Real Estate Investments (Tables)

12 Months Ended

25 Months Ended

Dec. 31, 2012

Dec. 31, 2012

Real Estate [Abstract]

Assets and Liabilities Assumed

The following table presents the allocation of the assets acquired and liabilities assumed during the periods presented (amounts in thousands):

	Year Ended December 31,
	2012			2011
Real estate investments, at cost:
Land	15,856			$	18,489
Buildings, fixtures and improvements	98,536			107,340
Total tangible assets	114,392			125,829
Acquired intangibles:
In-place leases	16,096			11,044
Above market leases	1,264			—
Total real estate investments acquired	131,752			136,873
OP Units issued to acquire real estate investments	(6,352		)	—
Cash paid to acquire real estate investments (1)	$	125,400		$	136,873
Number of properties acquired	58			88

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⁽¹⁾  For the year ended December 31, 2011, the amount includes the properties that were contributed in September 2011 in conjunction with the completion of the IPO by the Contributor at amortized cost as well as $17.5 million of properties acquired by the Company following the IPO.

Purchase Price of Acquired Properties [Table Text Block]

The Company owns and operates commercial properties. As of December 31, 2012, the Company owned 147 properties, one of which was vacant and classified as held for sale. As of December 31, 2011, the Company owned 90 properties, two of which were vacant and classified as held for sale. The Contributor, an affiliate of the Sponsor, contributed 63 properties (the "Contributed Properties") in September 2011 in conjunction with the completion of the IPO at amortized cost.

The following table reflects the number and related purchase prices of properties acquired during the years ended December 31, 2012 and 2011 (amounts in thousands):

	Number of Properties	Base Purchase Price
Year ended December 31, 2011	88	$	136,873
Year ended December 31, 2012	58	131,752
Total portfolio as of December 31, 2012	146	$	268,625

Business Acquisition, Pro Forma Information [Table Text Block]

The following table presents unaudited pro forma information as if the acquisitions during the year ended December 31, 2012, had been consummated on December 2, 2010 (date of inception). Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to reclass acquisition and transaction related expenses of $4.0 million from the year ended December 31, 2012 to the period from December 2, 2010 (date of inception) to December 31, 2010.

	Year Ended December 31,					Period from December 2, 2010 (date of inception) to December 31, 2010
(Amounts in thousands)	2012			2011
Pro forma revenues	$	23,512		$	23,512	$	1,932
Pro forma net income (loss) attributable to stockholders	$	(824	)	$	724	$	(3,776	)

Schedule of Future Minimum Rental Payments for Operating Leases

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items (amounts in thousands):

	Future Minimum Base Rent Payments
2013	$	23,113
2014	23,309
2015	23,153
2016	22,808
2017	18,761
Thereafter	50,031
Total	$	161,175

Schedule of Future Minimum Rental Payments for Operating Leases, Ground Lease [Table Text Block]

The Company entered into a ground lease agreement related to the acquisition of a Walgreens Pharmacy. The following table reflects the minimum base rental cash payments due from the Company over the next five years and thereafter under this arrangement (amounts in thousands):

	Future Minimum Base Rent Payments
2013	$	160
2014	160
2015	160
2016	160
2017	160
Thereafter	600
Total	$	1,400

Schedule of Annualized Rental Income by Major Tenants [Table Text Block]

The following table lists the tenants whose annualized rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2012 and 2011. Annualized rental income for net leases is rental income on a straight-line basis as of December 31, 2012, which includes the effect of tenant concessions such as free rent, as applicable. The Company did not own any properties as of December 31, 2010.

Tenant	2012	2011
Citizens Bank	28.7%	62.9%
GSA	11.6%	*
John Deere	10.0%	*
Home Depot	*	21.1%

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* The tenants' annualized rental income was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.

The termination, delinquency or non-renewal of one or more leases by any of the above tenants may have a material effect on revenues. No other tenant represents more than 10% of the annualized rental income for the periods presented.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table lists the states where the Company has concentrations of properties where annual rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2012 and 2011:

State	2012	2011
Michigan	15.2%	23.4%
Ohio	10.8%	16.8%
South Carolina	10.6%	23.4%
Iowa	10.0%	*

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* The state's annualized rental income was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.