Real Estate Investments

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

Note 3 – Real Estate Investments

Real Estate Portfolio

The Company’s real estate investments consisted of the following as of March 31, 2017 and December 31, 2016 (in thousands, except number of properties):

	March 31, 2017		December 31, 2016
Number of Properties		377		366
Gross Leasable Area (in square feet)		7,326		7,033
Land	$	319,935	$	309,687
Buildings		737,605		703,506
Property under Development		8,414		6,764
Gross Real Estate Investments	$	1,065,954	$	1,019,957
Less Accumulated Depreciation	$	(73,657)		(69,696)
Net Real Estate Investments	$	992,297	$	950,261

Investments

During the three months ended March 31, 2017, the Company acquired 11 retail net lease assets for approximately $53.2 million, which includes acquisition and closing costs. These properties are located in 9 states and are leased to 12 different tenants operating in 8 diverse retail sectors for a weighted average lease term of approximately 10.6 years.

The aggregate first quarter 2017 acquisitions were allocated $12.6 million to land, $35.6 million to buildings and improvements, and $5.0 million to lease intangibles and other assets. The acquisitions were all cash purchases and there were no contingent considerations associated with these acquisitions.

None of the Company’s acquisitions during the first three months of 2017 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized base rent at March 31, 2017.

Developments

During the first quarter of 2017, construction continued on the Company’s two development and Partner Capital Solutions (“PCS”) projects with anticipated total project costs of approximately $12.3 million. These projects consist of the Company’s first ground-up development for Camping World in Georgetown, Kentucky, and the redevelopment and expansion of an existing property in Boynton Beach, Florida for Orchard Supply Hardware.

For the three months ended March 31, 2017, the Company has four development or PCS projects completed or currently under construction. Total anticipated project costs for those developments are approximately $21.5 million and include the following completed or commenced projects:

Tenant	Location	Lease Structure	Lease Term	Actual or Anticipated Rent Commencement	Status
Camping World	Tyler, TX	Build-to-Suit	20 Years	Q1 2017	Completed
Burger King(1)	Heber, UT	Build-to-Suit	20 Years	Q1 2017	Completed
Orchard Supply	Boynton Beach, FL	Build-to-Suit	15 Years	Q3 2017	Under Construction
Camping World	Georgetown, KY	Build-to-Suit	20 Years	Q3 2017	Under Construction

(1) Franchise restaurants operated by Meridian Restaurants Unlimited, LC.

Dispositions

During the three months ended March 31, 2017, the Company sold a Walgreens property in Ann Arbor, Michigan for net proceeds of $10.2 million. The Company recorded a net gain of approximately $4.7 million on the sale. There were no other dispositions for the three months ended March 31, 2017.