(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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90-0929989
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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405 Park Ave., 14th Floor, New York, New York
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10022
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(Address of principal executive offices)
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(Zip Code)
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(212) 415-6500
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(Registrant's telephone number, including area code)
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Securities registered pursuant to section 12(b) of the Act: None
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Securities registered pursuant to section 12(g) of the Act: Common stock, $0.01 par value per share (Title of class)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
x
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Page
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The anticipated benefits from the Mergers (as defined below) with American Realty Capital — Retail Centers of America, Inc. ("RCA") may not be realized or may take longer to realize than expected.
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Unexpected costs or unexpected liabilities may arise from the Mergers.
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All of our executive officers are also officers, managers or holders of a direct or indirect controlling interest in American Finance Advisors, LLC (our "Advisor") or other entities under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, "AR Global" or our "Sponsor"). As a result, our executive officers, our Advisor and its affiliates face conflicts of interest, including significant conflicts created by our Advisor's compensation arrangements with us and other investment programs advised by affiliates of our Sponsor and conflicts in allocating time among these entities and us, which could negatively impact our operating results.
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Although we have announced our intention to list our shares of common stock on the New York Stock Exchange ("NYSE") at a time yet to be determined, there can be no assurance that our shares of common stock will be listed. No public market currently exists, or may ever exist, for shares of our common stock and our shares are, and may continue to be, illiquid.
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Our Advisor has not entered into an agreement with Lincoln Retail REIT Services, LLC ("Lincoln"), or any other party, to act as service provider for our stabilized core retail properties; the failure of our Advisor to enter into an agreement could adversely affect our ability to continue to make investments in, or manage, stabilized core retail properties.
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The performance of our retail portfolio is linked to the market for retail space generally and factors that may impact our retail tenants, such as the increasing use of the Internet by retailers and consumers.
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We depend on tenants for our rental revenue and, accordingly, our rental revenue is dependent upon the success and economic viability of our tenants.
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Our tenants may not achieve our rental rate incentives and our expenses could be greater, which may impact our results of operations.
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We have not generated, and in the future may not generate, operating cash flows sufficient to cover 100% of our distributions, and, as such, we may be forced to source distributions from borrowings, which may be at unfavorable rates, or depend on our Advisor to waive reimbursement of certain expenses or fees. There is no assurance that our Advisor will waive reimbursement of expenses or fees.
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We may be unable to pay or maintain cash distributions or increase distributions over time.
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We are obligated to pay fees, which may be substantial, to our Advisor and its affiliates.
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We are subject to risks associated with any dislocation or liquidity disruptions that may exist or occur in the credit markets of the United States of America.
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We may fail to continue to qualify to be treated as a real estate investment trust for U.S. federal income tax purposes ("REIT"), which would result in higher taxes, may adversely affect our operations and would reduce the value of an investment in our common stock and our cash available for distributions.
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We may be deemed by regulators to be an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and thus subject to regulation under the Investment Company Act.
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Retail Focused Portfolio, Including Single-Tenant Net Leased Properties
— Acquiring freestanding single-tenant properties net leased to investment grade and other creditworthy tenants, which are expected to primarily consist of retail properties, and anchored, stabilized core retail properties, including power centers and lifestyle centers; however, we will not forgo opportunities to invest in other types of real estate investments that meet our overall investment objectives;
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Long-Term Leases
— With respect to net leased properties, enter into long-term leases with minimum, non-cancelable lease terms of ten or more years;
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Commercial Real Estate ("CRE") Debt Investments
— To a lesser extent, originate and acquire CRE Debt Investments;
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Low Leverage
— Finance our portfolio opportunistically (taking advantage of opportunities as they arise) at a target leverage level of not more than 45% loan-to-value. Loan to value ratio is a lending risk assessment ratio that is examined before approving a mortgage and is calculated by dividing the mortgage amount by the appraised value of the property; and
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Diversified Portfolio
— Assemble, manage and optimize a well diversified portfolio based on geography, tenant diversity, lease expirations, and other factors.
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Tenant
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December 31, 2016
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SunTrust Bank
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17.7%
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Sanofi US
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11.4%
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C&S Wholesale Grocer
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10.2%
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AmeriCold
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7.7%
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Merrill Lynch, Pierce, Fenner & Smith
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7.7%
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Stop & Shop
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6.0%
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Tenant
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December 31, 2016
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SunTrust Bank
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11.7%
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Sanofi
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7.5%
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C&S Wholesale Grocer
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6.7%
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AmeriCold
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5.1%
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•
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limiting our ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms or to fund acquisitions;
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limiting the amount of free cash flow available for future operations, acquisitions, distributions, stock repurchases or other users; and
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the inability to successfully combine RCA’s business with ours in a manner that permits us to achieve the cost savings anticipated to result from the Merger, including the anticipated $10.9 million of annual savings in 2017;
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the complexities of combining two companies with different property types and tenant bases; and
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performance shortfalls as a result of diverting management’s time and attention to integrating each company’s operations.
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result in misstated financial reports, violations of loan covenants, missed reporting deadlines and/or missed permitting deadlines;
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affect our ability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
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result in the unauthorized access to, and destruction, loss. theft, misappropriation or release of, proprietary, confidential, sensitive or otherwise valuable information, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
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result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;
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require significant management attention and resources to remedy any damages that result;
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subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
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adversely impact our reputation among our tenants and investors generally.
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any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation's outstanding voting stock; or
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an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding stock of the corporation.
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80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
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two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
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limitations on capital structure;
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restrictions on specified investments;
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prohibitions on transactions with affiliates; and
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compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations.
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changes in general, economic or local conditions;
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changes in supply of or demand for similar or competing properties in an area;
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changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive;
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changes in tax, real estate, environmental and zoning laws; and
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periods of high interest rates and tight money supply.
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Tenant
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December 31, 2016
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SunTrust Bank
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17.7%
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Sanofi US
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11.4%
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C&S Wholesale Grocer
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10.2%
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AmeriCold
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7.7%
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Merrill Lynch, Pierce, Fenner & Smith
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7.7%
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Stop & Shop
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6.0%
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Tenant
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December 31, 2016
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SunTrust Bank
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11.7%
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Sanofi
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7.5%
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C&S Wholesale Grocer
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6.7%
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AmeriCold
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5.1%
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State
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December 31, 2016
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New Jersey
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20.0%
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Georgia
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11.0%
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Massachusetts
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8.1%
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Florida
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7.6%
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North Carolina
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6.6%
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Alabama
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5.4%
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State
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December 31, 2016
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North Carolina
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9.0%
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Florida
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8.5%
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New Jersey
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8.1%
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Georgia
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7.3%
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Alabama
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6.5%
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Texas
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6.0%
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Massachusetts
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5.3%
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business layoffs or downsizing;
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industry slowdowns;
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relocations of businesses;
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changing demographics;
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increased telecommuting and use of alternative work places;
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infrastructure quality;
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any oversupply of, or reduced demand for, real estate;
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concessions or reduced rental rates under new leases for properties where tenants defaulted; and
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increased insurance premiums.
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decreased demand for our properties due to significant job losses that have occurred and may occur in the future, resulting in lower occupancy levels, which decreased demand will result in decreased revenues and which could diminish the value of our portfolio, which depends, in part, upon the cash flow generated by our properties;
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an increase in the number of bankruptcies or insolvency proceedings of our tenants and lease guarantors, which could delay or preclude our efforts to collect rent and any past due balances under the relevant leases;
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widening credit spreads for major sources of capital as investors demand higher risk premiums, resulting in lenders increasing the cost for debt financing;
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further reduction in the amount of capital that is available to finance real estate, which, in turn, could lead to a decline in real estate values generally, slow real estate transaction activity, a reduction the loan-to-value ratio upon which lenders are willing to lend, and difficulty refinancing our debt;
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a decrease in the value of certain of our properties below the amounts we pay for them, which may limit our ability to dispose of assets at attractive prices or to obtain debt financing secured by our properties and may reduce the availability of unsecured loans; and
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reduction in the value and liquidity of our short-term investments as a result of the dislocation of the markets for our short-term investments and increased volatility in market rates for such investments or other factors.
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macroeconomic and local economic conditions;
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tenant mix;
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success of tenant businesses;
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property management decisions;
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property location and condition;
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property operating costs, including insurance premiums, real estate taxes and maintenance costs;
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competition from comparable types of properties;
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effects on a particular industry applicable to the property, such as hotel vacancy rates;
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changes in governmental rules, regulations and fiscal policies, including environmental legislation;
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changes in laws that increase operating expenses or limit rents that may be charged;
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any need to address environmental contamination at the property;
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the occurrence of any uninsured casualty at the property;
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changes in national, regional or local economic conditions and/or specific industry segments;
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declines in regional or local real estate values;
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branding, marketing and operational strategies;
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declines in regional or local rental or occupancy rates;
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increases in interest rates;
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real estate tax rates and other operating expenses;
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acts of God;
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social unrest and civil disturbances;
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terrorism; and
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increases in costs associated with renovation and/or construction.
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natural disasters, such as hurricanes, earthquakes and floods;
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acts of war or terrorism, including the consequences of terrorist attacks;
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adverse changes in national and local economic and real estate conditions;
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an oversupply of (or a reduction in demand for) space in the areas where particular properties are located and the attractiveness of particular properties to prospective tenants;
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changes in interest rates and availability of permanent mortgage funds that my render the sale of property difficult or unattractive;
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changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance therewith and the potential for liability under applicable laws;
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costs of remediation and liabilities associated with environmental conditions affecting properties; and
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the potential for uninsured or underinsured property losses; and
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periods of high interest rates and tight money supply.
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Portfolio
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Acquisition Date
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Number of
Properties
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Rentable Square Feet
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Remaining Lease
Term
(1)
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Dollar General I
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Apr. & May 2013
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2
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18,126
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11.3
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Portfolio
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Acquisition Date
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Number of
Properties
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Rentable Square Feet
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Remaining Lease
Term
(1)
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Walgreens I
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Jul. 2013
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1
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10,500
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20.8
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Dollar General II
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Jul. 2013
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2
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18,052
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11.4
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Auto Zone I
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Jul. 2013
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1
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7,370
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10.6
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Dollar General III
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Jul. 2013
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5
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45,989
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11.4
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BSFS I
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Jul. 2013
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1
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8,934
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7.1
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Dollar General IV
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Jul. 2013
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2
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18,126
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9.2
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Tractor Supply I
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Aug. 2013
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1
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19,097
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10.9
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Dollar General V
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Aug. 2013
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1
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12,480
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11.1
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Mattress Firm I
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Aug. & Nov. 2013; Feb., Mar. & Apr. 2014
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5
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23,612
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8.6
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Family Dollar I
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Aug. 2013
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1
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8,050
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4.5
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Lowe's I
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Aug. 2013
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5
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671,313
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12.5
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O'Reilly Auto Parts I
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Aug. 2013
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1
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10,692
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13.5
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Food Lion I
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Aug. 2013
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1
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44,549
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12.8
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Family Dollar II
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Aug. 2013
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1
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8,028
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6.5
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Walgreens II
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Aug. 2013
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1
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14,490
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16.3
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Dollar General VI
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Aug. 2013
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1
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9,014
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9.2
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Dollar General VII
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Aug. 2013
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1
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9,100
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11.3
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Family Dollar III
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Aug. 2013
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1
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8,000
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5.8
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Chili's I
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Aug. 2013
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2
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12,700
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8.9
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CVS I
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Aug. 2013
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1
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10,055
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9.1
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Joe's Crab Shack I
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Aug. 2013
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2
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16,012
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10.3
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Dollar General VIII
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Sep. 2013
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1
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9,100
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11.6
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Tire Kingdom I
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Sep. 2013
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1
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6,635
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8.3
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Auto Zone II
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Sep. 2013
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1
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7,370
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6.4
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Family Dollar IV
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Sep. 2013
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1
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8,320
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6.5
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Fresenius I
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Sep. 2013
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1
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5,800
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8.5
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Dollar General IX
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Sep. 2013
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1
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9,014
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8.3
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Advance Auto I
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Sep. 2013
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1
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10,500
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6.5
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Walgreens III
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Sep. 2013
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1
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15,120
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9.3
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Walgreens IV
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Sep. 2013
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1
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13,500
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7.8
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CVS II
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Sep. 2013
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1
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13,905
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20.1
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Arby's I
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Sep. 2013
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1
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3,000
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11.5
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Dollar General X
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Sep. 2013
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1
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9,100
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11.3
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AmeriCold I
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Sep. 2013
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9
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1,407,166
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10.8
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Home Depot I
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Sep. 2013
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2
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1,315,200
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10.1
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New Breed Logistics I
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Sep. 2013
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1
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390,486
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4.8
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American Express Travel Related Services I
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Sep. 2013
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2
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785,164
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3.1
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L.A. Fitness I
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Sep. 2013
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1
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45,000
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7.2
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SunTrust Bank I
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Sep. 2013
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|
32
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|
182,400
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|
6.8
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National Tire & Battery I
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|
Sep. 2013
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|
1
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|
10,795
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|
|
6.9
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Circle K I
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|
Sep. 2013
|
|
19
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|
54,521
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|
|
11.8
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Walgreens V
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|
Sep. 2013
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|
1
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|
14,490
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|
|
10.7
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Walgreens VI
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|
Sep. 2013
|
|
1
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|
14,560
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12.3
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FedEx Ground I
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|
Sep. 2013
|
|
1
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|
21,662
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|
|
6.4
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Walgreens VII
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|
Sep. 2013
|
|
10
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|
142,140
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|
|
12.8
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O'Charley's I
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|
Sep. 2013
|
|
20
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|
135,973
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|
|
14.8
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Krystal Burgers Corporation I
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|
Sep. 2013
|
|
6
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|
12,730
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|
|
12.7
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Merrill Lynch, Pierce, Fenner & Smith I
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|
Sep. 2013
|
|
3
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|
553,841
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|
|
7.9
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1st Constitution Bancorp I
|
|
Sep. 2013
|
|
1
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|
4,500
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|
|
7.1
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American Tire Distributors I
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|
Sep. 2013
|
|
1
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|
125,060
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|
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7.1
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Tractor Supply II
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|
Oct. 2013
|
|
1
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|
23,500
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|
|
6.8
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United Healthcare I
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|
Oct. 2013
|
|
1
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|
400,000
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|
|
4.5
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National Tire & Battery II
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|
Oct. 2013
|
|
1
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|
7,368
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|
|
15.4
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Tractor Supply III
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|
Oct. 2013
|
|
1
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|
19,097
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|
|
11.3
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Mattress Firm II
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|
Oct. 2013
|
|
1
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|
4,304
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|
|
6.7
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Portfolio
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|
Acquisition Date
|
|
Number of
Properties
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|
Rentable Square Feet
|
|
Remaining Lease
Term
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Dollar General XI
|
|
Oct. 2013
|
|
1
|
|
9,026
|
|
|
10.3
|
Academy Sports I
|
|
Oct. 2013
|
|
1
|
|
71,640
|
|
|
11.5
|
Talecris Plasma Resources I
|
|
Oct. 2013
|
|
1
|
|
22,262
|
|
|
6.3
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Amazon I
|
|
Oct. 2013
|
|
1
|
|
79,105
|
|
|
6.6
|
Fresenius II
|
|
Oct. 2013
|
|
2
|
|
16,047
|
|
|
10.6
|
Dollar General XII
|
|
Nov. 2013 & Jan. 2014
|
|
2
|
|
18,126
|
|
|
12.0
|
Dollar General XIII
|
|
Nov. 2013
|
|
1
|
|
9,169
|
|
|
9.3
|
Advance Auto II
|
|
Nov. 2013
|
|
2
|
|
13,887
|
|
|
6.4
|
FedEx Ground II
|
|
Nov. 2013
|
|
1
|
|
48,897
|
|
|
6.6
|
Burger King I
|
|
Nov. 2013
|
|
41
|
|
168,192
|
|
|
16.9
|
Dollar General XIV
|
|
Nov. 2013
|
|
3
|
|
27,078
|
|
|
11.4
|
Dollar General XV
|
|
Nov. 2013
|
|
1
|
|
9,026
|
|
|
11.8
|
FedEx Ground III
|
|
Nov. 2013
|
|
1
|
|
24,310
|
|
|
6.7
|
Dollar General XVI
|
|
Nov. 2013
|
|
1
|
|
9,014
|
|
|
8.9
|
Family Dollar V
|
|
Nov. 2013
|
|
1
|
|
8,400
|
|
|
6.3
|
Walgreens VIII
|
|
Dec. 2013
|
|
1
|
|
14,490
|
|
|
7.0
|
CVS III
|
|
Dec. 2013
|
|
1
|
|
10,880
|
|
|
7.1
|
Mattress Firm III
|
|
Dec. 2013
|
|
1
|
|
5,057
|
|
|
6.5
|
Arby's II
|
|
Dec. 2013
|
|
1
|
|
3,494
|
|
|
11.3
|
Family Dollar VI
|
|
Dec. 2013
|
|
2
|
|
17,484
|
|
|
7.1
|
SAAB Sensis I
|
|
Dec. 2013
|
|
1
|
|
90,822
|
|
|
8.3
|
Citizens Bank I
|
|
Dec. 2013
|
|
9
|
|
34,777
|
|
|
7.0
|
Walgreens IX
|
|
Jan. 2014
|
|
1
|
|
14,490
|
|
|
6.1
|
SunTrust Bank II
|
|
Jan. 2014
|
|
30
|
|
148,233
|
|
|
10.3
|
Mattress Firm IV
|
|
Jan. 2014
|
|
1
|
|
5,040
|
|
|
7.7
|
FedEx Ground IV
|
|
Jan. 2014
|
|
1
|
|
59,167
|
|
|
6.5
|
Mattress Firm V
|
|
Jan. 2014
|
|
1
|
|
5,548
|
|
|
6.8
|
Family Dollar VII
|
|
Feb. 2014
|
|
1
|
|
8,320
|
|
|
7.5
|
Aaron's I
|
|
Feb. 2014
|
|
1
|
|
7,964
|
|
|
6.7
|
Auto Zone III
|
|
Feb. 2014
|
|
1
|
|
6,786
|
|
|
6.3
|
C&S Wholesale Grocer I
|
|
Feb. 2014
|
|
5
|
|
3,044,685
|
|
|
5.8
|
Advance Auto III
|
|
Feb. 2014
|
|
1
|
|
6,124
|
|
|
7.7
|
Family Dollar VIII
|
|
Mar. 2014
|
|
3
|
|
24,960
|
|
|
6.6
|
Dollar General XVII
|
|
Mar. & May 2014
|
|
3
|
|
27,078
|
|
|
11.3
|
SunTrust Bank III
|
|
Mar. 2014
|
|
112
|
|
599,461
|
|
|
9.9
|
SunTrust Bank IV
|
|
Mar. 2014
|
|
27
|
|
142,625
|
|
|
10.3
|
Dollar General XVIII
|
|
Mar. 2014
|
|
1
|
|
9,026
|
|
|
11.3
|
Sanofi US I
|
|
Mar. 2014
|
|
1
|
|
736,572
|
|
|
9.5
|
Family Dollar IX
|
|
Apr. 2014
|
|
1
|
|
8,320
|
|
|
7.3
|
Stop & Shop I
|
|
May 2014
|
|
8
|
|
544,112
|
|
|
9.9
|
Bi-Lo I
|
|
May 2014
|
|
1
|
|
55,718
|
|
|
9.0
|
Dollar General XIX
|
|
May 2014
|
|
1
|
|
12,480
|
|
|
11.7
|
Dollar General XX
|
|
May 2014
|
|
5
|
|
48,584
|
|
|
10.3
|
Dollar General XXI
|
|
May 2014
|
|
1
|
|
9,238
|
|
|
11.7
|
Dollar General XXII
|
|
May 2014
|
|
1
|
|
10,566
|
|
|
10.3
|
FedEx Ground V
|
|
Feb. 2016
|
|
1
|
|
45,755
|
|
|
8.6
|
FedEx Ground VI
|
|
Feb. 2016
|
|
1
|
|
120,731
|
|
|
8.7
|
FedEx Ground VII
|
|
Feb. 2016
|
|
1
|
|
42,299
|
|
|
8.8
|
FedEx Ground VIII
|
|
Feb. 2016
|
|
1
|
|
78,673
|
|
|
8.8
|
|
|
|
|
455
|
|
13,319,348
|
|
|
9.1
|
(1)
|
Remaining lease term in years as of
December 31, 2016
. If the portfolio has multiple properties with varying lease expirations, remaining lease term is calculated on a weighted-average basis.
|
Property
|
|
Acquisition Date
|
|
Property Type
|
|
Number of
Properties
|
|
Rentable Square Feet
|
|
Occupancy
|
|
Remaining Lease
Term
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liberty Crossing
|
|
Jun. 2012
|
|
Power Center
|
|
1
|
|
105,779
|
|
|
94.0%
|
|
2.5
|
San Pedro Crossing
|
|
Dec. 2012
|
|
Power Center
|
|
1
|
|
201,965
|
|
|
96.7%
|
|
4.0
|
Tiffany Springs MarketCenter
|
|
Sep. 2013
|
|
Power Center
|
|
1
|
|
264,952
|
|
|
74.3%
|
|
5.2
|
The Streets of West Chester
|
|
Apr. 2014
|
|
Lifestyle Center
|
|
1
|
|
236,842
|
|
|
92.1%
|
|
11.5
|
Prairie Towne Center
|
|
Jun. 2014
|
|
Power Center
|
|
1
|
|
289,277
|
|
|
95.3%
|
|
7.4
|
Southway Shopping Center
|
|
Jun. 2014
|
|
Power Center
|
|
1
|
|
181,809
|
|
|
99.3%
|
|
3.6
|
Stirling Slidell Centre
|
|
Aug. 2014
|
|
Power Center
|
|
1
|
|
134,276
|
|
|
77.2%
|
|
3.6
|
Northwoods Marketplace
|
|
Aug. 2014
|
|
Power Center
|
|
1
|
|
236,078
|
|
|
95.9%
|
|
3.3
|
Centennial Plaza
|
|
Aug. 2014
|
|
Power Center
|
|
1
|
|
233,797
|
|
|
100.0%
|
|
2.5
|
Northlake Commons
|
|
Sep. 2014
|
|
Lifestyle Center
|
|
1
|
|
109,112
|
|
|
95.9%
|
|
4.4
|
Shops at Shelby Crossing
|
|
Sep. 2014
|
|
Power Center
|
|
1
|
|
236,107
|
|
|
97.0%
|
|
2.7
|
Shoppes of West Melbourne
|
|
Sep. 2014
|
|
Power Center
|
|
1
|
|
144,484
|
|
|
96.0%
|
|
4.5
|
The Centrum
|
|
Sep. 2014
|
|
Power Center
|
|
1
|
|
270,747
|
|
|
93.5%
|
|
2.9
|
Shoppes at Wyomissing
|
|
Oct. 2014
|
|
Lifestyle Center
|
|
1
|
|
103,064
|
|
|
100.0%
|
|
2.7
|
Southroads Shopping Center
|
|
Oct. 2014
|
|
Power Center
|
|
1
|
|
437,515
|
|
|
71.2%
|
|
4.7
|
Parkside Shopping Center
|
|
Nov. 2014 & Dec. 2015
|
|
Power Center
|
|
1
|
|
181,620
|
|
|
94.6%
|
|
6.0
|
West Lake Crossing
|
|
Nov. 2014
|
|
Power Center
|
|
1
|
|
75,928
|
|
|
90.2%
|
|
4.4
|
Colonial Landing
|
|
Dec. 2014
|
|
Power Center
|
|
1
|
|
263,559
|
|
|
81.6%
|
|
4.6
|
The Shops at West End
|
|
Dec. 2014
|
|
Lifestyle Center
|
|
1
|
|
381,831
|
|
|
81.9%
|
|
8.7
|
Township Marketplace
|
|
Dec. 2014
|
|
Power Center
|
|
1
|
|
298,630
|
|
|
96.2%
|
|
2.4
|
Cross Pointe Centre
|
|
Mar. 2015
|
|
Power Center
|
|
1
|
|
226,089
|
|
|
100.0%
|
|
10.3
|
Towne Center Plaza
|
|
Apr. 2015
|
|
Power Center
|
|
1
|
|
94,096
|
|
|
100.0%
|
|
6.1
|
Harlingen Corners
|
|
May 2015
|
|
Power Center
|
|
1
|
|
228,208
|
|
|
96.2%
|
|
5.3
|
Village at Quail Springs
|
|
Jun. 2015
|
|
Power Center
|
|
1
|
|
100,404
|
|
|
100.0%
|
|
2.2
|
Pine Ridge Plaza
|
|
Jun. 2015
|
|
Power Center
|
|
1
|
|
239,492
|
|
|
95.2%
|
|
3.1
|
Bison Hollow
|
|
Jun. 2015
|
|
Power Center
|
|
1
|
|
134,798
|
|
|
100.0%
|
|
5.8
|
Jefferson Commons
|
|
Jun. 2015
|
|
Power Center
|
|
1
|
|
205,918
|
|
|
93.4%
|
|
9.0
|
Northpark Center
|
|
Jun. 2015
|
|
Power Center
|
|
1
|
|
318,327
|
|
|
99.2%
|
|
3.8
|
Anderson Station
|
|
Jul. 2015
|
|
Power Center
|
|
1
|
|
243,550
|
|
|
95.9%
|
|
2.6
|
Patton Creek
|
|
Aug. 2015
|
|
Power Center
|
|
1
|
|
491,294
|
|
|
94.5%
|
|
4.7
|
North Lakeland Plaza
|
|
Sep. 2015
|
|
Power Center
|
|
1
|
|
171,397
|
|
|
96.3%
|
|
3.7
|
Riverbend Marketplace
|
|
Sep. 2015
|
|
Power Center
|
|
1
|
|
142,617
|
|
|
97.2%
|
|
6.2
|
Montecito Crossing
|
|
Sep. 2015
|
|
Power Center
|
|
1
|
|
179,721
|
|
|
97.4%
|
|
5.3
|
Best on the Boulevard
|
|
Sep. 2015
|
|
Power Center
|
|
1
|
|
204,568
|
|
|
100.0%
|
|
5.1
|
Shops at RiverGate South
|
|
Sep. 2015
|
|
Power Center
|
|
1
|
|
140,703
|
|
|
97.8%
|
|
8.8
|
Portfolio, December 31, 2016
|
|
|
|
|
|
35
|
|
7,508,554
|
|
92.6%
|
|
5.3
|
(1)
|
Remaining lease term in years as of December 31, 2016, calculated on a weighted-average basis.
|
State
|
|
Number of
Properties
|
|
Rentable Square Feet
|
|
Rentable Square Foot %
|
|
Annualized Rental
Income
(1)
|
|
Annualized Rental
Income %
|
|||||
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|||||
Alabama
|
|
8
|
|
2,011,213
|
|
|
15.1
|
%
|
|
$
|
8,858
|
|
|
5.4
|
%
|
Arkansas
|
|
6
|
|
54,620
|
|
|
0.4
|
%
|
|
662
|
|
|
0.4
|
%
|
|
Colorado
|
|
3
|
|
25,130
|
|
|
0.2
|
%
|
|
504
|
|
|
0.3
|
%
|
|
Connecticut
|
|
2
|
|
84,045
|
|
|
0.6
|
%
|
|
1,640
|
|
|
1.0
|
%
|
|
District of Columbia
|
|
1
|
|
2,745
|
|
|
—
|
%
|
|
235
|
|
|
0.1
|
%
|
|
Florida
|
|
74
|
|
396,436
|
|
|
3.0
|
%
|
|
12,491
|
|
|
7.6
|
%
|
|
Georgia
|
|
55
|
|
1,778,560
|
|
|
13.4
|
%
|
|
18,191
|
|
|
11.0
|
%
|
|
Idaho
|
|
2
|
|
13,040
|
|
|
0.1
|
%
|
|
298
|
|
|
0.2
|
%
|
|
Illinois
|
|
30
|
|
359,408
|
|
|
2.7
|
%
|
|
6,256
|
|
|
3.8
|
%
|
|
Indiana
|
|
5
|
|
35,056
|
|
|
0.3
|
%
|
|
598
|
|
|
0.4
|
%
|
|
Iowa
|
|
6
|
|
126,710
|
|
|
0.9
|
%
|
|
1,485
|
|
|
0.9
|
%
|
|
Kentucky
|
|
4
|
|
113,269
|
|
|
0.8
|
%
|
|
1,207
|
|
|
0.7
|
%
|
|
Louisiana
|
|
13
|
|
114,185
|
|
|
0.9
|
%
|
|
1,387
|
|
|
0.9
|
%
|
|
Maryland
|
|
7
|
|
423,354
|
|
|
3.2
|
%
|
|
4,537
|
|
|
2.7
|
%
|
|
Massachusetts
|
|
8
|
|
1,561,761
|
|
|
11.7
|
%
|
|
13,368
|
|
|
8.1
|
%
|
|
Michigan
|
|
13
|
|
140,232
|
|
|
1.1
|
%
|
|
2,388
|
|
|
1.4
|
%
|
|
Minnesota
|
|
4
|
|
311,317
|
|
|
2.3
|
%
|
|
2,882
|
|
|
1.7
|
%
|
|
Mississippi
|
|
10
|
|
124,121
|
|
|
0.9
|
%
|
|
1,465
|
|
|
0.9
|
%
|
|
Missouri
|
|
7
|
|
139,566
|
|
|
1.0
|
%
|
|
1,455
|
|
|
0.9
|
%
|
|
New Jersey
|
|
7
|
|
1,372,311
|
|
|
10.3
|
%
|
|
33,003
|
|
|
20.0
|
%
|
|
New Mexico
|
|
1
|
|
8,320
|
|
|
0.1
|
%
|
|
94
|
|
|
0.1
|
%
|
|
New York
|
|
3
|
|
152,348
|
|
|
1.1
|
%
|
|
2,613
|
|
|
1.6
|
%
|
|
North Carolina
|
|
41
|
|
968,080
|
|
|
7.3
|
%
|
|
10,980
|
|
|
6.6
|
%
|
|
North Dakota
|
|
2
|
|
145,041
|
|
|
1.1
|
%
|
|
1,069
|
|
|
0.6
|
%
|
|
Ohio
|
|
34
|
|
139,007
|
|
|
1.0
|
%
|
|
4,304
|
|
|
2.6
|
%
|
|
Oklahoma
|
|
2
|
|
26,970
|
|
|
0.2
|
%
|
|
486
|
|
|
0.3
|
%
|
|
Pennsylvania
|
|
15
|
|
70,350
|
|
|
0.5
|
%
|
|
2,686
|
|
|
1.6
|
%
|
|
Rhode Island
|
|
2
|
|
148,927
|
|
|
1.1
|
%
|
|
2,419
|
|
|
1.5
|
%
|
|
South Carolina
|
|
14
|
|
900,203
|
|
|
6.8
|
%
|
|
7,147
|
|
|
4.3
|
%
|
|
South Dakota
|
|
1
|
|
21,662
|
|
|
0.2
|
%
|
|
220
|
|
|
0.1
|
%
|
|
Tennessee
|
|
33
|
|
268,471
|
|
|
2.0
|
%
|
|
4,111
|
|
|
2.5
|
%
|
|
Texas
|
|
11
|
|
147,532
|
|
|
1.1
|
%
|
|
2,492
|
|
|
1.5
|
%
|
|
Utah
|
|
1
|
|
395,787
|
|
|
3.0
|
%
|
|
3,397
|
|
|
2.1
|
%
|
|
Virginia
|
|
24
|
|
184,109
|
|
|
1.4
|
%
|
|
3,188
|
|
|
1.9
|
%
|
|
West Virginia
|
|
1
|
|
9,238
|
|
|
0.1
|
%
|
|
117
|
|
|
0.1
|
%
|
|
Wisconsin
|
|
4
|
|
531,664
|
|
|
4.0
|
%
|
|
6,629
|
|
|
4.0
|
%
|
|
Wyoming
|
|
1
|
|
14,560
|
|
|
0.1
|
%
|
|
291
|
|
|
0.2
|
%
|
|
Total
|
|
455
|
|
13,319,348
|
|
|
100.0
|
%
|
|
$
|
165,153
|
|
|
100.0
|
%
|
(1)
|
Annualized rental income as of
December 31, 2016
for the in-place leases in the property portfolio on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
|
State
|
|
Number of
Properties
|
|
Rentable Square Feet
|
|
Rentable Square Foot %
|
|
Annualized Rental
Income
(1)
|
|
Annualized Rental
Income %
|
|||||
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|||||
Alabama
|
|
9
|
|
2,502,507
|
|
|
12.3
|
%
|
|
$
|
16,223
|
|
|
6.5
|
%
|
Arkansas
|
|
6
|
|
54,620
|
|
|
0.3
|
%
|
|
663
|
|
|
0.2
|
%
|
|
Colorado
|
|
3
|
|
25,130
|
|
|
0.1
|
%
|
|
504
|
|
|
0.2
|
%
|
|
Connecticut
|
|
2
|
|
84,045
|
|
|
0.4
|
%
|
|
1,640
|
|
|
0.7
|
%
|
|
District of Columbia
|
|
1
|
|
2,745
|
|
|
—
|
%
|
|
235
|
|
|
0.1
|
%
|
|
Florida
|
|
78
|
|
1,211,983
|
|
|
6.0
|
%
|
|
21,245
|
|
|
8.5
|
%
|
|
Georgia
|
|
55
|
|
1,778,560
|
|
|
8.8
|
%
|
|
18,191
|
|
|
7.3
|
%
|
|
Idaho
|
|
2
|
|
13,040
|
|
|
0.1
|
%
|
|
298
|
|
|
0.1
|
%
|
|
Illinois
|
|
31
|
|
648,685
|
|
|
3.2
|
%
|
|
8,434
|
|
|
3.4
|
%
|
|
Indiana
|
|
5
|
|
35,056
|
|
|
0.2
|
%
|
|
598
|
|
|
0.2
|
%
|
|
Iowa
|
|
6
|
|
126,710
|
|
|
0.6
|
%
|
|
1,485
|
|
|
0.6
|
%
|
|
Kansas
|
|
1
|
|
239,492
|
|
|
1.2
|
%
|
|
2,294
|
|
|
0.9
|
%
|
|
Kentucky
|
|
6
|
|
500,807
|
|
|
2.5
|
%
|
|
6,764
|
|
|
2.7
|
%
|
|
Louisiana
|
|
14
|
|
248,461
|
|
|
1.2
|
%
|
|
2,690
|
|
|
1.1
|
%
|
|
Maryland
|
|
7
|
|
423,354
|
|
|
2.1
|
%
|
|
4,537
|
|
|
1.8
|
%
|
|
Massachusetts
|
|
8
|
|
1,561,761
|
|
|
7.7
|
%
|
|
13,368
|
|
|
5.3
|
%
|
|
Michigan
|
|
14
|
|
275,030
|
|
|
1.4
|
%
|
|
3,880
|
|
|
1.6
|
%
|
|
Minnesota
|
|
5
|
|
693,148
|
|
|
3.4
|
%
|
|
11,701
|
|
|
4.7
|
%
|
|
Mississippi
|
|
10
|
|
124,121
|
|
|
0.6
|
%
|
|
1,465
|
|
|
0.6
|
%
|
|
Missouri
|
|
8
|
|
404,518
|
|
|
2.0
|
%
|
|
5,314
|
|
|
2.1
|
%
|
|
Nevada
|
|
2
|
|
384,289
|
|
|
1.9
|
%
|
|
6,877
|
|
|
2.8
|
%
|
|
New Jersey
|
|
4
|
|
818,470
|
|
|
4.1
|
%
|
|
20,290
|
|
|
8.1
|
%
|
|
New Mexico
|
|
1
|
|
8,320
|
|
|
—
|
%
|
|
94
|
|
|
—
|
%
|
|
New York
|
|
3
|
|
152,348
|
|
|
0.8
|
%
|
|
2,613
|
|
|
1.0
|
%
|
|
North Carolina
|
|
46
|
|
1,857,348
|
|
|
9.2
|
%
|
|
22,550
|
|
|
9.0
|
%
|
|
North Dakota
|
|
2
|
|
145,041
|
|
|
0.7
|
%
|
|
1,069
|
|
|
0.4
|
%
|
|
Ohio
|
|
36
|
|
694,176
|
|
|
3.4
|
%
|
|
10,887
|
|
|
4.4
|
%
|
|
Oklahoma
|
|
5
|
|
798,686
|
|
|
3.9
|
%
|
|
7,863
|
|
|
3.1
|
%
|
|
Pennsylvania
|
|
17
|
|
472,044
|
|
|
2.3
|
%
|
|
8,529
|
|
|
3.4
|
%
|
|
Rhode Island
|
|
2
|
|
148,927
|
|
|
0.7
|
%
|
|
2,419
|
|
|
1.0
|
%
|
|
South Carolina
|
|
16
|
|
1,379,831
|
|
|
6.8
|
%
|
|
12,444
|
|
|
5.0
|
%
|
|
South Dakota
|
|
1
|
|
21,662
|
|
|
0.1
|
%
|
|
220
|
|
|
0.1
|
%
|
|
Tennessee
|
|
33
|
|
268,471
|
|
|
1.3
|
%
|
|
4,111
|
|
|
1.6
|
%
|
|
Texas
|
|
17
|
|
1,035,317
|
|
|
5.1
|
%
|
|
14,922
|
|
|
6.0
|
%
|
|
Utah
|
|
1
|
|
395,787
|
|
|
2.0
|
%
|
|
3,397
|
|
|
1.4
|
%
|
|
Virginia
|
|
24
|
|
184,109
|
|
|
0.9
|
%
|
|
3,188
|
|
|
1.3
|
%
|
|
West Virginia
|
|
1
|
|
9,238
|
|
|
—
|
%
|
|
117
|
|
|
—
|
%
|
|
Wisconsin
|
|
4
|
|
531,664
|
|
|
2.6
|
%
|
|
6,629
|
|
|
2.7
|
%
|
|
Wyoming
|
|
1
|
|
14,560
|
|
|
0.1
|
%
|
|
291
|
|
|
0.1
|
%
|
|
Total
|
|
487
|
|
20,274,061
|
|
|
100.0
|
%
|
|
$
|
250,039
|
|
|
100.0
|
%
|
(1)
|
Annualized rental income as of
December 31, 2016
for the in-place leases in the property portfolio on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
|
(In thousands)
|
|
Future Minimum
Base Rent Payments
|
||
2017
|
|
$
|
159,895
|
|
2018
|
|
153,841
|
|
|
2019
|
|
155,931
|
|
|
2020
|
|
150,760
|
|
|
2021
|
|
149,425
|
|
|
2022
|
|
140,755
|
|
|
2023
|
|
130,691
|
|
|
2024
|
|
121,566
|
|
|
2025
|
|
105,939
|
|
|
2026
|
|
90,392
|
|
|
Thereafter
|
|
174,077
|
|
|
|
|
$
|
1,533,272
|
|
(In thousands)
|
|
Future Minimum
Base Rent Payments
|
||
2017
|
|
$
|
241,259
|
|
2018
|
|
223,229
|
|
|
2019
|
|
209,924
|
|
|
2020
|
|
193,058
|
|
|
2021
|
|
182,039
|
|
|
2022
|
|
166,953
|
|
|
2023
|
|
151,640
|
|
|
2024
|
|
136,806
|
|
|
2025
|
|
123,994
|
|
|
2026
|
|
101,777
|
|
|
Thereafter
|
|
221,662
|
|
|
|
|
$
|
1,952,341
|
|
Year of Expiration
|
|
Number of
Leases
Expiring
|
|
Annualized
Rental
Income
(1)
|
|
Percent of
Portfolio
Annualized
Rental Income Expiring
|
|
Leased
Rentable
Square Feet
|
|
Percent of
Portfolio
Rentable Square
Feet Expiring
|
||||||
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
||||||
2017
|
|
55
|
|
|
$
|
7,147
|
|
|
4.3
|
%
|
|
341,812
|
|
|
2.6
|
%
|
2018
|
|
4
|
|
|
325
|
|
|
0.2
|
%
|
|
13,501
|
|
|
0.1
|
%
|
|
2019
|
|
1
|
|
|
3,970
|
|
|
2.4
|
%
|
|
389,377
|
|
|
2.9
|
%
|
|
2020
|
|
1
|
|
|
3,397
|
|
|
2.1
|
%
|
|
395,787
|
|
|
3.0
|
%
|
|
2021
|
|
3
|
|
|
7,287
|
|
|
4.4
|
%
|
|
798,536
|
|
|
6.0
|
%
|
|
2022
|
|
6
|
|
|
12,334
|
|
|
7.5
|
%
|
|
1,748,390
|
|
|
13.1
|
%
|
|
2023
|
|
35
|
|
|
11,363
|
|
|
6.9
|
%
|
|
1,778,038
|
|
|
13.3
|
%
|
|
2024
|
|
14
|
|
|
15,719
|
|
|
9.5
|
%
|
|
797,839
|
|
|
6.0
|
%
|
|
2025
|
|
18
|
|
|
7,267
|
|
|
4.4
|
%
|
|
557,799
|
|
|
4.2
|
%
|
|
2026
|
|
22
|
|
|
29,857
|
|
|
18.1
|
%
|
|
1,381,430
|
|
|
10.4
|
%
|
|
|
|
159
|
|
|
$
|
98,666
|
|
|
59.8
|
%
|
|
8,202,509
|
|
|
61.6
|
%
|
(1)
|
Annualized rental income as of
December 31, 2016
for the in-place leases in the property portfolio on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
|
Year of Expiration
|
|
Number of
Leases
Expiring
|
|
Annualized
Rental
Income
(1)
|
|
Percent of
Portfolio
Annualized
Rental Income Expiring
|
|
Leased
Rentable
Square Feet
|
|
Percent of
Portfolio
Rentable Square
Feet Expiring
|
||||||
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
||||||
2017
|
|
65
|
|
|
$
|
5,802
|
|
|
2.3
|
%
|
|
489,839
|
|
|
2.5
|
%
|
2018
|
|
170
|
|
|
22,280
|
|
|
8.9
|
%
|
|
1,360,335
|
|
|
6.9
|
%
|
|
2019
|
|
125
|
|
|
15,598
|
|
|
6.2
|
%
|
|
1,187,524
|
|
|
6.0
|
%
|
|
2020
|
|
100
|
|
|
17,418
|
|
|
7.0
|
%
|
|
1,533,630
|
|
|
7.8
|
%
|
|
2021
|
|
72
|
|
|
16,128
|
|
|
6.5
|
%
|
|
1,369,546
|
|
|
6.9
|
%
|
|
2022
|
|
49
|
|
|
17,918
|
|
|
7.2
|
%
|
|
2,210,477
|
|
|
11.2
|
%
|
|
2023
|
|
51
|
|
|
13,279
|
|
|
5.3
|
%
|
|
2,005,500
|
|
|
10.2
|
%
|
|
2024
|
|
55
|
|
|
13,665
|
|
|
5.5
|
%
|
|
827,281
|
|
|
4.2
|
%
|
|
2025
|
|
58
|
|
|
17,114
|
|
|
6.8
|
%
|
|
1,302,677
|
|
|
6.6
|
%
|
|
2026
|
|
30
|
|
|
25,355
|
|
|
10.1
|
%
|
|
1,215,996
|
|
|
6.2
|
%
|
|
|
|
775
|
|
|
$
|
164,557
|
|
|
65.8
|
%
|
|
13,502,805
|
|
|
68.5
|
%
|
(1)
|
Annualized rental income as of
December 31, 2016
for the in-place leases in the property portfolio on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
|
Tenant
|
|
Industry
|
|
Number of Properties Occupied by Tenant
|
|
Rentable Square Feet
|
|
Rentable Square Feet as a % of Total Portfolio
|
|
Lease Expiration
|
|
Average Remaining Lease Term
(1)
|
|
Renewal Options
|
|
Annualized Rental Income
(2)
|
|
Annualized Rental Income as a % of Total Portfolio
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
||||||
C&S Wholesale Grocers
|
|
Distribution
|
|
5
|
|
|
3,044,685
|
|
|
22.9
|
%
|
|
Various
|
|
5.8
|
|
1 ten-year option, then 6 five-year options
|
|
$
|
16,826
|
|
|
10.2
|
%
|
Americold
|
|
Refrigerated Warehousing
|
|
9
|
|
|
1,407,166
|
|
|
10.6
|
%
|
|
Sep. 2027
|
|
10.8
|
|
4 five-year options
|
|
$
|
12,720
|
|
|
7.7
|
%
|
SunTrust Bank
|
|
Retail Banking
|
|
201
|
|
|
1,072,719
|
|
|
8.1
|
%
|
|
Various
|
|
9.6
|
|
1 ten-year option, then 6 five-year options
|
|
$
|
29,208
|
|
|
17.7
|
%
|
Sanofi US
|
|
Healthcare
|
|
1
|
|
|
736,572
|
|
|
5.5
|
%
|
|
Jun. 2026
|
|
9.5
|
|
2 five-year options
|
|
$
|
18,778
|
|
|
11.4
|
%
|
(1)
|
Remaining lease term in years as of
December 31, 2016
, calculated on a weighted-average basis.
|
(2)
|
Annualized rental income as of
December 31, 2016
for the tenant's in-place leases in the portfolio on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
|
Tenant
|
|
Industry
|
|
Number of Properties Occupied by Tenant
|
|
Rentable Square Feet
|
|
Rentable Square Feet as a % of Total Portfolio
|
|
Lease Expiration
|
|
Average Remaining Lease Term
(1)
|
|
Renewal Options
|
|
Annualized Rental Income
(2)
|
|
Annualized Rental Income as a % of Total Portfolio
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
||||||
C&S Wholesale Grocers
|
|
Distribution
|
|
5
|
|
|
3,044,685
|
|
|
15.4
|
%
|
|
Various
|
|
5.8
|
|
1 ten-year option, then 6 five-year options
|
|
$
|
16,826
|
|
|
6.7
|
%
|
SunTrust Bank
|
|
Retail Banking
|
|
201
|
|
|
1,072,719
|
|
|
5.4
|
%
|
|
Various
|
|
9.6
|
|
1 ten-year option, then 6 five-year options
|
|
$
|
29,208
|
|
|
11.7
|
%
|
(1)
|
Remaining lease term in years as of
December 31, 2016
, calculated on a weighted-average basis.
|
(2)
|
Annualized rental income as of
December 31, 2016
for the tenant's in-place leases in the portfolio on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
|
|
|
|
|
Outstanding Loan Amount as of
|
|
Effective Interest Rate as of
|
|
|
|
|
|
|
||||||||||
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
||||||||||
Portfolio
|
|
Encumbered Properties
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Interest Rate
|
|
Maturity
|
|
Anticipated Repayment
|
||||||
|
|
|
|
(In thousands)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
||||||
SAAB Sensis I
|
|
1
|
|
$
|
7,841
|
|
|
$
|
8,190
|
|
|
5.93
|
%
|
|
6.01
|
%
|
|
Fixed
|
|
Apr. 2025
|
|
Apr. 2025
|
SunTrust Bank II
|
|
30
|
|
25,000
|
|
|
25,000
|
|
|
5.50
|
%
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
C&S Wholesale Grocer I
|
|
4
|
|
82,313
|
|
|
82,313
|
|
|
5.48
|
%
|
|
5.56
|
%
|
|
Fixed
|
|
Apr. 2037
|
|
Apr. 2017
|
||
SunTrust Bank III
|
|
112
|
|
88,567
|
|
|
99,677
|
|
|
5.50
|
%
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
SunTrust Bank IV
|
|
27
|
|
21,243
|
|
|
25,000
|
|
|
5.50
|
%
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
Sanofi US I
|
|
1
|
|
125,000
|
|
|
125,000
|
|
|
5.16
|
%
|
|
5.16
|
%
|
|
Fixed
|
|
Jul. 2026
|
|
Jan. 2021
|
||
Stop & Shop I
|
|
4
|
|
38,271
|
|
|
38,936
|
|
|
5.63
|
%
|
|
5.63
|
%
|
|
Fixed
|
|
Jun. 2041
|
|
Jun. 2021
|
||
Multi-Tenant Mortgage Loan
|
|
268
|
|
649,532
|
|
|
649,532
|
|
|
4.36
|
%
|
|
4.36
|
%
|
|
Fixed
|
|
Sep. 2020
|
|
Sep. 2020
|
||
Gross mortgage notes payable
|
|
447
|
|
1,037,767
|
|
|
1,053,648
|
|
|
4.75
|
%
|
(1)
|
4.77
|
%
|
(1)
|
|
|
|
|
|
||
Deferred financing costs, net of accumulated amortization
|
|
|
|
(15,492
|
)
|
|
(20,066
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage notes payable, net of deferred financing costs
|
|
|
|
$
|
1,022,275
|
|
|
$
|
1,033,582
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated.
|
•
|
a stockholder would be able to resell his or her shares at Estimated Per-Share NAV;
|
•
|
a stockholder would ultimately realize distributions per share equal to Estimated Per-Share NAV upon liquidation of the Company's assets and settlement of its liabilities or a sale of the Company;
|
•
|
the Company's shares would trade at a price equal to or greater than Estimated Per-Share NAV if the shares were listed on a national securities exchange; or
|
•
|
the methodology used to establish the Estimated Per-Share NAV would be acceptable to FINRA for use on customer account statements, or that the Estimated Per-Share NAV will satisfy the applicable annual valuation requirements under ERISA and the Code with respect to employee benefit plans subject to ERISA and other retirement plans or accounts subject to Section 4975 of the Code.
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
Return of capital
|
|
76.0
|
%
|
|
$
|
1.25
|
|
|
89.9
|
%
|
|
$
|
1.48
|
|
|
55.5
|
%
|
|
$
|
0.91
|
|
Ordinary dividend income
|
|
24.0
|
%
|
|
0.40
|
|
|
10.1
|
%
|
|
0.17
|
|
|
44.2
|
%
|
|
0.73
|
|
|||
Capital gain
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
0.3
|
%
|
|
0.01
|
|
|||
Total
|
|
100.0
|
%
|
|
$
|
1.65
|
|
|
100.0
|
%
|
|
$
|
1.65
|
|
|
100.0
|
%
|
|
$
|
1.65
|
|
(In thousands)
|
|
Total
Distributions
Paid
|
|
Total
Distributions
Declared
|
||||
1st Quarter, 2016
|
|
$
|
26,767
|
|
|
$
|
26,649
|
|
2nd Quarter, 2016
|
|
27,004
|
|
|
26,783
|
|
||
3rd Quarter, 2016
|
|
27,237
|
|
|
27,279
|
|
||
4th Quarter, 2016
|
|
26,996
|
|
|
27,293
|
|
||
Total
|
|
$
|
108,004
|
|
|
$
|
108,004
|
|
(In thousands)
|
|
Total
Distributions
Paid
|
|
Total
Distributions
Declared
|
||||
1st Quarter, 2015
|
|
$
|
26,663
|
|
|
$
|
26,721
|
|
2nd Quarter, 2015
|
|
27,434
|
|
|
27,187
|
|
||
3rd Quarter, 2015
|
|
27,614
|
|
|
27,642
|
|
||
4th Quarter, 2015
|
|
27,246
|
|
|
27,430
|
|
||
Total
|
|
$
|
108,957
|
|
|
$
|
108,980
|
|
•
|
it increases the number of shares of our capital stock, par value
$0.01
per share (our "Capital Stock"), available for awards thereunder from
5.0%
of our outstanding shares of Capital Stock on a fully diluted basis at any time, not exceed
3.4 million
shares of Capital Stock, to
10.0%
of our outstanding shares of Capital Stock on a fully diluted basis at any time;
|
•
|
it removes the fixed amount of shares that were automatically granted to our independent directors; and
|
•
|
it adds restricted stock units (including dividend equivalent rights thereon) as a permitted form of award.
|
|
|
Number of Shares
|
|
Weighted-Average Price per Share
|
|||
Cumulative repurchases as of December 31, 2013
|
|
8,082
|
|
|
$
|
24.98
|
|
Year ended December 31, 2014
|
|
295,825
|
|
|
23.99
|
|
|
Year ended December 31, 2015
|
|
1,769,738
|
|
|
24.13
|
|
|
Year ended December 31, 2016
|
|
7,854
|
|
|
24.17
|
|
|
Cumulative repurchases as of December 31, 2016
|
|
2,081,499
|
|
|
$
|
24.12
|
|
|
|
Historical
|
||||||||||||||
|
|
December 31,
|
||||||||||||||
Balance sheet data
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||
Total real estate investments, at cost
|
|
$
|
2,024,387
|
|
|
$
|
2,218,127
|
|
|
$
|
2,218,127
|
|
|
$
|
1,147,072
|
|
Commercial mortgage loans, held for investment, net
|
|
$
|
17,175
|
|
|
$
|
17,135
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Assets held for sale
|
|
$
|
137,602
|
|
|
$
|
56,884
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets
(1)
|
|
$
|
2,064,459
|
|
|
$
|
2,237,088
|
|
|
$
|
2,224,805
|
|
|
$
|
1,347,309
|
|
Mortgage notes payable, net of deferred financing costs
(1)
|
|
$
|
1,022,275
|
|
|
$
|
1,033,582
|
|
|
$
|
465,854
|
|
|
$
|
8,764
|
|
Credit facility
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
423,000
|
|
|
$
|
—
|
|
Total liabilities
(1)
|
|
$
|
1,079,593
|
|
|
$
|
1,110,339
|
|
|
$
|
959,640
|
|
|
$
|
35,495
|
|
Total stockholders' equity
|
|
$
|
984,866
|
|
|
$
|
1,126,749
|
|
|
$
|
1,265,165
|
|
|
$
|
1,311,814
|
|
(1)
|
As a result of a recently adopted accounting pronouncement, we have reclassified
$20.1 million
,
$4.2 million
and
$0.1 million
of deferred issuance costs related to our mortgage notes payable from deferred costs, net to mortgage notes payable in our consolidated balance sheets as of December 31, 2015, 2014 and 2013, respectively.
|
|
|
Historical
|
||||||||||||||
|
|
Year Ended December 31,
|
|
Period from
January 22, 2013 (date of inception) to December 31, 2013 |
||||||||||||
Operating data
(In thousands, except share and per share data)
|
|
2016
|
|
2015
|
|
2014
|
|
|||||||||
Total revenues
|
|
$
|
177,668
|
|
|
$
|
174,498
|
|
|
$
|
158,380
|
|
|
$
|
24,289
|
|
Operating expenses
|
|
178,287
|
|
|
141,347
|
|
|
135,477
|
|
|
47,105
|
|
||||
Operating (loss) income
|
|
(619
|
)
|
|
33,151
|
|
|
22,903
|
|
|
(22,816
|
)
|
||||
Other (expense) income
|
|
(53,636
|
)
|
|
(54,268
|
)
|
|
(24,900
|
)
|
|
2,019
|
|
||||
Net loss
|
|
$
|
(54,255
|
)
|
|
$
|
(21,117
|
)
|
|
$
|
(1,997
|
)
|
|
$
|
(20,797
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Other data:
|
|
|
|
|
|
|
|
|
||||||||
Cash flows provided by (used in) operating activities
|
|
$
|
73,369
|
|
|
$
|
89,458
|
|
|
$
|
99,811
|
|
|
$
|
(13,617
|
)
|
Cash flows provided by (used in) investing activities
|
|
$
|
37,830
|
|
|
$
|
(61,718
|
)
|
|
$
|
(490,814
|
)
|
|
$
|
(1,225,532
|
)
|
Cash flows (used in) provided by financing activities
|
|
$
|
(110,484
|
)
|
|
$
|
28,000
|
|
|
$
|
364,587
|
|
|
$
|
1,340,325
|
|
Per share data:
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share
|
|
$
|
(0.83
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.72
|
)
|
Distributions declared per share
|
|
$
|
1.65
|
|
|
$
|
1.65
|
|
|
$
|
1.65
|
|
|
$
|
1.65
|
|
Basic and diluted weighted-average shares outstanding
|
|
65,450,432
|
|
|
66,028,245
|
|
|
64,333,260
|
|
|
28,954,769
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||
(Dollar amounts in thousands)
|
|
Weighted-Average Carrying Value
|
|
Interest Expense
|
|
Weighted-Average Interest Rate
|
|
Weighted-Average Carrying Value
|
|
Interest Expense
|
|
Weighted-Average Interest Rate
|
||||||||||
Mortgage Notes Payable
|
|
$
|
1,045,695
|
|
|
$
|
49,814
|
|
|
4.75
|
%
|
|
$
|
715,256
|
|
|
$
|
37,754
|
|
|
5.19
|
%
|
Credit Facility
|
|
$
|
—
|
|
|
—
|
|
|
—
|
%
|
|
$
|
260,308
|
|
|
5,246
|
|
|
1.93
|
%
|
||
Amortization of deferred financing costs
|
|
|
|
8,650
|
|
|
|
|
|
|
5,099
|
|
|
|
||||||||
Amortization of mortgage premiums
|
|
|
|
(4,211
|
)
|
|
|
|
|
|
(7,208
|
)
|
|
|
||||||||
Interest Expense
|
|
|
|
$
|
54,253
|
|
|
|
|
|
|
$
|
40,891
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||
(Dollar amounts in thousands)
|
|
Weighted-Average Carrying Value
|
|
Interest Expense
|
|
Weighted-Average Interest Rate
|
|
Weighted-Average Carrying Value
|
|
Interest Expense
|
|
Weighted-Average Interest Rate
|
||||||||||
Mortgage Notes Payable
|
|
$
|
715,256
|
|
|
$
|
37,754
|
|
|
5.19
|
%
|
|
$
|
367,993
|
|
|
$
|
21,456
|
|
|
5.66
|
%
|
Credit Facility
|
|
$
|
260,308
|
|
|
5,246
|
|
|
1.93
|
%
|
|
$
|
338,308
|
|
|
7,718
|
|
|
2.12
|
%
|
||
Amortization of deferred financing costs
|
|
|
|
5,099
|
|
|
|
|
|
|
4,588
|
|
|
|
||||||||
Amortization of mortgage premiums
|
|
|
|
(7,208
|
)
|
|
|
|
|
|
(6,097
|
)
|
|
|
||||||||
Interest Expense
|
|
|
|
$
|
40,891
|
|
|
|
|
|
|
$
|
27,665
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended December 31, 2016
|
||||||||||||||||
(In thousands)
|
|
March 31, 2016
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
|
|||||||||||
Net loss (in accordance with GAAP)
|
|
$
|
(5,854
|
)
|
|
$
|
(4,077
|
)
|
|
$
|
(8,729
|
)
|
|
$
|
(35,595
|
)
|
|
$
|
(54,255
|
)
|
Gain on sale of real estate investments
|
|
—
|
|
|
(454
|
)
|
|
—
|
|
|
—
|
|
|
(454
|
)
|
|||||
Impairment charges
|
|
—
|
|
|
—
|
|
|
117
|
|
|
27,182
|
|
|
27,299
|
|
|||||
Depreciation and amortization
|
|
25,493
|
|
|
25,538
|
|
|
25,446
|
|
|
24,666
|
|
|
101,143
|
|
|||||
FFO
|
|
19,639
|
|
|
21,007
|
|
|
16,834
|
|
|
16,253
|
|
|
73,733
|
|
|||||
Acquisition and transaction related fees and expenses
|
|
343
|
|
|
734
|
|
|
4,381
|
|
|
1,605
|
|
|
7,063
|
|
|||||
Amortization of market and other intangibles, net
|
|
415
|
|
|
119
|
|
|
(28
|
)
|
|
(29
|
)
|
|
477
|
|
|||||
Straight-line rent
|
|
(1,723
|
)
|
|
(1,682
|
)
|
|
(1,746
|
)
|
|
(1,679
|
)
|
|
(6,830
|
)
|
|||||
Amortization of mortgage premiums on borrowings
|
|
(976
|
)
|
|
(1,265
|
)
|
|
(980
|
)
|
|
(990
|
)
|
|
(4,211
|
)
|
|||||
Discount accretion on investments
|
|
(7
|
)
|
|
(8
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|
(40
|
)
|
|||||
MFFO
|
|
$
|
17,691
|
|
|
$
|
18,905
|
|
|
$
|
18,448
|
|
|
$
|
15,148
|
|
|
$
|
70,192
|
|
|
|
Three Months Ended
|
|
Year Ended December 31, 2016
|
|||||||||||||||||||||||||||||||
|
|
March 31, 2016
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
|
||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
|
|
|
Percentage of Distributions
|
|
|
|
Percentage of Distributions
|
|
|
|
Percentage of Distributions
|
|
|
|
Percentage of Distributions
|
|
|
|
Percentage of Distributions
|
|||||||||||||||
Distributions to stockholders
|
|
$
|
26,767
|
|
|
|
|
$
|
27,004
|
|
|
|
|
$
|
27,237
|
|
|
|
|
$
|
26,996
|
|
|
|
|
$
|
108,004
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Source of distribution coverage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash flows provided by operations
(1)
|
|
$
|
26,767
|
|
|
100.0
|
%
|
|
$
|
27,004
|
|
|
100.0
|
%
|
|
$
|
27,237
|
|
|
100.0
|
%
|
|
$
|
26,996
|
|
|
100.0
|
%
|
|
$
|
108,004
|
|
|
100.0
|
%
|
Total source of distribution coverage
|
|
$
|
26,767
|
|
|
100.0
|
%
|
|
$
|
27,004
|
|
|
100.0
|
%
|
|
$
|
27,237
|
|
|
100.0
|
%
|
|
$
|
26,996
|
|
|
100.0
|
%
|
|
$
|
108,004
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash flows provided by operations (GAAP basis)
|
|
$
|
20,585
|
|
|
|
|
$
|
17,630
|
|
|
|
|
$
|
17,539
|
|
|
|
|
$
|
17,615
|
|
|
|
|
$
|
73,369
|
|
|
|
|||||
Net loss (in accordance with GAAP)
|
|
$
|
(5,854
|
)
|
|
|
|
$
|
(4,077
|
)
|
|
|
|
$
|
(8,729
|
)
|
|
|
|
$
|
(35,595
|
)
|
|
|
|
$
|
(54,255
|
)
|
|
|
(1)
|
Includes
$6.2 million
,
$9.4 million
,
$9.7 million
,
$9.3 million
and
$34.6 million
of cash flows provided by operations in prior periods and not previously distributed for the
three months ended
March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016 and the
year ended December 31, 2016
, respectively.
|
|
|
|
|
Years Ended December 31,
|
|
|
||||||||||||||
(In thousands)
|
|
Total
|
|
2017
|
|
2018-2019
|
|
2020-2021
|
|
Thereafter
|
||||||||||
Principal on mortgage notes payable
|
|
$
|
1,037,767
|
|
|
$
|
83,393
|
|
|
$
|
2,354
|
|
|
$
|
946,272
|
|
|
$
|
5,748
|
|
Interest on mortgage notes payable
|
|
179,703
|
|
|
45,634
|
|
|
89,298
|
|
|
43,801
|
|
|
970
|
|
|||||
Ground lease rental payments due
|
|
8,375
|
|
|
921
|
|
|
1,805
|
|
|
1,019
|
|
|
4,630
|
|
|||||
|
|
$
|
1,225,845
|
|
|
$
|
129,948
|
|
|
$
|
93,457
|
|
|
$
|
991,092
|
|
|
$
|
11,348
|
|
|
|
|
|
Years Ended December 31,
|
|
|
||||||||||||||
(In thousands)
|
|
Total
|
|
2017
|
|
2018-2019
|
|
2020-2021
|
|
Thereafter
|
||||||||||
Principal on mortgage notes payable
|
|
$
|
1,165,600
|
|
|
$
|
84,578
|
|
|
$
|
67,715
|
|
|
$
|
986,369
|
|
|
$
|
26,938
|
|
Interest on mortgage notes payable
|
|
200,764
|
|
|
51,686
|
|
|
97,610
|
|
|
48,194
|
|
|
3,274
|
|
|||||
Credit Facility
|
|
304,000
|
|
|
—
|
|
|
304,000
|
|
|
—
|
|
|
—
|
|
|||||
Interest on Credit Facility
|
|
11,809
|
|
|
6,149
|
|
|
5,660
|
|
|
—
|
|
|
—
|
|
|||||
Ground lease rental payments due
|
|
8,375
|
|
|
921
|
|
|
1,805
|
|
|
1,019
|
|
|
4,630
|
|
|||||
|
|
$
|
1,690,548
|
|
|
$
|
143,334
|
|
|
$
|
476,790
|
|
|
$
|
1,035,582
|
|
|
$
|
34,842
|
|
Portfolio
|
|
Maturity
|
|
Anticipated Repayment
|
SAAB Sensis I
|
|
Apr. 2025
|
|
Apr. 2025
|
SunTrust Bank II
|
|
Jul. 2031
|
|
Jul. 2021
|
C&S Wholesale Grocer I
|
|
Apr. 2037
|
|
Apr. 2017
|
SunTrust Bank III
|
|
Jul. 2031
|
|
Jul. 2021
|
SunTrust Bank IV
|
|
Jul. 2031
|
|
Jul. 2021
|
Sanofi US I - New Loan
|
|
Jul. 2026
|
|
Jan. 2021
|
Stop & Shop I
|
|
Jun. 2041
|
|
Jun. 2021
|
Multi-Tenant Mortgage Loan
|
|
Sep. 2020
|
|
Sep. 2020
|
(1)
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer;
|
(2)
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and
|
(3)
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer's assets that could have a material effect on the financial statements.
|
Exhibit No.
|
|
Description
|
2.1
(14)
|
|
Agreement and Plan of Merger, dated as of September 6, 2016, among American Finance Trust, Inc., American Finance Operating Partnership, L.P., Genie Acquisition, LLC, American Realty Capital - Retail Centers of America, Inc. and American Realty Capital Retail Operating Partnership, L.P.
|
3.1
(8)
|
|
Articles of Amendment and Restatement
|
3.2
(7)
|
|
Third Amended and Restated Bylaws
|
4.1
(11)
|
|
Amended and Restated Agreement of Limited Partnership of American Finance Operating Partnership, L.P., dated as of September 6, 2016
|
4.2
(14)
|
|
Amendment No. 1 to Amended and Restated Limited Partnership Agreement of American Finance Operating Partnership, L.P., dated as of February 16, 2017
|
10.1
(11)
|
|
Third Amended and Restated Advisory Agreement, dated as of September 6, 2016, by and among the Company, American Finance Operating Partnership, L.P. and American Finance Advisors, LLC
|
10.2
(11)
|
|
Amended and Restated Property Management Agreement, dated as of September 6, 2016, by and among the Company and American Finance Properties, LLC (as assignee of American Realty Capital Retail Advisor, LLC)
|
10.3
(11)
|
|
Amended and Restated Leasing Agreement, dated as of September 6, 2016, by and among American Finance Trust, Inc. and American Finance Properties, LLC (as assignee of American Realty Capital Retail Advisor, LLC)
|
10.4
(11)
|
|
Amended and Restated Property Management and Leasing Agreement, dated as of September 6, 2016, by and among American Finance Trust, Inc., American Finance Trust Operating Partnership, L.P. and American Finance Properties, LLC
|
10.5
(7)
|
|
Amended and Restated Employee and Director Incentive Restricted Share Plan of the Company
|
10.6
(10)
|
|
Form of Restricted Stock Unit Award Agreement Pursuant to the Employee and Director Incentive Restricted Share Plan of American Finance Trust, Inc.
|
10.7
(2)
|
|
Credit Agreement, dated as of September 23, 2013, among American Realty Capital Operating Partnership V, L.P., the lenders party thereto and JPMorgan Chase Bank, N.A.
|
10.8
(3)
|
|
First Amendment to Credit Agreement, dated as of November 22, 2013, among American Realty Capital Operating Partnership V, L.P., the Company, the lenders party thereto and JPMorgan Chase Bank, N.A.
|
10.9
(3)
|
|
Second Amendment to Credit Agreement, dated as of December 19, 2013, among American Realty Capital Operating Partnership V, L.P., the Company, the lenders party thereto and JPMorgan Chase Bank, N.A.
|
10.10
(4)
|
|
Third Amendment to Credit Agreement, dated as of February 11, 2014, among American Realty Capital Operating Partnership V, L.P., the Company, the lenders party thereto and JPMorgan Chase Bank, N.A.
|
10.11
(4)
|
|
Fourth Amendment to Credit Agreement, dated as of March 12, 2014, among American Realty Capital Operating Partnership V, L.P., the Company, the lenders party thereto and JPMorgan Chase Bank, N.A.
|
10.12
(5)
|
|
Fifth Amendment to Credit Agreement, dated as of June 6, 2014, among American Realty Capital Operating Partnership V, L.P., the Company, the lenders party thereto and JPMorgan Chase Bank, N.A.
|
10.13
(8)
|
|
Loan Agreement dated as of August 7, 2015 among Barclays Bank PLC, Column Financial, Inc. and UBS Real Estate Securities, Inc. as Lenders and certain subsidiaries of American Finance Operating Partnership, LP, as Borrowers
|
10.14
(8)
|
|
Limited Recourse Guaranty dated as of August 7, 2015 by American Finance Trust, Inc. in favor of Barclays Bank PLC, Column Financial, Inc. and UBS Real Estate Securities, Inc.
|
Exhibit No.
|
|
Description
|
10.15
(7)
|
|
Indemnification Agreement by and among the Company, Peter M. Budko, Robert H. Burns, David Gong, William M. Kahane, Stanley R. Perla, Nicholas Radesca, Nicholas S. Schorsch, Edward M. Weil, Jr., American Realty Capital Advisors V, LLC, AR Capital, LLC and RCS Capital Corporation, dated December 31, 2014
|
10.16
(12)
|
|
Indemnification Agreement by and between the Company and Herbert Vederman, dated May 14, 2015
|
10.17
(13)
|
|
Indemnification Agreement by and between the Company, Donald MacKinnon, Donald R. Ramon and Andrew Winer, dated May 26, 2015
|
10.18
(8)
|
|
Indemnification Agreement by and between the Company and Lisa D. Kabnick, dated August 3, 2015
|
10.19 *
|
|
Agreement for Purchase and Sale of Real Property, dated as of October 12, 2016, by and between ARC DB5PROP001, LLC, American Finance Operating Partnership, L.P. and Capital Commercial Investments, Inc.
|
10.20 *
|
|
First Amendment to Agreement for Purchase and Sale of Real Property, dated as of November 10, 2016, by and between ARC DB5PROP001, LLC, American Finance Operating Partnership, L.P. and Capital Commercial Investments, Inc.
|
10.21 *
|
|
Second Amendment to Agreement for Purchase and Sale of Real Property, dated as of November 18, 2016, by and between ARC DB5PROP001, LLC, American Finance Operating Partnership, L.P. and Capital Commercial Investments, Inc.
|
10.22 *
|
|
Third Amendment to Agreement for Purchase and Sale of Real Property, dated as of November 23, 2016, by and between ARC DB5PROP001, LLC, American Finance Operating Partnership, L.P. and Capital Commercial Investments, Inc.
|
10.23 *
|
|
Reinstatement and Fourth Amendment to Agreement for Purchase and Sale of Real Property, dated as of December 1, 2016, by and between ARC DB5PROP001, LLC, American Finance Operating Partnership, L.P. and Capital Commercial Investments, Inc.
|
10.24
(14)
|
|
Second Amendment to Amended and Restated Credit Agreement, Assumption, Joinder and Reaffirmation of Guaranties, dated as of February 16, 2017, among American Finance Operating Partnership, L.P., as successor to American Realty Capital Operating Partnership, L.P., Genie Acquisition, LLC as successor to American Realty Capital - Retail Centers of America, Inc., American Finance Trust, Inc., the guarantors party thereto, the lenders party thereto and BMO Harris Bank N.A.
|
10.25
(14)
|
|
Indemnification Agreement, dated as of February 16, 2017, by and between American Finance Trust, Inc. and Leslie D. Michelson and Edward G. Rendell
|
14.1
(1)
|
|
Code of Ethics
|
16.1
(6)
|
|
Letter from Grant Thornton LLP to the Securities and Exchange Commission dated January 28, 2015
|
21.1 *
|
|
List of Subsidiaries
|
31.1 *
|
|
Certification of the Principal Executive Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2 *
|
|
Certification of the Principal Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32 *
|
|
Written statements of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101 *
|
|
XBRL (eXtensible Business Reporting Language). The following materials from American Finance Trust, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2016, formatted in XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive (Loss) Income, (iii) the Consolidated Statements of Changes in Stockholders' Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to the Consolidated Financial Statements.
|
(1)
|
Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 on May 14, 2013.
|
(2)
|
Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 filed with the SEC on November 14, 2013.
|
(3)
|
Filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 10, 2014.
|
(4)
|
Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 filed with the SEC on May 13, 2014.
|
(5)
|
Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 filed with the SEC on August 1, 2014.
|
(6)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed with the SEC on January 28, 2015.
|
(7)
|
Filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on May 15, 2015.
|
(8)
|
Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed with the SEC on August 11, 2015.
|
(9)
|
Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed with the SEC on May 13, 2016.
|
(10)
|
Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed with the SEC on August 11, 2016.
|
(11)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed with the SEC on September 7, 2016.
|
(12)
|
Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 filed with the SEC on November 10, 2016.
|
(13)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed with the SEC on December 30, 2016
|
(14)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed with the SEC on February 17, 2017.
|
|
AMERICAN FINANCE TRUST, INC.
|
|
|
By:
|
/s/ EDWARD M. WEIL, JR.
|
|
|
EDWARD M. WEIL, JR.
|
|
|
CHIEF EXECUTIVE OFFICER, PRESIDENT AND CHAIRMAN OF THE BOARD OF DIRECTORS
|
Name
|
|
Capacity
|
|
Date
|
|
|
|
|
|
/s/ Edward M. Weil, Jr.
|
|
Chief Executive Officer, President and Chairman of the Board of Directors
(Principal Executive Officer)
|
|
March 13, 2017
|
Edward M. Weil, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Nicholas Radesca
|
|
Chief Financial Officer, Treasurer and Secretary
(Principal Financial Officer and Principal Accounting Officer)
|
|
March 13, 2017
|
Nicholas Radesca
|
|
|
|
|
|
|
|
|
|
/s/ David Gong
|
|
Lead Independent Director
|
|
March 13, 2017
|
David Gong
|
|
|
|
|
|
|
|
|
|
/s/ Stanley Perla
|
|
Independent Director
|
|
March 13, 2017
|
Stanley Perla
|
|
|
|
|
|
|
|
|
|
/s/ Lisa D. Kabnick
|
|
Independent Director
|
|
March 13, 2017
|
Lisa D. Kabnick
|
|
|
|
|
|
|
|
|
|
/s/ Leslie D. Michelson
|
|
Independent Director
|
|
March 13, 2017
|
Leslie D. Michelson
|
|
|
|
|
|
|
|
|
|
/s/ Edward G. Rendell
|
|
Independent Director
|
|
March 13, 2017
|
Edward G. Rendell
|
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statement Schedules:
|
|
|
|
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
Real estate investments, at cost:
|
|
|
|
||||
Land
|
$
|
328,656
|
|
|
$
|
358,278
|
|
Buildings, fixtures and improvements
|
1,395,602
|
|
|
1,540,821
|
|
||
Acquired intangible lease assets
|
300,129
|
|
|
319,028
|
|
||
Total real estate investments, at cost
|
2,024,387
|
|
|
2,218,127
|
|
||
Less: accumulated depreciation and amortization
|
(287,090
|
)
|
|
(215,427
|
)
|
||
Total real estate investments, net
|
1,737,297
|
|
|
2,002,700
|
|
||
Cash and cash equivalents
|
131,215
|
|
|
130,500
|
|
||
Restricted cash
|
7,890
|
|
|
7,887
|
|
||
Commercial mortgage loan, held for investment, net
|
17,175
|
|
|
17,135
|
|
||
Prepaid expenses and other assets
|
29,513
|
|
|
21,982
|
|
||
Deferred costs, net
|
3,767
|
|
|
—
|
|
||
Assets held for sale
|
137,602
|
|
|
56,884
|
|
||
Total assets
|
$
|
2,064,459
|
|
|
$
|
2,237,088
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Mortgage notes payable, net of deferred financing costs
|
$
|
1,022,275
|
|
|
$
|
1,033,582
|
|
Mortgage premiums, net
|
10,681
|
|
|
14,892
|
|
||
Market lease liabilities, net
|
13,915
|
|
|
18,133
|
|
||
Accounts payable and accrued expenses (including $910 and $541 due to related parties as of December 31, 2016 and 2015, respectively)
|
13,553
|
|
|
24,964
|
|
||
Deferred rent and other liabilities
|
9,970
|
|
|
9,569
|
|
||
Distributions payable
|
9,199
|
|
|
9,199
|
|
||
Total liabilities
|
1,079,593
|
|
|
1,110,339
|
|
||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 65,805,184 and 64,961,256 shares issued and outstanding as of December 31, 2016 and 2015, respectively
|
658
|
|
|
650
|
|
||
Additional paid-in capital
|
1,449,662
|
|
|
1,429,294
|
|
||
Accumulated deficit
|
(465,454
|
)
|
|
(303,195
|
)
|
||
Total stockholders' equity
|
984,866
|
|
|
1,126,749
|
|
||
Total liabilities and stockholders' equity
|
$
|
2,064,459
|
|
|
$
|
2,237,088
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
164,386
|
|
|
$
|
160,865
|
|
|
$
|
146,139
|
|
Operating expense reimbursements
|
12,232
|
|
|
11,495
|
|
|
12,241
|
|
|||
Interest income from debt investments
|
1,050
|
|
|
2,138
|
|
|
—
|
|
|||
Total revenues
|
177,668
|
|
|
174,498
|
|
|
158,380
|
|
|||
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Asset management fees to related party
|
18,000
|
|
|
13,009
|
|
|
—
|
|
|||
Property operating
|
13,614
|
|
|
13,258
|
|
|
13,492
|
|
|||
Impairment charges
|
27,299
|
|
|
—
|
|
|
—
|
|
|||
Acquisition and transaction related
|
7,063
|
|
|
2,220
|
|
|
22,595
|
|
|||
General and administrative
|
11,168
|
|
|
11,314
|
|
|
6,011
|
|
|||
Depreciation and amortization
|
101,143
|
|
|
101,546
|
|
|
93,379
|
|
|||
Total operating expenses
|
178,287
|
|
|
141,347
|
|
|
135,477
|
|
|||
Operating (loss) income
|
(619
|
)
|
|
33,151
|
|
|
22,903
|
|
|||
Other (expense) income:
|
|
|
|
|
|
||||||
Interest expense
|
(54,253
|
)
|
|
(40,891
|
)
|
|
(27,665
|
)
|
|||
Loss on extinguishment of debt
|
—
|
|
|
(7,564
|
)
|
|
—
|
|
|||
Loss on sale of commercial mortgage-backed securities
|
—
|
|
|
(1,585
|
)
|
|
—
|
|
|||
Distribution income from other real estate securities
|
—
|
|
|
363
|
|
|
2,279
|
|
|||
Gain on sale of other real estate securities, net
|
—
|
|
|
738
|
|
|
297
|
|
|||
Gain on sale of real estate investments
|
454
|
|
|
—
|
|
|
—
|
|
|||
Loss on commercial mortgage loans held for sale
|
—
|
|
|
(5,476
|
)
|
|
—
|
|
|||
Other income
|
163
|
|
|
147
|
|
|
189
|
|
|||
Total other expense, net
|
(53,636
|
)
|
|
(54,268
|
)
|
|
(24,900
|
)
|
|||
Net loss
|
$
|
(54,255
|
)
|
|
$
|
(21,117
|
)
|
|
$
|
(1,997
|
)
|
|
|
|
|
|
|
||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
Change in unrealized (loss) income on investment securities
|
—
|
|
|
(463
|
)
|
|
7,444
|
|
|||
Comprehensive (loss) income
|
$
|
(54,255
|
)
|
|
$
|
(21,580
|
)
|
|
$
|
5,447
|
|
|
|
|
|
|
|
||||||
Basic and diluted weighted-average shares outstanding
|
65,450,432
|
|
|
66,028,245
|
|
|
64,333,260
|
|
|||
Basic and diluted net loss per share
|
$
|
(0.83
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.03
|
)
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Number of
Shares
|
|
Par Value
|
|
Additional Paid-in
Capital
|
|
Accumulated Other Comprehensive (Loss) Income
|
|
Accumulated Deficit
|
|
Total Stockholders' Equity
|
|||||||||||
Balance, December 31, 2013
|
62,985,937
|
|
|
$
|
630
|
|
|
$
|
1,383,066
|
|
|
$
|
(6,981
|
)
|
|
$
|
(64,901
|
)
|
|
$
|
1,311,814
|
|
Changes in offering costs
|
—
|
|
|
—
|
|
|
201
|
|
|
—
|
|
|
—
|
|
|
201
|
|
|||||
Common stock issued through distribution reinvestment plan
|
2,566,242
|
|
|
26
|
|
|
60,951
|
|
|
—
|
|
|
—
|
|
|
60,977
|
|
|||||
Common stock repurchases
|
(295,825
|
)
|
|
(3
|
)
|
|
(7,092
|
)
|
|
—
|
|
|
—
|
|
|
(7,095
|
)
|
|||||
Share-based compensation, net of forfeitures
|
1,600
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(106,200
|
)
|
|
(106,200
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,997
|
)
|
|
(1,997
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
7,444
|
|
|
—
|
|
|
7,444
|
|
|||||
Balance, December 31, 2014
|
65,257,954
|
|
|
653
|
|
|
1,437,147
|
|
|
463
|
|
|
(173,098
|
)
|
|
1,265,165
|
|
|||||
Common stock issued through distribution reinvestment plan
|
1,469,319
|
|
|
15
|
|
|
34,791
|
|
|
—
|
|
|
—
|
|
|
34,806
|
|
|||||
Common stock repurchases
|
(1,769,738
|
)
|
|
(18
|
)
|
|
(42,695
|
)
|
|
—
|
|
|
—
|
|
|
(42,713
|
)
|
|||||
Share-based compensation, net of
forfeitures
|
3,721
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108,980
|
)
|
|
(108,980
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,117
|
)
|
|
(21,117
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(463
|
)
|
|
—
|
|
|
(463
|
)
|
|||||
Balance, December 31, 2015
|
64,961,256
|
|
|
650
|
|
|
1,429,294
|
|
|
—
|
|
|
(303,195
|
)
|
|
1,126,749
|
|
|||||
Common stock issued through distribution reinvestment plan
|
848,059
|
|
|
8
|
|
|
20,491
|
|
|
—
|
|
|
—
|
|
|
20,499
|
|
|||||
Common stock repurchases
|
(7,854
|
)
|
|
—
|
|
|
(190
|
)
|
|
—
|
|
|
—
|
|
|
(190
|
)
|
|||||
Share-based compensation
|
3,723
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108,004
|
)
|
|
(108,004
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54,255
|
)
|
|
(54,255
|
)
|
|||||
Balance, December 31, 2016
|
65,805,184
|
|
|
$
|
658
|
|
|
$
|
1,449,662
|
|
|
$
|
—
|
|
|
$
|
(465,454
|
)
|
|
$
|
984,866
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(54,255
|
)
|
|
$
|
(21,117
|
)
|
|
$
|
(1,997
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
66,831
|
|
|
66,946
|
|
|
62,571
|
|
|||
Amortization of in-place lease assets
|
34,247
|
|
|
34,600
|
|
|
30,808
|
|
|||
Amortization (including accelerated write-off) of deferred costs
|
8,716
|
|
|
12,663
|
|
|
4,588
|
|
|||
Amortization of mortgage premiums on borrowings
|
(4,211
|
)
|
|
(7,208
|
)
|
|
(6,096
|
)
|
|||
Discount accretion and premium amortization on investments, net
|
(40
|
)
|
|
(96
|
)
|
|
—
|
|
|||
Amortization of market lease intangibles, net
|
477
|
|
|
1,666
|
|
|
1,421
|
|
|||
Share-based compensation
|
67
|
|
|
51
|
|
|
21
|
|
|||
Gain on sale of real estate investments
|
(454
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
27,299
|
|
|
—
|
|
|
—
|
|
|||
Loss on sale of commercial mortgage-backed securities
|
—
|
|
|
1,585
|
|
|
—
|
|
|||
Gain on sale of other real estate securities, net
|
—
|
|
|
(738
|
)
|
|
(297
|
)
|
|||
Loss on commercial mortgage loans held for sale
|
—
|
|
|
5,476
|
|
|
—
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Prepaid expenses and other assets
|
(8,882
|
)
|
|
(7,878
|
)
|
|
353
|
|
|||
Accounts payable and accrued expenses
|
3,173
|
|
|
1,177
|
|
|
2,417
|
|
|||
Deferred rent and other liabilities
|
401
|
|
|
2,331
|
|
|
6,022
|
|
|||
Net cash provided by operating activities
|
73,369
|
|
|
89,458
|
|
|
99,811
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Origination of commercial mortgage loans
|
—
|
|
|
(79,410
|
)
|
|
—
|
|
|||
Proceeds from sale of commercial mortgage loans
|
56,884
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of commercial mortgage-backed securities
|
—
|
|
|
28,624
|
|
|
—
|
|
|||
Purchase of commercial mortgage-backed securities
|
—
|
|
|
(30,198
|
)
|
|
—
|
|
|||
Investments in real estate and other assets
|
(34,244
|
)
|
|
—
|
|
|
(538,130
|
)
|
|||
Proceeds from sale of real estate investments
|
15,190
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of other real estate securities
|
—
|
|
|
19,266
|
|
|
47,316
|
|
|||
Net cash provided by (used in) investing activities
|
37,830
|
|
|
(61,718
|
)
|
|
(490,814
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|||||
Proceeds from mortgage notes payable
|
—
|
|
|
780,000
|
|
|
—
|
|
|||
Payments on mortgage notes payable
|
(1,014
|
)
|
|
(196,431
|
)
|
|
(989
|
)
|
|||
Proceeds from credit facility
|
—
|
|
|
—
|
|
|
423,000
|
|
|||
Payments on credit facility
|
—
|
|
|
(423,000
|
)
|
|
—
|
|
|||
Payments of financing costs
|
(5,709
|
)
|
|
(18,806
|
)
|
|
(10,622
|
)
|
|||
Proceeds from issuances of common stock
|
—
|
|
|
—
|
|
|
127
|
|
|||
Payments of offering costs and fees related to stock issuances, net
|
—
|
|
|
—
|
|
|
(37
|
)
|
|||
Common stock repurchases
|
(16,253
|
)
|
|
(31,725
|
)
|
|
(2,020
|
)
|
|||
Distributions paid
|
(87,505
|
)
|
|
(74,151
|
)
|
|
(44,872
|
)
|
|||
Restricted cash
|
(3
|
)
|
|
(7,887
|
)
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
(110,484
|
)
|
|
28,000
|
|
|
364,587
|
|
|||
Net change in cash and cash equivalents
|
715
|
|
|
55,740
|
|
|
(26,416
|
)
|
|||
Cash and cash equivalents, beginning of period
|
130,500
|
|
|
74,760
|
|
|
101,176
|
|
|||
Cash and cash equivalents, end of period
|
$
|
131,215
|
|
|
$
|
130,500
|
|
|
$
|
74,760
|
|
Supplemental Disclosures:
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
49,140
|
|
|
$
|
42,696
|
|
|
$
|
27,115
|
|
Cash paid for income taxes
|
$
|
739
|
|
|
$
|
877
|
|
|
$
|
422
|
|
Accrued common stock repurchases
|
$
|
—
|
|
|
$
|
16,063
|
|
|
$
|
5,075
|
|
|
|
|
|
|
|
||||||
Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Mortgage notes payable released in connection with disposition of real estate
|
$
|
(14,867
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Mortgage notes payable assumed or used to acquire investments in real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
462,238
|
|
Premiums on assumed mortgage notes payable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,862
|
|
Common stock issued through distribution reinvestment plan
|
$
|
20,499
|
|
|
$
|
34,806
|
|
|
$
|
60,977
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
Return of capital
|
|
76.0
|
%
|
|
$
|
1.25
|
|
|
89.9
|
%
|
|
$
|
1.48
|
|
|
55.5
|
%
|
|
$
|
0.91
|
|
Ordinary dividend income
|
|
24.0
|
%
|
|
0.40
|
|
|
10.1
|
%
|
|
0.17
|
|
|
44.2
|
%
|
|
0.73
|
|
|||
Capital gain
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
0.3
|
%
|
|
0.01
|
|
|||
Total
|
|
100.0
|
%
|
|
$
|
1.65
|
|
|
100.0
|
%
|
|
$
|
1.65
|
|
|
100.0
|
%
|
|
$
|
1.65
|
|
(Dollar amounts in thousands)
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2014
|
||||
Real estate investments, at cost:
|
|
|
|
|
||||
Land
|
|
$
|
1,729
|
|
|
$
|
210,379
|
|
Buildings, fixtures and improvements
|
|
29,664
|
|
|
672,121
|
|
||
Total tangible assets
|
|
31,393
|
|
|
882,500
|
|
||
Acquired intangibles:
|
|
|
|
|
||||
In-place leases
(1)
|
|
3,162
|
|
|
175,152
|
|
||
Above-market lease assets
(1)
|
|
548
|
|
|
13,403
|
|
||
Above-market ground lease liability
(1)
|
|
(85
|
)
|
|
—
|
|
||
Below-market lease liabilities
(1)
|
|
(774
|
)
|
|
(19,692
|
)
|
||
Total intangible assets, net
|
|
2,851
|
|
|
168,863
|
|
||
Mortgage notes payable assumed
|
|
—
|
|
|
(462,238
|
)
|
||
Premiums on mortgage notes payable assumed
|
|
—
|
|
|
(27,862
|
)
|
||
Deposits paid in prior periods
|
|
—
|
|
|
(33,035
|
)
|
||
Cash paid for acquired real estate investments
|
|
$
|
34,244
|
|
|
$
|
528,228
|
|
Number of properties purchased
|
|
4
|
|
|
224
|
|
(1)
|
Weighted-average remaining amortization periods for in-place leases, above-market lease assets, above-market ground lease liability and below-market lease liabilities acquired during the
year ended December 31, 2016
were
9.5 years
,
9.6 years
,
48.6 years
and
9.5 years
, respectively, as of each property's respective acquisition date.
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
(In thousands)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In-place leases
|
|
$
|
286,548
|
|
|
$
|
95,547
|
|
|
$
|
191,001
|
|
|
$
|
305,245
|
|
|
$
|
68,278
|
|
|
$
|
236,967
|
|
Above-market leases
|
|
13,581
|
|
|
8,106
|
|
|
5,475
|
|
|
13,783
|
|
|
5,555
|
|
|
8,228
|
|
||||||
Total acquired intangible lease assets
|
|
$
|
300,129
|
|
|
$
|
103,653
|
|
|
$
|
196,476
|
|
|
$
|
319,028
|
|
|
$
|
73,833
|
|
|
$
|
245,195
|
|
Intangible liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Above-market ground lease liability
|
|
$
|
85
|
|
|
$
|
1
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Below-market lease liabilities
|
|
18,443
|
|
|
4,612
|
|
|
13,831
|
|
|
20,623
|
|
|
2,490
|
|
|
18,133
|
|
||||||
Total acquired intangible lease liabilities
|
|
$
|
18,528
|
|
|
$
|
4,613
|
|
|
$
|
13,915
|
|
|
$
|
20,623
|
|
|
$
|
2,490
|
|
|
$
|
18,133
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
In-place leases
|
|
$
|
34,247
|
|
|
$
|
34,600
|
|
|
$
|
30,808
|
|
Total added to depreciation and amortization
|
|
$
|
34,247
|
|
|
$
|
34,600
|
|
|
$
|
30,808
|
|
|
|
|
|
|
|
|
||||||
Above-market leases
|
|
$
|
(2,943
|
)
|
|
$
|
(3,006
|
)
|
|
$
|
(2,549
|
)
|
Below-market lease liabilities
|
|
2,465
|
|
|
1,340
|
|
|
1,128
|
|
|||
Total deducted from rental income
|
|
$
|
(478
|
)
|
|
$
|
(1,666
|
)
|
|
$
|
(1,421
|
)
|
|
|
|
|
|
|
|
||||||
Above-market ground lease liability
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Total deducted from property operating expense
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
(In thousands)
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
||||||||||
In-place leases
|
|
$
|
31,788
|
|
|
$
|
22,598
|
|
|
$
|
22,581
|
|
|
$
|
20,964
|
|
|
$
|
19,718
|
|
Total to be added to depreciation and amortization
|
|
$
|
31,788
|
|
|
$
|
22,598
|
|
|
$
|
22,581
|
|
|
$
|
20,964
|
|
|
$
|
19,718
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Above-market leases
|
|
$
|
(2,815
|
)
|
|
$
|
(526
|
)
|
|
$
|
(526
|
)
|
|
$
|
(526
|
)
|
|
$
|
(526
|
)
|
Below-market lease liabilities
|
|
2,332
|
|
|
963
|
|
|
963
|
|
|
963
|
|
|
963
|
|
|||||
Total to be added to rental income
|
|
$
|
(483
|
)
|
|
$
|
437
|
|
|
$
|
437
|
|
|
$
|
437
|
|
|
$
|
437
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Above-market ground lease liability
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
Total to be deducted from property operating expense
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
|
Year Ended December 31,
|
||||||
(In thousands, except per share data)
|
|
2016
(1)
|
|
2015
|
||||
Pro forma revenues
|
|
$
|
178,057
|
|
|
$
|
177,352
|
|
Pro forma net loss
|
|
$
|
(54,129
|
)
|
|
$
|
(19,902
|
)
|
Basic and diluted pro forma net loss per share
|
|
$
|
(0.83
|
)
|
|
$
|
(0.30
|
)
|
(1)
|
For the
year ended December 31, 2016
, aggregate revenues and net income derived from the Company's 2016 acquisitions (for the Company's period of ownership) were
$2.5 million
and
$1.1 million
, respectively.
|
(In thousands)
|
|
Future Minimum
Base Rent Payments
|
||
2017
|
|
$
|
159,895
|
|
2018
|
|
153,841
|
|
|
2019
|
|
155,931
|
|
|
2020
|
|
150,760
|
|
|
2021
|
|
149,425
|
|
|
Thereafter
|
|
763,420
|
|
|
|
|
$
|
1,533,272
|
|
(Dollar amounts in thousands)
|
|
Year Ended December 31, 2016
|
||
Real estate investments held for sale, at cost:
|
|
|
||
Land
|
|
$
|
7,225
|
|
Buildings, fixtures and improvements
|
|
142,798
|
|
|
Acquired intangible lease assets
|
|
18,145
|
|
|
Total real estate assets held for sale, at cost
|
|
168,168
|
|
|
Less accumulated depreciation and amortization
|
|
(29,213
|
)
|
|
Total real estate investments held for sale, net
|
|
138,955
|
|
|
|
|
|
||
Impairment charges related to properties reclassified as held for sale
|
|
(1,353
|
)
|
|
Assets held for sale
|
|
$
|
137,602
|
|
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||
Loan Type
|
|
Property Type
|
|
Par Value
|
|
Percentage
|
|
Par Value
|
|
Percentage
|
||||||
|
|
|
|
(In thousands)
|
|
|
|
(In thousands)
|
|
|
||||||
Senior
|
|
Student Housing — Multifamily
|
|
$
|
17,200
|
|
|
100
|
%
|
|
$
|
17,200
|
|
|
21.6
|
%
|
Senior
|
|
Retail
|
|
—
|
|
|
—
|
%
|
|
18,150
|
|
(1)
|
22.7
|
%
|
||
Senior
|
|
Hospitality
|
|
—
|
|
|
—
|
%
|
|
44,500
|
|
(1)
|
55.7
|
%
|
||
|
|
|
|
$
|
17,200
|
|
|
100.0
|
%
|
|
$
|
79,850
|
|
|
100.0
|
%
|
(1)
|
These loans were classified as held for sale as of December 31, 2015 and were sold during the
year ended December 31, 2016
for
$56.9 million
. The Company recognized a loss of
$5.5 million
on its commercial mortgage loans held for sale during the year ended
December 31, 2015
.
|
Investment Rating
|
|
Summary Description
|
1
|
|
Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
|
2
|
|
Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
|
3
|
|
Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
|
4
|
|
Underperforming investment with some loss of interest expected but still expecting a positive return on investment. Trends and risk factors are negative.
|
5
|
|
Underperforming investment with expected loss of interest and some principal.
|
(In thousands)
|
|
Year Ended December 31, 2016
|
|
December 31, 2015
|
||||
Beginning balance
|
|
$
|
17,135
|
|
|
$
|
—
|
|
Originations
|
|
—
|
|
|
79,410
|
|
||
Reclassifications to assets held for sale
|
|
—
|
|
|
(56,884
|
)
|
||
Loss on assets held for sale
|
|
—
|
|
|
(5,476
|
)
|
||
Discount accretion and premium amortization
(1)
|
|
40
|
|
|
85
|
|
||
Ending balance
|
|
$
|
17,175
|
|
|
$
|
17,135
|
|
(1)
|
Includes amortization of capitalized origination fees and expenses.
|
(In thousands)
|
|
Amortized Cost
|
|
Sale Price
|
|
Realized Loss
|
||||||
Year Ended December 31, 2015
|
|
$
|
30,209
|
|
|
$
|
28,624
|
|
|
$
|
1,585
|
|
(In thousands)
|
|
Aggregate Cost Basis
|
|
Sale Price
|
|
Realized Gain, Net
|
||||||
Year Ended December 31, 2015
|
|
$
|
18,528
|
|
|
$
|
19,266
|
|
|
$
|
738
|
|
Year Ended December 31, 2014
|
|
$
|
47,020
|
|
|
$
|
47,317
|
|
|
$
|
297
|
|
|
|
|
|
Outstanding Loan Amount as of
|
|
Effective Interest Rate as of
|
|
|
|
|
|
|
||||||||||
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
||||||||||
Portfolio
|
|
Encumbered Properties
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Interest Rate
|
|
Maturity
|
|
Anticipated Repayment
|
||||||
|
|
|
|
(In thousands)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
||||||
SAAB Sensis I
|
|
1
|
|
$
|
7,841
|
|
|
$
|
8,190
|
|
|
5.93
|
%
|
|
6.01
|
%
|
|
Fixed
|
|
Apr. 2025
|
|
Apr. 2025
|
SunTrust Bank II
|
|
30
|
|
25,000
|
|
|
25,000
|
|
|
5.50
|
%
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
C&S Wholesale Grocer I
|
|
4
|
|
82,313
|
|
|
82,313
|
|
|
5.48
|
%
|
|
5.56
|
%
|
|
Fixed
|
|
Apr. 2037
|
|
Apr. 2017
|
||
SunTrust Bank III
|
|
112
|
|
88,567
|
|
|
99,677
|
|
|
5.50
|
%
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
SunTrust Bank IV
|
|
27
|
|
21,243
|
|
|
25,000
|
|
|
5.50
|
%
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
Sanofi US I
|
|
1
|
|
125,000
|
|
|
125,000
|
|
|
5.16
|
%
|
|
5.16
|
%
|
|
Fixed
|
|
Jul. 2026
|
|
Jan. 2021
|
||
Stop & Shop I
|
|
4
|
|
38,271
|
|
|
38,936
|
|
|
5.63
|
%
|
|
5.63
|
%
|
|
Fixed
|
|
Jun. 2041
|
|
Jun. 2021
|
||
Multi-Tenant Mortgage Loan
|
|
268
|
|
649,532
|
|
|
649,532
|
|
|
4.36
|
%
|
|
4.36
|
%
|
|
Fixed
|
|
Sep. 2020
|
|
Sep. 2020
|
||
Gross mortgage notes payable
|
|
447
|
|
1,037,767
|
|
|
1,053,648
|
|
|
4.75
|
%
|
(1)
|
4.77
|
%
|
(1)
|
|
|
|
|
|
||
Deferred financing costs, net of accumulated amortization
|
|
|
|
(15,492
|
)
|
|
(20,066
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage notes payable, net of deferred financing costs
|
|
|
|
$
|
1,022,275
|
|
|
$
|
1,033,582
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated.
|
(In thousands)
|
|
Future Principal Payments
|
||
2017
|
|
$
|
1,080
|
|
2018
|
|
1,143
|
|
|
2019
|
|
1,211
|
|
|
2020
|
|
650,808
|
|
|
2021
|
|
910
|
|
|
Thereafter
|
|
382,615
|
|
|
|
|
$
|
1,037,767
|
|
(In thousands)
|
|
Quoted Prices
in Active
Markets
Level 1
|
|
Significant Other
Observable
Inputs
Level 2
|
|
Significant
Unobservable
Inputs
Level 3
|
|
Total
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired real estate investments held for sale
|
|
$
|
—
|
|
|
$
|
961
|
|
|
$
|
—
|
|
|
$
|
961
|
|
Impaired real estate investments held for use
|
|
—
|
|
|
6,525
|
|
|
45,032
|
|
|
51,557
|
|
||||
Total
|
|
$
|
—
|
|
|
$
|
7,486
|
|
|
$
|
45,032
|
|
|
$
|
52,518
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
Commercial mortgage loans held for sale
|
|
$
|
—
|
|
|
$
|
56,884
|
|
|
$
|
—
|
|
|
$
|
56,884
|
|
|
|
|
|
Carrying Amount at
|
|
Fair Value at
|
|
Carrying Amount at
|
|
Fair Value at
|
||||||||
(In thousands)
|
|
Level
|
|
December 31, 2016
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2015
|
||||||||
Commercial mortgage loan, held for investment
|
|
3
|
|
$
|
17,175
|
|
|
$
|
17,200
|
|
|
$
|
17,135
|
|
|
$
|
17,200
|
|
Gross mortgage notes payable and mortgage premiums, net
|
|
3
|
|
$
|
1,048,448
|
|
|
$
|
1,076,065
|
|
|
$
|
1,068,540
|
|
|
$
|
1,103,352
|
|
•
|
after one year from the purchase date —
92.5%
of the then-current
Estimated Per-Share NAV
;
|
•
|
after two years from the purchase date —
95.0%
of the then-current
Estimated Per-Share NAV
;
|
•
|
after three years from the purchase date —
97.5%
of the then-current
Estimated Per-Share NAV
; and
|
•
|
after four years from the purchase date —
100.0%
of the then-current
Estimated Per-Share NAV
.
|
|
|
Number of Shares
|
|
Weighted-Average Price per Share
|
|||
Cumulative repurchases as of December 31, 2013
|
|
8,082
|
|
|
$
|
24.98
|
|
Year ended December 31, 2014
|
|
295,825
|
|
|
23.99
|
|
|
Year ended December 31, 2015
|
|
1,769,738
|
|
|
24.13
|
|
|
Year ended December 31, 2016
|
|
7,854
|
|
|
24.17
|
|
|
Cumulative repurchases as of December 31, 2016
|
|
2,081,499
|
|
|
$
|
24.12
|
|
(In thousands)
|
|
Future Minimum Base Rent Payments
|
||
2017
|
|
$
|
921
|
|
2018
|
|
903
|
|
|
2019
|
|
902
|
|
|
2020
|
|
674
|
|
|
2021
|
|
345
|
|
|
Thereafter
|
|
4,630
|
|
|
|
|
$
|
8,375
|
|
(In thousands)
|
|
Funding Expiration
|
|
||
2017
|
|
$
|
2,450
|
|
(1)
|
2018
|
|
—
|
|
|
|
2019
|
|
—
|
|
|
|
2020
|
|
—
|
|
|
|
2021
|
|
—
|
|
|
|
Thereafter
|
|
—
|
|
|
|
|
|
$
|
2,450
|
|
|
(1)
|
This commitment expired in February 2017 with no funding provided by the Company.
|
(i)
|
for any period commencing on or after April 1, 2015, the Company paid the Advisor or its assignees as compensation for services rendered in connection with the management of the Company’s assets an Asset Management Fee (as defined in the Original A&R Advisory Agreement) equal to
0.75%
per annum of the Cost of Assets (as defined in the Original A&R Advisory Agreement);
|
(ii)
|
such Asset Management Fee was payable monthly in arrears in cash, in shares of common stock, or a combination of both, the form of payment determined in the sole discretion of the Advisor; and
|
(iii)
|
the Company would not cause the OP to issue any Class B Units in respect of periods subsequent to March 31, 2015.
|
|
|
Year Ended December 31,
|
|
Payable as of December 31,
|
||||||||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
||||||||||
One-time fees and reimbursements:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition fees and related cost reimbursements
(1)
|
|
$
|
—
|
|
|
$
|
1,330
|
|
|
$
|
10,578
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Financing coordination fees
|
|
—
|
|
|
5,850
|
|
|
5,678
|
|
|
—
|
|
|
—
|
|
|||||
Ongoing fees:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset management fees
|
|
18,000
|
|
|
13,009
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Professional fees and other reimbursements
(2)
|
|
3,104
|
|
|
4,020
|
|
|
2,364
|
|
|
763
|
|
|
541
|
|
|||||
Distributions on Class B Units
(2)
|
|
1,736
|
|
|
1,573
|
|
|
602
|
|
|
147
|
|
|
—
|
|
|||||
Total related party operation fees and reimbursements
|
|
$
|
22,840
|
|
|
$
|
25,782
|
|
|
$
|
19,222
|
|
|
$
|
910
|
|
|
$
|
541
|
|
(1)
|
Acquisition fees and expenses from related parties of
$0.9 million
were recognized in acquisition and transaction related expense on the consolidated statement of operations and comprehensive loss for the year ended
December 31, 2015
. In addition, over the same period, the Company capitalized
$0.4 million
of acquisition expenses to the Company's consolidated balance sheet, which are amortized over the life of each investment using the effective interest method. No acquisition expenses were capitalized during the years ended
December 31, 2016
and
2014
.
|
(2)
|
These costs are included in general and administrative expense on the consolidated statements of operations and comprehensive loss.
|
•
|
the sum of (i) the "market value" (as defined in the Listing Note) of the Company's common stock plus (ii) the sum of all distributions or dividends (from any source) paid by the Company to its stockholders prior to the Listing; and
|
•
|
the sum of (i) the gross proceeds ("Gross Proceeds") of all public and private offerings, including issuance of the Company's common stock pursuant to a merger or business combination (an "Offering") plus (ii) the total amount of cash that, if distributed to those stockholders who purchased shares of common stock in an Offering, would have provided those stockholders a
6.0%
cumulative, non-compounded, pre-tax annual return (based on a 365-day year) on the Gross Proceeds.
|
•
|
it increases the number of shares of Company capital stock, par value
$0.01
per share (the "Capital Stock"), available for awards thereunder from
5.0%
of the Company's outstanding shares of Capital Stock on a fully diluted basis at any time, not to exceed
3.4 million
shares of Capital Stock, to
10.0%
of the Company's outstanding shares of Capital Stock on a fully diluted basis at any time;
|
•
|
it removes the fixed amount of shares that were automatically granted to the Company's independent directors; and
|
•
|
it adds restricted stock units (including dividend equivalent rights thereon) as a permitted form of award.
|
|
Number of Shares of Common Stock
|
|
Weighted-Average Issue Price
|
|||
Unvested, December 31, 2013
|
4,000
|
|
|
$
|
22.50
|
|
Granted
|
3,999
|
|
|
22.50
|
|
|
Vested
|
(800
|
)
|
|
22.50
|
|
|
Forfeited
|
(2,400
|
)
|
|
22.50
|
|
|
Unvested, December 31, 2014
|
4,799
|
|
|
22.50
|
|
|
Granted
|
6,240
|
|
|
24.04
|
|
|
Vested
|
(1,067
|
)
|
|
22.50
|
|
|
Forfeited
|
(2,517
|
)
|
|
23.83
|
|
|
Unvested, December 31, 2015
|
7,455
|
|
|
23.34
|
|
|
Granted
|
3,723
|
|
|
24.17
|
|
|
Vested
|
(1,811
|
)
|
|
23.19
|
|
|
Unvested, December 31, 2016
|
9,367
|
|
|
$
|
23.70
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Basic and diluted net loss
(in thousands)
|
|
$
|
(54,255
|
)
|
|
$
|
(21,117
|
)
|
|
$
|
(1,997
|
)
|
Basic and diluted weighted-average shares outstanding
|
|
65,450,432
|
|
|
66,028,245
|
|
|
64,333,260
|
|
|||
Basic and diluted net loss per share
|
|
$
|
(0.83
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.03
|
)
|
|
|
December 31,
|
|||||||
|
|
2016
|
|
2015
|
|
2014
|
|||
Unvested restricted stock
(1)
|
|
7,985
|
|
|
6,349
|
|
|
5,221
|
|
OP Units
|
|
90
|
|
|
90
|
|
|
90
|
|
Class B Units
(2)
|
|
1,052,420
|
|
|
953,086
|
|
|
364,786
|
|
Total weighted-average antidilutive common stock equivalents
|
|
1,060,495
|
|
|
959,525
|
|
|
370,097
|
|
(1)
|
Weighted-average number of shares of unvested restricted stock outstanding for the periods presented. There were
9,367
,
7,455
and
4,799
shares of unvested restricted stock outstanding as of
December 31, 2016
,
2015
and
2014
, respectively.
|
(2)
|
Weighted-average number of issued and unvested Class B Units outstanding for the periods presented. As of
December 31, 2016
,
2015
and
2014
, there were
1,052,420
,
1,052,420
and
703,796
Class B Units outstanding, respectively.
|
|
|
Quarters Ended
|
||||||||||||||
(In thousands, except share and per share amounts)
|
|
March 31, 2016
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
||||||||
Total revenues
|
|
$
|
43,786
|
|
|
$
|
44,277
|
|
|
$
|
44,758
|
|
|
$
|
44,847
|
|
Basic and diluted net loss
|
|
$
|
(5,854
|
)
|
|
$
|
(4,077
|
)
|
|
$
|
(8,729
|
)
|
|
$
|
(35,595
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted weighted-average shares outstanding
|
|
64,955,420
|
|
|
65,301,764
|
|
|
65,741,735
|
|
|
65,795,812
|
|
||||
Basic and diluted net loss per share
|
|
$
|
(0.09
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.54
|
)
|
|
|
Quarters Ended
|
||||||||||||||
(In thousands, except share and per share amounts)
|
|
March 31, 2015
|
|
June 30, 2015
|
|
September 30, 2015
|
|
December 31, 2015
|
||||||||
Total revenues
|
|
$
|
42,866
|
|
|
$
|
43,269
|
|
|
$
|
44,051
|
|
|
$
|
44,312
|
|
Basic net income (loss)
|
|
$
|
4,901
|
|
|
$
|
(1,624
|
)
|
|
$
|
(11,428
|
)
|
|
$
|
(12,966
|
)
|
Adjustments to net income (loss) for common share equivalents
|
|
(116
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted net income (loss)
|
|
$
|
4,785
|
|
|
$
|
(1,624
|
)
|
|
$
|
(11,428
|
)
|
|
$
|
(12,966
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average shares outstanding
|
|
65,672,016
|
|
|
66,045,785
|
|
|
66,450,057
|
|
|
65,937,566
|
|
||||
Basic net income (loss) per share
|
|
$
|
0.07
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.20
|
)
|
Diluted weighted-average shares outstanding
|
|
65,677,204
|
|
|
66,045,785
|
|
|
66,450,057
|
|
|
65,937,566
|
|
||||
Diluted net income (loss) per share
|
|
$
|
0.07
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.20
|
)
|
|
|
Quarters Ended
(1)
|
||||||||||||||
(In thousands, except share and per share amounts)
|
|
March 31, 2014
|
|
June 30, 2014
|
|
September 30, 2014
|
|
December 31, 2014
|
||||||||
Total revenues
|
|
$
|
30,124
|
|
|
$
|
42,076
|
|
|
$
|
43,222
|
|
|
$
|
42,958
|
|
Basic net (loss) income
|
|
$
|
(9,569
|
)
|
|
$
|
1,127
|
|
|
$
|
1,610
|
|
|
$
|
4,835
|
|
Adjustments to net (loss) income for common share equivalents
|
|
—
|
|
|
(156
|
)
|
|
(98
|
)
|
|
(92
|
)
|
||||
Diluted net income (loss)
|
|
$
|
(9,569
|
)
|
|
$
|
971
|
|
|
$
|
1,512
|
|
|
$
|
4,743
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average shares outstanding
|
|
62,693,554
|
|
|
64,018,318
|
|
|
64,654,279
|
|
|
65,243,247
|
|
||||
Basic net (loss) income per share
|
|
$
|
(0.15
|
)
|
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.07
|
|
Diluted weighted-average shares outstanding
|
|
62,693,554
|
|
|
64,023,762
|
|
|
64,661,074
|
|
|
65,248,137
|
|
||||
Diluted net (loss) income per share
|
|
$
|
(0.15
|
)
|
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.07
|
|
(1)
|
The aforementioned unaudited quarterly financial information has been revised to reflect certain adjustments and final purchase price allocations to previously reported quarterly information associated with acquisitions completed during 2014. As a result, amortization and accretion of above-market lease assets and below-market lease liabilities decreased total revenue by
$0.1 million
,
$0.4 million
and
$0.4 million
for the three months ended March 31, June 30 and September 30, 2014, respectively. Additionally, the Company decreased depreciation and amortization expense by
$1.2 million
,
$3.4 million
and
$3.7 million
, for the three months ended March 31, June 30 and September 30, 2014, respectively.
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Dollar General I
|
|
Mission
|
|
TX
|
|
4/29/2013
|
|
$
|
—
|
|
(1)
|
$
|
142
|
|
|
$
|
807
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
949
|
|
|
$
|
166
|
|
Dollar General I
|
|
Sullivan
|
|
MO
|
|
5/3/2013
|
|
—
|
|
(1)
|
146
|
|
|
825
|
|
|
—
|
|
|
—
|
|
|
971
|
|
|
170
|
|
|||||||
Walgreens I
|
|
Pine Bluff
|
|
AR
|
|
7/8/2013
|
|
—
|
|
(1)
|
159
|
|
|
3,016
|
|
|
—
|
|
|
—
|
|
|
3,175
|
|
|
633
|
|
|||||||
Dollar General II
|
|
Bogalusa
|
|
LA
|
|
7/12/2013
|
|
—
|
|
(1)
|
107
|
|
|
965
|
|
|
—
|
|
|
—
|
|
|
1,072
|
|
|
190
|
|
|||||||
Dollar General II
|
|
Donaldsonville
|
|
LA
|
|
7/12/2013
|
|
—
|
|
(1)
|
97
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
968
|
|
|
171
|
|
|||||||
AutoZone I
|
|
Cut Off
|
|
LA
|
|
7/16/2013
|
|
—
|
|
(1)
|
67
|
|
|
1,282
|
|
|
—
|
|
|
—
|
|
|
1,349
|
|
|
246
|
|
|||||||
Dollar General III
|
|
Athens
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
48
|
|
|
907
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
174
|
|
|||||||
Dollar General III
|
|
Fowler
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
49
|
|
|
940
|
|
|
—
|
|
|
—
|
|
|
989
|
|
|
181
|
|
|||||||
Dollar General III
|
|
Hudson
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
102
|
|
|
922
|
|
|
—
|
|
|
—
|
|
|
1,024
|
|
|
177
|
|
|||||||
Dollar General III
|
|
Muskegon
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
49
|
|
|
939
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|
180
|
|
|||||||
Dollar General III
|
|
Reese
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
150
|
|
|
848
|
|
|
—
|
|
|
—
|
|
|
998
|
|
|
163
|
|
|||||||
BSFS I
|
|
Fort Myers
|
|
FL
|
|
7/18/2013
|
|
—
|
|
(1)
|
1,215
|
|
|
1,822
|
|
|
—
|
|
|
—
|
|
|
3,037
|
|
|
361
|
|
|||||||
Dollar General IV
|
|
Bainbridge
|
|
GA
|
|
7/29/2013
|
|
—
|
|
(1)
|
233
|
|
|
700
|
|
|
—
|
|
|
—
|
|
|
933
|
|
|
134
|
|
|||||||
Dollar General IV
|
|
Vanleer
|
|
TN
|
|
7/29/2013
|
|
—
|
|
(1)
|
78
|
|
|
705
|
|
|
—
|
|
|
—
|
|
|
783
|
|
|
135
|
|
|||||||
Tractor Supply I
|
|
Vernon
|
|
CT
|
|
8/1/2013
|
|
—
|
|
(1)
|
358
|
|
|
3,220
|
|
|
—
|
|
|
—
|
|
|
3,578
|
|
|
525
|
|
|||||||
Dollar General V
|
|
Meraux
|
|
LA
|
|
8/2/2013
|
|
—
|
|
(1)
|
708
|
|
|
1,315
|
|
|
—
|
|
|
—
|
|
|
2,023
|
|
|
253
|
|
|||||||
Mattress Firm I
|
|
Tallahassee
|
|
FL
|
|
8/7/2013
|
|
—
|
|
(1)
|
1,015
|
|
|
1,241
|
|
|
—
|
|
|
—
|
|
|
2,256
|
|
|
238
|
|
|||||||
Family Dollar I
|
|
Butler
|
|
KY
|
|
8/12/2013
|
|
—
|
|
(1)
|
126
|
|
|
711
|
|
|
—
|
|
|
—
|
|
|
837
|
|
|
137
|
|
|||||||
Food Lion I
|
|
Charlotte
|
|
NC
|
|
8/19/2013
|
|
—
|
|
(1)
|
3,132
|
|
|
4,697
|
|
|
—
|
|
|
—
|
|
|
7,829
|
|
|
771
|
|
|||||||
Lowe's I
|
|
Macon
|
|
GA
|
|
8/19/2013
|
|
—
|
|
(1)
|
—
|
|
|
8,420
|
|
|
—
|
|
|
—
|
|
|
8,420
|
|
|
1,323
|
|
|||||||
Lowe's I
|
|
Fayetteville
|
|
NC
|
|
8/19/2013
|
|
—
|
|
|
—
|
|
|
6,422
|
|
|
—
|
|
|
—
|
|
|
6,422
|
|
|
1,009
|
|
|||||||
Lowe's I
|
|
New Bern
|
|
NC
|
|
8/19/2013
|
|
—
|
|
(1)
|
1,812
|
|
|
10,269
|
|
|
—
|
|
|
—
|
|
|
12,081
|
|
|
1,614
|
|
|||||||
Lowe's I
|
|
Rocky Mount
|
|
NC
|
|
8/19/2013
|
|
—
|
|
(1)
|
1,931
|
|
|
10,940
|
|
|
—
|
|
|
—
|
|
|
12,871
|
|
|
1,719
|
|
|||||||
O'Reilly Auto Parts I
|
|
Manitowoc
|
|
WI
|
|
8/19/2013
|
|
—
|
|
(1)
|
85
|
|
|
761
|
|
|
—
|
|
|
—
|
|
|
846
|
|
|
143
|
|
|||||||
Lowe's I
|
|
Aiken
|
|
SC
|
|
8/21/2013
|
|
—
|
|
(1)
|
1,764
|
|
|
7,056
|
|
|
—
|
|
|
—
|
|
|
8,820
|
|
|
1,107
|
|
|||||||
Family Dollar II
|
|
Danville
|
|
AR
|
|
8/22/2013
|
|
—
|
|
(1)
|
170
|
|
|
679
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
127
|
|
|||||||
Dollar General VI
|
|
Natalbany
|
|
LA
|
|
8/23/2013
|
|
—
|
|
(1)
|
379
|
|
|
883
|
|
|
—
|
|
|
—
|
|
|
1,262
|
|
|
165
|
|
|||||||
Dollar General VII
|
|
Gasburg
|
|
VA
|
|
8/23/2013
|
|
—
|
|
(1)
|
52
|
|
|
993
|
|
|
—
|
|
|
—
|
|
|
1,045
|
|
|
186
|
|
|||||||
Walgreens II
|
|
Tucker
|
|
GA
|
|
8/23/2013
|
|
—
|
|
(1)
|
—
|
|
|
2,524
|
|
|
—
|
|
|
—
|
|
|
2,524
|
|
|
505
|
|
|||||||
Family Dollar III
|
|
Challis
|
|
ID
|
|
8/27/2013
|
|
—
|
|
(1)
|
44
|
|
|
828
|
|
|
—
|
|
|
—
|
|
|
872
|
|
|
155
|
|
|||||||
Chili's I
|
|
Lake Jackson
|
|
TX
|
|
8/30/2013
|
|
—
|
|
(1)
|
746
|
|
|
1,741
|
|
|
—
|
|
|
—
|
|
|
2,487
|
|
|
409
|
|
|||||||
Chili's I
|
|
Victoria
|
|
TX
|
|
8/30/2013
|
|
—
|
|
(1)
|
813
|
|
|
1,897
|
|
|
—
|
|
|
—
|
|
|
2,710
|
|
|
445
|
|
|||||||
CVS I
|
|
Anniston
|
|
AL
|
|
8/30/2013
|
|
—
|
|
(1)
|
472
|
|
|
1,887
|
|
|
—
|
|
|
—
|
|
|
2,359
|
|
|
377
|
|
|||||||
Joe's Crab Shack I
|
|
Westminster
|
|
CO
|
|
8/30/2013
|
|
—
|
|
(1)
|
1,136
|
|
|
2,650
|
|
|
—
|
|
|
—
|
|
|
3,786
|
|
|
622
|
|
|||||||
Joe's Crab Shack I
|
|
Houston
|
|
TX
|
|
8/30/2013
|
|
—
|
|
(1)
|
1,169
|
|
|
2,171
|
|
|
—
|
|
|
—
|
|
|
3,340
|
|
|
510
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Tire Kingdom I
|
|
Lake Wales
|
|
FL
|
|
9/4/2013
|
|
—
|
|
(1)
|
556
|
|
|
1,296
|
|
|
—
|
|
|
—
|
|
|
1,852
|
|
|
251
|
|
|||||||
AutoZone II
|
|
Temple
|
|
GA
|
|
9/6/2013
|
|
—
|
|
(1)
|
569
|
|
|
854
|
|
|
—
|
|
|
—
|
|
|
1,423
|
|
|
160
|
|
|||||||
Dollar General VIII
|
|
Stanleytown
|
|
VA
|
|
9/6/2013
|
|
—
|
|
(1)
|
185
|
|
|
1,049
|
|
|
—
|
|
|
—
|
|
|
1,234
|
|
|
196
|
|
|||||||
Family Dollar IV
|
|
Oil City
|
|
LA
|
|
9/9/2013
|
|
—
|
|
(1)
|
76
|
|
|
685
|
|
|
—
|
|
|
—
|
|
|
761
|
|
|
128
|
|
|||||||
Fresenius I
|
|
Montevallo
|
|
AL
|
|
9/12/2013
|
|
—
|
|
(1)
|
300
|
|
|
1,699
|
|
|
—
|
|
|
—
|
|
|
1,999
|
|
|
266
|
|
|||||||
Dollar General IX
|
|
Mabelvale
|
|
AR
|
|
9/13/2013
|
|
—
|
|
(1)
|
38
|
|
|
723
|
|
|
—
|
|
|
—
|
|
|
761
|
|
|
135
|
|
|||||||
Advance Auto I
|
|
Angola
|
|
IN
|
|
9/19/2013
|
|
—
|
|
(1)
|
35
|
|
|
671
|
|
|
—
|
|
|
—
|
|
|
706
|
|
|
123
|
|
|||||||
Arby's I
|
|
Hernando
|
|
MS
|
|
9/19/2013
|
|
—
|
|
(1)
|
624
|
|
|
1,455
|
|
|
—
|
|
|
—
|
|
|
2,079
|
|
|
333
|
|
|||||||
CVS II
|
|
Holyoke
|
|
MA
|
|
9/19/2013
|
|
—
|
|
(1)
|
—
|
|
|
2,258
|
|
|
—
|
|
|
—
|
|
|
2,258
|
|
|
440
|
|
|||||||
Walgreens III
|
|
Lansing
|
|
MI
|
|
9/19/2013
|
|
—
|
|
(1)
|
216
|
|
|
4,099
|
|
|
—
|
|
|
—
|
|
|
4,315
|
|
|
799
|
|
|||||||
Walgreens IV
|
|
Beaumont
|
|
TX
|
|
9/20/2013
|
|
—
|
|
(1)
|
499
|
|
|
1,995
|
|
|
—
|
|
|
—
|
|
|
2,494
|
|
|
389
|
|
|||||||
American Express Travel Related Services I
|
|
Salt Lake City
|
|
UT
|
|
9/24/2013
|
|
—
|
|
(1)
|
4,150
|
|
|
32,789
|
|
|
—
|
|
|
—
|
|
|
36,939
|
|
|
8,352
|
|
|||||||
American Express Travel Related Services I
|
|
Greensboro
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,620
|
|
|
41,401
|
|
|
—
|
|
|
—
|
|
|
43,021
|
|
|
9,770
|
|
|||||||
AmeriCold I
|
|
Piedmont
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
3,030
|
|
|
24,067
|
|
|
—
|
|
|
—
|
|
|
27,097
|
|
|
4,771
|
|
|||||||
AmeriCold I
|
|
Gaffney
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,360
|
|
|
5,666
|
|
|
—
|
|
|
—
|
|
|
7,026
|
|
|
1,123
|
|
|||||||
AmeriCold I
|
|
Pendergrass
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,810
|
|
|
26,572
|
|
|
—
|
|
|
—
|
|
|
29,382
|
|
|
5,268
|
|
|||||||
AmeriCold I
|
|
Gainesville
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,580
|
|
|
13,838
|
|
|
—
|
|
|
—
|
|
|
15,418
|
|
|
2,743
|
|
|||||||
AmeriCold I
|
|
Cartersville
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,640
|
|
|
14,533
|
|
|
—
|
|
|
—
|
|
|
16,173
|
|
|
2,881
|
|
|||||||
AmeriCold I
|
|
Douglas
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
750
|
|
|
7,076
|
|
|
—
|
|
|
—
|
|
|
7,826
|
|
|
1,403
|
|
|||||||
AmeriCold I
|
|
Belvidere
|
|
IL
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,170
|
|
|
17,843
|
|
|
—
|
|
|
—
|
|
|
20,013
|
|
|
3,537
|
|
|||||||
AmeriCold I
|
|
Brooklyn Park
|
|
MN
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,590
|
|
|
11,940
|
|
|
—
|
|
|
—
|
|
|
13,530
|
|
|
2,367
|
|
|||||||
AmeriCold I
|
|
Zumbrota
|
|
MN
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,440
|
|
|
18,152
|
|
|
—
|
|
|
—
|
|
|
20,592
|
|
|
3,599
|
|
|||||||
Dollar General X
|
|
Greenwell Springs
|
|
LA
|
|
9/24/2013
|
|
—
|
|
(1)
|
114
|
|
|
1,029
|
|
|
—
|
|
|
—
|
|
|
1,143
|
|
|
188
|
|
|||||||
Home Depot I
|
|
Valdosta
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,930
|
|
|
30,538
|
|
|
—
|
|
|
—
|
|
|
33,468
|
|
|
4,673
|
|
|||||||
Home Depot I
|
|
Birmingham
|
|
AL
|
|
9/24/2013
|
|
—
|
|
(1)
|
3,660
|
|
|
33,667
|
|
|
—
|
|
|
—
|
|
|
37,327
|
|
|
5,152
|
|
|||||||
L.A. Fitness I
|
|
Houston
|
|
TX
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,540
|
|
|
8,379
|
|
|
—
|
|
|
—
|
|
|
10,919
|
|
|
1,359
|
|
|||||||
National Tire & Battery I
|
|
San Antonio
|
|
TX
|
|
9/24/2013
|
|
—
|
|
(1)
|
577
|
|
|
577
|
|
|
—
|
|
|
—
|
|
|
1,154
|
|
|
109
|
|
|||||||
New Breed Logistics I
|
|
Hanahan
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,940
|
|
|
19,171
|
|
|
—
|
|
|
—
|
|
|
22,111
|
|
|
3,801
|
|
|||||||
SunTrust Bank I
|
|
Atlanta
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,190
|
|
|
5,666
|
|
|
(291
|
)
|
|
(641
|
)
|
|
6,924
|
|
|
843
|
|
|||||||
SunTrust Bank I
|
|
Washington
|
|
DC
|
|
9/24/2013
|
|
—
|
|
(1)
|
590
|
|
|
2,366
|
|
|
—
|
|
|
—
|
|
|
2,956
|
|
|
412
|
|
|||||||
SunTrust Bank I
|
|
New Smyrna Beach
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
740
|
|
|
2,859
|
|
|
—
|
|
|
—
|
|
|
3,599
|
|
|
498
|
|
|||||||
SunTrust Bank I
|
|
Brooksville
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
360
|
|
|
127
|
|
|
(137
|
)
|
|
(40
|
)
|
|
310
|
|
|
22
|
|
|||||||
SunTrust Bank I
|
|
West Palm Beach
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
520
|
|
|
2,264
|
|
|
(177
|
)
|
|
(636
|
)
|
|
1,971
|
|
|
394
|
|
|||||||
SunTrust Bank I
|
|
Orlando
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
540
|
|
|
3,069
|
|
|
—
|
|
|
—
|
|
|
3,609
|
|
|
534
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
SunTrust Bank I
|
|
Orlando
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
410
|
|
|
2,078
|
|
|
—
|
|
|
—
|
|
|
2,488
|
|
|
362
|
|
|||||||
SunTrust Bank I
|
|
Fort Pierce
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
720
|
|
|
1,434
|
|
|
—
|
|
|
—
|
|
|
2,154
|
|
|
250
|
|
|||||||
SunTrust Bank I
|
|
Atlanta
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
570
|
|
|
1,152
|
|
|
—
|
|
|
—
|
|
|
1,722
|
|
|
201
|
|
|||||||
SunTrust Bank I
|
|
Thomson
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
480
|
|
|
1,015
|
|
|
—
|
|
|
—
|
|
|
1,495
|
|
|
177
|
|
|||||||
SunTrust Bank I
|
|
Waycross
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
300
|
|
|
1,425
|
|
|
—
|
|
|
—
|
|
|
1,725
|
|
|
248
|
|
|||||||
SunTrust Bank I
|
|
Cary
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
370
|
|
|
841
|
|
|
—
|
|
|
—
|
|
|
1,211
|
|
|
147
|
|
|||||||
SunTrust Bank I
|
|
Stokesdale
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
230
|
|
|
581
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|
101
|
|
|||||||
SunTrust Bank I
|
|
Summerfield
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
210
|
|
|
605
|
|
|
—
|
|
|
—
|
|
|
815
|
|
|
105
|
|
|||||||
SunTrust Bank I
|
|
Waynesville
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
200
|
|
|
874
|
|
|
—
|
|
|
—
|
|
|
1,074
|
|
|
152
|
|
|||||||
SunTrust Bank I
|
|
Fountain Inn
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
290
|
|
|
1,086
|
|
|
(155
|
)
|
|
(479
|
)
|
|
742
|
|
|
189
|
|
|||||||
SunTrust Bank I
|
|
Nashville
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
190
|
|
|
666
|
|
|
—
|
|
|
—
|
|
|
856
|
|
|
116
|
|
|||||||
SunTrust Bank I
|
|
Savannah
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
390
|
|
|
1,179
|
|
|
—
|
|
|
—
|
|
|
1,569
|
|
|
205
|
|
|||||||
SunTrust Bank I
|
|
Chattanooga
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
220
|
|
|
781
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
|
136
|
|
|||||||
SunTrust Bank I
|
|
Oak Ridge
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
500
|
|
|
1,277
|
|
|
—
|
|
|
—
|
|
|
1,777
|
|
|
222
|
|
|||||||
SunTrust Bank I
|
|
Doswell
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
190
|
|
|
510
|
|
|
—
|
|
|
—
|
|
|
700
|
|
|
89
|
|
|||||||
SunTrust Bank I
|
|
Vinton
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
120
|
|
|
366
|
|
|
—
|
|
|
—
|
|
|
486
|
|
|
64
|
|
|||||||
SunTrust Bank I
|
|
New Market
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
330
|
|
|
948
|
|
|
—
|
|
|
—
|
|
|
1,278
|
|
|
165
|
|
|||||||
SunTrust Bank I
|
|
Brunswick
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
80
|
|
|
249
|
|
|
—
|
|
|
—
|
|
|
329
|
|
|
43
|
|
|||||||
SunTrust Bank I
|
|
Burlington
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
200
|
|
|
497
|
|
|
(21
|
)
|
|
(43
|
)
|
|
633
|
|
|
87
|
|
|||||||
SunTrust Bank I
|
|
Pittsboro
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
100
|
|
|
304
|
|
|
(20
|
)
|
|
(50
|
)
|
|
334
|
|
|
53
|
|
|||||||
SunTrust Bank I
|
|
Dunwoody
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
460
|
|
|
2,714
|
|
|
(85
|
)
|
|
(412
|
)
|
|
2,677
|
|
|
473
|
|
|||||||
SunTrust Bank I
|
|
Athens
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
610
|
|
|
1,662
|
|
|
(97
|
)
|
|
(218
|
)
|
|
1,957
|
|
|
289
|
|
|||||||
SunTrust Bank I
|
|
Spencer
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
280
|
|
|
717
|
|
|
(67
|
)
|
|
(141
|
)
|
|
789
|
|
|
125
|
|
|||||||
SunTrust Bank I
|
|
Cleveland
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
170
|
|
|
461
|
|
|
(21
|
)
|
|
(47
|
)
|
|
563
|
|
|
80
|
|
|||||||
SunTrust Bank I
|
|
Nassawadox
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
70
|
|
|
484
|
|
|
(8
|
)
|
|
(47
|
)
|
|
499
|
|
|
84
|
|
|||||||
Circle K I
|
|
Burlington
|
|
IA
|
|
9/25/2013
|
|
—
|
|
(1)
|
224
|
|
|
523
|
|
|
—
|
|
|
—
|
|
|
747
|
|
|
96
|
|
|||||||
Circle K I
|
|
Clinton
|
|
IA
|
|
9/25/2013
|
|
—
|
|
(1)
|
334
|
|
|
779
|
|
|
—
|
|
|
—
|
|
|
1,113
|
|
|
142
|
|
|||||||
Circle K I
|
|
Muscatine
|
|
IA
|
|
9/25/2013
|
|
—
|
|
(1)
|
274
|
|
|
821
|
|
|
—
|
|
|
—
|
|
|
1,095
|
|
|
150
|
|
|||||||
Circle K I
|
|
Aledo
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
427
|
|
|
1,709
|
|
|
—
|
|
|
—
|
|
|
2,136
|
|
|
312
|
|
|||||||
Circle K I
|
|
Bloomington
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
316
|
|
|
586
|
|
|
—
|
|
|
—
|
|
|
902
|
|
|
107
|
|
|||||||
Circle K I
|
|
Bloomington
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
395
|
|
|
592
|
|
|
—
|
|
|
—
|
|
|
987
|
|
|
108
|
|
|||||||
Circle K I
|
|
Champaign
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
412
|
|
|
504
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
92
|
|
|||||||
Circle K I
|
|
Galesburg
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
355
|
|
|
829
|
|
|
—
|
|
|
—
|
|
|
1,184
|
|
|
151
|
|
|||||||
Circle K I
|
|
Jacksonville
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
351
|
|
|
818
|
|
|
—
|
|
|
—
|
|
|
1,169
|
|
|
149
|
|
|||||||
Circle K I
|
|
Jacksonville
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
316
|
|
|
474
|
|
|
—
|
|
|
—
|
|
|
790
|
|
|
87
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Circle K I
|
|
Mattoon
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
608
|
|
|
1,129
|
|
|
—
|
|
|
—
|
|
|
1,737
|
|
|
206
|
|
|||||||
Circle K I
|
|
Morton
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
350
|
|
|
525
|
|
|
—
|
|
|
—
|
|
|
875
|
|
|
96
|
|
|||||||
Circle K I
|
|
Paris
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
429
|
|
|
797
|
|
|
—
|
|
|
—
|
|
|
1,226
|
|
|
146
|
|
|||||||
Circle K I
|
|
Staunton
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
467
|
|
|
1,867
|
|
|
—
|
|
|
—
|
|
|
2,334
|
|
|
341
|
|
|||||||
Circle K I
|
|
Vandalia
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
529
|
|
|
983
|
|
|
—
|
|
|
—
|
|
|
1,512
|
|
|
179
|
|
|||||||
Circle K I
|
|
Virden
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
302
|
|
|
1,208
|
|
|
—
|
|
|
—
|
|
|
1,510
|
|
|
220
|
|
|||||||
Circle K I
|
|
Lafayette
|
|
IN
|
|
9/25/2013
|
|
—
|
|
(1)
|
401
|
|
|
746
|
|
|
—
|
|
|
—
|
|
|
1,147
|
|
|
136
|
|
|||||||
Circle K I
|
|
Bedford
|
|
OH
|
|
9/25/2013
|
|
—
|
|
(1)
|
702
|
|
|
702
|
|
|
—
|
|
|
—
|
|
|
1,404
|
|
|
128
|
|
|||||||
Circle K I
|
|
Streetsboro
|
|
OH
|
|
9/25/2013
|
|
—
|
|
(1)
|
540
|
|
|
540
|
|
|
—
|
|
|
—
|
|
|
1,080
|
|
|
99
|
|
|||||||
Walgreens V
|
|
Oklahoma City
|
|
OK
|
|
9/27/2013
|
|
—
|
|
(1)
|
1,295
|
|
|
3,884
|
|
|
—
|
|
|
—
|
|
|
5,179
|
|
|
757
|
|
|||||||
Walgreens VI
|
|
Gillette
|
|
WY
|
|
9/27/2013
|
|
—
|
|
(1)
|
1,198
|
|
|
2,796
|
|
|
—
|
|
|
—
|
|
|
3,994
|
|
|
545
|
|
|||||||
1st Constitution Bancorp I
|
|
Hightstown
|
|
NJ
|
|
9/30/2013
|
|
—
|
|
(1)
|
260
|
|
|
1,471
|
|
|
—
|
|
|
—
|
|
|
1,731
|
|
|
256
|
|
|||||||
American Tire Distributors I
|
|
Chattanooga
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
401
|
|
|
7,626
|
|
|
—
|
|
|
—
|
|
|
8,027
|
|
|
1,512
|
|
|||||||
FedEx Ground I
|
|
Watertown
|
|
SD
|
|
9/30/2013
|
|
—
|
|
(1)
|
136
|
|
|
2,581
|
|
|
—
|
|
|
—
|
|
|
2,717
|
|
|
512
|
|
|||||||
Krystal I
|
|
Jacksonville
|
|
FL
|
|
9/30/2013
|
|
—
|
|
(1)
|
533
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
1,332
|
|
|
183
|
|
|||||||
Krystal I
|
|
Columbus
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
143
|
|
|
1,288
|
|
|
—
|
|
|
—
|
|
|
1,431
|
|
|
295
|
|
|||||||
Krystal I
|
|
Ft. Oglethorpe
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
181
|
|
|
1,024
|
|
|
—
|
|
|
—
|
|
|
1,205
|
|
|
234
|
|
|||||||
Krystal I
|
|
Chattanooga
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
285
|
|
|
855
|
|
|
—
|
|
|
—
|
|
|
1,140
|
|
|
196
|
|
|||||||
Krystal I
|
|
Cleveland
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
207
|
|
|
1,172
|
|
|
—
|
|
|
—
|
|
|
1,379
|
|
|
268
|
|
|||||||
Krystal I
|
|
Madison
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
416
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
1,040
|
|
|
143
|
|
|||||||
O'Charley's I
|
|
Lexington
|
|
KY
|
|
9/30/2013
|
|
—
|
|
(1)
|
409
|
|
|
955
|
|
|
—
|
|
|
—
|
|
|
1,364
|
|
|
219
|
|
|||||||
O'Charley's I
|
|
Conyers
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
373
|
|
|
2,113
|
|
|
—
|
|
|
—
|
|
|
2,486
|
|
|
484
|
|
|||||||
O'Charley's I
|
|
Southaven
|
|
MS
|
|
9/30/2013
|
|
—
|
|
(1)
|
836
|
|
|
1,553
|
|
|
—
|
|
|
—
|
|
|
2,389
|
|
|
355
|
|
|||||||
O'Charley's I
|
|
Daphne
|
|
AL
|
|
9/30/2013
|
|
—
|
|
(1)
|
142
|
|
|
1,275
|
|
|
—
|
|
|
—
|
|
|
1,417
|
|
|
292
|
|
|||||||
O'Charley's I
|
|
Kennesaw
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
142
|
|
|
1,280
|
|
|
—
|
|
|
—
|
|
|
1,422
|
|
|
293
|
|
|||||||
O'Charley's I
|
|
Springfield
|
|
OH
|
|
9/30/2013
|
|
—
|
|
(1)
|
262
|
|
|
1,484
|
|
|
—
|
|
|
—
|
|
|
1,746
|
|
|
340
|
|
|||||||
O'Charley's I
|
|
Murfreesboro
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
597
|
|
|
1,109
|
|
|
—
|
|
|
—
|
|
|
1,706
|
|
|
254
|
|
|||||||
O'Charley's I
|
|
Mcdonough
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
335
|
|
|
1,899
|
|
|
—
|
|
|
—
|
|
|
2,234
|
|
|
434
|
|
|||||||
O'Charley's I
|
|
Simpsonville
|
|
SC
|
|
9/30/2013
|
|
—
|
|
(1)
|
349
|
|
|
1,395
|
|
|
—
|
|
|
—
|
|
|
1,744
|
|
|
319
|
|
|||||||
O'Charley's I
|
|
Grove City
|
|
OH
|
|
9/30/2013
|
|
—
|
|
(1)
|
387
|
|
|
1,546
|
|
|
—
|
|
|
—
|
|
|
1,933
|
|
|
354
|
|
|||||||
O'Charley's I
|
|
Clarksville
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
917
|
|
|
1,376
|
|
|
—
|
|
|
—
|
|
|
2,293
|
|
|
315
|
|
|||||||
O'Charley's I
|
|
Champaign
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
256
|
|
|
1,449
|
|
|
—
|
|
|
—
|
|
|
1,705
|
|
|
332
|
|
|||||||
O'Charley's I
|
|
Columbus
|
|
OH
|
|
9/30/2013
|
|
—
|
|
(1)
|
271
|
|
|
1,533
|
|
|
—
|
|
|
—
|
|
|
1,804
|
|
|
351
|
|
|||||||
O'Charley's I
|
|
Foley
|
|
AL
|
|
9/30/2013
|
|
—
|
|
(1)
|
264
|
|
|
1,495
|
|
|
—
|
|
|
—
|
|
|
1,759
|
|
|
342
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
O'Charley's I
|
|
Corydon
|
|
IN
|
|
9/30/2013
|
|
—
|
|
(1)
|
260
|
|
|
1,473
|
|
|
—
|
|
|
—
|
|
|
1,733
|
|
|
337
|
|
|||||||
O'Charley's I
|
|
Salisbury
|
|
NC
|
|
9/30/2013
|
|
—
|
|
(1)
|
439
|
|
|
1,024
|
|
|
—
|
|
|
—
|
|
|
1,463
|
|
|
234
|
|
|||||||
O'Charley's I
|
|
Carrollton
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
457
|
|
|
1,067
|
|
|
—
|
|
|
—
|
|
|
1,524
|
|
|
244
|
|
|||||||
O'Charley's I
|
|
Lake Charles
|
|
LA
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,118
|
|
|
1,367
|
|
|
—
|
|
|
—
|
|
|
2,485
|
|
|
313
|
|
|||||||
O'Charley's I
|
|
Hattiesburg
|
|
MS
|
|
9/30/2013
|
|
—
|
|
(1)
|
413
|
|
|
1,651
|
|
|
—
|
|
|
—
|
|
|
2,064
|
|
|
378
|
|
|||||||
O'Charley's I
|
|
Greenfield
|
|
IN
|
|
9/30/2013
|
|
—
|
|
(1)
|
507
|
|
|
1,184
|
|
|
—
|
|
|
—
|
|
|
1,691
|
|
|
271
|
|
|||||||
Walgreens VII
|
|
Monroe
|
|
MI
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,149
|
|
|
2,680
|
|
|
—
|
|
|
—
|
|
|
3,829
|
|
|
523
|
|
|||||||
Walgreens VII
|
|
St Louis
|
|
MO
|
|
9/30/2013
|
|
—
|
|
(1)
|
903
|
|
|
2,107
|
|
|
—
|
|
|
—
|
|
|
3,010
|
|
|
411
|
|
|||||||
Walgreens VII
|
|
Rockledge
|
|
FL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,040
|
|
|
1,931
|
|
|
—
|
|
|
—
|
|
|
2,971
|
|
|
377
|
|
|||||||
Walgreens VII
|
|
Florissant
|
|
MO
|
|
9/30/2013
|
|
—
|
|
(1)
|
474
|
|
|
1,422
|
|
|
—
|
|
|
—
|
|
|
1,896
|
|
|
277
|
|
|||||||
Walgreens VII
|
|
Florissant
|
|
MO
|
|
9/30/2013
|
|
—
|
|
(1)
|
561
|
|
|
1,309
|
|
|
—
|
|
|
—
|
|
|
1,870
|
|
|
255
|
|
|||||||
Walgreens VII
|
|
Alton
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,158
|
|
|
3,474
|
|
|
—
|
|
|
—
|
|
|
4,632
|
|
|
677
|
|
|||||||
Walgreens VII
|
|
Springfield
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,319
|
|
|
3,078
|
|
|
—
|
|
|
—
|
|
|
4,397
|
|
|
600
|
|
|||||||
Walgreens VII
|
|
Washington
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
964
|
|
|
2,893
|
|
|
—
|
|
|
—
|
|
|
3,857
|
|
|
564
|
|
|||||||
Walgreens VII
|
|
Bloomington
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,568
|
|
|
3,659
|
|
|
—
|
|
|
—
|
|
|
5,227
|
|
|
713
|
|
|||||||
Walgreens VII
|
|
Mahomet
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,432
|
|
|
2,659
|
|
|
—
|
|
|
—
|
|
|
4,091
|
|
|
519
|
|
|||||||
Tractor Supply II
|
|
Houghton
|
|
MI
|
|
10/3/2013
|
|
—
|
|
(1)
|
204
|
|
|
1,158
|
|
|
—
|
|
|
—
|
|
|
1,362
|
|
|
179
|
|
|||||||
National Tire & Battery II
|
|
Mundelein
|
|
IL
|
|
10/4/2013
|
|
—
|
|
(1)
|
—
|
|
|
1,742
|
|
|
—
|
|
|
—
|
|
|
1,742
|
|
|
328
|
|
|||||||
United Healthcare I
|
|
Howard (Green Bay)
|
|
WI
|
|
10/7/2013
|
|
—
|
|
(1)
|
3,805
|
|
|
47,565
|
|
|
—
|
|
|
—
|
|
|
51,370
|
|
|
4,118
|
|
|||||||
Tractor Supply III
|
|
Harlan
|
|
KY
|
|
10/16/2013
|
|
—
|
|
(1)
|
248
|
|
|
2,232
|
|
|
—
|
|
|
—
|
|
|
2,480
|
|
|
337
|
|
|||||||
Mattress Firm II
|
|
Knoxville
|
|
TN
|
|
10/18/2013
|
|
—
|
|
(1)
|
189
|
|
|
754
|
|
|
—
|
|
|
—
|
|
|
943
|
|
|
134
|
|
|||||||
Dollar General XI
|
|
Greenville
|
|
MS
|
|
10/23/2013
|
|
—
|
|
(1)
|
192
|
|
|
769
|
|
|
—
|
|
|
—
|
|
|
961
|
|
|
137
|
|
|||||||
Academy Sports I
|
|
Cape Girardeau
|
|
MO
|
|
10/29/2013
|
|
—
|
|
(1)
|
384
|
|
|
7,292
|
|
|
—
|
|
|
—
|
|
|
7,676
|
|
|
1,110
|
|
|||||||
Talecris Plasma Resources I
|
|
Eagle Pass
|
|
TX
|
|
10/29/2013
|
|
—
|
|
(1)
|
286
|
|
|
2,577
|
|
|
—
|
|
|
—
|
|
|
2,863
|
|
|
384
|
|
|||||||
Amazon I
|
|
Winchester
|
|
KY
|
|
10/30/2013
|
|
—
|
|
(1)
|
362
|
|
|
8,070
|
|
|
—
|
|
|
—
|
|
|
8,432
|
|
|
1,306
|
|
|||||||
Fresenius II
|
|
Montclair
|
|
NJ
|
|
10/31/2013
|
|
—
|
|
(1)
|
1,214
|
|
|
2,255
|
|
|
—
|
|
|
—
|
|
|
3,469
|
|
|
336
|
|
|||||||
Fresenius II
|
|
Sharon Hill
|
|
PA
|
|
10/31/2013
|
|
—
|
|
(1)
|
345
|
|
|
1,956
|
|
|
—
|
|
|
—
|
|
|
2,301
|
|
|
291
|
|
|||||||
Dollar General XII
|
|
Le Center
|
|
MN
|
|
11/1/2013
|
|
—
|
|
(1)
|
47
|
|
|
886
|
|
|
—
|
|
|
—
|
|
|
933
|
|
|
158
|
|
|||||||
Advance Auto II
|
|
Bunnell
|
|
FL
|
|
11/7/2013
|
|
—
|
|
(1)
|
92
|
|
|
1,741
|
|
|
—
|
|
|
—
|
|
|
1,833
|
|
|
310
|
|
|||||||
Advance Auto II
|
|
Washington
|
|
GA
|
|
11/7/2013
|
|
—
|
|
(1)
|
55
|
|
|
1,042
|
|
|
—
|
|
|
—
|
|
|
1,097
|
|
|
185
|
|
|||||||
Dollar General XIII
|
|
Vidor
|
|
TX
|
|
11/7/2013
|
|
—
|
|
(1)
|
46
|
|
|
875
|
|
|
—
|
|
|
—
|
|
|
921
|
|
|
156
|
|
|||||||
FedEx Ground II
|
|
Leland
|
|
MS
|
|
11/12/2013
|
|
—
|
|
(1)
|
220
|
|
|
4,186
|
|
|
—
|
|
|
—
|
|
|
4,406
|
|
|
809
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Burger King I
|
|
Algonquin
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
798
|
|
|
798
|
|
|
—
|
|
|
—
|
|
|
1,596
|
|
|
140
|
|
|||||||
Burger King I
|
|
Antioch
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
706
|
|
|
471
|
|
|
—
|
|
|
—
|
|
|
1,177
|
|
|
83
|
|
|||||||
Burger King I
|
|
Crystal Lake
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
541
|
|
|
232
|
|
|
—
|
|
|
—
|
|
|
773
|
|
|
41
|
|
|||||||
Burger King I
|
|
Grayslake
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
582
|
|
|
476
|
|
|
—
|
|
|
—
|
|
|
1,058
|
|
|
84
|
|
|||||||
Burger King I
|
|
Gurnee
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
931
|
|
|
931
|
|
|
—
|
|
|
—
|
|
|
1,862
|
|
|
163
|
|
|||||||
Burger King I
|
|
McHenry
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
742
|
|
|
318
|
|
|
—
|
|
|
—
|
|
|
1,060
|
|
|
56
|
|
|||||||
Burger King I
|
|
Round Lake Beach
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
1,273
|
|
|
1,042
|
|
|
—
|
|
|
—
|
|
|
2,315
|
|
|
183
|
|
|||||||
Burger King I
|
|
Waukegan
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
611
|
|
|
611
|
|
|
—
|
|
|
—
|
|
|
1,222
|
|
|
107
|
|
|||||||
Burger King I
|
|
Woodstock
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
869
|
|
|
290
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
|
51
|
|
|||||||
Burger King I
|
|
Austintown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
221
|
|
|
1,251
|
|
|
—
|
|
|
—
|
|
|
1,472
|
|
|
219
|
|
|||||||
Burger King I
|
|
Beavercreek
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
410
|
|
|
761
|
|
|
—
|
|
|
—
|
|
|
1,171
|
|
|
134
|
|
|||||||
Burger King I
|
|
Celina
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
233
|
|
|
932
|
|
|
—
|
|
|
—
|
|
|
1,165
|
|
|
164
|
|
|||||||
Burger King I
|
|
Chardon
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
332
|
|
|
497
|
|
|
—
|
|
|
—
|
|
|
829
|
|
|
87
|
|
|||||||
Burger King I
|
|
Chesterland
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
320
|
|
|
747
|
|
|
—
|
|
|
—
|
|
|
1,067
|
|
|
131
|
|
|||||||
Burger King I
|
|
Cortland
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
118
|
|
|
1,063
|
|
|
—
|
|
|
—
|
|
|
1,181
|
|
|
187
|
|
|||||||
Burger King I
|
|
Dayton
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
464
|
|
|
862
|
|
|
—
|
|
|
—
|
|
|
1,326
|
|
|
151
|
|
|||||||
Burger King I
|
|
Fairborn
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
421
|
|
|
982
|
|
|
—
|
|
|
—
|
|
|
1,403
|
|
|
172
|
|
|||||||
Burger King I
|
|
Girard
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
421
|
|
|
1,264
|
|
|
—
|
|
|
—
|
|
|
1,685
|
|
|
222
|
|
|||||||
Burger King I
|
|
Greenville
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
248
|
|
|
993
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|
174
|
|
|||||||
Burger King I
|
|
Madison
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
282
|
|
|
845
|
|
|
—
|
|
|
—
|
|
|
1,127
|
|
|
148
|
|
|||||||
Burger King I
|
|
Mentor
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
196
|
|
|
786
|
|
|
—
|
|
|
—
|
|
|
982
|
|
|
138
|
|
|||||||
Burger King I
|
|
Niles
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
304
|
|
|
1,214
|
|
|
—
|
|
|
—
|
|
|
1,518
|
|
|
213
|
|
|||||||
Burger King I
|
|
North Royalton
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
156
|
|
|
886
|
|
|
—
|
|
|
—
|
|
|
1,042
|
|
|
156
|
|
|||||||
Burger King I
|
|
Painesville
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
170
|
|
|
965
|
|
|
—
|
|
|
—
|
|
|
1,135
|
|
|
169
|
|
|||||||
Burger King I
|
|
Poland
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
212
|
|
|
847
|
|
|
—
|
|
|
—
|
|
|
1,059
|
|
|
149
|
|
|||||||
Burger King I
|
|
Ravenna
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
391
|
|
|
1,172
|
|
|
—
|
|
|
—
|
|
|
1,563
|
|
|
206
|
|
|||||||
Burger King I
|
|
Salem
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
352
|
|
|
1,408
|
|
|
—
|
|
|
—
|
|
|
1,760
|
|
|
247
|
|
|||||||
Burger King I
|
|
Trotwood
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
266
|
|
|
798
|
|
|
—
|
|
|
—
|
|
|
1,064
|
|
|
140
|
|
|||||||
Burger King I
|
|
Twinsburg
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
458
|
|
|
850
|
|
|
—
|
|
|
—
|
|
|
1,308
|
|
|
149
|
|
|||||||
Burger King I
|
|
Vandalia
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
182
|
|
|
728
|
|
|
—
|
|
|
—
|
|
|
910
|
|
|
128
|
|
|||||||
Burger King I
|
|
Warren
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
176
|
|
|
997
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
|
175
|
|
|||||||
Burger King I
|
|
Warren
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
168
|
|
|
1,516
|
|
|
—
|
|
|
—
|
|
|
1,684
|
|
|
266
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Burger King I
|
|
Willoughby
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
394
|
|
|
920
|
|
|
—
|
|
|
—
|
|
|
1,314
|
|
|
161
|
|
|||||||
Burger King I
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
300
|
|
|
901
|
|
|
—
|
|
|
—
|
|
|
1,201
|
|
|
158
|
|
|||||||
Burger King I
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
186
|
|
|
1,675
|
|
|
—
|
|
|
—
|
|
|
1,861
|
|
|
294
|
|
|||||||
Burger King I
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
147
|
|
|
1,324
|
|
|
—
|
|
|
—
|
|
|
1,471
|
|
|
232
|
|
|||||||
Burger King I
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
370
|
|
|
1,481
|
|
|
—
|
|
|
—
|
|
|
1,851
|
|
|
260
|
|
|||||||
Burger King I
|
|
Bethel Park
|
|
PA
|
|
11/14/2013
|
|
—
|
|
(1)
|
342
|
|
|
634
|
|
|
—
|
|
|
—
|
|
|
976
|
|
|
111
|
|
|||||||
Burger King I
|
|
North Fayette
|
|
PA
|
|
11/14/2013
|
|
—
|
|
(1)
|
463
|
|
|
1,388
|
|
|
—
|
|
|
—
|
|
|
1,851
|
|
|
244
|
|
|||||||
Burger King I
|
|
North Versailles
|
|
PA
|
|
11/14/2013
|
|
—
|
|
(1)
|
553
|
|
|
1,659
|
|
|
—
|
|
|
—
|
|
|
2,212
|
|
|
291
|
|
|||||||
Burger King I
|
|
Columbiana
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
581
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
1,452
|
|
|
153
|
|
|||||||
Dollar General XIV
|
|
Fort Smith
|
|
AR
|
|
11/20/2013
|
|
—
|
|
(1)
|
184
|
|
|
1,042
|
|
|
—
|
|
|
—
|
|
|
1,226
|
|
|
180
|
|
|||||||
Dollar General XIV
|
|
Hot Springs
|
|
AR
|
|
11/20/2013
|
|
—
|
|
(1)
|
287
|
|
|
862
|
|
|
—
|
|
|
—
|
|
|
1,149
|
|
|
149
|
|
|||||||
Dollar General XIV
|
|
Royal
|
|
AR
|
|
11/20/2013
|
|
—
|
|
(1)
|
137
|
|
|
777
|
|
|
—
|
|
|
—
|
|
|
914
|
|
|
135
|
|
|||||||
Dollar General XV
|
|
Wilson
|
|
NY
|
|
11/20/2013
|
|
—
|
|
(1)
|
172
|
|
|
972
|
|
|
—
|
|
|
—
|
|
|
1,144
|
|
|
168
|
|
|||||||
Mattress Firm I
|
|
McDonough
|
|
GA
|
|
11/22/2013
|
|
—
|
|
(1)
|
185
|
|
|
1,663
|
|
|
—
|
|
|
—
|
|
|
1,848
|
|
|
288
|
|
|||||||
FedEx Ground III
|
|
Bismarck
|
|
ND
|
|
11/25/2013
|
|
—
|
|
(1)
|
554
|
|
|
3,139
|
|
|
—
|
|
|
—
|
|
|
3,693
|
|
|
590
|
|
|||||||
Dollar General XVI
|
|
LaFollette
|
|
TN
|
|
11/27/2013
|
|
—
|
|
(1)
|
43
|
|
|
824
|
|
|
—
|
|
|
—
|
|
|
867
|
|
|
143
|
|
|||||||
Family Dollar V
|
|
Carrollton
|
|
MO
|
|
11/27/2013
|
|
—
|
|
(1)
|
37
|
|
|
713
|
|
|
—
|
|
|
—
|
|
|
750
|
|
|
124
|
|
|||||||
Walgreens VIII
|
|
Bettendorf
|
|
IA
|
|
12/6/2013
|
|
—
|
|
(1)
|
1,398
|
|
|
3,261
|
|
|
—
|
|
|
—
|
|
|
4,659
|
|
|
603
|
|
|||||||
CVS III
|
|
Detroit
|
|
MI
|
|
12/10/2013
|
|
—
|
|
(1)
|
447
|
|
|
2,533
|
|
|
—
|
|
|
—
|
|
|
2,980
|
|
|
469
|
|
|||||||
Family Dollar VI
|
|
Walden
|
|
CO
|
|
12/10/2013
|
|
—
|
|
(1)
|
100
|
|
|
568
|
|
|
—
|
|
|
—
|
|
|
668
|
|
|
98
|
|
|||||||
Mattress Firm III
|
|
Valdosta
|
|
GA
|
|
12/17/2013
|
|
—
|
|
(1)
|
169
|
|
|
1,522
|
|
|
—
|
|
|
—
|
|
|
1,691
|
|
|
256
|
|
|||||||
Arby's II
|
|
Virginia
|
|
MN
|
|
12/23/2013
|
|
—
|
|
(1)
|
117
|
|
|
1,056
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
|
176
|
|
|||||||
Family Dollar VI
|
|
Kremmling
|
|
CO
|
|
12/23/2013
|
|
—
|
|
(1)
|
194
|
|
|
778
|
|
|
—
|
|
|
—
|
|
|
972
|
|
|
131
|
|
|||||||
SAAB Sensis I
|
|
Syracuse
|
|
NY
|
|
12/23/2013
|
|
7,841
|
|
|
2,516
|
|
|
12,570
|
|
|
—
|
|
|
—
|
|
|
15,086
|
|
|
1,071
|
|
|||||||
Citizens Bank I
|
|
Doylestown
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
588
|
|
|
1,373
|
|
|
—
|
|
|
—
|
|
|
1,961
|
|
|
221
|
|
|||||||
Citizens Bank I
|
|
Lansdale
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
531
|
|
|
1,238
|
|
|
—
|
|
|
—
|
|
|
1,769
|
|
|
199
|
|
|||||||
Citizens Bank I
|
|
Lima
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
1,376
|
|
|
1,682
|
|
|
—
|
|
|
—
|
|
|
3,058
|
|
|
270
|
|
|||||||
Citizens Bank I
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
473
|
|
|
2,680
|
|
|
—
|
|
|
—
|
|
|
3,153
|
|
|
431
|
|
|||||||
Citizens Bank I
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
412
|
|
|
2,337
|
|
|
—
|
|
|
—
|
|
|
2,749
|
|
|
376
|
|
|||||||
Citizens Bank I
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
321
|
|
|
2,889
|
|
|
—
|
|
|
—
|
|
|
3,210
|
|
|
464
|
|
|||||||
Citizens Bank I
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
388
|
|
|
1,551
|
|
|
—
|
|
|
—
|
|
|
1,939
|
|
|
249
|
|
|||||||
Citizens Bank I
|
|
Richboro
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
642
|
|
|
1,193
|
|
|
—
|
|
|
—
|
|
|
1,835
|
|
|
192
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Citizens Bank I
|
Wayne
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
1,923
|
|
|
1,923
|
|
|
—
|
|
|
—
|
|
|
3,846
|
|
|
309
|
|
||||||||
Walgreens IX
|
|
Waterford
|
|
MI
|
|
1/3/2014
|
|
—
|
|
(1)
|
514
|
|
|
4,531
|
|
|
—
|
|
|
—
|
|
|
5,045
|
|
|
359
|
|
|||||||
SunTrust Bank II
|
|
Lakeland
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
590
|
|
|
705
|
|
|
—
|
|
|
—
|
|
|
1,295
|
|
|
72
|
|
|||||||
SunTrust Bank II
|
|
Pensacola
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
513
|
|
|
297
|
|
|
(74
|
)
|
|
(39
|
)
|
|
697
|
|
|
31
|
|
|||||||
SunTrust Bank II
|
|
Plant City
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
499
|
|
|
1,139
|
|
|
—
|
|
|
—
|
|
|
1,638
|
|
|
106
|
|
|||||||
SunTrust Bank II
|
|
Vero Beach
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
825
|
|
|
2,682
|
|
|
—
|
|
|
—
|
|
|
3,507
|
|
|
224
|
|
|||||||
SunTrust Bank II
|
|
Osprey
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
450
|
|
|
2,086
|
|
|
(187
|
)
|
|
(787
|
)
|
|
1,562
|
|
|
196
|
|
|||||||
SunTrust Bank II
|
|
Panama City
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
484
|
|
|
1,075
|
|
|
—
|
|
|
—
|
|
|
1,559
|
|
|
98
|
|
|||||||
SunTrust Bank II
|
|
Miami
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
3,187
|
|
|
3,224
|
|
|
—
|
|
|
—
|
|
|
6,411
|
|
|
272
|
|
|||||||
SunTrust Bank II
|
|
Winter Park
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
2,264
|
|
|
1,079
|
|
|
—
|
|
|
—
|
|
|
3,343
|
|
|
101
|
|
|||||||
SunTrust Bank II
|
|
Fruitland Park
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
305
|
|
|
785
|
|
|
(126
|
)
|
|
(292
|
)
|
|
672
|
|
|
75
|
|
|||||||
SunTrust Bank II
|
|
Seminole
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,329
|
|
|
3,486
|
|
|
—
|
|
|
—
|
|
|
4,815
|
|
|
286
|
|
|||||||
SunTrust Bank II
|
|
Okeechobee
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
339
|
|
|
1,569
|
|
|
—
|
|
|
—
|
|
|
1,908
|
|
|
170
|
|
|||||||
SunTrust Bank II
|
|
Norcross
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
660
|
|
|
252
|
|
|
(255
|
)
|
|
(88
|
)
|
|
569
|
|
|
25
|
|
|||||||
SunTrust Bank II
|
|
Douglasville
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
410
|
|
|
749
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
|
66
|
|
|||||||
SunTrust Bank II
|
|
Duluth
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,081
|
|
|
2,111
|
|
|
—
|
|
|
—
|
|
|
3,192
|
|
|
179
|
|
|||||||
SunTrust Bank II
|
|
Atlanta
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,071
|
|
|
2,293
|
|
|
—
|
|
|
—
|
|
|
3,364
|
|
|
196
|
|
|||||||
SunTrust Bank II
|
|
Kennesaw
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
930
|
|
|
1,727
|
|
|
(437
|
)
|
|
(741
|
)
|
|
1,479
|
|
|
151
|
|
|||||||
SunTrust Bank II
|
|
Cockeysville
|
|
MD
|
|
1/8/2014
|
|
—
|
|
(2)
|
2,184
|
|
|
479
|
|
|
—
|
|
|
—
|
|
|
2,663
|
|
|
41
|
|
|||||||
SunTrust Bank II
|
|
Apex
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
296
|
|
|
1,240
|
|
|
—
|
|
|
—
|
|
|
1,536
|
|
|
102
|
|
|||||||
SunTrust Bank II
|
|
Arden
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
374
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
590
|
|
|
23
|
|
|||||||
SunTrust Bank II
|
|
Greensboro
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
650
|
|
|
712
|
|
|
(192
|
)
|
|
(189
|
)
|
|
981
|
|
|
71
|
|
|||||||
SunTrust Bank II
|
|
Greensboro
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
326
|
|
|
633
|
|
|
—
|
|
|
—
|
|
|
959
|
|
|
55
|
|
|||||||
SunTrust Bank II
|
|
Salisbury
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
264
|
|
|
293
|
|
|
—
|
|
|
—
|
|
|
557
|
|
|
33
|
|
|||||||
SunTrust Bank II
|
|
Mauldin
|
|
SC
|
|
1/8/2014
|
|
—
|
|
(2)
|
542
|
|
|
704
|
|
|
—
|
|
|
—
|
|
|
1,246
|
|
|
69
|
|
|||||||
SunTrust Bank II
|
|
Nashville
|
|
TN
|
|
1/8/2014
|
|
—
|
|
(2)
|
890
|
|
|
504
|
|
|
—
|
|
|
—
|
|
|
1,394
|
|
|
53
|
|
|||||||
SunTrust Bank II
|
|
Chattanooga
|
|
TN
|
|
1/8/2014
|
|
—
|
|
(2)
|
358
|
|
|
564
|
|
|
—
|
|
|
—
|
|
|
922
|
|
|
50
|
|
|||||||
SunTrust Bank II
|
|
East Ridge
|
|
TN
|
|
1/8/2014
|
|
—
|
|
(2)
|
276
|
|
|
475
|
|
|
—
|
|
|
—
|
|
|
751
|
|
|
47
|
|
|||||||
SunTrust Bank II
|
|
Fredericksburg
|
|
VA
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,623
|
|
|
446
|
|
|
—
|
|
|
—
|
|
|
2,069
|
|
|
46
|
|
|||||||
SunTrust Bank II
|
|
Lynchburg
|
|
VA
|
|
1/8/2014
|
|
—
|
|
(2)
|
584
|
|
|
1,255
|
|
|
—
|
|
|
—
|
|
|
1,839
|
|
|
111
|
|
|||||||
SunTrust Bank II
|
|
Chesapeake
|
|
VA
|
|
1/8/2014
|
|
—
|
|
(2)
|
490
|
|
|
695
|
|
|
—
|
|
|
—
|
|
|
1,185
|
|
|
64
|
|
|||||||
SunTrust Bank II
|
|
Bushnell
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
385
|
|
|
1,216
|
|
|
—
|
|
|
—
|
|
|
1,601
|
|
|
96
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Mattress Firm IV
|
|
Meridian
|
|
ID
|
|
1/9/2014
|
|
—
|
|
(1)
|
691
|
|
|
1,193
|
|
|
—
|
|
|
—
|
|
|
1,884
|
|
|
107
|
|
|||||||
Dollar General XII
|
|
Sunrise Beach
|
|
MO
|
|
1/15/2014
|
|
—
|
|
(1)
|
105
|
|
|
795
|
|
|
—
|
|
|
—
|
|
|
900
|
|
|
100
|
|
|||||||
FedEx Ground IV
|
|
Council Bluffs
|
|
IA
|
|
1/24/2014
|
|
—
|
|
(1)
|
768
|
|
|
3,908
|
|
|
—
|
|
|
—
|
|
|
4,676
|
|
|
365
|
|
|||||||
Mattress Firm V
|
|
Florence
|
|
AL
|
|
1/28/2014
|
|
—
|
|
(1)
|
299
|
|
|
1,478
|
|
|
—
|
|
|
—
|
|
|
1,777
|
|
|
128
|
|
|||||||
Mattress Firm I
|
|
Aiken
|
|
SC
|
|
2/5/2014
|
|
—
|
|
(1)
|
426
|
|
|
1,029
|
|
|
—
|
|
|
—
|
|
|
1,455
|
|
|
103
|
|
|||||||
Family Dollar VII
|
|
Bernice
|
|
LA
|
|
2/7/2014
|
|
—
|
|
(1)
|
51
|
|
|
527
|
|
|
—
|
|
|
—
|
|
|
578
|
|
|
48
|
|
|||||||
Aaron's I
|
|
Erie
|
|
PA
|
|
2/10/2014
|
|
—
|
|
(1)
|
126
|
|
|
708
|
|
|
—
|
|
|
—
|
|
|
834
|
|
|
58
|
|
|||||||
AutoZone III
|
|
Caro
|
|
MI
|
|
2/13/2014
|
|
—
|
|
(1)
|
135
|
|
|
855
|
|
|
—
|
|
|
—
|
|
|
990
|
|
|
73
|
|
|||||||
C&S Wholesale Grocer I
|
|
Westfield
|
|
MA
|
|
2/21/2014
|
|
29,500
|
|
|
12,050
|
|
|
29,727
|
|
|
—
|
|
|
—
|
|
|
41,777
|
|
|
2,737
|
|
|||||||
C&S Wholesale Grocer I
|
|
Hatfield (North)
|
|
MA
|
|
2/21/2014
|
|
20,280
|
|
|
1,951
|
|
|
27,528
|
|
|
—
|
|
|
—
|
|
|
29,479
|
|
|
2,514
|
|
|||||||
C&S Wholesale Grocer I
|
|
Hatfield (South)
|
|
MA
|
|
2/21/2014
|
|
10,000
|
|
|
1,420
|
|
|
14,169
|
|
|
—
|
|
|
—
|
|
|
15,589
|
|
|
1,047
|
|
|||||||
C&S Wholesale Grocer I
|
|
Aberdeen
|
|
MD
|
|
2/21/2014
|
|
22,533
|
|
|
3,615
|
|
|
27,684
|
|
|
—
|
|
|
—
|
|
|
31,299
|
|
|
2,005
|
|
|||||||
C&S Wholesale Grocer I
|
|
Birmingham
|
|
AL
|
|
2/21/2014
|
|
—
|
|
(1)
|
4,951
|
|
|
36,894
|
|
|
—
|
|
|
—
|
|
|
41,845
|
|
|
2,685
|
|
|||||||
Advance Auto III
|
|
Taunton
|
|
MA
|
|
2/25/2014
|
|
—
|
|
(1)
|
404
|
|
|
1,148
|
|
|
—
|
|
|
—
|
|
|
1,552
|
|
|
88
|
|
|||||||
Family Dollar VIII
|
|
Dexter
|
|
NM
|
|
3/3/2014
|
|
—
|
|
(1)
|
79
|
|
|
745
|
|
|
—
|
|
|
—
|
|
|
824
|
|
|
74
|
|
|||||||
Family Dollar VIII
|
|
Hale Center
|
|
TX
|
|
3/3/2014
|
|
—
|
|
(1)
|
111
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
735
|
|
|
62
|
|
|||||||
Family Dollar VIII
|
|
Plains
|
|
TX
|
|
3/3/2014
|
|
—
|
|
(1)
|
100
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
724
|
|
|
62
|
|
|||||||
Dollar General XVII
|
|
Tullos
|
|
LA
|
|
3/5/2014
|
|
—
|
|
(1)
|
114
|
|
|
736
|
|
|
—
|
|
|
—
|
|
|
850
|
|
|
63
|
|
|||||||
SunTrust Bank III
|
|
Muscle Shoals
|
|
AL
|
|
3/10/2014
|
|
—
|
|
(3)
|
242
|
|
|
1,480
|
|
|
(31
|
)
|
|
(174
|
)
|
|
1,517
|
|
|
135
|
|
|||||||
SunTrust Bank III
|
|
Sarasota
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
741
|
|
|
852
|
|
|
—
|
|
|
—
|
|
|
1,593
|
|
|
77
|
|
|||||||
SunTrust Bank III
|
|
Vero Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
675
|
|
|
483
|
|
|
(372
|
)
|
|
(240
|
)
|
|
546
|
|
|
47
|
|
|||||||
SunTrust Bank III
|
|
Fort Meade
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
175
|
|
|
2,375
|
|
|
(72
|
)
|
|
(899
|
)
|
|
1,579
|
|
|
188
|
|
|||||||
SunTrust Bank III
|
|
Port St. Lucie
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
913
|
|
|
1,772
|
|
|
—
|
|
|
—
|
|
|
2,685
|
|
|
153
|
|
|||||||
SunTrust Bank III
|
|
Mulberry
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
406
|
|
|
753
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
|
67
|
|
|||||||
SunTrust Bank III
|
|
Gainesville
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
458
|
|
|
2,139
|
|
|
—
|
|
|
—
|
|
|
2,597
|
|
|
170
|
|
|||||||
SunTrust Bank III
|
|
Gainesville
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
457
|
|
|
816
|
|
|
—
|
|
|
—
|
|
|
1,273
|
|
|
73
|
|
|||||||
SunTrust Bank III
|
|
Gulf Breeze
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,092
|
|
|
1,569
|
|
|
—
|
|
|
—
|
|
|
2,661
|
|
|
134
|
|
|||||||
SunTrust Bank III
|
|
Sarasota
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
955
|
|
|
1,329
|
|
|
—
|
|
|
—
|
|
|
2,284
|
|
|
112
|
|
|||||||
SunTrust Bank III
|
|
Hobe Sound
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
442
|
|
|
1,521
|
|
|
(182
|
)
|
|
(574
|
)
|
|
1,207
|
|
|
124
|
|
|||||||
SunTrust Bank III
|
|
Port St. Lucie
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
996
|
|
|
872
|
|
|
(555
|
)
|
|
(441
|
)
|
|
872
|
|
|
81
|
|
|||||||
SunTrust Bank III
|
|
Mount Dora
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
570
|
|
|
1,933
|
|
|
—
|
|
|
—
|
|
|
2,503
|
|
|
153
|
|
|||||||
SunTrust Bank III
|
|
Daytona Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
376
|
|
|
1,379
|
|
|
(174
|
)
|
|
(585
|
)
|
|
996
|
|
|
117
|
|
|||||||
SunTrust Bank III
|
|
Lutz
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
438
|
|
|
1,477
|
|
|
—
|
|
|
—
|
|
|
1,915
|
|
|
117
|
|
|||||||
SunTrust Bank III
|
|
Jacksonville
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
871
|
|
|
372
|
|
|
—
|
|
|
—
|
|
|
1,243
|
|
|
37
|
|
|||||||
SunTrust Bank III
|
|
Jacksonville
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
366
|
|
|
1,136
|
|
|
—
|
|
|
—
|
|
|
1,502
|
|
|
95
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
SunTrust Bank III
|
|
Boca Raton
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,617
|
|
|
690
|
|
|
(364
|
)
|
|
(142
|
)
|
|
1,801
|
|
|
60
|
|
|||||||
SunTrust Bank III
|
|
Tamarac
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
997
|
|
|
1,241
|
|
|
—
|
|
|
—
|
|
|
2,238
|
|
|
105
|
|
|||||||
SunTrust Bank III
|
|
Pompano Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
886
|
|
|
2,024
|
|
|
—
|
|
|
—
|
|
|
2,910
|
|
|
159
|
|
|||||||
SunTrust Bank III
|
|
St. Cloud
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,046
|
|
|
1,887
|
|
|
—
|
|
|
—
|
|
|
2,933
|
|
|
155
|
|
|||||||
SunTrust Bank III
|
|
Ormond Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,047
|
|
|
1,566
|
|
|
—
|
|
|
—
|
|
|
2,613
|
|
|
137
|
|
|||||||
SunTrust Bank III
|
|
Daytona Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
443
|
|
|
1,586
|
|
|
—
|
|
|
—
|
|
|
2,029
|
|
|
137
|
|
|||||||
SunTrust Bank III
|
|
Ormond Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
854
|
|
|
1,385
|
|
|
—
|
|
|
—
|
|
|
2,239
|
|
|
117
|
|
|||||||
SunTrust Bank III
|
|
Ormond Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
873
|
|
|
2,235
|
|
|
—
|
|
|
—
|
|
|
3,108
|
|
|
178
|
|
|||||||
SunTrust Bank III
|
|
Brooksville
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
460
|
|
|
954
|
|
|
(175
|
)
|
|
(331
|
)
|
|
908
|
|
|
84
|
|
|||||||
SunTrust Bank III
|
|
Inverness
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
867
|
|
|
2,559
|
|
|
—
|
|
|
—
|
|
|
3,426
|
|
|
210
|
|
|||||||
SunTrust Bank III
|
|
Indian Harbour Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
914
|
|
|
1,181
|
|
|
—
|
|
|
—
|
|
|
2,095
|
|
|
138
|
|
|||||||
SunTrust Bank III
|
|
Melbourne
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
772
|
|
|
1,927
|
|
|
—
|
|
|
—
|
|
|
2,699
|
|
|
158
|
|
|||||||
SunTrust Bank III
|
|
Orlando
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,234
|
|
|
1,125
|
|
|
—
|
|
|
—
|
|
|
2,359
|
|
|
97
|
|
|||||||
SunTrust Bank III
|
|
Orlando
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
874
|
|
|
1,922
|
|
|
—
|
|
|
—
|
|
|
2,796
|
|
|
154
|
|
|||||||
SunTrust Bank III
|
|
St. Petersburg
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
803
|
|
|
1,043
|
|
|
—
|
|
|
—
|
|
|
1,846
|
|
|
86
|
|
|||||||
SunTrust Bank III
|
|
Casselberry
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
609
|
|
|
2,443
|
|
|
—
|
|
|
—
|
|
|
3,052
|
|
|
195
|
|
|||||||
SunTrust Bank III
|
|
Rockledge
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
742
|
|
|
1,126
|
|
|
—
|
|
|
—
|
|
|
1,868
|
|
|
94
|
|
|||||||
SunTrust Bank III
|
|
New Smyrna Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
244
|
|
|
1,245
|
|
|
(115
|
)
|
|
(536
|
)
|
|
838
|
|
|
104
|
|
|||||||
SunTrust Bank III
|
|
New Port Richey
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
602
|
|
|
1,104
|
|
|
(330
|
)
|
|
(554
|
)
|
|
822
|
|
|
93
|
|
|||||||
SunTrust Bank III
|
|
Tampa
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
356
|
|
|
1,042
|
|
|
(149
|
)
|
|
(394
|
)
|
|
855
|
|
|
103
|
|
|||||||
SunTrust Bank III
|
|
Lakeland
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
927
|
|
|
1,594
|
|
|
—
|
|
|
—
|
|
|
2,521
|
|
|
155
|
|
|||||||
SunTrust Bank III
|
|
Ocala
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
347
|
|
|
1,336
|
|
|
—
|
|
|
—
|
|
|
1,683
|
|
|
151
|
|
|||||||
SunTrust Bank III
|
|
St. Petersburg
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
211
|
|
|
1,237
|
|
|
(107
|
)
|
|
(576
|
)
|
|
765
|
|
|
103
|
|
|||||||
SunTrust Bank III
|
|
Atlanta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
3,027
|
|
|
4,873
|
|
|
—
|
|
|
—
|
|
|
7,900
|
|
|
367
|
|
|||||||
SunTrust Bank III
|
|
Atlanta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
4,422
|
|
|
1,559
|
|
|
—
|
|
|
—
|
|
|
5,981
|
|
|
130
|
|
|||||||
SunTrust Bank III
|
|
Stone Mountain
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
605
|
|
|
522
|
|
|
—
|
|
|
—
|
|
|
1,127
|
|
|
43
|
|
|||||||
SunTrust Bank III
|
|
Lithonia
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
212
|
|
|
770
|
|
|
—
|
|
|
—
|
|
|
982
|
|
|
64
|
|
|||||||
SunTrust Bank III
|
|
Union City
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
400
|
|
|
542
|
|
|
—
|
|
|
—
|
|
|
942
|
|
|
48
|
|
|||||||
SunTrust Bank III
|
|
Peachtree City
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
887
|
|
|
2,242
|
|
|
—
|
|
|
—
|
|
|
3,129
|
|
|
188
|
|
|||||||
SunTrust Bank III
|
|
Stockbridge
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
358
|
|
|
760
|
|
|
—
|
|
|
—
|
|
|
1,118
|
|
|
66
|
|
|||||||
SunTrust Bank III
|
|
Conyers
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
205
|
|
|
1,334
|
|
|
—
|
|
|
—
|
|
|
1,539
|
|
|
105
|
|
|||||||
SunTrust Bank III
|
|
Morrow
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
400
|
|
|
1,759
|
|
|
(74
|
)
|
|
(301
|
)
|
|
1,784
|
|
|
139
|
|
|||||||
SunTrust Bank III
|
|
Marietta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
2,168
|
|
|
1,169
|
|
|
—
|
|
|
—
|
|
|
3,337
|
|
|
103
|
|
|||||||
SunTrust Bank III
|
|
Marietta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,087
|
|
|
2,056
|
|
|
—
|
|
|
—
|
|
|
3,143
|
|
|
159
|
|
|||||||
SunTrust Bank III
|
|
Thomson
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
91
|
|
|
719
|
|
|
—
|
|
|
—
|
|
|
810
|
|
|
66
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
SunTrust Bank III
|
|
Savannah
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
224
|
|
|
1,116
|
|
|
—
|
|
|
—
|
|
|
1,340
|
|
|
91
|
|
|||||||
SunTrust Bank III
|
|
Savannah
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
458
|
|
|
936
|
|
|
—
|
|
|
—
|
|
|
1,394
|
|
|
92
|
|
|||||||
SunTrust Bank III
|
|
Macon
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
214
|
|
|
771
|
|
|
—
|
|
|
—
|
|
|
985
|
|
|
71
|
|
|||||||
SunTrust Bank III
|
|
Albany
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
260
|
|
|
531
|
|
|
(25
|
)
|
|
(45
|
)
|
|
721
|
|
|
61
|
|
|||||||
SunTrust Bank III
|
|
Sylvester
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
242
|
|
|
845
|
|
|
—
|
|
|
—
|
|
|
1,087
|
|
|
72
|
|
|||||||
SunTrust Bank III
|
|
Brunswick
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
384
|
|
|
888
|
|
|
—
|
|
|
—
|
|
|
1,272
|
|
|
77
|
|
|||||||
SunTrust Bank III
|
|
Athens
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
427
|
|
|
472
|
|
|
—
|
|
|
—
|
|
|
899
|
|
|
60
|
|
|||||||
SunTrust Bank III
|
|
Cartersville
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
658
|
|
|
1,734
|
|
|
—
|
|
|
—
|
|
|
2,392
|
|
|
140
|
|
|||||||
SunTrust Bank III
|
|
Annapolis
|
|
MD
|
|
3/10/2014
|
|
—
|
|
(3)
|
3,331
|
|
|
1,655
|
|
|
(1,739
|
)
|
|
(803
|
)
|
|
2,444
|
|
|
117
|
|
|||||||
SunTrust Bank III
|
|
Cambridge
|
|
MD
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,130
|
|
|
1,265
|
|
|
(187
|
)
|
|
(194
|
)
|
|
2,014
|
|
|
92
|
|
|||||||
SunTrust Bank III
|
|
Avondale
|
|
MD
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,760
|
|
|
485
|
|
|
—
|
|
|
—
|
|
|
2,245
|
|
|
42
|
|
|||||||
SunTrust Bank III
|
|
Asheboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
458
|
|
|
774
|
|
|
—
|
|
|
—
|
|
|
1,232
|
|
|
68
|
|
|||||||
SunTrust Bank III
|
|
Bessemer City
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
212
|
|
|
588
|
|
|
(47
|
)
|
|
(119
|
)
|
|
634
|
|
|
49
|
|
|||||||
SunTrust Bank III
|
|
Charlotte
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
529
|
|
|
650
|
|
|
—
|
|
|
—
|
|
|
1,179
|
|
|
53
|
|
|||||||
SunTrust Bank III
|
|
Charlotte
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
563
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
1,313
|
|
|
67
|
|
|||||||
SunTrust Bank III
|
|
Dunn
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
384
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
57
|
|
|||||||
SunTrust Bank III
|
|
Durham
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
488
|
|
|
742
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
|
60
|
|
|||||||
SunTrust Bank III
|
|
Durham
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
284
|
|
|
506
|
|
|
—
|
|
|
—
|
|
|
790
|
|
|
51
|
|
|||||||
SunTrust Bank III
|
|
Greensboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
488
|
|
|
794
|
|
|
—
|
|
|
—
|
|
|
1,282
|
|
|
72
|
|
|||||||
SunTrust Bank III
|
|
Hendersonville
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
468
|
|
|
945
|
|
|
—
|
|
|
—
|
|
|
1,413
|
|
|
79
|
|
|||||||
SunTrust Bank III
|
|
Lenoir
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,021
|
|
|
3,980
|
|
|
—
|
|
|
—
|
|
|
5,001
|
|
|
302
|
|
|||||||
SunTrust Bank III
|
|
Lexington
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
129
|
|
|
266
|
|
|
(18
|
)
|
|
(33
|
)
|
|
344
|
|
|
34
|
|
|||||||
SunTrust Bank III
|
|
Mebane
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
500
|
|
|
887
|
|
|
—
|
|
|
—
|
|
|
1,387
|
|
|
71
|
|
|||||||
SunTrust Bank III
|
|
Oxford
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
530
|
|
|
1,727
|
|
|
—
|
|
|
—
|
|
|
2,257
|
|
|
133
|
|
|||||||
SunTrust Bank III
|
|
Rural Hall
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
158
|
|
|
193
|
|
|
(61
|
)
|
|
(67
|
)
|
|
223
|
|
|
20
|
|
|||||||
SunTrust Bank III
|
|
Winston-Salem
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
362
|
|
|
513
|
|
|
—
|
|
|
—
|
|
|
875
|
|
|
45
|
|
|||||||
SunTrust Bank III
|
|
Yadkinville
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
438
|
|
|
765
|
|
|
—
|
|
|
—
|
|
|
1,203
|
|
|
61
|
|
|||||||
SunTrust Bank III
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
377
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
1,248
|
|
|
73
|
|
|||||||
SunTrust Bank III
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
264
|
|
|
684
|
|
|
—
|
|
|
—
|
|
|
948
|
|
|
58
|
|
|||||||
SunTrust Bank III
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
590
|
|
|
1,007
|
|
|
—
|
|
|
—
|
|
|
1,597
|
|
|
89
|
|
|||||||
SunTrust Bank III
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
449
|
|
|
1,640
|
|
|
—
|
|
|
—
|
|
|
2,089
|
|
|
168
|
|
|||||||
SunTrust Bank III
|
|
Nashville
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
204
|
|
|
740
|
|
|
—
|
|
|
—
|
|
|
944
|
|
|
57
|
|
|||||||
SunTrust Bank III
|
|
Nashville
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,776
|
|
|
1,601
|
|
|
—
|
|
|
—
|
|
|
3,377
|
|
|
148
|
|
|||||||
SunTrust Bank III
|
|
Brentwood
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
885
|
|
|
1,987
|
|
|
—
|
|
|
—
|
|
|
2,872
|
|
|
160
|
|
|||||||
SunTrust Bank III
|
|
Brentwood
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
996
|
|
|
1,536
|
|
|
—
|
|
|
—
|
|
|
2,532
|
|
|
126
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
SunTrust Bank III
|
|
Smyrna
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
501
|
|
|
767
|
|
|
—
|
|
|
—
|
|
|
1,268
|
|
|
71
|
|
|||||||
SunTrust Bank III
|
|
Murfreesboro
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
451
|
|
|
847
|
|
|
—
|
|
|
—
|
|
|
1,298
|
|
|
65
|
|
|||||||
SunTrust Bank III
|
|
Murfreesboro
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
262
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
444
|
|
|
21
|
|
|||||||
SunTrust Bank III
|
|
Soddy Daisy
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
338
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
962
|
|
|
49
|
|
|||||||
SunTrust Bank III
|
|
Signal Mountain
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
296
|
|
|
697
|
|
|
—
|
|
|
—
|
|
|
993
|
|
|
57
|
|
|||||||
SunTrust Bank III
|
|
Chattanooga
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
419
|
|
|
811
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
|
65
|
|
|||||||
SunTrust Bank III
|
|
Chattanooga
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
191
|
|
|
335
|
|
|
—
|
|
|
—
|
|
|
526
|
|
|
27
|
|
|||||||
SunTrust Bank III
|
|
Kingsport
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
162
|
|
|
260
|
|
|
—
|
|
|
—
|
|
|
422
|
|
|
24
|
|
|||||||
SunTrust Bank III
|
|
Loudon
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
331
|
|
|
541
|
|
|
(38
|
)
|
|
(56
|
)
|
|
778
|
|
|
45
|
|
|||||||
SunTrust Bank III
|
|
Morristown
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
214
|
|
|
444
|
|
|
—
|
|
|
—
|
|
|
658
|
|
|
51
|
|
|||||||
SunTrust Bank III
|
|
Richmond
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
153
|
|
|
313
|
|
|
—
|
|
|
—
|
|
|
466
|
|
|
31
|
|
|||||||
SunTrust Bank III
|
|
Richmond
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
233
|
|
|
214
|
|
|
—
|
|
|
—
|
|
|
447
|
|
|
21
|
|
|||||||
SunTrust Bank III
|
|
Fairfax
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
2,835
|
|
|
1,081
|
|
|
—
|
|
|
—
|
|
|
3,916
|
|
|
86
|
|
|||||||
SunTrust Bank III
|
|
Lexington
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
122
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
507
|
|
|
36
|
|
|||||||
SunTrust Bank III
|
|
Roanoke
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
316
|
|
|
734
|
|
|
—
|
|
|
—
|
|
|
1,050
|
|
|
60
|
|
|||||||
SunTrust Bank III
|
|
Williamsburg
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
447
|
|
|
585
|
|
|
—
|
|
|
—
|
|
|
1,032
|
|
|
55
|
|
|||||||
SunTrust Bank III
|
|
Onancock
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
829
|
|
|
1,300
|
|
|
—
|
|
|
—
|
|
|
2,129
|
|
|
99
|
|
|||||||
SunTrust Bank III
|
|
Accomac
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
149
|
|
|
128
|
|
|
—
|
|
|
—
|
|
|
277
|
|
|
10
|
|
|||||||
SunTrust Bank III
|
|
Painter
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
89
|
|
|
259
|
|
|
(14
|
)
|
|
(37
|
)
|
|
297
|
|
|
24
|
|
|||||||
SunTrust Bank III
|
|
Stafford
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
2,130
|
|
|
1,714
|
|
|
—
|
|
|
—
|
|
|
3,844
|
|
|
138
|
|
|||||||
SunTrust Bank III
|
|
Roanoke
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
753
|
|
|
1,165
|
|
|
—
|
|
|
—
|
|
|
1,918
|
|
|
99
|
|
|||||||
SunTrust Bank III
|
|
Melbourne
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
788
|
|
|
1,888
|
|
|
—
|
|
|
—
|
|
|
2,676
|
|
|
149
|
|
|||||||
SunTrust Bank III
|
|
Raleigh
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
629
|
|
|
1,581
|
|
|
—
|
|
|
—
|
|
|
2,210
|
|
|
118
|
|
|||||||
SunTrust Bank III
|
|
Richmond
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
3,141
|
|
|
7,441
|
|
|
(706
|
)
|
|
(1,517
|
)
|
|
8,359
|
|
|
692
|
|
|||||||
SunTrust Bank IV
|
|
Lake Mary
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,911
|
|
|
2,849
|
|
|
—
|
|
|
—
|
|
|
4,760
|
|
|
226
|
|
|||||||
SunTrust Bank IV
|
|
Bayonet Point
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
528
|
|
|
1,172
|
|
|
(257
|
)
|
|
(524
|
)
|
|
919
|
|
|
97
|
|
|||||||
SunTrust Bank IV
|
|
St. Augustine
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
489
|
|
|
2,129
|
|
|
—
|
|
|
—
|
|
|
2,618
|
|
|
168
|
|
|||||||
SunTrust Bank IV
|
|
Deltona
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
631
|
|
|
1,512
|
|
|
(300
|
)
|
|
(655
|
)
|
|
1,188
|
|
|
132
|
|
|||||||
SunTrust Bank IV
|
|
Spring Hill
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
673
|
|
|
2,550
|
|
|
—
|
|
|
—
|
|
|
3,223
|
|
|
197
|
|
|||||||
SunTrust Bank IV
|
|
Pembroke Pines
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,688
|
|
|
548
|
|
|
—
|
|
|
—
|
|
|
2,236
|
|
|
56
|
|
|||||||
SunTrust Bank IV
|
|
Palm Coast
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
447
|
|
|
1,548
|
|
|
(218
|
)
|
|
(691
|
)
|
|
1,086
|
|
|
130
|
|
|||||||
SunTrust Bank IV
|
|
Clearwater
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
783
|
|
|
1,936
|
|
|
—
|
|
|
—
|
|
|
2,719
|
|
|
149
|
|
|||||||
SunTrust Bank IV
|
|
Ocala
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
581
|
|
|
1,091
|
|
|
—
|
|
|
—
|
|
|
1,672
|
|
|
104
|
|
|||||||
SunTrust Bank IV
|
|
Ocala
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
559
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
1,309
|
|
|
80
|
|
|||||||
SunTrust Bank IV
|
|
Chamblee
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,029
|
|
|
813
|
|
|
—
|
|
|
—
|
|
|
1,842
|
|
|
72
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
SunTrust Bank IV
|
|
Stone Mountain
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
461
|
|
|
475
|
|
|
—
|
|
|
—
|
|
|
936
|
|
|
41
|
|
|||||||
SunTrust Bank IV
|
|
Columbus
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
417
|
|
|
1,395
|
|
|
—
|
|
|
—
|
|
|
1,812
|
|
|
114
|
|
|||||||
SunTrust Bank IV
|
|
Madison
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
304
|
|
|
612
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
47
|
|
|||||||
SunTrust Bank IV
|
|
Prince Frederick
|
|
MD
|
|
3/10/2014
|
|
—
|
|
(4)
|
2,431
|
|
|
940
|
|
|
—
|
|
|
—
|
|
|
3,371
|
|
|
83
|
|
|||||||
SunTrust Bank IV
|
|
Charlotte
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
651
|
|
|
444
|
|
|
—
|
|
|
—
|
|
|
1,095
|
|
|
46
|
|
|||||||
SunTrust Bank IV
|
|
Creedmoor
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
306
|
|
|
789
|
|
|
—
|
|
|
—
|
|
|
1,095
|
|
|
67
|
|
|||||||
SunTrust Bank IV
|
|
Greensboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
619
|
|
|
742
|
|
|
—
|
|
|
—
|
|
|
1,361
|
|
|
78
|
|
|||||||
SunTrust Bank IV
|
|
Pittsboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
61
|
|
|
510
|
|
|
—
|
|
|
—
|
|
|
571
|
|
|
37
|
|
|||||||
SunTrust Bank IV
|
|
Roxboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
234
|
|
|
1,100
|
|
|
—
|
|
|
—
|
|
|
1,334
|
|
|
84
|
|
|||||||
SunTrust Bank IV
|
|
Liberty
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(4)
|
254
|
|
|
911
|
|
|
(145
|
)
|
|
(478
|
)
|
|
542
|
|
|
72
|
|
|||||||
SunTrust Bank IV
|
|
Nashville
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,035
|
|
|
745
|
|
|
—
|
|
|
—
|
|
|
1,780
|
|
|
60
|
|
|||||||
SunTrust Bank IV
|
|
Johnson City
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(4)
|
174
|
|
|
293
|
|
|
—
|
|
|
—
|
|
|
467
|
|
|
32
|
|
|||||||
SunTrust Bank IV
|
|
Gloucester
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(4)
|
154
|
|
|
2,281
|
|
|
—
|
|
|
—
|
|
|
2,435
|
|
|
177
|
|
|||||||
SunTrust Bank IV
|
|
Collinsville
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(4)
|
215
|
|
|
555
|
|
|
—
|
|
|
—
|
|
|
770
|
|
|
47
|
|
|||||||
SunTrust Bank IV
|
|
Stuart
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(4)
|
374
|
|
|
1,532
|
|
|
—
|
|
|
—
|
|
|
1,906
|
|
|
122
|
|
|||||||
SunTrust Bank IV
|
|
Douglas
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
73
|
|
|
1,248
|
|
|
—
|
|
|
—
|
|
|
1,321
|
|
|
97
|
|
|||||||
Dollar General XVIII
|
|
Deville
|
|
LA
|
|
3/19/2014
|
|
—
|
|
(1)
|
93
|
|
|
741
|
|
|
—
|
|
|
—
|
|
|
834
|
|
|
61
|
|
|||||||
Mattress Firm I
|
|
Holland
|
|
MI
|
|
3/19/2014
|
|
—
|
|
(1)
|
507
|
|
|
1,014
|
|
|
—
|
|
|
—
|
|
|
1,521
|
|
|
93
|
|
|||||||
Sanofi US I
|
|
Bridgewater
|
|
NJ
|
|
3/20/2014
|
|
125,000
|
|
|
16,009
|
|
|
194,287
|
|
|
—
|
|
|
—
|
|
|
210,296
|
|
|
14,315
|
|
|||||||
Dollar General XVII
|
|
Hornbeck
|
|
LA
|
|
3/25/2014
|
|
—
|
|
(1)
|
82
|
|
|
780
|
|
|
—
|
|
|
—
|
|
|
862
|
|
|
64
|
|
|||||||
Family Dollar IX
|
|
Fannettsburg
|
|
PA
|
|
4/8/2014
|
|
—
|
|
(1)
|
165
|
|
|
803
|
|
|
—
|
|
|
—
|
|
|
968
|
|
|
64
|
|
|||||||
Mattress Firm I
|
|
Saginaw
|
|
MI
|
|
4/8/2014
|
|
—
|
|
(1)
|
337
|
|
|
1,140
|
|
|
—
|
|
|
—
|
|
|
1,477
|
|
|
99
|
|
|||||||
Bi-Lo I
|
|
Greenville
|
|
SC
|
|
5/8/2014
|
|
—
|
|
(1)
|
1,504
|
|
|
4,770
|
|
|
—
|
|
|
—
|
|
|
6,274
|
|
|
363
|
|
|||||||
Stop & Shop I
|
|
Bristol
|
|
RI
|
|
5/8/2014
|
|
7,715
|
|
|
2,860
|
|
|
10,010
|
|
|
—
|
|
|
—
|
|
|
12,870
|
|
|
743
|
|
|||||||
Stop & Shop I
|
|
Cumberland
|
|
RI
|
|
5/8/2014
|
|
—
|
|
(1)
|
3,295
|
|
|
13,693
|
|
|
—
|
|
|
—
|
|
|
16,988
|
|
|
1,044
|
|
|||||||
Stop & Shop I
|
|
Framingham
|
|
MA
|
|
5/8/2014
|
|
8,572
|
|
|
3,971
|
|
|
12,289
|
|
|
—
|
|
|
—
|
|
|
16,260
|
|
|
851
|
|
|||||||
Stop & Shop I
|
|
Hyde Park
|
|
NY
|
|
5/8/2014
|
|
—
|
|
(1)
|
3,154
|
|
|
10,646
|
|
|
—
|
|
|
—
|
|
|
13,800
|
|
|
787
|
|
|||||||
Stop & Shop I
|
|
Malden
|
|
MA
|
|
5/8/2014
|
|
11,752
|
|
|
4,418
|
|
|
15,195
|
|
|
—
|
|
|
—
|
|
|
19,613
|
|
|
1,048
|
|
|||||||
Stop & Shop I
|
|
Sicklerville
|
|
NJ
|
|
5/8/2014
|
|
—
|
|
(1)
|
2,367
|
|
|
9,873
|
|
|
—
|
|
|
—
|
|
|
12,240
|
|
|
711
|
|
|||||||
Stop & Shop I
|
|
Southington
|
|
CT
|
|
5/8/2014
|
|
—
|
|
(1)
|
3,238
|
|
|
13,169
|
|
|
—
|
|
|
—
|
|
|
16,407
|
|
|
960
|
|
|||||||
Stop & Shop I
|
|
Swampscott
|
|
MA
|
|
5/8/2014
|
|
10,232
|
|
|
3,644
|
|
|
12,982
|
|
|
—
|
|
|
—
|
|
|
16,626
|
|
|
894
|
|
|||||||
Dollar General XVII
|
|
Forest Hill
|
|
LA
|
|
5/12/2014
|
|
—
|
|
(1)
|
83
|
|
|
728
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|
59
|
|
|||||||
Dollar General XIX
|
|
Chelsea
|
|
OK
|
|
5/13/2014
|
|
—
|
|
(1)
|
231
|
|
|
919
|
|
|
—
|
|
|
—
|
|
|
1,150
|
|
|
81
|
|
|||||||
Dollar General XX
|
|
Brookhaven
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
186
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
49
|
|
|||||||
Dollar General XX
|
|
Columbus
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
370
|
|
|
491
|
|
|
—
|
|
|
—
|
|
|
861
|
|
|
44
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2016 (6) (7) |
|
|
||||||||||||||||||||
Property
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2016
|
|
Land
|
|
Building and
Improvements |
|
Land
(5)
|
|
Building and
Improvements (5) |
|
|
Accumulated
Depreciation (8) (9) |
|||||||||||||||
Dollar General XX
|
|
Forest
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
72
|
|
|
856
|
|
|
—
|
|
|
—
|
|
|
928
|
|
|
64
|
|
|||||||
Dollar General XX
|
|
Rolling Fork
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
244
|
|
|
929
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
|
71
|
|
|||||||
Dollar General XX
|
|
West Point
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
318
|
|
|
506
|
|
|
—
|
|
|
—
|
|
|
824
|
|
|
48
|
|
|||||||
Dollar General XXI
|
|
Huntington
|
|
WV
|
|
5/29/2014
|
|
—
|
|
(1)
|
101
|
|
|
1,101
|
|
|
—
|
|
|
—
|
|
|
1,202
|
|
|
91
|
|
|||||||
Dollar General XXII
|
|
Warren
|
|
IN
|
|
5/30/2014
|
|
—
|
|
(1)
|
88
|
|
|
962
|
|
|
—
|
|
|
—
|
|
|
1,050
|
|
|
67
|
|
|||||||
FedEx Ground V
|
|
Sioux City
|
|
IA
|
|
2/17/2016
|
|
—
|
|
|
199
|
|
|
5,639
|
|
|
—
|
|
|
—
|
|
|
5,838
|
|
|
137
|
|
|||||||
FedEx Ground VI
|
|
Grand Forks
|
|
ND
|
|
2/19/2016
|
|
—
|
|
|
1,287
|
|
|
8,988
|
|
|
—
|
|
|
—
|
|
|
10,275
|
|
|
247
|
|
|||||||
FedEx Ground VII
|
|
Eagle River
|
|
WI
|
|
2/19/2016
|
|
—
|
|
|
40
|
|
|
6,022
|
|
|
—
|
|
|
—
|
|
|
6,062
|
|
|
157
|
|
|||||||
FedEx Ground VIII
|
|
Wausau
|
|
WI
|
|
2/23/2016
|
|
—
|
|
|
202
|
|
|
9,017
|
|
|
—
|
|
|
—
|
|
|
9,219
|
|
|
250
|
|
|||||||
Encumbrances allocated based on notes below
|
|
|
|
|
|
784,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total
|
|
|
|
|
|
|
|
$
|
1,037,767
|
|
|
$
|
337,461
|
|
|
$
|
1,411,458
|
|
|
$
|
(8,805
|
)
|
|
$
|
(15,856
|
)
|
|
$
|
1,724,258
|
|
|
$
|
183,437
|
|
(1)
|
These properties collateralize a multi-tenant mortgage loan, which had
$649.5 million
outstanding as of
December 31, 2016
.
|
(2)
|
These properties collateralize a mortgage note payable of
$25.0 million
as of
December 31, 2016
.
|
(3)
|
These properties collateralize a mortgage note payable of
$88.6 million
as of
December 31, 2016
.
|
(4)
|
These properties collateralize a mortgage note payable of
$21.2 million
as of
December 31, 2016
.
|
(5)
|
During the year ended December 31, 2016, the Company determined that the carrying value of 43 properties operated by SunTrust exceeded their estimated fair values and recognized an impairment charge of
$24.7 million
.
|
(6)
|
Acquired intangible lease assets allocated to individual properties in the amount of
$300.1 million
are not reflected in the table above.
|
(7)
|
The tax basis of aggregate land, buildings and improvements as of
December 31, 2016
is
$2.0 billion
.
|
(8)
|
The accumulated depreciation column excludes
$103.7 million
of accumulated amortization associated with acquired intangible lease assets.
|
(9)
|
Depreciation is computed using the straight-line method over the estimated useful lives of up to
40 years
for buildings,
15 years
for land improvements and
five years
for fixtures.
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Real estate investments, at cost:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
1,899,099
|
|
|
$
|
1,899,099
|
|
|
$
|
1,016,599
|
|
Additions - acquisitions
|
|
31,392
|
|
|
—
|
|
|
882,500
|
|
|||
Disposals
|
|
(31,547
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
|
(24,661
|
)
|
|
—
|
|
|
—
|
|
|||
Reclassified to assets held for sale
|
|
(150,025
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at end of the year
|
|
$
|
1,724,258
|
|
|
$
|
1,899,099
|
|
|
$
|
1,899,099
|
|
|
|
|
|
|
|
|
|
|||||
Accumulated depreciation:
|
|
|
|
|
|
|
|
|||||
Balance at beginning of year
|
|
$
|
141,594
|
|
|
$
|
74,648
|
|
|
$
|
12,077
|
|
Depreciation expense
|
|
66,831
|
|
|
66,946
|
|
|
62,571
|
|
|||
Disposals
|
|
(1,018
|
)
|
|
—
|
|
|
—
|
|
|||
Reclassified to assets held for sale
|
|
(23,970
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at end of the year
|
|
$
|
183,437
|
|
|
$
|
141,594
|
|
|
$
|
74,648
|
|
(Dollar amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
||||||
Loan Type
|
|
Property Type
|
|
Par Value
|
|
Carrying
Amount
|
|
Interest Rate
|
|
Payment Terms
|
|
Maturity Date
|
||||
Senior
|
|
Student Housing — Multifamily
|
|
$
|
17,200
|
|
|
$
|
17,175
|
|
|
1M LIBOR + 4.5%
|
|
Interest Only
|
|
Nov. 2018
|
|
|
|
|
$
|
17,200
|
|
|
$
|
17,175
|
|
|
|
|
|
|
|
SELLER:
ARC DB5PROP001, LLC, a Delaware limited liability company
By: American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
By: American Finance Trust, Inc., a Maryland Corporation, its general partner
By:
/s/ Jesse C. Galloway
Name: Jesse C. Galloway Title: Authorized Signatory Date: October 11, 2016 |
BUYER:
CAPITAL COMMERCIAL INVESTMENTS, INC., a Texas corporation
By:
/s/ Paul D. Agarwal
Name: Paul D. Agarwal Title: President Date: October 11, 2016 |
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1.
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Lease between the Seller and Tenant, and all other agreements covering all or any part of the Property, including any and all modifications, supplements or amendments thereto;
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2.
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All service, maintenance, management or other contracts relating to the ownership and operation of the Property;
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3.
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All licenses and permits with respect to the ownership and operation of the Property, including but not limited to, building permits and certificates of occupancy in Seller's possession;
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4.
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All certificates of all fire, hazard, liability and other insurance policies covering or relating to the Property;
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5.
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The most current real estate and personal property tax statements with respect to the Property;
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6.
|
Any existing surveys of the Property and as-built plans, BOMA measurements and specifications with respect to any improvements thereto or any part thereof in Seller's possession;
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7.
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If applicable, an original, current inventory of all tangible personal property and fixtures owned by Seller or any affiliate of Seller and located on, attached to or used or purchased for us in connection with the Property, certified by Seller to be true and correct as of the date of delivery;
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8.
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All warranties and guaranties relating to the Property, or any part thereof, or to the tangible personal property and fixtures owned by Seller or any affiliate of Seller and located on, attached to or used or purchased for use in connection with the Property;
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9.
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A rent roll certified by the existing management company currently operating the Improvements as being true, correct and complete as of the date of delivery;
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10.
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The written results of any inspections, studies, tests or other third party assessment reports conducted with respect to the Property in connection with Seller's acquisition thereof, including without limitation any environmental audits or reports;
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11.
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The most current financial statements available for the Property together with financial statements for the two (2) most recent completed fiscal years, such financial statements to contain for each such period at least a balance sheet and an income statement; and
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12.
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Any and all other documents, instruments, statements and information pertaining to the Property in Seller's possession that may be reasonably requested by Purchaser.
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SELLER:
ARC DB5PROP001, LLC, a Delaware limited liability company
By: American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
By: American Finance Trust, Inc., a Maryland Corporation, its general partner
By:
/s/ Jesse C. Galloway
Name: Jesse C. Galloway Title: Authorized Signatory |
BUYER:
CAPITAL COMMERCIAL INVESTMENTS, INC., a Texas corporation
By:
/s/ Paul D. Agarwal
Name: Paul D. Agarwal Title: President |
SELLER:
ARC DB5PROP001, LLC, a Delaware limited liability company
By: American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
By: American Finance Trust, Inc., a Maryland Corporation, its general partner
By:
/s/ Jesse C. Galloway
Name: Jesse C. Galloway Title: Authorized Signatory |
BUYER:
CAPITAL COMMERCIAL INVESTMENTS, INC., a Texas corporation
By:
/s/ Paul D. Agarwal
Name: Paul D. Agarwal Title: President |
SELLER:
ARC DB5PROP001, LLC, a Delaware limited liability company
By: American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
By: American Finance Trust, Inc., a Maryland Corporation, its general partner
By:
/s/ Jesse C. Galloway
Name: Jesse C. Galloway Title: Authorized Signatory |
BUYER:
CAPITAL COMMERCIAL INVESTMENTS, INC., a Texas corporation
By:
/s/ Paul D. Agarwal
Name: Paul D. Agarwal Title: President |
SELLER:
ARC DB5PROP001, LLC, a Delaware limited liability company
By: American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
By: American Finance Trust, Inc., a Maryland Corporation, its general partner
By:
/s/ Jesse C. Galloway
Name: Jesse C. Galloway Title: Authorized Signatory |
BUYER:
CAPITAL COMMERCIAL INVESTMENTS, INC., a Texas corporation
By:
/s/ Paul D. Agarwal
Name: Paul D. Agarwal Title: President |
Name
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Jurisdiction of Formation/Incorporation
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AFIN BB Loan, LLC
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Delaware
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AFIN Commercial Lending, LLC
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Delaware
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AFIN CS Loan, LLC
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Delaware
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AFIN High Yield Securities, LLC
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Delaware
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AFIN Subsidiary REIT, LLC
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AFIN UBS Loan, LLC
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Delaware
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American Finance Operating Partnership, L.P.
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Delaware
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Delaware
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ARC AAANGIN001, LLC
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Delaware
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ARC AABNLFL001, LLC
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Delaware
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ARC AATNTMA001, LLC
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ARC AAWSNGA001, LLC
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Delaware
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ARC ABHNDMS001, LLC
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Delaware
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ARC AMWNRKY001, LLC
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Delaware
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ARC ARERIPA001, LLC
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Delaware
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ARC ARVIRMN001, LLC
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Delaware
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ARC ASCGRMO001, LLC
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Delaware
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ARC AZCROMI001, LLC
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ARC AZCTOLA001, LLC
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ARC AZTMPGA001, LLC
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ARC BFFTMFL001, LLC
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ARC BKMST41001, LLC
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ARC CBDTNPA001, LLC
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ARC CBLDLPA001, LLC
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Delaware
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ARC CBLMAPA001, LLC
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Delaware
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ARC CBPHLPA001, LLC
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Delaware
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ARC CBPHLPA002, LLC
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Delaware
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ARC CBPHLPA003, LLC
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Delaware
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ARC CBPLHPA004, LLC
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Delaware
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ARC CBRBRPA001, LLC
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Delaware
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ARC CBWNEPA001, LLC
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Delaware
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ARC CHLKJTX001, LLC
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ARC CHVCTTX001, LLC
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ARC CKMST19001, LLC
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ARC CVANSAL001, LLC
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Delaware
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ARC CVDETMI001, LLC
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Delaware
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ARC CVHYKMA001, LLC
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Delaware
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ARC DB5PROP001, LLC
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Delaware
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ARC DB5SAAB001, LLC
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Delaware
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ARC DGATHMI001, LLC
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Delaware
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ARC DGBGLLA001, LLC
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Delaware
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ARC DGBKHMS001, LLC
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Delaware
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ARC DGBNBGA001, LLC
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Delaware
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ARC DGCHEOK001, LLC
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Delaware
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ARC DGCMBMS001, LLC
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Delaware
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ARC DGDNDLA001, LLC
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Delaware
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ARC DGDVLLA001, LLC
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Delaware
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ARC DGFHLLA001, LLC
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ARC DGFLRMI001, LLC
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ARC DGFRTMS001, LLC
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Delaware
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ARC DGFTSAR001, LLC
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Delaware
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ARC DGGNWLA001, LLC
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Delaware
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ARC DGGSBVA001, LLC
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Delaware
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ARC DGGVLMS002, LLC
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Delaware
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ARC DGHBKLA001, LLC
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Delaware
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ARC DGHDNMI001, LLC
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Delaware
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ARC DGHTGWV001, LLC
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Delaware
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ARC DGHTSAR001, LLC
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ARC DGLAFTN001, LLC
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Delaware
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ARC DGLCRMN002, LLC
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ARC DGMBLAR001, LLC
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Delaware
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ARC DGMKNMI001, LLC
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ARC DGMRALA001, LLC
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Delaware
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ARC DGMSNTX002, LLC
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ARC DGNTALA001, LLC
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Delaware
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ARC DGRLFMS001, LLC
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Delaware
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ARC DGRSEMI001, LLC
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Delaware
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ARC DGRYLAR001, LLC
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Delaware
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ARC DGSRBMO001, LLC
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ARC DGSTNVA001, LLC
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Delaware
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ARC DGSVNMO001, LLC
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ARC DGTLSLA001, LLC
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Delaware
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ARC DGVDRTX001, LLC
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ARC DGVNLTN001, LLC
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Delaware
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ARC DGWPTMS001, LLC
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Delaware
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ARC DGWRNIN001, LLC
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Delaware
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ARC DGWSNNY001, LLC
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Delaware
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ARC FDBRNLA001, LLC
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Delaware
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ARC FDBTLKY001, LLC
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Delaware
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ARC FDCHLID001, LLC
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Delaware
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ARC FDCRLMO001, LLC
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Delaware
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ARC FDDNVAR001, LLC
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Delaware
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ARC FDDXRNM001, LLC
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ARC FDFNTPA001, LLC
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ARC FDHCRTX001, LLC
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ARC FDKRMCO001, LLC
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Delaware
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ARC FDOCYLA001, LLC
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ARC FDPLSTX001, LLC
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ARC FDWLDCO001, LLC
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ARC FEBSMND001, LLC
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ARC FECNBIA001, LLC
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Delaware
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ARC FEEGLWI001, LLC
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Delaware
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ARC FEGRFND001, LLC
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Delaware
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ARC FELELMS001, LLC
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ARC FESOUIA001, LLC
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Delaware
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ARC FEWAUWI001, LLC
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ARC FEWTNSD001, LLC
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ARC FLCLTNC001, LLC
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Delaware
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ARC FMMTCNJ001, LLC
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Delaware
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ARC FMMTVAL001, LLC
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Delaware
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ARC FMSNHPA001, LLC
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Delaware
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ARC HR5BEIL001, LLC
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Delaware
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ARC HR5BIAL001, LLC
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Delaware
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ARC HR5BPMN001, LLC
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Delaware
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ARC HR5CSAL001, LLC
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Delaware
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ARC HR5CSMA001, LLC
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Delaware
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ARC HR5CSMA002, LLC
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Delaware
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ARC HR5CSMA003, LLC
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Delaware
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ARC HR5CSMD001, LLC
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Delaware
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ARC HR5CURI001, LLC
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Delaware
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ARC HR5CVGA001, LLC
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Delaware
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ARC HR5DOGA001, LLC
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Delaware
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ARC HR5GAGA001, LLC
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Delaware
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ARC HR5GANC001, LLC
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Delaware
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ARC HR5GASC001, LLC
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Delaware
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ARC HR5GAVA001, LLC
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Delaware
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ARC HR5GBNC001, LLC
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Delaware
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ARC HR5GRSC001, LLC
|
Delaware
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ARC HR5HASC001, LLC
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Delaware
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ARC HR5HOTX001, LP
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Delaware
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ARC HR5HOWI001, LLC
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Delaware
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ARC HR5HPNY001, LLC
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Delaware
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ARC HR5MCFL001, LLC
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Delaware
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ARC HR5MSSE001, LLC
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Delaware
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ARC HR5NCTN001, LLC
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Delaware
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ARC HR5PEGA001, LLC
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Delaware
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ARC HR5PISC001, LLC
|
Delaware
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ARC HR5SINJ001, LLC
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Delaware
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ARC HR5SLUT001, LLC
|
Delaware
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ARC HR5SNFI001 SPE, LLC
|
Delaware
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ARC HR5SNFI001, LLC
|
Delaware
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ARC HR5SOCT001, LLC
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Delaware
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ARC HR5SSMA001, LLC
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Delaware
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ARC HR5SSMA002, LLC
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Delaware
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1.
|
I have reviewed this
Annual
Report on Form
10-K
of
American Finance Trust, Inc.
;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated this 13th day of March, 2017
|
|
/s/ Edward M. Weil, Jr.
|
|
|
Edward M. Weil, Jr.
|
|
|
Chief Executive Officer and President
|
|
|
(Principal Executive Officer)
|
|
1.
|
I have reviewed this
Annual
Report on Form
10-K
of
American Finance Trust, Inc.
;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated this 13th day of March, 2017
|
|
/s/ Nicholas Radesca
|
|
|
Nicholas Radesca
|
|
|
Chief Financial Officer, Treasurer and Secretary
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
|
/s/ Edward M. Weil, Jr.
|
|
Edward M. Weil, Jr.
|
|
Chief Executive Officer and President
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Nicholas Radesca
|
|
Nicholas Radesca
|
|
Chief Financial Officer, Treasurer and Secretary
|
|
(Principal Financial Officer and Principal Accounting Officer)
|