Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Intangible Assets and Goodwill [Table Text Block]

Intangible lease assets of the Company consist of the following as of December 31, 2012 and 2011 (amounts in thousands):


	December 31,
	2012			2011
In-place leases, gross	$	210,959		$	21,777
Accumulated amortization on in-place leases		(11,183	)		(3,282	)
In-place leases, net of accumulated amortization		199,776			18,495
Above market leases, gross		1,264			-
Accumulated amortization on above market leases		(116	)		-
Above market leases, net of accumulated amortization		1,148			-
Total intangible lease assets, net	$	200,924		$	18,495

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The following table provides the weighted-average amortization period as of December 31, 2012 for intangible lease assets and the projected amortization expense and adjustments of rental income for the next five years of the Company (amounts in thousands):


	Weighted- Average Amortization Period in Years		2013		2014		2015		2016		2017
In-place leases:
Total to be included in amortization expense		11.9	$	19,265	$	19,234	$	18,855	$	18,586	$	18,049
Above market leases:
Total to be included in rental income		5.0	$	252	$	252	$	252	$	252	$	122
Total intangible lease assets		11.9

Schedule of Share Repurchase Program

When a stockholder requested repurchases and the repurchases were approved by ARCT III's board of directors, it reclassified such obligation from equity to a liability based on the settlement value of the obligation. The following table reflects the number of shares repurchased for the years ended December 31, 2012 and 2011. There were no repurchases requested or fulfilled during the period from October 15, 2010 ("ARCT III's date of inception") to December 31, 2010.


Year ended December 31,	Number of Requests		Number of Shares		Average Price per Share
2011		1		2,375	$	10.00
2012		73		179,104		9.93
Cumulative repurchase requests as of December 31, 2012⁽¹⁾		74		181,479	$	9.93

(1)

Includes unfulfilled repurchase requests for 35,180 shares at a average price per share of $9.86, which were approved for repurchase as of December 31, 2012.