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Economic Dependency
3 Months Ended
Mar. 31, 2014
Text Block [Abstract]  
Economic Dependency

Note 21 — Economic Dependency

Prior to transitioning to self-management on January 8, 2014, the Company engaged, under various agreements, the Former Manager and entities affiliated with the Former Manager to provide certain services that are essential to the Company, including asset management services and supervision of the management and leasing of properties owned by the Company, the sale of shares of the Company’s common stock, as well as other administrative responsibilities for the Company including information technology, legal services and investor relations.

 

As a result of these relationships, the Company was dependent upon the Former Manager its affiliates and entities affiliated with the Former Manager. In the event that these companies were unable to provide the Company with the respective services, the Company would have been required to find alternative providers of these services. As a result of the ARCT III Merger, the Company internalized certain accounting and property acquisition services previously performed by its Former Manager and its affiliates. The Company may from time to time engage entities affiliated with the Former Manager for legal, information technology or other support services for which it will pay a fee, subject to approval by the Company’s independent directors.