest	122			(20		)	—
Comprehensive income (loss) attributable to the Company	$	63,469		$	9,385		$	(35,132	)

The accompanying notes are an integral part of these consolidated financial statements.

F-5

COLE CREDIT PROPERTY TRUST IV, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

 (in thousands, except share amounts)

	Common Stock					Capital in  Excess of Par Value			Accumulated Distributions in Excess of Earnings			Accumulated Other Comprehensive Loss			Total Stockholders’ Equity
	Number of Shares		Par Value
Balance, January 1, 2013	29,943,549		$	299		$	264,341		$	(19,125	)	$	—		$	245,515
Issuance of common stock	181,205,760		1,811			1,806,009			—			—			1,807,820
Distributions to investors	—		—			—			(56,583		)	—			(56,583		)
Commissions on stock sales and related dealer manager fees	—		—			(157,767		)	—			—			(157,767		)
Other offering costs	—		—			(36,179		)	—			—			(36,179		)
Redemptions of common stock	(122,637	)	—			(1,182		)	—			—			(1,182		)
Changes in redeemable common stock	—		—			(24,520		)	—			—			(24,520		)
Comprehensive loss	—		—			—			(32,880		)	(2,252		)	(35,132		)
Balance, December 31, 2013	211,026,672		$	2,110		$	1,850,702		$	(108,588	)	$	(2,252	)	$	1,741,972
Issuance of common stock	95,036,480		951			940,979			—			—			941,930
Distributions to investors	—		—			—			(182,637		)	—			(182,637		)
Commissions on stock sales and related dealer manager fees	—		—			(72,706		)	—			—			(72,706		)
Other offering costs	—		—			(7,277		)	—			—			(7,277		)
Redemptions and cancellations of common stock	(1,113,152	)	(11		)	(10,838		)	—			—			(10,849		)
Changes in redeemable common stock	—		—			(93,412		)	—			—			(93,412		)
Comprehensive loss	—		—			—			11,190			(1,805		)	9,385
Balance, December 31, 2014	304,950,000		$	3,050		$	2,607,448		$	(280,035	)	$	(4,057	)	$	2,326,406
Issuance of common stock	11,745,917		117			112,041			—			—			112,158
Distributions to investors	—		—			—			(193,311		)	—			(193,311		)
Commissions on stock sales and related dealer manager fees	—		—			—			—			—			—
Other offering costs	—		—			(6		)	—			—			(6		)
Redemptions and cancellations of common stock	(4,602,706	)	(46		)	(44,142		)	—			—			(44,188		)
Changes in redeemable common stock	—		—			(67,974		)	—			—			(67,974		)
Comprehensive loss	—		—			—			64,771			(1,302		)	63,469
Balance, December 31, 2015	312,093,211		$	3,121		$	2,607,367		$	(408,575	)	$	(5,359	)	$	2,196,554

The accompanying notes are an integral part of these consolidated financial statements.

F-6

COLE CREDIT PROPERTY TRUST IV, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 (in thousands)

	Year Ended December 31,
	2015			2014			2013
Cash flows from operating activities:
Net income (loss)	$	64,893		$	11,170		$	(32,880	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net	121,128			82,143			33,156
Amortization of deferred financing costs	4,646			3,201			3,056
Amortization of fair value adjustment of mortgage notes payable assumed	(336		)	(94		)	—
Straight-line rental income	(11,776		)	(8,227		)	(4,853		)
Bad debt expense	320			113			59
Equity in income of unconsolidated joint venture	(798		)	(765		)	(324		)
Return on investment from unconsolidated joint venture	1,038			719			130
Loss on sale of real estate	108			157			—
Impairment of real estate	1,440			—			—
Fair value adjustment to contingent consideration	(1,747		)	—			—
Changes in assets and liabilities:
Rents and tenant receivables	(3,570		)	(12,375		)	(8,181		)
Prepaid expenses and other assets	(488		)	(480		)	(730		)
Accounts payable and accrued expenses	6,043			6,741			8,688
Deferred rental income and other liabilities	1,436			4,355			7,369
Due from affiliates	423			(470		)	—
Due to affiliates	140			2,898			2,080
Net cash provided by operating activities	182,900			89,086			7,570
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(677,754		)	(1,717,744		)	(1,667,832		)
Real estate developments	(684		)	(31,742		)	—
Return of investment in unconsolidated joint venture	571			—			(18,930		)
Proceeds from sale of real estate	1,058			1,758			—
Escrowed funds for acquisition of real estate investments	—			(70,254		)	—
Release of escrowed funds for acquisition of real estate investments	—			70,254			—
Payment of property escrow deposits	(3,240		)	(6,148		)	(28,978		)
Refund of property escrow deposits	7,025			9,888			20,453
Change in restricted cash	(3,714		)	3,633			(7,670		)
Net cash used in investing activities	(676,738		)	(1,740,355		)	(1,702,957		)
Cash flows from financing activities:
Proceeds from issuance of common stock	—			837,669			1,782,118
Redemptions and cancellations of common stock	(44,188		)	(10,849		)	(1,182		)
Offering costs on issuance of common stock	(6		)	(84,920		)	(190,670		)
Distributions to investors	(80,773		)	(72,756		)	(21,768		)
Proceeds from notes payable and borrowing facilities	1,218,367			744,064			970,842
Repayments of borrowing facilities and notes payable	(621,388		)	(388		)	(548,490		)
Payment of loan deposits	(3,242		)	(523		)	(1,406		)
Refund of loan deposits	3,242			1,068			861
Change in escrowed investor proceeds	—			(5,147		)	4,624
Deferred financing costs paid	(7,638		)	(1,681		)	(12,408		)
Contributions from noncontrolling interests	762			2,142			—
Distributions to noncontrolling interests	(269		)	(46		)	—
Other financing activities	—			(2,651		)	(455		)
Net cash provided by financing activities	464,867			1,405,982			1,982,066
Net (decrease) increase in cash and cash equivalents	(28,971		)	(245,287		)	286,679
Cash and cash equivalents, beginning of period	55,287			300,574			13,895
Cash and cash equivalents, end of period	$	26,316		$	55,287		$	300,574

The accompanying notes are an integral part of these consolidated financial statements.

F-7

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 — ORGANIZATION AND BUSINESS

Cole Credit Property Trust IV, Inc. (the “Company”) is a Maryland corporation, incorporated on July 27, 2010, that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. The Company is the sole general partner of and owns, directly or indirectly, 100% of the partnership interests in Cole Operating Partnership IV, LP, a Delaware limited partnership. The Company is externally managed by Cole REIT Advisors IV, LLC (“CR IV Advisors”), a Delaware limited liability company and an affiliate of the Company’s sponsor, Cole Capital^®, which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls the Company’s external advisor, CR IV Advisors, the Company’s dealer manager for the Offering (as defined below), Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. 

On January 26, 2012, pursuant to a Registration Statement on Form S-11 (Registration No. 333-169533) (the “Registration Statement”) filed under the Securities Act of 1933, as amended (the “Securities Act”), the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). On November 25, 2013, the Company reallocated $400.0 million in shares from its distribution reinvestment plan (the “DRIP”) to the primary portion of the Offering, and on February 18, 2014, the Company reallocated an additional $23.0 million in shares from the DRIP to the primary portion of the Offering. As a result of these reallocations, the Offering offered up to a maximum of approximately 292.3 million shares of common stock at a price of $10.00 per share in the primary portion of the Offering and up to approximately 5.5 million additional shares pursuant to the DRIP under which the Company’s stockholders could have elected to have distributions reinvested in additional shares of common stock at a price of $9.50 per share.

As of February 25, 2014, the Company no longer accepted subscription agreements in connection with the Offering because it had received subscription agreements that allowed it to reach the maximum primary offering. The Company ceased issuing shares in the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock issued pursuant to the DRIP. The remaining approximately 404,000 unsold shares from the Offering were deregistered.

In addition, the Company registered 26.0 million shares of common stock under the DRIP pursuant to a Registration Statement filed on Form S-3 (Registration No. 333-192958) (the “DRIP Offering” and collectively with the Offering, the “Offerings”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 19, 2013 and automatically became effective with the SEC upon filing. The Company has issued, and expects that it will continue to issue, shares of common stock in the DRIP Offering.

On September 27, 2015, the Company announced that its board of directors (the “Board”) established an estimated value of the Company’s common stock, as of August 31, 2015, of $9.70 per share for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Going forward, the Company intends to publish an updated estimated value per share on at least an annual basis.

Pursuant to the terms of the Company’s DRIP, as of August 31, 2015, distributions are reinvested in shares of our common stock at a price of $9.70 per share, the estimated per share value as determined by the Board.

As of December 31, 2015, the Company had issued approximately 317.9 million shares of its common stock in the Offerings, including 20.6 million shares issued in the DRIP Offering, for gross offering proceeds of $3.2 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million. As of December 31, 2015, the Company owned 871 properties, which include properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 25.2 million rentable square feet of commercial space located in 45 states. As of December 31, 2015, the rentable space at these properties was 98.5% leased. In addition, through an unconsolidated joint venture arrangement, as of December 31, 2015, the Company had an interest in one property comprising 176,000 rentable square feet of commercial space (the “Unconsolidated Joint Venture”).

F-8

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns.  If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations.

A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate these VIEs based on standards set forth in GAAP as described above.

As of December 31, 2015, the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. As of December 31, 2015 and December 31, 2014, the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation.

Reclassifications

Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation.

The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statements of cash flows. The Company has also chosen to combine the depreciation of $54.8 million and $21.6 million for the years ended December 31, 2014 and 2013, respectively, and amortization of $29.6 million and $11.7 million for the years ended December 31, 2014 and 2013, respectively, into the line item depreciation and amortization in the consolidated statements of operations.

The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the consolidated statements of other comprehensive income (loss) into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense.

Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation.

The Company has also reclassified certain accounts, as shown below, in its previously issued consolidated balance sheet to conform to the current period presentation. Investments in real estate assets have been presented gross, with the related depreciation and amortization amounts subtracted out to arrive at the net real estate investments balance. None of the revised

F-9

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

reclassifications reflect corrections of any amounts. The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands):

	December 31, 2014
	As Previously Reported
Investment in real estate assets:
Land	$	972,983
Buildings and improvements, less accumulated depreciation of $78,186	2,539,770
Intangible lease assets, less accumulated amortization of $48,085	391,917
Total investment in real estate assets, net	$	3,904,670
	December 31, 2014
	As Reclassified
Investment in real estate assets:
Land	$	972,983
Buildings, fixtures and improvements	2,617,956
Intangible lease assets	440,002
Total real estate investments, at cost	4,030,941
Less: accumulated depreciation and amortization	(126,271		)
Total real estate investments, net	$	3,904,670

Use of Estimates

The preparation of financial statements in conformity with GAAP requires 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 period. Actual results could differ from those estimates.

Real Estate Investments

Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred.

The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows:

Buildings	40 years
Tenant improvements	Lesser of useful life or lease term
Intangible lease assets	Lease term

Recoverability of Real Estate Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. The Company recorded impairment charges of $1.4 million related to one property during the year ended December 31, 2015. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate

F-10

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Acquisitions for further discussion regarding real estate investment activity. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2014 or 2013.

Assets Held for Sale

When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2015 or 2014.

Allocation of Purchase Price of Real Estate Assets

Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information.

The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values, subsequent to acquisition, are reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management.

The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s

F-11

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable.

The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.

Development Activities

Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. Once the development and construction of the building is substantially completed, the amounts capitalized to construction in progress are transferred to (i) land and (ii) buildings, fixtures and improvements and are depreciated over their respective useful lives. During the year ended December 31, 2015, the Company capitalized $1.5 million of interest expense associated with development projects. The Company did not capitalize any interest expense during the year ended December 31, 2014.

Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture

On June 27, 2014, the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net income of $122,000, received contributions of $762,000, and paid distributions of $269,000 related to the noncontrolling interest during the year ended December 31, 2015. The Company recorded the noncontrolling interest of $2.7 million and $2.1 million as of December 31, 2015 and December 31, 2014, respectively, as temporary equity, in the mezzanine section of the consolidated balance sheets, due to the redemption option existing outside the control of the Company.

Investment in Unconsolidated Joint Venture

The Company accounts for the Unconsolidated Joint Venture using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Venture during the years ended December 31, 2015 and December 31, 2014.

Restricted Cash

The Company had $8.3 million and $4.6 million in restricted cash as of December 31, 2015 and 2014, respectively. Included in restricted cash was $5.9 million and $2.7 million held by lenders in lockbox accounts, as of December 31, 2015 and 2014, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $2.4 million and $1.9 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement as of December 31, 2015 and 2014, respectively.

F-12

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Cash Concentrations

As of December 31, 2015, the Company had cash on deposit, including restricted cash, at 11 financial institutions, five of which had Company deposits in excess of federally insured levels totaling $30.9 million; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.

Deferred Financing Costs

Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt was refinanced or repaid before maturity. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving loan portion of the credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014, the Company had $4.1 million and $5.2 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close.

Due to Affiliates

CR IV Advisors, and certain of its affiliates, received fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management, financing and leasing of the properties of the Company. As of December 31, 2015, $5.6 million was due to CR IV Advisors and its affiliates for such services, as discussed in Note 11 — Related-Party Transactions and Arrangements.

Derivative Instruments and Hedging Activities

The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.

Redeemable Common Stock

Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.

Revenue Recognition

Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.

F-13

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2015 and December 31, 2014, the Company had an allowance for uncollectible accounts of $301,000 and $67,000, respectively.

Income Taxes

The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

Earnings (Loss) Per Share

Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2015, 2014 or 2013.

Reportable Segment

The Company’s commercial real estate investments consist primarily of income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to creditworthy tenants under long-term net leases. The properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.

Recent Accounting Pronouncements

Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $7.7 million of previously reported debt issuance costs included in other assets with the previously reported notes payable and credit facility, net balance of $1.5 billion in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows.

ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as VIEs was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements, except certain expanded disclosures will be required.

From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements:

F-14

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter.

ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted.

ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases, which replaces the existing guidance in ASC 840, Leases.  ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases.  Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability.  For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.

NOTE 3 — FAIR VALUE MEASUREMENTS

GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:

Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).

Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:

F-15

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Notes payable and credit facility – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs, as discussed in Note 2 — Summary of Significant Accounting Policies. These financial instruments are valued using Level 2 inputs. As of December 31, 2015 and 2014, the estimated fair value of the Company’s debt was $2.1 billion and $1.5 billion, respectively, which approximated their carrying value.

Derivative instruments – The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2015, the Company has assessed the overall significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Other financial instruments – The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization and based on their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

Contingent consideration arrangements – The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of the Contingent Payments is determined based on the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. 

Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2015 and 2014, there have been no transfers of financial assets or liabilities between fair value hierarchy levels.

Items Measured at Fair Value on a Recurring Basis

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands):

F-16

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

	Balance as of December 31, 2015			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Interest rate swaps	$	519		$	—	$	519		$	—
Total assets	$	519		$	—	$	519		$	—
Liabilities:
Interest rate swaps	$	(5,878	)	$	—	$	(5,878	)	$	—
Contingent consideration	(4,538		)	—		—			(4,538		)
Total liabilities	$	(10,416	)	$	—	$	(5,878	)	$	(4,538	)
	Balance as of December 31, 2014			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Liabilities:
Interest rate swaps	$	(4,057	)	$	—	$	(4,057	)	$	—
Contingent consideration	(3,405		)	—		—			(3,405		)
Total liabilities	$	(7,462	)	$	—	$	(4,057	)	$	(3,405	)

The following are reconciliations of the changes in liabilities with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2015 and 2014 (in thousands):

	Contingent Consideration Arrangements
Beginning Balance, December 31, 2014	$	(3,405	)
Purchases and fair value adjustments:
Purchases	(2,880		)
Fair value adjustments	1,747
Ending Balance, December 31, 2015	$	(4,538	)

	Contingent Consideration Arrangements
Beginning Balance, December 31, 2013	$	(784	)
Purchases, fair value adjustments and payments made:
Purchases	(5,342		)
Fair value adjustments	70
Payments made	2,651
Ending Balance, December 31, 2014	$	(3,405	)

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies.

As discussed in Note 4 — Real Estate Acquisitions, during the year ended December 31, 2015, real estate assets related to one single-tenant property totaling approximately 11,000 square feet were deemed to be impaired due to certain impairment indicators and its carrying value was reduced to its estimated fair value of $1.3 million, resulting in impairment charges of $1.4 million. The Company estimates fair values using Level 3 inputs and using a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization; (2) discount rates; (3) number of years property will be held; (4) property operating expenses; and (5) re-leasing assumptions including number of months to re-lease,

F-17

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and performance and sustainability of the Company’s tenants.

The following table presents the impairment charges by asset class recorded during the year ended December 31, 2015 (dollar amounts in thousands):

	Year Ended
	December 31, 2015
Asset class impaired:
Land	$	498
Buildings, fixtures and improvements	662
Intangible lease assets	280
Total impairment loss	$	1,440

NOTE 4 — REAL ESTATE ACQUISITIONS

2015 Property Acquisitions

During the year endedDecember 31, 2015, the Company acquired 111 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $615.8 million (the “2015 Acquisitions”). The Company purchased the 2015 Acquisitions with net proceeds from the Offerings and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for acquisitions purchased during the year endedDecember 31, 2015 (in thousands):

	December 31, 2015
Land	$	138,536
Buildings, fixtures and improvements	393,918
Acquired in-place leases	83,043
Acquired above-market leases	6,485
Intangible lease liabilities	(5,883		)
Fair value adjustment of assumed note payable	(253		)
Total purchase price	$	615,846

The Company recorded revenue for the year endedDecember 31, 2015 of $28.4 million and a net loss for the year endedDecember 31, 2015 of $6.3 million related to the 2015 Acquisitions.

The following information summarizes selected financial information of the Company as if all of the 2015 Acquisitions were completed on January 1, 2014 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands):

	Year Ended December 31,
	2015		2014
Pro forma basis (unaudited):
Revenue	$	387,921	$	305,141
Net income	$	79,888	$	8,267

The unaudited pro forma information for the year endedDecember 31, 2015 was adjusted to exclude $15.5 million of acquisition-related expenses recorded during the year ended December 31, 2015. Accordingly, these costs were instead recognized in the unaudited pro forma information for the year endedDecember 31, 2014.

The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2014, nor does it purport to represent the results of future operations.

F-18

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Development Project

During the year endedDecember 31, 2014, the Company acquired one land parcel, upon which a 1.6 million square foot industrial property was expected to be constructed. The land, acquired for an aggregate amount of $23.9 million, was excluded from the 2014 Acquisitions. During the year ended December 31, 2015, the Company substantially completed the development project and placed it in service. As of December 31, 2015, the Company had a total investment of $102.8 million.

2015 Land Disposition

During the year endedDecember 31, 2015, the Company sold one undeveloped land parcel for a gross sales price of $1.1 million, resulting in net cash proceeds of $1.0 million to the Company and a loss of $108,000, which was recorded in other expenses in the consolidated statement of operations.

Impairment of a Property

The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion on the Company’s accounting policies regarding impairment of real estate assets.

During the year endedDecember 31, 2015, a property with a carrying value of $2.7 million was deemed to be impaired and its carrying value was reduced to its estimated fair value of $1.3 million, resulting in impairment charges of $1.4 million, which were recorded in the consolidated statement of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges.

2014 Property Acquisitions

During the year endedDecember 31, 2014, the Company acquired 422 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $1.7 billion (the “2014 Acquisitions”). The Company purchased the 2014 Acquisitions (as defined below) with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):

	December 31, 2014
Land	$	437,206
Buildings, fixtures and improvements	1,152,148
Acquired in-place leases	154,972
Acquired above-market leases	23,430
Intangible lease liabilities	(24,620		)
Fair value adjustment of assumed note payable	(765		)
Total purchase price	$	1,742,371

The Company recorded revenue for the year endedDecember 31, 2014 of $61.2 million and a net loss for the year endedDecember 31, 2014 of $25.7 million related to the 2014 Acquisitions.

The following information summarizes selected financial information of the Company as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands):

	Year Ended December 31,
	2014		2013
Pro forma basis (unaudited):
Revenue	$	332,860	$	245,969
Net income (loss)	$	131,001	$	(53,805	)

F-19

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The unaudited pro forma information for the year endedDecember 31, 2014 was adjusted to exclude $51.8 million of acquisition-related expenses recorded during the year endedDecember 31, 2014. These costs were recognized in the unaudited pro forma information for the year endedDecember 31, 2013. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2013, nor does it purport to represent the results of future operations.

2014 Land Disposition

During the year endedDecember 31, 2014, the Company sold one undeveloped land parcel for a gross sales price of $1.9 million, resulting in net cash proceeds of $1.8 million to the Company and a loss of $157,000.

Escrowed Funds for Acquisition of Real Estate Investments

In anticipation of closing on two properties, the Company funded $70.3 million to an escrow account on September 30, 2014, which was returned when both of the properties closed and the title was transferred during the quarter ended December 31, 2014. As of December 31, 2014, there were no amounts included in escrowed funds for acquisition of real estate investments on the accompanying consolidated balance sheets.

2013 Property Acquisitions

During the year ended December 31, 2013, the Company acquired 248 commercial properties for an aggregate purchase price of $1.7 billion (the “2013 Acquisitions”). The Company purchased the 2013 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):

		December 31, 2013
Land	$	390,781
Building and improvements		1,103,390
Acquired in-place leases		175,520
Acquired above-market leases		26,921
Acquired below-market leases		(31,802	)
Total purchase price	$	1,664,810

The Company recorded revenue for the year ended December 31, 2013 of $60.4 million and a net loss for the year ended December 31, 2013 of $25.7 million related to the 2013 Acquisitions.

The following information summarizes selected financial information of the Company as if all of the 2013 Acquisitions were completed on January 1, 2012 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands):

	Year Ended December 31,
	2013		2012
Pro forma basis (unaudited):
Revenue	$	181,859	$	147,515
Net income (loss)	$	44,490	$	(30,842	)

The unaudited pro forma information for the year ended December 31, 2013 was adjusted to exclude $48.3 million of acquisition related expenses recorded during the year ended December 31, 2013. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2012. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2012, nor does it purport to represent the results of future operations.

Property Concentrations

As of December 31, 2015, no single tenant accounted for greater than 10% of the Company’s 2015 gross annualized rental revenues. The Company had certain geographic concentrations in its property holdings. In particular, as of December 31, 2015, 77 of the Company’s properties were located in California, which accounted for 11% of the Company’s 2015 gross annualized

F-20

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

rental revenues. In addition, the Company had tenants in the discount store and pharmacy industries, which comprised 14% and 11%, respectively, of the Company’s 2015 gross annualized rental revenues.

NOTE 5 — INTANGIBLE LEASE ASSETS

The intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts):

		As of December 31,
		2015		2014
In-place leases, net of accumulated amortization of $81,856 and
	$41,739, respectively (with a weighted average life remaining of 11.7 years
	and 12.4 years, respectively)	$	391,868	$	344,664
Acquired above-market leases, net of accumulated amortization of $12,454 and
	$6,346, respectively (with a weighted average life remaining of 10.1 years and
	10.5 years, respectively)	47,299		47,253
		$	439,167	$	391,917

Amortization expense related to the in-place lease assets for the years ended December 31, 2015, 2014 and 2013, was $41.6 million, $29.6 million and $11.7 million, respectively. Amortization expense related to the acquired above-market lease assets for the years ended December 31, 2015, 2014 and 2013, was $6.4 million, $4.4 million and $1.9 million, respectively, and was recorded as a reduction to rental income in the consolidated statements of operations.

Estimated amortization expense related to the intangible lease assets as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands):

	Amortization
Year Ending December 31,	In-Place Leases		Above-Market Leases
2016	$	41,569	$	6,220
2017	$	38,776	$	5,903
2018	$	36,121	$	5,022
2019	$	32,504	$	4,083
2020	$	30,824	$	3,839

NOTE 6 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2015, the Company entered into five interest rate swap agreements. As of December 31, 2015, the Company had eight interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2015 and 2014 (in thousands):

		Outstanding Notional					Fair Value Assets and (Liabilities)
	Balance Sheet	Amount as of		Interest	Effective	Maturity	December 31,			December 31,
	Location	December 31, 2015		Rates (1)	Dates	Dates	2015			2014
Interest Rate Swaps	Prepaid expenses, property escrow deposits, derivative assets and other assets	$	330,766	2.78% to 3.59%	6/30/2015 to 10/15/2015	8/15/2018 to 11/06/2020	$	519		$	—
Interest Rate Swaps	Deferred rental income, derivative liabilities and other liabilities	$	588,737	3.00% to 4.75%	6/24/2013 to 12/31/2015	6/24/2018 to 8/24/2020	$	(5,878	)	$	(4,057	)

____________________________________

(1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015.

F-21

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks.

Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges, to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. For the years ended December 31, 2015, 2014, and 2013, the amounts reclassified were $6.5 million, $5.2 million and $2.0 million, respectively. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the years ended December 31, 2015, 2014, and 2013. During the next 12 months, the Company estimates that an additional $6.6 million will be reclassified from other comprehensive income (loss) as an increase to interest expense.

The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments, of $6.5 million at December 31, 2015. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. There were no termination events or events of default related to the interest rate swaps as of December 31, 2015.

NOTE 7 — NOTES PAYABLE AND CREDIT FACILITY

As of December 31, 2015, the Company had $2.1 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 4.1 years and weighted average interest rate of 3.3%. The following table summarizes the debt balances as of December 31, 2015 and 2014, and the debt activity for the year endedDecember 31, 2015 (in thousands):

				During the Year Ended December 31, 2015
	Balance as of December 31, 2014			Debt Issuances and Assumptions (1)			Repayments			Accretion and (Amortization)			Balance as of December 31, 2015
Fixed rate debt	$	565,836		$	346,180		$	(15,388	)	$	—		$	896,628
Variable rate debt	—			53,500			—			—			53,500
Credit facility	900,000			833,666			(606,000		)	—			1,127,666
Total debt	1,465,836			1,233,346			(621,388		)	—			2,077,794
Net premiums (2)	671			—			—			(81		)	590
Deferred costs (3)	(7,679		)	(6,473		)	—			2,331			(11,821		)
Total debt, net	$	1,458,828		$	1,226,873		$	(621,388	)	$	2,250		$	2,066,563

____________________________________

(1) Includes deferred financing costs incurred during the period.

(2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.

(3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies.

As of December 31, 2015, the fixed rate debt outstanding of $896.6 million included $107.8 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.4% to 5.0% per annum. The debt outstanding matures on various dates from June 2018 through October 2025. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $1.6 billion as of December 31, 2015. Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. As of December 31, 2015, the variable rate debt outstanding of $53.5 million had a weighted average interest rate of

F-22

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

2.9%. The variable rate debt outstanding matures on various dates from February 2018 to February 2020. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the variable rate debt outstanding was $106.8 million as of December 31, 2015.

The Company has an amended and restated unsecured credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan Chase”), that provides for borrowings of up to $1.28 billion, which is comprised of a $636.7 million unsecured term loan (the “Term Loan”) and up to $643.3 million in unsecured revolving loans (the “Revolving Loans”). The Credit Facility may be increased up to a maximum of $1.6 billion. The Term Loan matures on August 15, 2018 and the Revolving Loans mature on August 15, 2017; however, the Company may elect to extend the maturity date for the Revolving Loans to August 15, 2018 subject to satisfying certain conditions set forth in the amended and restated unsecured credit agreement among the Company and JPMorgan Chase, as administrative agent (as amended, the “Amended and Restated Credit Agreement”).

Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.65% to 2.50% or (ii) a base rate, ranging from 0.65% to 1.50%, plus the greater of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Amended and Restated Credit Agreement) plus 0.50%; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.00%. As of December 31, 2015, the Revolving Loans outstanding totaled $491.0 million, $250.0 million of which is subject to an interest rate swap agreement (the “Swapped Revolver”). The swap agreement has the effect of fixing the Eurodollar Rate beginning on December 31, 2015 through the maturity date of the Revolving Loans. The all-in rate for the Swapped Revolver was 3.0% as of December 31, 2015. As of December 31, 2015, the Term Loan outstanding totaled $636.7 million, $561.7 million of which is subject to interest rate swap agreements (the “Swapped Term Loan”). The swap agreements had the effect of fixing the Eurodollar Rate per annum through the maturity date of the Swapped Term Loan. As of December 31, 2015, the weighted average all-in rate for the Swapped Term Loan was 3.1%. As of December 31, 2015, the Company had $1.1 billion outstanding under the Credit Facility at a weighted average interest rate of 2.8% and $152.3 million in unused capacity, subject to borrowing availability.

The Amended and Restated Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $425.0 million plus (ii) 75% of the issuance of equity from the date of the Amended and Restated Credit Agreement, a leverage ratio less than or equal to 60%, a fixed charge coverage ratio equal to or greater than 1.50, an unsecured debt to unencumbered asset value ratio equal to or less than 50%, an unsecured debt service coverage ratio equal to or greater than 1.75 and a secured debt ratio equal to or less than 30%. Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants under the Amended and Restated Credit Agreement as of December 31, 2015.

The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands):

Year Ending December 31,	Principal Repayments
2016	$	425
2017	491,451
2018	693,877
2019	499
2020	333,215
Thereafter	558,327
Total	$	2,077,794

NOTE 8 — INTANGIBLE LEASE LIABILITIES

Intangible lease liabilities consisted of the following (in thousands, except weighted average life amounts):

F-23

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

		As of December 31,
		2015		2014
Acquired below-market leases, net of accumulated amortization of $15,641
	and $8,807, respectively (with a weighted average life remaining of 8.8
	years and 9.2 years, respectively)	$	53,822	$	55,535

Amortization of the intangible lease liabilities during the years ended December 31, 2015, 2014 and 2013 was $7.6 million, $6.6 million and $2.1 million, respectively, and was recorded as an addition to rental income in the consolidated statements of operations.

Estimated amortization of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands):

Year Ending December 31,	Amortization of Below-Market Leases
2016	$	7,731
2017	$	7,417
2018	$	7,040
2019	$	6,164
2020	$	5,530

NOTE 9 — SUPPLEMENTAL CASH FLOW DISCLOSURES

Supplemental cash flow disclosures for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$	16,568		$	16,189		$	10,569
Accrued other offering costs due to affiliates	$	—		$	—		$	4,937
Accrued capital expenditures	$	2,741		$	7,721		$	1,760
Common stock issued through distribution reinvestment plan	$	112,158		$	104,261		$	25,702
Change in fair value of interest rate swaps	$	(1,302	)	$	(1,805	)	$	(2,252	)
Contingent consideration recorded upon property acquisitions	$	2,880		$	5,342		$	553
Fair value of notes payable assumed in real estate acquisition	$	15,233		$	25,979		$	—
Supplemental Cash Flow Disclosures:
Interest paid	$	54,388		$	31,159		$	17,474

NOTE 10 — COMMITMENTS AND CONTINGENCIES

Litigation

In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject.

Purchase Commitments

As of December 31, 2015, the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in five retail properties, subject to meeting certain criteria, for an aggregate purchase price of $32.0 million, exclusive of closing costs. As of December 31, 2015, the Company had $1.0 million of property escrow deposits held by escrow agents in connection with these future property acquisitions. These deposits are included in the consolidated balance sheets in prepaid expenses, property escrow deposits, derivative assets and other assets and could be forfeited under certain circumstances. None of these escrow deposits have been forfeited.

F-24

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Environmental Matters

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

NOTE 11 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

The Company has incurred commissions, fees and expenses payable to CR IV Advisors and certain of its affiliates in connection with the Offering and the acquisition, management and disposition of its assets.

Offering

In connection with the Offering, CCC, the Company’s dealer manager for the Offering, received selling commissions of up to 7.0% of gross offering proceeds before reallowance of selling commissions earned by participating broker-dealers. CCC reallowed 100% of selling commissions earned to participating broker-dealers. In addition, CCC received up to 2.0% of gross offering proceeds before reallowance to participating broker-dealers as a dealer manager fee in connection with the primary portion of the Offering. CCC, in its sole discretion, has reallowed a portion of its dealer manager fee to such participating broker-dealers. No selling commissions or dealer manager fees are or were paid to CCC or other participating broker-dealers with respect to shares issued pursuant to the DRIP portion of the Offering or the DRIP Offering.

All other organization and offering expenses associated with the sale of the Company’s common stock in the Offering (excluding selling commissions and dealer manager fees) were paid by CR IV Advisors or its affiliates and were reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses were considered to be underwriting compensation.

The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands):

	Year Ended December 31,
	2015		2014		2013
Offering:
Selling commissions	$	—	$	55,921	$	122,082
Selling commissions reallowed by CCC	$	—	$	55,921	$	122,082
Dealer manager fees	$	—	$	16,780	$	35,685
Dealer manager fees reallowed by CCC	$	—	$	9,326	$	20,183
Other offering costs	$	—	$	7,277	$	36,179

All amounts related to the years ended December 31, 2014 and 2013 have been paid to CR IV Advisors and its affiliates.

Acquisitions and Operations

CR IV Advisors or its affiliates also receive acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. Additionally, CR IV Advisors or its affiliates are reimbursed for acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price.

The Company pays CR IV Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (1) an annualized rate of 0.75% paid on the value of the Company’s average invested assets that are between $0 to $2.0 billion; (2) an annualized rate of 0.70% paid on the value of the Company’s average invested

F-25

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

assets that are between $2.0 billion to $4.0 billion; and (3) an annualized rate of 0.65% paid on the value of the Company’s average invested assets that are over $4.0 billion.

The Company reimburses CR IV Advisors or its affiliates for certain expenses CR IV Advisors or its affiliates paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse CR IV Advisors or its affiliates for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of: (1) 2.0% of average invested assets, or (2) 25.0% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company will not reimburse for personnel costs in connection with services for which CR IV Advisors receives acquisition fees.

The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands):

	Year Ended December 31,
	2015		2014		2013
Acquisition and Operations:
Acquisition fees and expenses	$	13,311	$	38,483	$	35,109
Advisory fees and expenses	$	36,225	$	24,152	$	10,549
Operating expenses	$	4,568	$	3,383	$	2,905

Of the amounts shown above, $5.6 million, $5.5 million and $2.6 million had been incurred, but not yet paid, for services provided by CR IV Advisors or its affiliates in connection with the acquisition and operations stage during the years ended December 31, 2015, 2014 and 2013, respectively, and such amounts were recorded as liabilities of the Company as of such dates.

Liquidation/Listing

If CR IV Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company will pay CR IV Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to a third party on the sale of such properties, not to exceed 1.0% of the contract price of the properties sold; provided, however, in no event may the disposition fee paid to CR IV Advisors or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price.

If the Company is sold or its assets are liquidated, CR IV Advisors will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively, if the Company’s shares are listed on a national securities exchange, CR IV Advisors will be entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeds the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to investors. As an additional alternative, upon termination of the advisory agreement, CR IV Advisors may be entitled to a subordinated performance fee similar to the fee to which CR IV Advisors would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination.

During each of the years ended December 31, 2015, 2014 and 2013, no commissions or fees were incurred for any services provided by CR IV Advisors and its affiliates in connection with the liquidation/listing stage.

Due to/from Affiliates

As of December 31, 2015, $5.6 million had been incurred primarily for advisory, operating and prepaid insurance by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. As of December 31, 2014, $5.5 million had been incurred primarily for advisory, operating and acquisition-related expenses by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the consolidated balance sheets as of such periods.

F-26

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

As of December 31, 2015, $47,000 was due from CR IV Advisors and its affiliates related to amounts received by affiliates of the advisor which was due to the Company. As of December 31, 2014, $470,000 was due from CR IV Advisors and its affiliates primarily related to amounts paid by the Company on dead deals which are reimbursable by the advisor.

F-27

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

NOTE 12 — ECONOMIC DEPENDENCY

Under various agreements, the Company has engaged or will engage CR IV Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

NOTE 13 — STOCKHOLDERS’ EQUITY

As of December 31, 2015 and 2014, the Company registered 26.0 million shares of common stock pursuant to the DRIP Offering. All shares of such stock have a par value of $0.01 per share. The par value of investor proceeds raised from the DRIP Offering is classified as common stock, with the remainder allocated to capital in excess of par value.

As of December 31, 2013, the Company was authorized to issue 490.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On August 11, 2010, the Company sold 20,000 shares of common stock, at $10.00 per share, to Cole Holdings Corporation (“CHC”). On April 5, 2013, the ownership of such shares was transferred to CREInvestments, LLC (“CREI”), an affiliate of CCI II Advisors. On February 7, 2014, the ownership of such shares was transferred to VEREIT Operating Partnership, L.P. (“VEREIT OP”). Pursuant to the Company’s charter, VEREIT OP is prohibited from selling the 20,000 shares of the common stock that represents the initial investment in the Company for so long as Cole Capital remains the Company’s sponsor; provided, however, that VEREIT OP may transfer ownership of all or a portion of these 20,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. The Company ceased offering shares of its common stock in the Offering on April 4, 2014 and registered 26.0 million shares of common stock under the DRIP Offering.

Distribution Reinvestment Plan

Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. The purchase price per share under the DRIP Offering is $9.70 per share, which is the most recently estimated value per share of the Company’s shares. The Company’s board of directors may terminate or amend the DRIP Offering at the Company’s discretion at any time upon ten days prior written notice to the stockholders. During the years ended December 31, 2015, 2014 and 2013, approximately 11.7 million, 11.0 million and 2.7 million shares were purchased under the DRIP portion of the Offering and the DRIP Offering for approximately $112.2 million, $104.3 million and $25.7 million, respectively.

Share Redemption Program

The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.

The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited to the net proceeds the Company receives from the sale of shares under the DRIP. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP. 

In accordance with the Company’s share redemption program, the per share redemption price (other than for shares purchased pursuant to the DRIP) will depend on the length of time the redeeming stockholder has held such shares as follows: after one year from the purchase date, 95% of the most recent estimated value of each share; after two years from the purchase date, 97.5% of the most recent estimated value of each share; and after three years from the purchase date, 100% of the most recent estimated value of each share. During this time period, the redemption price for shares purchased pursuant to the DRIP will be 100% of the most recent estimated value of each share. As a result of the Board’s determination of an estimated value of the Company’s shares of common stock, the estimated per share value of $9.70, as of August 31, 2015, shall serve as the most

F-28

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

recent estimated value for purposes of the share redemption program, effective October 1, 2015, until such time as the Board provides a new estimated share value.

Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods.

The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the share redemption program at any time upon 30 days’ notice to the stockholders. During the years ended December 31, 2015, 2014 and 2013, the Company redeemed approximately 4.6 million, 1.1 million and 123,000 shares, respectively, under the share redemption program for $44.2 million, $10.6 million and $1.2 million, respectively.

Distributions Payable and Distribution Policy

The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.25% on an annualized basis based on the original offering price of $10.00 per share, and an annualized return of approximately 6.44% based on the most recent value per share determined by the Board of $9.70) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on December 31, 2015. In addition, the Board authorized a daily distribution, based on 366 days in the calendar year, of $0.001706776 per share (which equates to 6.25% based on an annualized basis based on the original offering price of $10.00 per share, and an annualized return of 6.44% based on the most recent value per share determined by the Board of $9.70) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2016 and ending on June 30, 2016. As of December 31, 2015, the Company had distributions payable of $16.6 million.

NOTE 14 — INCOME TAXES

For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015		2014		2013
Ordinary dividends	58	%	47	%	60	%
Nontaxable distributions	42	%	53	%	40	%
Total	100	%	100	%	100	%

During the years ended December 31, 2015, 2014 and 2013, the Company distributed as dividends to its shareholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded on the Company’s financial statements. During the years ended December 31, 2015, 2014 and 2013, the Company incurred state and local income and franchise taxes of $2.2 million, $1.3 million, and $473,000, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations.

The Company had no unrecognized tax benefits as of or during the years ended December 31, 2015 and 2014. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.

F-29

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

NOTE 15 — OPERATING LEASES

The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2015, the leases had a weighted-average remaining term of 10.9 years. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants.

The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2015, was as follows (in thousands):

Year Ending December 31,	Future Minimum Rental Income
2016	$	334,619
2017	330,130
2018	320,445
2019	304,506
2020	295,446
Thereafter	2,238,323
	$	3,823,469

A certain amount of the Company’s rental income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the years ended December 31, 2015 and 2014, the amount of the contingent rent earned by the Company was not significant. The Company did not earn any contingent rent during the year ended December 31, 2013.

NOTE 16 — QUARTERLY RESULTS (UNAUDITED)

Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period.

	December 31, 2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	85,963	$	90,528	$	94,188	$	97,052
Acquisition-related expenses	$	5,385	$	3,882	$	2,518	$	3,741
Operating income	$	28,395	$	31,862	$	34,696	$	29,247
Net income	$	15,998	$	17,293	$	18,485	$	13,117
Net income attributable to the Company	$	16,015	$	17,225	$	18,452	$	13,079
Basic and diluted net income per common share (1)	$	0.05	$	0.06	$	0.06	$	0.04
Distributions declared per common share (1)	$	0.15	$	0.16	$	0.16	$	0.16

____________________________________

(1) The Company calculates net income per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

F-30

COLE CREDIT PROPERTY TRUST IV, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

	December 31, 2014
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Revenues	$	51,551	$	56,861	$	64,591		$	83,279
Acquisition-related expenses	$	8,633	$	10,113	$	21,009		$	12,008
Operating income	$	10,564	$	10,790	$	3,698		$	20,378
Net income (loss)	$	2,946	$	3,190	$	(4,147	)	$	9,181
Net income (loss) attributable to the Company	$	2,946	$	3,204	$	(4,156	)	$	9,196
Basic and diluted net income (loss) per common share (1)	$	0.01	$	0.01	$	(0.01	)	$	0.03
Distributions declared per common share (1)	$	0.15	$	0.16	$	0.16		$	0.16

____________________________________

(1) The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

NOTE 17 — SUBSEQUENT EVENTS

Issuance of Shares of Common Stock in the DRIP Offering

The Company continues to issue shares of common stock in the DRIP Offering. As of March 24, 2016, the Company had issued approximately 23.4 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $223.5 million.

Redemption of Shares of Common Stock

Subsequent to December 31, 2015 and through March 24, 2016, the Company redeemed approximately 2.9 million shares for $27.6 million (at an average price per share of $9.59).

Credit Facility and Notes Payable

As of March 24, 2016, the Company had $1.1 billion outstanding under the Credit Facility and $175.3 million in unused capacity, subject to borrowing availability. The Company also entered into notes payable totaling $67.5 million, with a weighted average interest rate of 3.7% as of March 24, 2016. On March 14, 2016, the Company executed a swap agreement associated with a $38.5 million note payable, which had the effect of fixing the variable interest rate per annum beginning on March 14, 2016 through the maturity date of the loan at an ending all-in rate of 3.6%.

Investment in Real Estate Assets

Subsequent to December 31, 2015 through March 24, 2016, the Company acquired seven commercial real estate properties for an aggregate purchase price of $56.9 million. Acquisition-related expenses totaling $1.6 million were expensed as incurred. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 4 — Real Estate Acquisitions in these consolidated financial statements for these properties.

F-31

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Real Estate Held for Investment the Company Has Invested in Under Operating Leases:
24 Hour Fitness:
	Beaverton, OR	(g)		$	2,609	$	9,974	$	—	$	12,583	$	322	9/30/2014	2009
	Fort Worth, TX	(g)		1,519		7,449		—		8,968		451		9/27/2013	2008
Aaron’s Rents:
	Hillsboro, OH	(g)		279		829		—		1,108		64		8/26/2013	2013
	Mountain Home, AR	(g)		183		872		—		1,055		6		10/1/2015	2015
	Wilmington, OH	(g)		249		1,134		—		1,383		30		2/26/2015	2014
Academy Sports:
	Clarksville, TN	(g)		1,811		6,603		—		8,414		276		6/17/2014	2014
	Cookeville, TN	$	—	—		23,847		73,329		97,176		290		9/30/2014	2015
	Douglasville, GA	(g)		1,360		8,593		—		9,953		355		6/12/2014	2014
	Flowood, MS	(g)		1,534		7,864		—		9,398		348		6/27/2014	2014
	McDonough, GA	(g)		1,846		5,626		—		7,472		267		4/24/2014	2010
	Valdosta, GA	5,838		2,482		5,922		—		8,404		462		5/10/2013	2012
Advance Auto:
	Corydon, IN	(g)		190		1,219		—		1,409		107		10/26/2012	2012
	Dearborn Heights, MI	(g)		385		1,090		—		1,475		65		8/30/2013	2013
	Decatur, GA	(g)		606		1,053		—		1,659		59		12/20/2013	2012
	Lake Geneva, WI	1,062		381		1,181		—		1,562		89		2/6/2013	2012
	Lawton, OK	(g)		387		1,000		—		1,387		15		6/12/2015	2005
	Mattoon, IL	(g)		261		1,063		—		1,324		1		12/4/2015	2015
	Mt. Pleasant, IA	(g)		122		1,069		—		1,191		55		4/26/2014	2013
	North Ridgeville, OH	(g)		218		1,284		—		1,502		121		4/13/2012	2008
	Rutherfordton, NC	(g)		220		944		—		1,164		55		10/22/2013	2013
	Starkville, MS	(g)		447		756		—		1,203		76		6/29/2012	2011
	Willmar, MN	(g)		200		1,279		—		1,479		26		3/25/2015	2014
Albany Square:
	Albany, GA	—		1,606		7,113		300		9,019		454		2/26/2014	2013
Almeda Crossing:
	Houston, TX	(g)		4,738		26,245		—		30,983		990		8/7/2014	2006
Amazon:
	Lebanon, TN	33,000		1,934		56,286		—		58,220		1,816		10/15/2014	2012
Applebee’s:
	Greenville, SC	(g)		672		1,737		—		2,409		67		6/27/2014	2004
	Lithonia, GA	(g)		1,234		2,613		—		3,847		117		3/28/2014	2002
	Savannah, GA	(g)		818		1,686		—		2,504		72		5/22/2014	2006
AutoZone:
	Philipsburg, PA	(g)		152		1,304		—		1,456		120		7/30/2012	2010
	Poughkeepsie, NY	(g)		699		1,356		—		2,055		14		8/20/2015	2005
	Sheffield, OH	—		815		—		785		1,600		—		10/15/2014	2014
Bass Pro Shops:
	Tallahassee, FL	(g)		945		5,713		—		6,658		383		8/20/2013	2013
Beavercreek Shopping Center:
	Beavercreek, OH	17,200		5,504		25,178		537		31,219		1,558		10/31/2013	2013

S-1

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Bed Bath & Beyond/Golfsmith:
	Schaumburg, IL	$	—	$	4,786	$	6,149	$	—	$	10,935	$	593	3/8/2013	1997
Benihana:
	Golden Valley, MN	(g)		1,510		2,934		—		4,444		257		8/21/2012	1980
	Lauderdale by the Sea, FL	(g)		2,181		2,014		—		4,195		181		8/21/2012	1971
	Lombard, IL	(g)		1,390		2,343		—		3,733		245		8/21/2012	1984
	Woodlands, TX	(g)		1,151		968		—		2,119		88		8/21/2012	2001
Big Lots:
	San Angelo, TX	(g)		1,043		1,947		—		2,990		234		12/19/2012	2012
	Waco, TX	(g)		1,069		1,326		56		2,451		172		12/10/2012	2012
Biolife Plasma Services:
	Bellingham, WA	—		2,397		6,264		—		8,661		207		11/21/2014	2014
	Grandville, MI	—		959		4,791		—		5,750		146		11/21/2014	2014
	Loveland, CO	—		651		5,645		—		6,296		169		11/21/2014	2014
	Bloomington, IN	—		696		3,900		—		4,596		157		6/26/2014	2014
	Fort Wayne, IN	—		660		3,749		—		4,409		151		6/26/2014	2013
	St. Cloud, MN	—		889		3,633		—		4,522		161		6/26/2014	2013
	St. George, UT	—		1,195		5,561		—		6,756		118		3/12/2015	2014
	Waterloo, IA	—		489		3,380		—		3,869		152		6/26/2014	2013
	West Fargo, ND	—		1,379		5,052		—		6,431		113		3/12/2015	2014
Bojangles:
	Pelham, AL	(g)		219		1,216		—		1,435		51		6/30/2014	2010
Boston Commons:
	Springfield, MA	5,400		3,101		7,042		—		10,143		283		8/19/2014	2004
Bottom Dollar Grocery:
	Ambridge, PA	(g)		519		2,985		—		3,504		163		11/5/2013	2012
Brownsville Plaza:
	Baldwin, PA	—		627		2,702		—		3,329		150		2/28/2014	2012
Bryan Crossing:
	Kodak, TN	(g)		863		6,523		—		7,386		231		9/9/2014	2008
Buffalo Wild Wings:
	Idaho Falls, ID	(g)		712		1,336		—		2,048		49		7/29/2014	2008
	Warrenville, IL	(g)		1,208		1,420		—		2,628		132		3/28/2013	2004
	Woodridge, IL	(g)		1,139		1,484		—		2,623		137		3/28/2013	2005
Caliber Collision Center:
	Frisco, TX	(g)		1,484		2,038		—		3,522		76		9/16/2014	2014
	Las Cruces, NM	(g)		673		1,949		—		2,622		88		3/21/2014	2014
	Midwest City, OK	(g)		259		1,165		—		1,424		57		2/21/2014	2013
	Denver, CO	(g)		855		658		—		1,513		26		6/25/2014	1975
	San Antonio, TX	(g)		622		832		—		1,454		33		6/4/2014	2014
	Wylie, TX	(g)		816		2,690		—		3,506		68		2/10/2015	2014
Canton Marketplace:
	Canton, GA	32,000		8,310		48,667		857		57,834		4,452		3/28/2013	2009
Carlisle Crossing:
	Carlisle, PA	(g)		4,491		15,817		—		20,308		724		9/18/2014	2006
Canarsie Plaza:
	Brooklyn, NY	75,000		37,970		71,267		790		110,027		5,507		12/5/2012	2011

S-2

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company							Gross Amount at
								Total			Which Carried		Accumulated
						Buildings &		Adjustment			At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis			(b) (c)		(d) (e)		Acquired	Constructed
Century Plaza:
	Orlando, FL	$	—	$	3,094	$	6,178	$	—		$	9,272	$	359	7/21/2014	2008
Chase:
	Hanover Township, NJ	(g)		2,192		—		—			2,192		—		12/18/2013	2012
Chestnut Square:
	Brevard, NC	3,727		425		5,037		—			5,462		354		6/7/2013	2008
Chili’s:
	Forest City, NC	(g)		233		1,936		—			2,169		63		9/3/2014	2003
Coosa Town Center:
	Gadsden, AL	—		3,246		7,799		—			11,045		476		12/20/2013	2004
Cost Plus World Market:
	Kansas City, MO	(g)		1,378		2,396		—			3,774		272		11/13/2012	2001
Costco:
	Tallahassee, FL	5,146		9,497		—		—			9,497		—		12/11/2012	2006
Cottonwood Commons:
	Albuquerque, NM	19,250		4,986		28,881		84			33,951		1,877		7/19/2013	2013
Coventry Crossing:
	Coventry, RI	6,000		3,462		5,899		—			9,361		389		9/12/2013	2008
Crosspoint:
	Hagerstown, MD	(g)		12,285		14,359		(1,086		)	25,558		621		9/30/2014	2000
Crossroads Annex:
	Lafayette, LA	—		1,659		7,091		—			8,750		415		12/4/2013	2013
Crossroads Commons:
	Plover, WI	(g)		1,000		4,515		75			5,590		308		12/10/2013	2012
CVS:
	Arnold, MO	(g)		2,043		2,367		—			4,410		124		12/13/2013	2013
	Asheville, NC	(g)		1,108		1,084		—			2,192		106		4/26/2012	1998
	Austin, TX	(g)		1,076		3,475		—			4,551		181		12/13/2013	2013
	Bainbridge, GA	(g)		444		1,682		47			2,173		157		6/27/2012	1998
	Bloomington, IN	(g)		1,620		2,957		—			4,577		155		12/13/2013	2012
	Blue Springs, MO	(g)		395		2,722		—			3,117		143		12/13/2013	2013
	Bridgeton, MO	(g)		2,056		2,362		—			4,418		124		12/13/2013	2013
	Cartersville, GA	(g)		2,547		—		—			2,547		—		10/22/2012	2009
	Charleston, SC	(g)		869		1,009		—			1,878		99		4/26/2012	1998
	Chesapeake, VA	(g)		1,044		3,053		—			4,097		164		12/13/2013	2013
	Chicago, IL	(g)		1,832		4,255		—			6,087		297		3/20/2013	2008
	Cicero, IN	(g)		487		3,099		—			3,586		163		12/13/2013	2013
	Corpus Christi, TX	(g)		648		2,557		—			3,205		241		4/19/2012	1998
	Danville, IN	(g)		424		2,105		—			2,529		83		7/16/2014	1998
	Eminence, KY	(g)		872		2,511		—			3,383		130		12/13/2013	2013
	Florence, AL	1,735		1,030		1,446		—			2,476		105		3/27/2013	2000
	Goose Creek, SC	(g)		1,022		1,980		—			3,002		103		12/13/2013	2013
	Greenwood, IN	(g)		912		3,549		—			4,461		220		7/11/2013	1999
	Hanover Township, NJ	(g)		4,746		—		—			4,746		—		12/18/2013	2012
	Hazlet, NJ	(g)		3,047		3,610		—			6,657		189		12/13/2013	2013
	Honesdale, PA	(g)		1,206		3,342		—			4,548		180		12/13/2013	2013
	Independence, MO	(g)		359		2,242		—			2,601		118		12/13/2013	2013

S-3

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
CVS (continued):
	Indianapolis, IN	(g)		$	1,110	$	2,484	$	—	$	3,594	$	130	12/13/2013	2013
	Irving, TX	(g)		745		3,034		—		3,779		250		10/5/2012	2000
	Jacksonville, FL	(g)		2,182		3,817		—		5,999		143		7/16/2014	2004
	Janesville, WI	(g)		736		2,545		—		3,281		133		12/13/2013	2013
	Katy, TX	(g)		1,149		2,462		—		3,611		126		12/13/2013	2013
	Lincoln, NE	(g)		2,534		3,014		—		5,548		158		12/13/2013	2013
	London, KY	(g)		1,445		2,661		—		4,106		157		9/10/2013	2013
	Middletown, NY	(g)		665		5,483		—		6,148		284		12/13/2013	2013
	North Wilkesboro, NC	(g)		332		2,369		—		2,701		132		10/25/2013	1999
	Poplar Bluff, MO	(g)		1,861		2,211		—		4,072		117		12/13/2013	2013
	Salem, NH	(g)		3,456		2,351		—		5,807		126		11/18/2013	2013
	San Antonio, TX	(g)		1,893		1,848		—		3,741		98		12/13/2013	2013
	Sand Springs, OK	(g)		1,765		2,283		—		4,048		121		12/13/2013	2013
	Santa Fe, NM	(g)		2,243		4,619		—		6,862		239		12/13/2013	2013
	Sedalia, MO	(g)		466		2,318		—		2,784		122		12/13/2013	2013
	St. John, MO	(g)		1,546		2,601		—		4,147		136		12/13/2013	2013
	Temple Hills, MD	(g)		1,817		2,989		—		4,806		173		9/30/2013	2001
	Vineland, NJ	(g)		813		2,926		—		3,739		158		12/13/2013	2010
	Waynesboro, VA	(g)		986		2,708		—		3,694		142		12/13/2013	2013
	West Monroe, LA	(g)		1,738		2,136		—		3,874		113		12/13/2013	2013
Darien Towne Center:
	Darien, IL	$	12,200	6,718		11,951		900		19,569		892		12/17/2013	1994
DaVita:
	Riverview, MI	(g)		199		2,322		—		2,521		95		9/4/2014	2012
Decatur Commons:
	Decatur, AL	7,000		2,478		9,333		470		12,281		621		7/10/2013	2004
Deltona Commons:
	Deltona, FL	4,767		1,424		7,760		—		9,184		512		6/18/2013	2007
Dick’s Sporting Goods:
	Oklahoma City (3rd), OK	(g)		1,198		7,838		—		9,036		681		12/21/2012	2012
	Oklahoma City, OK	5,858		685		10,587		—		11,272		897		12/31/2012	2012
Dollar General:
	Abbeville, AL	(g)		294		1,302		—		1,596		43		10/3/2014	2014
	Akron, AL	(g)		69		771		—		840		50		8/6/2013	2013
	Akron, OH	(g)		112		1,099		—		1,211		66		11/1/2013	2013
	Alliance, NE	(g)		97		812		—		909		64		4/9/2013	2013
	Alton, TX	(g)		94		922		—		1,016		32		9/5/2014	2014
	Arapahoe, NE	(g)		44		873		—		917		31		9/5/2014	2014
	Asheville, NC	(g)		379		753		—		1,132		57		6/17/2013	2013
	Ashville, AL	666		255		678		—		933		62		12/21/2012	2012
	Atmore, AL	(g)		243		858		—		1,101		43		2/25/2014	2014
	Bainbridge, OH	(g)		106		1,175		—		1,281		79		9/13/2013	2013
	Belle, MO	(g)		51		880		—		931		31		9/5/2014	2014

S-4

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	Berry, AL	(g)		$	104	$	1,196	$	—	$	1,300	$	42	9/26/2014	2014
	Bessemer, AL	(g)		142		941		—		1,083		58		9/27/2013	2013
	Bloomfield, NE	(g)		50		845		—		895		24		12/16/2014	2014
	Blue Rapids, KS	(g)		52		880		—		932		29		10/22/2014	2014
	Bluefield, WV	(g)		337		686		—		1,023		22		10/15/2014	2014
	Bokchito, OK	(g)		59		859		—		918		72		2/27/2013	2013
	Botkins, OH	(g)		130		991		—		1,121		65		9/27/2013	2013
	Brandon, SD	(g)		292		871		—		1,163		29		10/31/2014	2014
	Breaux Bridge, LA	$	840	225		1,007		—		1,232		85		11/30/2012	2012
	Broken Bow, NE	(g)		91		878		—		969		48		11/1/2013	2013
	Brownsville, TX	822		264		943		—		1,207		75		11/30/2012	2012
	Buffalo, NY	(g)		122		1,099		—		1,221		30		12/5/2014	2014
	Clay, AL	792		305		768		—		1,073		66		2/8/2013	2012
	Cleveland, TX	684		158		856		—		1,014		68		11/30/2012	2012
	Columbus, OH	(g)		279		1,248		—		1,527		75		11/7/2013	2013
	Conroe, TX	756		167		946		—		1,113		74		12/18/2012	2012
	Crystal Springs, MS	(g)		463		3,027		—		3,490		110		8/6/2014	2013
	Cullman, AL	(g)		159		824		—		983		31		8/4/2014	2014
	Decatur, IL (Taylorville)	(g)		133		986		—		1,119		40		6/18/2014	2014
	Decatur, IL (Eldorado)	(g)		219		964		—		1,183		33		9/8/2014	2014
	Delcambre, LA	(g)		169		1,025		—		1,194		63		9/27/2013	2013
	Delhi, LA	(g)		301		1,033		—		1,334		65		8/9/2013	2013
	Deridder (Hwy 26), LA	(g)		135		923		—		1,058		57		9/27/2013	2013
	Deridder (Hwy 190), LA	(g)		176		905		—		1,081		58		8/9/2013	2013
	Des Moines, IA	(g)		166		943		—		1,109		60		8/9/2013	2012
	Dora, AL	(g)		124		935		—		1,059		32		9/26/2014	2014
	Dundee, MI	(g)		296		1,047		—		1,343		57		11/26/2013	2013
	Edinburg, TX	(g)		146		809		—		955		32		7/31/2014	2014
	Eight Mile, AL	(g)		110		865		—		975		36		6/23/2014	2014
	Elk Point, SD	(g)		97		839		—		936		30		9/22/2014	2014
	Ellerslie, GA	(g)		247		797		—		1,044		37		4/17/2014	2014
	Eufaula, AL	(g)		300		930		—		1,230		37		7/22/2014	2014
	Farmington, NM	(g)		175		919		—		1,094		32		9/5/2014	2014
	Fort Valley, GA	(g)		514		2,436		—		2,950		172		7/9/2013	2013
	Fred, TX	(g)		93		929		—		1,022		51		12/19/2013	2013
	Fruitport, MI	(g)		100		968		—		1,068		38		6/25/2014	2014
	Geneva, AL	738		204		815		—		1,019		74		12/21/2012	2012
	Geraldine, AL	(g)		220		1,146		—		1,366		51		5/30/2014	2014
	Greenwell Springs, LA	870		444		841		—		1,285		72		11/30/2012	2012
	Groveport, OH	822		416		813		—		1,229		66		3/15/2013	2013
	Hamilton, AL	(g)		208		1,024		—		1,232		33		10/16/2014	2014
	Hanceville, AL	2,029		1,232		1,488		—		2,720		143		11/21/2012	2012

S-5

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	Harlingen, TX	(g)		$	144	$	853	$	—	$	997	$	36	6/20/2014	2014
	Harvest, AL	$	684	261		691		—		952		63		12/21/2012	2012
	Harviell, MO	(g)		50		818		—		868		40		3/31/2014	2014
	Hastings, NE	(g)		177		850		—		1,027		28		10/22/2014	2014
	Hayneville, AL	(g)		249		1,181		—		1,430		44		8/15/2014	2014
	Hillsboro, OH	(g)		262		956		—		1,218		32		9/25/2014	2014
	Hinton, WV	(g)		199		1,367		—		1,566		48		8/18/2014	2014
	Homeworth, OH	(g)		110		1,057		—		1,167		60		10/18/2013	2013
	Houston, TX	966		311		1,102		—		1,413		86		12/18/2012	2012
	Houston (Gears), TX	(g)		255		1,393		—		1,648		79		10/18/2013	2013
	Huntsville, AL	768		177		847		—		1,024		76		12/21/2012	2012
	Independence, MO	828		170		1,072		—		1,242		88		12/18/2012	2012
	Kansas City (Oak), MO	(g)		283		1,068		—		1,351		63		10/18/2013	2013
	Kansas City (Troost), MO	(g)		233		1,054		—		1,287		60		11/1/2013	2013
	Kasson, MN	(g)		138		888		—		1,026		35		8/15/2014	2014
	Kearney, NE	(g)		141		851		—		992		49		11/20/2013	2013
	Kinston, AL	642		170		718		—		888		66		12/21/2012	2012
	Kolona, IA	(g)		81		868		—		949		32		8/15/2014	2014
	Lake Charles (Broad), LA	(g)		146		989		—		1,135		63		8/9/2013	2013
	Lamesa, TX	(g)		75		803		—		878		32		7/31/2014	2014
	Lansing, MI	(g)		232		939		—		1,171		37		6/25/2014	2014
	Lebanon, TN	(g)		177		882		—		1,059		35		6/30/2014	2012
	Leicester, NC	(g)		134		800		—		934		56		6/17/2013	2013
	Lima, OH	810		156		1,040		—		1,196		84		11/30/2012	2012
	Linden, AL	(g)		317		746		—		1,063		51		7/11/2013	2013
	Lone Jack, MO	(g)		152		960		—		1,112		42		5/16/2014	2014
	Los Fresnos, TX	(g)		55		867		—		922		30		9/19/2014	2014
	Los Lunas, NM	(g)		113		857		—		970		38		5/14/2014	2014
	Louisburg, KS	(g)		324		936		—		1,260		39		6/25/2014	2014
	Loveland, OH	(g)		241		1,065		—		1,306		63		12/12/2013	2013
	Lubbock, TX	744		468		641		—		1,109		54		12/18/2012	2012
	Manhattan, KS	(g)		194		921		—		1,115		53		11/20/2013	2013
	Mansfield, OH	(g)		72		1,226		—		1,298		64		12/12/2013	2013
	Maple Lake, MN	(g)		92		893		—		985		31		10/10/2014	2014
	Maynardville, TN	750		238		754		—		992		71		11/30/2012	2012
	Millbrook, AL	(g)		320		1,175		—		1,495		46		7/22/2014	2014
	Mission, TX	(g)		182		858		—		1,040		30		9/5/2014	2014
	Mobile (Newman), AL	(g)		139		1,005		—		1,144		60		10/18/2013	2013
	Mobile (Schillinger), AL	(g)		410		1,059		—		1,469		74		6/17/2013	2013
	Monroeville, OH	(g)		131		1,069		—		1,200		61		10/4/2013	2013
	Montgomery, AL	(g)		140		909		—		1,049		30		10/24/2014	2014
	Moose Lake, MN	(g)		140		937		—		1,077		33		10/10/2014	2014

S-6

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	Moroa, IL	(g)		$	111	$	921	$	—	$	1,032	$	37	6/26/2014	2014
	Mt. Vernon, IL	(g)		177		985		—		1,162		42		5/30/2014	2014
	Nashville, GA	$	2,088	215		2,533		—		2,748		203		3/1/2013	2013
	Nashville, MI	(g)		103		1,255		—		1,358		61		1/24/2014	2013
	Navarre, OH	(g)		153		1,005		—		1,158		59		9/27/2013	2013
	Neoga, IL	(g)		94		860		—		954		30		8/8/2014	2010
	Ness City, KS	(g)		21		860		—		881		42		3/20/2014	2014
	New Philadelphia, OH	(g)		129		1,100		—		1,229		65		9/27/2013	2013
	New Washington, OH	(g)		99		975		—		1,074		64		9/13/2013	2013
	Newark, OH	792		222		946		—		1,168		77		3/15/2013	2013
	Nitro, WV	(g)		451		1,034		—		1,485		41		6/30/2014	2013
	Nixa, MO	(g)		235		806		—		1,041		38		4/3/2014	2014
	North Lewisburg, OH	(g)		59		1,008		—		1,067		61		11/22/2013	2013
	Onawa, IA	(g)		176		842		—		1,018		35		6/26/2014	2014
	Opelousas, LA	(g)		92		947		—		1,039		56		10/4/2013	2013
	Ortonville, MN	(g)		113		907		—		1,020		34		9/5/2014	2014
	Osceola, NE	(g)		194		835		—		1,029		16		4/2/2015	2014
	Oxford, AL	(g)		465		783		—		1,248		48		10/18/2013	2013
	Palestine, IL	(g)		155		893		—		1,048		36		6/26/2014	2014
	Parchment, MI	(g)		168		1,162		—		1,330		46		6/25/2014	2014
	Park Hill, OK	(g)		91		887		—		978		71		1/4/2013	2012
	Parsons, TN	(g)		166		1,136		—		1,302		46		7/16/2014	2013
	Phenix City, AL	(g)		331		718		—		1,049		50		6/17/2013	2013
	Piedmont, AL	1,980		1,037		1,579		—		2,616		153		11/21/2012	2012
	Pike Road, AL	(g)		477		772		—		1,249		50		8/21/2013	2013
	Plain City, OH	(g)		187		1,097		—		1,284		60		11/26/2013	2013
	Port Clinton, OH	(g)		120		1,070		—		1,190		58		11/22/2013	2013
	Princeton, MO	(g)		155		1,159		—		1,314		38		10/10/2014	2014
	Pueblo, CO	(g)		144		909		—		1,053		69		1/4/2013	2012
	Ragley, LA	(g)		196		877		—		1,073		56		8/9/2013	2013
	Rainsville, AL	(g)		290		1,267		—		1,557		47		8/13/2014	2014
	Ravenna, MI	(g)		199		958		—		1,157		47		1/24/2014	2013
	Rayne, LA	702		125		910		—		1,035		75		12/18/2012	2012
	Roanoke, IL	(g)		93		846		—		939		36		5/16/2014	2014
	Romney, IN	(g)		87		827		—		914		31		7/7/2014	2011
	Romulus, MI	(g)		274		1,171		—		1,445		54		3/7/2014	2013
	Russell, KS	(g)		54		899		—		953		34		8/5/2014	2014
	San Antonio, TX	(g)		295		743		—		1,038		32		7/31/2014	2014
	San Carlos, TX	(g)		70		1,063		—		1,133		44		6/20/2014	2014
	Seale, AL	(g)		259		767		—		1,026		46		10/28/2013	2013
	Seminole, AL	(g)		175		829		—		1,004		56		7/15/2013	2013
	Shelby, MI	(g)		128		1,033		—		1,161		51		1/24/2014	2013
	Slocomb, AL	(g)		124		918		—		1,042		47		2/25/2014	2014
	Snead, AL	(g)		126		1,137		—		1,263		40		9/26/2014	2014

S-7

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	South Bay, FL	(g)		$	258	$	1,262	$	—	$	1,520	$	53	5/7/2014	2013
	Spring, TX	(g)		277		1,132		—		1,409		67		9/30/2013	2013
	Springfield, IL	(g)		205		934		—		1,139		31		9/17/2014	2014
	Springfield, MO	(g)		171		810		—		981		32		7/14/2014	2014
	Springfield, NE	(g)		172		864		—		1,036		38		5/12/2014	2014
	Springfield, OH	(g)		125		1,000		—		1,125		61		9/27/2013	2013
	St. Louis, MO (Grand)	(g)		240		1,118		—		1,358		59		1/15/2014	2013
	St. Louis, MO (Lewis & Clark)	(g)		229		1,102		—		1,331		60		12/31/2013	2013
	Superior, NE	(g)		230		917		—		1,147		52		11/26/2013	2013
	Temple, GA	(g)		200		917		—		1,117		65		5/15/2013	2013
	Theodore, AL	(g)		248		763		—		1,011		55		5/15/2013	2013
	Thibodaux, LA	(g)		211		1,083		—		1,294		66		9/27/2013	2013
	Toney, AL	$	642	86		792		—		878		66		3/21/2013	2012
	Topeka, KS	(g)		159		873		—		1,032		21		2/25/2015	2014
	Urbana, OH	(g)		133		1,051		—		1,184		46		5/29/2014	2013
	Volga, SD	(g)		51		784		—		835		28		9/5/2014	2014
	Waco, TX	(g)		26		922		—		948		41		6/20/2014	2014
	Wagener, SC	(g)		477		1,169		—		1,646		39		9/16/2014	2014
	Wakefield, KS	(g)		78		929		—		1,007		58		9/30/2013	2013
	Waterloo, IA	(g)		330		908		—		1,238		27		11/5/2014	2014
	Weslaco, TX	(g)		141		848		—		989		30		9/5/2014	2014
	Weston, MO	(g)		117		1,012		—		1,129		67		7/17/2013	2013
	Wetumpka, AL	(g)		290		779		—		1,069		35		5/29/2014	2014
	Whitehouse, OH	(g)		134		1,144		—		1,278		65		10/18/2013	2013
	Whitwell, TN	870		159		1,035		—		1,194		97		11/30/2012	2012
	Wilmer, AL	(g)		99		775		—		874		50		8/5/2013	2013
	Winsted, MN	(g)		152		841		—		993		32		9/29/2014	2014
	Wisner, NE	(g)		37		773		—		810		34		5/12/2014	2014
	Woodville, OH	786		169		1,009		—		1,178		83		2/8/2013	2013
	Yatesville, GA	666		120		797		—		917		67		3/25/2013	2013
Dollar Tree/Petco:
	Humble, TX	(g)		720		2,543		—		3,263		200		2/11/2013	2011
Earth Fare:
	Huntersville, NC	3,183		1,439		2,973		—		4,412		239		2/28/2013	2011
East Manchester Village Center:
	Manchester, PA	8,300		2,517		12,672		202		15,391		720		12/19/2013	2009
East West Commons:
	Austell, GA	(g)		10,094		16,034		—		26,128		659		9/30/2014	2002
Emerald Place:
	Greenwood, SC	6,250		2,042		9,942		—		11,984		677		6/28/2013	2012
Evergreen Marketplace:
	Evergreen Park, IL	(g)		2,823		6,239		—		9,062		467		9/6/2013	2013

S-8

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

			Initial Costs to Company							Gross Amount at
							Total			Which Carried		Accumulated
					Buildings &		Adjustment			At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances	Land		Improvements		to Basis			(b) (c)		(d) (e)		Acquired	Constructed
Fairview Village:
	Cary, NC	(g)	$	2,514	$	3,557	$	52		$	6,123	$	306	12/21/2012	2010
Family Center:
	Riverdale, UT	(g)	21,716		29,454		(1,013		)	50,157		1,701		2/28/2014	2008
Family Dollar:
	Aberdeen, ID	(g)	101		1,054		—			1,155		34		10/24/2014	2014
	Adelanto, GA	(g)	463		1,711		—			2,174		50		11/14/2014	2014
	Aguila, AZ	(g)	129		1,290		—			1,419		29		2/13/2015	2014
	Albany, GA	(g)	347		925		—			1,272		28		11/7/2014	2014
	Apple Springs, TX	(g)	91		804		—			895		24		11/14/2014	2014
	Arkadelphia, AR	(g)	113		738		—			851		17		2/12/2015	2014
	Auburn, ME	(g)	217		1,261		—			1,478		27		4/15/2015	2014
	Bagley, MN	(g)	95		1,114		—			1,209		48		6/27/2014	2014
	Benavides, TX	(g)	27		1,065		—			1,092		57		2/26/2014	2013
	Berry, AL	(g)	122		880		—			1,002		27		11/14/2014	2014
	Bessemer, AL	(g)	201		1,043		—			1,244		57		12/27/2013	2013
	Broadway, VA	(g)	213		1,153		—			1,366		36		11/7/2014	2014
	Birmingham, AL	(g)	500		831		—			1,331		46		12/27/2013	2013
	Brooksville, FL	(g)	206		791		—			997		44		12/18/2013	2013
	Burkeville, TX	(g)	54		900		—			954		34		9/30/2014	2014
	Cascade, ID	(g)	267		1,147		—			1,414		54		2/4/2014	2013
	Cass Lake, MN	(g)	157		1,107		—			1,264		48		6/27/2014	2013
	Cathedral City, CA	(g)	658		1,908		—			2,566		65		9/19/2014	2014
	Charlotte, TX	(g)	118		970		—			1,088		52		2/26/2014	2014
	Cheyenne, WY	(g)	148		986		—			1,134		45		4/23/2014	2014
	Coachella, CA	(g)	450		1,634		—			2,084		80		2/19/2014	2013
	Cocoa, FL	(g)	370		1,092		—			1,462		37		9/26/2014	2014
	Colmesneil, TX	(g)	172		858		—			1,030		40		2/4/2014	2013
	Columbia, SC	(g)	294		824		—			1,118		27		10/24/2014	2014
	Columbia, SC	(g)	332		1,044		—			1,376		33		10/24/2014	2014
	Comanche, TX	(g)	176		1,145		—			1,321		42		8/6/2014	2014
	Cordes Lakes, AZ	(g)	380		1,421		—			1,801		47		9/19/2014	2014
	Davenport, FL	(g)	298		964		—			1,262		27		12/5/2014	2014
	Davenport, IA	(g)	167		918		—			1,085		28		11/25/2014	2014
	Dawson, TX	(g)	41		799		—			840		24		11/14/2014	2014
	Deadwood, SD	(g)	132		1,139		—			1,271		38		9/18/2014	2014
	Des Moines, IA	(g)	290		1,126		—			1,416		34		11/25/2014	2014
	East Millinocket, ME	(g)	161		1,004		—			1,165		27		2/26/2015	2014
	Eden, TX	(g)	82		903		—			985		46		2/26/2014	2013
	Elizabethtown, NY	(g)	107		671		—			778		33		1/31/2014	2008
	Eloy, AZ	(g)	86		1,587		—			1,673		49		10/24/2014	2014
	Empire, CA	(g)	239		1,527		—			1,766		62		6/27/2014	2014
	Erwinville, LA	(g)	146		765		—			911		10		7/7/2015	2015
	Evans, CO	(g)	201		817		—			1,018		27		9/29/2014	2014
	Findlay, OH	(g)	326		1,271		—			1,597		66		2/26/2014	2013
	Folsom, LA	(g)	325		788		—			1,113		27		9/30/2014	2014

S-9

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

			Initial Costs to Company						Gross Amount at
							Total		Which Carried		Accumulated
					Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances	Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Family Dollar (continued):
	Ft. Lauderdale, FL	(g)	$	443	$	1,361	$	—	$	1,804	$	71	12/18/2013	2013
	Fort Thomas, AZ	(g)	49		1,173		—		1,222		56		2/26/2014	2013
	Fort Wayne, IN	(g)	258		1,096		—		1,354		24		3/6/2015	2014
	Fort Worth, TX	(g)	532		1,346		—		1,878		46		9/5/2014	2014
	Franklin, NH	(g)	307		1,214		—		1,521		8		10/15/2015	2014
	Frederica, DE	(g)	392		1,164		—		1,556		24		3/6/2015	2014
	Freeport, OH	(g)	322		959		—		1,281		24		2/20/2015	2014
	Fresno, CA	(g)	488		1,553		—		2,041		77		2/19/2014	2013
	Garrison, TX	(g)	61		1,306		—		1,367		35		12/18/2014	2014
	Georgetown, KY	(g)	607		905		—		1,512		28		11/21/2014	2014
	Gering, NE	(g)	244		913		—		1,157		32		9/26/2014	2014
	Greene, ME	(g)	251		940		—		1,191		23		3/25/2015	2014
	Greenwood, WI	(g)	154		920		—		1,074		37		6/27/2014	2013
	Harrisonburg, VA	(g)	229		1,073		—		1,302		31		12/12/2014	2014
	Hawkins, TX	(g)	49		1,288		—		1,337		44		9/5/2014	2014
	Hempstead, TX	(g)	219		943		—		1,162		25		12/18/2014	2014
	Hettinger, ND	(g)	214		1,077		—		1,291		57		2/26/2014	2013
	Hodgenville, KY	(g)	202		783		—		985		27		9/19/2014	2014
	Holtville, CA	(g)	317		1,609		—		1,926		79		2/19/2014	2013
	Homestead, FL	(g)	575		1,470		—		2,045		2		12/9/2015	2014
	Homosassa, FL	(g)	325		1,001		—		1,326		28		12/12/2014	2014
	Immokalee, FL	(g)	458		1,248		—		1,706		39		11/4/2014	2014
	Indianapolis, IN	(g)	238		1,117		—		1,355		35		11/21/2014	2014
	Indio, CA	(g)	393		1,636		—		2,029		66		6/25/2014	2014
	Irvington, AL	(g)	217		814		—		1,031		45		12/27/2013	2013
	Jacksonville, FL	(g)	134		1,157		—		1,291		34		11/7/2014	2014
	Jay, FL	(g)	190		1,002		—		1,192		53		2/25/2014	2013
	Jonesboro, GA	(g)	297		1,098		—		1,395		55		2/14/2014	2013
	Keller, TX	(g)	749		1,550		—		2,299		70		4/14/2014	2014
	Kersey, CO	(g)	238		904		—		1,142		39		5/29/2014	2014
	Kiowa, OK	(g)	193		947		—		1,140		33		9/5/2014	2014
	Kissimmee, FL	(g)	622		1,226		—		1,848		45		8/27/2014	2014
	La Salle, CO	(g)	239		890		—		1,129		27		11/4/2014	2013
	LaBelle, FL	(g)	268		1,037		—		1,305		54		2/28/2014	2014
	Lake Elsinor, CA	(g)	417		1,682		—		2,099		79		3/3/2014	2013
	Lakeland, FL	(g)	353		937		—		1,290		39		6/30/2014	2014
	Laredo, TX	(g)	302		1,039		—		1,341		34		10/3/2014	2013
	Levelland, TX	(g)	264		952		—		1,216		33		9/30/2014	2014
	Little Rock, CA	(g)	499		1,730		—		2,229		40		2/19/2015	2014
	Lorain, OH	(g)	320		995		—		1,315		41		6/27/2014	2014
	Louisville (Bank), KY	(g)	578		919		—		1,497		45		3/26/2014	2013
	Louisville (Cane), KY	(g)	480		934		—		1,414		39		6/4/2014	2014
	Mahanoy City, PA	(g)	209		1,112		—		1,321		25		2/20/2015	2015
	Mansfield, TX	(g)	849		1,189		—		2,038		59		2/26/2014	2013

S-10

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

			Initial Costs to Company						Gross Amount at
							Total		Which Carried		Accumulated
					Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances	Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Family Dollar (continued):
	Melbourne, FL	(g)	$	362	$	883	$	—	$	1,245	$	44	2/28/2014	2014
	Melrose, FL	(g)	124		929		—		1,053		32		9/10/2014	2014
	Mertzon, TX	(g)	149		995		—		1,144		37		9/19/2014	2014
	Mesa, AZ	(g)	627		1,468		—		2,095		67		3/31/2014	2014
	Miami, FL	(g)	584		1,490		—		2,074		33		2/25/2015	2014
	Milo, ME	(g)	138		1,122		—		1,260		27		3/19/2015	2014
	Monroe, UT	(g)	272		985		—		1,257		32		10/24/2014	2013
	Moore Haven, FL	(g)	348		1,016		—		1,364		46		5/29/2014	2014
	Moulton, TX	(g)	102		973		—		1,075		52		2/26/2014	2014
	Naubinway, MI	(g)	47		1,180		—		1,227		55		2/4/2014	2013
	New Ellenton, SC	(g)	160		800		—		960		22		12/12/2014	2014
	New Summerfield, TX	(g)	230		851		—		1,081		35		6/6/2014	2014
	Nicholasville, KY	(g)	464		826		—		1,290		40		3/26/2014	2013
	North Charleston, SC	(g)	386		997		—		1,383		30		11/14/2014	2014
	North Hampton, OH	(g)	200		867		—		1,067		22		2/27/2015	2014
	Ocoee, FL	(g)	462		1,173		—		1,635		35		11/21/2014	2014
	Omaha, NE	(g)	86		1,427		—		1,513		30		3/2/2015	2014
	Ordway, CO	(g)	81		993		—		1,074		32		10/30/2014	2014
	Oshkosh, WI	(g)	361		815		—		1,176		41		2/25/2014	2013
	Ossineke, MI	(g)	85		898		—		983		40		3/14/2014	2014
	Palmdale, CA	(g)	372		1,822		—		2,194		38		3/30/2015	2014
	Penitas, TX	(g)	182		1,053		—		1,235		50		3/26/2014	2014
	Pensacola, FL	(g)	509		791		—		1,300		39		3/27/2014	2014
	Pine Lake, GA	(g)	639		897		—		1,536		34		8/26/2014	2014
	Pittsfield, ME	(g)	334		1,258		—		1,592		14		8/12/2015	2014
	Plainview, NE	(g)	112		774		—		886		36		4/25/2014	2014
	Poinciana, FL	(g)	501		1,186		—		1,687		41		9/19/2014	2014
	Pojoaque, NM	(g)	545		909		—		1,454		33		8/25/2014	2013
	Posen, MI	(g)	101		896		—		997		40		3/14/2014	2014
	Preston, MN	(g)	161		1,159		—		1,320		50		6/27/2014	2014
	Punta Gorda, FL	(g)	345		1,018		—		1,363		1		12/17/2015	2014
	Radium Springs, NM	(g)	129		1,086		—		1,215		54		2/26/2014	2013
	Ramah, NM	(g)	217		1,105		—		1,322		52		2/4/2014	2013
	Rex, GA	(g)	294		1,393		—		1,687		41		11/7/2014	2014
	Richmond, ME	(g)	252		1,026		—		1,278		25		3/25/2015	2014
	Riverside, CA	(g)	736		1,558		—		2,294		70		4/4/2014	2014
	Robert Lee, TX	(g)	94		904		—		998		45		2/26/2014	2014
	Rushford, MN	(g)	163		844		—		1,007		38		6/27/2014	2014
	Saginaw, MI	(g)	240		956		—		1,196		31		10/30/2014	2014
	San Antonio, TX	(g)	357		966		—		1,323		36		9/30/2014	2014
	San Antonio, TX	(g)	421		951		—		1,372		31		11/14/2014	2014
	San Jacinto, CA	(g)	430		1,682		—		2,112		64		7/18/2014	2014
	Schuyler, NE	(g)	260		708		—		968		32		5/5/2014	2014
	Shreveport, LA	(g)	406		978		—		1,384		43		5/29/2014	2014

S-11

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Family Dollar (continued):
	Shreveport, LA	(g)		$	272	$	1,113	$	—	$	1,385	$	43	7/22/2014	2014
	Shreveport, LA	(g)		423		1,099		—		1,522		35		10/8/2014	2014
	South Paris, ME	(g)		173		1,240		—		1,413		33		2/25/2015	2014
	Spring Hill, FL	(g)		278		1,249		—		1,527		1		12/4/2015	2014
	Spurger, TX	(g)		86		905		—		991		32		9/18/2014	2014
	Statesboro, GA	(g)		347		800		—		1,147		41		2/14/2014	2013
	Sterling City, TX	(g)		78		889		—		967		45		2/26/2014	2013
	Stockton, CA	(g)		202		1,817		—		2,019		61		9/19/2014	2014
	Summerfield, FL	(g)		271		978		—		1,249		27		12/12/2014	2014
	Tallahassee, FL	(g)		189		1,212		—		1,401		36		11/21/2014	2014
	Taft, CA	(g)		255		1,422		—		1,677		88		8/23/2013	2013
	Tampa (Cragmont), FL	(g)		563		737		—		1,300		41		12/18/2013	2013
	Tampa (Forest), FL	(g)		482		920		—		1,402		50		12/18/2013	2013
	Tampa (Hunt), FL	(g)		568		1,137		—		1,705		46		7/2/2014	2014
	Terra Bella, CA	(g)		332		1,394		—		1,726		69		2/19/2014	2013
	Topeka, KS	(g)		419		1,327		—		1,746		60		4/17/2014	2014
	Tucson, AZ	(g)		399		1,599		—		1,998		40		1/27/2015	2014
	Tyler, MN	(g)		73		895		—		968		40		6/27/2014	2014
	Tuscaloosa, AL	(g)		534		817		—		1,351		46		12/27/2013	2013
	Valdosta, GA	(g)		424		849		—		1,273		43		2/26/2014	2014
	Vine Grove, KY	(g)		205		966		—		1,171		23		2/13/2015	2014
	Waelder, TX	(g)		136		788		—		924		33		6/4/2014	2014
	Walker, LA	(g)		294		966		—		1,260		33		9/30/2014	2014
	Wayne, OK	(g)		37		937		—		974		39		6/27/2014	2014
	Waynesburg, KY	(g)		150		955		—		1,105		31		10/10/2014	2014
	Wild Rose, WI	(g)		133		866		—		999		35		6/27/2014	2013
Fargo Plaza:
	Fargo, ND	(g)		2,097		4,774		376		7,247		429		5/30/2013	2003
Fleet Pride:
	Birmingham, AL	(g)		376		2,607		—		2,983		35		8/3/2015	2014
Flower Foods:
	Orlando, FL	(g)		418		387		—		805		13		9/11/2014	2013
	Waldorf, MD	(g)		398		1,045		—		1,443		40		9/11/2014	2013
Food 4 Less:
	Atwater, CA	(g)		1,383		5,271		—		6,654		319		11/27/2013	2002
Fourth Creek Landing:
	Statesville, NC	$	5,700	1,375		7,795		—		9,170		744		3/26/2013	2012
Fresenius Medical Care:
	West Plains, MI	(g)		557		3,097		—		3,654		117		7/2/2014	2014
Fresh Market Center:
	Glen Ellyn, IL	—		2,767		6,403		48		9,218		231		9/30/2014	2014
Fresh Thyme:
	Indianapolis, IN	(g)		1,087		6,019		—		7,106		212		10/31/2014	2014
	Northville, MI	(g)		1,598		7,796		—		9,394		9		12/21/2015	2015

S-12

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company							Gross Amount at
								Total			Which Carried		Accumulated
						Buildings &		Adjustment			At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis			(b) (c)		(d) (e)		Acquired	Constructed
Fresh Thyme & DSW:
	Fort Wayne, IN	$	—	$	1,740	$	4,153	$	101		$	5,994	$	154	9/30/2014	1985
Gander Mountain:
	Pensacola, FL	(g)		2,152		3,831		—			5,983		178		4/29/2014	2014
	Waukesha, WI	(g)		3,408		12,918		—			16,326		422		9/29/2014	2007
Giant Eagle:
	Seven Fields, PA	7,530		1,574		13,659		—			15,233		575		5/7/2014	2005
Gold's Gym:
	Corpus Christi, TX	(g)		1,498		6,346		—			7,844		480		3/6/2013	2006
Golden Corral:
	Garland, TX	(g)		1,255		2,435		—			3,690		217		9/21/2012	2012
	Georgetown, KY	(g)		1,048		1,452		(1,217		)	1,283		—		6/11/2014	2004
	Houston, TX	(g)		1,375		2,350		—			3,725		195		12/12/2012	2012
	Victoria, TX	(g)		673		2,857		—			3,530		112		6/27/2014	2013
Goodyear:
	Pooler, GA	(g)		569		1,484		—			2,053		109		6/18/2013	2008
Hancock Village:
	Chesterfield, VA	15,000		8,874		17,287		96			26,257		1,443		5/23/2013	2009
Harbor Town Center:
	Manitowoc, WI	(g)		3,568		13,209		—			16,777		296		4/24/2015	2005
Haverty Furniture:
	Midland, TX	(g)		709		1,294		—			2,003		124		8/7/2013	2012
HEB Center:
	Waxahachie, TX	7,000		3,465		7,952		287			11,704		763		6/27/2012	1997
Hickory Flat Commons:
	Canton, GA	9,850		4,482		13,174		9			17,665		1,151		12/18/2012	2008
Hobby Lobby:
	Burlington, IA	(g)		629		1,890		—			2,519		23		7/30/2015	1988
	Dickson City, PA	—		1,113		7,946		—			9,059		470		6/30/2014	2013
	Lewisville, TX	(g)		2,184		8,977		—			11,161		524		11/26/2013	2013
	Mooresville, NC	(g)		869		4,249		—			5,118		463		11/30/2012	2012
Home Depot:
	Lincoln, NE	(g)		6,339		5,937		—			12,276		33		10/22/2015	1993
	North Canton, OH	7,234		2,203		12,012		—			14,215		986		12/20/2012	1998
	Plainwell, MI	(g)		521		11,905		—			12,426		796		5/16/2013	2002
IHOP:
	Anderson, IN	(g)		54		1,633		—			1,687		64		6/30/2014	2005
	Columbus, OH	(g)		408		1,783		—			2,191		69		6/30/2014	2012
	Columbus, OH	(g)		315		1,864		—			2,179		72		6/30/2014	2011
	Lancaster, OH	(g)		157		1,497		—			1,654		58		6/30/2014	2009
	Rio Rancho, NM	(g)		599		2,314		—			2,913		104		3/28/2014	2011
	Richmond, IN	(g)		106		1,428		—			1,534		56		6/30/2014	2007
Inglewood Plaza:
	Inglewood, CA	12,700		9,880		14,099		—			23,979		493		9/12/2014	2008

S-13

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Kirklands:
	Dothan, AL	(g)		$	486	$	946	$	—	$	1,432	$	46	8/5/2014	2014
	Jonesboro, AR	(g)		696		1,990		—		2,686		155		11/27/2012	2012
Kohl’s:
	Cedar Falls, IA	(g)		1,600		5,796		—		7,396		478		12/7/2012	2001
	Chartlottesville, VA	$	8,745	3,929		12,280		—		16,209		465		7/28/2014	2011
	Easton, MD	(g)		2,962		2,661		—		5,623		3		12/2/2015	1992
	Hutchinson, KS	(g)		3,290		—		—		3,290		—		10/19/2012	(f)
Kroger:
	Shelton, WA	(g)		1,180		11,040		—		12,220		548		4/30/2014	1994
	Whitehall, OH	4,066		581		6,628		—		7,209		388		12/16/2013	1994
Kum & Go:
	Bentonville (Central), AR	(g)		916		1,864		—		2,780		129		5/3/2013	2011
	Conway, AR	(g)		510		2,577		—		3,087		101		6/13/2014	2014
	Fairfield, IA	(g)		422		1,913		—		2,335		133		5/3/2013	2011
	Mount Vernon, MO	(g)		708		1,756		—		2,464		122		5/3/2013	2010
	Urbandale, IA	(g)		722		1,658		—		2,380		116		5/3/2013	2010
L.A. Fitness:
	Bloomfield Township, MI	(g)		2,287		10,075		—		12,362		722		6/21/2013	2008
	Columbus, OH	(g)		1,013		6,734		—		7,747		131		4/29/2015	2014
	Garland, TX	(g)		2,005		6,861		—		8,866		367		12/20/2013	2013
	Houston, TX	(g)		5,764		5,994		—		11,758		365		9/30/2013	2013
	Mesa, AZ	(g)		1,353		7,730		20		9,103		570		5/8/2013	2010
	New Lenox, IL	(g)		1,965		6,257		—		8,222		7		12/21/2015	2015
	Ocoee, FL	(g)		1,173		6,876		—		8,049		454		8/8/2013	2008
	Riverside, CA	(g)		2,557		9,951		—		12,508		636		8/2/2013	2010
Lafayette Pavilions:
	Lafayette, IN	(g)		7,632		42,497		3		50,132		1,260		2/6/2015	2006
Logan’s Roadhouse:
	Bristol, VA	(g)		991		2,560		—		3,551		211		1/29/2013	2001
	Fort Wayne, IN	(g)		868		2,698		—		3,566		121		3/28/2014	2002
	Lancaster, TX	(g)		1,203		1,620		—		2,823		141		10/23/2012	2011
	Martinsburg, WV	(g)		925		2,183		—		3,108		123		10/29/2013	2010
	Opelika, AL	(g)		836		1,508		—		2,344		133		10/23/2012	2005
	Sanford, FL	(g)		1,031		1,807		—		2,838		158		10/23/2012	1999
	Troy, OH	(g)		992		1,577		—		2,569		136		10/23/2012	2011
Lowe’s:
	Adrian, MI	(g)		2,604		5,036		—		7,640		399		9/27/2013	1996
	Alpharetta, GA	12,300		7,979		9,630		403		18,012		171		5/29/2015	1998
	Asheboro, NC	(g)		1,098		6,722		—		7,820		280		6/23/2014	1994
	Cincinnati, OH	(g)		14,092		—		—		14,092		—		2/10/2014	2001
	Columbia, SC	5,964		3,943		6,353		750		11,046		445		9/12/2013	1994
	Covington, LA	5,648		10,233		—		—		10,233		—		8/20/2014	2002
	Hilliard, OH	7,859		5,474		6,288		—		11,762		75		8/5/2015	1994
	Lilburn, GA	12,500		8,817		9,380		385		18,582		167		5/29/2015	1999

S-14

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Lowe’s (continued):
	Mansfield, OH	(g)		$	873	$	8,256	$	—	$	9,129	$	351	6/12/2014	1992
	Marietta, GA	$	11,000	7,471		8,404		392		16,267		150		5/29/2015	1997
	Oxford, AL	(g)		1,668		7,622		369		9,659		604		6/28/2013	1999
	Tuscaloosa, AL	(g)		4,908		4,786		9		9,703		302		10/29/2013	1993
	Woodstock, GA	11,200		7,316		8,879		392		16,587		159		5/29/2015	1997
	Zanesville, OH	(g)		2,161		8,375		282		10,818		461		12/11/2013	1995
Market Heights Shopping Center:
	Harker Heights, TX	47,000		12,888		64,105		194		77,187		4,343		11/25/2013	2012
Marketplace at the Lakes:
	West Covina, CA	11,300		10,020		8,664		—		18,684		1,041		9/30/2013	1994
Matteson Center:
	Matteson, IL	(g)		1,243		17,427		420		19,090		1,248		11/22/2013	2003
Mattress Firm:
	Appleton, WI	(g)		895		1,026		—		1,921		4		11/18/2015	2015
	Augusta, ME	(g)		723		1,354		—		2,077		68		5/30/2014	2013
	Brunswick, GA	(g)		343		1,040		—		1,383		69		8/29/2013	2012
	Cincinnati, OH	(g)		323		966		—		1,289		38		7/17/2014	2013
	Danville, VA	(g)		274		1,514		—		1,788		69		4/29/2014	2014
	Huber Heights, OH	(g)		854		903		—		1,757		38		6/20/2014	2014
	Jonesboro, AR	(g)		729		1,194		—		1,923		130		10/5/2012	2012
	Lakeland, FL	(g)		259		1,107		—		1,366		47		7/16/2014	2014
	Martinsville, VA	(g)		259		1,510		—		1,769		14		9/17/2015	2014
	Middletown, OH	(g)		142		1,384		—		1,526		14		8/6/2015	2015
	Nampa, ID	(g)		449		2,213		—		2,662		104		3/31/2014	1972
	New Bern, NC	(g)		340		1,436		—		1,776		49		9/25/2014	2014
	Pineville, NC	(g)		1,557		1,198		—		2,755		117		10/29/2012	2012
	Port Charlotte, FL	(g)		382		1,211		—		1,593		45		8/1/2014	2014
	Thomasville, GA	(g)		694		1,469		—		2,163		2		12/18/2015	2015
Mattress Firm & Aspen Dental:
	Vienna, WV	—		774		2,466		—		3,240		107		9/15/2014	2014
Mattress Firm & Five Guys:
	Muskegon, MI	(g)		813		1,766		—		2,579		65		8/29/2014	2014
McAlister's Deli:
	Lawton, OK	(g)		805		1,057		—		1,862		48		5/1/2014	2013
	Port Arthur, TX	(g)		379		1,146		—		1,525		62		3/27/2014	2007
Melody Mountain:
	Ashland, KY	—		1,286		9,879		—		11,165		77		9/1/2015	2013
Merchants Tire & Auto:
	Wake Forest, NC	(g)		782		1,730		—		2,512		13		9/1/2015	2005
Michael’s:
	Bowling Green, KY	(g)		587		1,992		—		2,579		193		11/20/2012	2012

S-15

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Morganton Heights:
	Morganton, NC	(g)		$	7,032	$	29,763	$	—	$	36,795	$	897	4/29/2015	2013
National Tire & Battery:
	Cedar Hill, TX	(g)		469		1,951		—		2,420		152		12/18/2012	2006
	Cypress, TX	(g)		910		2,224		—		3,134		18		9/1/2015	2005
	Flower Mound, TX	(g)		779		2,449		—		3,228		19		9/1/2015	2005
	Fort Worth, TX (Freeway)	(g)		936		1,234		—		2,170		78		8/23/2013	2005
	Fort Worth, TX (Quebec St.)	(g)		730		2,309		—		3,039		18		9/1/2015	2005
	Frisco, TX	(g)		844		1,608		—		2,452		101		8/23/2013	2007
	Montgomery, IL	(g)		516		2,494		—		3,010		192		1/15/2013	2007
	North Richland Hills, TX	(g)		513		2,579		—		3,092		21		9/1/2015	2005
	Pasadena, TX	(g)		908		2,307		—		3,215		19		9/1/2015	2005
	Pearland, TX	(g)		1,016		2,040		—		3,056		16		9/1/2015	2005
	Plano, TX	(g)		1,292		2,197		—		3,489		18		9/2/2015	2005
	Tomball, TX	(g)		838		2,229		—		3,067		18		9/2/2015	2005
Native Wings:
	San Antonio, TX	(g)		821		2,682		—		3,503		100		8/4/2014	2014
Natural Grocers:
	Denton, TX	(g)		1,326		3,134		—		4,460		205		7/24/2013	2012
	Idaho Falls, ID	(g)		833		2,316		—		3,149		115		2/14/2014	2013
	Lubbock, TX	(g)		1,093		3,621		—		4,714		253		4/22/2013	2013
Nordstrom Rack:
	Tampa, FL	(g)		3,371		6,402		—		9,773		740		4/16/2012	2010
Northwest Plaza:
	Tampa, FL	$	—	1,816		4,834		—		6,650		56		8/20/2015	1994
O’Reilly Automotive:
	Brownfield, TX	(g)		22		835		—		857		81		5/8/2012	2012
	Columbus, TX	(g)		260		757		—		1,017		70		5/8/2012	2011
	Lamesa, TX	(g)		64		608		—		672		16		12/10/2014	2006
	Stanley, ND	(g)		323		662		—		985		23		8/8/2014	2014
Park Place:
	Enterprise, AL	6,505		931		8,595		—		9,526		532		8/30/2013	2012
Pecanland Plaza:
	Monroe, LA	(g)		2,206		18,957		—		21,163		114		10/13/2015	2008
Pep Boys:
	Clermont, FL	(g)		799		1,993		—		2,792		138		6/26/2013	2013
	Oviedo, FL	(g)		669		2,172		—		2,841		132		10/4/2013	2013
PetSmart:
	Baton Rouge, LA	2,509		651		2,968		113		3,732		292		10/11/2012	1999
	Commerce Township, MI	(g)		539		1,960		—		2,499		186		3/28/2013	1996
	East Peoria, IL	(g)		997		3,345		—		4,342		102		11/7/2014	2007
	Eden Prairie, MN	(g)		1,279		2,030		—		3,309		130		10/1/2013	2007
	Edmond, OK	(g)		816		3,266		—		4,082		257		1/23/2013	1998

S-16

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
PetSmart (continued):
	North Fayette Township, PA	(g)		$	1,615	$	1,503	$	—	$	3,118	$	116	6/7/2013	1997
	Overland Park, KS	(g)		2,025		2,181		—		4,206		131		10/1/2013	1996
	Taylor, MI	(g)		331		2,438		—		2,769		209		6/7/2013	1997
	Tucson, AZ	(g)		1,114		2,771		98		3,983		190		11/8/2013	2000
	Wilkesboro, NC	(g)		447		1,710		—		2,157		171		4/13/2012	2011
PetSmart/Old Navy:
	Reynoldsburg, OH	(g)		1,295		4,077		—		5,372		371		12/14/2012	2012
Pick ’n Save:
	Pewaukee, WI	(g)		1,323		6,761		—		8,084		281		8/13/2014	1999
	Sheboygan, WI	(g)		2,003		10,695		—		12,698		929		9/6/2012	2012
	South Milwaukee, WI	(g)		1,126		5,706		—		6,832		315		11/6/2013	2005
Plainfield Plaza:
	Plainfield, IL	(g)		3,167		14,788		—		17,955		18		12/3/2015	2002
Plaza San Mateo:
	Albuquerque, NM	$	6,950	2,867		11,582		—		14,449		509		5/2/2014	2014
Popeyes:
	Independence, MO	(g)		333		680		—		1,013		27		6/27/2014	2005
Poplar Springs Plaza:
	Duncan, SC	(g)		1,862		5,277		149		7,288		421		5/24/2013	1995
Price Chopper:
	Gardner, MA	(g)		858		12,171		—		13,029		405		9/26/2014	2012
Quick Chek:
	Kingston, NY	(g)		831		5,783		—		6,614		388		5/31/2013	2008
	Lake Katrine, NY	(g)		1,507		4,569		—		6,076		300		5/31/2013	2008
	Middletown (Main), NY	(g)		1,335		5,732		—		7,067		384		5/31/2013	2008
	Middletown, NY	(g)		1,297		5,963		—		7,260		400		5/31/2013	2009
	Middletown, NY	(g)		1,437		4,656		—		6,093		314		5/31/2013	2007
	Sagerties, NY	(g)		1,242		5,372		—		6,614		361		5/31/2013	2009
Raising Cane’s:
	Beaumont, TX	(g)		839		1,288		—		2,127		51		7/31/2014	2013
	Phoenix, AZ	(g)		761		1,972		—		2,733		88		3/28/2014	2011
	Wichita Falls, TX	(g)		426		1,947		—		2,373		84		4/30/2014	2013
Regent Towne Center:
	Fort Mill, SC	(g)		1,455		5,063		29		6,547		396		6/13/2013	2007
Rite Aid:
	Columbia, SC	(g)		854		2,281		—		3,135		125		12/3/2013	2008
	Jenison, MI	(g)		438		1,491		—		1,929		65		6/23/2014	1996
Rocky River Promenade:
	Mooresville, NC	3,989		2,446		3,159		—		5,605		121		8/18/2014	2008
Ross:
	Fort Worth, TX	(g)		1,273		3,157		—		4,430		287		10/4/2012	1977

S-17

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Rushmore Crossing:
	Rapid City, SD	$	24,417	$	7,066	$	33,019	$	66	$	40,151	$	2,316	1/2/2014	2012
	Rapid City, SD	—		883		4,128		—		5,011		308		1/2/2014	2012
Sherwin-Williams:
	Macon, GA	(g)		59		659		—		718		12		4/16/2015	2015
Shippensburg Market Place:
	Shippensburg, PA	—		1,917		9,263		—		11,180		335		9/18/2014	2002
Shopko:
	Broken Bow, NE	(g)		244		1,733		—		1,977		79		6/19/2014	2007
	Cherokee, IA	(g)		217		3,326		—		3,543		4		12/23/2015	2015
	Cokato, MN	(g)		358		3,229		—		3,587		4		12/23/2015	2015
	Valentine, NE	(g)		395		3,549		—		3,944		161		6/30/2014	2014
Shoppes at Lake Andrew:
	Melbourne, FL	(g)		3,924		16,840		—		20,764		1,079		12/31/2013	2003
Shoppes at Stroud:
	Stroud Township, PA	(g)		3,754		22,614		—		26,368		808		10/29/2014	2007
Sleepy’s:
	Burlington, NC	(g)		393		1,648		—		2,041		33		3/31/2015	2014
	Joliet, IL	(g)		287		1,552		—		1,839		34		2/27/2015	2014
Southwest Plaza:
	Springfield, IL	(g)		2,992		48,935		7		51,934		2,158		9/18/2014	2003
Spinx:
	Simpsonville, SC	(g)		591		969		—		1,560		72		1/24/2013	2012
Springfield Commons:
	Springfield, OH	—		3,745		15,049		52		18,846		285		5/6/2015	1995
Sprouts:
	Bixby, OK	(g)		1,320		7,117		—		8,437		451		7/26/2013	2013
Staples:
	Plainfield, IN	(g)		400		2,099		—		2,499		50		2/26/2015	2014
Stoneridge Village:
	Jefferson City, MO	—		1,830		9,351		—		11,181		451		6/30/2014	2012
Stop & Shop:
	Brockton, MA	11,241		4,259		13,285		—		17,544		197		7/27/2015	2003
Stripes:
	Brownsville, TX	(g)		210		2,386		—		2,596		236		8/30/2012	2007
	Brownwood, TX	(g)		484		3,086		—		3,570		294		8/30/2012	2005
	McAllen, TX	(g)		604		1,909		—		2,513		219		8/30/2012	2007
	Midland, TX	(g)		620		5,551		—		6,171		489		8/30/2012	2002
	Mission, TX	(g)		215		2,170		—		2,385		215		8/30/2012	2006
	Odessa, TX	(g)		569		4,940		—		5,509		433		8/30/2012	1998
Summerfield Crossing:
	Riverview, FL	(g)		6,130		6,753		—		12,883		466		7/12/2013	2013
Sunbelt Rentals:
	Canton, OH	(g)		147		1,679		—		1,826		127		10/24/2013	2013
	Houston, TX	(g)		535		1,664		—		2,199		75		3/31/2014	2000

S-18

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Sunoco:
	Cocoa, FL	(g)		$	625	$	1,062	$	—	$	1,687	$	73	4/12/2013	1987
	Mangonia Park, FL	(g)		689		600		—		1,289		41		4/12/2013	1999
	Merritt Island, FL	(g)		610		1,123		—		1,733		77		4/12/2013	1986
	Palm Beach Gardens, FL	(g)		1,050		2,667		—		3,717		181		4/12/2013	2009
	Palm City, FL	(g)		667		1,698		—		2,365		116		4/12/2013	2011
	Palm Springs, FL	(g)		580		1,907		—		2,487		130		4/12/2013	2011
	Sebastian, FL	(g)		490		2,128		—		2,618		145		4/12/2013	2009
	Titusville, FL	(g)		626		2,534		—		3,160		172		4/12/2013	2009
	West Palm Beach, FL	(g)		637		443		—		1,080		30		4/12/2013	1977
Sunoco Center:
	Titusville (Sisson), FL	(g)		799		587		—		1,386		41		4/12/2013	1986
Sutters Creek:
	Rocky Mount, NC	$	—	1,458		2,616		154		4,228		162		1/31/2014	2012
Sweet Tomatoes:
	Overland Park, KS	(g)		806		3,600		—		4,406		161		3/28/2014	2001
	St. Louis, MO	(g)		1,254		3,354		—		4,608		150		3/28/2014	1988
Target Center:
	Columbia, SC	5,450		3,234		7,297		—		10,531		358		3/31/2014	2012
Terrell Mill Village:
	Marietta, GA	7,500		3,079		11,185		—		14,264		643		1/31/2014	2012
TGI Friday’s:
	Chesapeake, VA	(g)		1,217		1,388		—		2,605		57		6/27/2014	2003
	Wilmington, DE	(g)		1,685		969		—		2,654		41		6/27/2014	1991
The Market at Clifty Crossing:
	Columbus, IN	(g)		2,669		16,308		—		18,977		1,039		10/31/2014	1989
The Market at Polaris:
	Columbus, OH	(g)		11,828		41,702		302		53,832		2,463		12/6/2013	2005
The Marquis:
	Williamsburg, VA	8,556		2,615		11,406		—		14,021		1,036		9/21/2012	2007
The Plant:
	San Jose, CA	123,000		67,596		108,203		270		176,069		8,952		4/15/2013	2008
The Ridge at Turtle Creek:
	Hattiesburg, MS	(g)		2,749		12,434		—		15,183		293		2/27/2015	2011
Tilted Kilt:
	Killeen, TX	(g)		1,378		1,508		—		2,886		57		7/29/2014	2010
Tire Kingdom:
	Bluffton, SC	(g)		645		1,688		—		2,333		13		9/1/2015	2005
	Summerville, SC	(g)		1,208		1,233		—		2,441		10		9/1/2015	2005
	Tarpon Springs, FL	(g)		427		1,458		—		1,885		118		11/30/2012	2003
Tire Kingdom & Starbucks:
	Mount Pleasant, SC	—		1,291		3,149		—		4,440		24		9/1/2015	2005

S-19

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
TJ Maxx/Dollar Tree:
	Oxford, OH	(g)		$	641	$	2,673	$	—	$	3,314	$	241	5/20/2013	2013
Tractor Supply:
	Ashland, VA	(g)		500		2,696		—		3,196		152		11/22/2013	2013
	Augusta, KS	(g)		407		2,315		—		2,722		121		1/10/2014	2013
	Cambridge, MN	(g)		807		1,272		—		2,079		142		5/14/2012	2012
	Canon City, CO	(g)		597		2,527		—		3,124		197		11/30/2012	2012
	Fortuna, CA	(g)		568		3,819		—		4,387		159		6/27/2014	2014
	Lumberton, NC	(g)		611		2,007		—		2,618		151		5/24/2013	2013
	Marion, IN	(g)		1,536		1,099		—		2,635		60		2/19/2014	2004
	Monticello, FL	(g)		448		1,916		—		2,364		140		6/20/2013	2013
	Newnan, GA	(g)		1,182		1,950		—		3,132		166		11/6/2012	2009
	Petersburg, VA	(g)		514		2,439		—		2,953		143		10/7/2013	2013
	South Hill, VA	(g)		630		2,179		—		2,809		150		6/24/2013	2011
	Spencer, WV	$	1,659	455		2,188		—		2,643		196		11/20/2012	2012
	Stuttgart, AR	1,543		47		2,519		—		2,566		181		4/5/2013	2013
	Weaverville, NC	(g)		867		3,138		—		4,005		196		9/13/2013	2006
	Woodward, OK	(g)		446		1,973		—		2,419		120		11/19/2013	2013
Trader Joe’s:
	Asheville, NC	(g)		2,770		3,766		—		6,536		228		10/22/2013	2013
	Columbia, SC	(g)		2,308		2,597		—		4,905		213		3/28/2013	2012
	Wilmington, NC	(g)		2,016		2,519		—		4,535		212		6/27/2013	2012
Turfway Crossing:
	Florence, KY	—		2,261		10,323		—		12,584		537		5/27/2014	2002
Ulta Salon:
	Albany, GA	(g)		441		1,757		—		2,198		77		5/8/2014	2013
	Greeley, CO	(g)		596		2,035		—		2,631		43		3/31/2015	2014
United Oil:
	Alhambra, CA	2,032		3,026		751		—		3,777		24		9/30/2014	2005
	Bellflower (Alondra), CA	755		1,312		576		—		1,888		19		9/30/2014	1999
	Bellflower (Lakewood), CA	(g)		1,246		788		—		2,034		26		9/30/2014	2001
	Brea, CA	(g)		2,393		658		—		3,051		21		9/30/2014	1984
	Burbank (Glenoaks), CA	2,193		3,474		594		—		4,068		19		9/30/2014	2000
	Burbank (Magnolia), CA	1,484		1,750		574		—		2,324		19		9/30/2014	1998
	Chino, CA	1,167		1,449		730		—		2,179		24		9/30/2014	1984
	Compton, CA	805		992		460		—		1,452		15		9/30/2014	2002
	El Cajon (El Cajon), CA	(g)		1,533		568		—		2,101		18		9/30/2014	2008
	El Cajon (Second), CA	(g)		1,225		368		—		1,593		12		9/30/2014	2000
	El Monte, CA	(g)		766		510		—		1,276		16		9/30/2014	1994
	Escondido (Escondido), CA	1,107		678		470		—		1,148		15		9/30/2014	1984
	Escondido (Mission), CA	(g)		3,514		1,062		—		4,576		34		9/30/2014	2002

S-20

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
United Oil (continued):
	Fountain Valley, CA	$	1,459	$	1,809	$	806	$	—	$	2,615	$	26	9/30/2014	1999
	Glendale, CA	(g)		4,871		795		—		5,666		26		9/30/2014	1999
	Inglewood, CA	(g)		1,809		878		—		2,687		29		9/30/2014	1997
	La Habra, CA	(g)		1,971		571		—		2,542		18		9/30/2014	2000
	Lawndale, CA	(g)		1,462		862		—		2,324		28		9/30/2014	2001
	Long Beach (Anaheim), CA	1,061		974		772		—		1,746		25		9/30/2014	2003
	Long Beach (Atlantic), CA	(g)		2,778		883		—		3,661		29		9/30/2014	1972
	Long Beach (Santa Fe), CA	1,288		1,972		643		—		2,615		21		9/30/2014	2004
	Los Angeles (2503 W. Pico), CA	(g)		2,334		717		—		3,051		23		9/30/2014	2002
	Los Angeles (4931 W. Pico), CA	(g)		3,552		1,242		—		4,794		40		9/30/2014	2002
	Los Angeles (Eastern), CA	(g)		2,745		669		—		3,414		22		9/30/2014	1998
	Los Angeles (Jefferson), CA	2,923		3,823		825		—		4,648		27		9/30/2014	1997
	Los Angeles (Marina Del R), CA	(g)		3,930		428		—		4,358		14		9/30/2014	2005
	Los Angeles (Olympic), CA	1,590		1,710		905		—		2,615		29		9/30/2014	2002
	Los Angeles (Slauson), CA	(g)		1,927		1,484		—		3,411		48		9/30/2014	2007
	Los Angeles (Western), CA	(g)		2,182		701		—		2,883		23		9/30/2014	1964
	Lynwood, CA	1,640		2,386		737		—		3,123		24		9/30/2014	2002
	Menifee, CA	2,284		2,853		924		—		3,777		30		9/30/2014	1995
	Monrovia, CA	1,660		2,365		686		—		3,051		22		9/30/2014	1996
	Norco (Hidden Valley), CA	(g)		1,852		1,489		—		3,341		48		9/30/2014	1995
	Norco (Sixth), CA	1,424		1,869		891		—		2,760		29		9/30/2014	2005
	North Hollywood, CA	2,998		4,663		858		—		5,521		28		9/30/2014	1999
	Oceanside, CA	2,264		2,163		1,248		—		3,411		41		9/30/2014	2011
	Paramount, CA	664		1,301		1,024		—		2,325		33		9/30/2014	1996
	Pomona, CA	1,273		1,740		730		—		2,470		24		9/30/2014	1997
	Poway, CA	(g)		3,072		705		—		3,777		23		9/30/2014	1960
	San Diego (47th St), CA	(g)		2,977		1,448		—		4,425		47		9/30/2014	1984
	San Diego (Governor), CA	(g)		1,877		883		—		2,760		29		9/30/2014	2006
	San Diego (Rancho Penasquitos), CA	3,038		1,215		841		—		2,056		27		9/30/2014	2010
	San Diego (Sunset Cliffs), CA	(g)		1,824		382		—		2,206		12		9/30/2014	2006
	San Pedro, CA	1,655		2,086		675		—		2,761		22		9/30/2014	2000
	Santa Clarita, CA	(g)		4,787		733		—		5,520		24		9/30/2014	2001
	Sun City, CA	(g)		1,136		1,421		—		2,557		46		9/30/2014	1984
	Valley Center, CA	2,284		2,680		1,606		—		4,286		52		9/30/2014	2009

S-21

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
United Oil (continued):
	Van Nuys (Van Nuys), CA	$	2,284	$	2,439	$	902	$	—	$	3,341	$	29	9/30/2014	2005
	Van Nuys (Victory), CA	1,152		1,786		684		—		2,470		22		9/30/2014	1999
	Van Nuys (Woodman), CA	2,681		3,980		741		—		4,721		24		9/30/2014	2002
	Vista (Civic Center), CA	(g)		2,063		334		—		2,397		11		9/30/2014	1986
	Vista (Vista), CA	(g)		2,028		418		—		2,446		14		9/30/2014	2010
	Whittier, CA	(g)		1,629		985		—		2,614		32		9/30/2014	1997
	Wilmington, CA	1,680		1,615		1,145		—		2,760		37		9/30/2014	2002
	Woodland Hills, CA	3,159		4,946		647		—		5,593		21		9/30/2014	2003
University Marketplace:
	Marion, IN	4,050		850		6,722		121		7,693		642		3/22/2013	2012
Ventura Place:
	Albuquerque, NM	—		5,203		7,998		—		13,201		189		4/29/2015	2008
Village at Hereford Farms:
	Grovetown, GA	4,250		1,222		5,912		—		7,134		212		9/26/2014	2009
Wal-Mart:
	Anderson, SC	(g)		2,424		9,719		—		12,143		31		11/5/2015	2015
	Florence, SC	(g)		2,013		9,225		—		11,238		29		11/5/2015	2015
	Perry, GA	7,095		2,270		11,053		—		13,323		797		6/4/2013	1999
	Summerville, SC	(g)		2,410		2,098		—		4,508		17		9/18/2015	2015
	Tallahassee, FL	8,157		14,823		—		—		14,823		—		12/11/2012	2008
	York, SC	(g)		1,913		11,410		—		13,323		817		6/4/2013	1998
Walgreens:
	Andover, KS	(g)		630		3,057		—		3,687		199		10/18/2013	2001
	Arkadelphia, AR	4,225		787		4,626		—		5,413		132		11/26/2014	2007
	Austintown, OH	(g)		637		4,173		—		4,810		251		8/19/2013	2002
	Bartlett (5950 Stage), TN	4,150		1,086		4,321		—		5,407		129		11/26/2014	1997
	Bartlett (6697 Stage), TN	4,150		799		4,608		—		5,407		137		11/26/2014	2002
	Birmingham, AL	(g)		985		4,938		—		5,923		341		4/9/2013	2012
	Birmingham (Green Springs), AL	4,300		738		4,844		—		5,582		144		11/26/2014	2000
	Blair, NE	2,466		335		3,544		—		3,879		333		4/18/2012	2008
	Chicopee, MA	3,894		2,094		4,945		—		7,039		150		10/23/2014	2008
	Colerain Township, OH	4,200		1,991		3,470		—		5,461		101		11/26/2014	1998
	Connelly Springs, NC	(g)		1,349		3,628		—		4,977		223		8/27/2013	2012
	Cullman, AL	3,542		1,292		3,779		—		5,071		280		2/22/2013	2012
	Danville, VA	(g)		989		4,547		—		5,536		370		12/24/2012	2012
	Dearborn Heights, MI	(g)		2,236		3,411		—		5,647		217		7/9/2013	2008
	Decatur, AL	3,625		631		4,161		—		4,792		124		11/26/2014	2004
	Dyersburg, TN	(g)		555		4,088		—		4,643		163		6/30/2014	2011
	East Chicago, IN	(g)		331		5,242		—		5,573		181		8/8/2014	2005

S-22

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Walgreens (continued):
	Enterprise, AL	$	3,575	$	839	$	3,844	$	—	$	4,683	$	115	11/26/2014	2004
	Evansville, IN	4,040		812		4,439		—		5,251		133		11/26/2014	2001
	Florence, KY	4,125		1,086		4,206		—		5,292		122		11/26/2014	2005
	Forrest City, AR	4,825		643		5,287		—		5,930		157		11/26/2014	2007
	Fort Madison, IA	(g)		514		3,723		—		4,237		220		9/20/2013	2008
	Franklin, TN	4,200		1,457		4,075		—		5,532		122		11/26/2014	2000
	Fraser, MI	(g)		518		4,525		—		5,043		191		5/19/2014	2004
	Hazelwood, MO	(g)		2,505		4,866		—		7,371		280		9/4/2013	2006
	Hickory, NC	(g)		1,100		4,241		—		5,341		317		2/28/2013	2009
	Hobart, IN	3,875		594		4,526		—		5,120		134		11/26/2014	1998
	Hockessin, DE	(g)		1,586		3,555		—		5,141		203		12/20/2013	2008
	Huntsville, AL	3,273		1,931		2,457		—		4,388		190		3/15/2013	2001
	Kannapolis, NC	3,966		1,480		5,031		—		6,511		329		6/12/2013	2012
	Knoxville, TN	3,725		1,139		3,750		—		4,889		112		11/26/2014	1997
	Las Vegas, NV	(g)		2,325		3,262		—		5,587		195		9/26/2013	1999
	Lawton, OK	(g)		860		2,539		—		3,399		162		7/3/2013	1998
	Little Rock (Main), AR	(g)		548		4,676		—		5,224		181		6/30/2014	2011
	Little Rock (Bowman), AR	4,100		1,115		4,248		—		5,363		127		11/26/2014	2001
	Lubbock (82nd), TX	(g)		565		3,257		—		3,822		267		10/11/2012	2000
	Lubbock (Indiana), TX	(g)		531		2,951		—		3,482		240		10/11/2012	1998
	Malvern, AR	4,165		1,007		4,325		—		5,332		123		11/26/2014	2006
	Memphis, TN	3,775		776		4,166		—		4,942		124		11/26/2014	1999
	Metropolis, IL	(g)		284		4,991		—		5,275		172		8/8/2014	2009
	Michigan City, IN	3,200		567		3,615		—		4,182		109		11/26/2014	1999
	Mobile, AL	(g)		1,603		3,161		—		4,764		176		11/7/2013	2013
	Montgomery, AL	(g)		1,110		2,949		—		4,059		280		5/14/2012	2006
	Mount Washington, KY	4,125		545		4,825		—		5,370		143		11/26/2014	2005
	Oakland, TN	3,750		689		4,226		—		4,915		125		11/26/2014	2005
	Oklahoma City, OK	3,950		1,356		3,869		—		5,225		118		11/26/2014	1996
	Olathe, KS	4,230		1,266		4,047		—		5,313		120		11/26/2014	1997
	Phoenix, AZ	(g)		2,216		1,830		—		4,046		137		3/22/2013	2001
	Pine Bluff, AR	(g)		248		5,229		—		5,477		309		9/17/2013	2012
	Ralston (La Vista), NE	4,265		967		4,620		—		5,587		137		11/26/2014	1999
	River Falls, WI	5,200		634		5,137		—		5,771		151		11/26/2014	2007
	Roanoke, VA	(g)		677		3,825		—		4,502		161		5/7/2014	2003
	Sacramento, CA	(g)		324		2,669		—		2,993		108		6/30/2014	2008
	Sioux Falls, SD	3,625		1,138		3,784		—		4,922		113		11/26/2014	2007
	Springdale, AR	(g)		1,172		4,509		—		5,681		254		10/7/2013	2012
	Springfield, IL	(g)		830		3,619		—		4,449		338		5/14/2012	2007
	St. Charles, MO	4,600		1,644		4,364		—		6,008		130		11/26/2014	1994
	St. Louis (Lemay Ferry), MO	4,600		1,432		4,556		—		5,988		136		11/26/2014	1999
	St. Louis (Lusher), MO	4,790		1,414		4,622		—		6,036		138		11/26/2014	1999

S-23

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Walgreens (continued):
	Suffolk, VA	(g)		$	1,261	$	3,461	$	—	$	4,722	$	339	5/14/2012	2007
	Sun City, AZ	(g)		837		2,484		—		3,321		109		5/6/2014	2000
	Tarboro, NC	(g)		755		3,634		—		4,389		128		8/22/2014	2014
	Toledo, OH	$	4,325	1,993		3,445		—		5,438		104		11/26/2014	2001
	Troy, OH	(g)		547		4,076		—		4,623		149		7/28/2014	2002
	Tulsa, OK	3,350		1,078		3,453		—		4,531		104		11/26/2014	1993
Walgreens/KeyBank:
	Newburgh, NY	5,000		3,280		5,441		—		8,721		312		9/16/2013	2010
Wallace Commons:
	Salisbury, NC	7,590		3,265		8,058		—		11,323		654		12/21/2012	2009
Wallace Commons II:
	Salisbury, NC	6,012		2,231		8,479		—		10,710		447		2/28/2014	2013
Warrenton Highlands:
	Warrenton, OR	(g)		2,139		5,774		138		8,051		491		5/29/2013	2011
Waterford South Park:
	Clarksville, IN	(g)		2,946		8,564		45		11,555		761		4/12/2013	2006
Wawa:
	Cape May, NJ	(g)		1,576		5,790		—		7,366		504		8/29/2012	2005
	Galloway, NJ	(g)		1,724		6,105		—		7,829		531		8/29/2012	2005
Wendy's:
	Grafton, VA	(g)		539		894		—		1,433		35		6/27/2014	1985
	Westminster, CO	(g)		596		1,108		—		1,704		43		6/27/2014	1986
West Marine:
	Panama City, FL	(g)		676		2,219		—		2,895		50		4/24/2015	2014
	Pensacola, FL	(g)		1,107		3,398		—		4,505		89		2/27/2015	2015
Western Refining, Inc:
	Benson, AZ	566		186		510		—		696		33		1/16/2015	1990
	Bisbee, AZ	399		89		137		—		226		10		1/16/2015	1970
	Coolidge, AZ	472		578		283		—		861		26		1/16/2015	1997
	Douglas (16th St.), AZ	913		136		1,080		—		1,216		54		1/16/2015	1985
	Douglas (18th St.), AZ	718		89		385		—		474		20		1/16/2015	1997
	Florence, AZ	446		363		338		—		701		25		1/16/2015	1999
	Globe, AZ	1,264		572		311		—		883		27		1/16/2015	1994
	Hereford, AZ	1,531		303		879		—		1,182		50		1/16/2015	2013
	Marana, AZ	1,458		389		493		—		882		30		1/16/2015	2008
	Pearce, AZ	750		116		380		—		496		23		1/16/2015	1985
	Pima, AZ	1,196		372		362		—		734		36		1/16/2015	1994
	Safford (Hwy 70), AZ	1,054		77		281		—		358		24		1/16/2015	1989
	Safford (Thatcher Blvd.), AZ	1,169		204		299		—		503		18		1/16/2015	1996
	Safford (8th Ave.), AZ	1,280		107		408		—		515		24		1/16/2015	1989
	Sierra Vista, AZ	488		87		723		—		810		32		1/16/2015	1977
	Thatcher, AZ	1,180		140		561		—		701		40		1/16/2015	2004
	Tucson (Sierrita Mountain), AZ	524		569		453		—		1,022		35		1/16/2015	1997

S-24

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(in thousands)

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Western Refining, Inc. (continued):
	Tucson (Speedway), AZ	$	603	$	473	$	388	$	—	$	861	$	30	1/16/2015	1995
	Tucson (4301 Broadway), AZ	582		263		170		—		433		18		1/16/2015	1986
	Tucson (Ajo Hwy), AZ	666		770		332		—		1,102		34		1/16/2015	2002
	Tucson (6280 Broadway), AZ	571		333		167		—		500		21		1/16/2015	1982
	Tucson (6777 Sandario), AZ	1,190		397		542		—		939		43		1/16/2015	1986
	Tucson (6890 Sandario), AZ	523		525		606		—		1,131		36		1/16/2015	2002
	Winkelman, AZ	953		287		403		—		690		29		1/16/2015	1999
Westover Market:
	San Antonio, TX	6,200		2,705		7,959		—		10,664		591		7/10/2013	2013
Whole Foods Center:
	Fort Collins, CO	12,500		2,664		17,166		—		19,830		630		9/30/2014	2004
Winn-Dixie:
	Baton Rouge, LA	(g)		1,782		3,776		—		5,558		149		6/27/2014	2000
	Walker, LA	(g)		900		3,909		—		4,809		154		6/27/2014	1999
Woods Supermarket:
	Sunrise Beach, MO	(g)		1,044		5,005		—		6,049		296		9/13/2013	2013
		$	950,128	$	1,113,456	$	2,990,901	$	81,248	$	4,185,605	$	158,805

____________________________________

(a) As of December 31, 2015, the Company owned 782 single-tenant, freestanding properties and 89 multi-tenant properties.

(b) The aggregate cost for federal income tax purposes was $4.2 billion.

(c) The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):

	2015		2014		2013
Balance, beginning of period	$	3,590,939	$	1,960,708	$	464,539
Additions
Acquisitions	532,454		1,613,201		1,494,171
Improvements	64,458		18,967		1,998
Adjustment to basis	—		—		—
Total additions	$	596,912	$	1,632,168	$	1,496,169
Less: Deductions
Cost of real estate sold	1,086		1,937		—
Adjustment to basis	—		—		—
Other (including provisions for impairment of real estate assets)	1,160		—		—
Total deductions	2,246		1,937		—
Balance, end of period	$	4,185,605	$	3,590,939	$	1,960,708

S-25

COLE CREDIT PROPERTY TRUST IV, INC.

SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

(d) The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands):

	2015		2014		2013
Balance, beginning of period	$	78,186	$	23,377	$	1,743
Additions
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired	80,373		54,656		21,624
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment	303		153		10
Total additions	$	80,676	$	54,809	$	21,634
Deductions
Cost of real estate sold	—		—		—
Other (including provisions for impairment of real estate assets)	57		—		—
Total deductions	57		—		—
Balance, end of period	$	158,805	$	78,186	$	23,377

(e) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter.

(f) Subject to ground lease and therefore date constructed is not applicable.

(g) Property is included in the Credit Facility’s borrowing base. As of December 31, 2015, the Company had $1.1 billion outstanding under the Credit Facility.

S-26

EX-21.1

EXHIBIT 21.1

Subsidiaries of Cole Credit Property Trust IV, Inc.

Entity Name	Jurisdiction of Formation/Incorporation
ARC DGLBNTN001, LLC	Delaware
ARC DGRMYIN001, LLC	Delaware
ARCP 24 Beaverton OR, LLC	Delaware
ARCP AA Lawton OK, LLC	Delaware
ARCP AA Mount Pleasant IA, LLC	Delaware
ARCP AA Willmar MN, LLC	Delaware
ARCP AN Wilmington OH, LLC	Delaware
ARCP AP Greenville SC, LLC	Delaware
ARCP AP Lithonia GA, LLC	Delaware
ARCP AP Savannah GA, LLC	Delaware
ARCP AS Clarksville TN, LLC	Delaware
ARCP AS Douglasville GA, LLC	Delaware
ARCP AS Flowood MS, LLC	Delaware
ARCP AZ Poughkeepsie NY, LLC	Delaware
ARCP AZ Sheffield OH, LLC	Delaware
ARCP Biolife Portfolio I Member, LLC	Delaware
ARCP BS Pelham AL, LLC	Delaware
ARCP BW Idaho Falls ID, LLC	Delaware
ARCP CH Forest City NC, LLC	Delaware
ARCP CV Belton TX, LLC	Delaware
ARCP CV Danville IN, LLC	Delaware
ARCP CV El Paso TX, LLC	Delaware
ARCP CV Elgin TX, LLC	Delaware
ARCP CV Jacksonville FL, LLC	Delaware
ARCP DG Abbeville AL, LLC	Delaware
ARCP DG Alton TX, LLC	Delaware
ARCP DG Arapahoe NE, LLC	Delaware
ARCP DG Belle MO, LLC	Delaware
ARCP DG Berry AL, LLC	Delaware
ARCP DG Bloomfield NE, LLC	Delaware
ARCP DG Blue Rapids KS, LLC	Delaware
ARCP DG Bluefield WV, LLC	Delaware
ARCP DG Brandon SD, LLC	Delaware
ARCP DG Buffalo NY, LLC	Delaware
ARCP DG Crystal Springs MS, LLC	Delaware
ARCP DG Cullman (Berlin) AL, LLC	Delaware
ARCP DG Dora AL, LLC	Delaware
ARCP DG Edinburg (FM 2812) TX, LLC	Delaware
ARCP DG Eight Mile AL, LLC	Delaware
ARCP DG Elk Point SD, LLC	Delaware
ARCP DG Farmington NM, LLC	Delaware
ARCP DG Fruitport MI, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
ARCP DG Hamilton AL, LLC	Delaware
ARCP DG Harlingen TX, LLC	Delaware
ARCP DG Hastings NE, LLC	Delaware
ARCP DG Hayneville AL, LLC	Delaware
ARCP DG Hillsboro OH, LLC	Delaware
ARCP DG Hinton WV, LLC	Delaware
ARCP DG Kasson MN, LLC	Delaware
ARCP DG Kolona IA, LLC	Delaware
ARCP DG Lamesa TX, LLC	Delaware
ARCP DG Lansing MI, LLC	Delaware
ARCP DG Los Fresnos TX, LLC	Delaware
ARCP DG Los Lunas (Manzerro) NM, LLC	Delaware
ARCP DG Louisburg KS, LLC	Delaware
ARCP DG Maple Lake MN, LLC	Delaware
ARCP DG Mission TX, LLC	District of Columbia
ARCP DG Moose Lake MN, LLC	Delaware
ARCP DG Moroa IL, LLC	Delaware
ARCP DG Neoga IL, LLC	Delaware
ARCP DG Nitro WV, LLC	Delaware
ARCP DG Onawa IA, LLC	Delaware
ARCP DG Ortonville MN, LLC	Delaware
ARCP DG Osceola NE, LLC	Delaware
ARCP DG Palestine IL, LLC	Delaware
ARCP DG Parchment MI, LLC	Delaware
ARCP DG Parsons TN, LLC	Delaware
ARCP DG Princeton MO, LLC	Delaware
ARCP DG Russell KS, LLC	Delaware
ARCP DG San Antonio (Marb) TX, LLC	Delaware
ARCP DG San Carlos TX, LLC	Delaware
ARCP DG Snead AL, LLC	Delaware
ARCP DG South Bay FL, LLC	Delaware
ARCP DG Springfield (Chestnut) MO, LLC	Delaware
ARCP DG Springfield IL, LLC	Delaware
ARCP DG Topeka (45th) KS, LLC	Delaware
ARCP DG Volga SD, LLC	Delaware
ARCP DG Waco TX, LLC	Delaware
ARCP DG Wagener SC, LLC	Delaware
ARCP DG Weslaco TX, LLC	Delaware
ARCP DG Wetumpka AL, LLC	Delaware
ARCP DG Winsted MN, LLC	Delaware
ARCP DV Riverview MI, LLC	Delaware
ARCP FD 2014 ALB Portfolio I, LLC	Delaware
ARCP FD 2014 ALB Portfolio II, LLC	Delaware
ARCP FD 2014 ALB Portfolio III, LLC	Delaware
ARCP FD Arkadelphia AR, LLC	Delaware
ARCP FD Deadwood SD, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
ARCP FD Erwinville LA, LLC	Delaware
ARCP FD Pojoaque NM, LLC	Delaware
ARCP FD Portfolio XIII, LLC	Delaware
ARCP FD Portfolio XIV, LLC	Delaware
ARCP FD Portfolio XV, LLC	Delaware
ARCP FD Portfolio XVI, LLC	Delaware
ARCP FP Birmingham AL, LLC	Delaware
ARCP GC Georgetown KY, LLC	Delaware
ARCP GC Victoria TX, LLC	Delaware
ARCP GE Seven Fields PA, LLC	Delaware
ARCP GM Waukesha WI, LLC	Delaware
ARCP GP MT Inglewood CA, LLC	Delaware
ARCP GP UO Portfolio II, LLC	Delaware
ARCP GP UO Portfolio III, LLC	Delaware
ARcP GP UO Portfolio IV, LLC	Delaware
ARCP GP UO Portfolio V, LLC	Delaware
ARCP GS Baton Rouge LA, LLC	Delaware
ARCP GS Gardner MA, LLC	Delaware
ARCP GS Indianapolis IN, LLC	Delaware
ARCP GS Walker LA, LLC	Delaware
ARCP HC West Plains MO, LLC	Delaware
ARCP HL Burlington IA, LLC	Delaware
ARCP ID Cookeville TN, LLC	Delaware
ARCP ID Lebanon TN, LLC	Delaware
ARCP ID Orlando FL, LLC	Delaware
ARCP ID Waldorf MD, LLC	Delaware
ARCP IH Anderson IN, LLC	Delaware
ARCP IH Columbus (Renner) OH , LLC	Delaware
ARCP IH Columbus OH, LLC	Delaware
ARCP IH Lancaster OH, LLC	Delaware
ARCP IH Richmond IN, LLC	Delaware
ARCP IH Rio Rancho NM, LLC	Delaware
ARCP KG Shelton WA, LLC	Delaware
ARCP KO Charlottesville VA, LLC	Delaware
ARCP KR Dothan AL, LLC	Delaware
ARCP KU Conway AR, LLC	Delaware
ARCP LA Columbus OH, LLC	Delaware
ARCP LO Alpharetta GA, LLC	Georgia
ARCP LO Covington LA, LLC	Delaware
ARCP LO Hilliard OH, LLC	Delaware
ARCP LO Lilburn GA, LLC	Georgia
ARCP LO Marietta GA, LLC	Georgia
ARCP LO Woodstock GA, LLC	Delaware
ARCP LR Fort Wayne IN, LLC	Delaware
ARCP LW Asheboro NC, LLC	Delaware
ARCP LW Mansfield OH, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
ARCP MD Lawton OK, LLC	Delaware
ARCP MF Augusta ME, LLC	Delaware
ARCP MF Cincinnati OH, LLC	Delaware
ARCP MF Huber Heights OH, LLC	Delaware
ARCP MF Lakeland FL, LLC	Delaware
ARCP MF Middletown OH, LLC	Delaware
ARCP MF New Bern NC, LLC	Delaware
ARCP MF Port Charlotte FL, LLC	Delaware
ARCP MT Albuquerque NM, LLC	Delaware
ARCP MT Austell GA, LLC	Delaware
ARCP MT Carlisle PA, LLC	Delaware
ARCP MT Columbus IN, LLC	Delaware
ARCP MT Dickson City PA, LLC	Delaware
ARCP MT Florence KY, LLC	Delaware
ARCP MT Fort Collins CO, LLC	Delaware
ARCP MT Fort Wayne IN, LLC	Delaware
ARCP MT Glen Ellyn IL, LLC	Delaware
ARCP MT Grovetown GA, LLC	Delaware
ARCP MT Hagerstown MD, LLC	Delaware
ARCP MT Hattiesburg, MS, LLC	Delaware
ARCP MT Houston TX, LLC	Delaware
ARCP MT Inglewood CA, LP	Delaware
ARCP MT Jefferson City MO, LLC	Delaware
ARCP MT Kodak TN,LLC	Delaware
ARCP MT Lafayette IN, LLC	Delaware
ARCP MT Manitowoc WI, LLC	Arizona
ARCP MT Monroe LA, LLC	Delaware
ARCP MT Mooresville NC, LLC	Delaware
ARCP MT Morganton NC, LLC	Delaware
ARCP MT Mount Pleasant SC, LLC	Delaware
ARCP MT Muskegon MI, LLC	Delaware
ARCP MT Orlando FL, LLC	Delaware
ARCP MT Shippensburg PA, LLC	Delaware
ARCP MT Springfield IL, LLC	Delaware
ARCP MT Springfield MA, LLC	Delaware
ARCP MT Springfield OH Manager, LLC	Delaware
ARCP MT Springfield OH, LLC	Delaware
ARCP MT Stroudsburg PA, LLC	Delaware
ARCP MT Vienna WV, LLC	Delaware
ARCP NB Bluffton SC, LLC	Delaware
ARCP NB Cypress TX, LLC	Delaware
ARCP NB Flower Mound TX, LLC	Delaware
ARCP NB Fort Worth TX, LLC	Delaware
ARCP NB North Richland Hills TX, LLC	Delaware
ARCP NB Pasadena TX, LLC	Delaware
ARCP NB Pearland TX, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
ARCP NB Plano TX, LLC	Delaware
ARCP NB Summerville SC, LLC	Delaware
ARCP NB Tomball TX, LLC	Delaware
ARCP NB Wake Forest NC, LLC	Delaware
ARCP NW San Antonio TX, LLC	Delaware
ARCP OR Lamesa TX, LLC	Delaware
ARCP OR Stanley ND, LLC	District of Columbia
ARCP PE Independence MO, LLC	Delaware
ARCP PM East Peoria IL, LLC	Delaware
ARCP PS Pewaukee WI, LLC	Delaware
ARCP RA Jenison MI, LLC	Delaware
ARCP RC Beaumont TX, LLC	Delaware
ARCP RC Phoenix AZ, LLC	Delaware
ARCP RC Wichita Falls TX, LLC	Delaware
ARCP SH Broken Bow NE, LLC	Delaware
ARCP SH Valentine NE, LLC	Delaware
ARCP SM Kansas City KS, LLC	Delaware
ARCP SM St. Louis MO, LLC	Delaware
ARCP SS Brockton MA, LLC	Delaware
ARCP ST Plainfield IN, LLC	Delaware
ARCP SW Macon GA, LLC	Delaware
ARCP SY Burlington NC, LLC	Delaware
ARCP SY Joliet IL, LLC	Delaware
ARCP TG Chesapeake VA, LLC	Delaware
ARCP TG Wilmington DE, LLC	Delaware
ARCP TL Killeen TX, LLC	Delaware
ARCP TS Fortuna CA, LLC	Delaware
ARCP UL Albany GA, LLC	Delaware
ARCP UL Greeley CO, LLC	Delaware
ARCP UO Portfolio II, LP	Delaware
ARCP UO Portfolio III, LP	Delaware
ARCP UO Portfolio IV, LP	Delaware
ARCP UO Portfolio V, LP	Delaware
ARCP WE Panama City FL, LLC	Delaware
ARCP WE Pensacola FL, LLC	Delaware
ARCP WG Arkadelphia AR, LLC	Delaware
ARCP WG Bartlett (5950 Stage) TN, LLC	Delaware
ARCP WG Bartlett (6697 Stage) TN, LLC	Delaware
ARCP WG Birmingham (Green Springs) AL, LLC	Delaware
ARCP WG Chicopee MA, LLC	Delaware
ARCP WG Cincinnati (Colerain) OH, LLC	Delaware
ARCP WG Decatur (Beltline) AL, LLC	Delaware
ARCP WG Dyersburg TN, LLC	Delaware
ARCP WG East Chicago IN, LLC	Delaware
ARCP WG Enterprise AL, LLC	Delaware
ARCP WG Evansville (Green River) IN, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
ARCP WG Florence KY, LLC	Delaware
ARCP WG Forrest City AR, LLC	Delaware
ARCP WG Franklin TN, LLC	Delaware
ARCP WG Fraser MI, LLC	Delaware
ARCP WG Hobart IN, LLC	Delaware
ARCP WG Knoxville (Chapman) TN, LLC	Delaware
ARCP WG La Vista NE, LLC	Delaware
ARCP WG Little Rock (Bowman) AR, LLC	Delaware
ARCP WG Little Rock AR, LLC	Delaware
ARCP WG Malvern AR, LLC	Delaware
ARCP WG Memphis (Riverdale) TN, LLC	Delaware
ARCP WG Metropolis IL, LLC	Delaware
ARCP WG Michigan City IN, LLC	Delaware
ARCP WG Mt. Washington KY, LLC	Delaware
ARCP WG Oakland TN, LLC	Delaware
ARCP WG Oklahoma City OK, LLC	Delaware
ARCP WG Olathe KS, LLC	Delaware
ARCP WG River Falls WI, LLC	Delaware
ARCP WG Roanoke VA, LLC	Delaware
ARCP WG Sacramento CA, LLC	Delaware
ARCP WG Sioux Falls SD, LLC	Delaware
ARCP WG St. Charles MO, LLC	Delaware
ARCP WG St. Louis (Lemay) MO, LLC	Delaware
ARCP WG St. Louis (Lusher) MO, LLC	Delaware
ARCP WG Tarboro NC, LLC	Delaware
ARCP WG Toledo (Reynolds) OH, LLC	Delaware
ARCP WG Troy OH, LLC	Delaware
ARCP WG Tulsa (Sheridan) OK, LLC	Delaware
ARCP WS Portfolio I, LLC	Delaware
ARCP WY Grafton VA, LLC	Delaware
ARCP WY Westminster CO, LLC	Delaware
ARCP/GRD Biolife Acquisition Company, LLC	Delaware
ARCP/GRD Biolife Portfolio I, LLC	Delaware
Cole 24 Fort Worth TX, LLC	Delaware
Cole AA Corydon IN, LLC	Delaware
Cole AA Dearborn Heights MI, LLC	Delaware
Cole AA Decatur GA, LLC	Delaware
Cole AA Lake Geneva WI, LLC	Delaware
Cole AA North Ridgeville OH, LLC	Delaware
Cole AA Rutherfordton NC, LLC	Delaware
Cole AA Starkville MS, LLC	Delaware
Cole AN Hillsboro OH, LLC	Delaware
Cole AS McDonough GA, LLC	Delaware
Cole AS Valdosta GA, LLC	Delaware
Cole AW Sunrise Beach MO, LLC	Delaware
Cole AZ Philipsburg PA, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole BD Ambridge PA, LLC	Delaware
Cole BG San Angelo TX, LLC	Delaware
Cole BG Waco TX, LLC	Delaware
Cole BN Golden Valley MN, LLC	Delaware
Cole BN Lauderdale FL, LLC	Delaware
Cole BN Lombard IL, LLC	Delaware
Cole BN Woodlands TX, LLC	Delaware
Cole BP Tallahassee FL, LLC	Delaware
Cole BW Warrenville IL, LLC	Delaware
Cole BW Woodridge IL, LLC	Delaware
Cole C+ Kansas City MO, LLC	Delaware
Cole CCPT IV Acquisitions, LLC	Delaware
Cole CCPT IV CMBS-BR Holdings, LLC	Delaware
Cole CCPT IV High Yield Holdings, LLC	Delaware
Cole CL Denver CO, LLC	Delaware
Cole CL Frisco TX, LLC	Delaware
Cole CL Las Cruces NM, LLC	Delaware
Cole CL Midwest City OK, LLC	Delaware
Cole CL San Antonio TX, LLC	Delaware
Cole CL Wylie TX, LLC	Delaware
Cole CS Tallahassee FL, LLC	Delaware
Cole CV Arnold MO LLC	Delaware
Cole CV Asheville NC, LLC	Delaware
Cole CV Austin (Bee Cave Pkwy) TX, LLC	Delaware
Cole CV Bainbridge GA, LLC	Delaware
Cole CV Bloomington IN LLC	Delaware
Cole CV Blue Springs MO, LLC	Delaware
Cole CV Bridgeton MO, LLC	Delaware
Cole CV Cartersville GA, LLC	Delaware
Cole CV Charleston SC, LLC	Delaware
Cole CV Chesapeake VA, LLC	Delaware
Cole CV Chicago (Central) IL, LLC	Delaware
Cole CV Cicero IN, LLC	Delaware
Cole CV Corpus Christi TX, LLC	Delaware
Cole CV Eminence KY, LLC	Delaware
Cole CV Florence AL, LLC	Delaware
Cole CV Goose Creek SC, LLC	Delaware
Cole CV Greenwood IN, LLC	Delaware
Cole CV Hanover Township NJ, LLC	Delaware
Cole CV Hazlet NJ LLC	Delaware
Cole CV Honesdale PA, LLC	Delaware
Cole CV Independence (West 23rd St.) MO, LLC	Delaware
Cole CV Indianapolis IN LLC	Delaware
Cole CV Irving TX, LLC	Delaware
Cole CV Janesville WI, LLC	Delaware
Cole CV Katy TX, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole CV Lincoln NE, LLC	Delaware
Cole CV London KY, LLC	Delaware
Cole CV Middletown NY LLC	Delaware
Cole CV North Wilkesboro NC, LLC	Delaware
Cole CV Poplar Bluff MO, LLC	Delaware
Cole CV Salem NH, LLC	Delaware
Cole CV San Antonio TX, LLC	Delaware
Cole CV Sand Springs OK, LLC	Delaware
Cole CV Santa Fe NM LLC	Delaware
Cole CV Sedalia MO, LLC	Delaware
Cole CV St. John MO, LLC	Delaware
Cole CV Temple Hills MD, LLC	Delaware
Cole CV Vineland NJ LLC	Delaware
Cole CV Waynesboro VA, LLC	Delaware
Cole CV West Monroe LA, LLC	Delaware
Cole DET Evergreen IL, LLC	Delaware
Cole DG Akron AL, LLC	Delaware
Cole DG Akron OH, LLC	Delaware
Cole DG Alliance NE, LLC	Delaware
Cole DG Asheville NC, LLC	Delaware
Cole DG Ashville AL, LLC	Delaware
Cole DG Atmore AL, LLC	Delaware
Cole DG Bainbridge OH, LLC	Delaware
Cole DG Berwick LA, LLC	Delaware
Cole DG Bessemer AL, LLC	Delaware
Cole DG Bokchito OK, LLC	Delaware
Cole DG Botkins OH, LLC	Delaware
Cole DG Breaux Bridge LA, LLC	Delaware
Cole DG Broken Bow NE, LLC	Delaware
Cole DG Brownsville TX, LLC	Delaware
Cole DG Clay AL, LLC	Delaware
Cole DG Cleveland TX, LLC	Delaware
Cole DG Columbus OH, LLC	Delaware
Cole DG Conroe TX, LLC	Delaware
Cole DG Decatur (Eldorado) IL, LLC	Delaware
Cole DG Decatur IL, LLC	Delaware
Cole DG Delcambre LA, LLC	Delaware
Cole DG Delhi LA, LLC	Delaware
Cole DG Deridder (Hwy 190) LA, LLC	Delaware
Cole DG Deridder (Hwy 26) LA, LLC	Delaware
Cole DG Des Moines IA, LLC	Delaware
Cole DG Dundee MI, LLC	Delaware
Cole DG Ellerslie GA, LLC	Delaware
Cole DG Eufaula AL, LLC	Delaware
Cole DG Fort Valley GA, LLC	Delaware
Cole DG Fred TX, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole DG Geneva AL, LLC	Delaware
Cole DG Geraldine AL, LLC	Delaware
Cole DG Greenwell Springs LA, LLC	Delaware
Cole DG Groveport OH, LLC	Delaware
Cole DG Hanceville AL, LLC	Delaware
Cole DG Harvest AL, LLC	Delaware
Cole DG Harviel MO, LLC	Delaware
Cole DG Homeworth OH, LLC	Delaware
Cole DG Houston (Gears) TX, LLC	Delaware
Cole DG Houston TX, LLC	Delaware
Cole DG Huntsville AL, LLC	Delaware
Cole DG Independence MO, LLC	Delaware
Cole DG Kansas City (Oak) MO, LLC	Delaware
Cole DG Kansas City (Troost) MO, LLC	Delaware
Cole DG Kearney NE, LLC	Delaware
Cole DG Kinston AL, LLC	Delaware
Cole DG Lake Charles (Broad) LA, LLC	Delaware
Cole DG Leicester NC, LLC	Delaware
Cole DG Lima OH, LLC	Delaware
Cole DG Linden AL, LLC	Delaware
Cole DG Lone Jack MO, LLC	Delaware
Cole DG Loveland OH, LLC	Delaware
Cole DG Lubbock TX, LLC	Delaware
Cole DG Malvern AL, LLC	Delaware
Cole DG Manhattan KS, LLC	Delaware
Cole DG Mansfield OH, LLC	Delaware
Cole DG Maynardville TN, LLC	Delaware
Cole DG Millbrook AL, LLC	Delaware
Cole DG Mobile (Newman) AL, LLC	Delaware
Cole DG Mobile (Schillinger) AL, LLC	Delaware
Cole DG Monroeville OH, LLC	Delaware
Cole DG Montgomery AL, LLC	Delaware
Cole DG Mount Vernon IL, LLC	Delaware
Cole DG Nashville GA, LLC	Delaware
Cole DG Nashville MI, LLC	Delaware
Cole DG Navarre OH, LLC	Delaware
Cole DG Ness City KS, LLC	Delaware
Cole DG New Philadelphia OH, LLC	Delaware
Cole DG New Washington OH, LLC	Delaware
Cole DG Newark OH, LLC	Delaware
Cole DG Nixa MO, LLC	Delaware
Cole DG North Lewisburg OH, LLC	Delaware
Cole DG Opelousas LA, LLC	Delaware
Cole DG Oxford AL, LLC	Delaware
Cole DG Park Hill OK, LLC	Delaware
Cole DG Phenix City (2nd Street) AL, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole DG Piedmont AL, LLC	Delaware
Cole DG Pike Road AL, LLC	Delaware
Cole DG Plain City OH, LLC	Delaware
Cole DG Port Clinton OH, LLC	Delaware
Cole DG Pueblo CO, LLC	Delaware
Cole DG Ragley LA, LLC	Delaware
Cole DG Rainsville AL, LLC	Delaware
Cole DG Ravenna MI, LLC	Delaware
Cole DG Rayne LA, LLC	Delaware
Cole DG Roanoke IL, LLC	Delaware
Cole DG Romulus MI, LLC	Delaware
Cole DG Seale AL, LLC	Delaware
Cole DG Seminole AL, LLC	Delaware
Cole DG Shelby MI, LLC	Delaware
Cole DG Spring TX, LLC	Delaware
Cole DG Springfield NE, LLC	Delaware
Cole DG Springfield OH, LLC	Delaware
Cole DG St. Louis (Grand) MO, LLC	Delaware
Cole DG St. Louis (Lewis & Clark) MO, LLC	Delaware
Cole DG Superior NE, LLC	Delaware
Cole DG Temple GA, LLC	Delaware
Cole DG Theodore AL, LLC	Delaware
Cole DG Thibodaux (Veterans) LA, LLC	Delaware
Cole DG Toney AL, LLC	Delaware
Cole DG Urbana OH, LLC	Delaware
Cole DG Wakefield KS, LLC	Delaware
Cole DG Waterloo IA, LLC	Delaware
Cole DG Weston MO, LLC	Delaware
Cole DG Whitehouse OH, LLC	Delaware
Cole DG Whitwell TN, LLC	Delaware
Cole DG Wilmer AL, LLC	Delaware
Cole DG Wisner NE, LLC	Delaware
Cole DG Woodville OH, LLC	Delaware
Cole DG Yatesville GA, LLC	Delaware
Cole DK Oklahoma City (3rd Street) OK, LLC	Delaware
Cole DK Oklahoma City OK, LLC	Delaware
Cole FD Elizabethtown NY, LLC	Delaware
Cole FD Portfolio V, LLC	Delaware
Cole FD Portfolio VI, LLC	Delaware
Cole FD Portfolio X, LLC	Delaware
Cole FD Portfolio XI, LLC	Delaware
Cole FD Portfolio XII, LLC	Delaware
Cole GC Garland TX, LLC	Delaware
Cole GC Houston TX, LLC	Delaware
Cole GG Corpus Christi TX, LLC	Delaware
Cole GM Pensacola FL, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole GP GS Atwater CA, LLC	Delaware
Cole GP LA Riverside CA, LLC	Delaware
Cole GP MT San Jose CA, LLC	Delaware
Cole GP MT West Covina (Lakes) CA, LLC	Delaware
Cole GS Atwater CA, LP	Delaware
Cole GS Bixby OK, LLC	Delaware
Cole GS Huntersville NC, LLC	Delaware
Cole GY Pooler GA, LLC	Delaware
Cole HD North Canton OH, LLC	Delaware
Cole HD Plainwell MI, LLC	Delaware
Cole HL Lewisville TX, LLC	Delaware
Cole HL Mooresville NC, LLC	Delaware
Cole HV Midland TX, LLC	Delaware
Cole JP Hanover Township NJ, LLC	Delaware
Cole KG Bentonville (Central) AR, LLC	Delaware
Cole KG Fairfield IA, LLC	Delaware
Cole KG Mount Vernon MO, LLC	Delaware
Cole KG Urbandale IA, LLC	Delaware
Cole KG Whitehall OH, LLC	Delaware
Cole KO Cedar Falls IA, LLC	Delaware
Cole KO Hutchinson KS, LLC	Delaware
Cole KR Jonesboro AR, LLC	Delaware
Cole LA Bloomfield Hills MI, LLC	Delaware
Cole LA Garland TX, LLC	Delaware
Cole LA Houston TX, LLC	Delaware
Cole LA Mesa AZ, LLC	Delaware
Cole LA Ocoee FL, LLC	Delaware
Cole LA Riverside CA, LP	Delaware
Cole LO Adrian MI, LLC	Delaware
Cole LO Cincinnati (Ridge) OH, LLC	Delaware
Cole LO Columbia (7441 Two Notch) SC, LLC	Delaware
Cole LO Oxford AL, LLC	Delaware
Cole LO Tuscaloosa AL, LLC	Delaware
Cole LO Zanesville OH, LLC	Delaware
Cole LR Bristol VA, LLC	Delaware
Cole LR Lancaster TX, LLC	Delaware
Cole LR Martinsburg WV, LLC	Delaware
Cole LR Opelika AL, LLC	Delaware
Cole LR Sanford FL, LLC	Delaware
Cole LR Troy OH, LLC	Delaware
Cole MD Port Arthur TX, LLC	Delaware
Cole MF Brunswick GA, LLC	Delaware
Cole MF Danville VA, LLC	Delaware
Cole MF Jonesboro AR, LLC	Delaware
Cole MF Nampa ID, LLC	Delaware
Cole MF Pineville NC, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole MI Bowling Green KY, LLC	Delaware
Cole MT Albany GA, LLC	Delaware
Cole MT Albuquerque (San Mateo) NM, LLC	Delaware
Cole MT Albuquerque NM, LLC	Delaware
Cole MT Baldwin PA, LLC	Delaware
Cole MT Beavercreek OH, LLC	Delaware
Cole MT Brevard NC, LLC	Delaware
Cole MT Brooklyn NY, LLC	Delaware
Cole MT Canton GA, LLC	Delaware
Cole MT Canton Marketplace, LLC	Delaware
Cole MT Cary NC, LLC	Delaware
Cole MT Chesterfield (Hancock) VA, LLC	Delaware
Cole MT Clarksville IN, LLC	Delaware
Cole MT Columbia SC, LLC	Delaware
Cole MT Columbus OH, LLC	Delaware
Cole MT Coventry RI, LLC	Delaware
Cole MT Darien IL, LLC	Delaware
Cole MT Decatur AL, LLC	Delaware
Cole MT Deltona FL, LLC	Delaware
Cole MT Duncan SC, LLC	South Carolina
Cole MT East Manchester PA, LLC	Delaware
Cole MT Enterprise AL, LLC	Delaware
Cole MT Evergreen Park IL, LLC	Delaware
Cole MT Fargo ND, LLC	Delaware
Cole MT Fort Mill SC, LLC	Delaware
Cole MT Gadsden AL, LLC	Delaware
Cole MT Greenwood SC, LLC	Delaware
Cole MT Harker Heights TX, LLC	Delaware
Cole MT Humble (Sam Houston) TX, LLC	Delaware
Cole MT Lafayette LA, LLC	Delaware
Cole MT Loganville GA (JV), LLC	Delaware
Cole MT Loganville GA, LLC	Delaware
Cole MT Marietta GA, LLC	Delaware
Cole MT Marion IN, LLC	Delaware
Cole MT Matteson IL, LLC	Delaware
Cole MT Newburgh NY, LLC	Delaware
Cole MT Oxford OH, LLC	Delaware
Cole MT Plover WI, LLC	Delaware
Cole MT Rapid City SD (I) Manager, LLC	Delaware
Cole MT Rapid City SD (I), LLC	Delaware
Cole MT Rapid City SD (II), LLC	Delaware
Cole MT Reynoldsburg OH, LLC	Delaware
Cole MT Riverdale UT, LLC	Delaware
Cole MT Riverview FL, LLC	Delaware
Cole MT Rocky Mount NC, LLC	Delaware
Cole MT Salisbury (Wallace Commons II) NC, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole MT Salisbury NC, LLC	Delaware
Cole MT San Antonio (Highway 151) TX, LLC	Delaware
Cole MT San Jose CA, LP	Delaware
Cole MT Schaumburg IL, LLC	Delaware
Cole MT Statesville NC, LLC	Delaware
Cole MT Viera FL, LLC	Delaware
Cole MT Warrenton OR, LLC	Delaware
Cole MT Waxahachie TX, LLC	Delaware
Cole MT West Covina (Lakes) CA, LP	Delaware
Cole MT Williamsburg VA, LLC	Delaware
Cole NB Cedar Hill TX, LLC	Delaware
Cole NB Fort Worth TX, LLC	Delaware
Cole NB Frisco TX, LLC	Delaware
Cole NB Montgomery IL, LLC	Delaware
Cole NG Denton TX, LLC	Delaware
Cole NG Idaho Falls ID, LLC	Delaware
Cole NG Lubbock TX, LLC	Delaware
Cole NR Tampa FL, LLC	Delaware
Cole Operating Partnership IV, LP	Delaware
Cole OR Brownfield TX, LLC	Delaware
Cole OR Columbus TX, LLC	Delaware
Cole PB Clermont FL, LLC	Delaware
Cole PB Oviedo FL, LLC	Delaware
Cole PM Baton Rouge LA, LLC	Delaware
Cole PM Commerce MI, LLC	Delaware
Cole PM Eden Prairie MN, LLC	Delaware
Cole PM Edmond OK, LLC	Delaware
Cole PM Overland Park KS, LLC	Delaware
Cole PM Pittsburgh PA, LLC	Delaware
Cole PM Taylor MI, LLC	Delaware
Cole PM Tucson AZ, LLC	Delaware
Cole PM Wilkesboro NC, LLC	Delaware
Cole PS Milwaukee WI, LLC	Delaware
Cole PS Sheboygan WI, LLC	Delaware
Cole QC Kingston NY, LLC	Delaware
Cole QC Lake Katrine NY, LLC	Delaware
Cole QC Middletown (Highway 108) NY, LLC	Delaware
Cole QC Middletown (Main) NY, LLC	Delaware
Cole QC Middletown (Route 211) NY, LLC	Delaware
Cole QC Saugerties NY, LLC	Delaware
Cole RA Columbia SC, LLC	Delaware
Cole RO Fort Worth TX, LLC	Delaware
Cole SN Canton OH, LLC	Delaware
Cole SN Houston TX, LLC	Delaware
Cole SU Cocoa FL, LLC	Delaware
Cole SU Lake Worth FL, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole SU Merritt Island (405 Merritt) FL, LLC	Delaware
Cole SU Palm Beach Gardens FL, LLC	Delaware
Cole SU Palm City FL, LLC	Delaware
Cole SU Sebastian FL, LLC	Delaware
Cole SU Titusville (Sisson) FL, LLC	Delaware
Cole SU Titusville FL, LLC	Delaware
Cole SU West Palm Beach (Forest Hill) FL, LLC	Delaware
Cole SU West Palm Beach FL, LLC	Delaware
Cole SX Simpsonville SC, LLC	Delaware
Cole TK Tarpon Springs FL, LLC	Delaware
Cole TR Asheville NC, LLC	Delaware
Cole TR Columbia SC, LLC	Delaware
Cole TR Wilmington NC, LLC	Delaware
Cole TS Ashland VA, LLC	Delaware
Cole TS Augusta KS, LLC	Delaware
Cole TS Cambridge MN, LLC	Delaware
Cole TS Canon City CO, LLC	Delaware
Cole TS Lumberton NC, LLC	Delaware
Cole TS Marion IN, LLC	Delaware
Cole TS Monticello FL, LLC	Delaware
Cole TS Newnan GA, LLC	Delaware
Cole TS Petersburg VA, LLC	Delaware
Cole TS South Hill VA, LLC	Delaware
Cole TS Spencer WV, LLC	Delaware
Cole TS Stuttgart AR, LLC	Delaware
Cole TS Weaverville NC, LLC	Delaware
Cole TS Woodward OK, LLC	Delaware
Cole VS Brownsville TX, LLC	Delaware
Cole VS Brownwood TX, LLC	Delaware
Cole VS McAllen TX, LLC	Delaware
Cole VS Midland TX, LLC	Delaware
Cole VS Mission TX, LLC	Delaware
Cole VS Odessa (42nd) TX, LLC	Delaware
Cole WG Andover KS, LLC	Delaware
Cole WG Austintown OH, LLC	Delaware
Cole WG Birmingham (Clairmont) AL, LLC	Delaware
Cole WG Blair NE, LLC	Delaware
Cole WG Connelly Springs NC, LLC	Delaware
Cole WG Cullman AL, LLC	Delaware
Cole WG Danville VA, LLC	Delaware
Cole WG Dearborn Heights MI, LLC	Delaware
Cole WG Fort Madison IA, LLC	Delaware
Cole WG Hazelwood MO, LLC	Delaware
Cole WG Hickory NC, LLC	Delaware
Cole WG Hockessin DE, LLC	Delaware
Cole WG Huntsville AL, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
Cole WG Kannapolis NC, LLC	Delaware
Cole WG Las Vegas NV, LLC	Delaware
Cole WG Lawton OK, LLC	Delaware
Cole WG Lubbock (82nd) TX, LLC	Delaware
Cole WG Lubbock (Indiana) TX, LLC	Delaware
Cole WG Mobile (Spring Hill) AL, LLC	Delaware
Cole WG Montgomery AL, LLC	Delaware
Cole WG Phoenix AZ, LLC	Delaware
Cole WG Pine Bluff AR, LLC	Delaware
Cole WG Springdale (Sunset) AR, LLC	Delaware
Cole WG Springfield IL, LLC	Delaware
Cole WG Suffolk VA, LLC	Delaware
Cole WG Sun City AZ, LLC	Delaware
Cole WM Perry GA, LLC	Delaware
Cole WM Tallahassee FL, LLC	Delaware
Cole WM York SC, LLC	Delaware
Cole WW Cape May NJ, LLC	Delaware
Cole WW Galloway NJ, LLC	Delaware
Cole/Faison JV Loganville GA, LLC	Delaware
CRI REIT IV, LLC	Delaware
GRD Bellingham WA BioLife Holdings, LLC	Delaware
GRD Bloomington IN Biolife Holdings, LLC	Delaware
GRD Ft. Wayne IN Biolife Holdings, LLC	Delaware
GRD Grandville MI BioLife Holdings, LLC	Delaware
GRD Loveland CO BioLife Holdings, LLC	Delaware
GRD St. George UT BioLife Holdings, LLC	Delaware
GRD Waite Park MN Biolife Holdings, LLC	Delaware
GRD Waterloo IA Biolife Holdings, LLC	Delaware
GRD West Fargo ND BioLife Holdings, LLC	Delaware
VEREIT AA Mattoon IL, LLC	Delaware
VEREIT AN Mountain Home AR, LLC	Delaware
VEREIT GS Northville MI, LLC	Delaware
VEREIT HD Lincoln NE, LLC	Delaware
VEREIT KO Easton MD, LLC	Delaware
VEREIT LA New Lenox IL, LLC	Delaware
VEREIT MF APPLETON WI, LLC	Delaware
VEREIT MF Martinsville VA, LLC	Delaware
VEREIT MF Thomasville GA, LLC	Delaware
VEREIT MT Ashland KY, LLC	Delaware
VEREIT MT OWENSBORO KY, LLC	Delaware
VEREIT MT Plainfield IL, LLC	Delaware
VEREIT MT Salisbury MD, LLC	Delaware
VEREIT MT Summerville SC, LLC	Delaware
VEREIT MT Tampa FL, LLC	Delaware
VEREIT OR Clayton GA, LLC	Delaware
VEREIT OR Wytheville VA, LLC	Delaware

Entity Name	Jurisdiction of Formation/Incorporation
VEREIT SH BALLARD UT, LLC	Delaware
VEREIT SH Cherokee IA, LLC	Delaware
VEREIT SH Cokato MN, LLC	Delaware
VEREIT SH TREMONTON UT, LLC	Delaware
VEREIT SH Webster City IA, LLC	Delaware
VEREIT WM Anderson SC, LLC	Delaware
VEREIT WM Florence SC, LLC	Delaware

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-192958 on Form S-3 of our report dated March 29, 2016, relating to the consolidated financial statements and financial statement schedule of Cole Credit Property Trust IV, Inc. and subsidiaries appearing in this Annual Report on Form 10-K of Cole Credit Property Trust IV, Inc. for the year ended December 31, 2015.

/s/ DELOITTE & TOUCHE LLP

Phoenix, Arizona

March 29, 2016

EX-31.1

Exhibit 31.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas W. Roberts, certify that:

1. I have reviewed this Annual Report on Form 10-K of Cole Credit Property Trust IV, 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.

Date:	March 29, 2016	/s/ THOMAS W. ROBERTS
		Name:	Thomas W. Roberts
		Title:	Chief Executive Officer and President (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Simon J. Misselbrook, certify that:

1. I have reviewed this Annual Report on Form 10-K of Cole Credit Property Trust IV, 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.

Date:	March 29, 2016	/s/ SIMON J. MISSELBROOK
		Name:	Simon J. Misselbrook
		Title:	Chief Financial Officer and Treasurer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C §1350)

Each of the undersigned officers of Cole Credit Property Trust IV, Inc. (the “Company”) hereby certifies, for purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(i) the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

		/s/ THOMAS W. ROBERTS
		Name:	Thomas W. Roberts
		Title:	Chief Executive Officer and President (Principal Executive Officer)
		/s/ SIMON J. MISSELBROOK
		Name:	Simon J. Misselbrook
Date:	March 29, 2016	Title:	Chief Financial Officer and Treasurer (Principal Financial Officer)

The foregoing certification is being furnished with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except to the extent the Company specifically incorporates this certification by reference.

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.

XML

Document and Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2015	Mar. 24, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	COLE CREDIT PROPERTY TRUST IV, INC.
Entity Central Index Key	0001498547
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity common stock, shares outstanding (shares)		312.1
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 3.1

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in real estate assets:
Land	$ 1,113,987	$ 972,983
Buildings, fixtures and improvements	3,071,618	2,617,956
Intangible lease assets	533,477	440,002
Total real estate investments, at cost	4,719,082	4,030,941
Less: accumulated depreciation and amortization	(253,115)	(126,271)
Total real estate investments, net	4,465,967	3,904,670
Investment in unconsolidated joint venture	18,359	19,170
Total real estate investments and related assets, net	4,484,326	3,923,840
Cash and cash equivalents	26,316	55,287
Restricted cash	8,274	4,560
Rents and tenant receivables, net	54,782	34,929
Due from affiliates	47	470
Prepaid expenses, property escrow deposits, derivative assets and other assets	4,359	7,137
Deferred costs, net	4,095	5,245
Total assets	4,582,199	4,031,468
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable and credit facility, net	2,066,563	1,458,828
Accounts payable and accrued expenses	26,418	25,355
Due to affiliates	5,613	5,473
Intangible lease liabilities, net	53,822	55,535
Distributions payable	16,568	16,189
Deferred rental income, derivative liabilities and other liabilities	26,100	21,710
Total liabilities	$ 2,195,084	$ 1,583,090
Commitments and contingencies
Redeemable common stock and noncontrolling interest	$ 190,561	$ 121,972
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 490,000,000 shares authorized, 312,093,211 and 304,950,000 shares issued and outstanding, respectively	3,121	3,050
Capital in excess of par value	2,607,367	2,607,448
Accumulated distributions in excess of earnings	(408,575)	(280,035)
Accumulated other comprehensive loss	(5,359)	(4,057)
Total stockholders’ equity	2,196,554	2,326,406
Total liabilities and stockholders’ equity	$ 4,582,199	$ 4,031,468

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	490,000,000	490,000,000
Common stock, shares issued (shares)	312,093,211	304,950,000
Common stock, shares outstanding (shares)	312,093,211	304,950,000

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental income	$ 321,425	$ 221,909	$ 90,680
Tenant reimbursement income	46,306	34,373	11,877
Total revenues	367,731	256,282	102,557
Operating expenses:
General and administrative	13,652	11,510	7,566
Property operating	20,890	15,508	5,807
Real estate tax	33,571	23,527	7,700
Advisory fees and expenses	36,225	24,142	10,549
Acquisition-related	15,526	51,763	48,286
Depreciation and amortization	122,227	84,402	33,345
Impairment	1,440	0	0
Total operating expenses	243,531	210,852	113,253
Operating income (loss)	124,200	45,430	(10,696)
Other income (expense):
Interest expense and other, net	(59,307)	(34,260)	(22,184)
Net income (loss)	64,893	11,170	(32,880)
Net income (loss) allocated to noncontrolling interest	122	(20)	0
Net income (loss) attributable to the Company	$ 64,771	$ 11,190	$ (32,880)
Weighted average number of common shares outstanding:
Basic and diluted (shares)	309,263,576	292,072,088	90,330,927
Net income (loss) per common share:
Basic and diluted (USD per share)	$ 0.21	$ 0.04	$ (0.36)

XML

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 64,893	$ 11,170	$ (32,880)
Other comprehensive loss:
Unrealized loss on interest rate swaps	(7,787)	(7,046)	(4,203)
Amount of loss reclassified from other comprehensive loss into income as interest expense	6,485	5,241	1,951
Total other comprehensive loss	(1,302)	(1,805)	(2,252)
Comprehensive income (loss)	63,591	9,365	(35,132)
Comprehensive income (loss) allocated to noncontrolling interest	122	(20)	0
Comprehensive income (loss) attributable to the Company	$ 63,469	$ 9,385	$ (35,132)

XML

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss
Balance, shares (shares) at Dec. 31, 2012		29,943,549
Balance at Dec. 31, 2012	$ 245,515	$ 299	$ 264,341	$ (19,125)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		181,205,760
Issuance of common stock	1,807,820	$ 1,811	1,806,009
Distributions to investors	(56,583)			(56,583)
Commissions on stock sales and related dealer manager fees	(157,767)		(157,767)
Other offering costs	(36,179)		(36,179)
Redemptions of common stock (shares)		(122,637)
Redemptions of common stock	(1,182)		(1,182)
Changes in redeemable common stock	(24,520)		(24,520)
Comprehensive loss	(35,132)			(32,880)	(2,252)
Balance, shares (shares) at Dec. 31, 2013		211,026,672
Balance at Dec. 31, 2013	1,741,972	$ 2,110	1,850,702	(108,588)	(2,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		95,036,480
Issuance of common stock	941,930	$ 951	940,979
Distributions to investors	(182,637)			(182,637)
Commissions on stock sales and related dealer manager fees	(72,706)		(72,706)
Other offering costs	(7,277)		(7,277)
Changes in redeemable common stock	(93,412)		(93,412)
Redemptions and cancellations of common stock (shares)		(1,113,152)
Redemptions and cancellations of common stock	(10,849)	$ (11)	(10,838)
Comprehensive loss	$ 9,385			11,190	(1,805)
Balance, shares (shares) at Dec. 31, 2014	304,950,000	304,950,000
Balance at Dec. 31, 2014	$ 2,326,406	$ 3,050	2,607,448	(280,035)	(4,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		11,745,917
Issuance of common stock	112,158	$ 117	112,041
Distributions to investors	(193,311)			(193,311)
Commissions on stock sales and related dealer manager fees	0		0
Other offering costs	(6)		(6)
Changes in redeemable common stock	(67,974)		(67,974)
Redemptions and cancellations of common stock (shares)		(4,602,706)
Redemptions and cancellations of common stock	(44,188)	$ (46)	(44,142)
Comprehensive loss	$ 63,469			64,771	(1,302)
Balance, shares (shares) at Dec. 31, 2015	312,093,211	312,093,211
Balance at Dec. 31, 2015	$ 2,196,554	$ 3,121	$ 2,607,367	$ (408,575)	$ (5,359)

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ 64,893	$ 11,170	$ (32,880)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net	121,128	82,143	33,156
Amortization of deferred financing costs	4,646	3,201	3,056
Amortization of fair value adjustment of mortgage notes payable assumed	(336)	(94)	0
Straight-line rental income	(11,776)	(8,227)	(4,853)
Bad debt expense	320	113	59
Equity in income of unconsolidated joint venture	(798)	(765)	(324)
Return on investment from unconsolidated joint venture	1,038	719	130
Loss on sale of real estate	108	157	0
Impairment of real estate	1,440	0	0
Fair value adjustment to contingent consideration	(1,747)	0	0
Changes in assets and liabilities:
Rents and tenant receivables	(3,570)	(12,375)	(8,181)
Prepaid expenses and other assets	(488)	(480)	(730)
Accounts payable and accrued expenses	6,043	6,741	8,688
Deferred rental income and other liabilities	1,436	4,355	7,369
Due from affiliates	423	(470)	0
Due to affiliates	140	2,898	2,080
Net cash provided by operating activities	182,900	89,086	7,570
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(677,754)	(1,717,744)	(1,667,832)
Real estate developments	(684)	(31,742)	0
Return of investment in unconsolidated joint venture	571	0	(18,930)
Proceeds from sale of real estate	1,058	1,758	0
Escrowed funds for acquisition of real estate investments	0	(70,254)	0
Release of escrowed funds for acquisition of real estate investments	0	70,254	0
Payment of property escrow deposits	(3,240)	(6,148)	(28,978)
Refund of property escrow deposits	7,025	9,888	20,453
Change in restricted cash	(3,714)	3,633	(7,670)
Net cash used in investing activities	(676,738)	(1,740,355)	(1,702,957)
Cash flows from financing activities:
Proceeds from issuance of common stock	0	837,669	1,782,118
Redemptions and cancellations of common stock	(44,188)	(10,849)	(1,182)
Offering costs on issuance of common stock	(6)	(84,920)	(190,670)
Distributions to investors	(80,773)	(72,756)	(21,768)
Proceeds from notes payable and borrowing facilities	1,218,367	744,064	970,842
Repayments of borrowing facilities and notes payable	(621,388)	(388)	(548,490)
Payment of loan deposits	(3,242)	(523)	(1,406)
Refund of loan deposits	3,242	1,068	861
Change in escrowed investor proceeds	0	(5,147)	4,624
Deferred financing costs paid	(7,638)	(1,681)	(12,408)
Contributions from noncontrolling interests	762	2,142	0
Distributions to noncontrolling interests	(269)	(46)	0
Other financing activities	0	(2,651)	(455)
Net cash provided by financing activities	464,867	1,405,982	1,982,066
Net (decrease) increase in cash and cash equivalents	(28,971)	(245,287)	286,679
Cash and cash equivalents, beginning of period	55,287	300,574	13,895
Cash and cash equivalents, end of period	$ 26,316	$ 55,287	$ 300,574

XML

Organization and Business

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS

Cole Credit Property Trust IV, Inc. (the “Company”) is a Maryland corporation, incorporated on July 27, 2010, that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. The Company is the sole general partner of and owns, directly or indirectly, 100% of the partnership interests in Cole Operating Partnership IV, LP, a Delaware limited partnership. The Company is externally managed by Cole REIT Advisors IV, LLC (“CR IV Advisors”), a Delaware limited liability company and an affiliate of the Company’s sponsor, Cole Capital^®, which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls the Company’s external advisor, CR IV Advisors, the Company’s dealer manager for the Offering (as defined below), Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. 

On January 26, 2012, pursuant to a Registration Statement on Form S-11 (Registration No. 333-169533) (the “Registration Statement”) filed under the Securities Act of 1933, as amended (the “Securities Act”), the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). On November 25, 2013, the Company reallocated $400.0 million in shares from its distribution reinvestment plan (the “DRIP”) to the primary portion of the Offering, and on February 18, 2014, the Company reallocated an additional $23.0 million in shares from the DRIP to the primary portion of the Offering. As a result of these reallocations, the Offering offered up to a maximum of approximately 292.3 million shares of common stock at a price of $10.00 per share in the primary portion of the Offering and up to approximately 5.5 million additional shares pursuant to the DRIP under which the Company’s stockholders could have elected to have distributions reinvested in additional shares of common stock at a price of $9.50 per share.

As of February 25, 2014, the Company no longer accepted subscription agreements in connection with the Offering because it had received subscription agreements that allowed it to reach the maximum primary offering. The Company ceased issuing shares in the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock issued pursuant to the DRIP. The remaining approximately 404,000 unsold shares from the Offering were deregistered.

In addition, the Company registered 26.0 million shares of common stock under the DRIP pursuant to a Registration Statement filed on Form S-3 (Registration No. 333-192958) (the “DRIP Offering” and collectively with the Offering, the “Offerings”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 19, 2013 and automatically became effective with the SEC upon filing. The Company has issued, and expects that it will continue to issue, shares of common stock in the DRIP Offering.

On September 27, 2015, the Company announced that its board of directors (the “Board”) established an estimated value of the Company’s common stock, as of August 31, 2015, of $9.70 per share for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Going forward, the Company intends to publish an updated estimated value per share on at least an annual basis.

Pursuant to the terms of the Company’s DRIP, as of August 31, 2015, distributions are reinvested in shares of our common stock at a price of $9.70 per share, the estimated per share value as determined by the Board.

As of December 31, 2015, the Company had issued approximately 317.9 million shares of its common stock in the Offerings, including 20.6 million shares issued in the DRIP Offering, for gross offering proceeds of $3.2 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million. As of December 31, 2015, the Company owned 871 properties, which include properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 25.2 million rentable square feet of commercial space located in 45 states. As of December 31, 2015, the rentable space at these properties was 98.5% leased. In addition, through an unconsolidated joint venture arrangement, as of December 31, 2015, the Company had an interest in one property comprising 176,000 rentable square feet of commercial space (the “Unconsolidated Joint Venture”).

XML

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns.  If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations.

A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate these VIEs based on standards set forth in GAAP as described above.

As of December 31, 2015, the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. As of December 31, 2015 and December 31, 2014, the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation.

Reclassifications

Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation.

The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statements of cash flows. The Company has also chosen to combine the depreciation of $54.8 million and $21.6 million for the years ended December 31, 2014 and 2013, respectively, and amortization of $29.6 million and $11.7 million for the years ended December 31, 2014 and 2013, respectively, into the line item depreciation and amortization in the consolidated statements of operations.

The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the consolidated statements of other comprehensive income (loss) into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense.

Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation.

The Company has also reclassified certain accounts, as shown below, in its previously issued consolidated balance sheet to conform to the current period presentation. Investments in real estate assets have been presented gross, with the related depreciation and amortization amounts subtracted out to arrive at the net real estate investments balance. None of the revised reclassifications reflect corrections of any amounts. The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands):

	December 31, 2014
	As Previously Reported
Investment in real estate assets:
Land	$	972,983
Buildings and improvements, less accumulated depreciation of $78,186	2,539,770
Intangible lease assets, less accumulated amortization of $48,085	391,917
Total investment in real estate assets, net	$	3,904,670
	December 31, 2014
	As Reclassified
Investment in real estate assets:
Land	$	972,983
Buildings, fixtures and improvements	2,617,956
Intangible lease assets	440,002
Total real estate investments, at cost	4,030,941
Less: accumulated depreciation and amortization	(126,271		)
Total real estate investments, net	$	3,904,670

Use of Estimates

The preparation of financial statements in conformity with GAAP requires 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 period. Actual results could differ from those estimates.

Real Estate Investments

Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred.

The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows:

Buildings	40 years
Tenant improvements	Lesser of useful life or lease term
Intangible lease assets	Lease term

Recoverability of Real Estate Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. The Company recorded impairment charges of $1.4 million related to one property during the year ended December 31, 2015. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Acquisitions for further discussion regarding real estate investment activity. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2014 or 2013.

Assets Held for Sale

When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2015 or 2014.

Allocation of Purchase Price of Real Estate Assets

Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information.

The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values, subsequent to acquisition, are reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management.

The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable.

The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.

Development Activities

Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. Once the development and construction of the building is substantially completed, the amounts capitalized to construction in progress are transferred to (i) land and (ii) buildings, fixtures and improvements and are depreciated over their respective useful lives. During the year ended December 31, 2015, the Company capitalized $1.5 million of interest expense associated with development projects. The Company did not capitalize any interest expense during the year ended December 31, 2014.

Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture

On June 27, 2014, the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net income of $122,000, received contributions of $762,000, and paid distributions of $269,000 related to the noncontrolling interest during the year ended December 31, 2015. The Company recorded the noncontrolling interest of $2.7 million and $2.1 million as of December 31, 2015 and December 31, 2014, respectively, as temporary equity, in the mezzanine section of the consolidated balance sheets, due to the redemption option existing outside the control of the Company.

Investment in Unconsolidated Joint Venture

The Company accounts for the Unconsolidated Joint Venture using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Venture during the years ended December 31, 2015 and December 31, 2014.

Restricted Cash

The Company had $8.3 million and $4.6 million in restricted cash as of December 31, 2015 and 2014, respectively. Included in restricted cash was $5.9 million and $2.7 million held by lenders in lockbox accounts, as of December 31, 2015 and 2014, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $2.4 million and $1.9 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement as of December 31, 2015 and 2014, respectively.

Cash Concentrations

As of December 31, 2015, the Company had cash on deposit, including restricted cash, at 11 financial institutions, five of which had Company deposits in excess of federally insured levels totaling $30.9 million; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.

Deferred Financing Costs

Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt was refinanced or repaid before maturity. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving loan portion of the credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014, the Company had $4.1 million and $5.2 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close.

Due to Affiliates

CR IV Advisors, and certain of its affiliates, received fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management, financing and leasing of the properties of the Company. As of December 31, 2015, $5.6 million was due to CR IV Advisors and its affiliates for such services, as discussed in Note 11 — Related-Party Transactions and Arrangements.

Derivative Instruments and Hedging Activities

The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.

Redeemable Common Stock

Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.

Revenue Recognition

Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.

The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2015 and December 31, 2014, the Company had an allowance for uncollectible accounts of $301,000 and $67,000, respectively.

Income Taxes

The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

Earnings (Loss) Per Share

Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2015, 2014 or 2013.

Reportable Segment

The Company’s commercial real estate investments consist primarily of income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to creditworthy tenants under long-term net leases. The properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.

Recent Accounting Pronouncements

Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $7.7 million of previously reported debt issuance costs included in other assets with the previously reported notes payable and credit facility, net balance of $1.5 billion in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows.

ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as VIEs was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements, except certain expanded disclosures will be required.

From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements:

ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter.

ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted.

ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases, which replaces the existing guidance in ASC 840, Leases.  ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases.  Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability.  For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.

XML

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:

Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).

Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:

Notes payable and credit facility – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs, as discussed in Note 2 — Summary of Significant Accounting Policies. These financial instruments are valued using Level 2 inputs. As of December 31, 2015 and 2014, the estimated fair value of the Company’s debt was $2.1 billion and $1.5 billion, respectively, which approximated their carrying value.

Derivative instruments – The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2015, the Company has assessed the overall significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Other financial instruments – The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization and based on their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

Contingent consideration arrangements – The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of the Contingent Payments is determined based on the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. 

Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2015 and 2014, there have been no transfers of financial assets or liabilities between fair value hierarchy levels.

Items Measured at Fair Value on a Recurring Basis

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands):

	Balance as of December 31, 2015			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Interest rate swaps	$	519		$	—	$	519		$	—
Total assets	$	519		$	—	$	519		$	—
Liabilities:
Interest rate swaps	$	(5,878	)	$	—	$	(5,878	)	$	—
Contingent consideration	(4,538		)	—		—			(4,538		)
Total liabilities	$	(10,416	)	$	—	$	(5,878	)	$	(4,538	)
	Balance as of December 31, 2014			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Liabilities:
Interest rate swaps	$	(4,057	)	$	—	$	(4,057	)	$	—
Contingent consideration	(3,405		)	—		—			(3,405		)
Total liabilities	$	(7,462	)	$	—	$	(4,057	)	$	(3,405	)

The following are reconciliations of the changes in liabilities with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2015 and 2014 (in thousands):

	Contingent Consideration Arrangements
Beginning Balance, December 31, 2014	$	(3,405	)
Purchases and fair value adjustments:
Purchases	(2,880		)
Fair value adjustments	1,747
Ending Balance, December 31, 2015	$	(4,538	)

	Contingent Consideration Arrangements
Beginning Balance, December 31, 2013	$	(784	)
Purchases, fair value adjustments and payments made:
Purchases	(5,342		)
Fair value adjustments	70
Payments made	2,651
Ending Balance, December 31, 2014	$	(3,405	)

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies.

As discussed in Note 4 — Real Estate Acquisitions, during the year ended December 31, 2015, real estate assets related to one single-tenant property totaling approximately 11,000 square feet were deemed to be impaired due to certain impairment indicators and its carrying value was reduced to its estimated fair value of $1.3 million, resulting in impairment charges of $1.4 million. The Company estimates fair values using Level 3 inputs and using a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization; (2) discount rates; (3) number of years property will be held; (4) property operating expenses; and (5) re-leasing assumptions including number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and performance and sustainability of the Company’s tenants.

The following table presents the impairment charges by asset class recorded during the year ended December 31, 2015 (dollar amounts in thousands):

	Year Ended
	December 31, 2015
Asset class impaired:
Land	$	498
Buildings, fixtures and improvements	662
Intangible lease assets	280
Total impairment loss	$	1,440

XML

Real Estate Acquisitions

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS

2015 Property Acquisitions

During the year endedDecember 31, 2015, the Company acquired 111 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $615.8 million (the “2015 Acquisitions”). The Company purchased the 2015 Acquisitions with net proceeds from the Offerings and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for acquisitions purchased during the year endedDecember 31, 2015 (in thousands):

	December 31, 2015
Land	$	138,536
Buildings, fixtures and improvements	393,918
Acquired in-place leases	83,043
Acquired above-market leases	6,485
Intangible lease liabilities	(5,883		)
Fair value adjustment of assumed note payable	(253		)
Total purchase price	$	615,846

The Company recorded revenue for the year endedDecember 31, 2015 of $28.4 million and a net loss for the year endedDecember 31, 2015 of $6.3 million related to the 2015 Acquisitions.

The following information summarizes selected financial information of the Company as if all of the 2015 Acquisitions were completed on January 1, 2014 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands):

	Year Ended December 31,
	2015		2014
Pro forma basis (unaudited):
Revenue	$	387,921	$	305,141
Net income	$	79,888	$	8,267

The unaudited pro forma information for the year endedDecember 31, 2015 was adjusted to exclude $15.5 million of acquisition-related expenses recorded during the year ended December 31, 2015. Accordingly, these costs were instead recognized in the unaudited pro forma information for the year endedDecember 31, 2014.

The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2014, nor does it purport to represent the results of future operations.

Development Project

During the year endedDecember 31, 2014, the Company acquired one land parcel, upon which a 1.6 million square foot industrial property was expected to be constructed. The land, acquired for an aggregate amount of $23.9 million, was excluded from the 2014 Acquisitions. During the year ended December 31, 2015, the Company substantially completed the development project and placed it in service. As of December 31, 2015, the Company had a total investment of $102.8 million.

2015 Land Disposition

During the year endedDecember 31, 2015, the Company sold one undeveloped land parcel for a gross sales price of $1.1 million, resulting in net cash proceeds of $1.0 million to the Company and a loss of $108,000, which was recorded in other expenses in the consolidated statement of operations.

Impairment of a Property

The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion on the Company’s accounting policies regarding impairment of real estate assets.

During the year endedDecember 31, 2015, a property with a carrying value of $2.7 million was deemed to be impaired and its carrying value was reduced to its estimated fair value of $1.3 million, resulting in impairment charges of $1.4 million, which were recorded in the consolidated statement of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges.

2014 Property Acquisitions

During the year endedDecember 31, 2014, the Company acquired 422 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $1.7 billion (the “2014 Acquisitions”). The Company purchased the 2014 Acquisitions (as defined below) with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):

	December 31, 2014
Land	$	437,206
Buildings, fixtures and improvements	1,152,148
Acquired in-place leases	154,972
Acquired above-market leases	23,430
Intangible lease liabilities	(24,620		)
Fair value adjustment of assumed note payable	(765		)
Total purchase price	$	1,742,371

The Company recorded revenue for the year endedDecember 31, 2014 of $61.2 million and a net loss for the year endedDecember 31, 2014 of $25.7 million related to the 2014 Acquisitions.

The following information summarizes selected financial information of the Company as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands):

	Year Ended December 31,
	2014		2013
Pro forma basis (unaudited):
Revenue	$	332,860	$	245,969
Net income (loss)	$	131,001	$	(53,805	)

The unaudited pro forma information for the year endedDecember 31, 2014 was adjusted to exclude $51.8 million of acquisition-related expenses recorded during the year endedDecember 31, 2014. These costs were recognized in the unaudited pro forma information for the year endedDecember 31, 2013. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2013, nor does it purport to represent the results of future operations.

2014 Land Disposition

During the year endedDecember 31, 2014, the Company sold one undeveloped land parcel for a gross sales price of $1.9 million, resulting in net cash proceeds of $1.8 million to the Company and a loss of $157,000.

Escrowed Funds for Acquisition of Real Estate Investments

In anticipation of closing on two properties, the Company funded $70.3 million to an escrow account on September 30, 2014, which was returned when both of the properties closed and the title was transferred during the quarter ended December 31, 2014. As of December 31, 2014, there were no amounts included in escrowed funds for acquisition of real estate investments on the accompanying consolidated balance sheets.

2013 Property Acquisitions

During the year ended December 31, 2013, the Company acquired 248 commercial properties for an aggregate purchase price of $1.7 billion (the “2013 Acquisitions”). The Company purchased the 2013 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):

		December 31, 2013
Land	$	390,781
Building and improvements		1,103,390
Acquired in-place leases		175,520
Acquired above-market leases		26,921
Acquired below-market leases		(31,802	)
Total purchase price	$	1,664,810

The Company recorded revenue for the year ended December 31, 2013 of $60.4 million and a net loss for the year ended December 31, 2013 of $25.7 million related to the 2013 Acquisitions.

The following information summarizes selected financial information of the Company as if all of the 2013 Acquisitions were completed on January 1, 2012 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands):

	Year Ended December 31,
	2013		2012
Pro forma basis (unaudited):
Revenue	$	181,859	$	147,515
Net income (loss)	$	44,490	$	(30,842	)

The unaudited pro forma information for the year ended December 31, 2013 was adjusted to exclude $48.3 million of acquisition related expenses recorded during the year ended December 31, 2013. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2012. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2012, nor does it purport to represent the results of future operations.

Property Concentrations

As of December 31, 2015, no single tenant accounted for greater than 10% of the Company’s 2015 gross annualized rental revenues. The Company had certain geographic concentrations in its property holdings. In particular, as of December 31, 2015, 77 of the Company’s properties were located in California, which accounted for 11% of the Company’s 2015 gross annualized rental revenues. In addition, the Company had tenants in the discount store and pharmacy industries, which comprised 14% and 11%, respectively, of the Company’s 2015 gross annualized rental revenues.

XML

Intangible Lease Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE LEASE ASSETS

INTANGIBLE LEASE ASSETS

The intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts):

		As of December 31,
		2015		2014
In-place leases, net of accumulated amortization of $81,856 and
	$41,739, respectively (with a weighted average life remaining of 11.7 years
	and 12.4 years, respectively)	$	391,868	$	344,664
Acquired above-market leases, net of accumulated amortization of $12,454 and
	$6,346, respectively (with a weighted average life remaining of 10.1 years and
	10.5 years, respectively)	47,299		47,253
		$	439,167	$	391,917

Amortization expense related to the in-place lease assets for the years ended December 31, 2015, 2014 and 2013, was $41.6 million, $29.6 million and $11.7 million, respectively. Amortization expense related to the acquired above-market lease assets for the years ended December 31, 2015, 2014 and 2013, was $6.4 million, $4.4 million and $1.9 million, respectively, and was recorded as a reduction to rental income in the consolidated statements of operations.

Estimated amortization expense related to the intangible lease assets as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands):

	Amortization
Year Ending December 31,	In-Place Leases		Above-Market Leases
2016	$	41,569	$	6,220
2017	$	38,776	$	5,903
2018	$	36,121	$	5,022
2019	$	32,504	$	4,083
2020	$	30,824	$	3,839

XML

Derivative Instruments and Hedging Activities (Notes)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2015, the Company entered into five interest rate swap agreements. As of December 31, 2015, the Company had eight interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2015 and 2014 (in thousands):

		Outstanding Notional					Fair Value Assets and (Liabilities)
	Balance Sheet	Amount as of		Interest	Effective	Maturity	December 31,			December 31,
	Location	December 31, 2015		Rates (1)	Dates	Dates	2015			2014
Interest Rate Swaps	Prepaid expenses, property escrow deposits, derivative assets and other assets	$	330,766	2.78% to 3.59%	6/30/2015 to 10/15/2015	8/15/2018 to 11/06/2020	$	519		$	—
Interest Rate Swaps	Deferred rental income, derivative liabilities and other liabilities	$	588,737	3.00% to 4.75%	6/24/2013 to 12/31/2015	6/24/2018 to 8/24/2020	$	(5,878	)	$	(4,057	)

____________________________________

(1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015.

Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks.

Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges, to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. For the years ended December 31, 2015, 2014, and 2013, the amounts reclassified were $6.5 million, $5.2 million and $2.0 million, respectively. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the years ended December 31, 2015, 2014, and 2013. During the next 12 months, the Company estimates that an additional $6.6 million will be reclassified from other comprehensive income (loss) as an increase to interest expense.

The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments, of $6.5 million at December 31, 2015. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. There were no termination events or events of default related to the interest rate swaps as of December 31, 2015.

XML

Notes Payable And Credit Facility

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

NOTES PAYABLE AND CREDIT FACILITY

NOTES PAYABLE AND CREDIT FACILITY

As of December 31, 2015, the Company had $2.1 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 4.1 years and weighted average interest rate of 3.3%. The following table summarizes the debt balances as of December 31, 2015 and 2014, and the debt activity for the year endedDecember 31, 2015 (in thousands):

				During the Year Ended December 31, 2015
	Balance as of December 31, 2014			Debt Issuances and Assumptions (1)			Repayments			Accretion and (Amortization)			Balance as of December 31, 2015
Fixed rate debt	$	565,836		$	346,180		$	(15,388	)	$	—		$	896,628
Variable rate debt	—			53,500			—			—			53,500
Credit facility	900,000			833,666			(606,000		)	—			1,127,666
Total debt	1,465,836			1,233,346			(621,388		)	—			2,077,794
Net premiums (2)	671			—			—			(81		)	590
Deferred costs (3)	(7,679		)	(6,473		)	—			2,331			(11,821		)
Total debt, net	$	1,458,828		$	1,226,873		$	(621,388	)	$	2,250		$	2,066,563

____________________________________

(1) Includes deferred financing costs incurred during the period.

(2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.

(3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies.

As of December 31, 2015, the fixed rate debt outstanding of $896.6 million included $107.8 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.4% to 5.0% per annum. The debt outstanding matures on various dates from June 2018 through October 2025. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $1.6 billion as of December 31, 2015. Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. As of December 31, 2015, the variable rate debt outstanding of $53.5 million had a weighted average interest rate of 2.9%. The variable rate debt outstanding matures on various dates from February 2018 to February 2020. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the variable rate debt outstanding was $106.8 million as of December 31, 2015.

The Company has an amended and restated unsecured credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan Chase”), that provides for borrowings of up to $1.28 billion, which is comprised of a $636.7 million unsecured term loan (the “Term Loan”) and up to $643.3 million in unsecured revolving loans (the “Revolving Loans”). The Credit Facility may be increased up to a maximum of $1.6 billion. The Term Loan matures on August 15, 2018 and the Revolving Loans mature on August 15, 2017; however, the Company may elect to extend the maturity date for the Revolving Loans to August 15, 2018 subject to satisfying certain conditions set forth in the amended and restated unsecured credit agreement among the Company and JPMorgan Chase, as administrative agent (as amended, the “Amended and Restated Credit Agreement”).

Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.65% to 2.50% or (ii) a base rate, ranging from 0.65% to 1.50%, plus the greater of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Amended and Restated Credit Agreement) plus 0.50%; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.00%. As of December 31, 2015, the Revolving Loans outstanding totaled $491.0 million, $250.0 million of which is subject to an interest rate swap agreement (the “Swapped Revolver”). The swap agreement has the effect of fixing the Eurodollar Rate beginning on December 31, 2015 through the maturity date of the Revolving Loans. The all-in rate for the Swapped Revolver was 3.0% as of December 31, 2015. As of December 31, 2015, the Term Loan outstanding totaled $636.7 million, $561.7 million of which is subject to interest rate swap agreements (the “Swapped Term Loan”). The swap agreements had the effect of fixing the Eurodollar Rate per annum through the maturity date of the Swapped Term Loan. As of December 31, 2015, the weighted average all-in rate for the Swapped Term Loan was 3.1%. As of December 31, 2015, the Company had $1.1 billion outstanding under the Credit Facility at a weighted average interest rate of 2.8% and $152.3 million in unused capacity, subject to borrowing availability.

The Amended and Restated Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $425.0 million plus (ii) 75% of the issuance of equity from the date of the Amended and Restated Credit Agreement, a leverage ratio less than or equal to 60%, a fixed charge coverage ratio equal to or greater than 1.50, an unsecured debt to unencumbered asset value ratio equal to or less than 50%, an unsecured debt service coverage ratio equal to or greater than 1.75 and a secured debt ratio equal to or less than 30%. Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants under the Amended and Restated Credit Agreement as of December 31, 2015.

The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands):

Year Ending December 31,	Principal Repayments
2016	$	425
2017	491,451
2018	693,877
2019	499
2020	333,215
Thereafter	558,327
Total	$	2,077,794

XML

Intangible Lease Liabilities

12 Months Ended

Dec. 31, 2015

Intangible Liabilities Disclosure [Abstract]

Intangible Lease Liabilities

INTANGIBLE LEASE LIABILITIES

Intangible lease liabilities consisted of the following (in thousands, except weighted average life amounts):

		As of December 31,
		2015		2014
Acquired below-market leases, net of accumulated amortization of $15,641
	and $8,807, respectively (with a weighted average life remaining of 8.8
	years and 9.2 years, respectively)	$	53,822	$	55,535

Amortization of the intangible lease liabilities during the years ended December 31, 2015, 2014 and 2013 was $7.6 million, $6.6 million and $2.1 million, respectively, and was recorded as an addition to rental income in the consolidated statements of operations.

Estimated amortization of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands):

Year Ending December 31,	Amortization of Below-Market Leases
2016	$	7,731
2017	$	7,417
2018	$	7,040
2019	$	6,164
2020	$	5,530

XML

Supplemental Cash Flow Disclosures

12 Months Ended

Dec. 31, 2015

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW DISCLOSURES

SUPPLEMENTAL CASH FLOW DISCLOSURES

Supplemental cash flow disclosures for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$	16,568		$	16,189		$	10,569
Accrued other offering costs due to affiliates	$	—		$	—		$	4,937
Accrued capital expenditures	$	2,741		$	7,721		$	1,760
Common stock issued through distribution reinvestment plan	$	112,158		$	104,261		$	25,702
Change in fair value of interest rate swaps	$	(1,302	)	$	(1,805	)	$	(2,252	)
Contingent consideration recorded upon property acquisitions	$	2,880		$	5,342		$	553
Fair value of notes payable assumed in real estate acquisition	$	15,233		$	25,979		$	—
Supplemental Cash Flow Disclosures:
Interest paid	$	54,388		$	31,159		$	17,474

XML

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Litigation

In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject.

Purchase Commitments

As of December 31, 2015, the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in five retail properties, subject to meeting certain criteria, for an aggregate purchase price of $32.0 million, exclusive of closing costs. As of December 31, 2015, the Company had $1.0 million of property escrow deposits held by escrow agents in connection with these future property acquisitions. These deposits are included in the consolidated balance sheets in prepaid expenses, property escrow deposits, derivative assets and other assets and could be forfeited under certain circumstances. None of these escrow deposits have been forfeited.

Environmental Matters

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

XML

Related-Party Transactions and Arrangements

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

The Company has incurred commissions, fees and expenses payable to CR IV Advisors and certain of its affiliates in connection with the Offering and the acquisition, management and disposition of its assets.

Offering

In connection with the Offering, CCC, the Company’s dealer manager for the Offering, received selling commissions of up to 7.0% of gross offering proceeds before reallowance of selling commissions earned by participating broker-dealers. CCC reallowed 100% of selling commissions earned to participating broker-dealers. In addition, CCC received up to 2.0% of gross offering proceeds before reallowance to participating broker-dealers as a dealer manager fee in connection with the primary portion of the Offering. CCC, in its sole discretion, has reallowed a portion of its dealer manager fee to such participating broker-dealers. No selling commissions or dealer manager fees are or were paid to CCC or other participating broker-dealers with respect to shares issued pursuant to the DRIP portion of the Offering or the DRIP Offering.

All other organization and offering expenses associated with the sale of the Company’s common stock in the Offering (excluding selling commissions and dealer manager fees) were paid by CR IV Advisors or its affiliates and were reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses were considered to be underwriting compensation.

The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands):

	Year Ended December 31,
	2015		2014		2013
Offering:
Selling commissions	$	—	$	55,921	$	122,082
Selling commissions reallowed by CCC	$	—	$	55,921	$	122,082
Dealer manager fees	$	—	$	16,780	$	35,685
Dealer manager fees reallowed by CCC	$	—	$	9,326	$	20,183
Other offering costs	$	—	$	7,277	$	36,179

All amounts related to the years ended December 31, 2014 and 2013 have been paid to CR IV Advisors and its affiliates.

Acquisitions and Operations

CR IV Advisors or its affiliates also receive acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. Additionally, CR IV Advisors or its affiliates are reimbursed for acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price.

The Company pays CR IV Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (1) an annualized rate of 0.75% paid on the value of the Company’s average invested assets that are between $0 to $2.0 billion; (2) an annualized rate of 0.70% paid on the value of the Company’s average invested assets that are between $2.0 billion to $4.0 billion; and (3) an annualized rate of 0.65% paid on the value of the Company’s average invested assets that are over $4.0 billion.

The Company reimburses CR IV Advisors or its affiliates for certain expenses CR IV Advisors or its affiliates paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse CR IV Advisors or its affiliates for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of: (1) 2.0% of average invested assets, or (2) 25.0% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company will not reimburse for personnel costs in connection with services for which CR IV Advisors receives acquisition fees.

The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands):

	Year Ended December 31,
	2015		2014		2013
Acquisition and Operations:
Acquisition fees and expenses	$	13,311	$	38,483	$	35,109
Advisory fees and expenses	$	36,225	$	24,152	$	10,549
Operating expenses	$	4,568	$	3,383	$	2,905

Of the amounts shown above, $5.6 million, $5.5 million and $2.6 million had been incurred, but not yet paid, for services provided by CR IV Advisors or its affiliates in connection with the acquisition and operations stage during the years ended December 31, 2015, 2014 and 2013, respectively, and such amounts were recorded as liabilities of the Company as of such dates.

Liquidation/Listing

If CR IV Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company will pay CR IV Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to a third party on the sale of such properties, not to exceed 1.0% of the contract price of the properties sold; provided, however, in no event may the disposition fee paid to CR IV Advisors or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price.

If the Company is sold or its assets are liquidated, CR IV Advisors will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively, if the Company’s shares are listed on a national securities exchange, CR IV Advisors will be entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeds the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to investors. As an additional alternative, upon termination of the advisory agreement, CR IV Advisors may be entitled to a subordinated performance fee similar to the fee to which CR IV Advisors would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination.

During each of the years ended December 31, 2015, 2014 and 2013, no commissions or fees were incurred for any services provided by CR IV Advisors and its affiliates in connection with the liquidation/listing stage.

Due to/from Affiliates

As of December 31, 2015, $5.6 million had been incurred primarily for advisory, operating and prepaid insurance by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. As of December 31, 2014, $5.5 million had been incurred primarily for advisory, operating and acquisition-related expenses by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the consolidated balance sheets as of such periods.

As of December 31, 2015, $47,000 was due from CR IV Advisors and its affiliates related to amounts received by affiliates of the advisor which was due to the Company. As of December 31, 2014, $470,000 was due from CR IV Advisors and its affiliates primarily related to amounts paid by the Company on dead deals which are reimbursable by the advisor.

XML

Economic Dependency

12 Months Ended

Dec. 31, 2015

Economic Dependency [Abstract]

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY

Under various agreements, the Company has engaged or will engage CR IV Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

XML

Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

As of December 31, 2015 and 2014, the Company registered 26.0 million shares of common stock pursuant to the DRIP Offering. All shares of such stock have a par value of $0.01 per share. The par value of investor proceeds raised from the DRIP Offering is classified as common stock, with the remainder allocated to capital in excess of par value.

As of December 31, 2013, the Company was authorized to issue 490.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On August 11, 2010, the Company sold 20,000 shares of common stock, at $10.00 per share, to Cole Holdings Corporation (“CHC”). On April 5, 2013, the ownership of such shares was transferred to CREInvestments, LLC (“CREI”), an affiliate of CCI II Advisors. On February 7, 2014, the ownership of such shares was transferred to VEREIT Operating Partnership, L.P. (“VEREIT OP”). Pursuant to the Company’s charter, VEREIT OP is prohibited from selling the 20,000 shares of the common stock that represents the initial investment in the Company for so long as Cole Capital remains the Company’s sponsor; provided, however, that VEREIT OP may transfer ownership of all or a portion of these 20,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. The Company ceased offering shares of its common stock in the Offering on April 4, 2014 and registered 26.0 million shares of common stock under the DRIP Offering.

Distribution Reinvestment Plan

Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. The purchase price per share under the DRIP Offering is $9.70 per share, which is the most recently estimated value per share of the Company’s shares. The Company’s board of directors may terminate or amend the DRIP Offering at the Company’s discretion at any time upon ten days prior written notice to the stockholders. During the years ended December 31, 2015, 2014 and 2013, approximately 11.7 million, 11.0 million and 2.7 million shares were purchased under the DRIP portion of the Offering and the DRIP Offering for approximately $112.2 million, $104.3 million and $25.7 million, respectively.

Share Redemption Program

The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.

The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited to the net proceeds the Company receives from the sale of shares under the DRIP. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP. 

In accordance with the Company’s share redemption program, the per share redemption price (other than for shares purchased pursuant to the DRIP) will depend on the length of time the redeeming stockholder has held such shares as follows: after one year from the purchase date, 95% of the most recent estimated value of each share; after two years from the purchase date, 97.5% of the most recent estimated value of each share; and after three years from the purchase date, 100% of the most recent estimated value of each share. During this time period, the redemption price for shares purchased pursuant to the DRIP will be 100% of the most recent estimated value of each share. As a result of the Board’s determination of an estimated value of the Company’s shares of common stock, the estimated per share value of $9.70, as of August 31, 2015, shall serve as the most recent estimated value for purposes of the share redemption program, effective October 1, 2015, until such time as the Board provides a new estimated share value.

Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods.

The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the share redemption program at any time upon 30 days’ notice to the stockholders. During the years ended December 31, 2015, 2014 and 2013, the Company redeemed approximately 4.6 million, 1.1 million and 123,000 shares, respectively, under the share redemption program for $44.2 million, $10.6 million and $1.2 million, respectively.

Distributions Payable and Distribution Policy

The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.25% on an annualized basis based on the original offering price of $10.00 per share, and an annualized return of approximately 6.44% based on the most recent value per share determined by the Board of $9.70) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on December 31, 2015. In addition, the Board authorized a daily distribution, based on 366 days in the calendar year, of $0.001706776 per share (which equates to 6.25% based on an annualized basis based on the original offering price of $10.00 per share, and an annualized return of 6.44% based on the most recent value per share determined by the Board of $9.70) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2016 and ending on June 30, 2016. As of December 31, 2015, the Company had distributions payable of $16.6 million.

XML

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015		2014		2013
Ordinary dividends	58	%	47	%	60	%
Nontaxable distributions	42	%	53	%	40	%
Total	100	%	100	%	100	%

During the years ended December 31, 2015, 2014 and 2013, the Company distributed as dividends to its shareholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded on the Company’s financial statements. During the years ended December 31, 2015, 2014 and 2013, the Company incurred state and local income and franchise taxes of $2.2 million, $1.3 million, and $473,000, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations.

The Company had no unrecognized tax benefits as of or during the years ended December 31, 2015 and 2014. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.

XML

Operating Leases

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

OPERATING LEASES

OPERATING LEASES

The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2015, the leases had a weighted-average remaining term of 10.9 years. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants.

The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2015, was as follows (in thousands):

Year Ending December 31,	Future Minimum Rental Income
2016	$	334,619
2017	330,130
2018	320,445
2019	304,506
2020	295,446
Thereafter	2,238,323
	$	3,823,469

A certain amount of the Company’s rental income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the years ended December 31, 2015 and 2014, the amount of the contingent rent earned by the Company was not significant. The Company did not earn any contingent rent during the year ended December 31, 2013.

XML

Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)

Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period.

	December 31, 2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	85,963	$	90,528	$	94,188	$	97,052
Acquisition-related expenses	$	5,385	$	3,882	$	2,518	$	3,741
Operating income	$	28,395	$	31,862	$	34,696	$	29,247
Net income	$	15,998	$	17,293	$	18,485	$	13,117
Net income attributable to the Company	$	16,015	$	17,225	$	18,452	$	13,079
Basic and diluted net income per common share (1)	$	0.05	$	0.06	$	0.06	$	0.04
Distributions declared per common share (1)	$	0.15	$	0.16	$	0.16	$	0.16

____________________________________

(1) The Company calculates net income per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

	December 31, 2014
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Revenues	$	51,551	$	56,861	$	64,591		$	83,279
Acquisition-related expenses	$	8,633	$	10,113	$	21,009		$	12,008
Operating income	$	10,564	$	10,790	$	3,698		$	20,378
Net income (loss)	$	2,946	$	3,190	$	(4,147	)	$	9,181
Net income (loss) attributable to the Company	$	2,946	$	3,204	$	(4,156	)	$	9,196
Basic and diluted net income (loss) per common share (1)	$	0.01	$	0.01	$	(0.01	)	$	0.03
Distributions declared per common share (1)	$	0.15	$	0.16	$	0.16		$	0.16

____________________________________

(1) The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

XML

Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Issuance of Shares of Common Stock in the DRIP Offering

The Company continues to issue shares of common stock in the DRIP Offering. As of March 24, 2016, the Company had issued approximately 23.4 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $223.5 million.

Redemption of Shares of Common Stock

Subsequent to December 31, 2015 and through March 24, 2016, the Company redeemed approximately 2.9 million shares for $27.6 million (at an average price per share of $9.59).

Credit Facility and Notes Payable

As of March 24, 2016, the Company had $1.1 billion outstanding under the Credit Facility and $175.3 million in unused capacity, subject to borrowing availability. The Company also entered into notes payable totaling $67.5 million, with a weighted average interest rate of 3.7% as of March 24, 2016. On March 14, 2016, the Company executed a swap agreement associated with a $38.5 million note payable, which had the effect of fixing the variable interest rate per annum beginning on March 14, 2016 through the maturity date of the loan at an ending all-in rate of 3.6%.

Investment in Real Estate Assets

Subsequent to December 31, 2015 through March 24, 2016, the Company acquired seven commercial real estate properties for an aggregate purchase price of $56.9 million. Acquisition-related expenses totaling $1.6 million were expensed as incurred. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 4 — Real Estate Acquisitions in these consolidated financial statements for these properties.

XML

Schedule III - Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate Assets and Accumulated Depreciation

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Real Estate Held for Investment the Company Has Invested in Under Operating Leases:
24 Hour Fitness:
	Beaverton, OR	(g)		$	2,609	$	9,974	$	—	$	12,583	$	322	9/30/2014	2009
	Fort Worth, TX	(g)		1,519		7,449		—		8,968		451		9/27/2013	2008
Aaron’s Rents:
	Hillsboro, OH	(g)		279		829		—		1,108		64		8/26/2013	2013
	Mountain Home, AR	(g)		183		872		—		1,055		6		10/1/2015	2015
	Wilmington, OH	(g)		249		1,134		—		1,383		30		2/26/2015	2014
Academy Sports:
	Clarksville, TN	(g)		1,811		6,603		—		8,414		276		6/17/2014	2014
	Cookeville, TN	$	—	—		23,847		73,329		97,176		290		9/30/2014	2015
	Douglasville, GA	(g)		1,360		8,593		—		9,953		355		6/12/2014	2014
	Flowood, MS	(g)		1,534		7,864		—		9,398		348		6/27/2014	2014
	McDonough, GA	(g)		1,846		5,626		—		7,472		267		4/24/2014	2010
	Valdosta, GA	5,838		2,482		5,922		—		8,404		462		5/10/2013	2012
Advance Auto:
	Corydon, IN	(g)		190		1,219		—		1,409		107		10/26/2012	2012
	Dearborn Heights, MI	(g)		385		1,090		—		1,475		65		8/30/2013	2013
	Decatur, GA	(g)		606		1,053		—		1,659		59		12/20/2013	2012
	Lake Geneva, WI	1,062		381		1,181		—		1,562		89		2/6/2013	2012
	Lawton, OK	(g)		387		1,000		—		1,387		15		6/12/2015	2005
	Mattoon, IL	(g)		261		1,063		—		1,324		1		12/4/2015	2015
	Mt. Pleasant, IA	(g)		122		1,069		—		1,191		55		4/26/2014	2013
	North Ridgeville, OH	(g)		218		1,284		—		1,502		121		4/13/2012	2008
	Rutherfordton, NC	(g)		220		944		—		1,164		55		10/22/2013	2013
	Starkville, MS	(g)		447		756		—		1,203		76		6/29/2012	2011
	Willmar, MN	(g)		200		1,279		—		1,479		26		3/25/2015	2014
Albany Square:
	Albany, GA	—		1,606		7,113		300		9,019		454		2/26/2014	2013
Almeda Crossing:
	Houston, TX	(g)		4,738		26,245		—		30,983		990		8/7/2014	2006
Amazon:
	Lebanon, TN	33,000		1,934		56,286		—		58,220		1,816		10/15/2014	2012
Applebee’s:
	Greenville, SC	(g)		672		1,737		—		2,409		67		6/27/2014	2004
	Lithonia, GA	(g)		1,234		2,613		—		3,847		117		3/28/2014	2002
	Savannah, GA	(g)		818		1,686		—		2,504		72		5/22/2014	2006
AutoZone:
	Philipsburg, PA	(g)		152		1,304		—		1,456		120		7/30/2012	2010
	Poughkeepsie, NY	(g)		699		1,356		—		2,055		14		8/20/2015	2005
	Sheffield, OH	—		815		—		785		1,600		—		10/15/2014	2014
Bass Pro Shops:
	Tallahassee, FL	(g)		945		5,713		—		6,658		383		8/20/2013	2013
Beavercreek Shopping Center:
	Beavercreek, OH	17,200		5,504		25,178		537		31,219		1,558		10/31/2013	2013

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Bed Bath & Beyond/Golfsmith:
	Schaumburg, IL	$	—	$	4,786	$	6,149	$	—	$	10,935	$	593	3/8/2013	1997
Benihana:
	Golden Valley, MN	(g)		1,510		2,934		—		4,444		257		8/21/2012	1980
	Lauderdale by the Sea, FL	(g)		2,181		2,014		—		4,195		181		8/21/2012	1971
	Lombard, IL	(g)		1,390		2,343		—		3,733		245		8/21/2012	1984
	Woodlands, TX	(g)		1,151		968		—		2,119		88		8/21/2012	2001
Big Lots:
	San Angelo, TX	(g)		1,043		1,947		—		2,990		234		12/19/2012	2012
	Waco, TX	(g)		1,069		1,326		56		2,451		172		12/10/2012	2012
Biolife Plasma Services:
	Bellingham, WA	—		2,397		6,264		—		8,661		207		11/21/2014	2014
	Grandville, MI	—		959		4,791		—		5,750		146		11/21/2014	2014
	Loveland, CO	—		651		5,645		—		6,296		169		11/21/2014	2014
	Bloomington, IN	—		696		3,900		—		4,596		157		6/26/2014	2014
	Fort Wayne, IN	—		660		3,749		—		4,409		151		6/26/2014	2013
	St. Cloud, MN	—		889		3,633		—		4,522		161		6/26/2014	2013
	St. George, UT	—		1,195		5,561		—		6,756		118		3/12/2015	2014
	Waterloo, IA	—		489		3,380		—		3,869		152		6/26/2014	2013
	West Fargo, ND	—		1,379		5,052		—		6,431		113		3/12/2015	2014
Bojangles:
	Pelham, AL	(g)		219		1,216		—		1,435		51		6/30/2014	2010
Boston Commons:
	Springfield, MA	5,400		3,101		7,042		—		10,143		283		8/19/2014	2004
Bottom Dollar Grocery:
	Ambridge, PA	(g)		519		2,985		—		3,504		163		11/5/2013	2012
Brownsville Plaza:
	Baldwin, PA	—		627		2,702		—		3,329		150		2/28/2014	2012
Bryan Crossing:
	Kodak, TN	(g)		863		6,523		—		7,386		231		9/9/2014	2008
Buffalo Wild Wings:
	Idaho Falls, ID	(g)		712		1,336		—		2,048		49		7/29/2014	2008
	Warrenville, IL	(g)		1,208		1,420		—		2,628		132		3/28/2013	2004
	Woodridge, IL	(g)		1,139		1,484		—		2,623		137		3/28/2013	2005
Caliber Collision Center:
	Frisco, TX	(g)		1,484		2,038		—		3,522		76		9/16/2014	2014
	Las Cruces, NM	(g)		673		1,949		—		2,622		88		3/21/2014	2014
	Midwest City, OK	(g)		259		1,165		—		1,424		57		2/21/2014	2013
	Denver, CO	(g)		855		658		—		1,513		26		6/25/2014	1975
	San Antonio, TX	(g)		622		832		—		1,454		33		6/4/2014	2014
	Wylie, TX	(g)		816		2,690		—		3,506		68		2/10/2015	2014
Canton Marketplace:
	Canton, GA	32,000		8,310		48,667		857		57,834		4,452		3/28/2013	2009
Carlisle Crossing:
	Carlisle, PA	(g)		4,491		15,817		—		20,308		724		9/18/2014	2006
Canarsie Plaza:
	Brooklyn, NY	75,000		37,970		71,267		790		110,027		5,507		12/5/2012	2011

				Initial Costs to Company							Gross Amount at
								Total			Which Carried		Accumulated
						Buildings &		Adjustment			At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis			(b) (c)		(d) (e)		Acquired	Constructed
Century Plaza:
	Orlando, FL	$	—	$	3,094	$	6,178	$	—		$	9,272	$	359	7/21/2014	2008
Chase:
	Hanover Township, NJ	(g)		2,192		—		—			2,192		—		12/18/2013	2012
Chestnut Square:
	Brevard, NC	3,727		425		5,037		—			5,462		354		6/7/2013	2008
Chili’s:
	Forest City, NC	(g)		233		1,936		—			2,169		63		9/3/2014	2003
Coosa Town Center:
	Gadsden, AL	—		3,246		7,799		—			11,045		476		12/20/2013	2004
Cost Plus World Market:
	Kansas City, MO	(g)		1,378		2,396		—			3,774		272		11/13/2012	2001
Costco:
	Tallahassee, FL	5,146		9,497		—		—			9,497		—		12/11/2012	2006
Cottonwood Commons:
	Albuquerque, NM	19,250		4,986		28,881		84			33,951		1,877		7/19/2013	2013
Coventry Crossing:
	Coventry, RI	6,000		3,462		5,899		—			9,361		389		9/12/2013	2008
Crosspoint:
	Hagerstown, MD	(g)		12,285		14,359		(1,086		)	25,558		621		9/30/2014	2000
Crossroads Annex:
	Lafayette, LA	—		1,659		7,091		—			8,750		415		12/4/2013	2013
Crossroads Commons:
	Plover, WI	(g)		1,000		4,515		75			5,590		308		12/10/2013	2012
CVS:
	Arnold, MO	(g)		2,043		2,367		—			4,410		124		12/13/2013	2013
	Asheville, NC	(g)		1,108		1,084		—			2,192		106		4/26/2012	1998
	Austin, TX	(g)		1,076		3,475		—			4,551		181		12/13/2013	2013
	Bainbridge, GA	(g)		444		1,682		47			2,173		157		6/27/2012	1998
	Bloomington, IN	(g)		1,620		2,957		—			4,577		155		12/13/2013	2012
	Blue Springs, MO	(g)		395		2,722		—			3,117		143		12/13/2013	2013
	Bridgeton, MO	(g)		2,056		2,362		—			4,418		124		12/13/2013	2013
	Cartersville, GA	(g)		2,547		—		—			2,547		—		10/22/2012	2009
	Charleston, SC	(g)		869		1,009		—			1,878		99		4/26/2012	1998
	Chesapeake, VA	(g)		1,044		3,053		—			4,097		164		12/13/2013	2013
	Chicago, IL	(g)		1,832		4,255		—			6,087		297		3/20/2013	2008
	Cicero, IN	(g)		487		3,099		—			3,586		163		12/13/2013	2013
	Corpus Christi, TX	(g)		648		2,557		—			3,205		241		4/19/2012	1998
	Danville, IN	(g)		424		2,105		—			2,529		83		7/16/2014	1998
	Eminence, KY	(g)		872		2,511		—			3,383		130		12/13/2013	2013
	Florence, AL	1,735		1,030		1,446		—			2,476		105		3/27/2013	2000
	Goose Creek, SC	(g)		1,022		1,980		—			3,002		103		12/13/2013	2013
	Greenwood, IN	(g)		912		3,549		—			4,461		220		7/11/2013	1999
	Hanover Township, NJ	(g)		4,746		—		—			4,746		—		12/18/2013	2012
	Hazlet, NJ	(g)		3,047		3,610		—			6,657		189		12/13/2013	2013
	Honesdale, PA	(g)		1,206		3,342		—			4,548		180		12/13/2013	2013
	Independence, MO	(g)		359		2,242		—			2,601		118		12/13/2013	2013

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
CVS (continued):
	Indianapolis, IN	(g)		$	1,110	$	2,484	$	—	$	3,594	$	130	12/13/2013	2013
	Irving, TX	(g)		745		3,034		—		3,779		250		10/5/2012	2000
	Jacksonville, FL	(g)		2,182		3,817		—		5,999		143		7/16/2014	2004
	Janesville, WI	(g)		736		2,545		—		3,281		133		12/13/2013	2013
	Katy, TX	(g)		1,149		2,462		—		3,611		126		12/13/2013	2013
	Lincoln, NE	(g)		2,534		3,014		—		5,548		158		12/13/2013	2013
	London, KY	(g)		1,445		2,661		—		4,106		157		9/10/2013	2013
	Middletown, NY	(g)		665		5,483		—		6,148		284		12/13/2013	2013
	North Wilkesboro, NC	(g)		332		2,369		—		2,701		132		10/25/2013	1999
	Poplar Bluff, MO	(g)		1,861		2,211		—		4,072		117		12/13/2013	2013
	Salem, NH	(g)		3,456		2,351		—		5,807		126		11/18/2013	2013
	San Antonio, TX	(g)		1,893		1,848		—		3,741		98		12/13/2013	2013
	Sand Springs, OK	(g)		1,765		2,283		—		4,048		121		12/13/2013	2013
	Santa Fe, NM	(g)		2,243		4,619		—		6,862		239		12/13/2013	2013
	Sedalia, MO	(g)		466		2,318		—		2,784		122		12/13/2013	2013
	St. John, MO	(g)		1,546		2,601		—		4,147		136		12/13/2013	2013
	Temple Hills, MD	(g)		1,817		2,989		—		4,806		173		9/30/2013	2001
	Vineland, NJ	(g)		813		2,926		—		3,739		158		12/13/2013	2010
	Waynesboro, VA	(g)		986		2,708		—		3,694		142		12/13/2013	2013
	West Monroe, LA	(g)		1,738		2,136		—		3,874		113		12/13/2013	2013
Darien Towne Center:
	Darien, IL	$	12,200	6,718		11,951		900		19,569		892		12/17/2013	1994
DaVita:
	Riverview, MI	(g)		199		2,322		—		2,521		95		9/4/2014	2012
Decatur Commons:
	Decatur, AL	7,000		2,478		9,333		470		12,281		621		7/10/2013	2004
Deltona Commons:
	Deltona, FL	4,767		1,424		7,760		—		9,184		512		6/18/2013	2007
Dick’s Sporting Goods:
	Oklahoma City (3rd), OK	(g)		1,198		7,838		—		9,036		681		12/21/2012	2012
	Oklahoma City, OK	5,858		685		10,587		—		11,272		897		12/31/2012	2012
Dollar General:
	Abbeville, AL	(g)		294		1,302		—		1,596		43		10/3/2014	2014
	Akron, AL	(g)		69		771		—		840		50		8/6/2013	2013
	Akron, OH	(g)		112		1,099		—		1,211		66		11/1/2013	2013
	Alliance, NE	(g)		97		812		—		909		64		4/9/2013	2013
	Alton, TX	(g)		94		922		—		1,016		32		9/5/2014	2014
	Arapahoe, NE	(g)		44		873		—		917		31		9/5/2014	2014
	Asheville, NC	(g)		379		753		—		1,132		57		6/17/2013	2013
	Ashville, AL	666		255		678		—		933		62		12/21/2012	2012
	Atmore, AL	(g)		243		858		—		1,101		43		2/25/2014	2014
	Bainbridge, OH	(g)		106		1,175		—		1,281		79		9/13/2013	2013
	Belle, MO	(g)		51		880		—		931		31		9/5/2014	2014

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	Berry, AL	(g)		$	104	$	1,196	$	—	$	1,300	$	42	9/26/2014	2014
	Bessemer, AL	(g)		142		941		—		1,083		58		9/27/2013	2013
	Bloomfield, NE	(g)		50		845		—		895		24		12/16/2014	2014
	Blue Rapids, KS	(g)		52		880		—		932		29		10/22/2014	2014
	Bluefield, WV	(g)		337		686		—		1,023		22		10/15/2014	2014
	Bokchito, OK	(g)		59		859		—		918		72		2/27/2013	2013
	Botkins, OH	(g)		130		991		—		1,121		65		9/27/2013	2013
	Brandon, SD	(g)		292		871		—		1,163		29		10/31/2014	2014
	Breaux Bridge, LA	$	840	225		1,007		—		1,232		85		11/30/2012	2012
	Broken Bow, NE	(g)		91		878		—		969		48		11/1/2013	2013
	Brownsville, TX	822		264		943		—		1,207		75		11/30/2012	2012
	Buffalo, NY	(g)		122		1,099		—		1,221		30		12/5/2014	2014
	Clay, AL	792		305		768		—		1,073		66		2/8/2013	2012
	Cleveland, TX	684		158		856		—		1,014		68		11/30/2012	2012
	Columbus, OH	(g)		279		1,248		—		1,527		75		11/7/2013	2013
	Conroe, TX	756		167		946		—		1,113		74		12/18/2012	2012
	Crystal Springs, MS	(g)		463		3,027		—		3,490		110		8/6/2014	2013
	Cullman, AL	(g)		159		824		—		983		31		8/4/2014	2014
	Decatur, IL (Taylorville)	(g)		133		986		—		1,119		40		6/18/2014	2014
	Decatur, IL (Eldorado)	(g)		219		964		—		1,183		33		9/8/2014	2014
	Delcambre, LA	(g)		169		1,025		—		1,194		63		9/27/2013	2013
	Delhi, LA	(g)		301		1,033		—		1,334		65		8/9/2013	2013
	Deridder (Hwy 26), LA	(g)		135		923		—		1,058		57		9/27/2013	2013
	Deridder (Hwy 190), LA	(g)		176		905		—		1,081		58		8/9/2013	2013
	Des Moines, IA	(g)		166		943		—		1,109		60		8/9/2013	2012
	Dora, AL	(g)		124		935		—		1,059		32		9/26/2014	2014
	Dundee, MI	(g)		296		1,047		—		1,343		57		11/26/2013	2013
	Edinburg, TX	(g)		146		809		—		955		32		7/31/2014	2014
	Eight Mile, AL	(g)		110		865		—		975		36		6/23/2014	2014
	Elk Point, SD	(g)		97		839		—		936		30		9/22/2014	2014
	Ellerslie, GA	(g)		247		797		—		1,044		37		4/17/2014	2014
	Eufaula, AL	(g)		300		930		—		1,230		37		7/22/2014	2014
	Farmington, NM	(g)		175		919		—		1,094		32		9/5/2014	2014
	Fort Valley, GA	(g)		514		2,436		—		2,950		172		7/9/2013	2013
	Fred, TX	(g)		93		929		—		1,022		51		12/19/2013	2013
	Fruitport, MI	(g)		100		968		—		1,068		38		6/25/2014	2014
	Geneva, AL	738		204		815		—		1,019		74		12/21/2012	2012
	Geraldine, AL	(g)		220		1,146		—		1,366		51		5/30/2014	2014
	Greenwell Springs, LA	870		444		841		—		1,285		72		11/30/2012	2012
	Groveport, OH	822		416		813		—		1,229		66		3/15/2013	2013
	Hamilton, AL	(g)		208		1,024		—		1,232		33		10/16/2014	2014
	Hanceville, AL	2,029		1,232		1,488		—		2,720		143		11/21/2012	2012

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	Harlingen, TX	(g)		$	144	$	853	$	—	$	997	$	36	6/20/2014	2014
	Harvest, AL	$	684	261		691		—		952		63		12/21/2012	2012
	Harviell, MO	(g)		50		818		—		868		40		3/31/2014	2014
	Hastings, NE	(g)		177		850		—		1,027		28		10/22/2014	2014
	Hayneville, AL	(g)		249		1,181		—		1,430		44		8/15/2014	2014
	Hillsboro, OH	(g)		262		956		—		1,218		32		9/25/2014	2014
	Hinton, WV	(g)		199		1,367		—		1,566		48		8/18/2014	2014
	Homeworth, OH	(g)		110		1,057		—		1,167		60		10/18/2013	2013
	Houston, TX	966		311		1,102		—		1,413		86		12/18/2012	2012
	Houston (Gears), TX	(g)		255		1,393		—		1,648		79		10/18/2013	2013
	Huntsville, AL	768		177		847		—		1,024		76		12/21/2012	2012
	Independence, MO	828		170		1,072		—		1,242		88		12/18/2012	2012
	Kansas City (Oak), MO	(g)		283		1,068		—		1,351		63		10/18/2013	2013
	Kansas City (Troost), MO	(g)		233		1,054		—		1,287		60		11/1/2013	2013
	Kasson, MN	(g)		138		888		—		1,026		35		8/15/2014	2014
	Kearney, NE	(g)		141		851		—		992		49		11/20/2013	2013
	Kinston, AL	642		170		718		—		888		66		12/21/2012	2012
	Kolona, IA	(g)		81		868		—		949		32		8/15/2014	2014
	Lake Charles (Broad), LA	(g)		146		989		—		1,135		63		8/9/2013	2013
	Lamesa, TX	(g)		75		803		—		878		32		7/31/2014	2014
	Lansing, MI	(g)		232		939		—		1,171		37		6/25/2014	2014
	Lebanon, TN	(g)		177		882		—		1,059		35		6/30/2014	2012
	Leicester, NC	(g)		134		800		—		934		56		6/17/2013	2013
	Lima, OH	810		156		1,040		—		1,196		84		11/30/2012	2012
	Linden, AL	(g)		317		746		—		1,063		51		7/11/2013	2013
	Lone Jack, MO	(g)		152		960		—		1,112		42		5/16/2014	2014
	Los Fresnos, TX	(g)		55		867		—		922		30		9/19/2014	2014
	Los Lunas, NM	(g)		113		857		—		970		38		5/14/2014	2014
	Louisburg, KS	(g)		324		936		—		1,260		39		6/25/2014	2014
	Loveland, OH	(g)		241		1,065		—		1,306		63		12/12/2013	2013
	Lubbock, TX	744		468		641		—		1,109		54		12/18/2012	2012
	Manhattan, KS	(g)		194		921		—		1,115		53		11/20/2013	2013
	Mansfield, OH	(g)		72		1,226		—		1,298		64		12/12/2013	2013
	Maple Lake, MN	(g)		92		893		—		985		31		10/10/2014	2014
	Maynardville, TN	750		238		754		—		992		71		11/30/2012	2012
	Millbrook, AL	(g)		320		1,175		—		1,495		46		7/22/2014	2014
	Mission, TX	(g)		182		858		—		1,040		30		9/5/2014	2014
	Mobile (Newman), AL	(g)		139		1,005		—		1,144		60		10/18/2013	2013
	Mobile (Schillinger), AL	(g)		410		1,059		—		1,469		74		6/17/2013	2013
	Monroeville, OH	(g)		131		1,069		—		1,200		61		10/4/2013	2013
	Montgomery, AL	(g)		140		909		—		1,049		30		10/24/2014	2014
	Moose Lake, MN	(g)		140		937		—		1,077		33		10/10/2014	2014

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	Moroa, IL	(g)		$	111	$	921	$	—	$	1,032	$	37	6/26/2014	2014
	Mt. Vernon, IL	(g)		177		985		—		1,162		42		5/30/2014	2014
	Nashville, GA	$	2,088	215		2,533		—		2,748		203		3/1/2013	2013
	Nashville, MI	(g)		103		1,255		—		1,358		61		1/24/2014	2013
	Navarre, OH	(g)		153		1,005		—		1,158		59		9/27/2013	2013
	Neoga, IL	(g)		94		860		—		954		30		8/8/2014	2010
	Ness City, KS	(g)		21		860		—		881		42		3/20/2014	2014
	New Philadelphia, OH	(g)		129		1,100		—		1,229		65		9/27/2013	2013
	New Washington, OH	(g)		99		975		—		1,074		64		9/13/2013	2013
	Newark, OH	792		222		946		—		1,168		77		3/15/2013	2013
	Nitro, WV	(g)		451		1,034		—		1,485		41		6/30/2014	2013
	Nixa, MO	(g)		235		806		—		1,041		38		4/3/2014	2014
	North Lewisburg, OH	(g)		59		1,008		—		1,067		61		11/22/2013	2013
	Onawa, IA	(g)		176		842		—		1,018		35		6/26/2014	2014
	Opelousas, LA	(g)		92		947		—		1,039		56		10/4/2013	2013
	Ortonville, MN	(g)		113		907		—		1,020		34		9/5/2014	2014
	Osceola, NE	(g)		194		835		—		1,029		16		4/2/2015	2014
	Oxford, AL	(g)		465		783		—		1,248		48		10/18/2013	2013
	Palestine, IL	(g)		155		893		—		1,048		36		6/26/2014	2014
	Parchment, MI	(g)		168		1,162		—		1,330		46		6/25/2014	2014
	Park Hill, OK	(g)		91		887		—		978		71		1/4/2013	2012
	Parsons, TN	(g)		166		1,136		—		1,302		46		7/16/2014	2013
	Phenix City, AL	(g)		331		718		—		1,049		50		6/17/2013	2013
	Piedmont, AL	1,980		1,037		1,579		—		2,616		153		11/21/2012	2012
	Pike Road, AL	(g)		477		772		—		1,249		50		8/21/2013	2013
	Plain City, OH	(g)		187		1,097		—		1,284		60		11/26/2013	2013
	Port Clinton, OH	(g)		120		1,070		—		1,190		58		11/22/2013	2013
	Princeton, MO	(g)		155		1,159		—		1,314		38		10/10/2014	2014
	Pueblo, CO	(g)		144		909		—		1,053		69		1/4/2013	2012
	Ragley, LA	(g)		196		877		—		1,073		56		8/9/2013	2013
	Rainsville, AL	(g)		290		1,267		—		1,557		47		8/13/2014	2014
	Ravenna, MI	(g)		199		958		—		1,157		47		1/24/2014	2013
	Rayne, LA	702		125		910		—		1,035		75		12/18/2012	2012
	Roanoke, IL	(g)		93		846		—		939		36		5/16/2014	2014
	Romney, IN	(g)		87		827		—		914		31		7/7/2014	2011
	Romulus, MI	(g)		274		1,171		—		1,445		54		3/7/2014	2013
	Russell, KS	(g)		54		899		—		953		34		8/5/2014	2014
	San Antonio, TX	(g)		295		743		—		1,038		32		7/31/2014	2014
	San Carlos, TX	(g)		70		1,063		—		1,133		44		6/20/2014	2014
	Seale, AL	(g)		259		767		—		1,026		46		10/28/2013	2013
	Seminole, AL	(g)		175		829		—		1,004		56		7/15/2013	2013
	Shelby, MI	(g)		128		1,033		—		1,161		51		1/24/2014	2013
	Slocomb, AL	(g)		124		918		—		1,042		47		2/25/2014	2014
	Snead, AL	(g)		126		1,137		—		1,263		40		9/26/2014	2014

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Dollar General (continued):
	South Bay, FL	(g)		$	258	$	1,262	$	—	$	1,520	$	53	5/7/2014	2013
	Spring, TX	(g)		277		1,132		—		1,409		67		9/30/2013	2013
	Springfield, IL	(g)		205		934		—		1,139		31		9/17/2014	2014
	Springfield, MO	(g)		171		810		—		981		32		7/14/2014	2014
	Springfield, NE	(g)		172		864		—		1,036		38		5/12/2014	2014
	Springfield, OH	(g)		125		1,000		—		1,125		61		9/27/2013	2013
	St. Louis, MO (Grand)	(g)		240		1,118		—		1,358		59		1/15/2014	2013
	St. Louis, MO (Lewis & Clark)	(g)		229		1,102		—		1,331		60		12/31/2013	2013
	Superior, NE	(g)		230		917		—		1,147		52		11/26/2013	2013
	Temple, GA	(g)		200		917		—		1,117		65		5/15/2013	2013
	Theodore, AL	(g)		248		763		—		1,011		55		5/15/2013	2013
	Thibodaux, LA	(g)		211		1,083		—		1,294		66		9/27/2013	2013
	Toney, AL	$	642	86		792		—		878		66		3/21/2013	2012
	Topeka, KS	(g)		159		873		—		1,032		21		2/25/2015	2014
	Urbana, OH	(g)		133		1,051		—		1,184		46		5/29/2014	2013
	Volga, SD	(g)		51		784		—		835		28		9/5/2014	2014
	Waco, TX	(g)		26		922		—		948		41		6/20/2014	2014
	Wagener, SC	(g)		477		1,169		—		1,646		39		9/16/2014	2014
	Wakefield, KS	(g)		78		929		—		1,007		58		9/30/2013	2013
	Waterloo, IA	(g)		330		908		—		1,238		27		11/5/2014	2014
	Weslaco, TX	(g)		141		848		—		989		30		9/5/2014	2014
	Weston, MO	(g)		117		1,012		—		1,129		67		7/17/2013	2013
	Wetumpka, AL	(g)		290		779		—		1,069		35		5/29/2014	2014
	Whitehouse, OH	(g)		134		1,144		—		1,278		65		10/18/2013	2013
	Whitwell, TN	870		159		1,035		—		1,194		97		11/30/2012	2012
	Wilmer, AL	(g)		99		775		—		874		50		8/5/2013	2013
	Winsted, MN	(g)		152		841		—		993		32		9/29/2014	2014
	Wisner, NE	(g)		37		773		—		810		34		5/12/2014	2014
	Woodville, OH	786		169		1,009		—		1,178		83		2/8/2013	2013
	Yatesville, GA	666		120		797		—		917		67		3/25/2013	2013
Dollar Tree/Petco:
	Humble, TX	(g)		720		2,543		—		3,263		200		2/11/2013	2011
Earth Fare:
	Huntersville, NC	3,183		1,439		2,973		—		4,412		239		2/28/2013	2011
East Manchester Village Center:
	Manchester, PA	8,300		2,517		12,672		202		15,391		720		12/19/2013	2009
East West Commons:
	Austell, GA	(g)		10,094		16,034		—		26,128		659		9/30/2014	2002
Emerald Place:
	Greenwood, SC	6,250		2,042		9,942		—		11,984		677		6/28/2013	2012
Evergreen Marketplace:
	Evergreen Park, IL	(g)		2,823		6,239		—		9,062		467		9/6/2013	2013

			Initial Costs to Company							Gross Amount at
							Total			Which Carried		Accumulated
					Buildings &		Adjustment			At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances	Land		Improvements		to Basis			(b) (c)		(d) (e)		Acquired	Constructed
Fairview Village:
	Cary, NC	(g)	$	2,514	$	3,557	$	52		$	6,123	$	306	12/21/2012	2010
Family Center:
	Riverdale, UT	(g)	21,716		29,454		(1,013		)	50,157		1,701		2/28/2014	2008
Family Dollar:
	Aberdeen, ID	(g)	101		1,054		—			1,155		34		10/24/2014	2014
	Adelanto, GA	(g)	463		1,711		—			2,174		50		11/14/2014	2014
	Aguila, AZ	(g)	129		1,290		—			1,419		29		2/13/2015	2014
	Albany, GA	(g)	347		925		—			1,272		28		11/7/2014	2014
	Apple Springs, TX	(g)	91		804		—			895		24		11/14/2014	2014
	Arkadelphia, AR	(g)	113		738		—			851		17		2/12/2015	2014
	Auburn, ME	(g)	217		1,261		—			1,478		27		4/15/2015	2014
	Bagley, MN	(g)	95		1,114		—			1,209		48		6/27/2014	2014
	Benavides, TX	(g)	27		1,065		—			1,092		57		2/26/2014	2013
	Berry, AL	(g)	122		880		—			1,002		27		11/14/2014	2014
	Bessemer, AL	(g)	201		1,043		—			1,244		57		12/27/2013	2013
	Broadway, VA	(g)	213		1,153		—			1,366		36		11/7/2014	2014
	Birmingham, AL	(g)	500		831		—			1,331		46		12/27/2013	2013
	Brooksville, FL	(g)	206		791		—			997		44		12/18/2013	2013
	Burkeville, TX	(g)	54		900		—			954		34		9/30/2014	2014
	Cascade, ID	(g)	267		1,147		—			1,414		54		2/4/2014	2013
	Cass Lake, MN	(g)	157		1,107		—			1,264		48		6/27/2014	2013
	Cathedral City, CA	(g)	658		1,908		—			2,566		65		9/19/2014	2014
	Charlotte, TX	(g)	118		970		—			1,088		52		2/26/2014	2014
	Cheyenne, WY	(g)	148		986		—			1,134		45		4/23/2014	2014
	Coachella, CA	(g)	450		1,634		—			2,084		80		2/19/2014	2013
	Cocoa, FL	(g)	370		1,092		—			1,462		37		9/26/2014	2014
	Colmesneil, TX	(g)	172		858		—			1,030		40		2/4/2014	2013
	Columbia, SC	(g)	294		824		—			1,118		27		10/24/2014	2014
	Columbia, SC	(g)	332		1,044		—			1,376		33		10/24/2014	2014
	Comanche, TX	(g)	176		1,145		—			1,321		42		8/6/2014	2014
	Cordes Lakes, AZ	(g)	380		1,421		—			1,801		47		9/19/2014	2014
	Davenport, FL	(g)	298		964		—			1,262		27		12/5/2014	2014
	Davenport, IA	(g)	167		918		—			1,085		28		11/25/2014	2014
	Dawson, TX	(g)	41		799		—			840		24		11/14/2014	2014
	Deadwood, SD	(g)	132		1,139		—			1,271		38		9/18/2014	2014
	Des Moines, IA	(g)	290		1,126		—			1,416		34		11/25/2014	2014
	East Millinocket, ME	(g)	161		1,004		—			1,165		27		2/26/2015	2014
	Eden, TX	(g)	82		903		—			985		46		2/26/2014	2013
	Elizabethtown, NY	(g)	107		671		—			778		33		1/31/2014	2008
	Eloy, AZ	(g)	86		1,587		—			1,673		49		10/24/2014	2014
	Empire, CA	(g)	239		1,527		—			1,766		62		6/27/2014	2014
	Erwinville, LA	(g)	146		765		—			911		10		7/7/2015	2015
	Evans, CO	(g)	201		817		—			1,018		27		9/29/2014	2014
	Findlay, OH	(g)	326		1,271		—			1,597		66		2/26/2014	2013
	Folsom, LA	(g)	325		788		—			1,113		27		9/30/2014	2014

			Initial Costs to Company						Gross Amount at
							Total		Which Carried		Accumulated
					Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances	Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Family Dollar (continued):
	Ft. Lauderdale, FL	(g)	$	443	$	1,361	$	—	$	1,804	$	71	12/18/2013	2013
	Fort Thomas, AZ	(g)	49		1,173		—		1,222		56		2/26/2014	2013
	Fort Wayne, IN	(g)	258		1,096		—		1,354		24		3/6/2015	2014
	Fort Worth, TX	(g)	532		1,346		—		1,878		46		9/5/2014	2014
	Franklin, NH	(g)	307		1,214		—		1,521		8		10/15/2015	2014
	Frederica, DE	(g)	392		1,164		—		1,556		24		3/6/2015	2014
	Freeport, OH	(g)	322		959		—		1,281		24		2/20/2015	2014
	Fresno, CA	(g)	488		1,553		—		2,041		77		2/19/2014	2013
	Garrison, TX	(g)	61		1,306		—		1,367		35		12/18/2014	2014
	Georgetown, KY	(g)	607		905		—		1,512		28		11/21/2014	2014
	Gering, NE	(g)	244		913		—		1,157		32		9/26/2014	2014
	Greene, ME	(g)	251		940		—		1,191		23		3/25/2015	2014
	Greenwood, WI	(g)	154		920		—		1,074		37		6/27/2014	2013
	Harrisonburg, VA	(g)	229		1,073		—		1,302		31		12/12/2014	2014
	Hawkins, TX	(g)	49		1,288		—		1,337		44		9/5/2014	2014
	Hempstead, TX	(g)	219		943		—		1,162		25		12/18/2014	2014
	Hettinger, ND	(g)	214		1,077		—		1,291		57		2/26/2014	2013
	Hodgenville, KY	(g)	202		783		—		985		27		9/19/2014	2014
	Holtville, CA	(g)	317		1,609		—		1,926		79		2/19/2014	2013
	Homestead, FL	(g)	575		1,470		—		2,045		2		12/9/2015	2014
	Homosassa, FL	(g)	325		1,001		—		1,326		28		12/12/2014	2014
	Immokalee, FL	(g)	458		1,248		—		1,706		39		11/4/2014	2014
	Indianapolis, IN	(g)	238		1,117		—		1,355		35		11/21/2014	2014
	Indio, CA	(g)	393		1,636		—		2,029		66		6/25/2014	2014
	Irvington, AL	(g)	217		814		—		1,031		45		12/27/2013	2013
	Jacksonville, FL	(g)	134		1,157		—		1,291		34		11/7/2014	2014
	Jay, FL	(g)	190		1,002		—		1,192		53		2/25/2014	2013
	Jonesboro, GA	(g)	297		1,098		—		1,395		55		2/14/2014	2013
	Keller, TX	(g)	749		1,550		—		2,299		70		4/14/2014	2014
	Kersey, CO	(g)	238		904		—		1,142		39		5/29/2014	2014
	Kiowa, OK	(g)	193		947		—		1,140		33		9/5/2014	2014
	Kissimmee, FL	(g)	622		1,226		—		1,848		45		8/27/2014	2014
	La Salle, CO	(g)	239		890		—		1,129		27		11/4/2014	2013
	LaBelle, FL	(g)	268		1,037		—		1,305		54		2/28/2014	2014
	Lake Elsinor, CA	(g)	417		1,682		—		2,099		79		3/3/2014	2013
	Lakeland, FL	(g)	353		937		—		1,290		39		6/30/2014	2014
	Laredo, TX	(g)	302		1,039		—		1,341		34		10/3/2014	2013
	Levelland, TX	(g)	264		952		—		1,216		33		9/30/2014	2014
	Little Rock, CA	(g)	499		1,730		—		2,229		40		2/19/2015	2014
	Lorain, OH	(g)	320		995		—		1,315		41		6/27/2014	2014
	Louisville (Bank), KY	(g)	578		919		—		1,497		45		3/26/2014	2013
	Louisville (Cane), KY	(g)	480		934		—		1,414		39		6/4/2014	2014
	Mahanoy City, PA	(g)	209		1,112		—		1,321		25		2/20/2015	2015
	Mansfield, TX	(g)	849		1,189		—		2,038		59		2/26/2014	2013

			Initial Costs to Company						Gross Amount at
							Total		Which Carried		Accumulated
					Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances	Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Family Dollar (continued):
	Melbourne, FL	(g)	$	362	$	883	$	—	$	1,245	$	44	2/28/2014	2014
	Melrose, FL	(g)	124		929		—		1,053		32		9/10/2014	2014
	Mertzon, TX	(g)	149		995		—		1,144		37		9/19/2014	2014
	Mesa, AZ	(g)	627		1,468		—		2,095		67		3/31/2014	2014
	Miami, FL	(g)	584		1,490		—		2,074		33		2/25/2015	2014
	Milo, ME	(g)	138		1,122		—		1,260		27		3/19/2015	2014
	Monroe, UT	(g)	272		985		—		1,257		32		10/24/2014	2013
	Moore Haven, FL	(g)	348		1,016		—		1,364		46		5/29/2014	2014
	Moulton, TX	(g)	102		973		—		1,075		52		2/26/2014	2014
	Naubinway, MI	(g)	47		1,180		—		1,227		55		2/4/2014	2013
	New Ellenton, SC	(g)	160		800		—		960		22		12/12/2014	2014
	New Summerfield, TX	(g)	230		851		—		1,081		35		6/6/2014	2014
	Nicholasville, KY	(g)	464		826		—		1,290		40		3/26/2014	2013
	North Charleston, SC	(g)	386		997		—		1,383		30		11/14/2014	2014
	North Hampton, OH	(g)	200		867		—		1,067		22		2/27/2015	2014
	Ocoee, FL	(g)	462		1,173		—		1,635		35		11/21/2014	2014
	Omaha, NE	(g)	86		1,427		—		1,513		30		3/2/2015	2014
	Ordway, CO	(g)	81		993		—		1,074		32		10/30/2014	2014
	Oshkosh, WI	(g)	361		815		—		1,176		41		2/25/2014	2013
	Ossineke, MI	(g)	85		898		—		983		40		3/14/2014	2014
	Palmdale, CA	(g)	372		1,822		—		2,194		38		3/30/2015	2014
	Penitas, TX	(g)	182		1,053		—		1,235		50		3/26/2014	2014
	Pensacola, FL	(g)	509		791		—		1,300		39		3/27/2014	2014
	Pine Lake, GA	(g)	639		897		—		1,536		34		8/26/2014	2014
	Pittsfield, ME	(g)	334		1,258		—		1,592		14		8/12/2015	2014
	Plainview, NE	(g)	112		774		—		886		36		4/25/2014	2014
	Poinciana, FL	(g)	501		1,186		—		1,687		41		9/19/2014	2014
	Pojoaque, NM	(g)	545		909		—		1,454		33		8/25/2014	2013
	Posen, MI	(g)	101		896		—		997		40		3/14/2014	2014
	Preston, MN	(g)	161		1,159		—		1,320		50		6/27/2014	2014
	Punta Gorda, FL	(g)	345		1,018		—		1,363		1		12/17/2015	2014
	Radium Springs, NM	(g)	129		1,086		—		1,215		54		2/26/2014	2013
	Ramah, NM	(g)	217		1,105		—		1,322		52		2/4/2014	2013
	Rex, GA	(g)	294		1,393		—		1,687		41		11/7/2014	2014
	Richmond, ME	(g)	252		1,026		—		1,278		25		3/25/2015	2014
	Riverside, CA	(g)	736		1,558		—		2,294		70		4/4/2014	2014
	Robert Lee, TX	(g)	94		904		—		998		45		2/26/2014	2014
	Rushford, MN	(g)	163		844		—		1,007		38		6/27/2014	2014
	Saginaw, MI	(g)	240		956		—		1,196		31		10/30/2014	2014
	San Antonio, TX	(g)	357		966		—		1,323		36		9/30/2014	2014
	San Antonio, TX	(g)	421		951		—		1,372		31		11/14/2014	2014
	San Jacinto, CA	(g)	430		1,682		—		2,112		64		7/18/2014	2014
	Schuyler, NE	(g)	260		708		—		968		32		5/5/2014	2014
	Shreveport, LA	(g)	406		978		—		1,384		43		5/29/2014	2014

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Family Dollar (continued):
	Shreveport, LA	(g)		$	272	$	1,113	$	—	$	1,385	$	43	7/22/2014	2014
	Shreveport, LA	(g)		423		1,099		—		1,522		35		10/8/2014	2014
	South Paris, ME	(g)		173		1,240		—		1,413		33		2/25/2015	2014
	Spring Hill, FL	(g)		278		1,249		—		1,527		1		12/4/2015	2014
	Spurger, TX	(g)		86		905		—		991		32		9/18/2014	2014
	Statesboro, GA	(g)		347		800		—		1,147		41		2/14/2014	2013
	Sterling City, TX	(g)		78		889		—		967		45		2/26/2014	2013
	Stockton, CA	(g)		202		1,817		—		2,019		61		9/19/2014	2014
	Summerfield, FL	(g)		271		978		—		1,249		27		12/12/2014	2014
	Tallahassee, FL	(g)		189		1,212		—		1,401		36		11/21/2014	2014
	Taft, CA	(g)		255		1,422		—		1,677		88		8/23/2013	2013
	Tampa (Cragmont), FL	(g)		563		737		—		1,300		41		12/18/2013	2013
	Tampa (Forest), FL	(g)		482		920		—		1,402		50		12/18/2013	2013
	Tampa (Hunt), FL	(g)		568		1,137		—		1,705		46		7/2/2014	2014
	Terra Bella, CA	(g)		332		1,394		—		1,726		69		2/19/2014	2013
	Topeka, KS	(g)		419		1,327		—		1,746		60		4/17/2014	2014
	Tucson, AZ	(g)		399		1,599		—		1,998		40		1/27/2015	2014
	Tyler, MN	(g)		73		895		—		968		40		6/27/2014	2014
	Tuscaloosa, AL	(g)		534		817		—		1,351		46		12/27/2013	2013
	Valdosta, GA	(g)		424		849		—		1,273		43		2/26/2014	2014
	Vine Grove, KY	(g)		205		966		—		1,171		23		2/13/2015	2014
	Waelder, TX	(g)		136		788		—		924		33		6/4/2014	2014
	Walker, LA	(g)		294		966		—		1,260		33		9/30/2014	2014
	Wayne, OK	(g)		37		937		—		974		39		6/27/2014	2014
	Waynesburg, KY	(g)		150		955		—		1,105		31		10/10/2014	2014
	Wild Rose, WI	(g)		133		866		—		999		35		6/27/2014	2013
Fargo Plaza:
	Fargo, ND	(g)		2,097		4,774		376		7,247		429		5/30/2013	2003
Fleet Pride:
	Birmingham, AL	(g)		376		2,607		—		2,983		35		8/3/2015	2014
Flower Foods:
	Orlando, FL	(g)		418		387		—		805		13		9/11/2014	2013
	Waldorf, MD	(g)		398		1,045		—		1,443		40		9/11/2014	2013
Food 4 Less:
	Atwater, CA	(g)		1,383		5,271		—		6,654		319		11/27/2013	2002
Fourth Creek Landing:
	Statesville, NC	$	5,700	1,375		7,795		—		9,170		744		3/26/2013	2012
Fresenius Medical Care:
	West Plains, MI	(g)		557		3,097		—		3,654		117		7/2/2014	2014
Fresh Market Center:
	Glen Ellyn, IL	—		2,767		6,403		48		9,218		231		9/30/2014	2014
Fresh Thyme:
	Indianapolis, IN	(g)		1,087		6,019		—		7,106		212		10/31/2014	2014
	Northville, MI	(g)		1,598		7,796		—		9,394		9		12/21/2015	2015

				Initial Costs to Company							Gross Amount at
								Total			Which Carried		Accumulated
						Buildings &		Adjustment			At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis			(b) (c)		(d) (e)		Acquired	Constructed
Fresh Thyme & DSW:
	Fort Wayne, IN	$	—	$	1,740	$	4,153	$	101		$	5,994	$	154	9/30/2014	1985
Gander Mountain:
	Pensacola, FL	(g)		2,152		3,831		—			5,983		178		4/29/2014	2014
	Waukesha, WI	(g)		3,408		12,918		—			16,326		422		9/29/2014	2007
Giant Eagle:
	Seven Fields, PA	7,530		1,574		13,659		—			15,233		575		5/7/2014	2005
Gold's Gym:
	Corpus Christi, TX	(g)		1,498		6,346		—			7,844		480		3/6/2013	2006
Golden Corral:
	Garland, TX	(g)		1,255		2,435		—			3,690		217		9/21/2012	2012
	Georgetown, KY	(g)		1,048		1,452		(1,217		)	1,283		—		6/11/2014	2004
	Houston, TX	(g)		1,375		2,350		—			3,725		195		12/12/2012	2012
	Victoria, TX	(g)		673		2,857		—			3,530		112		6/27/2014	2013
Goodyear:
	Pooler, GA	(g)		569		1,484		—			2,053		109		6/18/2013	2008
Hancock Village:
	Chesterfield, VA	15,000		8,874		17,287		96			26,257		1,443		5/23/2013	2009
Harbor Town Center:
	Manitowoc, WI	(g)		3,568		13,209		—			16,777		296		4/24/2015	2005
Haverty Furniture:
	Midland, TX	(g)		709		1,294		—			2,003		124		8/7/2013	2012
HEB Center:
	Waxahachie, TX	7,000		3,465		7,952		287			11,704		763		6/27/2012	1997
Hickory Flat Commons:
	Canton, GA	9,850		4,482		13,174		9			17,665		1,151		12/18/2012	2008
Hobby Lobby:
	Burlington, IA	(g)		629		1,890		—			2,519		23		7/30/2015	1988
	Dickson City, PA	—		1,113		7,946		—			9,059		470		6/30/2014	2013
	Lewisville, TX	(g)		2,184		8,977		—			11,161		524		11/26/2013	2013
	Mooresville, NC	(g)		869		4,249		—			5,118		463		11/30/2012	2012
Home Depot:
	Lincoln, NE	(g)		6,339		5,937		—			12,276		33		10/22/2015	1993
	North Canton, OH	7,234		2,203		12,012		—			14,215		986		12/20/2012	1998
	Plainwell, MI	(g)		521		11,905		—			12,426		796		5/16/2013	2002
IHOP:
	Anderson, IN	(g)		54		1,633		—			1,687		64		6/30/2014	2005
	Columbus, OH	(g)		408		1,783		—			2,191		69		6/30/2014	2012
	Columbus, OH	(g)		315		1,864		—			2,179		72		6/30/2014	2011
	Lancaster, OH	(g)		157		1,497		—			1,654		58		6/30/2014	2009
	Rio Rancho, NM	(g)		599		2,314		—			2,913		104		3/28/2014	2011
	Richmond, IN	(g)		106		1,428		—			1,534		56		6/30/2014	2007
Inglewood Plaza:
	Inglewood, CA	12,700		9,880		14,099		—			23,979		493		9/12/2014	2008

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Kirklands:
	Dothan, AL	(g)		$	486	$	946	$	—	$	1,432	$	46	8/5/2014	2014
	Jonesboro, AR	(g)		696		1,990		—		2,686		155		11/27/2012	2012
Kohl’s:
	Cedar Falls, IA	(g)		1,600		5,796		—		7,396		478		12/7/2012	2001
	Chartlottesville, VA	$	8,745	3,929		12,280		—		16,209		465		7/28/2014	2011
	Easton, MD	(g)		2,962		2,661		—		5,623		3		12/2/2015	1992
	Hutchinson, KS	(g)		3,290		—		—		3,290		—		10/19/2012	(f)
Kroger:
	Shelton, WA	(g)		1,180		11,040		—		12,220		548		4/30/2014	1994
	Whitehall, OH	4,066		581		6,628		—		7,209		388		12/16/2013	1994
Kum & Go:
	Bentonville (Central), AR	(g)		916		1,864		—		2,780		129		5/3/2013	2011
	Conway, AR	(g)		510		2,577		—		3,087		101		6/13/2014	2014
	Fairfield, IA	(g)		422		1,913		—		2,335		133		5/3/2013	2011
	Mount Vernon, MO	(g)		708		1,756		—		2,464		122		5/3/2013	2010
	Urbandale, IA	(g)		722		1,658		—		2,380		116		5/3/2013	2010
L.A. Fitness:
	Bloomfield Township, MI	(g)		2,287		10,075		—		12,362		722		6/21/2013	2008
	Columbus, OH	(g)		1,013		6,734		—		7,747		131		4/29/2015	2014
	Garland, TX	(g)		2,005		6,861		—		8,866		367		12/20/2013	2013
	Houston, TX	(g)		5,764		5,994		—		11,758		365		9/30/2013	2013
	Mesa, AZ	(g)		1,353		7,730		20		9,103		570		5/8/2013	2010
	New Lenox, IL	(g)		1,965		6,257		—		8,222		7		12/21/2015	2015
	Ocoee, FL	(g)		1,173		6,876		—		8,049		454		8/8/2013	2008
	Riverside, CA	(g)		2,557		9,951		—		12,508		636		8/2/2013	2010
Lafayette Pavilions:
	Lafayette, IN	(g)		7,632		42,497		3		50,132		1,260		2/6/2015	2006
Logan’s Roadhouse:
	Bristol, VA	(g)		991		2,560		—		3,551		211		1/29/2013	2001
	Fort Wayne, IN	(g)		868		2,698		—		3,566		121		3/28/2014	2002
	Lancaster, TX	(g)		1,203		1,620		—		2,823		141		10/23/2012	2011
	Martinsburg, WV	(g)		925		2,183		—		3,108		123		10/29/2013	2010
	Opelika, AL	(g)		836		1,508		—		2,344		133		10/23/2012	2005
	Sanford, FL	(g)		1,031		1,807		—		2,838		158		10/23/2012	1999
	Troy, OH	(g)		992		1,577		—		2,569		136		10/23/2012	2011
Lowe’s:
	Adrian, MI	(g)		2,604		5,036		—		7,640		399		9/27/2013	1996
	Alpharetta, GA	12,300		7,979		9,630		403		18,012		171		5/29/2015	1998
	Asheboro, NC	(g)		1,098		6,722		—		7,820		280		6/23/2014	1994
	Cincinnati, OH	(g)		14,092		—		—		14,092		—		2/10/2014	2001
	Columbia, SC	5,964		3,943		6,353		750		11,046		445		9/12/2013	1994
	Covington, LA	5,648		10,233		—		—		10,233		—		8/20/2014	2002
	Hilliard, OH	7,859		5,474		6,288		—		11,762		75		8/5/2015	1994
	Lilburn, GA	12,500		8,817		9,380		385		18,582		167		5/29/2015	1999

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Lowe’s (continued):
	Mansfield, OH	(g)		$	873	$	8,256	$	—	$	9,129	$	351	6/12/2014	1992
	Marietta, GA	$	11,000	7,471		8,404		392		16,267		150		5/29/2015	1997
	Oxford, AL	(g)		1,668		7,622		369		9,659		604		6/28/2013	1999
	Tuscaloosa, AL	(g)		4,908		4,786		9		9,703		302		10/29/2013	1993
	Woodstock, GA	11,200		7,316		8,879		392		16,587		159		5/29/2015	1997
	Zanesville, OH	(g)		2,161		8,375		282		10,818		461		12/11/2013	1995
Market Heights Shopping Center:
	Harker Heights, TX	47,000		12,888		64,105		194		77,187		4,343		11/25/2013	2012
Marketplace at the Lakes:
	West Covina, CA	11,300		10,020		8,664		—		18,684		1,041		9/30/2013	1994
Matteson Center:
	Matteson, IL	(g)		1,243		17,427		420		19,090		1,248		11/22/2013	2003
Mattress Firm:
	Appleton, WI	(g)		895		1,026		—		1,921		4		11/18/2015	2015
	Augusta, ME	(g)		723		1,354		—		2,077		68		5/30/2014	2013
	Brunswick, GA	(g)		343		1,040		—		1,383		69		8/29/2013	2012
	Cincinnati, OH	(g)		323		966		—		1,289		38		7/17/2014	2013
	Danville, VA	(g)		274		1,514		—		1,788		69		4/29/2014	2014
	Huber Heights, OH	(g)		854		903		—		1,757		38		6/20/2014	2014
	Jonesboro, AR	(g)		729		1,194		—		1,923		130		10/5/2012	2012
	Lakeland, FL	(g)		259		1,107		—		1,366		47		7/16/2014	2014
	Martinsville, VA	(g)		259		1,510		—		1,769		14		9/17/2015	2014
	Middletown, OH	(g)		142		1,384		—		1,526		14		8/6/2015	2015
	Nampa, ID	(g)		449		2,213		—		2,662		104		3/31/2014	1972
	New Bern, NC	(g)		340		1,436		—		1,776		49		9/25/2014	2014
	Pineville, NC	(g)		1,557		1,198		—		2,755		117		10/29/2012	2012
	Port Charlotte, FL	(g)		382		1,211		—		1,593		45		8/1/2014	2014
	Thomasville, GA	(g)		694		1,469		—		2,163		2		12/18/2015	2015
Mattress Firm & Aspen Dental:
	Vienna, WV	—		774		2,466		—		3,240		107		9/15/2014	2014
Mattress Firm & Five Guys:
	Muskegon, MI	(g)		813		1,766		—		2,579		65		8/29/2014	2014
McAlister's Deli:
	Lawton, OK	(g)		805		1,057		—		1,862		48		5/1/2014	2013
	Port Arthur, TX	(g)		379		1,146		—		1,525		62		3/27/2014	2007
Melody Mountain:
	Ashland, KY	—		1,286		9,879		—		11,165		77		9/1/2015	2013
Merchants Tire & Auto:
	Wake Forest, NC	(g)		782		1,730		—		2,512		13		9/1/2015	2005
Michael’s:
	Bowling Green, KY	(g)		587		1,992		—		2,579		193		11/20/2012	2012

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Morganton Heights:
	Morganton, NC	(g)		$	7,032	$	29,763	$	—	$	36,795	$	897	4/29/2015	2013
National Tire & Battery:
	Cedar Hill, TX	(g)		469		1,951		—		2,420		152		12/18/2012	2006
	Cypress, TX	(g)		910		2,224		—		3,134		18		9/1/2015	2005
	Flower Mound, TX	(g)		779		2,449		—		3,228		19		9/1/2015	2005
	Fort Worth, TX (Freeway)	(g)		936		1,234		—		2,170		78		8/23/2013	2005
	Fort Worth, TX (Quebec St.)	(g)		730		2,309		—		3,039		18		9/1/2015	2005
	Frisco, TX	(g)		844		1,608		—		2,452		101		8/23/2013	2007
	Montgomery, IL	(g)		516		2,494		—		3,010		192		1/15/2013	2007
	North Richland Hills, TX	(g)		513		2,579		—		3,092		21		9/1/2015	2005
	Pasadena, TX	(g)		908		2,307		—		3,215		19		9/1/2015	2005
	Pearland, TX	(g)		1,016		2,040		—		3,056		16		9/1/2015	2005
	Plano, TX	(g)		1,292		2,197		—		3,489		18		9/2/2015	2005
	Tomball, TX	(g)		838		2,229		—		3,067		18		9/2/2015	2005
Native Wings:
	San Antonio, TX	(g)		821		2,682		—		3,503		100		8/4/2014	2014
Natural Grocers:
	Denton, TX	(g)		1,326		3,134		—		4,460		205		7/24/2013	2012
	Idaho Falls, ID	(g)		833		2,316		—		3,149		115		2/14/2014	2013
	Lubbock, TX	(g)		1,093		3,621		—		4,714		253		4/22/2013	2013
Nordstrom Rack:
	Tampa, FL	(g)		3,371		6,402		—		9,773		740		4/16/2012	2010
Northwest Plaza:
	Tampa, FL	$	—	1,816		4,834		—		6,650		56		8/20/2015	1994
O’Reilly Automotive:
	Brownfield, TX	(g)		22		835		—		857		81		5/8/2012	2012
	Columbus, TX	(g)		260		757		—		1,017		70		5/8/2012	2011
	Lamesa, TX	(g)		64		608		—		672		16		12/10/2014	2006
	Stanley, ND	(g)		323		662		—		985		23		8/8/2014	2014
Park Place:
	Enterprise, AL	6,505		931		8,595		—		9,526		532		8/30/2013	2012
Pecanland Plaza:
	Monroe, LA	(g)		2,206		18,957		—		21,163		114		10/13/2015	2008
Pep Boys:
	Clermont, FL	(g)		799		1,993		—		2,792		138		6/26/2013	2013
	Oviedo, FL	(g)		669		2,172		—		2,841		132		10/4/2013	2013
PetSmart:
	Baton Rouge, LA	2,509		651		2,968		113		3,732		292		10/11/2012	1999
	Commerce Township, MI	(g)		539		1,960		—		2,499		186		3/28/2013	1996
	East Peoria, IL	(g)		997		3,345		—		4,342		102		11/7/2014	2007
	Eden Prairie, MN	(g)		1,279		2,030		—		3,309		130		10/1/2013	2007
	Edmond, OK	(g)		816		3,266		—		4,082		257		1/23/2013	1998

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
PetSmart (continued):
	North Fayette Township, PA	(g)		$	1,615	$	1,503	$	—	$	3,118	$	116	6/7/2013	1997
	Overland Park, KS	(g)		2,025		2,181		—		4,206		131		10/1/2013	1996
	Taylor, MI	(g)		331		2,438		—		2,769		209		6/7/2013	1997
	Tucson, AZ	(g)		1,114		2,771		98		3,983		190		11/8/2013	2000
	Wilkesboro, NC	(g)		447		1,710		—		2,157		171		4/13/2012	2011
PetSmart/Old Navy:
	Reynoldsburg, OH	(g)		1,295		4,077		—		5,372		371		12/14/2012	2012
Pick ’n Save:
	Pewaukee, WI	(g)		1,323		6,761		—		8,084		281		8/13/2014	1999
	Sheboygan, WI	(g)		2,003		10,695		—		12,698		929		9/6/2012	2012
	South Milwaukee, WI	(g)		1,126		5,706		—		6,832		315		11/6/2013	2005
Plainfield Plaza:
	Plainfield, IL	(g)		3,167		14,788		—		17,955		18		12/3/2015	2002
Plaza San Mateo:
	Albuquerque, NM	$	6,950	2,867		11,582		—		14,449		509		5/2/2014	2014
Popeyes:
	Independence, MO	(g)		333		680		—		1,013		27		6/27/2014	2005
Poplar Springs Plaza:
	Duncan, SC	(g)		1,862		5,277		149		7,288		421		5/24/2013	1995
Price Chopper:
	Gardner, MA	(g)		858		12,171		—		13,029		405		9/26/2014	2012
Quick Chek:
	Kingston, NY	(g)		831		5,783		—		6,614		388		5/31/2013	2008
	Lake Katrine, NY	(g)		1,507		4,569		—		6,076		300		5/31/2013	2008
	Middletown (Main), NY	(g)		1,335		5,732		—		7,067		384		5/31/2013	2008
	Middletown, NY	(g)		1,297		5,963		—		7,260		400		5/31/2013	2009
	Middletown, NY	(g)		1,437		4,656		—		6,093		314		5/31/2013	2007
	Sagerties, NY	(g)		1,242		5,372		—		6,614		361		5/31/2013	2009
Raising Cane’s:
	Beaumont, TX	(g)		839		1,288		—		2,127		51		7/31/2014	2013
	Phoenix, AZ	(g)		761		1,972		—		2,733		88		3/28/2014	2011
	Wichita Falls, TX	(g)		426		1,947		—		2,373		84		4/30/2014	2013
Regent Towne Center:
	Fort Mill, SC	(g)		1,455		5,063		29		6,547		396		6/13/2013	2007
Rite Aid:
	Columbia, SC	(g)		854		2,281		—		3,135		125		12/3/2013	2008
	Jenison, MI	(g)		438		1,491		—		1,929		65		6/23/2014	1996
Rocky River Promenade:
	Mooresville, NC	3,989		2,446		3,159		—		5,605		121		8/18/2014	2008
Ross:
	Fort Worth, TX	(g)		1,273		3,157		—		4,430		287		10/4/2012	1977

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Rushmore Crossing:
	Rapid City, SD	$	24,417	$	7,066	$	33,019	$	66	$	40,151	$	2,316	1/2/2014	2012
	Rapid City, SD	—		883		4,128		—		5,011		308		1/2/2014	2012
Sherwin-Williams:
	Macon, GA	(g)		59		659		—		718		12		4/16/2015	2015
Shippensburg Market Place:
	Shippensburg, PA	—		1,917		9,263		—		11,180		335		9/18/2014	2002
Shopko:
	Broken Bow, NE	(g)		244		1,733		—		1,977		79		6/19/2014	2007
	Cherokee, IA	(g)		217		3,326		—		3,543		4		12/23/2015	2015
	Cokato, MN	(g)		358		3,229		—		3,587		4		12/23/2015	2015
	Valentine, NE	(g)		395		3,549		—		3,944		161		6/30/2014	2014
Shoppes at Lake Andrew:
	Melbourne, FL	(g)		3,924		16,840		—		20,764		1,079		12/31/2013	2003
Shoppes at Stroud:
	Stroud Township, PA	(g)		3,754		22,614		—		26,368		808		10/29/2014	2007
Sleepy’s:
	Burlington, NC	(g)		393		1,648		—		2,041		33		3/31/2015	2014
	Joliet, IL	(g)		287		1,552		—		1,839		34		2/27/2015	2014
Southwest Plaza:
	Springfield, IL	(g)		2,992		48,935		7		51,934		2,158		9/18/2014	2003
Spinx:
	Simpsonville, SC	(g)		591		969		—		1,560		72		1/24/2013	2012
Springfield Commons:
	Springfield, OH	—		3,745		15,049		52		18,846		285		5/6/2015	1995
Sprouts:
	Bixby, OK	(g)		1,320		7,117		—		8,437		451		7/26/2013	2013
Staples:
	Plainfield, IN	(g)		400		2,099		—		2,499		50		2/26/2015	2014
Stoneridge Village:
	Jefferson City, MO	—		1,830		9,351		—		11,181		451		6/30/2014	2012
Stop & Shop:
	Brockton, MA	11,241		4,259		13,285		—		17,544		197		7/27/2015	2003
Stripes:
	Brownsville, TX	(g)		210		2,386		—		2,596		236		8/30/2012	2007
	Brownwood, TX	(g)		484		3,086		—		3,570		294		8/30/2012	2005
	McAllen, TX	(g)		604		1,909		—		2,513		219		8/30/2012	2007
	Midland, TX	(g)		620		5,551		—		6,171		489		8/30/2012	2002
	Mission, TX	(g)		215		2,170		—		2,385		215		8/30/2012	2006
	Odessa, TX	(g)		569		4,940		—		5,509		433		8/30/2012	1998
Summerfield Crossing:
	Riverview, FL	(g)		6,130		6,753		—		12,883		466		7/12/2013	2013
Sunbelt Rentals:
	Canton, OH	(g)		147		1,679		—		1,826		127		10/24/2013	2013
	Houston, TX	(g)		535		1,664		—		2,199		75		3/31/2014	2000

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Sunoco:
	Cocoa, FL	(g)		$	625	$	1,062	$	—	$	1,687	$	73	4/12/2013	1987
	Mangonia Park, FL	(g)		689		600		—		1,289		41		4/12/2013	1999
	Merritt Island, FL	(g)		610		1,123		—		1,733		77		4/12/2013	1986
	Palm Beach Gardens, FL	(g)		1,050		2,667		—		3,717		181		4/12/2013	2009
	Palm City, FL	(g)		667		1,698		—		2,365		116		4/12/2013	2011
	Palm Springs, FL	(g)		580		1,907		—		2,487		130		4/12/2013	2011
	Sebastian, FL	(g)		490		2,128		—		2,618		145		4/12/2013	2009
	Titusville, FL	(g)		626		2,534		—		3,160		172		4/12/2013	2009
	West Palm Beach, FL	(g)		637		443		—		1,080		30		4/12/2013	1977
Sunoco Center:
	Titusville (Sisson), FL	(g)		799		587		—		1,386		41		4/12/2013	1986
Sutters Creek:
	Rocky Mount, NC	$	—	1,458		2,616		154		4,228		162		1/31/2014	2012
Sweet Tomatoes:
	Overland Park, KS	(g)		806		3,600		—		4,406		161		3/28/2014	2001
	St. Louis, MO	(g)		1,254		3,354		—		4,608		150		3/28/2014	1988
Target Center:
	Columbia, SC	5,450		3,234		7,297		—		10,531		358		3/31/2014	2012
Terrell Mill Village:
	Marietta, GA	7,500		3,079		11,185		—		14,264		643		1/31/2014	2012
TGI Friday’s:
	Chesapeake, VA	(g)		1,217		1,388		—		2,605		57		6/27/2014	2003
	Wilmington, DE	(g)		1,685		969		—		2,654		41		6/27/2014	1991
The Market at Clifty Crossing:
	Columbus, IN	(g)		2,669		16,308		—		18,977		1,039		10/31/2014	1989
The Market at Polaris:
	Columbus, OH	(g)		11,828		41,702		302		53,832		2,463		12/6/2013	2005
The Marquis:
	Williamsburg, VA	8,556		2,615		11,406		—		14,021		1,036		9/21/2012	2007
The Plant:
	San Jose, CA	123,000		67,596		108,203		270		176,069		8,952		4/15/2013	2008
The Ridge at Turtle Creek:
	Hattiesburg, MS	(g)		2,749		12,434		—		15,183		293		2/27/2015	2011
Tilted Kilt:
	Killeen, TX	(g)		1,378		1,508		—		2,886		57		7/29/2014	2010
Tire Kingdom:
	Bluffton, SC	(g)		645		1,688		—		2,333		13		9/1/2015	2005
	Summerville, SC	(g)		1,208		1,233		—		2,441		10		9/1/2015	2005
	Tarpon Springs, FL	(g)		427		1,458		—		1,885		118		11/30/2012	2003
Tire Kingdom & Starbucks:
	Mount Pleasant, SC	—		1,291		3,149		—		4,440		24		9/1/2015	2005

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
TJ Maxx/Dollar Tree:
	Oxford, OH	(g)		$	641	$	2,673	$	—	$	3,314	$	241	5/20/2013	2013
Tractor Supply:
	Ashland, VA	(g)		500		2,696		—		3,196		152		11/22/2013	2013
	Augusta, KS	(g)		407		2,315		—		2,722		121		1/10/2014	2013
	Cambridge, MN	(g)		807		1,272		—		2,079		142		5/14/2012	2012
	Canon City, CO	(g)		597		2,527		—		3,124		197		11/30/2012	2012
	Fortuna, CA	(g)		568		3,819		—		4,387		159		6/27/2014	2014
	Lumberton, NC	(g)		611		2,007		—		2,618		151		5/24/2013	2013
	Marion, IN	(g)		1,536		1,099		—		2,635		60		2/19/2014	2004
	Monticello, FL	(g)		448		1,916		—		2,364		140		6/20/2013	2013
	Newnan, GA	(g)		1,182		1,950		—		3,132		166		11/6/2012	2009
	Petersburg, VA	(g)		514		2,439		—		2,953		143		10/7/2013	2013
	South Hill, VA	(g)		630		2,179		—		2,809		150		6/24/2013	2011
	Spencer, WV	$	1,659	455		2,188		—		2,643		196		11/20/2012	2012
	Stuttgart, AR	1,543		47		2,519		—		2,566		181		4/5/2013	2013
	Weaverville, NC	(g)		867		3,138		—		4,005		196		9/13/2013	2006
	Woodward, OK	(g)		446		1,973		—		2,419		120		11/19/2013	2013
Trader Joe’s:
	Asheville, NC	(g)		2,770		3,766		—		6,536		228		10/22/2013	2013
	Columbia, SC	(g)		2,308		2,597		—		4,905		213		3/28/2013	2012
	Wilmington, NC	(g)		2,016		2,519		—		4,535		212		6/27/2013	2012
Turfway Crossing:
	Florence, KY	—		2,261		10,323		—		12,584		537		5/27/2014	2002
Ulta Salon:
	Albany, GA	(g)		441		1,757		—		2,198		77		5/8/2014	2013
	Greeley, CO	(g)		596		2,035		—		2,631		43		3/31/2015	2014
United Oil:
	Alhambra, CA	2,032		3,026		751		—		3,777		24		9/30/2014	2005
	Bellflower (Alondra), CA	755		1,312		576		—		1,888		19		9/30/2014	1999
	Bellflower (Lakewood), CA	(g)		1,246		788		—		2,034		26		9/30/2014	2001
	Brea, CA	(g)		2,393		658		—		3,051		21		9/30/2014	1984
	Burbank (Glenoaks), CA	2,193		3,474		594		—		4,068		19		9/30/2014	2000
	Burbank (Magnolia), CA	1,484		1,750		574		—		2,324		19		9/30/2014	1998
	Chino, CA	1,167		1,449		730		—		2,179		24		9/30/2014	1984
	Compton, CA	805		992		460		—		1,452		15		9/30/2014	2002
	El Cajon (El Cajon), CA	(g)		1,533		568		—		2,101		18		9/30/2014	2008
	El Cajon (Second), CA	(g)		1,225		368		—		1,593		12		9/30/2014	2000
	El Monte, CA	(g)		766		510		—		1,276		16		9/30/2014	1994
	Escondido (Escondido), CA	1,107		678		470		—		1,148		15		9/30/2014	1984
	Escondido (Mission), CA	(g)		3,514		1,062		—		4,576		34		9/30/2014	2002

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
United Oil (continued):
	Fountain Valley, CA	$	1,459	$	1,809	$	806	$	—	$	2,615	$	26	9/30/2014	1999
	Glendale, CA	(g)		4,871		795		—		5,666		26		9/30/2014	1999
	Inglewood, CA	(g)		1,809		878		—		2,687		29		9/30/2014	1997
	La Habra, CA	(g)		1,971		571		—		2,542		18		9/30/2014	2000
	Lawndale, CA	(g)		1,462		862		—		2,324		28		9/30/2014	2001
	Long Beach (Anaheim), CA	1,061		974		772		—		1,746		25		9/30/2014	2003
	Long Beach (Atlantic), CA	(g)		2,778		883		—		3,661		29		9/30/2014	1972
	Long Beach (Santa Fe), CA	1,288		1,972		643		—		2,615		21		9/30/2014	2004
	Los Angeles (2503 W. Pico), CA	(g)		2,334		717		—		3,051		23		9/30/2014	2002
	Los Angeles (4931 W. Pico), CA	(g)		3,552		1,242		—		4,794		40		9/30/2014	2002
	Los Angeles (Eastern), CA	(g)		2,745		669		—		3,414		22		9/30/2014	1998
	Los Angeles (Jefferson), CA	2,923		3,823		825		—		4,648		27		9/30/2014	1997
	Los Angeles (Marina Del R), CA	(g)		3,930		428		—		4,358		14		9/30/2014	2005
	Los Angeles (Olympic), CA	1,590		1,710		905		—		2,615		29		9/30/2014	2002
	Los Angeles (Slauson), CA	(g)		1,927		1,484		—		3,411		48		9/30/2014	2007
	Los Angeles (Western), CA	(g)		2,182		701		—		2,883		23		9/30/2014	1964
	Lynwood, CA	1,640		2,386		737		—		3,123		24		9/30/2014	2002
	Menifee, CA	2,284		2,853		924		—		3,777		30		9/30/2014	1995
	Monrovia, CA	1,660		2,365		686		—		3,051		22		9/30/2014	1996
	Norco (Hidden Valley), CA	(g)		1,852		1,489		—		3,341		48		9/30/2014	1995
	Norco (Sixth), CA	1,424		1,869		891		—		2,760		29		9/30/2014	2005
	North Hollywood, CA	2,998		4,663		858		—		5,521		28		9/30/2014	1999
	Oceanside, CA	2,264		2,163		1,248		—		3,411		41		9/30/2014	2011
	Paramount, CA	664		1,301		1,024		—		2,325		33		9/30/2014	1996
	Pomona, CA	1,273		1,740		730		—		2,470		24		9/30/2014	1997
	Poway, CA	(g)		3,072		705		—		3,777		23		9/30/2014	1960
	San Diego (47th St), CA	(g)		2,977		1,448		—		4,425		47		9/30/2014	1984
	San Diego (Governor), CA	(g)		1,877		883		—		2,760		29		9/30/2014	2006
	San Diego (Rancho Penasquitos), CA	3,038		1,215		841		—		2,056		27		9/30/2014	2010
	San Diego (Sunset Cliffs), CA	(g)		1,824		382		—		2,206		12		9/30/2014	2006
	San Pedro, CA	1,655		2,086		675		—		2,761		22		9/30/2014	2000
	Santa Clarita, CA	(g)		4,787		733		—		5,520		24		9/30/2014	2001
	Sun City, CA	(g)		1,136		1,421		—		2,557		46		9/30/2014	1984
	Valley Center, CA	2,284		2,680		1,606		—		4,286		52		9/30/2014	2009

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
United Oil (continued):
	Van Nuys (Van Nuys), CA	$	2,284	$	2,439	$	902	$	—	$	3,341	$	29	9/30/2014	2005
	Van Nuys (Victory), CA	1,152		1,786		684		—		2,470		22		9/30/2014	1999
	Van Nuys (Woodman), CA	2,681		3,980		741		—		4,721		24		9/30/2014	2002
	Vista (Civic Center), CA	(g)		2,063		334		—		2,397		11		9/30/2014	1986
	Vista (Vista), CA	(g)		2,028		418		—		2,446		14		9/30/2014	2010
	Whittier, CA	(g)		1,629		985		—		2,614		32		9/30/2014	1997
	Wilmington, CA	1,680		1,615		1,145		—		2,760		37		9/30/2014	2002
	Woodland Hills, CA	3,159		4,946		647		—		5,593		21		9/30/2014	2003
University Marketplace:
	Marion, IN	4,050		850		6,722		121		7,693		642		3/22/2013	2012
Ventura Place:
	Albuquerque, NM	—		5,203		7,998		—		13,201		189		4/29/2015	2008
Village at Hereford Farms:
	Grovetown, GA	4,250		1,222		5,912		—		7,134		212		9/26/2014	2009
Wal-Mart:
	Anderson, SC	(g)		2,424		9,719		—		12,143		31		11/5/2015	2015
	Florence, SC	(g)		2,013		9,225		—		11,238		29		11/5/2015	2015
	Perry, GA	7,095		2,270		11,053		—		13,323		797		6/4/2013	1999
	Summerville, SC	(g)		2,410		2,098		—		4,508		17		9/18/2015	2015
	Tallahassee, FL	8,157		14,823		—		—		14,823		—		12/11/2012	2008
	York, SC	(g)		1,913		11,410		—		13,323		817		6/4/2013	1998
Walgreens:
	Andover, KS	(g)		630		3,057		—		3,687		199		10/18/2013	2001
	Arkadelphia, AR	4,225		787		4,626		—		5,413		132		11/26/2014	2007
	Austintown, OH	(g)		637		4,173		—		4,810		251		8/19/2013	2002
	Bartlett (5950 Stage), TN	4,150		1,086		4,321		—		5,407		129		11/26/2014	1997
	Bartlett (6697 Stage), TN	4,150		799		4,608		—		5,407		137		11/26/2014	2002
	Birmingham, AL	(g)		985		4,938		—		5,923		341		4/9/2013	2012
	Birmingham (Green Springs), AL	4,300		738		4,844		—		5,582		144		11/26/2014	2000
	Blair, NE	2,466		335		3,544		—		3,879		333		4/18/2012	2008
	Chicopee, MA	3,894		2,094		4,945		—		7,039		150		10/23/2014	2008
	Colerain Township, OH	4,200		1,991		3,470		—		5,461		101		11/26/2014	1998
	Connelly Springs, NC	(g)		1,349		3,628		—		4,977		223		8/27/2013	2012
	Cullman, AL	3,542		1,292		3,779		—		5,071		280		2/22/2013	2012
	Danville, VA	(g)		989		4,547		—		5,536		370		12/24/2012	2012
	Dearborn Heights, MI	(g)		2,236		3,411		—		5,647		217		7/9/2013	2008
	Decatur, AL	3,625		631		4,161		—		4,792		124		11/26/2014	2004
	Dyersburg, TN	(g)		555		4,088		—		4,643		163		6/30/2014	2011
	East Chicago, IN	(g)		331		5,242		—		5,573		181		8/8/2014	2005

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Walgreens (continued):
	Enterprise, AL	$	3,575	$	839	$	3,844	$	—	$	4,683	$	115	11/26/2014	2004
	Evansville, IN	4,040		812		4,439		—		5,251		133		11/26/2014	2001
	Florence, KY	4,125		1,086		4,206		—		5,292		122		11/26/2014	2005
	Forrest City, AR	4,825		643		5,287		—		5,930		157		11/26/2014	2007
	Fort Madison, IA	(g)		514		3,723		—		4,237		220		9/20/2013	2008
	Franklin, TN	4,200		1,457		4,075		—		5,532		122		11/26/2014	2000
	Fraser, MI	(g)		518		4,525		—		5,043		191		5/19/2014	2004
	Hazelwood, MO	(g)		2,505		4,866		—		7,371		280		9/4/2013	2006
	Hickory, NC	(g)		1,100		4,241		—		5,341		317		2/28/2013	2009
	Hobart, IN	3,875		594		4,526		—		5,120		134		11/26/2014	1998
	Hockessin, DE	(g)		1,586		3,555		—		5,141		203		12/20/2013	2008
	Huntsville, AL	3,273		1,931		2,457		—		4,388		190		3/15/2013	2001
	Kannapolis, NC	3,966		1,480		5,031		—		6,511		329		6/12/2013	2012
	Knoxville, TN	3,725		1,139		3,750		—		4,889		112		11/26/2014	1997
	Las Vegas, NV	(g)		2,325		3,262		—		5,587		195		9/26/2013	1999
	Lawton, OK	(g)		860		2,539		—		3,399		162		7/3/2013	1998
	Little Rock (Main), AR	(g)		548		4,676		—		5,224		181		6/30/2014	2011
	Little Rock (Bowman), AR	4,100		1,115		4,248		—		5,363		127		11/26/2014	2001
	Lubbock (82nd), TX	(g)		565		3,257		—		3,822		267		10/11/2012	2000
	Lubbock (Indiana), TX	(g)		531		2,951		—		3,482		240		10/11/2012	1998
	Malvern, AR	4,165		1,007		4,325		—		5,332		123		11/26/2014	2006
	Memphis, TN	3,775		776		4,166		—		4,942		124		11/26/2014	1999
	Metropolis, IL	(g)		284		4,991		—		5,275		172		8/8/2014	2009
	Michigan City, IN	3,200		567		3,615		—		4,182		109		11/26/2014	1999
	Mobile, AL	(g)		1,603		3,161		—		4,764		176		11/7/2013	2013
	Montgomery, AL	(g)		1,110		2,949		—		4,059		280		5/14/2012	2006
	Mount Washington, KY	4,125		545		4,825		—		5,370		143		11/26/2014	2005
	Oakland, TN	3,750		689		4,226		—		4,915		125		11/26/2014	2005
	Oklahoma City, OK	3,950		1,356		3,869		—		5,225		118		11/26/2014	1996
	Olathe, KS	4,230		1,266		4,047		—		5,313		120		11/26/2014	1997
	Phoenix, AZ	(g)		2,216		1,830		—		4,046		137		3/22/2013	2001
	Pine Bluff, AR	(g)		248		5,229		—		5,477		309		9/17/2013	2012
	Ralston (La Vista), NE	4,265		967		4,620		—		5,587		137		11/26/2014	1999
	River Falls, WI	5,200		634		5,137		—		5,771		151		11/26/2014	2007
	Roanoke, VA	(g)		677		3,825		—		4,502		161		5/7/2014	2003
	Sacramento, CA	(g)		324		2,669		—		2,993		108		6/30/2014	2008
	Sioux Falls, SD	3,625		1,138		3,784		—		4,922		113		11/26/2014	2007
	Springdale, AR	(g)		1,172		4,509		—		5,681		254		10/7/2013	2012
	Springfield, IL	(g)		830		3,619		—		4,449		338		5/14/2012	2007
	St. Charles, MO	4,600		1,644		4,364		—		6,008		130		11/26/2014	1994
	St. Louis (Lemay Ferry), MO	4,600		1,432		4,556		—		5,988		136		11/26/2014	1999
	St. Louis (Lusher), MO	4,790		1,414		4,622		—		6,036		138		11/26/2014	1999

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Walgreens (continued):
	Suffolk, VA	(g)		$	1,261	$	3,461	$	—	$	4,722	$	339	5/14/2012	2007
	Sun City, AZ	(g)		837		2,484		—		3,321		109		5/6/2014	2000
	Tarboro, NC	(g)		755		3,634		—		4,389		128		8/22/2014	2014
	Toledo, OH	$	4,325	1,993		3,445		—		5,438		104		11/26/2014	2001
	Troy, OH	(g)		547		4,076		—		4,623		149		7/28/2014	2002
	Tulsa, OK	3,350		1,078		3,453		—		4,531		104		11/26/2014	1993
Walgreens/KeyBank:
	Newburgh, NY	5,000		3,280		5,441		—		8,721		312		9/16/2013	2010
Wallace Commons:
	Salisbury, NC	7,590		3,265		8,058		—		11,323		654		12/21/2012	2009
Wallace Commons II:
	Salisbury, NC	6,012		2,231		8,479		—		10,710		447		2/28/2014	2013
Warrenton Highlands:
	Warrenton, OR	(g)		2,139		5,774		138		8,051		491		5/29/2013	2011
Waterford South Park:
	Clarksville, IN	(g)		2,946		8,564		45		11,555		761		4/12/2013	2006
Wawa:
	Cape May, NJ	(g)		1,576		5,790		—		7,366		504		8/29/2012	2005
	Galloway, NJ	(g)		1,724		6,105		—		7,829		531		8/29/2012	2005
Wendy's:
	Grafton, VA	(g)		539		894		—		1,433		35		6/27/2014	1985
	Westminster, CO	(g)		596		1,108		—		1,704		43		6/27/2014	1986
West Marine:
	Panama City, FL	(g)		676		2,219		—		2,895		50		4/24/2015	2014
	Pensacola, FL	(g)		1,107		3,398		—		4,505		89		2/27/2015	2015
Western Refining, Inc:
	Benson, AZ	566		186		510		—		696		33		1/16/2015	1990
	Bisbee, AZ	399		89		137		—		226		10		1/16/2015	1970
	Coolidge, AZ	472		578		283		—		861		26		1/16/2015	1997
	Douglas (16th St.), AZ	913		136		1,080		—		1,216		54		1/16/2015	1985
	Douglas (18th St.), AZ	718		89		385		—		474		20		1/16/2015	1997
	Florence, AZ	446		363		338		—		701		25		1/16/2015	1999
	Globe, AZ	1,264		572		311		—		883		27		1/16/2015	1994
	Hereford, AZ	1,531		303		879		—		1,182		50		1/16/2015	2013
	Marana, AZ	1,458		389		493		—		882		30		1/16/2015	2008
	Pearce, AZ	750		116		380		—		496		23		1/16/2015	1985
	Pima, AZ	1,196		372		362		—		734		36		1/16/2015	1994
	Safford (Hwy 70), AZ	1,054		77		281		—		358		24		1/16/2015	1989
	Safford (Thatcher Blvd.), AZ	1,169		204		299		—		503		18		1/16/2015	1996
	Safford (8th Ave.), AZ	1,280		107		408		—		515		24		1/16/2015	1989
	Sierra Vista, AZ	488		87		723		—		810		32		1/16/2015	1977
	Thatcher, AZ	1,180		140		561		—		701		40		1/16/2015	2004
	Tucson (Sierrita Mountain), AZ	524		569		453		—		1,022		35		1/16/2015	1997

				Initial Costs to Company						Gross Amount at
								Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2015		Depreciation		Date	Date
	Description (a)	Encumbrances		Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Western Refining, Inc. (continued):
	Tucson (Speedway), AZ	$	603	$	473	$	388	$	—	$	861	$	30	1/16/2015	1995
	Tucson (4301 Broadway), AZ	582		263		170		—		433		18		1/16/2015	1986
	Tucson (Ajo Hwy), AZ	666		770		332		—		1,102		34		1/16/2015	2002
	Tucson (6280 Broadway), AZ	571		333		167		—		500		21		1/16/2015	1982
	Tucson (6777 Sandario), AZ	1,190		397		542		—		939		43		1/16/2015	1986
	Tucson (6890 Sandario), AZ	523		525		606		—		1,131		36		1/16/2015	2002
	Winkelman, AZ	953		287		403		—		690		29		1/16/2015	1999
Westover Market:
	San Antonio, TX	6,200		2,705		7,959		—		10,664		591		7/10/2013	2013
Whole Foods Center:
	Fort Collins, CO	12,500		2,664		17,166		—		19,830		630		9/30/2014	2004
Winn-Dixie:
	Baton Rouge, LA	(g)		1,782		3,776		—		5,558		149		6/27/2014	2000
	Walker, LA	(g)		900		3,909		—		4,809		154		6/27/2014	1999
Woods Supermarket:
	Sunrise Beach, MO	(g)		1,044		5,005		—		6,049		296		9/13/2013	2013
		$	950,128	$	1,113,456	$	2,990,901	$	81,248	$	4,185,605	$	158,805

As of December 31, 2015, the Company owned 782 single-tenant, freestanding properties and 89 multi-tenant properties.

(b) The aggregate cost for federal income tax purposes was $4.2 billion.

(c) The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):

	2015		2014		2013
Balance, beginning of period	$	3,590,939	$	1,960,708	$	464,539
Additions
Acquisitions	532,454		1,613,201		1,494,171
Improvements	64,458		18,967		1,998
Adjustment to basis	—		—		—
Total additions	$	596,912	$	1,632,168	$	1,496,169
Less: Deductions
Cost of real estate sold	1,086		1,937		—
Adjustment to basis	—		—		—
Other (including provisions for impairment of real estate assets)	1,160		—		—
Total deductions	2,246		1,937		—
Balance, end of period	$	4,185,605	$	3,590,939	$	1,960,708

(d) The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands):

	2015		2014		2013
Balance, beginning of period	$	78,186	$	23,377	$	1,743
Additions
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired	80,373		54,656		21,624
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment	303		153		10
Total additions	$	80,676	$	54,809	$	21,634
Deductions
Cost of real estate sold	—		—		—
Other (including provisions for impairment of real estate assets)	57		—		—
Total deductions	57		—		—
Balance, end of period	$	158,805	$	78,186	$	23,377

(e) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter.

(f) Subject to ground lease and therefore date constructed is not applicable.

(g) Property is included in the Credit Facility’s borrowing base. As of December 31, 2015, the Company had $1.1 billion outstanding under the Credit Facility.

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Accounting

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns.  If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations.

A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate these VIEs based on standards set forth in GAAP as described above.

As of December 31, 2015, the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. As of December 31, 2015 and December 31, 2014, the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation.

Reclassifications

Reclassifications

Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation.

The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statements of cash flows. The Company has also chosen to combine the depreciation of $54.8 million and $21.6 million for the years ended December 31, 2014 and 2013, respectively, and amortization of $29.6 million and $11.7 million for the years ended December 31, 2014 and 2013, respectively, into the line item depreciation and amortization in the consolidated statements of operations.

The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the consolidated statements of other comprehensive income (loss) into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense.

Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation.

The Company has also reclassified certain accounts, as shown below, in its previously issued consolidated balance sheet to conform to the current period presentation. Investments in real estate assets have been presented gross, with the related depreciation and amortization amounts subtracted out to arrive at the net real estate investments balance. None of the revised reclassifications reflect corrections of any amounts.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires 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 period. Actual results could differ from those estimates.

Real Estate Investments, Recoverability of Real Estate Assets, and Assets Held for Sale

Real Estate Investments

Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred.

The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows:

Buildings	40 years
Tenant improvements	Lesser of useful life or lease term
Intangible lease assets	Lease term

Recoverability of Real Estate Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. The Company recorded impairment charges of $1.4 million related to one property during the year ended December 31, 2015. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Acquisitions for further discussion regarding real estate investment activity. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2014 or 2013.

Assets Held for Sale

When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs.

Allocation of Purchase Price of Real Estate Assets

Allocation of Purchase Price of Real Estate Assets

Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information.

The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values, subsequent to acquisition, are reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management.

The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable.

The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.

Development Activities

Development Activities

Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. Once the development and construction of the building is substantially completed, the amounts capitalized to construction in progress are transferred to (i) land and (ii) buildings, fixtures and improvements and are depreciated over their respective useful lives.

Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture

Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture

On June 27, 2014, the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation.

Investment in Unconsolidated Joint Venture

Investment in Unconsolidated Joint Venture

The Company accounts for the Unconsolidated Joint Venture using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.

Restricted Cash

Restricted Cash

The Company had $8.3 million and $4.6 million in restricted cash as of December 31, 2015 and 2014, respectively. Included in restricted cash was $5.9 million and $2.7 million held by lenders in lockbox accounts, as of December 31, 2015 and 2014, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $2.4 million and $1.9 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement as of December 31, 2015 and 2014, respectively.

Cash Concentrations

Cash Concentrations

As of December 31, 2015, the Company had cash on deposit, including restricted cash, at 11 financial institutions, five of which had Company deposits in excess of federally insured levels totaling $30.9 million; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt was refinanced or repaid before maturity. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving loan portion of the credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014, the Company had $4.1 million and $5.2 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.

Redeemable Common Stock

Redeemable Common Stock

Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.

Revenue Recognition

Revenue Recognition

Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.

The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss).

Income Taxes

Income Taxes

The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

Earnings (Loss) Per Share

Earnings (Loss) Per Share

Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented.

Reportable Segments

Reportable Segment

The Company’s commercial real estate investments consist primarily of income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to creditworthy tenants under long-term net leases. The properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $7.7 million of previously reported debt issuance costs included in other assets with the previously reported notes payable and credit facility, net balance of $1.5 billion in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows.

ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as VIEs was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements, except certain expanded disclosures will be required.

From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements:

ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter.

ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted.

ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.

On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases, which replaces the existing guidance in ASC 840, Leases.  ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases.  Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability.  For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.

XML

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Previously Reported Balances and Reclassified Balances

The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands):

	December 31, 2014
	As Previously Reported
Investment in real estate assets:
Land	$	972,983
Buildings and improvements, less accumulated depreciation of $78,186	2,539,770
Intangible lease assets, less accumulated amortization of $48,085	391,917
Total investment in real estate assets, net	$	3,904,670
	December 31, 2014
	As Reclassified
Investment in real estate assets:
Land	$	972,983
Buildings, fixtures and improvements	2,617,956
Intangible lease assets	440,002
Total real estate investments, at cost	4,030,941
Less: accumulated depreciation and amortization	(126,271		)
Total real estate investments, net	$	3,904,670

Summary of Estimated Useful Lives of Real Estate Assets By Class

The estimated useful lives of the Company’s real estate assets by class are generally as follows:

Buildings	40 years
Tenant improvements	Lesser of useful life or lease term
Intangible lease assets	Lease term

XML

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands):

	Balance as of December 31, 2015			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets:
Interest rate swaps	$	519		$	—	$	519		$	—
Total assets	$	519		$	—	$	519		$	—
Liabilities:
Interest rate swaps	$	(5,878	)	$	—	$	(5,878	)	$	—
Contingent consideration	(4,538		)	—		—			(4,538		)
Total liabilities	$	(10,416	)	$	—	$	(5,878	)	$	(4,538	)
	Balance as of December 31, 2014			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Liabilities:
Interest rate swaps	$	(4,057	)	$	—	$	(4,057	)	$	—
Contingent consideration	(3,405		)	—		—			(3,405		)
Total liabilities	$	(7,462	)	$	—	$	(4,057	)	$	(3,405	)

Reconciliations of the Changes in Liabilities with Level 3 Inputs

The following are reconciliations of the changes in liabilities with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2015 and 2014 (in thousands):

	Contingent Consideration Arrangements
Beginning Balance, December 31, 2014	$	(3,405	)
Purchases and fair value adjustments:
Purchases	(2,880		)
Fair value adjustments	1,747
Ending Balance, December 31, 2015	$	(4,538	)

	Contingent Consideration Arrangements
Beginning Balance, December 31, 2013	$	(784	)
Purchases, fair value adjustments and payments made:
Purchases	(5,342		)
Fair value adjustments	70
Payments made	2,651
Ending Balance, December 31, 2014	$	(3,405	)

Summary of Impairment Charges by Asset Class

The following table presents the impairment charges by asset class recorded during the year ended December 31, 2015 (dollar amounts in thousands):

	Year Ended
	December 31, 2015
Asset class impaired:
Land	$	498
Buildings, fixtures and improvements	662
Intangible lease assets	280
Total impairment loss	$	1,440

XML

Real Estate Acquisitions (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The following table summarizes the purchase price allocation (in thousands):

		December 31, 2013
Land	$	390,781
Building and improvements		1,103,390
Acquired in-place leases		175,520
Acquired above-market leases		26,921
Acquired below-market leases		(31,802	)
Total purchase price	$	1,664,810

The following table summarizes the purchase price allocation for acquisitions purchased during the year endedDecember 31, 2015 (in thousands):

	December 31, 2015
Land	$	138,536
Buildings, fixtures and improvements	393,918
Acquired in-place leases	83,043
Acquired above-market leases	6,485
Intangible lease liabilities	(5,883		)
Fair value adjustment of assumed note payable	(253		)
Total purchase price	$	615,846

The following table summarizes the purchase price allocation (in thousands):

	December 31, 2014
Land	$	437,206
Buildings, fixtures and improvements	1,152,148
Acquired in-place leases	154,972
Acquired above-market leases	23,430
Intangible lease liabilities	(24,620		)
Fair value adjustment of assumed note payable	(765		)
Total purchase price	$	1,742,371

Business Acquisition, Pro Forma Information

The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands):

	Year Ended December 31,
	2013		2012
Pro forma basis (unaudited):
Revenue	$	181,859	$	147,515
Net income (loss)	$	44,490	$	(30,842	)

The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands):

	Year Ended December 31,
	2014		2013
Pro forma basis (unaudited):
Revenue	$	332,860	$	245,969
Net income (loss)	$	131,001	$	(53,805	)

The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands):

	Year Ended December 31,
	2015		2014
Pro forma basis (unaudited):
Revenue	$	387,921	$	305,141
Net income	$	79,888	$	8,267

XML

Intangible Lease Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-lived Intangible Assets

The intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts):

		As of December 31,
		2015		2014
In-place leases, net of accumulated amortization of $81,856 and
	$41,739, respectively (with a weighted average life remaining of 11.7 years
	and 12.4 years, respectively)	$	391,868	$	344,664
Acquired above-market leases, net of accumulated amortization of $12,454 and
	$6,346, respectively (with a weighted average life remaining of 10.1 years and
	10.5 years, respectively)	47,299		47,253
		$	439,167	$	391,917

Schedule of Finite-lived Intangible Assets, Future Amortization Expense

Estimated amortization expense related to the intangible lease assets as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands):

	Amortization
Year Ending December 31,	In-Place Leases		Above-Market Leases
2016	$	41,569	$	6,220
2017	$	38,776	$	5,903
2018	$	36,121	$	5,022
2019	$	32,504	$	4,083
2020	$	30,824	$	3,839

XML

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2015 and 2014 (in thousands):

		Outstanding Notional					Fair Value Assets and (Liabilities)
	Balance Sheet	Amount as of		Interest	Effective	Maturity	December 31,			December 31,
	Location	December 31, 2015		Rates (1)	Dates	Dates	2015			2014
Interest Rate Swaps	Prepaid expenses, property escrow deposits, derivative assets and other assets	$	330,766	2.78% to 3.59%	6/30/2015 to 10/15/2015	8/15/2018 to 11/06/2020	$	519		$	—
Interest Rate Swaps	Deferred rental income, derivative liabilities and other liabilities	$	588,737	3.00% to 4.75%	6/24/2013 to 12/31/2015	6/24/2018 to 8/24/2020	$	(5,878	)	$	(4,057	)

____________________________________

(1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015.

XML

Notes Payable And Credit Facility (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the debt balances as of December 31, 2015 and 2014, and the debt activity for the year endedDecember 31, 2015 (in thousands):

				During the Year Ended December 31, 2015
	Balance as of December 31, 2014			Debt Issuances and Assumptions (1)			Repayments			Accretion and (Amortization)			Balance as of December 31, 2015
Fixed rate debt	$	565,836		$	346,180		$	(15,388	)	$	—		$	896,628
Variable rate debt	—			53,500			—			—			53,500
Credit facility	900,000			833,666			(606,000		)	—			1,127,666
Total debt	1,465,836			1,233,346			(621,388		)	—			2,077,794
Net premiums (2)	671			—			—			(81		)	590
Deferred costs (3)	(7,679		)	(6,473		)	—			2,331			(11,821		)
Total debt, net	$	1,458,828		$	1,226,873		$	(621,388	)	$	2,250		$	2,066,563

____________________________________

(1) Includes deferred financing costs incurred during the period.

(2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.

(3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies.

Schedule of Maturities of Long-term Debt

The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands):

Year Ending December 31,	Principal Repayments
2016	$	425
2017	491,451
2018	693,877
2019	499
2020	333,215
Thereafter	558,327
Total	$	2,077,794

XML

Intangible Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Intangible Liabilities Disclosure [Abstract]

Schedule of Finite-lived Intangible Liabilities

lease liabilities consisted of the following (in thousands, except weighted average life amounts):

		As of December 31,
		2015		2014
Acquired below-market leases, net of accumulated amortization of $15,641
	and $8,807, respectively (with a weighted average life remaining of 8.8
	years and 9.2 years, respectively)	$	53,822	$	55,535

Schedule of Finite-lived Intangible Assets, Future Amortization Expense

Estimated amortization of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands):

Year Ending December 31,	Amortization of Below-Market Leases
2016	$	7,731
2017	$	7,417
2018	$	7,040
2019	$	6,164
2020	$	5,530

XML

Supplemental Cash Flow Disclosures (Tables)

12 Months Ended

Dec. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow disclosures for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$	16,568		$	16,189		$	10,569
Accrued other offering costs due to affiliates	$	—		$	—		$	4,937
Accrued capital expenditures	$	2,741		$	7,721		$	1,760
Common stock issued through distribution reinvestment plan	$	112,158		$	104,261		$	25,702
Change in fair value of interest rate swaps	$	(1,302	)	$	(1,805	)	$	(2,252	)
Contingent consideration recorded upon property acquisitions	$	2,880		$	5,342		$	553
Fair value of notes payable assumed in real estate acquisition	$	15,233		$	25,979		$	—
Supplemental Cash Flow Disclosures:
Interest paid	$	54,388		$	31,159		$	17,474

XML

Related-Party Transactions and Arrangements - (Tables)

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands):

	Year Ended December 31,
	2015		2014		2013
Offering:
Selling commissions	$	—	$	55,921	$	122,082
Selling commissions reallowed by CCC	$	—	$	55,921	$	122,082
Dealer manager fees	$	—	$	16,780	$	35,685
Dealer manager fees reallowed by CCC	$	—	$	9,326	$	20,183
Other offering costs	$	—	$	7,277	$	36,179

The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands):

	Year Ended December 31,
	2015		2014		2013
Acquisition and Operations:
Acquisition fees and expenses	$	13,311	$	38,483	$	35,109
Advisory fees and expenses	$	36,225	$	24,152	$	10,549
Operating expenses	$	4,568	$	3,383	$	2,905

XML

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Dividends and Distributions

The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015		2014		2013
Ordinary dividends	58	%	47	%	60	%
Nontaxable distributions	42	%	53	%	40	%
Total	100	%	100	%	100	%

XML

Operating Leases Operating Leases (Tables)

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2015, was as follows (in thousands):

Year Ending December 31,	Future Minimum Rental Income
2016	$	334,619
2017	330,130
2018	320,445
2019	304,506
2020	295,446
Thereafter	2,238,323
	$	3,823,469

XML

Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period.

	December 31, 2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	85,963	$	90,528	$	94,188	$	97,052
Acquisition-related expenses	$	5,385	$	3,882	$	2,518	$	3,741
Operating income	$	28,395	$	31,862	$	34,696	$	29,247
Net income	$	15,998	$	17,293	$	18,485	$	13,117
Net income attributable to the Company	$	16,015	$	17,225	$	18,452	$	13,079
Basic and diluted net income per common share (1)	$	0.05	$	0.06	$	0.06	$	0.04
Distributions declared per common share (1)	$	0.15	$	0.16	$	0.16	$	0.16

____________________________________

(1) The Company calculates net income per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

	December 31, 2014
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Revenues	$	51,551	$	56,861	$	64,591		$	83,279
Acquisition-related expenses	$	8,633	$	10,113	$	21,009		$	12,008
Operating income	$	10,564	$	10,790	$	3,698		$	20,378
Net income (loss)	$	2,946	$	3,190	$	(4,147	)	$	9,181
Net income (loss) attributable to the Company	$	2,946	$	3,204	$	(4,156	)	$	9,196
Basic and diluted net income (loss) per common share (1)	$	0.01	$	0.01	$	(0.01	)	$	0.03
Distributions declared per common share (1)	$	0.15	$	0.16	$	0.16		$	0.16

____________________________________

(1) The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

XML

Organization and Business (Details)			12 Months Ended			24 Months Ended	47 Months Ended
	Feb. 18, 2014 USD ($) $ / shares shares	Nov. 25, 2013 USD ($)	Dec. 31, 2015 USD ($) ft² states property $ / shares shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($) shares	Apr. 04, 2014 shares	Dec. 31, 2015 USD ($) ft² states property $ / shares shares	Aug. 31, 2015 $ / shares	Dec. 19, 2013 shares	Jan. 26, 2012 USD ($)
Organization and business [Line Items]
Common stock, shares authorized (shares)			490,000,000	490,000,000	490,000,000		490,000,000
Share price (USD per share) | $ / shares	$ 10		$ 10.00				$ 10.00	$ 9.70
Common stock shares registered dividend reinvestment plan (shares)			26,000,000	26,000,000.0			26,000,000
Issuance of common stock | $			$ 112,158,000	$ 941,930,000	$ 1,807,820,000
Number of owned properties (property) | property			871				871
Rentable commercial space (sqft) | ft²			25,200,000				25,200,000
Number of states in which entity owns properties (state) | states			45				45
Percentage of rentable space leased			98.50%				98.50%
Distribution reinvestment plan
Organization and business [Line Items]
Share price (USD per share) | $ / shares								$ 9.70
Common stock shares registered dividend reinvestment plan (shares)									26,000,000
Shares issued pursuant to a distribution reinvestment plan (in shares)			11,700,000	11,000,000	2,700,000
IPO
Organization and business [Line Items]
Common stock, shares issued | $										$ 2,975,000,000
Issuance of common stock (shares)						297,400,000	317,900,000
Unsold shares deregistered (shares)						404,000
Issuance of common stock | $							$ 3,200,000,000
Offering costs, selling commissions, and dealer management fees | $							$ 306,000,000
IPO | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized (shares)	5,500,000
Share price (USD per share) | $ / shares	$ 9.50
Common stock, sold (shares)						5,100,000
IPO | Primary offering
Organization and business [Line Items]
Common stock, sold (shares)						292,300,000
IPO | Maximum
Organization and business [Line Items]
Common stock, shares authorized (shares)	292,300,000
IPO | Maximum | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized value reallocated | $	$ 23,000,000	$ 400,000,000
IPO And Secondary Offering | Distribution reinvestment plan
Organization and business [Line Items]
Shares issued pursuant to a distribution reinvestment plan (in shares)							20,600,000
CCPT IV OP
Organization and business [Line Items]
General partner partnership interest percentage			100.00%
Unconsolidated joint venture
Organization and business [Line Items]
Number of owned properties (property) | property			1				1
Rentable commercial space (sqft) | ft²			176,000				176,000

XML

Summary of Significant Accounting Policies - Narrative (Details)		12 Months Ended
		Dec. 31, 2015 USD ($) segment property shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($) shares
Valuation of real estate and related assets [Line Items]
Depreciation			$ 54,800,000	$ 21,600,000
Amortization			29,600,000	11,700,000
Impairment		$ 1,400,000	0	0
Impairment of real estate, number of properties (property) | property		1
Real estate held-for-sale		$ 0	0
Interest costs capitalized		1,500,000	0
Net income (loss) allocated to noncontrolling interest		122,000	(20,000)	0
Contributions from noncontrolling interests		762,000	2,142,000	0
Payments to noncontrolling interests		269,000	46,000	$ 0
Equity attributable to noncontrolling interest		2,700,000	2,100,000
Restricted cash		8,274,000	4,560,000
Deferred costs, net		4,095,000	5,245,000
Due to affiliates		5,613,000	5,473,000
Allowance for doubtful accounts		$ 301,000	$ 67,000
Antidilutive securities (shares) | shares		0	0	0
Number of reportable segments (segment) | segment		1
Deferred finance costs, net	[1]	$ 11,821,000	$ 7,679,000
Long-term debt		2,077,794,000	1,465,836,000
Restricted cash, rents from certain encumbered properties
Valuation of real estate and related assets [Line Items]
Restricted cash		5,900,000	2,700,000
Restricted cash, tenant and capital improvements, leasing commissions, repairs and maintenance and other lender reserves for certain properties
Valuation of real estate and related assets [Line Items]
Restricted cash		2,400,000	1,900,000
Unconsolidated joint venture
Valuation of real estate and related assets [Line Items]
Unconsolidated joint venture, impairment		$ 0	0
Building
Valuation of real estate and related assets [Line Items]
Acquired real estate asset, useful life		40 years
Advisors
Valuation of real estate and related assets [Line Items]
Due to affiliates		$ 5,600,000	5,500,000
As Previously Reported
Valuation of real estate and related assets [Line Items]
Long-term debt			$ 1,500,000,000

[1] Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies.

XML

Summary of Significant Accounting Policies - Summary of Reclassified Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Land	$ 1,113,987	$ 972,983
Intangible lease assets, less accumulated amortization of $48,085	439,167	391,917
Buildings, fixtures and improvements	3,071,618	2,617,956
Intangible lease assets	533,477	440,002
Total real estate investments, at cost	4,719,082	4,030,941
Accumulated depreciation and amortization	(253,115)	(126,271)
Total real estate investments, net	$ 4,465,967	3,904,670
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Land		972,983
Buildings and improvements, less accumulated depreciation of $78,186		2,539,770
Intangible lease assets, less accumulated amortization of $48,085		391,917
Accumulated depreciation and amortization		(78,186)
Total real estate investments, net		3,904,670
Accumulated amortization of intangible lease assets		$ 48,085

XML

Summary of Significant Accounting Policies - Concentration of credit risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) financial_institutions
Accounting Policies [Abstract]
Cash on deposit, number of financial institutions (financial_institution)	11
Cash on deposit, number of financial institutions which had deposits in excess of current federally insured limits (financial_institution)	5
Concentration risk, credit risk, financial instrument, maximum exposure | $	$ 30.9

XML

Fair Value Measurements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment to contingent consideration	$ (1,747,000)	$ 0	$ 0
Fair value assets and liabilities, transfers amount	0	0
Liabilities:
Contingent consideration	(2,880,000)	(5,342,000)	$ (553,000)
Fair value, measurements, recurring
Assets:
Interest rate swaps	519,000
Total assets	519,000
Liabilities:
Interest rate swaps	(5,878,000)	(4,057,000)
Contingent consideration	(4,538,000)	(3,405,000)
Total liabilities	(10,416,000)	(7,462,000)
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Interest rate swaps	0
Total assets	0
Liabilities:
Interest rate swaps	0	0
Contingent consideration	0	0
Total liabilities	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2)
Assets:
Interest rate swaps	519,000
Total assets	519,000
Liabilities:
Interest rate swaps	(5,878,000)	(4,057,000)
Contingent consideration	0	0
Total liabilities	(5,878,000)	(4,057,000)
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3)
Assets:
Interest rate swaps	0
Total assets	0
Liabilities:
Interest rate swaps	0	0
Contingent consideration	(4,538,000)	(3,405,000)
Total liabilities	(4,538,000)	(3,405,000)
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	2,100,000,000	1,500,000,000
Reported Value Measurement | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 2,100,000,000	$ 1,500,000,000

XML

Fair Value Measurements - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (3,405)	$ (784)
Purchases	(2,880)	(5,342)
Fair value adjustments	1,747	70
Payments made		2,651
Ending balance	$ (4,538)	$ (3,405)

XML

Fair Value Measurements - Real Estate Assets (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) ft² property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate, number of properties (property) | property	1
Impairment of real estate, area (sqft) | ft²	11
Impairment	$ 1,400	$ 0	$ 0
Impairment of long-lived assets held-for-use	1,440
Acquired in-place leases
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets held-for-use	280
Land
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets held-for-use	498
Building Fixtures and Improvements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets held-for-use	662
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Land and Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of real estate assets	$ 1,300

XML

Real Estate Acquisitions (Details)	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2015 USD ($) ft² property	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) ft² land_parcel	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Sep. 30, 2014 USD ($) property	Dec. 31, 2015 USD ($) ft² land_parcel property	Dec. 31, 2014 USD ($) ft² land_parcel property	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($)
Pro forma basis (unaudited)
Acquisition-related expenses	$ 3,741,000	$ 2,518,000	$ 3,882,000	$ 5,385,000	$ 12,008,000	$ 21,009,000	$ 10,113,000	$ 8,633,000		$ 15,526,000	$ 51,763,000	$ 48,286,000
Rentable commercial space (sqft) | ft²	25,200,000									25,200,000
Number of land parcels disposed (land_parcel) | land_parcel										1	1
Proceeds from sale of real estate										$ 1,058,000	$ 1,758,000	0
Impairment										1,400,000	0	0
Escrowed funds for acquisition of real estate investment										$ 0	70,254,000	0
Number of owned properties (property) | property	871									871
Land and Building
Pro forma basis (unaudited)
Postconfirmation, Property and Equipment, Net	$ 2,700,000									$ 2,700,000
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Land and Building
Pro forma basis (unaudited)
Fair value of real estate assets	1,300,000									$ 1,300,000
2015 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property										111
Aggregate purchase price										$ 615,800,000
Business Acquisition, Purchase Price Allocation [Abstract]
Land	138,536,000									138,536,000
Buildings, fixtures and improvements	393,918,000									393,918,000
Intangible lease liabilities	(5,883,000)									(5,883,000)
Fair value adjustment of assumed note payable	(253,000)									(253,000)
Total purchase price	615,846,000									615,846,000
Revenue of acquiree since acquisition date										28,400,000
Loss of acquiree since acquisition date										(6,300,000)
Pro forma basis (unaudited)
Revenue										387,921,000	305,141,000
Net income (loss)										79,888,000	8,267,000
Acquisition-related expenses										15,500,000
2015 Acquisitions | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place and above market leases	83,043,000									83,043,000
2015 Acquisitions | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place and above market leases	6,485,000									6,485,000
2014 Development Project
Business Acquisition [Line Items]
Aggregate purchase price											$ 23,900,000
Pro forma basis (unaudited)
Number of land parcels (land_parcel) | land_parcel					1						1
Rentable commercial space (sqft) | ft²					1,600,000						1,600,000
Total investment in development project	102,800,000									102,800,000
Property Acquisition
Pro forma basis (unaudited)
Business combination, initial agreement, number of businesses acquired (property) | property									2
Escrowed funds for acquisition of real estate investment									$ 70,300,000
Escrow deposit					$ 0						$ 0
2014 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property											422
Aggregate purchase price											$ 1,700,000,000
Business Acquisition, Purchase Price Allocation [Abstract]
Land					437,206,000						437,206,000
Buildings, fixtures and improvements					1,152,148,000						1,152,148,000
Intangible lease liabilities					(24,620,000)						(24,620,000)
Fair value adjustment of assumed note payable					(765,000)						(765,000)
Total purchase price					1,742,371,000						1,742,371,000
Revenue of acquiree since acquisition date											61,200,000
Loss of acquiree since acquisition date											25,700,000
Pro forma basis (unaudited)
Revenue											332,860,000	245,969,000
Net income (loss)											131,001,000	$ (53,805,000)
Acquisition-related expenses											51,800,000
2014 Acquisitions | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place and above market leases					154,972,000						154,972,000
2014 Acquisitions | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place and above market leases					23,430,000						23,430,000
2013 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property												248
Aggregate purchase price												$ 1,700,000,000
Business Acquisition, Purchase Price Allocation [Abstract]
Land												390,781,000
Buildings, fixtures and improvements												1,103,390,000
Intangible lease liabilities												(31,802,000)
Total purchase price												1,664,810,000
Revenue of acquiree since acquisition date												60,400,000
Loss of acquiree since acquisition date												25,700,000
Pro forma basis (unaudited)
Revenue												181,859,000	$ 147,515,000
Net income (loss)												44,490,000	$ (30,842,000)
Acquisition-related expenses												48,300,000
2013 Acquisitions | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place and above market leases												175,520,000
2013 Acquisitions | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place and above market leases												$ 26,921,000
Land
Pro forma basis (unaudited)
Land Sales	$ 1,100,000				$ 1,900,000					1,100,000	1,900,000
Proceeds from sale of real estate										1,000,000	1,800,000
Loss on sale of properties, before tax										$ 108,000	$ 157,000
Geographic Concentration Risk [Member] | CALIFORNIA
Pro forma basis (unaudited)
Number of owned properties (property) | property	77									77
Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | CALIFORNIA
Pro forma basis (unaudited)
Concentration risk, percentage										11.00%
Discount Store Industry | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member]
Pro forma basis (unaudited)
Concentration risk, percentage										14.00%
Pharmacy Industry | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member]
Pro forma basis (unaudited)
Concentration risk, percentage										11.00%

XML

Intangible Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	$ 439,167	$ 391,917
In-place leases
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	391,868	344,664
Accumulated amortization of intangible lease assets	$ 81,856	$ 41,739
Finitel-lived intangible asset, useful life	11 years 8 months 12 days	12 years 4 months 24 days
Amortization of intangible assets	$ 41,600	$ 29,600	$ 11,700
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2016	41,569
2017	38,776
2018	36,121
2019	32,504
2020	30,824
Above market leases
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	47,299	47,253
Accumulated amortization of intangible lease assets	$ 12,454	$ 6,346
Finitel-lived intangible asset, useful life	10 years 1 month 6 days	10 years 6 months
Amortization of intangible assets	$ 6,400	$ 4,400	$ 1,900
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2016	6,220
2017	5,903
2018	5,022
2019	4,083
2020	$ 3,839

XML

Derivative Instrument (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2015 USD ($) derivative	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive loss into income as interest expense		$ 6,485	$ 5,241	$ 1,951
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months		$ 6,600
Cash flow hedging | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of derivative instruments entered into (derivative) | derivative		5
Derivative, number of instruments held (derivative) | derivative		8
Derivative liability, event of default, termination amount		$ 6,500
Cash flow hedging | Interest Rate Swaps | Prepaid expenses, property escrow deposits, derivative assets and other assets
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount		330,766
Derivative asset fair value		$ 519	0
Cash flow hedging | Interest Rate Swaps | Prepaid expenses, property escrow deposits, derivative assets and other assets | Minimum
Derivatives, Fair Value [Line Items]
Interest Rate	[1]	2.78%
Effective Date		Jun. 30, 2015
Maturity Date		Aug. 15, 2018
Cash flow hedging | Interest Rate Swaps | Prepaid expenses, property escrow deposits, derivative assets and other assets | Maximum
Derivatives, Fair Value [Line Items]
Interest Rate	[1]	3.59%
Effective Date		Oct. 15, 2015
Maturity Date		Nov. 06, 2020
Cash flow hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount		$ 588,737
Derivative liability fair value		$ (5,878)	$ (4,057)
Cash flow hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities | Minimum
Derivatives, Fair Value [Line Items]
Interest Rate	[1]	3.00%
Effective Date		Jun. 24, 2013
Maturity Date		Jun. 24, 2018
Cash flow hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities | Maximum
Derivatives, Fair Value [Line Items]
Interest Rate	[1]	4.75%
Effective Date		Dec. 31, 2015
Maturity Date		Aug. 24, 2020

[1] The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015.

XML

Notes Payable And Credit Facility - Narrative (Details)	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Notes payable and credit facility, net	$ 2,066,563,000	$ 1,458,828,000
Debt instrument, weighted average years to maturity	4 years 1 month 2 days
Debt, weighted average interest rate	3.30%
Long-term debt	$ 2,077,794,000	1,465,836,000
Notes payable | Fixed rate debt
Debt Instrument [Line Items]
Notes payable and credit facility, net	896,600,000
Long-term debt	896,628,000	565,836,000
Mortgage notes payable
Debt Instrument [Line Items]
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	$ 1,600,000,000
Mortgage notes payable | Fixed rate debt | Minimum
Debt Instrument [Line Items]
Line of credit fixed interest rate	3.35%
Mortgage notes payable | Fixed rate debt | Maximum
Debt Instrument [Line Items]
Line of credit fixed interest rate	4.98%
Mortgage notes payable | Fixed rate debt, variable rate debt fixed through the use of interest rate swaps
Debt Instrument [Line Items]
Notes payable and credit facility, net	$ 107,800,000
Variable Rate Debt
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.90%
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	$ 106,800,000
Long-term debt	$ 53,500,000	0
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.80%
Line of credit, current borrowing capacity	$ 152,300,000
Line of Credit | Revolving Credit Facility | Federal funds rate plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Line of Credit | Revolving Credit Facility | One-Month LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Line of Credit | Term loan | Cash flow hedging | Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, amount of hedged item	$ 561,700,000
Line of Credit | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,127,666,000	$ 900,000,000
Line of credit, maximum borrowing capacity	1,600,000,000
Line of credit facility, covenant, minimum consolidated net worth	$ 425,000,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance	75.00%
Debt instrument, covenant, fixed charge coverage ratio	1.50
Line of Credit | JPMorgan Chase, Revolving credit facility | Minimum | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, covenant, unsecured debt service coverage ratio	175.00%
Line of Credit | JPMorgan Chase, Revolving credit facility | Maximum | Revolving Credit Facility | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Line of credit facility, covenant, leverage ratio	60.00%
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio	50.00%
Line of Credit | JPMorgan Chase, Revolving credit facility | Maximum | Revolving Credit Facility | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Line of credit facility, covenant, secured debt ratio	30.00%
Unsecured debt | JPMorgan Chase, Revolving credit facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 1,280,000,000
Long-term line of credit	1,100,000,000
Unsecured debt | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	643,333,667
Unsecured debt | JPMorgan Chase, Revolving credit facility | Term loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 636,700,000
Unsecured debt | 2013 Swapped Term Loan [Member] | Term loan | Cash flow hedging | Interest Rate Swaps
Debt Instrument [Line Items]
Debt, weighted average interest rate	3.10%
Unsecured debt | Eurodollar rate loan | Minimum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Derivative, basis spread on variable rate	1.65%
Unsecured debt | Eurodollar rate loan | Maximum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Derivative, basis spread on variable rate	2.50%
Unsecured debt | Base rate committed loans | Minimum | Base Rate
Debt Instrument [Line Items]
Derivative, basis spread on variable rate	0.65%
Unsecured debt | Base rate committed loans | Maximum | Base Rate
Debt Instrument [Line Items]
Derivative, basis spread on variable rate	1.50%
Unsecured debt | JP Morgan Chase, Swapped Revolver Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit	$ 491,000,000
Unsecured debt | JP Morgan Chase, Swapped Revolver Loan | Revolving Credit Facility | Cash flow hedging | Interest Rate Swaps
Debt Instrument [Line Items]
Debt, weighted average interest rate	3.00%
Derivative, amount of hedged item	$ 250,000,000

XML

Notes Payable And Credit Facility - Summary of Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 1,465,836
Net premiums, beginning of the period	671	[1]
Deferred costs, beginning of period	(7,679)	[2]
Total debt, net beginning of period	1,458,828
Debt Issuance and Assumptions	1,233,346	[3]
Payments of deferred costs	(6,473)	[2],[3]
Proceeds from debt, bet of issuance costs	1,226,873	[3]
Repayments	(621,388)
Amortization of premium	(81)	[1]
Amortization of deferred financing costs	2,331	[2]
Accretion and (Amortization)	2,250
Long-term debt, gross, ending balance	2,077,794
Net premiums, end of the period	590	[1]
Deferred costs, end of period	(11,821)	[2]
Total debt, net end of period	2,066,563
Notes payable | Fixed rate debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	565,836
Debt Issuance and Assumptions	346,180	[3]
Repayments	(15,388)
Long-term debt, gross, ending balance	896,628
Variable Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	0
Debt Issuance and Assumptions	53,500	[3]
Repayments	0
Long-term debt, gross, ending balance	53,500
Line of Credit | Credit facility | Revolving Credit Facility
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	900,000
Debt Issuance and Assumptions	833,666	[3]
Repayments	(606,000)
Long-term debt, gross, ending balance	$ 1,127,666

[1] Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.

[2] Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies.

[3] Includes deferred financing costs incurred during the period.

XML

Notes Payable And Credit Facility - Debt Future Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2016	$ 425
2017	491,451
2018	693,877
2019	499
2020	333,215
Thereafter	558,327
Total	$ 2,077,794	$ 1,465,836

XML

Intangible Lease Liabilities (Details) - Intangible lease liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Liabilities, Net [Abstract]
Acquired below-market leases, net of accumulated amortization	$ 53,822	$ 55,535
Amortization of intangible liabilities	7,600	6,600	$ 2,100
Accumulated amortization	$ 15,641	$ 8,807
Useful life	8 years 9 months 18 days	9 years 2 months 12 days
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2016	$ 7,731
2017	7,417
2018	7,040
2019	6,164
2020	$ 5,530

XML

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]
Distributions declared and unpaid	$ 16,568	$ 16,189	$ 10,569
Accrued other offering costs due to affiliates	0	0	4,937
Accrued capital expenditures	2,741	7,721	1,760
Common stock issued through distribution reinvestment plan	112,158	104,261	25,702
Change in fair value of interest rate swaps	(1,302)	(1,805)	(2,252)
Contingent consideration recorded upon property acquisitions	2,880	5,342	553
Fair value of notes payable assumed in real estate acquisition	15,233	25,979	0
Supplemental Cash Flow Disclosures:
Interest paid	$ 54,388	$ 31,159	$ 17,474

XML

Commitments and Contingencies (Details) - Capital addition purchase commitments $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) property
Unrecorded Unconditional Purchase Obligation [Line Items]
Ownership interest acquired	100.00%
Number of businesses acquired (property) | property	5
Aggregate purchase price	$ 32.0
Escrow deposit, property acquisition	$ 1.0

XML

Related-Party Transactions and Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due to affiliates	$ 5,613,000	$ 5,473,000
Due from affiliates	$ 47,000	470,000
Dealer manager commission | Selling commissions | Maximum
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%
Dealer manager commission reallowed | Selling commissions reallowed by CCC
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	100.00%
Dealer manager | Dealer manager fees
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%
Advisors
Related Party Transaction [Line Items]
Due to affiliates	$ 5,600,000	5,500,000
Cumulative noncompounded annual return	8.00%
Advisors | Listing commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%
Advisors | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.75%
Advisors | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.70%
Advisors | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.65%
Advisors | Maximum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 2,000,000,000.0
Advisors | Maximum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000
Advisors | Minimum
Related Party Transaction [Line Items]
Operating expense reimbursement percent	2.00%
Operating expense reimbursement percent of net income	25.00%
Advisors | Minimum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 0
Advisors | Minimum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Advisors | Minimum | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000.0
Advisors | Selling commissions
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	55,921,000	$ 122,082,000
Advisors | Selling commissions reallowed by CCC
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	55,921,000	122,082,000
Advisors | Dealer manager fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	16,780,000	35,685,000
Advisors | Dealer manager fees reallowed by CCC
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	9,326,000	20,183,000
Advisors | Other offering costs
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	7,277,000	36,179,000
Advisors | Other offering costs | Maximum
Related Party Transaction [Line Items]
Organization and offering expense	2.00%
Advisors | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 13,311,000	38,483,000	35,109,000
Advisors | Acquisition fees and expenses | Maximum
Related Party Transaction [Line Items]
Acquisition and advisory fee	6.00%
Advisors | Acquisition fees and expenses | Maximum | Contract purchase price of each asset
Related Party Transaction [Line Items]
Acquisition and advisory fee	2.00%
Advisors | Advisory fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 36,225,000	24,152,000	10,549,000
Advisors | Operating expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	4,568,000	3,383,000	2,905,000
Advisors | Acquisitions and Operations Costs
Related Party Transaction [Line Items]
Due to affiliates	$ 5,600,000	$ 5,500,000	$ 2,600,000
Advisors | Property sales commission | Contract sale price of each property
Related Party Transaction [Line Items]
Commissions performance and other fees percent	1.00%
Advisors | Property portfolio | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%
Advisors | Performance fee
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%

XML

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 24, 2016	Aug. 11, 2010	Mar. 24, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 01, 2016	Aug. 31, 2015	Feb. 18, 2014	Dec. 19, 2013
Equity, Class of Treasury Stock [Line Items]
Common stock shares registered dividend reinvestment plan (shares)					26,000,000	26,000,000.0
Common stock, par value (USD per share)					$ 0.01	$ 0.01
Common stock, shares authorized (shares)					490,000,000	490,000,000	490,000,000
Preferred stock, shares authorized (shares)					10,000,000	10,000,000	10,000,000
Share price (USD per share)					$ 10.00				$ 9.70	$ 10
Common stock issued through distribution reinvestment plan					$ 112,158	$ 104,261	$ 25,702
Stock repurchase program, required holding period					1 year
Stock redemption program, redemption price per share, percentage of amount paid per share, after one year					95.00%
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after two year					97.50%
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after three year					100.00%
Stock repurchase program, termination notice period					30 days
Stock repurchased and retired during period, shares					4,600,000	1,100,000	123,000
Redemptions of common stock							$ 1,182
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution					365 days
Common stock, dividends, daily amount per share authorized (USD per share)					$ 0.001712523
Dividends, yield					6.25%
Distributions payable					$ 16,568	$ 16,189	$ 10,569
Maximum
Equity, Class of Treasury Stock [Line Items]
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding					5.00%
Stock redemption program, redemption priority, shares					250
Distribution reinvestment plan
Equity, Class of Treasury Stock [Line Items]
Common stock shares registered dividend reinvestment plan (shares)											26,000,000
Share price (USD per share)									$ 9.70
Dividend reinvestment plan, reinvestment share price					$ 9.70
Dividend reinvestment plan, termination notice period					10 days
Shares issued pursuant to a distribution reinvestment plan (in shares)					11,700,000	11,000,000	2,700,000
Common stock issued through distribution reinvestment plan					$ 112,200	$ 104,300	$ 25,700
Redemptions of common stock					$ 44,200	$ 10,600	$ 1,200
Distribution reinvestment plan | Maximum
Equity, Class of Treasury Stock [Line Items]
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding					1.25%
Common Stock
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock (shares)		20,000			11,745,917	95,036,480	181,205,760
Share price (USD per share)		$ 10.00
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock (shares)	23,400,000
Share price (USD per share)								$ 9.7
Redemptions of common stock			$ 27,600
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution				366 days
Common stock, dividends, daily amount per share authorized (USD per share)				$ 0.0017067760
Dividends, yield				6.44%

XML

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Ordinary dividends	58.00%	47.00%	60.00%
Nontaxable distributions	42.00%	53.00%	40.00%
Total	100.00%	100.00%	100.00%
State and local income tax and franchise tax expense (benefit), continuing operations	$ 2,200,000	$ 1,300,000	$ 473,000
Unrecognized tax benefits	$ 0	$ 0

XML

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Leases [Abstract]
Operating leases of lessor, weighted average remaining lease term	10 years 10 months 20 days
2016	$ 334,619
2017	330,130
2018	320,445
2019	304,506
2020	295,446
Thereafter	2,238,323
Total future minimum rental income	$ 3,823,469

XML

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 97,052		$ 94,188		$ 90,528		$ 85,963		$ 83,279		$ 64,591		$ 56,861		$ 51,551		$ 367,731	$ 256,282	$ 102,557
Acquisition-related expenses	3,741		2,518		3,882		5,385		12,008		21,009		10,113		8,633		15,526	51,763	48,286
Operating income	29,247		34,696		31,862		28,395		20,378		3,698		10,790		10,564		124,200	45,430	(10,696)
Net income (loss)	13,117		18,485		17,293		15,998		9,181		(4,147)		3,190		2,946		64,893	11,170	(32,880)
Net income (loss) attributable to the Company	$ 13,079		$ 18,452		$ 17,225		$ 16,015		$ 9,196		$ (4,156)		$ 3,204		$ 2,946		$ 64,771	$ 11,190	$ (32,880)
Basic and diluted net income (loss) per common share (USD per share)	$ 0.04	[1]	$ 0.06	[1]	$ 0.06	[1]	$ 0.05	[1]	$ 0.03	[2]	$ (0.01)	[2]	$ 0.01	[2]	$ 0.01	[2]	$ 0.21	$ 0.04	$ (0.36)
Distributions declared per common share (USD per share)	$ 0.16	[1]	$ 0.16	[1]	$ 0.16	[1]	$ 0.15	[1]	$ 0.16	[2]	$ 0.16	[2]	$ 0.16	[2]	$ 0.15	[2]

[1] The Company calculates net income per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

[2] The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

XML

Subsequent Events - (Details) $ / shares in Units, shares in Millions		3 Months Ended									12 Months Ended
	Mar. 24, 2016 USD ($) shares	Mar. 24, 2016 USD ($) property $ / shares shares	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Mar. 14, 2016 USD ($)
Subsequent Event
Issuance of common stock											$ 112,158,000	$ 941,930,000	$ 1,807,820,000
Redemptions of common stock													1,182,000
Debt, weighted average interest rate			3.30%								3.30%
Acquisition-related expenses			$ 3,741,000	$ 2,518,000	$ 3,882,000	$ 5,385,000	$ 12,008,000	$ 21,009,000	$ 10,113,000	$ 8,633,000	$ 15,526,000	$ 51,763,000	$ 48,286,000
Line of Credit | Revolving Credit Facility
Subsequent Event
Debt, weighted average interest rate			2.80%								2.80%
Line of Credit | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility
Subsequent Event
Line of credit, maximum borrowing capacity			$ 1,600,000,000								$ 1,600,000,000
Unsecured debt | JPMorgan Chase, Revolving credit facility
Subsequent Event
Line of credit, maximum borrowing capacity			1,280,000,000								1,280,000,000
Unsecured debt | JPMorgan Chase, Revolving credit facility | Term loan
Subsequent Event
Line of credit, maximum borrowing capacity			636,700,000								636,700,000
Unsecured debt | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility
Subsequent Event
Line of credit, maximum borrowing capacity			$ 643,333,667								$ 643,333,667
Subsequent Event
Subsequent Event
Issuance of common stock (shares) | shares	23.4
Issuance of common stock	$ 223,500,000
Redemptions of cancellations common stock (shares) | shares		2.9
Redemptions of common stock		$ 27,600,000
Common stock average redemption price per share | $ / shares		$ 9.59
Number of businesses acquired (property) | property		7
Aggregate purchase price		$ 56,900,000
Acquisition-related expenses		1,600,000
Subsequent Event | Line of Credit | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility
Subsequent Event
Notes payable and credit facility, net	1,100,000,000	1,100,000,000
Available borrowing capacity	175,300,000	175,300,000
Subsequent Event | Notes payable
Subsequent Event
Debt instrument, face amount	$ 67,500,000	$ 67,500,000
Derivative, amount of hedged item														$ 38,500,000
Debt, weighted average interest rate	3.70%	3.70%												3.60%

XML

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	$ 3,590,939	$ 1,960,708	$ 464,539
Additions
Acquisitions	532,454	1,613,201	1,494,171
Improvements	64,458	18,967	1,998
Total additions	596,912	1,632,168	1,496,169
Deductions
Cost of real estate sold	1,086	1,937	0
Adjustment to basis	0	0	0
Other (including provisions for impairment of real estate assets)	1,160	0	0
Total deductions	2,246	1,937	0
Balance, end of period	4,185,605	3,590,939	1,960,708
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	78,186	23,377	1,743
Additions
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired	80,373	54,656	21,624
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment	303	153	10
Total additions	80,676	54,809	21,634
Deductions
Cost of real estate sold	0	0	0
Other (including provisions for impairment of real estate assets)	57	0	0
Total deductions	57	0	0
Balance, end of period	$ 158,805	$ 78,186	$ 23,377
Number of single-tenant freestanding retail properties, owned | property	782
Number of multi-tenant retail properties, owned | property	89
Property, plant and equipment, land and real estate assets, net tax basis	$ 4,200,000
Building
Deductions
Acquired real estate asset, useful life	40 years
Unsecured debt | JPMorgan Chase, Revolving credit facility
Deductions
Long-term line of credit	$ 1,100,000

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
24 Hour Fitness: | Beaverton, OR
Real Estate and Accumulated Depreciation [Line Items]
Land	2,609
Buildings and Improvements	9,974
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,583
Accumulated Depreciation	322
24 Hour Fitness: | Fort Worth, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,519
Buildings and Improvements	7,449
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,968
Accumulated Depreciation	451
Aaron's Rents: | Hillsboro , OH
Real Estate and Accumulated Depreciation [Line Items]
Land	279
Buildings and Improvements	829
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,108
Accumulated Depreciation	64
Aaron's Rents: | Mountain Home, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	183
Buildings and Improvements	872
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,055
Accumulated Depreciation	6
Aaron's Rents: | Wilmington, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	249
Buildings and Improvements	1,134
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,383
Accumulated Depreciation	30
Academy Sports: | Clarksville, TN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,811
Buildings and Improvements	6,603
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,414
Accumulated Depreciation	276
Academy Sports: | Cookeville, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	0
Buildings and Improvements	23,847
Total Adjustment to Basis	73,329
Gross Amount at Which Carried At December 31, 2015	97,176
Accumulated Depreciation	290
Academy Sports: | Douglasville, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,360
Buildings and Improvements	8,593
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,953
Accumulated Depreciation	355
Academy Sports: | Flowood, MS
Real Estate and Accumulated Depreciation [Line Items]
Land	1,534
Buildings and Improvements	7,864
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,398
Accumulated Depreciation	348
Academy Sports: | McDonough, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,846
Buildings and Improvements	5,626
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,472
Accumulated Depreciation	267
Academy Sports: | Valdosta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,838
Land	2,482
Buildings and Improvements	5,922
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,404
Accumulated Depreciation	462
Advance Auto: | Corydon, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	190
Buildings and Improvements	1,219
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,409
Accumulated Depreciation	107
Advance Auto: | Dearborn Heights, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	385
Buildings and Improvements	1,090
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,475
Accumulated Depreciation	65
Advance Auto: | Decatur, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	606
Buildings and Improvements	1,053
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,659
Accumulated Depreciation	59
Advance Auto: | Lake Geneva, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,062
Land	381
Buildings and Improvements	1,181
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,562
Accumulated Depreciation	89
Advance Auto: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	387
Buildings and Improvements	1,000
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,387
Accumulated Depreciation	15
Advance Auto: | Mattoon, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	261
Buildings and Improvements	1,063
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,324
Accumulated Depreciation	1
Advance Auto: | Mt. Pleasant, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	122
Buildings and Improvements	1,069
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,191
Accumulated Depreciation	55
Advance Auto: | North Ridgeville, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	218
Buildings and Improvements	1,284
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,502
Accumulated Depreciation	121
Advance Auto: | Rutherfordton, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	220
Buildings and Improvements	944
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,164
Accumulated Depreciation	55
Advance Auto: | Starkville, MS
Real Estate and Accumulated Depreciation [Line Items]
Land	447
Buildings and Improvements	756
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,203
Accumulated Depreciation	76
Advance Auto: | Willmar, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	200
Buildings and Improvements	1,279
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,479
Accumulated Depreciation	26
Albany Square: | Albany, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,606
Buildings and Improvements	7,113
Total Adjustment to Basis	300
Gross Amount at Which Carried At December 31, 2015	9,019
Accumulated Depreciation	454
Almeda Crossing: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	4,738
Buildings and Improvements	26,245
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	30,983
Accumulated Depreciation	990
Amazon: | Lebanon, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,000
Land	1,934
Buildings and Improvements	56,286
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	58,220
Accumulated Depreciation	1,816
Applebee's | Greenville, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	672
Buildings and Improvements	1,737
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,409
Accumulated Depreciation	67
Applebee's | Lithonia, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,234
Buildings and Improvements	2,613
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,847
Accumulated Depreciation	117
Applebee's | Savannah, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	818
Buildings and Improvements	1,686
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,504
Accumulated Depreciation	72
AutoZone: | Philipburg, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	152
Buildings and Improvements	1,304
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,456
Accumulated Depreciation	120
AutoZone: | Poughkeepsie, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	699
Buildings and Improvements	1,356
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,055
Accumulated Depreciation	14
AutoZone: | Sheffield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	815
Buildings and Improvements	0
Total Adjustment to Basis	785
Gross Amount at Which Carried At December 31, 2015	1,600
Accumulated Depreciation	0
Bass Pro Shops | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	945
Buildings and Improvements	5,713
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,658
Accumulated Depreciation	383
Beavercreek Shopping Center: | Beavercreek, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,200
Land	5,504
Buildings and Improvements	25,178
Total Adjustment to Basis	537
Gross Amount at Which Carried At December 31, 2015	31,219
Accumulated Depreciation	1,558
Bed Bath & Beyond/Golf Smith: | Schaumburg, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,786
Buildings and Improvements	6,149
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	10,935
Accumulated Depreciation	593
Benihana: | Golden Valley, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,510
Buildings and Improvements	2,934
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,444
Accumulated Depreciation	257
Benihana: | Lauderdale by the Sea, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,181
Buildings and Improvements	2,014
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,195
Accumulated Depreciation	181
Benihana: | Lombard, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,390
Buildings and Improvements	2,343
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,733
Accumulated Depreciation	245
Benihana: | Woodlands, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,151
Buildings and Improvements	968
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,119
Accumulated Depreciation	88
Big Lots: | San Angelo, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,043
Buildings and Improvements	1,947
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,990
Accumulated Depreciation	234
Big Lots: | Waco, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,069
Buildings and Improvements	1,326
Total Adjustment to Basis	56
Gross Amount at Which Carried At December 31, 2015	2,451
Accumulated Depreciation	172
Biolife Plasma Services: | Bellingham, WA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,397
Buildings and Improvements	6,264
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,661
Accumulated Depreciation	207
Biolife Plasma Services: | Grandville, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	959
Buildings and Improvements	4,791
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,750
Accumulated Depreciation	146
Biolife Plasma Services: | Loveland, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	651
Buildings and Improvements	5,645
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,296
Accumulated Depreciation	169
Biolife Plasma Services: | Bloomington, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	696
Buildings and Improvements	3,900
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,596
Accumulated Depreciation	157
Biolife Plasma Services: | Fort Wayne, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	660
Buildings and Improvements	3,749
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,409
Accumulated Depreciation	151
Biolife Plasma Services: | St. Cloud, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	889
Buildings and Improvements	3,633
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,522
Accumulated Depreciation	161
Biolife Plasma Services: | St. George, UT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,195
Buildings and Improvements	5,561
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,756
Accumulated Depreciation	118
Biolife Plasma Services: | Waterloo, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	489
Buildings and Improvements	3,380
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,869
Accumulated Depreciation	152
Biolife Plasma Services: | West Fargo, ND
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,379
Buildings and Improvements	5,052
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,431
Accumulated Depreciation	113
Bojangles: | Pelham, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	219
Buildings and Improvements	1,216
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,435
Accumulated Depreciation	51
Boston Commons: | Springfield, MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,400
Land	3,101
Buildings and Improvements	7,042
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	10,143
Accumulated Depreciation	283
Bottom Dollar Grocery: | Ambridge, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	519
Buildings and Improvements	2,985
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,504
Accumulated Depreciation	163
Brownsville Plaza: | Baldwin, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	627
Buildings and Improvements	2,702
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,329
Accumulated Depreciation	150
Bryan Crossing: | Kodak, TN
Real Estate and Accumulated Depreciation [Line Items]
Land	863
Buildings and Improvements	6,523
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,386
Accumulated Depreciation	231
Buffalo Wild Wings: | Idaho Falls, ID
Real Estate and Accumulated Depreciation [Line Items]
Land	712
Buildings and Improvements	1,336
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,048
Accumulated Depreciation	49
Buffalo Wild Wings: | Warrenville, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,208
Buildings and Improvements	1,420
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,628
Accumulated Depreciation	132
Buffalo Wild Wings: | Woodridge, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,139
Buildings and Improvements	1,484
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,623
Accumulated Depreciation	137
Caliber Collision Center: | Frisco, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,484
Buildings and Improvements	2,038
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,522
Accumulated Depreciation	76
Caliber Collision Center: | Las Cruces, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	673
Buildings and Improvements	1,949
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,622
Accumulated Depreciation	88
Caliber Collision Center: | Midwest City, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	259
Buildings and Improvements	1,165
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,424
Accumulated Depreciation	57
Caliber Collision Center: | Denver, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	855
Buildings and Improvements	658
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,513
Accumulated Depreciation	26
Caliber Collision Center: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	622
Buildings and Improvements	832
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,454
Accumulated Depreciation	33
Caliber Collision Center: | Wylie, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	816
Buildings and Improvements	2,690
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,506
Accumulated Depreciation	68
Canton Marketplace: | Canton, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,000
Land	8,310
Buildings and Improvements	48,667
Total Adjustment to Basis	857
Gross Amount at Which Carried At December 31, 2015	57,834
Accumulated Depreciation	4,452
Carlisle Crossing: | Carlisle, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	4,491
Buildings and Improvements	15,817
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	20,308
Accumulated Depreciation	724
Canarsie Plaza: | Brooklyn, NY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	75,000
Land	37,970
Buildings and Improvements	71,267
Total Adjustment to Basis	790
Gross Amount at Which Carried At December 31, 2015	110,027
Accumulated Depreciation	5,507
Century Plaza: | Orlando, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,094
Buildings and Improvements	6,178
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,272
Accumulated Depreciation	359
Chase: | Hanover Township, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	2,192
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,192
Accumulated Depreciation	0
Chestnut Square: | Brevard, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,727
Land	425
Buildings and Improvements	5,037
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,462
Accumulated Depreciation	354
Chili's: | Forest City, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	233
Buildings and Improvements	1,936
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,169
Accumulated Depreciation	63
Coosa Town Center: | Gadsden, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,246
Buildings and Improvements	7,799
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,045
Accumulated Depreciation	476
Cost Plus World Market: | Kansas City, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	1,378
Buildings and Improvements	2,396
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,774
Accumulated Depreciation	272
Costco: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,146
Land	9,497
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,497
Accumulated Depreciation	0
Cottonwood Commons: | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,250
Land	4,986
Buildings and Improvements	28,881
Total Adjustment to Basis	84
Gross Amount at Which Carried At December 31, 2015	33,951
Accumulated Depreciation	1,877
Coventry Crossing: | Coventry , RI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,000
Land	3,462
Buildings and Improvements	5,899
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,361
Accumulated Depreciation	389
Crosspoint: | Hagerstown, MD
Real Estate and Accumulated Depreciation [Line Items]
Land	12,285
Buildings and Improvements	14,359
Total Adjustment to Basis	(1,086)
Gross Amount at Which Carried At December 31, 2015	25,558
Accumulated Depreciation	621
Crossroads Annex: | Lafayette, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,659
Buildings and Improvements	7,091
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,750
Accumulated Depreciation	415
Crossroads Commons: | Plover, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	1,000
Buildings and Improvements	4,515
Total Adjustment to Basis	75
Gross Amount at Which Carried At December 31, 2015	5,590
Accumulated Depreciation	308
CVS: | Hanover Township, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	4,746
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,746
Accumulated Depreciation	0
CVS: | Arnold, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	2,043
Buildings and Improvements	2,367
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,410
Accumulated Depreciation	124
CVS: | Asheville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,108
Buildings and Improvements	1,084
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,192
Accumulated Depreciation	106
CVS: | Austin, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,076
Buildings and Improvements	3,475
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,551
Accumulated Depreciation	181
CVS: | Bainbridge, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	444
Buildings and Improvements	1,682
Total Adjustment to Basis	47
Gross Amount at Which Carried At December 31, 2015	2,173
Accumulated Depreciation	157
CVS: | Bloomington, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,620
Buildings and Improvements	2,957
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,577
Accumulated Depreciation	155
CVS: | Blue Springs, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	395
Buildings and Improvements	2,722
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,117
Accumulated Depreciation	143
CVS: | Bridgeton, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	2,056
Buildings and Improvements	2,362
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,418
Accumulated Depreciation	124
CVS: | Cartersville, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,547
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,547
Accumulated Depreciation	0
CVS: | Charleston, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	869
Buildings and Improvements	1,009
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,878
Accumulated Depreciation	99
CVS: | Chesapeake, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,044
Buildings and Improvements	3,053
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,097
Accumulated Depreciation	164
CVS: | Chicago, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,832
Buildings and Improvements	4,255
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,087
Accumulated Depreciation	297
CVS: | Cicero, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	487
Buildings and Improvements	3,099
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,586
Accumulated Depreciation	163
CVS: | Corpus Christi, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	648
Buildings and Improvements	2,557
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,205
Accumulated Depreciation	241
CVS: | Danville, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	424
Buildings and Improvements	2,105
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,529
Accumulated Depreciation	83
CVS: | Eminence, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	872
Buildings and Improvements	2,511
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,383
Accumulated Depreciation	130
CVS: | Florence, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,735
Land	1,030
Buildings and Improvements	1,446
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,476
Accumulated Depreciation	105
CVS: | Goose Creek, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,022
Buildings and Improvements	1,980
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,002
Accumulated Depreciation	103
CVS: | Greenwood, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	912
Buildings and Improvements	3,549
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,461
Accumulated Depreciation	220
CVS: | Hazlet, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	3,047
Buildings and Improvements	3,610
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,657
Accumulated Depreciation	189
CVS: | Honesdale, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,206
Buildings and Improvements	3,342
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,548
Accumulated Depreciation	180
CVS: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	359
Buildings and Improvements	2,242
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,601
Accumulated Depreciation	$ 118

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 2 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
CVS: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,110
Buildings and Improvements	2,484
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,594
Accumulated Depreciation	130
CVS: | Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	745
Buildings and Improvements	3,034
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,779
Accumulated Depreciation	250
CVS: | Jacksonville, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,182
Buildings and Improvements	3,817
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,999
Accumulated Depreciation	143
CVS: | Janesville, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	736
Buildings and Improvements	2,545
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,281
Accumulated Depreciation	133
CVS: | Katy, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,149
Buildings and Improvements	2,462
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,611
Accumulated Depreciation	126
CVS: | Lincoln, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	2,534
Buildings and Improvements	3,014
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,548
Accumulated Depreciation	158
CVS: | London, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	1,445
Buildings and Improvements	2,661
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,106
Accumulated Depreciation	157
CVS: | Middletown, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	665
Buildings and Improvements	5,483
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,148
Accumulated Depreciation	284
CVS: | North Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	332
Buildings and Improvements	2,369
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,701
Accumulated Depreciation	132
CVS: | Poplar Bluff, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	1,861
Buildings and Improvements	2,211
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,072
Accumulated Depreciation	117
CVS: | Salem, NH
Real Estate and Accumulated Depreciation [Line Items]
Land	3,456
Buildings and Improvements	2,351
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,807
Accumulated Depreciation	126
CVS: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,893
Buildings and Improvements	1,848
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,741
Accumulated Depreciation	98
CVS: | Sand Springs, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	1,765
Buildings and Improvements	2,283
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,048
Accumulated Depreciation	121
CVS: | Santa Fe, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	2,243
Buildings and Improvements	4,619
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,862
Accumulated Depreciation	239
CVS: | Sedalia, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	466
Buildings and Improvements	2,318
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,784
Accumulated Depreciation	122
CVS: | St. John, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	1,546
Buildings and Improvements	2,601
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,147
Accumulated Depreciation	136
CVS: | Temple Hills, MD
Real Estate and Accumulated Depreciation [Line Items]
Land	1,817
Buildings and Improvements	2,989
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,806
Accumulated Depreciation	173
CVS: | Vineland, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	813
Buildings and Improvements	2,926
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,739
Accumulated Depreciation	158
CVS: | Waynesboro, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	986
Buildings and Improvements	2,708
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,694
Accumulated Depreciation	142
CVS: | West Monroe, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,738
Buildings and Improvements	2,136
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,874
Accumulated Depreciation	113
Darien Towne Center: | Darien, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,200
Land	6,718
Buildings and Improvements	11,951
Total Adjustment to Basis	900
Gross Amount at Which Carried At December 31, 2015	19,569
Accumulated Depreciation	892
DaVita: | Riverview, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	199
Buildings and Improvements	2,322
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,521
Accumulated Depreciation	95
Decatur Commons: | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,000
Land	2,478
Buildings and Improvements	9,333
Total Adjustment to Basis	470
Gross Amount at Which Carried At December 31, 2015	12,281
Accumulated Depreciation	621
Deltona Commons: | Deltona, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,767
Land	1,424
Buildings and Improvements	7,760
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,184
Accumulated Depreciation	512
Dick’s Sporting Goods: | Oklahoma City (3rd), OK
Real Estate and Accumulated Depreciation [Line Items]
Land	1,198
Buildings and Improvements	7,838
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,036
Accumulated Depreciation	681
Dick’s Sporting Goods: | Oklahoma City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,858
Land	685
Buildings and Improvements	10,587
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,272
Accumulated Depreciation	897
Dollar General: | Abbeville, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	294
Buildings and Improvements	1,302
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,596
Accumulated Depreciation	43
Dollar General: | Akron, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	69
Buildings and Improvements	771
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	840
Accumulated Depreciation	50
Dollar General: | Akron, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	112
Buildings and Improvements	1,099
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,211
Accumulated Depreciation	66
Dollar General: | Alliance, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	97
Buildings and Improvements	812
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	909
Accumulated Depreciation	64
Dollar General: | Alton, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	94
Buildings and Improvements	922
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,016
Accumulated Depreciation	32
Dollar General: | Arapahoe, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	44
Buildings and Improvements	873
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	917
Accumulated Depreciation	31
Dollar General: | Asheville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	379
Buildings and Improvements	753
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,132
Accumulated Depreciation	57
Dollar General: | Ashville, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	666
Land	255
Buildings and Improvements	678
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	933
Accumulated Depreciation	62
Dollar General: | Atmore, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	243
Buildings and Improvements	858
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,101
Accumulated Depreciation	43
Dollar General: | Bainbridge, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	106
Buildings and Improvements	1,175
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,281
Accumulated Depreciation	79
Dollar General: | Belle, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	51
Buildings and Improvements	880
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	931
Accumulated Depreciation	31
Dollar General: | Berry, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	104
Buildings and Improvements	1,196
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,300
Accumulated Depreciation	42
Dollar General: | Bessemer, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	142
Buildings and Improvements	941
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,083
Accumulated Depreciation	58
Dollar General: | Bloomfield, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	50
Buildings and Improvements	845
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	895
Accumulated Depreciation	24
Dollar General: | Blue Rapids, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	52
Buildings and Improvements	880
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	932
Accumulated Depreciation	29
Dollar General: | Bluefield, WV
Real Estate and Accumulated Depreciation [Line Items]
Land	337
Buildings and Improvements	686
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,023
Accumulated Depreciation	22
Dollar General: | Bokchito, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	59
Buildings and Improvements	859
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	918
Accumulated Depreciation	72
Dollar General: | Botkins, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	130
Buildings and Improvements	991
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,121
Accumulated Depreciation	65
Dollar General: | Brandon, SD
Real Estate and Accumulated Depreciation [Line Items]
Land	292
Buildings and Improvements	871
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,163
Accumulated Depreciation	29
Dollar General: | Breaux Bridge, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	840
Land	225
Buildings and Improvements	1,007
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,232
Accumulated Depreciation	85
Dollar General: | Broken Bow, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	91
Buildings and Improvements	878
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	969
Accumulated Depreciation	48
Dollar General: | Brownsville, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	822
Land	264
Buildings and Improvements	943
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,207
Accumulated Depreciation	75
Dollar General: | Buffalo, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	122
Buildings and Improvements	1,099
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,221
Accumulated Depreciation	30
Dollar General: | Clay, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	792
Land	305
Buildings and Improvements	768
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,073
Accumulated Depreciation	66
Dollar General: | Cleveland, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	684
Land	158
Buildings and Improvements	856
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,014
Accumulated Depreciation	68
Dollar General: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	279
Buildings and Improvements	1,248
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,527
Accumulated Depreciation	75
Dollar General: | Conroe, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	756
Land	167
Buildings and Improvements	946
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,113
Accumulated Depreciation	74
Dollar General: | Crystal Springs, MS
Real Estate and Accumulated Depreciation [Line Items]
Land	463
Buildings and Improvements	3,027
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,490
Accumulated Depreciation	110
Dollar General: | Cullman, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	159
Buildings and Improvements	824
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	983
Accumulated Depreciation	31
Dollar General: | Decatur, IL (Taylorville)
Real Estate and Accumulated Depreciation [Line Items]
Land	133
Buildings and Improvements	986
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,119
Accumulated Depreciation	40
Dollar General: | Decatur, IL (Eldorado)
Real Estate and Accumulated Depreciation [Line Items]
Land	219
Buildings and Improvements	964
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,183
Accumulated Depreciation	33
Dollar General: | Delcambre, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	169
Buildings and Improvements	1,025
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,194
Accumulated Depreciation	63
Dollar General: | Delhi, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	301
Buildings and Improvements	1,033
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,334
Accumulated Depreciation	65
Dollar General: | Deridder (Hwy 26), LA
Real Estate and Accumulated Depreciation [Line Items]
Land	135
Buildings and Improvements	923
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,058
Accumulated Depreciation	57
Dollar General: | Deridder (Hwy 190), LA
Real Estate and Accumulated Depreciation [Line Items]
Land	176
Buildings and Improvements	905
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,081
Accumulated Depreciation	58
Dollar General: | Des Moines, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	166
Buildings and Improvements	943
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,109
Accumulated Depreciation	60
Dollar General: | Dora, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	124
Buildings and Improvements	935
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,059
Accumulated Depreciation	32
Dollar General: | Dundee, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	296
Buildings and Improvements	1,047
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,343
Accumulated Depreciation	57
Dollar General: | Edinburg, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	146
Buildings and Improvements	809
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	955
Accumulated Depreciation	32
Dollar General: | Eight Mile, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	110
Buildings and Improvements	865
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	975
Accumulated Depreciation	36
Dollar General: | Elk Point, SD
Real Estate and Accumulated Depreciation [Line Items]
Land	97
Buildings and Improvements	839
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	936
Accumulated Depreciation	30
Dollar General: | Ellerslie, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	247
Buildings and Improvements	797
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,044
Accumulated Depreciation	37
Dollar General: | Eufaula, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	300
Buildings and Improvements	930
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,230
Accumulated Depreciation	37
Dollar General: | Farmington, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	175
Buildings and Improvements	919
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,094
Accumulated Depreciation	32
Dollar General: | Fort Valley, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	514
Buildings and Improvements	2,436
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,950
Accumulated Depreciation	172
Dollar General: | Fred, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	93
Buildings and Improvements	929
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,022
Accumulated Depreciation	51
Dollar General: | Fruitport, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	100
Buildings and Improvements	968
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,068
Accumulated Depreciation	38
Dollar General: | Geneva, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	738
Land	204
Buildings and Improvements	815
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,019
Accumulated Depreciation	74
Dollar General: | Geraldine, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	220
Buildings and Improvements	1,146
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,366
Accumulated Depreciation	51
Dollar General: | Greenwell Springs, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	870
Land	444
Buildings and Improvements	841
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,285
Accumulated Depreciation	72
Dollar General: | Groveport, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	822
Land	416
Buildings and Improvements	813
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,229
Accumulated Depreciation	66
Dollar General: | Hamilton, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	208
Buildings and Improvements	1,024
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,232
Accumulated Depreciation	33
Dollar General: | Hanceville, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,029
Land	1,232
Buildings and Improvements	1,488
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,720
Accumulated Depreciation	143
Dollar General: | Harlingen, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	144
Buildings and Improvements	853
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	997
Accumulated Depreciation	36
Dollar General: | Harvest, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	684
Land	261
Buildings and Improvements	691
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	952
Accumulated Depreciation	63
Dollar General: | Harviell, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	50
Buildings and Improvements	818
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	868
Accumulated Depreciation	40
Dollar General: | Hastings, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	177
Buildings and Improvements	850
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,027
Accumulated Depreciation	28
Dollar General: | Hayneville, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	249
Buildings and Improvements	1,181
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,430
Accumulated Depreciation	44
Dollar General: | Hillsboro, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	262
Buildings and Improvements	956
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,218
Accumulated Depreciation	32
Dollar General: | Hinton, WV
Real Estate and Accumulated Depreciation [Line Items]
Land	199
Buildings and Improvements	1,367
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,566
Accumulated Depreciation	48
Dollar General: | Homeworth, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	110
Buildings and Improvements	1,057
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,167
Accumulated Depreciation	60
Dollar General: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	966
Land	311
Buildings and Improvements	1,102
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,413
Accumulated Depreciation	86
Dollar General: | Houston (Gears), TX
Real Estate and Accumulated Depreciation [Line Items]
Land	255
Buildings and Improvements	1,393
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,648
Accumulated Depreciation	79
Dollar General: | Huntsville, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	768
Land	177
Buildings and Improvements	847
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,024
Accumulated Depreciation	76
Dollar General: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	828
Land	170
Buildings and Improvements	1,072
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,242
Accumulated Depreciation	88
Dollar General: | Kansas City (Oak), MO
Real Estate and Accumulated Depreciation [Line Items]
Land	283
Buildings and Improvements	1,068
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,351
Accumulated Depreciation	63
Dollar General: | Kansas City (Troost), MO
Real Estate and Accumulated Depreciation [Line Items]
Land	233
Buildings and Improvements	1,054
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,287
Accumulated Depreciation	60
Dollar General: | Kasson, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	138
Buildings and Improvements	888
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,026
Accumulated Depreciation	35
Dollar General: | Kearney, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	141
Buildings and Improvements	851
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	992
Accumulated Depreciation	49
Dollar General: | Kinston, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	642
Land	170
Buildings and Improvements	718
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	888
Accumulated Depreciation	66
Dollar General: | Kolona, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	81
Buildings and Improvements	868
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	949
Accumulated Depreciation	32
Dollar General: | Lake Charles (Broad), LA
Real Estate and Accumulated Depreciation [Line Items]
Land	146
Buildings and Improvements	989
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,135
Accumulated Depreciation	63
Dollar General: | Lamesa, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	75
Buildings and Improvements	803
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	878
Accumulated Depreciation	32
Dollar General: | Lansing, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	232
Buildings and Improvements	939
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,171
Accumulated Depreciation	37
Dollar General: | Lebanon, TN
Real Estate and Accumulated Depreciation [Line Items]
Land	177
Buildings and Improvements	882
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,059
Accumulated Depreciation	35
Dollar General: | Leicester, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	134
Buildings and Improvements	800
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	934
Accumulated Depreciation	56
Dollar General: | Lima, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	810
Land	156
Buildings and Improvements	1,040
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,196
Accumulated Depreciation	84
Dollar General: | Linden, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	317
Buildings and Improvements	746
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,063
Accumulated Depreciation	51
Dollar General: | Lone Jack, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	152
Buildings and Improvements	960
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,112
Accumulated Depreciation	42
Dollar General: | Los Fresnos, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	55
Buildings and Improvements	867
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	922
Accumulated Depreciation	30
Dollar General: | Los Lunas, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	113
Buildings and Improvements	857
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	970
Accumulated Depreciation	38
Dollar General: | Louisburg, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	324
Buildings and Improvements	936
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,260
Accumulated Depreciation	39
Dollar General: | Loveland, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	241
Buildings and Improvements	1,065
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,306
Accumulated Depreciation	63
Dollar General: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	744
Land	468
Buildings and Improvements	641
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,109
Accumulated Depreciation	54
Dollar General: | Manhattan, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	194
Buildings and Improvements	921
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,115
Accumulated Depreciation	53
Dollar General: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	72
Buildings and Improvements	1,226
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,298
Accumulated Depreciation	64
Dollar General: | Maple Lake, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	92
Buildings and Improvements	893
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	985
Accumulated Depreciation	31
Dollar General: | Maynardville, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	750
Land	238
Buildings and Improvements	754
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	992
Accumulated Depreciation	71
Dollar General: | Millbrook, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	320
Buildings and Improvements	1,175
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,495
Accumulated Depreciation	46
Dollar General: | Mission, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	182
Buildings and Improvements	858
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,040
Accumulated Depreciation	30
Dollar General: | Mobile (Newman), AL
Real Estate and Accumulated Depreciation [Line Items]
Land	139
Buildings and Improvements	1,005
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,144
Accumulated Depreciation	60
Dollar General: | Mobile (Schillinger), AL
Real Estate and Accumulated Depreciation [Line Items]
Land	410
Buildings and Improvements	1,059
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,469
Accumulated Depreciation	74
Dollar General: | Monroeville, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	131
Buildings and Improvements	1,069
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,200
Accumulated Depreciation	61
Dollar General: | Montgomery, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	140
Buildings and Improvements	909
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,049
Accumulated Depreciation	30
Dollar General: | Moose Lake, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	140
Buildings and Improvements	937
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,077
Accumulated Depreciation	$ 33

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
Dollar General: | Moroa, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	111
Buildings and Improvements	921
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,032
Accumulated Depreciation	37
Dollar General: | Mt. Vernon, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	177
Buildings and Improvements	985
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,162
Accumulated Depreciation	42
Dollar General: | Nashville, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,088
Land	215
Buildings and Improvements	2,533
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,748
Accumulated Depreciation	203
Dollar General: | Nashville, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	103
Buildings and Improvements	1,255
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,358
Accumulated Depreciation	61
Dollar General: | Navarre, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	153
Buildings and Improvements	1,005
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,158
Accumulated Depreciation	59
Dollar General: | Neoga, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	94
Buildings and Improvements	860
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	954
Accumulated Depreciation	30
Dollar General: | Ness City, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	21
Buildings and Improvements	860
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	881
Accumulated Depreciation	42
Dollar General: | New Philadelphia, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	129
Buildings and Improvements	1,100
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,229
Accumulated Depreciation	65
Dollar General: | New Washington, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	99
Buildings and Improvements	975
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,074
Accumulated Depreciation	64
Dollar General: | Newark, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	792
Land	222
Buildings and Improvements	946
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,168
Accumulated Depreciation	77
Dollar General: | Nitro, WV
Real Estate and Accumulated Depreciation [Line Items]
Land	451
Buildings and Improvements	1,034
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,485
Accumulated Depreciation	41
Dollar General: | Nixa, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	235
Buildings and Improvements	806
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,041
Accumulated Depreciation	38
Dollar General: | North Lewisburg, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	59
Buildings and Improvements	1,008
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,067
Accumulated Depreciation	61
Dollar General: | Onawa, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	176
Buildings and Improvements	842
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,018
Accumulated Depreciation	35
Dollar General: | Opelousas, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	92
Buildings and Improvements	947
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,039
Accumulated Depreciation	56
Dollar General: | Ortonville, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	113
Buildings and Improvements	907
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,020
Accumulated Depreciation	34
Dollar General: | Osceola, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	194
Buildings and Improvements	835
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,029
Accumulated Depreciation	16
Dollar General: | Oxford, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	465
Buildings and Improvements	783
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,248
Accumulated Depreciation	48
Dollar General: | Palestine, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	155
Buildings and Improvements	893
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,048
Accumulated Depreciation	36
Dollar General: | Parchment, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	168
Buildings and Improvements	1,162
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,330
Accumulated Depreciation	46
Dollar General: | Park Hill, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	91
Buildings and Improvements	887
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	978
Accumulated Depreciation	71
Dollar General: | Parsons, TN
Real Estate and Accumulated Depreciation [Line Items]
Land	166
Buildings and Improvements	1,136
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,302
Accumulated Depreciation	46
Dollar General: | Phenix City, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	331
Buildings and Improvements	718
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,049
Accumulated Depreciation	50
Dollar General: | Piedmont, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,980
Land	1,037
Buildings and Improvements	1,579
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,616
Accumulated Depreciation	153
Dollar General: | Pike Road, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	477
Buildings and Improvements	772
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,249
Accumulated Depreciation	50
Dollar General: | Plain City, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	187
Buildings and Improvements	1,097
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,284
Accumulated Depreciation	60
Dollar General: | Port Clinton, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	120
Buildings and Improvements	1,070
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,190
Accumulated Depreciation	58
Dollar General: | Princeton, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	155
Buildings and Improvements	1,159
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,314
Accumulated Depreciation	38
Dollar General: | Pueblo, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	144
Buildings and Improvements	909
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,053
Accumulated Depreciation	69
Dollar General: | Ragley, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	196
Buildings and Improvements	877
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,073
Accumulated Depreciation	56
Dollar General: | Rainsville, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	290
Buildings and Improvements	1,267
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,557
Accumulated Depreciation	47
Dollar General: | Ravenna, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	199
Buildings and Improvements	958
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,157
Accumulated Depreciation	47
Dollar General: | Rayne, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	702
Land	125
Buildings and Improvements	910
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,035
Accumulated Depreciation	75
Dollar General: | Roanoke, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	93
Buildings and Improvements	846
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	939
Accumulated Depreciation	36
Dollar General: | Romney, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	87
Buildings and Improvements	827
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	914
Accumulated Depreciation	31
Dollar General: | Romulus, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	274
Buildings and Improvements	1,171
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,445
Accumulated Depreciation	54
Dollar General: | Russell, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	54
Buildings and Improvements	899
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	953
Accumulated Depreciation	34
Dollar General: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	295
Buildings and Improvements	743
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,038
Accumulated Depreciation	32
Dollar General: | San Carlos, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	70
Buildings and Improvements	1,063
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,133
Accumulated Depreciation	44
Dollar General: | Seale, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	259
Buildings and Improvements	767
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,026
Accumulated Depreciation	46
Dollar General: | Seminole, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	175
Buildings and Improvements	829
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,004
Accumulated Depreciation	56
Dollar General: | Shelby, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	128
Buildings and Improvements	1,033
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,161
Accumulated Depreciation	51
Dollar General: | Slocomb, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	124
Buildings and Improvements	918
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,042
Accumulated Depreciation	47
Dollar General: | Snead, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	126
Buildings and Improvements	1,137
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,263
Accumulated Depreciation	40
Dollar General: | South Bay, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	258
Buildings and Improvements	1,262
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,520
Accumulated Depreciation	53
Dollar General: | Spring, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	277
Buildings and Improvements	1,132
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,409
Accumulated Depreciation	67
Dollar General: | Springfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	205
Buildings and Improvements	934
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,139
Accumulated Depreciation	31
Dollar General: | Springfield, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	171
Buildings and Improvements	810
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	981
Accumulated Depreciation	32
Dollar General: | Springfield, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	172
Buildings and Improvements	864
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,036
Accumulated Depreciation	38
Dollar General: | Springfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	125
Buildings and Improvements	1,000
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,125
Accumulated Depreciation	61
Dollar General: | St. Louis, MO (Grand)
Real Estate and Accumulated Depreciation [Line Items]
Land	240
Buildings and Improvements	1,118
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,358
Accumulated Depreciation	59
Dollar General: | St. Louis, MO (Lewis & Clark)
Real Estate and Accumulated Depreciation [Line Items]
Land	229
Buildings and Improvements	1,102
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,331
Accumulated Depreciation	60
Dollar General: | Superior, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	230
Buildings and Improvements	917
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,147
Accumulated Depreciation	52
Dollar General: | Temple, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	200
Buildings and Improvements	917
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,117
Accumulated Depreciation	65
Dollar General: | Theodore, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	248
Buildings and Improvements	763
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,011
Accumulated Depreciation	55
Dollar General: | Thibodaux, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	211
Buildings and Improvements	1,083
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,294
Accumulated Depreciation	66
Dollar General: | Toney, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	642
Land	86
Buildings and Improvements	792
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	878
Accumulated Depreciation	66
Dollar General: | Topeka, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	159
Buildings and Improvements	873
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,032
Accumulated Depreciation	21
Dollar General: | Urbana, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	133
Buildings and Improvements	1,051
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,184
Accumulated Depreciation	46
Dollar General: | Volga, SD
Real Estate and Accumulated Depreciation [Line Items]
Land	51
Buildings and Improvements	784
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	835
Accumulated Depreciation	28
Dollar General: | Waco, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	26
Buildings and Improvements	922
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	948
Accumulated Depreciation	41
Dollar General: | Wagener, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	477
Buildings and Improvements	1,169
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,646
Accumulated Depreciation	39
Dollar General: | Wakefield, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	78
Buildings and Improvements	929
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,007
Accumulated Depreciation	58
Dollar General: | Waterloo, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	330
Buildings and Improvements	908
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,238
Accumulated Depreciation	27
Dollar General: | Weslaco, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	141
Buildings and Improvements	848
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	989
Accumulated Depreciation	30
Dollar General: | Weston, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	117
Buildings and Improvements	1,012
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,129
Accumulated Depreciation	67
Dollar General: | Wetumpka, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	290
Buildings and Improvements	779
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,069
Accumulated Depreciation	35
Dollar General: | Whitehouse, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	134
Buildings and Improvements	1,144
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,278
Accumulated Depreciation	65
Dollar General: | Whitwell, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	870
Land	159
Buildings and Improvements	1,035
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,194
Accumulated Depreciation	97
Dollar General: | Wilmer, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	99
Buildings and Improvements	775
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	874
Accumulated Depreciation	50
Dollar General: | Winsted, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	152
Buildings and Improvements	841
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	993
Accumulated Depreciation	32
Dollar General: | Wisner, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	37
Buildings and Improvements	773
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	810
Accumulated Depreciation	34
Dollar General: | Woodville, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	786
Land	169
Buildings and Improvements	1,009
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,178
Accumulated Depreciation	83
Dollar General: | Yatesville, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	666
Land	120
Buildings and Improvements	797
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	917
Accumulated Depreciation	67
Dollar General: | Berry, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	104
Buildings and Improvements	1,196
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,300
Accumulated Depreciation	42
Dollar Tree/Petco: | Humble, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	720
Buildings and Improvements	2,543
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,263
Accumulated Depreciation	200
Earth Fare: | Huntersville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,183
Land	1,439
Buildings and Improvements	2,973
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,412
Accumulated Depreciation	239
East Manchester Village Center: | Manchester, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,300
Land	2,517
Buildings and Improvements	12,672
Total Adjustment to Basis	202
Gross Amount at Which Carried At December 31, 2015	15,391
Accumulated Depreciation	720
East West Commons: | Austell, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	10,094
Buildings and Improvements	16,034
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	26,128
Accumulated Depreciation	659
Emerald Place: | Greenwood, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,250
Land	2,042
Buildings and Improvements	9,942
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,984
Accumulated Depreciation	677
Evergreen Marketplace: | Evergreen Park, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,823
Buildings and Improvements	6,239
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,062
Accumulated Depreciation	467
Fairview Village: | Cary, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	2,514
Buildings and Improvements	3,557
Total Adjustment to Basis	52
Gross Amount at Which Carried At December 31, 2015	6,123
Accumulated Depreciation	306
Family Center: | Riverdale, UT
Real Estate and Accumulated Depreciation [Line Items]
Land	21,716
Buildings and Improvements	29,454
Total Adjustment to Basis	(1,013)
Gross Amount at Which Carried At December 31, 2015	50,157
Accumulated Depreciation	1,701
Family Dollar: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	357
Buildings and Improvements	966
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,323
Accumulated Depreciation	36
Family Dollar: | Topeka, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	419
Buildings and Improvements	1,327
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,746
Accumulated Depreciation	60
Family Dollar: | Aberdeen, ID
Real Estate and Accumulated Depreciation [Line Items]
Land	101
Buildings and Improvements	1,054
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,155
Accumulated Depreciation	34
Family Dollar: | Adelanto, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	463
Buildings and Improvements	1,711
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,174
Accumulated Depreciation	50
Family Dollar: | Aguila, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	129
Buildings and Improvements	1,290
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,419
Accumulated Depreciation	29
Family Dollar: | Albany, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	347
Buildings and Improvements	925
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,272
Accumulated Depreciation	28
Family Dollar: | Apple Springs, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	91
Buildings and Improvements	804
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	895
Accumulated Depreciation	24
Family Dollar: | Arkadelphia, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	113
Buildings and Improvements	738
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	851
Accumulated Depreciation	17
Family Dollar: | Auburn, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	217
Buildings and Improvements	1,261
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,478
Accumulated Depreciation	27
Family Dollar: | Bagley, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	95
Buildings and Improvements	1,114
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,209
Accumulated Depreciation	48
Family Dollar: | Benavides, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	27
Buildings and Improvements	1,065
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,092
Accumulated Depreciation	57
Family Dollar: | Berry, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	122
Buildings and Improvements	880
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,002
Accumulated Depreciation	27
Family Dollar: | Bessemer, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	201
Buildings and Improvements	1,043
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,244
Accumulated Depreciation	57
Family Dollar: | Broadway, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	213
Buildings and Improvements	1,153
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,366
Accumulated Depreciation	36
Family Dollar: | Birmingham, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	500
Buildings and Improvements	831
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,331
Accumulated Depreciation	46
Family Dollar: | Brooksville, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	206
Buildings and Improvements	791
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	997
Accumulated Depreciation	44
Family Dollar: | Burkeville, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	54
Buildings and Improvements	900
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	954
Accumulated Depreciation	34
Family Dollar: | Cascade, ID
Real Estate and Accumulated Depreciation [Line Items]
Land	267
Buildings and Improvements	1,147
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,414
Accumulated Depreciation	54
Family Dollar: | Cass Lake, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	157
Buildings and Improvements	1,107
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,264
Accumulated Depreciation	48
Family Dollar: | Cathedral City, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	658
Buildings and Improvements	1,908
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,566
Accumulated Depreciation	65
Family Dollar: | Charlotte, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	118
Buildings and Improvements	970
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,088
Accumulated Depreciation	52
Family Dollar: | Cheyenne, WY
Real Estate and Accumulated Depreciation [Line Items]
Land	148
Buildings and Improvements	986
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,134
Accumulated Depreciation	45
Family Dollar: | Coachella, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	450
Buildings and Improvements	1,634
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,084
Accumulated Depreciation	80
Family Dollar: | Cocoa, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	370
Buildings and Improvements	1,092
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,462
Accumulated Depreciation	37
Family Dollar: | Colmesneil, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	172
Buildings and Improvements	858
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,030
Accumulated Depreciation	40
Family Dollar: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	294
Buildings and Improvements	824
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,118
Accumulated Depreciation	27
Family Dollar: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	332
Buildings and Improvements	1,044
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,376
Accumulated Depreciation	33
Family Dollar: | Comanche, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	176
Buildings and Improvements	1,145
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,321
Accumulated Depreciation	42
Family Dollar: | Cordes Lakes, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	380
Buildings and Improvements	1,421
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,801
Accumulated Depreciation	47
Family Dollar: | Davenport, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	298
Buildings and Improvements	964
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,262
Accumulated Depreciation	27
Family Dollar: | Davenport, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	167
Buildings and Improvements	918
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,085
Accumulated Depreciation	28
Family Dollar: | Dawson, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	41
Buildings and Improvements	799
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	840
Accumulated Depreciation	24
Family Dollar: | Deadwood, SD
Real Estate and Accumulated Depreciation [Line Items]
Land	132
Buildings and Improvements	1,139
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,271
Accumulated Depreciation	38
Family Dollar: | Des Moines, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	290
Buildings and Improvements	1,126
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,416
Accumulated Depreciation	34
Family Dollar: | East Millinocket, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	161
Buildings and Improvements	1,004
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,165
Accumulated Depreciation	27
Family Dollar: | Eden, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	82
Buildings and Improvements	903
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	985
Accumulated Depreciation	46
Family Dollar: | Elizabethtown, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	107
Buildings and Improvements	671
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	778
Accumulated Depreciation	33
Family Dollar: | Eloy, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	86
Buildings and Improvements	1,587
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,673
Accumulated Depreciation	49
Family Dollar: | Empire, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	239
Buildings and Improvements	1,527
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,766
Accumulated Depreciation	62
Family Dollar: | Erwinville, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	146
Buildings and Improvements	765
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	911
Accumulated Depreciation	10
Family Dollar: | Evans, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	201
Buildings and Improvements	817
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,018
Accumulated Depreciation	27
Family Dollar: | Findlay, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	326
Buildings and Improvements	1,271
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,597
Accumulated Depreciation	66
Family Dollar: | Folsom, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	325
Buildings and Improvements	788
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,113
Accumulated Depreciation	$ 27

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 4 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
Family Dollar: | Fort Lauderdale, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	443
Buildings and Improvements	1,361
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,804
Accumulated Depreciation	71
Family Dollar: | Fort Thomas, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	49
Buildings and Improvements	1,173
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,222
Accumulated Depreciation	56
Family Dollar: | Fort Wayne, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	258
Buildings and Improvements	1,096
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,354
Accumulated Depreciation	24
Family Dollar: | Fort Worth, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	532
Buildings and Improvements	1,346
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,878
Accumulated Depreciation	46
Family Dollar: | Franklin, NH
Real Estate and Accumulated Depreciation [Line Items]
Land	307
Buildings and Improvements	1,214
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,521
Accumulated Depreciation	8
Family Dollar: | Frederica, DE
Real Estate and Accumulated Depreciation [Line Items]
Land	392
Buildings and Improvements	1,164
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,556
Accumulated Depreciation	24
Family Dollar: | Freeport, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	322
Buildings and Improvements	959
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,281
Accumulated Depreciation	24
Family Dollar: | Fresno, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	488
Buildings and Improvements	1,553
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,041
Accumulated Depreciation	77
Family Dollar: | Garrison, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	61
Buildings and Improvements	1,306
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,367
Accumulated Depreciation	35
Family Dollar: | Georgetown, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	607
Buildings and Improvements	905
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,512
Accumulated Depreciation	28
Family Dollar: | Gering, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	244
Buildings and Improvements	913
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,157
Accumulated Depreciation	32
Family Dollar: | Greene, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	251
Buildings and Improvements	940
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,191
Accumulated Depreciation	23
Family Dollar: | Greenwood, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	154
Buildings and Improvements	920
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,074
Accumulated Depreciation	37
Family Dollar: | Harrisonburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	229
Buildings and Improvements	1,073
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,302
Accumulated Depreciation	31
Family Dollar: | Hawkins, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	49
Buildings and Improvements	1,288
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,337
Accumulated Depreciation	44
Family Dollar: | Hempstead, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	219
Buildings and Improvements	943
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,162
Accumulated Depreciation	25
Family Dollar: | Hettinger, ND
Real Estate and Accumulated Depreciation [Line Items]
Land	214
Buildings and Improvements	1,077
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,291
Accumulated Depreciation	57
Family Dollar: | Hodgenville, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	202
Buildings and Improvements	783
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	985
Accumulated Depreciation	27
Family Dollar: | Holtville, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	317
Buildings and Improvements	1,609
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,926
Accumulated Depreciation	79
Family Dollar: | Homestead, FL [Member]
Real Estate and Accumulated Depreciation [Line Items]
Land	575
Buildings and Improvements	1,470
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,045
Accumulated Depreciation	2
Family Dollar: | Homosassa, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	325
Buildings and Improvements	1,001
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,326
Accumulated Depreciation	28
Family Dollar: | Immokalee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	458
Buildings and Improvements	1,248
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,706
Accumulated Depreciation	39
Family Dollar: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	238
Buildings and Improvements	1,117
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,355
Accumulated Depreciation	35
Family Dollar: | Indio, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	393
Buildings and Improvements	1,636
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,029
Accumulated Depreciation	66
Family Dollar: | Irvington, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	217
Buildings and Improvements	814
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,031
Accumulated Depreciation	45
Family Dollar: | Jacksonville, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	134
Buildings and Improvements	1,157
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,291
Accumulated Depreciation	34
Family Dollar: | Jay, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	190
Buildings and Improvements	1,002
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,192
Accumulated Depreciation	53
Family Dollar: | Jonesboro, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	297
Buildings and Improvements	1,098
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,395
Accumulated Depreciation	55
Family Dollar: | Keller, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	749
Buildings and Improvements	1,550
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,299
Accumulated Depreciation	70
Family Dollar: | Kersey, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	238
Buildings and Improvements	904
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,142
Accumulated Depreciation	39
Family Dollar: | Kiowa, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	193
Buildings and Improvements	947
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,140
Accumulated Depreciation	33
Family Dollar: | Kissimmee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	622
Buildings and Improvements	1,226
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,848
Accumulated Depreciation	45
Family Dollar: | La Salle, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	239
Buildings and Improvements	890
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,129
Accumulated Depreciation	27
Family Dollar: | LaBelle, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	268
Buildings and Improvements	1,037
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,305
Accumulated Depreciation	54
Family Dollar: | Lake Elsinor, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	417
Buildings and Improvements	1,682
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,099
Accumulated Depreciation	79
Family Dollar: | Lakeland, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	353
Buildings and Improvements	937
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,290
Accumulated Depreciation	39
Family Dollar: | Laredo, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	302
Buildings and Improvements	1,039
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,341
Accumulated Depreciation	34
Family Dollar: | Levelland, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	264
Buildings and Improvements	952
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,216
Accumulated Depreciation	33
Family Dollar: | Little Rock, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	499
Buildings and Improvements	1,730
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,229
Accumulated Depreciation	40
Family Dollar: | Lorain, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	320
Buildings and Improvements	995
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,315
Accumulated Depreciation	41
Family Dollar: | Louisville (Bank), KY
Real Estate and Accumulated Depreciation [Line Items]
Land	578
Buildings and Improvements	919
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,497
Accumulated Depreciation	45
Family Dollar: | Louisville (Cane), KY
Real Estate and Accumulated Depreciation [Line Items]
Land	480
Buildings and Improvements	934
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,414
Accumulated Depreciation	39
Family Dollar: | Mahanoy City, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	209
Buildings and Improvements	1,112
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,321
Accumulated Depreciation	25
Family Dollar: | Mansfield, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	849
Buildings and Improvements	1,189
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,038
Accumulated Depreciation	59
Family Dollar: | Melbourne, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	362
Buildings and Improvements	883
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,245
Accumulated Depreciation	44
Family Dollar: | Melrose, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	124
Buildings and Improvements	929
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,053
Accumulated Depreciation	32
Family Dollar: | Mertzon, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	149
Buildings and Improvements	995
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,144
Accumulated Depreciation	37
Family Dollar: | Mesa, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	627
Buildings and Improvements	1,468
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,095
Accumulated Depreciation	67
Family Dollar: | Miami, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	584
Buildings and Improvements	1,490
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,074
Accumulated Depreciation	33
Family Dollar: | Milo, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	138
Buildings and Improvements	1,122
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,260
Accumulated Depreciation	27
Family Dollar: | Monroe, UT
Real Estate and Accumulated Depreciation [Line Items]
Land	272
Buildings and Improvements	985
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,257
Accumulated Depreciation	32
Family Dollar: | Moore Haven, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	348
Buildings and Improvements	1,016
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,364
Accumulated Depreciation	46
Family Dollar: | Moulton, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	102
Buildings and Improvements	973
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,075
Accumulated Depreciation	52
Family Dollar: | Naubinway, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	47
Buildings and Improvements	1,180
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,227
Accumulated Depreciation	55
Family Dollar: | New Ellenton, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	160
Buildings and Improvements	800
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	960
Accumulated Depreciation	22
Family Dollar: | New Summerfield, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	230
Buildings and Improvements	851
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,081
Accumulated Depreciation	35
Family Dollar: | Nicholasville, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	464
Buildings and Improvements	826
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,290
Accumulated Depreciation	40
Family Dollar: | North Charleston, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	386
Buildings and Improvements	997
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,383
Accumulated Depreciation	30
Family Dollar: | North Hampton, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	200
Buildings and Improvements	867
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,067
Accumulated Depreciation	22
Family Dollar: | Ocoee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	462
Buildings and Improvements	1,173
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,635
Accumulated Depreciation	35
Family Dollar: | Omaha, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	86
Buildings and Improvements	1,427
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,513
Accumulated Depreciation	30
Family Dollar: | Ordway, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	81
Buildings and Improvements	993
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,074
Accumulated Depreciation	32
Family Dollar: | Oshkosh, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	361
Buildings and Improvements	815
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,176
Accumulated Depreciation	41
Family Dollar: | Ossineke, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	85
Buildings and Improvements	898
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	983
Accumulated Depreciation	40
Family Dollar: | Palmdale, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	372
Buildings and Improvements	1,822
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,194
Accumulated Depreciation	38
Family Dollar: | Penitas, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	182
Buildings and Improvements	1,053
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,235
Accumulated Depreciation	50
Family Dollar: | Pensacola, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	509
Buildings and Improvements	791
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,300
Accumulated Depreciation	39
Family Dollar: | Pine Lake, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	639
Buildings and Improvements	897
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,536
Accumulated Depreciation	34
Family Dollar: | Pittsfield, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	334
Buildings and Improvements	1,258
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,592
Accumulated Depreciation	14
Family Dollar: | Plainview, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	112
Buildings and Improvements	774
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	886
Accumulated Depreciation	36
Family Dollar: | Poinciana, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	501
Buildings and Improvements	1,186
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,687
Accumulated Depreciation	41
Family Dollar: | Pojoaque, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	545
Buildings and Improvements	909
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,454
Accumulated Depreciation	33
Family Dollar: | Posen, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	101
Buildings and Improvements	896
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	997
Accumulated Depreciation	40
Family Dollar: | Preston, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	161
Buildings and Improvements	1,159
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,320
Accumulated Depreciation	50
Family Dollar: | Punta Gorda, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	345
Buildings and Improvements	1,018
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,363
Accumulated Depreciation	1
Family Dollar: | Radium Springs, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	129
Buildings and Improvements	1,086
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,215
Accumulated Depreciation	54
Family Dollar: | Ramah, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	217
Buildings and Improvements	1,105
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,322
Accumulated Depreciation	52
Family Dollar: | Rex, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	294
Buildings and Improvements	1,393
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,687
Accumulated Depreciation	41
Family Dollar: | Richmond, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	252
Buildings and Improvements	1,026
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,278
Accumulated Depreciation	25
Family Dollar: | Riverside, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	736
Buildings and Improvements	1,558
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,294
Accumulated Depreciation	70
Family Dollar: | Robert Lee, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	94
Buildings and Improvements	904
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	998
Accumulated Depreciation	45
Family Dollar: | Rushford, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	163
Buildings and Improvements	844
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,007
Accumulated Depreciation	38
Family Dollar: | Saginaw, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	240
Buildings and Improvements	956
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,196
Accumulated Depreciation	31
Family Dollar: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	357
Buildings and Improvements	966
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,323
Accumulated Depreciation	36
Family Dollar: | San Antonio, TX 2
Real Estate and Accumulated Depreciation [Line Items]
Land	421
Buildings and Improvements	951
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,372
Accumulated Depreciation	31
Family Dollar: | San Jacinto, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	430
Buildings and Improvements	1,682
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,112
Accumulated Depreciation	64
Family Dollar: | Schuyler, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	260
Buildings and Improvements	708
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	968
Accumulated Depreciation	32
Family Dollar: | Shreveport, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	406
Buildings and Improvements	978
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,384
Accumulated Depreciation	43
Family Dollar: | Shreveport, LA 2
Real Estate and Accumulated Depreciation [Line Items]
Land	272
Buildings and Improvements	1,113
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,385
Accumulated Depreciation	43
Family Dollar: | Shreveport, LA 3
Real Estate and Accumulated Depreciation [Line Items]
Land	423
Buildings and Improvements	1,099
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,522
Accumulated Depreciation	35
Family Dollar: | South Paris, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	173
Buildings and Improvements	1,240
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,413
Accumulated Depreciation	33
Family Dollar: | Spring Hill, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	278
Buildings and Improvements	1,249
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,527
Accumulated Depreciation	1
Family Dollar: | Spurger, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	86
Buildings and Improvements	905
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	991
Accumulated Depreciation	32
Family Dollar: | Statesboro, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	347
Buildings and Improvements	800
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,147
Accumulated Depreciation	41
Family Dollar: | Sterling City, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	78
Buildings and Improvements	889
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	967
Accumulated Depreciation	45
Family Dollar: | Stockton, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	202
Buildings and Improvements	1,817
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,019
Accumulated Depreciation	61
Family Dollar: | Summerfield, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	271
Buildings and Improvements	978
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,249
Accumulated Depreciation	27
Family Dollar: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	189
Buildings and Improvements	1,212
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,401
Accumulated Depreciation	36
Family Dollar: | Taft, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	255
Buildings and Improvements	1,422
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,677
Accumulated Depreciation	88
Family Dollar: | Tampa (Cragmont), FL
Real Estate and Accumulated Depreciation [Line Items]
Land	563
Buildings and Improvements	737
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,300
Accumulated Depreciation	41
Family Dollar: | Tampa (Forest), FL
Real Estate and Accumulated Depreciation [Line Items]
Land	482
Buildings and Improvements	920
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,402
Accumulated Depreciation	50
Family Dollar: | Tampa (Hunt), FL
Real Estate and Accumulated Depreciation [Line Items]
Land	568
Buildings and Improvements	1,137
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,705
Accumulated Depreciation	46
Family Dollar: | Terra Bella, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	332
Buildings and Improvements	1,394
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,726
Accumulated Depreciation	69
Family Dollar: | Topeka, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	419
Buildings and Improvements	1,327
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,746
Accumulated Depreciation	60
Family Dollar: | Tucson, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	399
Buildings and Improvements	1,599
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,998
Accumulated Depreciation	40
Family Dollar: | Tyler, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	73
Buildings and Improvements	895
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	968
Accumulated Depreciation	40
Family Dollar: | Tuscaloosa, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	534
Buildings and Improvements	817
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,351
Accumulated Depreciation	46
Family Dollar: | Valdosta, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	424
Buildings and Improvements	849
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,273
Accumulated Depreciation	43
Family Dollar: | Vine Grove, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	205
Buildings and Improvements	966
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,171
Accumulated Depreciation	23
Family Dollar: | Waelder, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	136
Buildings and Improvements	788
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	924
Accumulated Depreciation	33
Family Dollar: | Walker, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	294
Buildings and Improvements	966
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,260
Accumulated Depreciation	33
Family Dollar: | Wayne, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	37
Buildings and Improvements	937
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	974
Accumulated Depreciation	39
Family Dollar: | Waynesburg, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	150
Buildings and Improvements	955
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,105
Accumulated Depreciation	31
Family Dollar: | Wild Rose, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	133
Buildings and Improvements	866
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	999
Accumulated Depreciation	35
Fargo Plaza: | Fargo, ND
Real Estate and Accumulated Depreciation [Line Items]
Land	2,097
Buildings and Improvements	4,774
Total Adjustment to Basis	376
Gross Amount at Which Carried At December 31, 2015	7,247
Accumulated Depreciation	429
Fleet Pride | Birmingham, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	376
Buildings and Improvements	2,607
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,983
Accumulated Depreciation	35
Flower Foods: | Orlando, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	418
Buildings and Improvements	387
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	805
Accumulated Depreciation	13
Flower Foods: | Waldorf, MD
Real Estate and Accumulated Depreciation [Line Items]
Land	398
Buildings and Improvements	1,045
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,443
Accumulated Depreciation	40
Food 4 Less: | Atwater, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,383
Buildings and Improvements	5,271
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,654
Accumulated Depreciation	319
Fourth Creek Landing: | Statesville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,700
Land	1,375
Buildings and Improvements	7,795
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,170
Accumulated Depreciation	744
Fresenius Medical Care: | West Plains, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	557
Buildings and Improvements	3,097
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,654
Accumulated Depreciation	117
Fresh Market Center: | Glen Ellyn, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,767
Buildings and Improvements	6,403
Total Adjustment to Basis	48
Gross Amount at Which Carried At December 31, 2015	9,218
Accumulated Depreciation	231
Fresh Thyme: | Indianapolis, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,087
Buildings and Improvements	6,019
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,106
Accumulated Depreciation	212
Fresh Thyme: | Northville, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	1,598
Buildings and Improvements	7,796
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,394
Accumulated Depreciation	9
Fresh Thyme & DSW: | Fort Wayne, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,740
Buildings and Improvements	4,153
Total Adjustment to Basis	101
Gross Amount at Which Carried At December 31, 2015	5,994
Accumulated Depreciation	154
Gander Mountain: | Pensacola, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,152
Buildings and Improvements	3,831
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,983
Accumulated Depreciation	178
Gander Mountain: | Waukesha, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	3,408
Buildings and Improvements	12,918
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	16,326
Accumulated Depreciation	422
Giant Eagle: | Seven Fields, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,530
Land	1,574
Buildings and Improvements	13,659
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	15,233
Accumulated Depreciation	575
Gold's Gym: | Corpus Christi, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,498
Buildings and Improvements	6,346
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,844
Accumulated Depreciation	480
Golden Corral: | Georgetown, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	1,048
Buildings and Improvements	1,452
Total Adjustment to Basis	(1,217)
Gross Amount at Which Carried At December 31, 2015	1,283
Accumulated Depreciation	0
Golden Corral: | Garland, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,255
Buildings and Improvements	2,435
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,690
Accumulated Depreciation	217
Golden Corral: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,375
Buildings and Improvements	2,350
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,725
Accumulated Depreciation	195
Golden Corral: | Victoria, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	673
Buildings and Improvements	2,857
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,530
Accumulated Depreciation	112
Goodyear: | Pooler, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	569
Buildings and Improvements	1,484
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,053
Accumulated Depreciation	109
Hancock Village: | Chesterfield, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,000
Land	8,874
Buildings and Improvements	17,287
Total Adjustment to Basis	96
Gross Amount at Which Carried At December 31, 2015	26,257
Accumulated Depreciation	1,443
Harbor Town Center | Manitowoc, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	3,568
Buildings and Improvements	13,209
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	16,777
Accumulated Depreciation	296
Haverty Furniture: | Midland, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	709
Buildings and Improvements	1,294
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,003
Accumulated Depreciation	124
HEB Center: | Waxahachie, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,000
Land	3,465
Buildings and Improvements	7,952
Total Adjustment to Basis	287
Gross Amount at Which Carried At December 31, 2015	11,704
Accumulated Depreciation	763
Hickory Flat Commons: | Canton, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,850
Land	4,482
Buildings and Improvements	13,174
Total Adjustment to Basis	9
Gross Amount at Which Carried At December 31, 2015	17,665
Accumulated Depreciation	1,151
Hobby Lobby: | Burlington, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	629
Buildings and Improvements	1,890
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,519
Accumulated Depreciation	23
Hobby Lobby: | Dickson City, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,113
Buildings and Improvements	7,946
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,059
Accumulated Depreciation	470
Hobby Lobby: | Lewisville, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	2,184
Buildings and Improvements	8,977
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,161
Accumulated Depreciation	524
Hobby Lobby: | Mooresville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	869
Buildings and Improvements	4,249
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,118
Accumulated Depreciation	463
Home Depot: | Lincoln, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	6,339
Buildings and Improvements	5,937
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,276
Accumulated Depreciation	33
Home Depot: | North Canton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,234
Land	2,203
Buildings and Improvements	12,012
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	14,215
Accumulated Depreciation	986
Home Depot: | Plainwell, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	521
Buildings and Improvements	11,905
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,426
Accumulated Depreciation	796
IHOP: | Anderson, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	54
Buildings and Improvements	1,633
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,687
Accumulated Depreciation	64
IHOP: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	408
Buildings and Improvements	1,783
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,191
Accumulated Depreciation	69
IHOP: | Columbus, OH 2
Real Estate and Accumulated Depreciation [Line Items]
Land	315
Buildings and Improvements	1,864
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,179
Accumulated Depreciation	72
IHOP: | Lancaster, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	157
Buildings and Improvements	1,497
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,654
Accumulated Depreciation	58
IHOP: | Rio Rancho, NM
Real Estate and Accumulated Depreciation [Line Items]
Land	599
Buildings and Improvements	2,314
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,913
Accumulated Depreciation	104
IHOP: | Richmond, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	106
Buildings and Improvements	1,428
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,534
Accumulated Depreciation	56
Inglewood Plaza: | Inglewood, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,700
Land	9,880
Buildings and Improvements	14,099
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	23,979
Accumulated Depreciation	$ 493

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 5 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
Kirklands: | Dothan, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	486
Buildings and Improvements	946
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,432
Accumulated Depreciation	46
Kirklands: | Jonesboro, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	696
Buildings and Improvements	1,990
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,686
Accumulated Depreciation	155
Kohl’s: | Cedar Falls, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,600
Buildings and Improvements	5,796
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,396
Accumulated Depreciation	478
Kohl’s: | Charlottesville, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,745
Land	3,929
Buildings and Improvements	12,280
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	16,209
Accumulated Depreciation	465
Kohl’s: | Easton, MD
Real Estate and Accumulated Depreciation [Line Items]
Land	2,962
Buildings and Improvements	2,661
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,623
Accumulated Depreciation	3
Kohl’s: | Hutchinson, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	3,290
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,290
Accumulated Depreciation	0
Kroger: | Shelton, WA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,180
Buildings and Improvements	11,040
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,220
Accumulated Depreciation	548
Kroger: | Whitehall, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,066
Land	581
Buildings and Improvements	6,628
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,209
Accumulated Depreciation	388
Kum & Go: | Bentonville (Central), AR
Real Estate and Accumulated Depreciation [Line Items]
Land	916
Buildings and Improvements	1,864
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,780
Accumulated Depreciation	129
Kum & Go: | Conway, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	510
Buildings and Improvements	2,577
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,087
Accumulated Depreciation	101
Kum & Go: | Fairfield, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	422
Buildings and Improvements	1,913
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,335
Accumulated Depreciation	133
Kum & Go: | Mount Vernon, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	708
Buildings and Improvements	1,756
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,464
Accumulated Depreciation	122
Kum & Go: | Urbandale, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	722
Buildings and Improvements	1,658
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,380
Accumulated Depreciation	116
L.A. Fitness: | Bloomfield Township, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	2,287
Buildings and Improvements	10,075
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,362
Accumulated Depreciation	722
L.A. Fitness: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	1,013
Buildings and Improvements	6,734
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,747
Accumulated Depreciation	131
L.A. Fitness: | Garland, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	2,005
Buildings and Improvements	6,861
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,866
Accumulated Depreciation	367
L.A. Fitness: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	5,764
Buildings and Improvements	5,994
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,758
Accumulated Depreciation	365
L.A. Fitness: | Mesa, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,353
Buildings and Improvements	7,730
Total Adjustment to Basis	20
Gross Amount at Which Carried At December 31, 2015	9,103
Accumulated Depreciation	570
L.A. Fitness: | New Lenox, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,965
Buildings and Improvements	6,257
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,222
Accumulated Depreciation	7
L.A. Fitness: | Ocoee, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,173
Buildings and Improvements	6,876
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,049
Accumulated Depreciation	454
L.A. Fitness: | Riverside, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,557
Buildings and Improvements	9,951
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,508
Accumulated Depreciation	636
Lafayette Pavilions | Lafayette, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	7,632
Buildings and Improvements	42,497
Total Adjustment to Basis	3
Gross Amount at Which Carried At December 31, 2015	50,132
Accumulated Depreciation	1,260
Logan’s Roadhouse: | Bristol, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	991
Buildings and Improvements	2,560
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,551
Accumulated Depreciation	211
Logan’s Roadhouse: | Fort Wayne, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	868
Buildings and Improvements	2,698
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,566
Accumulated Depreciation	121
Logan’s Roadhouse: | Lancaster, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,203
Buildings and Improvements	1,620
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,823
Accumulated Depreciation	141
Logan’s Roadhouse: | Martinsburg, WV
Real Estate and Accumulated Depreciation [Line Items]
Land	925
Buildings and Improvements	2,183
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,108
Accumulated Depreciation	123
Logan’s Roadhouse: | Opelika, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	836
Buildings and Improvements	1,508
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,344
Accumulated Depreciation	133
Logan’s Roadhouse: | Sanford, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,031
Buildings and Improvements	1,807
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,838
Accumulated Depreciation	158
Logan’s Roadhouse: | Troy, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	992
Buildings and Improvements	1,577
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,569
Accumulated Depreciation	136
Lowe’s: | Adrian, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	2,604
Buildings and Improvements	5,036
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,640
Accumulated Depreciation	399
Lowe’s: | Alpharetta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,300
Land	7,979
Buildings and Improvements	9,630
Total Adjustment to Basis	403
Gross Amount at Which Carried At December 31, 2015	18,012
Accumulated Depreciation	171
Lowe’s: | Asheboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,098
Buildings and Improvements	6,722
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,820
Accumulated Depreciation	280
Lowe’s: | Cincinnati, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	14,092
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	14,092
Accumulated Depreciation	0
Lowe’s: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,964
Land	3,943
Buildings and Improvements	6,353
Total Adjustment to Basis	750
Gross Amount at Which Carried At December 31, 2015	11,046
Accumulated Depreciation	445
Lowe’s: | Covington, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,648
Land	10,233
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	10,233
Accumulated Depreciation	0
Lowe’s: | Hilliard, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,859
Land	5,474
Buildings and Improvements	6,288
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,762
Accumulated Depreciation	75
Lowe’s: | Lilburn, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,500
Land	8,817
Buildings and Improvements	9,380
Total Adjustment to Basis	385
Gross Amount at Which Carried At December 31, 2015	18,582
Accumulated Depreciation	167
Lowe’s: | Mansfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	873
Buildings and Improvements	8,256
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,129
Accumulated Depreciation	351
Lowe’s: | Marietta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,000
Land	7,471
Buildings and Improvements	8,404
Total Adjustment to Basis	392
Gross Amount at Which Carried At December 31, 2015	16,267
Accumulated Depreciation	150
Lowe’s: | Oxford, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,668
Buildings and Improvements	7,622
Total Adjustment to Basis	369
Gross Amount at Which Carried At December 31, 2015	9,659
Accumulated Depreciation	604
Lowe’s: | Tuscaloosa, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	4,908
Buildings and Improvements	4,786
Total Adjustment to Basis	9
Gross Amount at Which Carried At December 31, 2015	9,703
Accumulated Depreciation	302
Lowe’s: | Woodstock, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,200
Land	7,316
Buildings and Improvements	8,879
Total Adjustment to Basis	392
Gross Amount at Which Carried At December 31, 2015	16,587
Accumulated Depreciation	159
Lowe’s: | Zanesville, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	2,161
Buildings and Improvements	8,375
Total Adjustment to Basis	282
Gross Amount at Which Carried At December 31, 2015	10,818
Accumulated Depreciation	461
Market Heights Shopping Center: | Harker Heights, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	47,000
Land	12,888
Buildings and Improvements	64,105
Total Adjustment to Basis	194
Gross Amount at Which Carried At December 31, 2015	77,187
Accumulated Depreciation	4,343
Marketplace at the Lakes: | West Covina, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,300
Land	10,020
Buildings and Improvements	8,664
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	18,684
Accumulated Depreciation	1,041
Matteson Center: | Matteson, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,243
Buildings and Improvements	17,427
Total Adjustment to Basis	420
Gross Amount at Which Carried At December 31, 2015	19,090
Accumulated Depreciation	1,248
Mattress Firm: | Jonesboro, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	729
Buildings and Improvements	1,194
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,923
Accumulated Depreciation	130
Mattress Firm: | Cincinnati, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	323
Buildings and Improvements	966
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,289
Accumulated Depreciation	38
Mattress Firm: | Appleton, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	895
Buildings and Improvements	1,026
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,921
Accumulated Depreciation	4
Mattress Firm: | Augusta, ME
Real Estate and Accumulated Depreciation [Line Items]
Land	723
Buildings and Improvements	1,354
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,077
Accumulated Depreciation	68
Mattress Firm: | Brunswick, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	343
Buildings and Improvements	1,040
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,383
Accumulated Depreciation	69
Mattress Firm: | Danville, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	274
Buildings and Improvements	1,514
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,788
Accumulated Depreciation	69
Mattress Firm: | Huber Heights, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	854
Buildings and Improvements	903
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,757
Accumulated Depreciation	38
Mattress Firm: | Lakeland, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	259
Buildings and Improvements	1,107
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,366
Accumulated Depreciation	47
Mattress Firm: | Martinsville, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	259
Buildings and Improvements	1,510
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,769
Accumulated Depreciation	14
Mattress Firm: | Middletown, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	142
Buildings and Improvements	1,384
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,526
Accumulated Depreciation	14
Mattress Firm: | Nampa, ID
Real Estate and Accumulated Depreciation [Line Items]
Land	449
Buildings and Improvements	2,213
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,662
Accumulated Depreciation	104
Mattress Firm: | New Bern, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	340
Buildings and Improvements	1,436
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,776
Accumulated Depreciation	49
Mattress Firm: | Pineville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,557
Buildings and Improvements	1,198
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,755
Accumulated Depreciation	117
Mattress Firm: | Port Charlotte, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	382
Buildings and Improvements	1,211
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,593
Accumulated Depreciation	45
Mattress Firm: | Thomasville, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	694
Buildings and Improvements	1,469
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,163
Accumulated Depreciation	2
Mattress FIrm & Aspen Dental: | Vienna, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	774
Buildings and Improvements	2,466
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,240
Accumulated Depreciation	107
Mattress Firm & Five Guys: | Muskegon, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	813
Buildings and Improvements	1,766
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,579
Accumulated Depreciation	65
McAlister's Deli: | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	805
Buildings and Improvements	1,057
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,862
Accumulated Depreciation	48
McAlister's Deli: | Port Arthur, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	379
Buildings and Improvements	1,146
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,525
Accumulated Depreciation	62
Melody Mountain | Ashland, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,286
Buildings and Improvements	9,879
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,165
Accumulated Depreciation	77
Merchants Tire & Auto | Wake Forest, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	782
Buildings and Improvements	1,730
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,512
Accumulated Depreciation	13
Michael’s: | Bowling Green, KY
Real Estate and Accumulated Depreciation [Line Items]
Land	587
Buildings and Improvements	1,992
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,579
Accumulated Depreciation	193
Morganton Heights | Morganton, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	7,032
Buildings and Improvements	29,763
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	36,795
Accumulated Depreciation	897
National Tire & Battery: | Cedar Hill, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	469
Buildings and Improvements	1,951
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,420
Accumulated Depreciation	152
National Tire & Battery: | Cypress, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	910
Buildings and Improvements	2,224
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,134
Accumulated Depreciation	18
National Tire & Battery: | Flower Mound, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	779
Buildings and Improvements	2,449
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,228
Accumulated Depreciation	19
National Tire & Battery: | Fort Worth, TX (Freeway)
Real Estate and Accumulated Depreciation [Line Items]
Land	936
Buildings and Improvements	1,234
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,170
Accumulated Depreciation	78
National Tire & Battery: | Fort Worth, TX (Quebec St.)
Real Estate and Accumulated Depreciation [Line Items]
Land	730
Buildings and Improvements	2,309
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,039
Accumulated Depreciation	18
National Tire & Battery: | Frisco, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	844
Buildings and Improvements	1,608
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,452
Accumulated Depreciation	101
National Tire & Battery: | Montgomery, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	516
Buildings and Improvements	2,494
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,010
Accumulated Depreciation	192
National Tire & Battery: | N. Richland Hills, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	513
Buildings and Improvements	2,579
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,092
Accumulated Depreciation	21
National Tire & Battery: | Pasadena, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	908
Buildings and Improvements	2,307
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,215
Accumulated Depreciation	19
National Tire & Battery: | Pearland, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,016
Buildings and Improvements	2,040
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,056
Accumulated Depreciation	16
National Tire & Battery: | Plano, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,292
Buildings and Improvements	2,197
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,489
Accumulated Depreciation	18
National Tire & Battery: | Tomball, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	838
Buildings and Improvements	2,229
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,067
Accumulated Depreciation	18
Native Wings: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	821
Buildings and Improvements	2,682
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,503
Accumulated Depreciation	100
Natural Grocers: | Denton, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,326
Buildings and Improvements	3,134
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,460
Accumulated Depreciation	205
Natural Grocers: | Idaho Falls, ID
Real Estate and Accumulated Depreciation [Line Items]
Land	833
Buildings and Improvements	2,316
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,149
Accumulated Depreciation	115
Natural Grocers: | Lubbock, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,093
Buildings and Improvements	3,621
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,714
Accumulated Depreciation	253
Nordstrom Rack: | Tampa, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	3,371
Buildings and Improvements	6,402
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,773
Accumulated Depreciation	740
Northwest Plaza | Tampa, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,816
Buildings and Improvements	4,834
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,650
Accumulated Depreciation	56
O’Reilly Automotive: | Brownfield, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	22
Buildings and Improvements	835
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	857
Accumulated Depreciation	81
O’Reilly Automotive: | Columbus, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	260
Buildings and Improvements	757
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,017
Accumulated Depreciation	70
O’Reilly Automotive: | Lamesa, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	64
Buildings and Improvements	608
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	672
Accumulated Depreciation	16
O’Reilly Automotive: | Stanley, ND
Real Estate and Accumulated Depreciation [Line Items]
Land	323
Buildings and Improvements	662
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	985
Accumulated Depreciation	23
Park Place: | Enterprise, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,505
Land	931
Buildings and Improvements	8,595
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	9,526
Accumulated Depreciation	532
Pecanland Place | Monroe, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,206
Buildings and Improvements	18,957
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	21,163
Accumulated Depreciation	114
Pep Boys: | Clermont, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	799
Buildings and Improvements	1,993
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,792
Accumulated Depreciation	138
Pep Boys: | Oviedo, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	669
Buildings and Improvements	2,172
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,841
Accumulated Depreciation	132
PetSmart: | Baton Rouge, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,509
Land	651
Buildings and Improvements	2,968
Total Adjustment to Basis	113
Gross Amount at Which Carried At December 31, 2015	3,732
Accumulated Depreciation	292
PetSmart: | Commerce Township, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	539
Buildings and Improvements	1,960
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,499
Accumulated Depreciation	186
PetSmart: | East Peoria, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	997
Buildings and Improvements	3,345
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,342
Accumulated Depreciation	102
PetSmart: | Eden Prairie, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,279
Buildings and Improvements	2,030
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,309
Accumulated Depreciation	130
PetSmart: | Edmond, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	816
Buildings and Improvements	3,266
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,082
Accumulated Depreciation	257
PetSmart: | North Fayette Township, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,615
Buildings and Improvements	1,503
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,118
Accumulated Depreciation	116
PetSmart: | Overland Park, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	2,025
Buildings and Improvements	2,181
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,206
Accumulated Depreciation	131
PetSmart: | Taylor, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	331
Buildings and Improvements	2,438
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,769
Accumulated Depreciation	209
PetSmart: | Tucson, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,114
Buildings and Improvements	2,771
Total Adjustment to Basis	98
Gross Amount at Which Carried At December 31, 2015	3,983
Accumulated Depreciation	190
PetSmart: | Wilkesboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	447
Buildings and Improvements	1,710
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,157
Accumulated Depreciation	171
Petsmart/Old Navy: | Reynoldsburg, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	1,295
Buildings and Improvements	4,077
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,372
Accumulated Depreciation	371
Pick’N Save: | Pewaukee, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	1,323
Buildings and Improvements	6,761
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,084
Accumulated Depreciation	281
Pick’N Save: | Sheboygan, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	2,003
Buildings and Improvements	10,695
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,698
Accumulated Depreciation	929
Pick’N Save: | South Milwaukee, WI
Real Estate and Accumulated Depreciation [Line Items]
Land	1,126
Buildings and Improvements	5,706
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,832
Accumulated Depreciation	315
Plainfield Plaza | Plainfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	3,167
Buildings and Improvements	14,788
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	17,955
Accumulated Depreciation	18
Plaza San Mateo: | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,950
Land	2,867
Buildings and Improvements	11,582
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	14,449
Accumulated Depreciation	509
Popeyes: | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	333
Buildings and Improvements	680
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,013
Accumulated Depreciation	27
Poplar Springs Plaza: | Duncan, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,862
Buildings and Improvements	5,277
Total Adjustment to Basis	149
Gross Amount at Which Carried At December 31, 2015	7,288
Accumulated Depreciation	421
Price Chopper: | Gardner, MA
Real Estate and Accumulated Depreciation [Line Items]
Land	858
Buildings and Improvements	12,171
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	13,029
Accumulated Depreciation	405
Quick Chek: | Kingston, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	831
Buildings and Improvements	5,783
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,614
Accumulated Depreciation	388
Quick Chek: | Lake Katrine, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	1,507
Buildings and Improvements	4,569
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,076
Accumulated Depreciation	300
Quick Chek: | Middletown (Main), NY
Real Estate and Accumulated Depreciation [Line Items]
Land	1,335
Buildings and Improvements	5,732
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,067
Accumulated Depreciation	384
Quick Chek: | Middletown, NY 1
Real Estate and Accumulated Depreciation [Line Items]
Land	1,297
Buildings and Improvements	5,963
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,260
Accumulated Depreciation	400
Quick Chek: | Middletown, NY 2
Real Estate and Accumulated Depreciation [Line Items]
Land	1,437
Buildings and Improvements	4,656
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,093
Accumulated Depreciation	314
Quick Chek: | Sagerties, NY
Real Estate and Accumulated Depreciation [Line Items]
Land	1,242
Buildings and Improvements	5,372
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,614
Accumulated Depreciation	361
Raising Cane's: | Beaumont, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	839
Buildings and Improvements	1,288
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,127
Accumulated Depreciation	51
Raising Cane's: | Phoenix, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	761
Buildings and Improvements	1,972
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,733
Accumulated Depreciation	88
Raising Cane's: | Wichita Falls, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	426
Buildings and Improvements	1,947
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,373
Accumulated Depreciation	84
Regent Towne Center | Fort Mill, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,455
Buildings and Improvements	5,063
Total Adjustment to Basis	29
Gross Amount at Which Carried At December 31, 2015	6,547
Accumulated Depreciation	396
Rite Aid | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	854
Buildings and Improvements	2,281
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,135
Accumulated Depreciation	125
Rite Aid | Jenison, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	438
Buildings and Improvements	1,491
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,929
Accumulated Depreciation	65
Rocky River Promenade | Mooresville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,989
Land	2,446
Buildings and Improvements	3,159
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,605
Accumulated Depreciation	121
Ross | Fort Worth, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,273
Buildings and Improvements	3,157
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,430
Accumulated Depreciation	$ 287

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 6 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
Rushmore Crossing: | Rapid City, SD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,417
Land	7,066
Buildings and Improvements	33,019
Total Adjustment to Basis	66
Gross Amount at Which Carried At December 31, 2015	40,151
Accumulated Depreciation	2,316
Rushmore Crossing: | Rapid City, SD 2
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	883
Buildings and Improvements	4,128
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,011
Accumulated Depreciation	308
Sherwin-Williams | Macon, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	59
Buildings and Improvements	659
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	718
Accumulated Depreciation	12
Shippensburg Market Place: | Shippensburg, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,917
Buildings and Improvements	9,263
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,180
Accumulated Depreciation	335
Shopko: | Brokem Bow, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	244
Buildings and Improvements	1,733
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,977
Accumulated Depreciation	79
Shopko: | Cherokee, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	217
Buildings and Improvements	3,326
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,543
Accumulated Depreciation	4
Shopko: | Cokato, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	358
Buildings and Improvements	3,229
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,587
Accumulated Depreciation	4
Shopko: | Valentine, NE
Real Estate and Accumulated Depreciation [Line Items]
Land	395
Buildings and Improvements	3,549
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,944
Accumulated Depreciation	161
Shoppes at Lake Andrew: | Melbourne, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	3,924
Buildings and Improvements	16,840
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	20,764
Accumulated Depreciation	1,079
Shoppes at Stroud: | Stroud Township, PA
Real Estate and Accumulated Depreciation [Line Items]
Land	3,754
Buildings and Improvements	22,614
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	26,368
Accumulated Depreciation	808
Sleepy's | Joliet, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	287
Buildings and Improvements	1,552
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,839
Accumulated Depreciation	34
Sleepy's | Burlington, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	393
Buildings and Improvements	1,648
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,041
Accumulated Depreciation	33
Southwest Plaza: | Springfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	2,992
Buildings and Improvements	48,935
Total Adjustment to Basis	7
Gross Amount at Which Carried At December 31, 2015	51,934
Accumulated Depreciation	2,158
Spinx: | Simpsonville, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	591
Buildings and Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,560
Accumulated Depreciation	72
Springfield Commons | Springfield, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,745
Buildings and Improvements	15,049
Total Adjustment to Basis	52
Gross Amount at Which Carried At December 31, 2015	18,846
Accumulated Depreciation	285
Sprouts: | Bixby, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	1,320
Buildings and Improvements	7,117
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,437
Accumulated Depreciation	451
Staples | Plainfield, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	400
Buildings and Improvements	2,099
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,499
Accumulated Depreciation	50
Stoneridge Village: | Jefferson City, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,830
Buildings and Improvements	9,351
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,181
Accumulated Depreciation	451
Stop & Shop | Brockton, MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,241
Land	4,259
Buildings and Improvements	13,285
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	17,544
Accumulated Depreciation	197
Stripes: | Brownsville, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	210
Buildings and Improvements	2,386
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,596
Accumulated Depreciation	236
Stripes: | Brownwood, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	484
Buildings and Improvements	3,086
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,570
Accumulated Depreciation	294
Stripes: | Mcallen, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	604
Buildings and Improvements	1,909
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,513
Accumulated Depreciation	219
Stripes: | Midland, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	620
Buildings and Improvements	5,551
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,171
Accumulated Depreciation	489
Stripes: | Mission, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	215
Buildings and Improvements	2,170
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,385
Accumulated Depreciation	215
Stripes: | Odessa, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	569
Buildings and Improvements	4,940
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,509
Accumulated Depreciation	433
Summerfield Crossing: | Riverview, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	6,130
Buildings and Improvements	6,753
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,883
Accumulated Depreciation	466
Sunbelt Rentals: | Canton, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	147
Buildings and Improvements	1,679
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,826
Accumulated Depreciation	127
Sunbelt Rentals: | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	535
Buildings and Improvements	1,664
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,199
Accumulated Depreciation	75
Sunoco: | Cocoa, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	625
Buildings and Improvements	1,062
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,687
Accumulated Depreciation	73
Sunoco: | Mangonia Park, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	689
Buildings and Improvements	600
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,289
Accumulated Depreciation	41
Sunoco: | Merritt Island, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	610
Buildings and Improvements	1,123
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,733
Accumulated Depreciation	77
Sunoco: | Palm Beach Gardens, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,050
Buildings and Improvements	2,667
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,717
Accumulated Depreciation	181
Sunoco: | Palm City, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	667
Buildings and Improvements	1,698
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,365
Accumulated Depreciation	116
Sunoco: | Palm Springs, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	580
Buildings and Improvements	1,907
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,487
Accumulated Depreciation	130
Sunoco: | Sebastian, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	490
Buildings and Improvements	2,128
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,618
Accumulated Depreciation	145
Sunoco: | Titusville, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	626
Buildings and Improvements	2,534
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,160
Accumulated Depreciation	172
Sunoco: | West Palm Beach, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	637
Buildings and Improvements	443
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,080
Accumulated Depreciation	30
Sunoco Center: | Titusville (Sisson), FL
Real Estate and Accumulated Depreciation [Line Items]
Land	799
Buildings and Improvements	587
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,386
Accumulated Depreciation	41
Sutters Creek: | Rocky Mount, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,458
Buildings and Improvements	2,616
Total Adjustment to Basis	154
Gross Amount at Which Carried At December 31, 2015	4,228
Accumulated Depreciation	162
Sweet Tomatoes: | Overland Park, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	806
Buildings and Improvements	3,600
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,406
Accumulated Depreciation	161
Sweet Tomatoes: | St. Louis, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	1,254
Buildings and Improvements	3,354
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,608
Accumulated Depreciation	150
Target Center: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,450
Land	3,234
Buildings and Improvements	7,297
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	10,531
Accumulated Depreciation	358
Terrell Mill Village: | Marietta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,500
Land	3,079
Buildings and Improvements	11,185
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	14,264
Accumulated Depreciation	643
TGI Friday's: | Chesapeake, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,217
Buildings and Improvements	1,388
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,605
Accumulated Depreciation	57
TGI Friday's: | Wilmington, DE
Real Estate and Accumulated Depreciation [Line Items]
Land	1,685
Buildings and Improvements	969
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,654
Accumulated Depreciation	41
The Market at Clifty Crossing: | Columbus, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	2,669
Buildings and Improvements	16,308
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	18,977
Accumulated Depreciation	1,039
The Market at Polaris: | Columbus, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	11,828
Buildings and Improvements	41,702
Total Adjustment to Basis	302
Gross Amount at Which Carried At December 31, 2015	53,832
Accumulated Depreciation	2,463
The Marquis: | Williamsburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,556
Land	2,615
Buildings and Improvements	11,406
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	14,021
Accumulated Depreciation	1,036
The Plant: | San Jose, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	123,000
Land	67,596
Buildings and Improvements	108,203
Total Adjustment to Basis	270
Gross Amount at Which Carried At December 31, 2015	176,069
Accumulated Depreciation	8,952
The Ridge at Turtle Creek | Hattiesburg, MS
Real Estate and Accumulated Depreciation [Line Items]
Land	2,749
Buildings and Improvements	12,434
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	15,183
Accumulated Depreciation	293
Tilted Kilt: | Killeen, TX
Real Estate and Accumulated Depreciation [Line Items]
Land	1,378
Buildings and Improvements	1,508
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,886
Accumulated Depreciation	57
Tire Kingdom: | Bluffton, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	645
Buildings and Improvements	1,688
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,333
Accumulated Depreciation	13
Tire Kingdom: | Summerville, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,208
Buildings and Improvements	1,233
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,441
Accumulated Depreciation	10
Tire Kingdom: | Tarpon Springs, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	427
Buildings and Improvements	1,458
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,885
Accumulated Depreciation	118
Tire Kingdom & Starbucks | Mt Pleasant, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,291
Buildings and Improvements	3,149
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,440
Accumulated Depreciation	24
TJ Maxx/Dollar Tree: | Oxford, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	641
Buildings and Improvements	2,673
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,314
Accumulated Depreciation	241
Tractor Supply: | Ashland, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	500
Buildings and Improvements	2,696
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,196
Accumulated Depreciation	152
Tractor Supply: | Augusta, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	407
Buildings and Improvements	2,315
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,722
Accumulated Depreciation	121
Tractor Supply: | Cambridge, MN
Real Estate and Accumulated Depreciation [Line Items]
Land	807
Buildings and Improvements	1,272
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,079
Accumulated Depreciation	142
Tractor Supply: | Canon City, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	597
Buildings and Improvements	2,527
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,124
Accumulated Depreciation	197
Tractor Supply: | Fortuna, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	568
Buildings and Improvements	3,819
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,387
Accumulated Depreciation	159
Tractor Supply: | Lumberton, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	611
Buildings and Improvements	2,007
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,618
Accumulated Depreciation	151
Tractor Supply: | Marion, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	1,536
Buildings and Improvements	1,099
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,635
Accumulated Depreciation	60
Tractor Supply: | Monticello, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	448
Buildings and Improvements	1,916
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,364
Accumulated Depreciation	140
Tractor Supply: | Newnan, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,182
Buildings and Improvements	1,950
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,132
Accumulated Depreciation	166
Tractor Supply: | Petersburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	514
Buildings and Improvements	2,439
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,953
Accumulated Depreciation	143
Tractor Supply: | South Hill, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	630
Buildings and Improvements	2,179
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,809
Accumulated Depreciation	150
Tractor Supply: | Spencer, WV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,659
Land	455
Buildings and Improvements	2,188
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,643
Accumulated Depreciation	196
Tractor Supply: | Stuttgart, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,543
Land	47
Buildings and Improvements	2,519
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,566
Accumulated Depreciation	181
Tractor Supply: | Weaverville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	867
Buildings and Improvements	3,138
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,005
Accumulated Depreciation	196
Tractor Supply: | Woodward, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	446
Buildings and Improvements	1,973
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,419
Accumulated Depreciation	120
Trader Joe's: | Asheville, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	2,770
Buildings and Improvements	3,766
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,536
Accumulated Depreciation	228
Trader Joe's: | Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	2,308
Buildings and Improvements	2,597
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,905
Accumulated Depreciation	213
Trader Joe's: | Wilmington, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	2,016
Buildings and Improvements	2,519
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,535
Accumulated Depreciation	212
Turfway Crossing: | Florence, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,261
Buildings and Improvements	10,323
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,584
Accumulated Depreciation	537
Ulta Salon: | Albany, GA
Real Estate and Accumulated Depreciation [Line Items]
Land	441
Buildings and Improvements	1,757
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,198
Accumulated Depreciation	77
Ulta Salon: | Greeley, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	596
Buildings and Improvements	2,035
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,631
Accumulated Depreciation	43
United Oil: | Alhambra, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,032
Land	3,026
Buildings and Improvements	751
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,777
Accumulated Depreciation	24
United Oil: | Bellflower (Alondra), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	755
Land	1,312
Buildings and Improvements	576
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,888
Accumulated Depreciation	19
United Oil: | Bellflower (Lakewood), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,246
Buildings and Improvements	788
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,034
Accumulated Depreciation	26
United Oil: | Brea, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,393
Buildings and Improvements	658
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,051
Accumulated Depreciation	21
United Oil: | Burbank (Glenoaks), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,193
Land	3,474
Buildings and Improvements	594
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,068
Accumulated Depreciation	19
United Oil: | Burbank (Magnolia), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,484
Land	1,750
Buildings and Improvements	574
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,324
Accumulated Depreciation	19
United Oil: | Chino, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,167
Land	1,449
Buildings and Improvements	730
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,179
Accumulated Depreciation	24
United Oil: | Compton, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	805
Land	992
Buildings and Improvements	460
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,452
Accumulated Depreciation	15
United Oil: | El Cajon, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,533
Buildings and Improvements	568
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,101
Accumulated Depreciation	18
United Oil: | El Cajon (Second), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,225
Buildings and Improvements	368
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,593
Accumulated Depreciation	12
United Oil: | El Monte, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	766
Buildings and Improvements	510
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,276
Accumulated Depreciation	16
United Oil: | Escondido, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,107
Land	678
Buildings and Improvements	470
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,148
Accumulated Depreciation	15
United Oil: | Escondido (Mission), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	3,514
Buildings and Improvements	1,062
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,576
Accumulated Depreciation	$ 34

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 7 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
United Oil: | Fountain Valley, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,459
Land	1,809
Buildings and Improvements	806
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,615
Accumulated Depreciation	26
United Oil: | Glendale, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	4,871
Buildings and Improvements	795
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,666
Accumulated Depreciation	26
United Oil: | Inglewood, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,809
Buildings and Improvements	878
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,687
Accumulated Depreciation	29
United Oil: | La Habra, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,971
Buildings and Improvements	571
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,542
Accumulated Depreciation	18
United Oil: | Lawndale, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,462
Buildings and Improvements	862
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,324
Accumulated Depreciation	28
United Oil: | Long Beach (Anaheim), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,061
Land	974
Buildings and Improvements	772
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,746
Accumulated Depreciation	25
United Oil: | Long Beach (Atlantic), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,778
Buildings and Improvements	883
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,661
Accumulated Depreciation	29
United Oil: | Long Beach (Santa Fe), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,288
Land	1,972
Buildings and Improvements	643
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,615
Accumulated Depreciation	21
United Oil: | Los Angeles (2503 W. Pico), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,334
Buildings and Improvements	717
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,051
Accumulated Depreciation	23
United Oil: | Los Angeles (4931 W. Pico), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	3,552
Buildings and Improvements	1,242
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,794
Accumulated Depreciation	40
United Oil: | Los Angeles (Eastern), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,745
Buildings and Improvements	669
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,414
Accumulated Depreciation	22
United Oil: | Los Angeles (Jefferson), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,923
Land	3,823
Buildings and Improvements	825
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,648
Accumulated Depreciation	27
United Oil: | Los Angeles (Marina Del R), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	3,930
Buildings and Improvements	428
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,358
Accumulated Depreciation	14
United Oil: | Los Angeles (Olympic), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,590
Land	1,710
Buildings and Improvements	905
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,615
Accumulated Depreciation	29
United Oil: | Los Angeles (Slauson), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,927
Buildings and Improvements	1,484
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,411
Accumulated Depreciation	48
United Oil: | Los Angeles (Western), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,182
Buildings and Improvements	701
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,883
Accumulated Depreciation	23
United Oil: | Lynwood, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,640
Land	2,386
Buildings and Improvements	737
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,123
Accumulated Depreciation	24
United Oil: | Menifee, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,284
Land	2,853
Buildings and Improvements	924
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,777
Accumulated Depreciation	30
United Oil: | Monrovia, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,660
Land	2,365
Buildings and Improvements	686
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,051
Accumulated Depreciation	22
United Oil: | Norco (Hidden Valley), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,852
Buildings and Improvements	1,489
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,341
Accumulated Depreciation	48
United Oil: | Norco (Sixth), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,424
Land	1,869
Buildings and Improvements	891
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,760
Accumulated Depreciation	29
United Oil: | North Hollywood, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,998
Land	4,663
Buildings and Improvements	858
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,521
Accumulated Depreciation	28
United Oil: | Oceanside, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,264
Land	2,163
Buildings and Improvements	1,248
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,411
Accumulated Depreciation	41
United Oil: | Paramount, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	664
Land	1,301
Buildings and Improvements	1,024
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,325
Accumulated Depreciation	33
United Oil: | Pomona, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,273
Land	1,740
Buildings and Improvements	730
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,470
Accumulated Depreciation	24
United Oil: | Poway, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	3,072
Buildings and Improvements	705
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,777
Accumulated Depreciation	23
United Oil: | San Diego (47th St), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,977
Buildings and Improvements	1,448
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,425
Accumulated Depreciation	47
United Oil: | San Diego (Governor), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,877
Buildings and Improvements	883
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,760
Accumulated Depreciation	29
United Oil: | San Diego (Rancho Penasquitos), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,038
Land	1,215
Buildings and Improvements	841
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,056
Accumulated Depreciation	27
United Oil: | San Diego (Sunset Cliffs), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,824
Buildings and Improvements	382
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,206
Accumulated Depreciation	12
United Oil: | San Pedro, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,655
Land	2,086
Buildings and Improvements	675
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,761
Accumulated Depreciation	22
United Oil: | Santa Clarita, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	4,787
Buildings and Improvements	733
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,520
Accumulated Depreciation	24
United Oil: | Sun City, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,136
Buildings and Improvements	1,421
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,557
Accumulated Depreciation	46
United Oil: | Valley Center, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,284
Land	2,680
Buildings and Improvements	1,606
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,286
Accumulated Depreciation	52
United Oil: | Van Nuys (Van Nuys), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,284
Land	2,439
Buildings and Improvements	902
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,341
Accumulated Depreciation	29
United Oil: | Van Nuys (Victory), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,152
Land	1,786
Buildings and Improvements	684
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,470
Accumulated Depreciation	22
United Oil: | Van Nuys (Woodman), CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,681
Land	3,980
Buildings and Improvements	741
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,721
Accumulated Depreciation	24
United Oil: | Vista (Civic Center), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,063
Buildings and Improvements	334
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,397
Accumulated Depreciation	11
United Oil: | Vista (Vista), CA
Real Estate and Accumulated Depreciation [Line Items]
Land	2,028
Buildings and Improvements	418
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,446
Accumulated Depreciation	14
United Oil: | Whittier, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,629
Buildings and Improvements	985
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,614
Accumulated Depreciation	32
United Oil: | Wilmington, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,680
Land	1,615
Buildings and Improvements	1,145
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,760
Accumulated Depreciation	37
United Oil: | Woodland Hills, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,159
Land	4,946
Buildings and Improvements	647
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,593
Accumulated Depreciation	21
University Marketplace: | Marion, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,050
Land	850
Buildings and Improvements	6,722
Total Adjustment to Basis	121
Gross Amount at Which Carried At December 31, 2015	7,693
Accumulated Depreciation	642
Ventura Place | Albuquerque, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	5,203
Buildings and Improvements	7,998
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	13,201
Accumulated Depreciation	189
Village at Hereford Farms: | Grovetown, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,250
Land	1,222
Buildings and Improvements	5,912
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,134
Accumulated Depreciation	212
Wal-Mart: | Anderson, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	2,424
Buildings and Improvements	9,719
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	12,143
Accumulated Depreciation	31
Wal-Mart: | Florence, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	2,013
Buildings and Improvements	9,225
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,238
Accumulated Depreciation	29
Wal-Mart: | Perry, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,095
Land	2,270
Buildings and Improvements	11,053
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	13,323
Accumulated Depreciation	797
Wal-Mart: | Summerville, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	2,410
Buildings and Improvements	2,098
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,508
Accumulated Depreciation	17
Wal-Mart: | Tallahassee, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,157
Land	14,823
Buildings and Improvements	0
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	14,823
Accumulated Depreciation	0
Wal-Mart: | York, SC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,913
Buildings and Improvements	11,410
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	13,323
Accumulated Depreciation	817
Walgreens | Andover, KS
Real Estate and Accumulated Depreciation [Line Items]
Land	630
Buildings and Improvements	3,057
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,687
Accumulated Depreciation	199
Walgreens | Arkadelphia, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,225
Land	787
Buildings and Improvements	4,626
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,413
Accumulated Depreciation	132
Walgreens | Austintown, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	637
Buildings and Improvements	4,173
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,810
Accumulated Depreciation	251
Walgreens | Bartlett (5950 Stage), TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,150
Land	1,086
Buildings and Improvements	4,321
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,407
Accumulated Depreciation	129
Walgreens | Bartlett (6697 Stage), TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,150
Land	799
Buildings and Improvements	4,608
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,407
Accumulated Depreciation	137
Walgreens | Birmingham, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	985
Buildings and Improvements	4,938
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,923
Accumulated Depreciation	341
Walgreens | Birmingham (Green Springs), AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,300
Land	738
Buildings and Improvements	4,844
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,582
Accumulated Depreciation	144
Walgreens | Blair, NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,466
Land	335
Buildings and Improvements	3,544
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,879
Accumulated Depreciation	333
Walgreens | Chicopee, MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,894
Land	2,094
Buildings and Improvements	4,945
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,039
Accumulated Depreciation	150
Walgreens | Colerain Township, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,200
Land	1,991
Buildings and Improvements	3,470
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,461
Accumulated Depreciation	101
Walgreens | Connelly Springs, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,349
Buildings and Improvements	3,628
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,977
Accumulated Depreciation	223
Walgreens | Cullman, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,542
Land	1,292
Buildings and Improvements	3,779
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,071
Accumulated Depreciation	280
Walgreens | Danville, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	989
Buildings and Improvements	4,547
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,536
Accumulated Depreciation	370
Walgreens | Dearborn Heights, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	2,236
Buildings and Improvements	3,411
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,647
Accumulated Depreciation	217
Walgreens | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,625
Land	631
Buildings and Improvements	4,161
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,792
Accumulated Depreciation	124
Walgreens | Dyersburg, TN
Real Estate and Accumulated Depreciation [Line Items]
Land	555
Buildings and Improvements	4,088
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,643
Accumulated Depreciation	163
Walgreens | East Chicago, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	331
Buildings and Improvements	5,242
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,573
Accumulated Depreciation	181
Walgreens | Enterprise, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,575
Land	839
Buildings and Improvements	3,844
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,683
Accumulated Depreciation	115
Walgreens | Evansville, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,040
Land	812
Buildings and Improvements	4,439
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,251
Accumulated Depreciation	133
Walgreens | Florence, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,125
Land	1,086
Buildings and Improvements	4,206
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,292
Accumulated Depreciation	122
Walgreens | Forrest City, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,825
Land	643
Buildings and Improvements	5,287
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,930
Accumulated Depreciation	157
Walgreens | Fort Madison, IA
Real Estate and Accumulated Depreciation [Line Items]
Land	514
Buildings and Improvements	3,723
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,237
Accumulated Depreciation	220
Walgreens | Franklin, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,200
Land	1,457
Buildings and Improvements	4,075
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,532
Accumulated Depreciation	122
Walgreens | Fraser, MI
Real Estate and Accumulated Depreciation [Line Items]
Land	518
Buildings and Improvements	4,525
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,043
Accumulated Depreciation	191
Walgreens | Hazelwood, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	2,505
Buildings and Improvements	4,866
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,371
Accumulated Depreciation	280
Walgreens | Hickory, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	1,100
Buildings and Improvements	4,241
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,341
Accumulated Depreciation	317
Walgreens | Hobart, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,875
Land	594
Buildings and Improvements	4,526
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,120
Accumulated Depreciation	134
Walgreens | Hockessin, DE
Real Estate and Accumulated Depreciation [Line Items]
Land	1,586
Buildings and Improvements	3,555
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,141
Accumulated Depreciation	203
Walgreens | Huntsville, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,273
Land	1,931
Buildings and Improvements	2,457
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,388
Accumulated Depreciation	190
Walgreens | Kannapolis, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,966
Land	1,480
Buildings and Improvements	5,031
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,511
Accumulated Depreciation	329
Walgreens | Knoxville, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,725
Land	1,139
Buildings and Improvements	3,750
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,889
Accumulated Depreciation	112
Walgreens | Las Vegas, NV
Real Estate and Accumulated Depreciation [Line Items]
Land	2,325
Buildings and Improvements	3,262
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,587
Accumulated Depreciation	195
Walgreens | Lawton, OK
Real Estate and Accumulated Depreciation [Line Items]
Land	860
Buildings and Improvements	2,539
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,399
Accumulated Depreciation	162
Walgreens | Little Rock (Main), AR
Real Estate and Accumulated Depreciation [Line Items]
Land	548
Buildings and Improvements	4,676
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,224
Accumulated Depreciation	181
Walgreens | Little Rock (Bowman), AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,100
Land	1,115
Buildings and Improvements	4,248
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,363
Accumulated Depreciation	127
Walgreens | Lubbock (82nd), TX
Real Estate and Accumulated Depreciation [Line Items]
Land	565
Buildings and Improvements	3,257
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,822
Accumulated Depreciation	267
Walgreens | Lubbock (Indiana), TX
Real Estate and Accumulated Depreciation [Line Items]
Land	531
Buildings and Improvements	2,951
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,482
Accumulated Depreciation	240
Walgreens | Malvern, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,165
Land	1,007
Buildings and Improvements	4,325
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,332
Accumulated Depreciation	123
Walgreens | Memphis, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,775
Land	776
Buildings and Improvements	4,166
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,942
Accumulated Depreciation	124
Walgreens | Metropolis, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	284
Buildings and Improvements	4,991
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,275
Accumulated Depreciation	172
Walgreens | Michigan City, IN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,200
Land	567
Buildings and Improvements	3,615
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,182
Accumulated Depreciation	109
Walgreens | Mobile, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,603
Buildings and Improvements	3,161
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,764
Accumulated Depreciation	176
Walgreens | Montgomery, AL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,110
Buildings and Improvements	2,949
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,059
Accumulated Depreciation	280
Walgreens | Mount Washington, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,125
Land	545
Buildings and Improvements	4,825
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,370
Accumulated Depreciation	143
Walgreens | Oakland, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,750
Land	689
Buildings and Improvements	4,226
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,915
Accumulated Depreciation	125
Walgreens | Oklahoma City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,950
Land	1,356
Buildings and Improvements	3,869
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,225
Accumulated Depreciation	118
Walgreens | Olathe, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,230
Land	1,266
Buildings and Improvements	4,047
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,313
Accumulated Depreciation	120
Walgreens | Phoenix, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	2,216
Buildings and Improvements	1,830
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,046
Accumulated Depreciation	137
Walgreens | Pine Bluff, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	248
Buildings and Improvements	5,229
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,477
Accumulated Depreciation	309
Walgreens | Ralston (La Vista), NE
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,265
Land	967
Buildings and Improvements	4,620
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,587
Accumulated Depreciation	137
Walgreens | River Falls, WI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,200
Land	634
Buildings and Improvements	5,137
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,771
Accumulated Depreciation	151
Walgreens | Roanoke, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	677
Buildings and Improvements	3,825
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,502
Accumulated Depreciation	161
Walgreens | Sacramento, CA
Real Estate and Accumulated Depreciation [Line Items]
Land	324
Buildings and Improvements	2,669
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,993
Accumulated Depreciation	108
Walgreens | Sioux Falls, SD
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,625
Land	1,138
Buildings and Improvements	3,784
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,922
Accumulated Depreciation	113
Walgreens | Springdale, AR
Real Estate and Accumulated Depreciation [Line Items]
Land	1,172
Buildings and Improvements	4,509
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,681
Accumulated Depreciation	254
Walgreens | Springfield, IL
Real Estate and Accumulated Depreciation [Line Items]
Land	830
Buildings and Improvements	3,619
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,449
Accumulated Depreciation	338
Walgreens | St. Charles, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,600
Land	1,644
Buildings and Improvements	4,364
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,008
Accumulated Depreciation	130
Walgreens | St. Louis (Lemay Ferry), MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,600
Land	1,432
Buildings and Improvements	4,556
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,988
Accumulated Depreciation	136
Walgreens | St. Louis (Lusher), MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,790
Land	1,414
Buildings and Improvements	4,622
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,036
Accumulated Depreciation	$ 138

XML

Schedule III - Real Estate Assets and Accumulated Depreciation - 8 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950,128
Land	1,113,456
Buildings and Improvements	2,990,901
Total Adjustment to Basis	81,248
Gross Amount at Which Carried At December 31, 2015	4,185,605	$ 3,590,939	$ 1,960,708	$ 464,539
Accumulated Depreciation	158,805	$ 78,186	$ 23,377	$ 1,743
Walgreens | Suffolk Virgina
Real Estate and Accumulated Depreciation [Line Items]
Land	1,261
Buildings and Improvements	3,461
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,722
Accumulated Depreciation	339
Walgreens | Sun City, AZ
Real Estate and Accumulated Depreciation [Line Items]
Land	837
Buildings and Improvements	2,484
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	3,321
Accumulated Depreciation	109
Walgreens | Tarboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Land	755
Buildings and Improvements	3,634
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,389
Accumulated Depreciation	128
Walgreens | Toledo, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,325
Land	1,993
Buildings and Improvements	3,445
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,438
Accumulated Depreciation	104
Walgreens | Troy, OH
Real Estate and Accumulated Depreciation [Line Items]
Land	547
Buildings and Improvements	4,076
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,623
Accumulated Depreciation	149
Walgreens | Tulsa, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,350
Land	1,078
Buildings and Improvements	3,453
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,531
Accumulated Depreciation	104
Walgreens/KeyBank | Newburgh, NY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,000
Land	3,280
Buildings and Improvements	5,441
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	8,721
Accumulated Depreciation	312
Wallace Commons | Salisbury, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,590
Land	3,265
Buildings and Improvements	8,058
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	11,323
Accumulated Depreciation	654
Wallace Commons 2 [Member] | Salisbury, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,012
Land	2,231
Buildings and Improvements	8,479
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	10,710
Accumulated Depreciation	447
Warrenton Highlands | Warrenton, OR
Real Estate and Accumulated Depreciation [Line Items]
Land	2,139
Buildings and Improvements	5,774
Total Adjustment to Basis	138
Gross Amount at Which Carried At December 31, 2015	8,051
Accumulated Depreciation	491
Waterford South Park: | Clarksville, IN
Real Estate and Accumulated Depreciation [Line Items]
Land	2,946
Buildings and Improvements	8,564
Total Adjustment to Basis	45
Gross Amount at Which Carried At December 31, 2015	11,555
Accumulated Depreciation	761
Wawa: | Cape May, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,576
Buildings and Improvements	5,790
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,366
Accumulated Depreciation	504
Wawa: | Galloway, NJ
Real Estate and Accumulated Depreciation [Line Items]
Land	1,724
Buildings and Improvements	6,105
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	7,829
Accumulated Depreciation	531
Wendy's: | Grafton, VA
Real Estate and Accumulated Depreciation [Line Items]
Land	539
Buildings and Improvements	894
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,433
Accumulated Depreciation	35
Wendy's: | Westminster, CO
Real Estate and Accumulated Depreciation [Line Items]
Land	596
Buildings and Improvements	1,108
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,704
Accumulated Depreciation	43
Western Refining Inc | Benson, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	566
Land	186
Buildings and Improvements	510
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	696
Accumulated Depreciation	33
Western Refining Inc | Bisbee, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	399
Land	89
Buildings and Improvements	137
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	226
Accumulated Depreciation	10
Western Refining Inc | Coolidge, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	472
Land	578
Buildings and Improvements	283
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	861
Accumulated Depreciation	26
Western Refining Inc | Douglas (16th St.), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	913
Land	136
Buildings and Improvements	1,080
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,216
Accumulated Depreciation	54
Western Refining Inc | Douglas (18th St.), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	718
Land	89
Buildings and Improvements	385
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	474
Accumulated Depreciation	20
Western Refining Inc | Florence, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	446
Land	363
Buildings and Improvements	338
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	701
Accumulated Depreciation	25
Western Refining Inc | Globe, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,264
Land	572
Buildings and Improvements	311
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	883
Accumulated Depreciation	27
Western Refining Inc | Hereford, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,531
Land	303
Buildings and Improvements	879
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,182
Accumulated Depreciation	50
Western Refining Inc | Marana, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,458
Land	389
Buildings and Improvements	493
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	882
Accumulated Depreciation	30
Western Refining Inc | Pearce, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	750
Land	116
Buildings and Improvements	380
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	496
Accumulated Depreciation	23
Western Refining Inc | Pima, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,196
Land	372
Buildings and Improvements	362
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	734
Accumulated Depreciation	36
Western Refining Inc | Safford (Hwy 70), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,054
Land	77
Buildings and Improvements	281
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	358
Accumulated Depreciation	24
Western Refining Inc | Safford (Thatcher Blvd.), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,169
Land	204
Buildings and Improvements	299
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	503
Accumulated Depreciation	18
Western Refining Inc | Safford (8th Ave.), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,280
Land	107
Buildings and Improvements	408
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	515
Accumulated Depreciation	24
Western Refining Inc | Sierra Vista, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	488
Land	87
Buildings and Improvements	723
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	810
Accumulated Depreciation	32
Western Refining Inc | Thatcher, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,180
Land	140
Buildings and Improvements	561
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	701
Accumulated Depreciation	40
Western Refining Inc | Tucson (Sierrita Mountain), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	524
Land	569
Buildings and Improvements	453
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,022
Accumulated Depreciation	35
Western Refining Inc | Tucson (Speedway), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	603
Land	473
Buildings and Improvements	388
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	861
Accumulated Depreciation	30
Western Refining Inc | Tucson (4301 Broadway), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	582
Land	263
Buildings and Improvements	170
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	433
Accumulated Depreciation	18
Western Refining Inc | Tucson (Ajo Hwy), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	666
Land	770
Buildings and Improvements	332
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,102
Accumulated Depreciation	34
Western Refining Inc | Tucson (6280 Broadway), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	571
Land	333
Buildings and Improvements	167
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	500
Accumulated Depreciation	21
Western Refining Inc | Tucson (6777 Sandario), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,190
Land	397
Buildings and Improvements	542
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	939
Accumulated Depreciation	43
Western Refining Inc | Tucson (6890 Sandario), AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	523
Land	525
Buildings and Improvements	606
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	1,131
Accumulated Depreciation	36
Western Refining Inc | Winkelman, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	953
Land	287
Buildings and Improvements	403
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	690
Accumulated Depreciation	29
West Marine | Panama City, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	676
Buildings and Improvements	2,219
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	2,895
Accumulated Depreciation	50
West Marine | Pensacola, FL
Real Estate and Accumulated Depreciation [Line Items]
Land	1,107
Buildings and Improvements	3,398
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,505
Accumulated Depreciation	89
Westover Market: | San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,200
Land	2,705
Buildings and Improvements	7,959
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	10,664
Accumulated Depreciation	591
Whole Foods: | Fort Collins, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,500
Land	2,664
Buildings and Improvements	17,166
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	19,830
Accumulated Depreciation	630
Winn-Dixie: | Baton Rouge, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	1,782
Buildings and Improvements	3,776
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	5,558
Accumulated Depreciation	149
Winn-Dixie: | Walker, LA
Real Estate and Accumulated Depreciation [Line Items]
Land	900
Buildings and Improvements	3,909
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	4,809
Accumulated Depreciation	154
Woods Supermarket: | Sunrise Beach, MO
Real Estate and Accumulated Depreciation [Line Items]
Land	1,044
Buildings and Improvements	5,005
Total Adjustment to Basis	0
Gross Amount at Which Carried At December 31, 2015	6,049
Accumulated Depreciation	$ 296