Real Estate Investments

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

Note 4 – Real Estate Investments

Real Estate Portfolio

As of March 31, 2019, the Company owned 694 properties, with a total gross leasable area of approximately 11.9 million square feet. Net Real Estate Investments totaled $1.8 billion as of March 31, 2019. As of December 31, 2018, the Company owned 645 properties, with a total gross leasable area of approximately 11.2 million square feet. Net Real Estate Investments totaled $1.7 billion as of December 31, 2018.

Acquisitions

During the three months ended March 31, 2019, the Company purchased 48 retail net lease assets for approximately $141.7 million, which includes acquisition and closing costs. These properties are located in 22 states and are leased for a weighted average lease term of approximately 12.8 years.

The aggregate acquisitions for the three months ended March 31, 2019 were allocated $34.9 million to land, $92.4 million to buildings and improvements, and $14.4 million to lease intangibles. 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 2019 caused any new or existing tenant to comprise 10% or more of our total assets or generate 10% or more of our total annualized contractual base rent at March 31, 2019.

Developments

During the three months ended March 31, 2019, the Company completed or had under construction nine developments or Partnership Capital Solutions projects.

Dispositions

During the three months ended March 31, 2019, the Company sold two properties for net proceeds of $9.8 million and the Company recorded a net gain of $3.4 million.

Provision for Impairment

The Company reviews long-lived assets, including intangible assets, for possible impairment when certain events or changes in circumstances indicates that the carrying amount of the asset may not be recoverable through operations. Events or changes in circumstances may include significant changes in real estate market conditions and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. During the three months ended March 31, 2019, the Company recognized provisions for impairment of $0.4 million. There were no provisions for impairment for the three months ended March 31, 2018.

The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.