(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., 3
rd
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:
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Title of each class
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Name of each exchange on which registered
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Class A Common Stock, $0.01 par value
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The Nasdaq Global Select Market
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Securities registered pursuant to section 12(g) of the Act: None
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
x
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Smaller reporting company
o
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Emerging growth company
o
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Page
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•
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All of our executive officers are also officers, managers, employees or holders of a direct or indirect controlling interest in the Advisor or other entities under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, “AR Global”). As a result, our executive officers, the Advisor and its affiliates face conflicts of interest, including significant conflicts created by the Advisor’s compensation arrangements with us and other investment programs advised by affiliates of AR Global and conflicts in allocating time among these entities and us, which could negatively impact our operating results.
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The trading price of our Class A common stock may fluctuate significantly.
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Lincoln Retail REIT Services, LLC (“Lincoln”) and its affiliates, which provide services to the Advisor in connection with our retail portfolio, faces conflicts of interest in allocating its employees’ time between providing real estate-related services to the Advisor and other programs and activities in which they are presently involved or may be involved in the future.
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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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Our rental revenue is dependent upon the success and economic viability of our tenants.
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We may be unable to enter into and consummate property acquisitions on advantageous terms or our property acquisitions may not perform as we expect.
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We have not generated, and in the future may not generate, operating cash flows sufficient to fund all of the dividends we pay our stockholders, and, as such, we may be forced to fund dividends from other sources, including borrowings, which may not be available on favorable terms, or at all.
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We may be unable to pay or maintain cash dividends at the current rate or increase dividends over time.
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We are obligated to pay fees, which may be substantial, to the Advisor and its affiliates.
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Our operating results are affected by economic and regulatory changes that have an adverse impact on the real estate market in general, and we are subject to risks associated with any dislocation or liquidity disruptions that may exist or occur in global financial markets, including 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 (“REIT”) for U.S. federal income tax purposes, 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 dividends.
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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 service-oriented and traditional retail and distribution properties; 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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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, 2018
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SunTrust
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8.7%
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Sanofi US
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7.0%
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AmeriCold
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5.2%
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•
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competition from other real estate investors with significant capital, including both publicly traded REITs and institutional investment funds;
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we may acquire properties that are not accretive;
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we may not successfully manage and lease the properties we acquire to meet our expectations or market conditions may result in future vacancies and lower-than expected rental rates;
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we may be unable to obtain debt financing or raise equity required to fund acquisitions on favorable terms, or at all;
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we may need to spend more than budgeted amounts to make necessary improvements or renovations to acquired properties;
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agreements for the acquisition of properties are typically subject to customary conditions to closing that may or may not be completed, and we may spend significant time and money on potential acquisitions that we do not consummate;
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the process of acquiring or pursuing the acquisition of a new property may divert the attention of our management team from our existing operations; and
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we may acquire properties without recourse, or with only limited recourse, for liabilities, whether known or unknown.
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our financial condition and performance;
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the financial condition of our tenants, including the extent of tenant bankruptcies or defaults;
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actual or anticipated quarterly fluctuations in our operating results and financial condition;
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the amount and frequency of our payment of dividends;
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additional sales of equity securities, including Class A common stock, or the perception that additional sales may occur;
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the reputation of REITs and real estate investments generally and the attractiveness of REIT equity securities in comparison to other equity securities, and fixed income debt securities;
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our reputation and the reputation of AR Global and its affiliates or other entities advised by AR Global and its affiliates;
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uncertainty and volatility in the equity and credit markets;
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fluctuations in interest rates and exchange rates;
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changes in revenue or earnings estimates, if any, or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs;
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failure to meet analyst revenue or earnings estimates;
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strategic actions by us or our competitors, such as acquisitions or restructurings;
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the extent of investment in our Class A common stock by institutional investors;
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the extent of short-selling of our Class A common stock;
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general financial and economic market conditions and, in particular, developments related to market conditions for REITs and other real estate related companies;
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failure to maintain our REIT status;
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changes in tax laws;
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domestic and international economic factors unrelated to our performance; and
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all other risk factors addressed elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2018.
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rents from properties may not increase, and future asset acquisitions may not increase our cash available for paying dividends;
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we may not generate sufficient cash from operations to fund our other capital needs;
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decisions on whether, when and in which amounts to pay any future dividends will remain at all times entirely at the discretion of our board of directors, which reserves the right to change our dividend policy at any time and for any reason;
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we may desire to retain cash to maintain or improve our credit rating; and
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the amount of dividends or other distributions that our subsidiaries may pay to us may be subject to restrictions imposed by state law, restrictions that may be imposed by state regulators and restrictions imposed by the terms of any current or future indebtedness that these subsidiaries may incur.
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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 (including information about tenants), 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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risk of defaults by borrowers in paying debt service on outstanding indebtedness and to other impairments of our loans and investments;
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increased competition from entities engaged in mortgage lending and, or investing in our target assets;
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deterioration in the performance of properties securing our investments may cause deterioration in the performance of our investments and, potentially, principal losses to us;
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fluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans and other investments;
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difficulty in redeploying the proceeds from repayments of our existing loans and investments;
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the illiquidity of certain of these investments;
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lack of control over certain of our loans and investments;
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the potential need to foreclose on certain of the loans we originate or acquire, which could result in losses additional risks, including the risks of the securitization process, posed by investments in CMBS and other similar structured finance investments, as well as those we structure, sponsor or arrange; use of leverage may create a mismatch with the duration and interest rate of the investments that we financing; and
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the need to structure, select and more closely monitor our investments such that we continue to maintain our qualification as a REIT and our exemption from registration under the Investment Company Act of 1940, as amended.
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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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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 mortgage financing on favorable terms, or at all;
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changes in tax, real estate, environmental and zoning laws; and
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the possibility that one or more of our tenants will be unable to pay their rental obligations.
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Tenant
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December 31, 2018
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SunTrust
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8.7%
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Sanofi US
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7.0%
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AmeriCold
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5.2%
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State
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December 31, 2018
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Georgia
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8.4%
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Florida
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7.9%
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New Jersey
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7.6%
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Alabama
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7.4%
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North Carolina
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6.8%
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Ohio
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6.6%
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South Carolina
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5.3%
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•
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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 occur or may occur in the future, resulting in lower rents and occupancy levels;
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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 as investors demand higher risk premiums, resulting in lenders increasing the cost for debt financing;
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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 market value of our properties, which may limit our ability to obtain debt financing secured by our properties;
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a need for us to establish significant provisions for losses or impairments; and
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reduction in the value and liquidity of our short-term investments and increased volatility in market rates for such investments.
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Industry
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December 31, 2018
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Restaurant
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15.5%
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Specialty Retail
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12.2%
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Healthcare
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11.2%
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Retail Banking
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9.8%
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Home Improvement
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5.8%
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Discount Retail
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5.3%
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Grocery
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5.3%
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Refrigerated Warehousing
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5.2%
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Distribution
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5.0%
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•
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limiting our ability to access the capital markets to raise additional equity or debt on favorable terms or at all, whether to refinance maturing debt, to fund acquisitions, to fund dividends or for other corporate purposes;
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limiting the amount of free cash flow available for future operations, acquisitions, distributions, stock repurchases or other uses; and
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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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Percentage Leased
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(In thousands)
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Dollar General I
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Apr. & May 2013
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2
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18
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9.3
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100.0%
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Walgreens I
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Jul. 2013
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1
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11
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18.8
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100.0%
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Dollar General II
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Jul. 2013
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2
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18
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9.4
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100.0%
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AutoZone I
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Jul. 2013
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1
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7
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8.6
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100.0%
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Dollar General III
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Jul. 2013
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5
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46
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9.4
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100.0%
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BSFS I
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Jul. 2013
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1
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9
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5.1
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100.0%
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Dollar General IV
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Jul. 2013
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2
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18
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7.2
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100.0%
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Tractor Supply I
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Aug. 2013
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1
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19
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8.9
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100.0%
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Dollar General V
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Aug. 2013
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1
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12
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9.1
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100.0%
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Mattress Firm I
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Aug. & Nov. 2013; Feb, Mar. 2014 & Apr. 2014
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5
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24
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8.0
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100.0%
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Family Dollar I
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Aug. 2013
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1
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8
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2.5
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100.0%
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Lowe's I
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Aug. 2013
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5
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671
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10.5
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100.0%
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O'Reilly Auto Parts I
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Aug. 2013
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1
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11
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11.5
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100.0%
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Food Lion I
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Aug. 2013
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1
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45
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10.8
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100.0%
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Family Dollar II
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Aug. 2013
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|
1
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|
8
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4.5
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100.0%
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Walgreens II
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|
Aug. 2013
|
|
1
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|
14
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|
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14.3
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100.0%
|
Dollar General VI
|
|
Aug. 2013
|
|
1
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|
9
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|
|
7.2
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100.0%
|
Dollar General VII
|
|
Aug. 2013
|
|
1
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|
9
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|
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9.3
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100.0%
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Family Dollar III
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Aug. 2013
|
|
1
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|
8
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|
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3.8
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100.0%
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Chili's I
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|
Aug. 2013
|
|
2
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|
13
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6.9
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100.0%
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CVS I
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|
Aug. 2013
|
|
1
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|
10
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7.1
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100.0%
|
Joe's Crab Shack I
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|
Aug. 2013
|
|
1
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|
8
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8.3
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|
100.0%
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Dollar General VIII
|
|
Sep. 2013
|
|
1
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|
9
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|
|
9.6
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|
100.0%
|
Tire Kingdom I
|
|
Sep. 2013
|
|
1
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|
7
|
|
|
6.3
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|
100.0%
|
AutoZone II
|
|
Sep. 2013
|
|
1
|
|
7
|
|
|
4.4
|
|
100.0%
|
Family Dollar IV
|
|
Sep. 2013
|
|
1
|
|
8
|
|
|
4.5
|
|
100.0%
|
Fresenius I
|
|
Sep. 2013
|
|
1
|
|
6
|
|
|
6.5
|
|
100.0%
|
Dollar General IX
|
|
Sep. 2013
|
|
1
|
|
9
|
|
|
6.3
|
|
100.0%
|
Advance Auto I
|
|
Sep. 2013
|
|
1
|
|
11
|
|
|
4.5
|
|
100.0%
|
Walgreens III
|
|
Sep. 2013
|
|
1
|
|
15
|
|
|
7.3
|
|
100.0%
|
Walgreens IV
|
|
Sep. 2013
|
|
1
|
|
14
|
|
|
5.8
|
|
100.0%
|
CVS II
|
|
Sep. 2013
|
|
1
|
|
14
|
|
|
18.1
|
|
100.0%
|
Arby's I
|
|
Sep. 2013
|
|
1
|
|
3
|
|
|
9.5
|
|
100.0%
|
Dollar General X
|
|
Sep. 2013
|
|
1
|
|
9
|
|
|
9.3
|
|
100.0%
|
AmeriCold I
|
|
Sep. 2013
|
|
9
|
|
1,407
|
|
|
8.8
|
|
100.0%
|
Home Depot I
|
|
Sep. 2013
|
|
2
|
|
1,315
|
|
|
8.1
|
|
100.0%
|
New Breed Logistics I
|
|
Sep. 2013
|
|
1
|
|
390
|
|
|
2.8
|
|
100.0%
|
American Express Travel Related Services I
|
|
Sep. 2013
|
|
1
|
|
396
|
|
|
1.3
|
|
100.0%
|
SunTrust Bank I
(2)
|
|
Sep. 2013
|
|
22
|
|
113
|
|
|
9.4
|
|
90.7%
|
National Tire & Battery I
|
|
Sep. 2013
|
|
1
|
|
11
|
|
|
4.9
|
|
100.0%
|
Circle K I
|
|
Sep. 2013
|
|
19
|
|
55
|
|
|
9.8
|
|
100.0%
|
Walgreens V
|
|
Sep. 2013
|
|
1
|
|
14
|
|
|
8.7
|
|
100.0%
|
Walgreens VI
|
|
Sep. 2013
|
|
1
|
|
15
|
|
|
10.3
|
|
100.0%
|
FedEx Ground I
|
|
Sep. 2013
|
|
1
|
|
22
|
|
|
4.4
|
|
100.0%
|
Walgreens VII
|
|
Sep. 2013
|
|
8
|
|
113
|
|
|
10.4
|
|
100.0%
|
O'Charley's I
|
|
Sep. 2013
|
|
20
|
|
136
|
|
|
12.8
|
|
100.0%
|
Krystal I
|
|
Sep. 2013
|
|
6
|
|
13
|
|
|
10.7
|
|
100.0%
|
1st Constitution Bancorp I
|
|
Sep. 2013
|
|
1
|
|
5
|
|
|
5.1
|
|
100.0%
|
American Tire Distributors I
|
|
Sep. 2013
|
|
1
|
|
125
|
|
|
5.1
|
|
100.0%
|
Tractor Supply II
|
|
Oct. 2013
|
|
1
|
|
24
|
|
|
4.8
|
|
100.0%
|
United Healthcare I
|
|
Oct. 2013
|
|
1
|
|
400
|
|
|
2.5
|
|
100.0%
|
Portfolio
|
|
Acquisition Date
|
|
Number of
Properties
|
|
Rentable Square Feet
|
|
Remaining Lease
Term
(1)
|
|
Percentage Leased
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
National Tire & Battery II
|
|
Oct. 2013
|
|
1
|
|
7
|
|
|
13.5
|
|
100.0%
|
Tractor Supply III
|
|
Oct. 2013
|
|
1
|
|
19
|
|
|
9.3
|
|
100.0%
|
Mattress Firm II
|
|
Oct. 2013
|
|
1
|
|
4
|
|
|
4.7
|
|
100.0%
|
Dollar General XI
|
|
Oct. 2013
|
|
1
|
|
9
|
|
|
8.3
|
|
100.0%
|
Academy Sports I
|
|
Oct. 2013
|
|
1
|
|
72
|
|
|
9.5
|
|
100.0%
|
Talecris Plasma Resources I
|
|
Oct. 2013
|
|
1
|
|
22
|
|
|
4.3
|
|
100.0%
|
Amazon I
|
|
Oct. 2013
|
|
1
|
|
79
|
|
|
4.6
|
|
100.0%
|
Fresenius II
|
|
Oct. 2013
|
|
2
|
|
16
|
|
|
8.6
|
|
100.0%
|
Dollar General XII
|
|
Nov. 2013 & Jan. 2014
|
|
2
|
|
18
|
|
|
10.0
|
|
100.0%
|
Dollar General XIII
|
|
Nov. 2013
|
|
1
|
|
9
|
|
|
7.3
|
|
100.0%
|
Advance Auto II
|
|
Nov. 2013
|
|
2
|
|
14
|
|
|
4.4
|
|
100.0%
|
FedEx Ground II
|
|
Nov. 2013
|
|
1
|
|
49
|
|
|
4.6
|
|
100.0%
|
Burger King I
|
|
Nov. 2013
|
|
41
|
|
168
|
|
|
14.9
|
|
100.0%
|
Dollar General XIV
|
|
Nov. 2013
|
|
3
|
|
27
|
|
|
9.4
|
|
100.0%
|
Dollar General XV
|
|
Nov. 2013
|
|
1
|
|
9
|
|
|
9.8
|
|
100.0%
|
FedEx Ground III
|
|
Nov. 2013
|
|
1
|
|
24
|
|
|
4.7
|
|
100.0%
|
Dollar General XVI
|
|
Nov. 2013
|
|
1
|
|
9
|
|
|
6.9
|
|
100.0%
|
Family Dollar V
|
|
Nov. 2013
|
|
1
|
|
8
|
|
|
4.3
|
|
100.0%
|
CVS III
|
|
Dec. 2013
|
|
1
|
|
11
|
|
|
5.1
|
|
100.0%
|
Mattress Firm III
|
|
Dec. 2013
|
|
1
|
|
5
|
|
|
9.5
|
|
100.0%
|
Arby's II
|
|
Dec. 2013
|
|
1
|
|
3
|
|
|
9.3
|
|
100.0%
|
Family Dollar VI
|
|
Dec. 2013
|
|
2
|
|
17
|
|
|
5.1
|
|
100.0%
|
SAAB Sensis I
|
|
Dec. 2013
|
|
1
|
|
91
|
|
|
6.3
|
|
100.0%
|
Citizens Bank I
|
|
Dec. 2013
|
|
9
|
|
35
|
|
|
5.0
|
|
100.0%
|
SunTrust Bank II
(2)
|
|
Jan. 2014
|
|
23
|
|
115
|
|
|
10.1
|
|
100.0%
|
Mattress Firm IV
|
|
Jan. 2014
|
|
1
|
|
5
|
|
|
5.7
|
|
100.0%
|
FedEx Ground IV
|
|
Jan. 2014
|
|
1
|
|
59
|
|
|
4.5
|
|
100.0%
|
Mattress Firm V
|
|
Jan. 2014
|
|
1
|
|
6
|
|
|
4.8
|
|
100.0%
|
Family Dollar VII
|
|
Feb. 2014
|
|
1
|
|
8
|
|
|
5.5
|
|
100.0%
|
Aaron's I
|
|
Feb. 2014
|
|
1
|
|
8
|
|
|
4.7
|
|
100.0%
|
AutoZone III
|
|
Feb. 2014
|
|
1
|
|
7
|
|
|
4.3
|
|
100.0%
|
C&S Wholesale Grocer I
|
|
Feb. 2014
|
|
2
|
|
1,671
|
|
|
4.2
|
|
100.0%
|
Advance Auto III
|
|
Feb. 2014
|
|
1
|
|
6
|
|
|
5.7
|
|
100.0%
|
Family Dollar VIII
|
|
Mar. 2014
|
|
3
|
|
25
|
|
|
4.6
|
|
100.0%
|
Dollar General XVII
|
|
Mar. & May 2014
|
|
3
|
|
27
|
|
|
9.3
|
|
100.0%
|
SunTrust Bank III
(2)
|
|
Mar. 2014
|
|
85
|
|
483
|
|
|
10.9
|
|
88.2%
|
SunTrust Bank IV
(2)
|
|
Mar. 2014
|
|
18
|
|
96
|
|
|
10.9
|
|
100.0%
|
Dollar General XVIII
|
|
Mar. 2014
|
|
1
|
|
9
|
|
|
9.3
|
|
100.0%
|
Sanofi US I
|
|
Mar. 2014
|
|
1
|
|
737
|
|
|
14.0
|
|
100.0%
|
Family Dollar IX
|
|
Apr. 2014
|
|
1
|
|
8
|
|
|
5.3
|
|
100.0%
|
Stop & Shop I
|
|
May 2014
|
|
7
|
|
492
|
|
|
8.0
|
|
100.0%
|
Bi-Lo I
|
|
May 2014
|
|
1
|
|
56
|
|
|
7.0
|
|
100.0%
|
Dollar General XIX
|
|
May 2014
|
|
1
|
|
12
|
|
|
9.7
|
|
100.0%
|
Dollar General XX
|
|
May 2014
|
|
5
|
|
49
|
|
|
8.3
|
|
100.0%
|
Dollar General XXI
|
|
May 2014
|
|
1
|
|
9
|
|
|
9.7
|
|
100.0%
|
Dollar General XXII
|
|
May 2014
|
|
1
|
|
11
|
|
|
8.3
|
|
100.0%
|
FedEx Ground V
|
|
Feb. 2016
|
|
1
|
|
46
|
|
|
6.6
|
|
100.0%
|
FedEx Ground VI
|
|
Feb. 2016
|
|
1
|
|
121
|
|
|
6.7
|
|
100.0%
|
FedEx Ground VII
|
|
Feb. 2016
|
|
1
|
|
42
|
|
|
6.8
|
|
100.0%
|
FedEx Ground VIII
|
|
Feb. 2016
|
|
1
|
|
79
|
|
|
6.8
|
|
100.0%
|
Liberty Crossing
|
|
Feb. 2017
|
|
1
|
|
106
|
|
|
3.9
|
|
90.9%
|
San Pedro Crossing
|
|
Feb. 2017
|
|
1
|
|
202
|
|
|
3.6
|
|
59.9%
|
Tiffany Springs MarketCenter
|
|
Feb. 2017
|
|
1
|
|
265
|
|
|
6.0
|
|
88.4%
|
The Streets of West Chester
|
|
Feb. 2017
|
|
1
|
|
237
|
|
|
10.1
|
|
95.1%
|
Prairie Towne Center
|
|
Feb. 2017
|
|
1
|
|
289
|
|
|
5.8
|
|
95.3%
|
Portfolio
|
|
Acquisition Date
|
|
Number of
Properties
|
|
Rentable Square Feet
|
|
Remaining Lease
Term
(1)
|
|
Percentage Leased
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
Southway Shopping Center
|
|
Feb. 2017
|
|
1
|
|
182
|
|
|
4.3
|
|
88.7%
|
Stirling Slidell Centre
|
|
Feb. 2017
|
|
1
|
|
134
|
|
|
3.2
|
|
56.0%
|
Northwoods Marketplace
|
|
Feb. 2017
|
|
1
|
|
236
|
|
|
3.1
|
|
96.5%
|
Centennial Plaza
|
|
Feb. 2017
|
|
1
|
|
234
|
|
|
4.7
|
|
77.8%
|
Northlake Commons
|
|
Feb. 2017
|
|
1
|
|
109
|
|
|
3.0
|
|
86.6%
|
Shops at Shelby Crossing
|
|
Feb. 2017
|
|
1
|
|
236
|
|
|
3.8
|
|
97.6%
|
Shoppes of West Melbourne
|
|
Feb. 2017
|
|
1
|
|
144
|
|
|
3.4
|
|
97.3%
|
The Centrum
|
|
Feb. 2017
|
|
1
|
|
271
|
|
|
4.7
|
|
52.5%
|
Shoppes at Wyomissing
|
|
Feb. 2017
|
|
1
|
|
103
|
|
|
3.1
|
|
90.0%
|
Southroads Shopping Center
|
|
Feb. 2017
|
|
1
|
|
438
|
|
|
4.6
|
|
71.2%
|
Parkside Shopping Center
|
|
Feb. 2017
|
|
1
|
|
182
|
|
|
4.5
|
|
90.5%
|
Colonial Landing
|
|
Feb. 2017
|
|
1
|
|
264
|
|
|
4.1
|
|
70.0%
|
The Shops at West End
|
|
Feb. 2017
|
|
1
|
|
382
|
|
|
7.5
|
|
73.6%
|
Township Marketplace
|
|
Feb. 2017
|
|
1
|
|
299
|
|
|
4.1
|
|
93.9%
|
Cross Pointe Centre
|
|
Feb. 2017
|
|
1
|
|
226
|
|
|
10.0
|
|
100.0%
|
Towne Centre Plaza
|
|
Feb. 2017
|
|
1
|
|
94
|
|
|
4.1
|
|
100.0%
|
Village at Quail Springs
|
|
Feb. 2017
|
|
1
|
|
100
|
|
|
6.8
|
|
100.0%
|
Pine Ridge Plaza
|
|
Feb. 2017
|
|
1
|
|
239
|
|
|
3.6
|
|
97.4%
|
Bison Hollow
|
|
Feb. 2017
|
|
1
|
|
135
|
|
|
4.9
|
|
100.0%
|
Jefferson Commons
|
|
Feb. 2017
|
|
1
|
|
206
|
|
|
7.5
|
|
93.7%
|
Northpark Center
|
|
Feb. 2017
|
|
1
|
|
318
|
|
|
5.7
|
|
99.2%
|
Anderson Station
|
|
Feb. 2017
|
|
1
|
|
244
|
|
|
3.3
|
|
98.0%
|
Patton Creek
|
|
Feb. 2017
|
|
1
|
|
491
|
|
|
3.8
|
|
85.8%
|
North Lakeland Plaza
|
|
Feb. 2017
|
|
1
|
|
171
|
|
|
1.7
|
|
94.9%
|
Riverbend Marketplace
|
|
Feb. 2017
|
|
1
|
|
143
|
|
|
5.1
|
|
90.5%
|
Montecito Crossing
|
|
Feb. 2017
|
|
1
|
|
180
|
|
|
3.5
|
|
96.7%
|
Best on the Boulevard
|
|
Feb. 2017
|
|
1
|
|
205
|
|
|
4.4
|
|
91.0%
|
Shops at RiverGate South
|
|
Feb. 2017
|
|
1
|
|
141
|
|
|
6.7
|
|
100.0%
|
Dollar General XXIII
|
|
Mar. & May 2017
|
|
8
|
|
72
|
|
|
10.6
|
|
100.0%
|
Jo-Ann Fabrics I
|
|
Apr. 2017
|
|
1
|
|
18
|
|
|
6.1
|
|
100.0%
|
Bob Evans I
|
|
Apr. 2017
|
|
23
|
|
117
|
|
|
18.3
|
|
100.0%
|
FedEx Ground IX
|
|
May 2017
|
|
1
|
|
54
|
|
|
7.4
|
|
100.0%
|
Chili's II
|
|
May 2017
|
|
1
|
|
6
|
|
|
8.8
|
|
100.0%
|
Sonic Drive In I
|
|
June 2017
|
|
2
|
|
3
|
|
|
13.5
|
|
100.0%
|
Bridgestone HOSEPower I
|
|
June 2017
|
|
2
|
|
41
|
|
|
10.6
|
|
100.0%
|
Bridgestone HOSEPower II
|
|
July 2017
|
|
1
|
|
25
|
|
|
10.8
|
|
100.0%
|
FedEx Ground X
|
|
July 2017
|
|
1
|
|
142
|
|
|
8.5
|
|
100.0%
|
Chili's III
|
|
Aug. 2017
|
|
1
|
|
6
|
|
|
8.8
|
|
100.0%
|
FedEx Ground XI
|
|
Sep. 2017
|
|
1
|
|
29
|
|
|
8.5
|
|
100.0%
|
Hardee's I
|
|
Sep. 2017
|
|
4
|
|
13
|
|
|
18.8
|
|
100.0%
|
Tractor Supply IV
|
|
Oct. 2017
|
|
2
|
|
51
|
|
|
7.9
|
|
100.0%
|
Circle K II
|
|
Nov. 2017
|
|
6
|
|
20
|
|
|
18.5
|
|
100.0%
|
Sonic Drive In II
|
|
Nov. 2017
|
|
20
|
|
30
|
|
|
18.9
|
|
100.0%
|
Bridgestone HOSEPower III
|
|
Dec. 2017
|
|
1
|
|
21
|
|
|
11.5
|
|
100.0%
|
Sonny's BBQ I
|
|
Jan. 2018
|
|
3
|
|
19
|
|
|
15.1
|
|
100.0%
|
Mountain Express I
|
|
Jan. 2018
|
|
9
|
|
30
|
|
|
19.0
|
|
100.0%
|
Kum & Go I
|
|
Feb. 2018
|
|
1
|
|
5
|
|
|
9.4
|
|
100.0%
|
DaVita I
|
|
Feb. 2018
|
|
2
|
|
13
|
|
|
7.2
|
|
100.0%
|
White Oak I
|
|
Mar. 2018
|
|
9
|
|
22
|
|
|
19.9
|
|
100.0%
|
Mountain Express II
|
|
June 2018
|
|
15
|
|
59
|
|
|
19.3
|
|
100.0%
|
Dialysis I
|
|
July 2018
|
|
7
|
|
65
|
|
|
9.4
|
|
100.0%
|
Children of America I
|
|
Aug. 2018
|
|
2
|
|
32
|
|
|
14.7
|
|
100.0%
|
Burger King II
|
|
Aug. 2018
|
|
1
|
|
3
|
|
|
14.7
|
|
100.0%
|
White Oak II
|
|
Aug. 2018
|
|
9
|
|
18
|
|
|
18.9
|
|
100.0%
|
Portfolio
|
|
Acquisition Date
|
|
Number of
Properties
|
|
Rentable Square Feet
|
|
Remaining Lease
Term
(1)
|
|
Percentage Leased
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
Bob Evans II
|
|
Aug. 2018
|
|
22
|
|
112
|
|
|
18.3
|
|
100.0%
|
Mountain Express III
|
|
Sep. 2018
|
|
14
|
|
47
|
|
|
19.6
|
|
100.0%
|
Taco John's
|
|
Sep. 2018
|
|
7
|
|
15
|
|
|
14.8
|
|
100.0%
|
White Oak III
|
|
Oct. 2018
|
|
1
|
|
4
|
|
|
19.9
|
|
100%
|
DaVita II
|
|
Oct. 2018
|
|
1
|
|
9
|
|
|
8.2
|
|
100%
|
Pizza Hut I
|
|
Oct. 2018
|
|
9
|
|
23
|
|
|
14.8
|
|
100%
|
Little Caesars I
|
|
Dec. 2018
|
|
11
|
|
19
|
|
|
20.0
|
|
100%
|
Caliber Collision I
|
|
Dec. 2018
|
|
3
|
|
48
|
|
|
13.3
|
|
100%
|
Tractor Supply V
|
|
Dec. 2018
|
|
4
|
|
79
|
|
|
12.7
|
|
100%
|
|
|
|
|
626
|
|
19,050
|
|
|
8.6
|
|
94.7%
|
(1)
|
Remaining lease term in years as of
December 31, 2018
. If the portfolio has multiple properties with varying lease expirations, remaining lease term is calculated on a weighted-average basis.
|
(2)
|
Includes certain of the seven properties leased to SunTrust which were unoccupied as of
December 31, 2018
. There were six properties that had leases expire on December 31, 2017 and one property that had lease expire on March 31, 2018, comprising less than 0.1 million rentable square feet. As of
December 31, 2018
, these
seven
properties were being marketed for sale, subject to a LOI or PSA. There can be no guarantee that these properties will be sold on the terms contemplated by any applicable LOI or PSA, or at all. Please see
Note 4
— Real Estate Investments
to our consolidated financial statements included in this Annual Report on Form 10-K for further details.
|
State
|
|
Number of
Properties
|
|
Annualized Rental Income on a Straight-Line Basis
(1)
|
|
Annualized Rental Income on a Straight-Line Basis %
|
|
Square Feet
|
|
Square Feet %
|
|||||
|
|
|
|
(In thousands)
|
|
|
|
(In thousands)
|
|
|
|||||
Alabama
|
|
27
|
|
$
|
17,978
|
|
|
7.6
|
%
|
|
2,565
|
|
|
13.1
|
%
|
Arizona
|
|
1
|
|
352
|
|
|
0.1
|
%
|
|
22
|
|
|
0.1
|
%
|
|
Arkansas
|
|
6
|
|
662
|
|
|
0.3
|
%
|
|
55
|
|
|
0.3
|
%
|
|
Colorado
|
|
3
|
|
504
|
|
|
0.2
|
%
|
|
25
|
|
|
0.1
|
%
|
|
Connecticut
|
|
2
|
|
1,640
|
|
|
0.7
|
%
|
|
84
|
|
|
0.4
|
%
|
|
Delaware
|
|
1
|
|
176
|
|
|
0.1
|
%
|
|
5
|
|
|
0.1
|
%
|
|
District Of Columbia
|
|
1
|
|
235
|
|
|
0.1
|
%
|
|
3
|
|
|
0.1
|
%
|
|
Florida
|
|
67
|
|
19,337
|
|
|
7.9
|
%
|
|
1,196
|
|
|
6.3
|
%
|
|
Georgia
|
|
70
|
|
20,456
|
|
|
8.4
|
%
|
|
1,778
|
|
|
9.3
|
%
|
|
Idaho
|
|
3
|
|
321
|
|
|
0.1
|
%
|
|
14
|
|
|
0.1
|
%
|
|
Illinois
|
|
33
|
|
8,757
|
|
|
3.6
|
%
|
|
664
|
|
|
3.5
|
%
|
|
Indiana
|
|
10
|
|
1,409
|
|
|
0.6
|
%
|
|
59
|
|
|
0.3
|
%
|
|
Iowa
|
|
23
|
|
2,584
|
|
|
1.1
|
%
|
|
149
|
|
|
0.8
|
%
|
|
Kansas
|
|
2
|
|
2,516
|
|
|
1.0
|
%
|
|
241
|
|
|
1.3
|
%
|
|
Kentucky
|
|
8
|
|
7,141
|
|
|
2.9
|
%
|
|
511
|
|
|
2.7
|
%
|
|
Louisiana
|
|
16
|
|
2,299
|
|
|
0.9
|
%
|
|
273
|
|
|
1.4
|
%
|
|
Maine
|
|
1
|
|
202
|
|
|
0.1
|
%
|
|
12
|
|
|
0.1
|
%
|
|
Maryland
|
|
5
|
|
1,096
|
|
|
0.4
|
%
|
|
21
|
|
|
0.1
|
%
|
|
Massachusetts
|
|
6
|
|
6,069
|
|
|
2.5
|
%
|
|
589
|
|
|
3.1
|
%
|
|
Michigan
|
|
33
|
|
5,707
|
|
|
2.3
|
%
|
|
338
|
|
|
1.8
|
%
|
|
Minnesota
|
|
8
|
|
11,342
|
|
|
4.6
|
%
|
|
752
|
|
|
3.9
|
%
|
|
Mississippi
|
|
26
|
|
3,031
|
|
|
1.2
|
%
|
|
149
|
|
|
0.8
|
%
|
|
Missouri
|
|
11
|
|
6,597
|
|
|
2.7
|
%
|
|
557
|
|
|
2.9
|
%
|
|
Nebraska
|
|
3
|
|
514
|
|
|
0.2
|
%
|
|
12
|
|
|
0.1
|
%
|
|
Nevada
|
|
3
|
|
6,652
|
|
|
2.7
|
%
|
|
396
|
|
|
2.1
|
%
|
|
New Jersey
|
|
4
|
|
18,655
|
|
|
7.6
|
%
|
|
818
|
|
|
4.3
|
%
|
|
New Mexico
|
|
2
|
|
336
|
|
|
0.1
|
%
|
|
27
|
|
|
0.2
|
%
|
|
New York
|
|
10
|
|
2,351
|
|
|
1.0
|
%
|
|
172
|
|
|
0.9
|
%
|
|
North Carolina
|
|
36
|
|
16,614
|
|
|
6.8
|
%
|
|
1,440
|
|
|
7.6
|
%
|
|
North Dakota
|
|
3
|
|
1,222
|
|
|
0.5
|
%
|
|
170
|
|
|
0.9
|
%
|
|
Ohio
|
|
64
|
|
16,085
|
|
|
6.6
|
%
|
|
840
|
|
|
4.4
|
%
|
|
Oklahoma
|
|
5
|
|
7,515
|
|
|
3.1
|
%
|
|
799
|
|
|
4.2
|
%
|
|
Pennsylvania
|
|
20
|
|
9,147
|
|
|
3.7
|
%
|
|
510
|
|
|
2.7
|
%
|
|
Rhode Island
|
|
2
|
|
2,419
|
|
|
1.0
|
%
|
|
149
|
|
|
0.8
|
%
|
|
South Carolina
|
|
17
|
|
12,840
|
|
|
5.3
|
%
|
|
1,410
|
|
|
7.4
|
%
|
|
South Dakota
|
|
2
|
|
339
|
|
|
0.1
|
%
|
|
47
|
|
|
0.2
|
%
|
|
Tennessee
|
|
32
|
|
4,248
|
|
|
1.7
|
%
|
|
280
|
|
|
1.5
|
%
|
|
Texas
|
|
23
|
|
10,160
|
|
|
4.2
|
%
|
|
726
|
|
|
3.8
|
%
|
|
Utah
|
|
1
|
|
3,397
|
|
|
1.4
|
%
|
|
396
|
|
|
2.1
|
%
|
|
Virginia
|
|
23
|
|
2,930
|
|
|
1.2
|
%
|
|
181
|
|
|
1.0
|
%
|
|
West Virginia
|
|
7
|
|
1,175
|
|
|
0.5
|
%
|
|
39
|
|
|
0.2
|
%
|
|
Wisconsin
|
|
4
|
|
6,629
|
|
|
2.7
|
%
|
|
532
|
|
|
2.8
|
%
|
|
Wyoming
|
|
2
|
|
583
|
|
|
0.2
|
%
|
|
44
|
|
|
0.2
|
%
|
|
Total
|
|
626
|
|
$
|
244,222
|
|
|
100.0
|
%
|
|
19,050
|
|
|
100.0
|
%
|
(1)
|
Annualized rental income on a straight-line basis is calculated using the most recent available lease terms as of
December 31, 2018
, which includes tenant concessions such as free rent, as applicable.
|
(In thousands)
|
|
Future Minimum
Base Rent Payments
|
||
2019
|
|
$
|
232,222
|
|
2020
|
|
223,025
|
|
|
2021
|
|
211,918
|
|
|
2022
|
|
200,974
|
|
|
2023
|
|
185,455
|
|
|
2024
|
|
165,851
|
|
|
2025
|
|
152,923
|
|
|
2026
|
|
142,418
|
|
|
2027
|
|
120,636
|
|
|
2028
|
|
93,177
|
|
|
Thereafter
|
|
409,419
|
|
|
|
|
$
|
2,138,018
|
|
Year of Expiration
|
|
Number of
Leases
Expiring
|
|
Annualized Rental Income on a
Straight-Line Basis
(1)
|
|
Annualized Rental Income on a
Straight-Line Basis %
|
|
Square Feet
|
|
Square Feet %
|
||||||
|
|
|
|
(In thousands)
|
|
|
|
(In thousands)
|
|
|
||||||
2019
|
|
84
|
|
|
$
|
7,242
|
|
|
3.0
|
%
|
|
473
|
|
|
2.6
|
%
|
2020
|
|
97
|
|
|
12,362
|
|
|
5.1
|
%
|
|
990
|
|
|
5.5
|
%
|
|
2021
|
|
79
|
|
|
16,043
|
|
|
6.6
|
%
|
|
1,378
|
|
|
7.6
|
%
|
|
2022
|
|
79
|
|
|
10,886
|
|
|
4.5
|
%
|
|
1,097
|
|
|
6.1
|
%
|
|
2023
|
|
117
|
|
|
22,403
|
|
|
9.2
|
%
|
|
2,557
|
|
|
14.2
|
%
|
|
2024
|
|
68
|
|
|
15,850
|
|
|
6.5
|
%
|
|
1,201
|
|
|
6.7
|
%
|
|
2025
|
|
60
|
|
|
17,034
|
|
|
7.0
|
%
|
|
1,398
|
|
|
7.7
|
%
|
|
2026
|
|
38
|
|
|
15,509
|
|
|
6.4
|
%
|
|
1,029
|
|
|
5.7
|
%
|
|
2027
|
|
95
|
|
|
33,025
|
|
|
13.5
|
%
|
|
3,523
|
|
|
19.5
|
%
|
|
2028
|
|
71
|
|
|
9,798
|
|
|
3.8
|
%
|
|
790
|
|
|
4.4
|
%
|
|
|
|
788
|
|
|
$
|
160,152
|
|
|
65.6
|
%
|
|
14,436
|
|
|
80.0
|
%
|
(1)
|
Annualized rental income on a straight-line basis is calculated using the most recent available lease terms as of
December 31, 2018
, which includes tenant concessions such as free rent, as applicable.
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
Return of capital
|
|
93.2
|
%
|
|
$
|
1.03
|
|
|
82.7
|
%
|
|
$
|
1.22
|
|
|
76.0
|
%
|
|
$
|
1.25
|
|
Ordinary dividend income
|
|
6.8
|
%
|
|
0.07
|
|
|
17.3
|
%
|
|
0.25
|
|
|
24.0
|
%
|
|
0.40
|
|
|||
Total
|
|
100.0
|
%
|
|
$
|
1.10
|
|
|
100.0
|
%
|
|
$
|
1.47
|
|
|
100.0
|
%
|
|
$
|
1.65
|
|
Plan Category
|
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights
|
|
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
|
|
Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)
|
||||
|
|
(a)
|
|
(b)
|
|
(c)
|
|
|||
Equity Compensation Plans approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Equity Compensation Plans not approved by security holders
|
|
4,496,786
|
|
(1)
|
—
|
|
|
5,970,710
|
|
(2)
|
Total
|
|
4,496,786
|
|
(1)
|
—
|
|
|
5,970,710
|
|
(2)
|
|
|
Historical
|
||||||||||||||||||
|
|
December 31,
|
||||||||||||||||||
Balance sheet data
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Total real estate investments, at cost
|
|
$
|
3,484,797
|
|
|
$
|
3,510,907
|
|
|
$
|
2,024,387
|
|
|
$
|
2,218,127
|
|
|
$
|
2,218,127
|
|
Commercial mortgage loans, held for investment, net
|
|
—
|
|
|
—
|
|
|
17,175
|
|
|
17,135
|
|
|
—
|
|
|||||
Assets held for sale
|
|
44,519
|
|
|
4,682
|
|
|
137,602
|
|
|
56,884
|
|
|
—
|
|
|||||
Total assets
|
|
3,262,547
|
|
|
3,296,650
|
|
|
2,064,459
|
|
|
2,237,088
|
|
|
2,224,805
|
|
|||||
Mortgage notes payable, net
|
|
1,196,113
|
|
|
1,303,433
|
|
|
1,032,956
|
|
|
1,048,474
|
|
|
487,954
|
|
|||||
Credit Facility
|
|
324,700
|
|
|
95,000
|
|
|
—
|
|
|
—
|
|
|
423,000
|
|
|||||
Total liabilities
|
|
1,652,812
|
|
|
1,555,594
|
|
|
1,079,593
|
|
|
1,110,339
|
|
|
959,640
|
|
|||||
Total stockholders’ equity
|
|
1,609,735
|
|
|
1,741,056
|
|
|
984,866
|
|
|
1,126,749
|
|
|
1,265,165
|
|
|
|
Historical
|
||||||||||||||||||
|
|
Year Ended December 31,
|
||||||||||||||||||
Operating data
(In thousands, except share and per share data)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Total revenues
|
|
$
|
291,207
|
|
|
$
|
270,910
|
|
|
$
|
177,668
|
|
|
$
|
174,498
|
|
|
$
|
158,380
|
|
Operating expenses
|
|
(294,528
|
)
|
|
(272,548
|
)
|
|
(178,287
|
)
|
|
(141,347
|
)
|
|
(135,477
|
)
|
|||||
Gains on dispositions of real estate investments
|
|
31,776
|
|
|
15,128
|
|
|
454
|
|
|
—
|
|
|
—
|
|
|||||
Operating income (loss)
|
|
28,455
|
|
|
13,490
|
|
|
(165
|
)
|
|
33,151
|
|
|
22,903
|
|
|||||
Total other expenses, net
|
|
(65,926
|
)
|
|
(60,067
|
)
|
|
(54,090
|
)
|
|
(54,268
|
)
|
|
(24,900
|
)
|
|||||
Net loss
|
|
(37,471
|
)
|
|
(46,577
|
)
|
|
(54,255
|
)
|
|
(21,117
|
)
|
|
(1,997
|
)
|
|||||
Net loss attributable to non-controlling interests
|
|
62
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net loss attributable to stockholders
|
|
$
|
(37,409
|
)
|
|
$
|
(46,494
|
)
|
|
$
|
(54,255
|
)
|
|
$
|
(21,117
|
)
|
|
$
|
(1,997
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows provided by operating activities
|
|
$
|
95,037
|
|
|
$
|
92,464
|
|
|
$
|
73,369
|
|
|
$
|
89,458
|
|
|
$
|
99,811
|
|
Cash flows (used in) provided by investing activities
|
|
(188,215
|
)
|
|
(19,159
|
)
|
|
37,830
|
|
|
(61,718
|
)
|
|
(490,814
|
)
|
|||||
Cash flows provided by (used in) by financing activities
|
|
75,555
|
|
|
(85,156
|
)
|
|
(110,481
|
)
|
|
35,887
|
|
|
364,587
|
|
|||||
Per share data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted net loss per share
|
|
$
|
(0.35
|
)
|
|
$
|
(0.47
|
)
|
|
$
|
(0.83
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.03
|
)
|
Common stock dividends declared per share
|
|
$
|
1.10
|
|
|
$
|
1.47
|
|
|
$
|
1.65
|
|
|
$
|
1.65
|
|
|
$
|
1.65
|
|
Basic and diluted weighted-average shares outstanding
|
|
105,560,053
|
|
|
99,649,471
|
|
|
65,450,432
|
|
|
66,028,245
|
|
|
64,333,260
|
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||||
|
|
|
|
|
|
(In thousands)
|
|
|
||||||||||||||
|
|
Number of Leases
|
|
Rentable Square Feet
|
|
Annualized SLR
(1)
prior to Lease Execution/Renewal
|
|
Annualized SLR
(1)
after Lease Execution/Renewal
|
|
Costs to execute leases
|
|
Costs to execute leases - per square foot
|
||||||||||
New leases
(2)
|
|
30
|
|
|
441,996
|
|
|
$
|
—
|
|
|
$
|
4,283
|
|
|
$
|
2,075
|
|
|
$
|
4.69
|
|
Lease renewals/amendments
(2)
|
|
89
|
|
|
807,024
|
|
|
12,581
|
|
|
12,081
|
|
|
625
|
|
|
0.77
|
|
||||
Lease terminations
(3)
|
|
(15
|
)
|
|
158,837
|
|
|
1,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
Annualized rental income on a straight-line basis.
|
(2)
|
New leases reflect leases in which a new tenant took possession of the space during the year ended
December 31, 2018
, excluding new property acquisitions. Lease renewals/amendments reflect leases in which an existing tenant executed terms to extend the term or change the rental terms of the lease during the year ended
December 31, 2018
.
|
(3)
|
Represents leases that were terminated prior to their contractual lease expiration dates.
|
|
Same Store
|
|
Acquisitions
|
Disposals
|
|
Merger
|
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|
Year Ended December 31,
|
Increase (Decrease)
|
|
Year Ended December 31,
|
Increase (Decrease)
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
||||||||||||||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
$
|
|
2018
|
|
2017
|
|
$
|
|
2018
|
|
2017
|
|
$
|
|
2018
|
|
2017
|
|
$
|
|
2018
|
|
2017
|
|
$
|
||||||||||||||||||||||||||||||
Rental income
|
$
|
125,066
|
|
|
$
|
126,212
|
|
|
$
|
(1,146
|
)
|
|
$
|
20,059
|
|
|
$
|
5,626
|
|
|
$
|
14,433
|
|
|
$
|
10,435
|
|
|
$
|
21,776
|
|
|
$
|
(11,341
|
)
|
|
100,597
|
|
|
$
|
86,650
|
|
|
$
|
13,947
|
|
|
$
|
256,157
|
|
|
$
|
240,264
|
|
|
$
|
15,893
|
|
|
Operating Expense Re-imbursements
|
2,745
|
|
|
2,624
|
|
|
121
|
|
|
605
|
|
|
138
|
|
|
467
|
|
|
1,120
|
|
|
2,643
|
|
|
(1,523
|
)
|
|
30,580
|
|
|
24,155
|
|
|
6,425
|
|
|
35,050
|
|
|
29,560
|
|
|
5,490
|
|
|||||||||||||||
Less: Property operating expenses
|
4,924
|
|
|
3,975
|
|
|
949
|
|
|
736
|
|
|
152
|
|
|
584
|
|
|
2,733
|
|
|
2,563
|
|
|
170
|
|
|
45,675
|
|
|
35,904
|
|
|
9,771
|
|
|
54,068
|
|
|
42,594
|
|
|
11,474
|
|
|||||||||||||||
NOI
|
$
|
122,887
|
|
|
$
|
124,861
|
|
|
$
|
(1,974
|
)
|
|
$
|
19,928
|
|
|
$
|
5,612
|
|
|
$
|
14,316
|
|
|
$
|
8,822
|
|
|
$
|
21,856
|
|
|
$
|
(13,034
|
)
|
|
$
|
85,502
|
|
|
$
|
74,901
|
|
|
$
|
10,601
|
|
|
$
|
237,139
|
|
|
$
|
227,230
|
|
|
$
|
9,909
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||
(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
|
|
$
|
1,254,541
|
|
|
$
|
58,274
|
|
|
4.60
|
%
|
|
$
|
1,107,683
|
|
|
$
|
52,377
|
|
|
4.68
|
%
|
Credit Facility/Prior Credit Facility
|
|
$
|
150,864
|
|
|
6,729
|
|
|
4.10
|
%
|
|
$
|
194,154
|
|
|
5,462
|
|
|
2.48
|
%
|
||
Amortization of deferred financing costs
|
|
|
|
5,648
|
|
|
|
|
|
|
6,693
|
|
|
|
||||||||
Amortization of mortgage premiums
|
|
|
|
(3,790
|
)
|
|
|
|
|
|
(4,096
|
)
|
|
|
||||||||
Gain on derivative instruments
|
|
|
|
(72
|
)
|
|
|
|
|
|
(131
|
)
|
|
|
||||||||
Interest Expense
|
|
|
|
$
|
66,789
|
|
|
|
|
|
|
$
|
60,305
|
|
|
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||
|
|
|
|
|
|
(In thousands)
|
|
|
||||||||||||||
|
|
Number of Leases
|
|
Rentable Square Feet
|
|
Annualized SLR
(1)
prior to Lease Execution/Renewal
|
|
Annualized SLR
(1)
after Lease Execution/Renewal
|
|
Costs to execute leases
|
|
Costs to execute leases - per square foot
|
||||||||||
New leases
(2)
|
|
12
|
|
|
58,651
|
|
|
$
|
—
|
|
|
$
|
925
|
|
|
$
|
585
|
|
|
$
|
9.97
|
|
Lease renewals/amendments
(2)
|
|
69
|
|
|
1,527,746
|
|
|
28,727
|
|
|
27,465
|
|
|
7,397
|
|
|
4.84
|
|
||||
Lease terminations
(3)
|
|
(9
|
)
|
|
240,038
|
|
|
3,113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
Annualized rental income on a straight-line basis.
|
(2)
|
New leases reflect leases in which a new tenant took possession of the space during the year ended December 31, 2017, excluding new property acquisitions. Lease renewals/amendments reflect leases in which an existing tenant executed terms to extend the term or change the rental terms of the lease during the year ended December 31, 2017.
|
(3)
|
Represents leases that were terminated prior to their contractual lease expiration dates.
|
|
Same Store
|
|
Acquisitions
|
Disposals
|
|
Merger
|
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|
Year Ended December 31,
|
Increase (Decrease)
|
|
Year Ended December 31,
|
Increase (Decrease)
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
||||||||||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
2017
|
|
2016
|
|
$
|
|
2017
|
|
2016
|
|
$
|
|
2017
|
|
2016
|
|
$
|
|
2017
|
|
2016
|
|
$
|
||||||||||||||||||||||||||||||
Rental income
|
$
|
137,853
|
|
|
$
|
138,230
|
|
|
$
|
(377
|
)
|
|
$
|
5,626
|
|
|
$
|
—
|
|
|
$
|
5,626
|
|
|
$
|
6,447
|
|
|
$
|
26,156
|
|
|
$
|
(19,709
|
)
|
|
$
|
90,338
|
|
|
$
|
—
|
|
|
$
|
90,338
|
|
|
$
|
240,264
|
|
|
$
|
164,386
|
|
|
$
|
75,878
|
|
Operating Expense Re-imbursements
|
2,807
|
|
|
2,878
|
|
|
(71
|
)
|
|
138
|
|
|
—
|
|
|
138
|
|
|
1,424
|
|
|
9,354
|
|
|
(7,930
|
)
|
|
25,191
|
|
|
$
|
—
|
|
|
25,191
|
|
|
29,560
|
|
|
12,232
|
|
|
17,328
|
|
||||||||||||||
Less: Property operating
|
4,435
|
|
|
4,216
|
|
|
219
|
|
|
152
|
|
|
—
|
|
|
152
|
|
|
642
|
|
|
9,398
|
|
|
(8,756
|
)
|
|
37,365
|
|
|
—
|
|
|
37,365
|
|
|
42,594
|
|
|
13,614
|
|
|
28,980
|
|
|||||||||||||||
NOI
|
$
|
136,225
|
|
|
$
|
136,892
|
|
|
$
|
(667
|
)
|
|
$
|
5,612
|
|
|
$
|
—
|
|
|
$
|
5,612
|
|
|
$
|
7,229
|
|
|
$
|
26,112
|
|
|
$
|
(18,883
|
)
|
|
$
|
78,164
|
|
|
$
|
—
|
|
|
$
|
78,164
|
|
|
$
|
227,230
|
|
|
$
|
163,004
|
|
|
$
|
64,226
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||
(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
|
|
$
|
1,107,683
|
|
|
$
|
52,377
|
|
|
4.68
|
%
|
|
$
|
1,045,695
|
|
|
$
|
49,814
|
|
|
4.75
|
%
|
Prior Credit Facility
|
|
$
|
194,154
|
|
|
5,462
|
|
|
2.48
|
%
|
|
$
|
—
|
|
|
—
|
|
|
—
|
%
|
||
Amortization of deferred financing costs
|
|
|
|
6,693
|
|
|
|
|
|
|
8,650
|
|
|
|
||||||||
Amortization of mortgage premiums
|
|
|
|
(4,096
|
)
|
|
|
|
|
|
(4,211
|
)
|
|
|
||||||||
Gain on derivative instruments
|
|
|
|
(131
|
)
|
|
|
|
|
|
—
|
|
|
|
||||||||
Interest Expense
|
|
|
|
$
|
60,305
|
|
|
|
|
|
|
$
|
54,253
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net loss attributable to stockholders (in accordance with GAAP)
|
|
$
|
(37,409
|
)
|
|
$
|
(46,494
|
)
|
|
$
|
(54,255
|
)
|
Impairment charges
|
|
21,080
|
|
|
25,049
|
|
|
27,299
|
|
|||
Depreciation and amortization
|
|
139,907
|
|
|
154,027
|
|
|
101,143
|
|
|||
Gain on sale of real estate investments
|
|
(31,776
|
)
|
|
(15,128
|
)
|
|
(454
|
)
|
|||
Proportionate share of adjustments for non-controlling interests to arrive at FFO
|
|
(228
|
)
|
|
(291
|
)
|
|
—
|
|
|||
FFO attributable to stockholders
|
|
91,574
|
|
|
117,163
|
|
|
73,733
|
|
|||
Acquisition and transaction related
|
|
5,612
|
|
|
9,356
|
|
|
7,063
|
|
|||
Litigation costs related to the Merger
[1]
|
|
1,945
|
|
|
796
|
|
|
—
|
|
|||
Listing fees
|
|
4,988
|
|
|
—
|
|
|
—
|
|
|||
Vesting and conversion of Class B Units
|
|
15,786
|
|
|
—
|
|
|
—
|
|
|||
Amortization of market lease and other intangibles, net
|
|
(15,498
|
)
|
|
(5,173
|
)
|
|
477
|
|
|||
Straight-line rent
|
|
(9,501
|
)
|
|
(7,744
|
)
|
|
(6,830
|
)
|
|||
Amortization of mortgage premiums on borrowings
|
|
(3,790
|
)
|
|
(4,096
|
)
|
|
(4,211
|
)
|
|||
Discount accretion on investment
|
|
—
|
|
|
(25
|
)
|
|
(40
|
)
|
|||
Mark-to-market adjustments
|
|
(72
|
)
|
|
(130
|
)
|
|
—
|
|
|||
Share-based compensation — restricted shares
|
|
450
|
|
|
128
|
|
|
67
|
|
|||
Share-based compensation — multi-year outperformance agreement
|
|
4,816
|
|
|
—
|
|
|
—
|
|
|||
Amortization of deferred financing costs, net and change in accrued interest
|
|
6,740
|
|
|
7,384
|
|
|
9,325
|
|
|||
Proportionate share of adjustments for non-controlling interests to arrive at AFFO
|
|
(19
|
)
|
|
5
|
|
|
—
|
|
|||
AFFO attributable to stockholders
|
|
$
|
103,031
|
|
|
$
|
117,664
|
|
|
$
|
79,584
|
|
(In thousands)
|
|
Same Store
|
|
Acquisitions
|
|
Disposals
|
|
Merger
|
|
Non-Property Specific
|
|
Total
|
||||||||||||
Net (loss) income attributable to stockholders (in accordance with GAAP)
|
|
$
|
(7,329
|
)
|
|
$
|
12,474
|
|
|
$
|
19,243
|
|
|
$
|
18,719
|
|
|
$
|
(80,516
|
)
|
|
$
|
(37,409
|
)
|
Asset management fees to related party
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,143
|
|
|
23,143
|
|
||||||
Impairment charges
|
|
3,438
|
|
|
—
|
|
|
17,642
|
|
|
—
|
|
|
—
|
|
|
21,080
|
|
||||||
Acquisition and transaction related
|
|
4,483
|
|
|
171
|
|
|
38
|
|
|
15
|
|
|
905
|
|
|
5,612
|
|
||||||
Listing fees
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,988
|
|
|
4,988
|
|
||||||
Vesting and conversion of Class B Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,786
|
|
|
15,786
|
|
||||||
Share-based compensation — multi-year outperformance agreement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,816
|
|
|
4,816
|
|
||||||
General and administrative
|
|
426
|
|
|
55
|
|
|
76
|
|
|
1,040
|
|
|
23,531
|
|
|
25,128
|
|
||||||
Depreciation and amortization
|
|
65,740
|
|
|
7,230
|
|
|
3,634
|
|
|
63,303
|
|
|
—
|
|
|
139,907
|
|
||||||
Interest expense
|
|
56,187
|
|
|
—
|
|
|
—
|
|
|
3,211
|
|
|
7,391
|
|
|
66,789
|
|
||||||
Gain on sale of real estate investments
|
|
—
|
|
|
—
|
|
|
(31,776
|
)
|
|
—
|
|
|
—
|
|
|
(31,776
|
)
|
||||||
Other income
|
|
(58
|
)
|
|
(2
|
)
|
|
(35
|
)
|
|
(786
|
)
|
|
18
|
|
|
(863
|
)
|
||||||
Net loss attributable to non-controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
|
(62
|
)
|
||||||
NOI
|
|
$
|
122,887
|
|
|
$
|
19,928
|
|
|
$
|
8,822
|
|
|
$
|
85,502
|
|
|
$
|
—
|
|
|
$
|
237,139
|
|
(In thousands)
|
|
Same Store
|
|
Acquisitions
|
|
Disposals
|
|
Merger
|
|
Non-Property Specific
|
|
Total
|
||||||||||||
Net income (loss) attributable to stockholders (in accordance with GAAP)
|
|
$
|
(2,885
|
)
|
|
$
|
1,785
|
|
|
$
|
824
|
|
|
$
|
7,334
|
|
|
$
|
(53,552
|
)
|
|
$
|
(46,494
|
)
|
Asset management fees to related party
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,908
|
|
|
20,908
|
|
||||||
Impairment charges
|
|
2,721
|
|
|
—
|
|
|
22,328
|
|
|
—
|
|
|
—
|
|
|
25,049
|
|
||||||
Acquisition and transaction related
|
|
2,180
|
|
|
1,631
|
|
|
1
|
|
|
1
|
|
|
5,543
|
|
|
9,356
|
|
||||||
General and administrative
|
|
254
|
|
|
6
|
|
|
54
|
|
|
849
|
|
|
19,451
|
|
|
20,614
|
|
||||||
Depreciation and amortization
|
|
76,382
|
|
|
2,190
|
|
|
12,376
|
|
|
63,079
|
|
|
—
|
|
|
154,027
|
|
||||||
Interest expense
|
|
47,313
|
|
|
—
|
|
|
1,183
|
|
|
4,013
|
|
|
7,796
|
|
|
60,305
|
|
||||||
Gain on sale of real estate investments
|
|
—
|
|
|
—
|
|
|
(14,865
|
)
|
|
(263
|
)
|
|
—
|
|
|
(15,128
|
)
|
||||||
Other income
|
|
(1,104
|
)
|
|
—
|
|
|
(45
|
)
|
|
(112
|
)
|
|
(63
|
)
|
|
(1,324
|
)
|
||||||
Net loss attributable to non-controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
(83
|
)
|
||||||
NOI
|
|
$
|
124,861
|
|
|
$
|
5,612
|
|
|
$
|
21,856
|
|
|
$
|
74,901
|
|
|
$
|
—
|
|
|
$
|
227,230
|
|
(In thousands)
|
|
Same Store
|
|
Acquisitions
|
|
Disposals
|
|
Merger
|
|
Non-Property Specific
|
|
Total
|
||||||||||||
Net income (loss) attributable to stockholders (in accordance with GAAP)
|
|
$
|
(12,960
|
)
|
|
$
|
—
|
|
|
$
|
(1,887
|
)
|
|
$
|
—
|
|
|
$
|
(39,408
|
)
|
|
$
|
(54,255
|
)
|
Asset management fees to related party
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,000
|
|
|
18,000
|
|
||||||
Impairment charges
|
|
17,895
|
|
|
—
|
|
|
9,404
|
|
|
—
|
|
|
—
|
|
|
27,299
|
|
||||||
Acquisition and transaction related
|
|
630
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
6,431
|
|
|
7,063
|
|
||||||
General and administrative
|
|
206
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
10,954
|
|
|
11,168
|
|
||||||
Depreciation and amortization
|
|
85,485
|
|
|
—
|
|
|
15,658
|
|
|
—
|
|
|
—
|
|
|
101,143
|
|
||||||
Interest expense
|
|
47,159
|
|
|
—
|
|
|
2,929
|
|
|
—
|
|
|
4,165
|
|
|
54,253
|
|
||||||
Gain on sale of real estate investments
|
|
(454
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(454
|
)
|
||||||
Other income
|
|
(1,069
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(142
|
)
|
|
(1,213
|
)
|
||||||
NOI
|
|
$
|
136,892
|
|
|
$
|
—
|
|
|
$
|
26,112
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
163,004
|
|
|
|
Three Months Ended
|
|
Year Ended December 31, 2018
|
|||||||||||||||||||||||||||||||
|
|
March 31, 2018
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
|
||||||||||||||||||||||||||
(In thousands)
|
|
|
|
Percentage of Dividends
|
|
|
|
Percentage of Dividends
|
|
|
|
Percentage of Dividends
|
|
|
|
Percentage of Dividends
|
|
|
|
Percentage of Dividends
|
|||||||||||||||
Cash dividends paid to stockholders not reinvested in common stock
|
|
$
|
21,906
|
|
|
|
|
$
|
22,961
|
|
|
|
|
$
|
30,713
|
|
|
|
|
$
|
29,244
|
|
|
|
|
$
|
104,824
|
|
|
|
|||||
Cash dividends reinvested in common stock issued under the Pre-Listing DRIP
|
|
11,773
|
|
|
|
|
11,475
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
23,248
|
|
|
|
||||||||||
Total dividends paid
|
|
$
|
33,679
|
|
|
|
|
$
|
34,436
|
|
|
|
|
$
|
30,713
|
|
|
|
|
$
|
29,244
|
|
|
|
|
$
|
128,072
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Source of dividend coverage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash flows provided by operations
|
|
$
|
22,348
|
|
|
66.4
|
%
|
|
$
|
31,480
|
|
|
91.4
|
%
|
|
$
|
19,933
|
|
|
64.9
|
%
|
|
$
|
21,276
|
|
|
72.8
|
%
|
|
$
|
95,037
|
|
|
74.2
|
%
|
Cash proceeds received from common stock issued under the DRIP
|
|
11,331
|
|
|
33.6
|
%
|
|
2,956
|
|
|
8.6
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
14,287
|
|
|
11.2
|
%
|
|||||
Available cash on hand
(1)
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
10,780
|
|
|
35.1
|
%
|
|
7,968
|
|
|
23.1
|
%
|
|
18,748
|
|
|
14.6
|
%
|
|||||
Total source of dividend coverage
|
|
$
|
33,679
|
|
|
100.0
|
%
|
|
$
|
34,436
|
|
|
100.0
|
%
|
|
$
|
30,713
|
|
|
100.0
|
%
|
|
$
|
29,244
|
|
|
95.9
|
%
|
|
$
|
128,072
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash flows provided by operations (GAAP basis)
|
|
$
|
22,348
|
|
|
|
|
$
|
31,480
|
|
|
|
|
$
|
19,933
|
|
|
|
|
$
|
21,276
|
|
|
|
|
$
|
95,037
|
|
|
|
|
||||
Net income (loss) (in accordance with GAAP)
|
|
$
|
15,431
|
|
|
|
|
$
|
(12,065
|
)
|
|
|
|
$
|
(27,291
|
)
|
|
|
|
$
|
(13,484
|
)
|
|
|
|
$
|
(37,409
|
)
|
|
|
|
(1)
|
Consists of proceeds from financings and sales of real estate investments.
|
|
|
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
|
|
|
Year ended December 31, 2017
|
|
1,225,365
|
|
(1)
|
23.71
|
|
|
Year ended December 31, 2018
|
|
412,939
|
|
(2)
|
23.37
|
|
|
Cumulative repurchases as of December 31, 2018
|
|
3,719,803
|
|
|
23.90
|
|
(1)
|
Excludes unapproved repurchase requests received during 2016 with respect to
5.9 million
shares for
$140.1 million
at a weighted-average price per share of
$23.65
. Also, in July, 2017, following the effectiveness of the amendment and restatement of the SRP, our board of directors approved
100%
of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2017 to December 31, 2017. No repurchases were made with respect to requests received during 2017 that are not valid requests in accordance with the amended and restated SRP. At the time the SRP was terminated in anticipation of the Listing, effective June 30, 2018, we had received repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 to June 30, 2018 with respect to
0.6 million
shares that were therefore not repurchased.
|
(2)
|
During January 2018, we repurchased
412,939
shares for approximately
$9.7 million
at a price of
$23.37
per share equal to the then current Estimated Per-Share NAV.
|
|
|
|
|
Years Ended December 31,
|
|
|
||||||||||||||
(In thousands)
|
|
Total
|
|
2019
|
|
2020-2021
|
|
2022-2023
|
|
Thereafter
|
||||||||||
Principal on mortgage notes payable
|
|
$
|
1,200,538
|
|
|
$
|
2,533
|
|
|
$
|
873,831
|
|
|
$
|
2,501
|
|
|
$
|
321,673
|
|
Interest on mortgage notes payable
|
|
201,512
|
|
|
55,724
|
|
|
68,568
|
|
|
28,609
|
|
|
48,611
|
|
|||||
Principal on Credit Facility
(1)
|
|
324,700
|
|
|
—
|
|
|
—
|
|
|
324,700
|
|
|
—
|
|
|||||
Interest on Credit Facility
|
|
61,470
|
|
|
14,227
|
|
|
28,494
|
|
|
18,749
|
|
|
—
|
|
|||||
Ground lease rental payments due
|
|
17,086
|
|
|
1,461
|
|
|
2,168
|
|
|
1,859
|
|
|
11,598
|
|
|||||
|
|
$
|
1,805,306
|
|
|
$
|
73,945
|
|
|
$
|
973,061
|
|
|
$
|
376,418
|
|
|
$
|
381,882
|
|
(1)
|
Upon the Listing, the maturity date of the Credit Facility was automatically extended from April 26, 2020 to April 26, 2022 and we have a one-time right, subject to customary conditions, to extend the maturity date for an additional term of one year to April 26, 2023.
|
(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 consolidated financial statements.
|
Exhibit No.
|
|
Description
|
2.1
(4)
|
|
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
(2)
|
|
Articles of Amendment and Restatement
|
3.2
(14)
|
|
Fourth Amended and Restated Bylaws
|
3.3
(7)
|
|
Articles Supplementary relating to election to be subject to Section 3-803 of MGCL.
|
3.4
(15)
|
|
Articles of Amendment relating to reverse stock split, dated July 3, 2018
|
3.5
(15)
|
|
Articles of Amendment relating to par value decrease, dated July 3, 2018
|
3.6
(15)
|
|
Articles of Amendment relating to common stock name change, dated July 3, 2018
|
3.7
(15)
|
|
Articles Supplementary relating to reclassification of common stock, dated July 3, 2018
|
3.8
(13)
|
|
Certification of Notice of American Finance Trust, Inc. filed with the State Department of Assessments and Taxation of Maryland on September 18, 2018
|
3.9
(11)
|
|
Certification of Notice of American Finance Trust, Inc. filed with the State Department of Assessments and Taxation of Maryland on December 20, 2018
|
4.1
(4)
|
|
Amended and Restated Agreement of Limited Partnership of American Finance Operating Partnership, L.P., dated as of September 6, 2016
|
4.2
(5)
|
|
Amendment No. 1 to Amended and Restated Limited Partnership Agreement of American Finance Operating Partnership, L.P., dated as of February 16, 2017
|
4.3
(14)
|
|
Second Amended and Restated Agreement of Limited Partnership of American Finance Operating Partnership, L.P., dated as of July 19, 2018
|
4.4
(12)
|
|
First Amendment to Second Amended and Restated Agreement of Limited Partnership of American Finance Operating Partnership, L.P., dated as of November 6, 2018
|
4.5
(9)
|
|
Amended and Restated Distribution Reinvestment Plan (Pre-Listing)
|
4.6
(10)
|
|
First Amendment to Amended and Restated Distribution Reinvestment Plan (Pre-Listing)
|
4.7
(14)
|
|
Amended and Restated Distribution Reinvestment Plan (Post-Listing)
|
10.1
(4)
|
|
Third Amended and Restated Advisory Agreement, dated as of September 6, 2016, by and among American Finance Trust, Inc., American Finance Operating Partnership, L.P. and American Finance Advisors, LLC
|
10.2
(14)
|
|
Amendment No. 1 to the Third Amended and Restated Advisory Agreement, dated July 19, 2018, among American Finance Trust, Inc., American Finance Operating Partnership, L.P. and American Finance Advisors, LLC
|
10.3
(4)
|
|
Amended and Restated Property Management 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
(4)
|
|
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)
|
10.5
(4)
|
|
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
|
10.6
(3)
|
|
Form of Restricted Stock Unit Award Agreement Pursuant to the Employee and Director Incentive Restricted Share Plan of American Finance Trust, Inc. (Pre-Listing)
|
Exhibit No.
|
|
Description
|
10.7
(1)
|
|
Indemnification Agreement by and among American Finance Trust, Inc., 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
|
10.8
(1)
|
|
Indemnification Agreement by and between American Finance Trust, Inc., and Herbert Vederman, dated May 14, 2015
|
10.9
(2)
|
|
Indemnification Agreement by and between American Finance Trust, Inc., Donald MacKinnon, Donald R. Ramon and Andrew Winer, dated May 26, 2015
|
10.10
(5)
|
|
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.
|
10.11
(16)
|
|
Credit Agreement, dated as of April 26, 2018, by and among American Finance Operating Partnership, L.P., the guarantors party thereto, the lenders from time to time party thereto, Citizens Bank N.A. and SunTrust Robinson Humphrey, Inc., as syndication agents, and BMO Harris Bank N.A., as administrative agent
|
10.12
(12)
|
|
First Amendment to Credit Agreement, dated as of September 24, 2018, among American Finance Operating Partnership, L.P., Genie Acquisition, LLC, American Finance Trust, Inc., the lenders party thereto and BMO Harris Bank N.A.
|
10.13
(5)
|
|
Indemnification Agreement, dated as of February 16, 2017, by and between American Finance Trust, Inc. and Leslie D. Michelson and Edward G. Rendell
|
10.14
(7)
|
|
Indemnification Agreement between American Finance Trust, Inc. and Katie P. Kurtz
|
10.15
(17)
|
|
Loan Agreement dated as of December 8, 2017 among Societe Generale and UBS AG as Lenders and certain subsidiaries of American Finance Operating Partnership, LP, as Borrowers
|
10.16
(17)
|
|
Guaranty of Recourse Obligations dated as of December 8, 2017 by American Finance Trust, Inc. in favor of Societe Generale and UBS AG
|
10.17
(17)
|
|
First Amendment to Amended and Restated Property Management Agreement, dated as of December 8, 2017, by and among American Finance Trust, Inc. and American Finance Properties, LLC and certain subsidiaries of American Finance Operating Partnership, LP
|
10.18
(17)
|
|
Form of Property Management Agreement by and between American Finance Properties, LLC and certain subsidiaries of American Finance Operating Partnership, LP
|
10.19
(12)
|
|
Form of Restricted Stock Award Agreement (Post-Listing)
|
10.20
(14)
|
|
Listing Note Agreement, dated as of July 19, 2018, between American Finance Operating Partnership, L.P. and American Finance Special Limited Partner, LLC
|
10.21
(14)
|
|
Subordination Agreement, dated as of July 19, 2018, among American Finance Special Limited Partner, LLC, BMO Harris Bank N.A. and American Finance Operating Partnership, L.P.
|
10.22
(14)
|
|
Advisor Multi-Year Outperformance Award Agreement, dated as of July 19, 2018, between American Finance Operating Partnership, L.P. and America Finance Advisors, LLC
|
10.23
(14)
|
|
2018 Advisor Omnibus Incentive Compensation Plan
|
10.24
(14)
|
|
2018 Omnibus Incentive Compensation Plan
|
10.25
(14)
|
|
Form of Indemnification Agreement (Post-Listing)
|
10.26
*
|
|
First Amendment, dated as of March 6, 2019, to 2018 Advisor Multi-Year Outperformance Award Agreement,
dated as of July 19, 2018, between American Finance Operating Partnership, L.P. and America Finance
Advisors, LLC
|
14.1
(14)
|
|
Amended and Restated Code of Business Conduct and Ethics
|
21.1
*
|
|
List of Subsidiaries
|
23.1
*
|
|
Consent of KPMG LLP
|
31.1
*
|
|
Certification of the Principal Executive Officer of American Finance Trust, Inc. 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 American Finance Trust, Inc. 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 American Finance Trust, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
Exhibit No.
|
|
Description
|
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, 2018, 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 our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on May 15, 2015.
|
(2)
|
Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed with the SEC on August 11, 2015.
|
(3)
|
Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed with the SEC on August 11, 2016.
|
(4)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on September 7, 2016.
|
(5)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on February 21, 2017.
|
(6)
|
Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 13, 2017.
|
(7)
|
Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 filed with the SEC on November 13, 2017.
|
(8)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on June 14, 2017.
|
(9)
|
Filed as Appendix A to our Registration Statement on Form S-3 filed with the SEC on April 1, 2016.
|
(10)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on June 30, 2016.
|
(11)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on December 20, 2018.
|
(12)
|
Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 filed with the SEC on November 6, 2018.
|
(13)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on September 20, 2018.
|
(14)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on July 19, 2018.
|
(15)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on July 9, 2018.
|
(16)
|
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on May 2, 2018.
|
(17)
|
Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 19, 2018.
|
|
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 7, 2019
|
Edward M. Weil, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Katie P. Kurtz
|
|
Chief Financial Officer, Treasurer and Secretary
(Principal Financial Officer and Principal Accounting Officer)
|
|
March 7, 2019
|
Katie P. Kurtz
|
|
|
|
|
|
|
|
|
|
/s/ Lisa D. Kabnick
|
|
Lead Independent Director
|
|
March 7, 2019
|
Lisa D. Kabnick
|
|
|
|
|
|
|
|
|
|
/s/ Stanley Perla
|
|
Independent Director
|
|
March 7, 2019
|
Stanley Perla
|
|
|
|
|
|
|
|
|
|
/s/ Leslie D. Michelson
|
|
Independent Director
|
|
March 7, 2019
|
Leslie D. Michelson
|
|
|
|
|
|
|
|
|
|
/s/ Edward G. Rendell
|
|
Independent Director
|
|
March 7, 2019
|
Edward G. Rendell
|
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statement Schedules:
|
|
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
||||
Real estate investments, at cost:
|
|
|
|
||||
Land
|
$
|
629,190
|
|
|
$
|
607,675
|
|
Buildings, fixtures and improvements
|
2,441,659
|
|
|
2,449,020
|
|
||
Acquired intangible lease assets
|
413,948
|
|
|
454,212
|
|
||
Total real estate investments, at cost
|
3,484,797
|
|
|
3,510,907
|
|
||
Less: accumulated depreciation and amortization
|
(454,614
|
)
|
|
(408,194
|
)
|
||
Total real estate investments, net
|
3,030,183
|
|
|
3,102,713
|
|
||
Cash and cash equivalents
|
91,451
|
|
|
107,666
|
|
||
Restricted cash
|
18,180
|
|
|
19,588
|
|
||
Deposits for real estate acquisitions
|
3,037
|
|
|
565
|
|
||
Derivative assets, at fair value
|
—
|
|
|
23
|
|
||
Goodwill
|
1,605
|
|
|
1,605
|
|
||
Deferred costs, net
|
16,222
|
|
|
8,949
|
|
||
Straight-line rent receivable
|
37,911
|
|
|
28,515
|
|
||
Prepaid expenses and other assets
|
19,439
|
|
|
22,344
|
|
||
Assets held for sale
|
44,519
|
|
|
4,682
|
|
||
Total assets
|
$
|
3,262,547
|
|
|
$
|
3,296,650
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Mortgage notes payable, net
|
$
|
1,196,113
|
|
|
$
|
1,303,433
|
|
Credit facility
|
324,700
|
|
|
95,000
|
|
||
Market lease liabilities, net
|
89,938
|
|
|
108,772
|
|
||
Accounts payable and accrued expenses (including $2,634 and $3,169 due to related parties as of December 31, 2018 and 2017, respectively)
|
28,383
|
|
|
27,355
|
|
||
Derivative liabilities, at fair value
|
531
|
|
|
—
|
|
||
Deferred rent and other liabilities
|
13,067
|
|
|
9,421
|
|
||
Dividends payable
|
80
|
|
|
11,613
|
|
||
Total liabilities
|
1,652,812
|
|
|
1,555,594
|
|
||
|
|
|
|
||||
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, 106,230,901 and 105,172,185 shares issued and outstanding as of December 31, 2018 and 2017, respectively
|
1,063
|
|
|
1,052
|
|
||
Additional paid-in capital
|
2,412,915
|
|
|
2,393,237
|
|
||
Accumulated other comprehensive (loss) income
|
(531
|
)
|
|
95
|
|
||
Accumulated deficit
|
(812,047
|
)
|
|
(657,874
|
)
|
||
Total stockholders’ equity
|
1,601,400
|
|
|
1,736,510
|
|
||
Non-controlling interests
|
8,335
|
|
|
4,546
|
|
||
Total equity
|
1,609,735
|
|
|
1,741,056
|
|
||
Total liabilities and equity
|
$
|
3,262,547
|
|
|
$
|
3,296,650
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
256,157
|
|
|
$
|
240,264
|
|
|
$
|
164,386
|
|
Operating expense reimbursements
|
35,050
|
|
|
29,560
|
|
|
12,232
|
|
|||
Interest income from debt investments
|
—
|
|
|
1,086
|
|
|
1,050
|
|
|||
Total revenues
|
291,207
|
|
|
270,910
|
|
|
177,668
|
|
|||
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Asset management fees to related party
|
23,143
|
|
|
20,908
|
|
|
18,000
|
|
|||
Property operating
|
54,068
|
|
|
42,594
|
|
|
13,614
|
|
|||
Impairment charges
|
21,080
|
|
|
25,049
|
|
|
27,299
|
|
|||
Acquisition and transaction related
|
5,612
|
|
|
9,356
|
|
|
7,063
|
|
|||
Listing fees
|
4,988
|
|
|
—
|
|
|
—
|
|
|||
Vesting and conversion of Class B Units
|
15,786
|
|
|
—
|
|
|
—
|
|
|||
Share-based compensation — multi-year outperformance agreement
|
4,816
|
|
|
—
|
|
|
—
|
|
|||
General and administrative
|
25,128
|
|
|
20,614
|
|
|
11,168
|
|
|||
Depreciation and amortization
|
139,907
|
|
|
154,027
|
|
|
101,143
|
|
|||
Total operating expenses
|
294,528
|
|
|
272,548
|
|
|
178,287
|
|
|||
Operating loss before gain on sale of real estate investments
|
(3,321
|
)
|
|
(1,638
|
)
|
|
(619
|
)
|
|||
Gain on sale of real estate investments
|
31,776
|
|
|
15,128
|
|
|
454
|
|
|||
Operating income (loss)
|
28,455
|
|
|
13,490
|
|
|
(165
|
)
|
|||
Other (expenses) income:
|
|
|
|
|
|
||||||
Interest expense
|
(66,789
|
)
|
|
(60,305
|
)
|
|
(54,253
|
)
|
|||
Other income
|
863
|
|
|
238
|
|
|
163
|
|
|||
Total other expenses, net
|
(65,926
|
)
|
|
(60,067
|
)
|
|
(54,090
|
)
|
|||
Net loss
|
(37,471
|
)
|
|
(46,577
|
)
|
|
(54,255
|
)
|
|||
Net loss attributable to non-controlling interests
|
62
|
|
|
83
|
|
|
—
|
|
|||
Net loss attributable to stockholders
|
(37,409
|
)
|
|
(46,494
|
)
|
|
(54,255
|
)
|
|||
|
|
|
|
|
|
||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
Change in unrealized (loss) gain on derivative
|
(626
|
)
|
|
95
|
|
|
—
|
|
|||
Other comprehensive (loss) income
|
(626
|
)
|
|
95
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive loss attributable to stockholders
|
$
|
(38,035
|
)
|
|
$
|
(46,399
|
)
|
|
$
|
(54,255
|
)
|
|
|
|
|
|
|
||||||
Basic and diluted weighted-average shares outstanding
|
105,560,053
|
|
|
99,649,471
|
|
|
65,450,432
|
|
|||
Basic and diluted net loss per share attributable to stockholders
|
$
|
(0.35
|
)
|
|
$
|
(0.47
|
)
|
|
$
|
(0.83
|
)
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Number of
Shares
|
|
Par Value
|
|
Additional Paid-in
Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Accumulated Deficit
|
|
Total Stockholders’ Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
|||||||||||||||
Balance, December 31, 2015
|
64,961,256
|
|
|
$
|
650
|
|
|
$
|
1,429,294
|
|
|
$
|
—
|
|
|
$
|
(303,195
|
)
|
|
$
|
1,126,749
|
|
|
$
|
—
|
|
|
$
|
1,126,749
|
|
Common stock issued through distribution reinvestment plan
|
848,059
|
|
|
8
|
|
|
20,491
|
|
|
—
|
|
|
—
|
|
|
20,499
|
|
|
—
|
|
|
20,499
|
|
|||||||
Common stock repurchases
|
(7,854
|
)
|
|
—
|
|
|
(190
|
)
|
|
—
|
|
|
—
|
|
|
(190
|
)
|
|
—
|
|
|
(190
|
)
|
|||||||
Share-based compensation
|
3,723
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|||||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108,004
|
)
|
|
(108,004
|
)
|
|
—
|
|
|
(108,004
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54,255
|
)
|
|
(54,255
|
)
|
|
—
|
|
|
(54,255
|
)
|
|||||||
Balance, December 31, 2016
|
65,805,184
|
|
|
658
|
|
|
1,449,662
|
|
|
—
|
|
|
(465,454
|
)
|
|
984,866
|
|
|
—
|
|
|
984,866
|
|
|||||||
Issuance of common stock
|
38,210,213
|
|
|
382
|
|
|
916,664
|
|
|
—
|
|
|
—
|
|
|
917,046
|
|
|
—
|
|
|
917,046
|
|
|||||||
Common stock issued through distribution reinvestment plan
|
2,373,256
|
|
|
24
|
|
|
55,829
|
|
|
—
|
|
|
—
|
|
|
55,853
|
|
|
—
|
|
|
55,853
|
|
|||||||
Common stock repurchases
|
(1,225,365
|
)
|
|
(12
|
)
|
|
(29,046
|
)
|
|
—
|
|
|
—
|
|
|
(29,058
|
)
|
|
—
|
|
|
(29,058
|
)
|
|||||||
Share-based compensation, net of forfeitures
|
8,897
|
|
|
—
|
|
|
128
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|
—
|
|
|
128
|
|
|||||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(145,926
|
)
|
|
(145,926
|
)
|
|
—
|
|
|
(145,926
|
)
|
|||||||
Issuances of operating partnership units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,887
|
|
|
4,887
|
|
|||||||
Distributions to non-controlling interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(258
|
)
|
|
(258
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,494
|
)
|
|
(46,494
|
)
|
|
(83
|
)
|
|
(46,577
|
)
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
95
|
|
|||||||
Balance, December 31, 2017
|
105,172,185
|
|
|
1,052
|
|
|
2,393,237
|
|
|
95
|
|
|
(657,874
|
)
|
|
1,736,510
|
|
|
4,546
|
|
|
1,741,056
|
|
|||||||
Common stock issued through distribution reinvestment plan
|
990,393
|
|
|
10
|
|
|
23,238
|
|
|
—
|
|
|
—
|
|
|
23,248
|
|
|
—
|
|
|
23,248
|
|
|||||||
Common stock repurchases
|
(1,142,190
|
)
|
|
(11
|
)
|
|
(20,520
|
)
|
|
—
|
|
|
—
|
|
|
(20,531
|
)
|
|
—
|
|
|
(20,531
|
)
|
|||||||
Vesting and conversion of Class B Units
|
1,052,420
|
|
|
11
|
|
|
15,775
|
|
|
—
|
|
|
—
|
|
|
15,786
|
|
|
—
|
|
|
15,786
|
|
|||||||
Redemption of Class A Units
|
30,691
|
|
|
—
|
|
|
736
|
|
|
—
|
|
|
—
|
|
|
736
|
|
|
(736
|
)
|
|
—
|
|
|||||||
Share-based compensation - restricted shares
|
127,402
|
|
|
1
|
|
|
449
|
|
|
—
|
|
|
—
|
|
|
450
|
|
|
—
|
|
|
450
|
|
|||||||
Share-based compensation - multi-year outperformance agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,816
|
|
|
4,816
|
|
|||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(116,539
|
)
|
|
(116,539
|
)
|
|
—
|
|
|
(116,539
|
)
|
|||||||
Distributions to non-controlling interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(225
|
)
|
|
(225
|
)
|
|
(229
|
)
|
|
(454
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,409
|
)
|
|
(37,409
|
)
|
|
(62
|
)
|
|
(37,471
|
)
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(626
|
)
|
|
—
|
|
|
(626
|
)
|
|
—
|
|
|
(626
|
)
|
|||||||
Balance, December 31, 2018
|
106,230,901
|
|
|
$
|
1,063
|
|
|
$
|
2,412,915
|
|
|
$
|
(531
|
)
|
|
$
|
(812,047
|
)
|
|
$
|
1,601,400
|
|
|
$
|
8,335
|
|
|
$
|
1,609,735
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(37,471
|
)
|
|
$
|
(46,577
|
)
|
|
$
|
(54,255
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
84,482
|
|
|
85,175
|
|
|
66,831
|
|
|||
Amortization of in-place lease assets
|
54,439
|
|
|
68,477
|
|
|
34,247
|
|
|||
Amortization of deferred leasing costs
|
986
|
|
|
375
|
|
|
65
|
|
|||
Amortization (including accelerated write-off) of deferred financing costs
|
5,648
|
|
|
6,693
|
|
|
8,651
|
|
|||
Accretion of mortgage premiums on borrowings
|
(3,790
|
)
|
|
(4,096
|
)
|
|
(4,211
|
)
|
|||
Discount accretion and premium amortization on investments, net
|
—
|
|
|
(25
|
)
|
|
(40
|
)
|
|||
Amortization (accretion) of market lease intangibles, net
|
(15,518
|
)
|
|
(5,173
|
)
|
|
477
|
|
|||
Share-based compensation - restricted shares
|
450
|
|
|
128
|
|
|
67
|
|
|||
Share-based compensation -multi-year outperformance agreement
|
4,816
|
|
|
—
|
|
|
—
|
|
|||
Vesting and conversion of Class B Units
|
15,786
|
|
|
—
|
|
|
—
|
|
|||
Mark-to-market adjustments
|
(72
|
)
|
|
(130
|
)
|
|
—
|
|
|||
Gain on sale of real estate investments
|
(31,776
|
)
|
|
(15,128
|
)
|
|
(454
|
)
|
|||
Impairment charges
|
21,080
|
|
|
25,049
|
|
|
27,299
|
|
|||
Prepayment costs on mortgages
|
4,224
|
|
|
—
|
|
|
—
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Straight-line rent receivable
|
(9,501
|
)
|
|
(7,744
|
)
|
|
(6,830
|
)
|
|||
Prepaid expenses and other assets
|
(4,086
|
)
|
|
2,575
|
|
|
(2,052
|
)
|
|||
Accounts payable and accrued expenses
|
1,694
|
|
|
(7,780
|
)
|
|
3,173
|
|
|||
Deferred rent and other liabilities
|
3,646
|
|
|
(9,355
|
)
|
|
401
|
|
|||
Net cash, cash equivalents and restricted cash provided by operating activities
|
95,037
|
|
|
92,464
|
|
|
73,369
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Proceeds from sale of commercial mortgage loans
|
—
|
|
|
—
|
|
|
56,884
|
|
|||
Proceeds from the settlement of CMBS
|
—
|
|
|
17,200
|
|
|
—
|
|
|||
Capital expenditures
|
(10,426
|
)
|
|
(8,917
|
)
|
|
—
|
|
|||
Investments in real estate and other assets
|
(241,772
|
)
|
|
(149,337
|
)
|
|
(34,244
|
)
|
|||
Proceeds from sale of real estate investments
|
66,455
|
|
|
190,801
|
|
|
15,190
|
|
|||
Deposits for real estate acquisitions
|
(2,472
|
)
|
|
(565
|
)
|
|
—
|
|
|||
Cash paid in merger transaction
|
—
|
|
|
(94,504
|
)
|
|
—
|
|
|||
Cash acquired in merger transaction
|
—
|
|
|
26,163
|
|
|
—
|
|
|||
Net cash, cash equivalents and restricted cash (used in) provided by investing activities
|
(188,215
|
)
|
|
(19,159
|
)
|
|
37,830
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|||||
Proceeds from mortgage notes payable
|
29,887
|
|
|
267,350
|
|
|
—
|
|
|||
Payments on mortgage notes payable
|
(47,197
|
)
|
|
(21,841
|
)
|
|
(1,014
|
)
|
|||
Proceeds from credit facility
|
324,700
|
|
|
85,000
|
|
|
—
|
|
|||
Payments on credit facility
|
(95,000
|
)
|
|
(294,000
|
)
|
|
—
|
|
|||
Payments of financing costs
|
(7,031
|
)
|
|
(4,948
|
)
|
|
(5,709
|
)
|
|||
Payments of prepayment costs on mortgages
|
(4,224
|
)
|
|
—
|
|
|
—
|
|
|||
Common stock repurchases
|
(20,531
|
)
|
|
(29,058
|
)
|
|
(16,253
|
)
|
|||
Distributions to non-controlling interest holders
|
(225
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid
|
(104,824
|
)
|
|
(87,659
|
)
|
|
(87,505
|
)
|
|||
Net cash, cash equivalents and restricted cash provided by (used in) financing activities
|
75,555
|
|
|
(85,156
|
)
|
|
(110,481
|
)
|
|||
Net change in cash, cash equivalents and restricted cash
|
(17,623
|
)
|
|
(11,851
|
)
|
|
718
|
|
|||
Cash, cash equivalents and restricted cash, beginning of period
|
127,254
|
|
|
139,105
|
|
|
138,387
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
$
|
109,631
|
|
|
$
|
127,254
|
|
|
$
|
139,105
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Supplemental Disclosures:
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
63,839
|
|
|
$
|
57,017
|
|
|
$
|
49,140
|
|
Cash paid for income taxes
|
$
|
1,100
|
|
|
$
|
827
|
|
|
$
|
739
|
|
|
|
|
|
|
|
||||||
Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Equity issued in the merger transaction
|
$
|
—
|
|
|
$
|
921,930
|
|
|
$
|
—
|
|
Credit facility assumed or used to acquire investments in real estate
|
$
|
—
|
|
|
$
|
304,000
|
|
|
$
|
—
|
|
Mortgage notes payable released in connection with disposition of real estate
|
$
|
(90,038
|
)
|
|
$
|
(103,041
|
)
|
|
$
|
(14,867
|
)
|
Mortgage notes payable assumed or used to acquire investments in real estate
|
$
|
—
|
|
|
$
|
127,651
|
|
|
$
|
—
|
|
Premiums on assumed mortgage notes payable
|
$
|
—
|
|
|
$
|
4,143
|
|
|
$
|
—
|
|
Common stock issued through distribution reinvestment plan
|
$
|
23,248
|
|
|
$
|
55,853
|
|
|
$
|
20,499
|
|
Accrued capital expenditures
|
$
|
341
|
|
|
$
|
933
|
|
|
$
|
—
|
|
•
|
The vesting and conversion of performance-based restricted, forfeitable partnership units of the OP designated as “Class B Units” (“Class B Units”) held by the Advisor into units of limited partnership designated as “Class A Units” (“Class A Units”) which were previously designated as “OP Units” under the agreement of limited partnership of the OP in effect prior to the Listing (“OP Units”) that were redeemed for shares of Class A common stock (these transactions are collectively referred to herein as “Vesting and conversion of Class B Units,” (see
Note 9
— Common Stock
and
Note 11
— Related Party Transactions and Arrangements—“Asset Management Fees and Variable Management/Incentive Fees”
).
|
•
|
•
|
The Company entered into the Listing Note (as defined herein) with the Advisor (see
Note 11
— Related Party Transactions and Arrangements — “Listing Arrangements”).
|
•
|
The advisory agreement with the Advisor was amended to lower the quarterly thresholds the Company must reach on a quarterly basis for the Advisor to receive a variable management fee (see
Note 11
— Related Party Transactions and Arrangements — “Asset Management Fees and Variable Management/Incentive Fees”).
|
•
|
•
|
The change in the rate at which the Company pays dividends on its common stock from an annualized rate equal to
$1.30
per share to an annualized rate equal to
$1.10
per share (see
Note 9
— Common Stock).
|
(1)
|
Valued at
$24.00
per share as of the date of the Merger.
|
|
|
Year Ended December 31,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Beginning balance
|
|
$
|
17,175
|
|
|
$
|
17,135
|
|
Discount accretion and premium amortization
(1)
|
|
25
|
|
|
40
|
|
||
Principal repayments
|
|
(17,200
|
)
|
|
—
|
|
||
Ending balance
|
|
$
|
—
|
|
|
$
|
17,175
|
|
(1)
|
Includes amortization of capitalized origination fees and expenses.
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
Return of capital
|
|
93.2
|
%
|
|
$
|
1.03
|
|
|
82.7
|
%
|
|
$
|
1.22
|
|
|
76.0
|
%
|
|
$
|
1.25
|
|
Ordinary dividend income
|
|
6.8
|
%
|
|
0.07
|
|
|
17.3
|
%
|
|
0.25
|
|
|
24.0
|
%
|
|
0.40
|
|
|||
Total
|
|
100.0
|
%
|
|
$
|
1.10
|
|
|
100.0
|
%
|
|
$
|
1.47
|
|
|
100.0
|
%
|
|
$
|
1.65
|
|
|
|
Year Ended December 31,
|
||||||||||
(Dollars in thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Real estate investments, at cost:
|
|
|
|
|
|
|
||||||
Land
|
|
$
|
61,745
|
|
|
$
|
313,423
|
|
|
$
|
1,729
|
|
Buildings, fixtures and improvements
|
|
140,151
|
|
|
1,176,909
|
|
|
29,664
|
|
|||
Total tangible assets
|
|
201,896
|
|
|
1,490,332
|
|
|
31,393
|
|
|||
Acquired intangible assets and liabilities:
(1)
|
|
|
|
|
|
|
||||||
In-place leases
|
|
39,978
|
|
|
177,152
|
|
|
3,162
|
|
|||
Above-market lease assets
|
|
1,055
|
|
|
22,934
|
|
|
548
|
|
|||
Below-market ground lease asset
|
|
—
|
|
|
1,233
|
|
|
|
||||
Above-market ground lease liability
|
|
—
|
|
|
—
|
|
|
(85
|
)
|
|||
Below-market lease liabilities
|
|
(1,157
|
)
|
|
(106,513
|
)
|
|
(774
|
)
|
|||
Total intangible assets, net
|
|
39,876
|
|
|
94,806
|
|
|
2,851
|
|
|||
Prior Credit Facility assumed in the Merger
(2)
|
|
—
|
|
|
(304,000
|
)
|
|
|
||||
Mortgage notes payable assumed in the Merger
|
|
—
|
|
|
(127,651
|
)
|
|
—
|
|
|||
Premiums on mortgage notes payable assumed in the Merger
|
|
—
|
|
|
(4,143
|
)
|
|
—
|
|
|||
Other assets acquired and (liabilities assumed) in the Merger, net
|
|
—
|
|
|
16,427
|
|
|
|
||||
Consideration paid for acquired real estate investments, net of liabilities assumed
|
|
$
|
241,772
|
|
|
$
|
1,165,771
|
|
|
$
|
34,244
|
|
Number of properties purchased
|
|
130
|
|
|
110
|
|
|
4
|
|
(1)
|
Weighted-average remaining amortization periods for in-place leases, above-market lease assets, below-market ground lease asset, and below-market lease liabilities acquired during the
year ended December 31, 2018
were
17.3 years
,
15.9 years
, and
20.1 years
, respectively, as of each property’s respective acquisition date.
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(In thousands)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
In-place lease assets
|
|
$
|
388,323
|
|
|
$
|
135,864
|
|
|
$
|
252,459
|
|
|
$
|
421,369
|
|
|
$
|
140,085
|
|
|
$
|
281,284
|
|
Above-market lease assets
|
|
24,392
|
|
|
7,477
|
|
|
16,915
|
|
|
31,610
|
|
|
11,309
|
|
|
20,301
|
|
||||||
Below-market ground lease assets
|
|
1,233
|
|
|
60
|
|
|
1,173
|
|
|
1,233
|
|
|
28
|
|
|
1,205
|
|
||||||
Total acquired intangible lease assets
|
|
$
|
413,948
|
|
|
$
|
143,401
|
|
|
$
|
270,547
|
|
|
$
|
454,212
|
|
|
$
|
151,422
|
|
|
$
|
302,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Above-market ground lease liability
|
|
$
|
85
|
|
|
$
|
5
|
|
|
$
|
80
|
|
|
$
|
85
|
|
|
$
|
3
|
|
|
$
|
82
|
|
Below-market lease liabilities
|
|
107,401
|
|
|
17,543
|
|
|
89,858
|
|
|
119,249
|
|
|
10,559
|
|
|
108,690
|
|
||||||
Total acquired intangible lease liabilities
|
|
$
|
107,486
|
|
|
$
|
17,548
|
|
|
$
|
89,938
|
|
|
$
|
119,334
|
|
|
$
|
10,562
|
|
|
$
|
108,772
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
In-place lease assets
|
|
$
|
54,439
|
|
|
$
|
68,477
|
|
|
$
|
34,247
|
|
Total added to depreciation and amortization
|
|
$
|
54,439
|
|
|
$
|
68,477
|
|
|
$
|
34,247
|
|
|
|
|
|
|
|
|
||||||
Above-market lease assets
|
|
$
|
(4,441
|
)
|
|
$
|
(6,007
|
)
|
|
$
|
(2,943
|
)
|
Below-market lease liabilities
|
|
19,989
|
|
|
11,212
|
|
|
2,465
|
|
|||
Total added (deducted) to/from rental income
|
|
$
|
15,548
|
|
|
$
|
5,205
|
|
|
$
|
(478
|
)
|
|
|
|
|
|
|
|
||||||
Below-market ground lease assets
|
|
$
|
32
|
|
|
$
|
(28
|
)
|
|
$
|
—
|
|
Above-market ground lease liability
|
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||
Total added to (deducted from) property operating expenses
|
|
$
|
30
|
|
|
$
|
(30
|
)
|
|
$
|
(1
|
)
|
(In thousands)
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
||||||||||
In-place lease assets
|
|
$
|
41,273
|
|
|
$
|
34,470
|
|
|
$
|
30,020
|
|
|
$
|
25,998
|
|
|
$
|
23,588
|
|
Total to be added to depreciation and amortization
|
|
$
|
41,273
|
|
|
$
|
34,470
|
|
|
$
|
30,020
|
|
|
$
|
25,998
|
|
|
$
|
23,588
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Above-market lease assets
|
|
$
|
(3,249
|
)
|
|
$
|
(2,428
|
)
|
|
$
|
(2,113
|
)
|
|
$
|
(1,738
|
)
|
|
$
|
(1,489
|
)
|
Below-market lease liabilities
|
|
7,752
|
|
|
7,048
|
|
|
6,379
|
|
|
5,974
|
|
|
5,803
|
|
|||||
Total to be added to rental income
|
|
$
|
4,503
|
|
|
$
|
4,620
|
|
|
$
|
4,266
|
|
|
$
|
4,236
|
|
|
$
|
4,314
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Below-market ground lease assets
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
32
|
|
Above-market ground lease liability
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|||||
Total to be added to (deducted from) property operating expenses
|
|
$
|
30
|
|
|
$
|
30
|
|
|
$
|
30
|
|
|
$
|
30
|
|
|
$
|
30
|
|
|
|
Year Ended December 31,
|
||||||
(In thousands, except per share data)
|
|
2017
|
|
2016
|
||||
Pro forma revenues
|
|
$
|
293,768
|
|
|
$
|
276,972
|
|
Pro forma net loss
|
|
$
|
(38,113
|
)
|
|
$
|
(11,042
|
)
|
Basic and diluted pro forma net loss per share
|
|
$
|
(0.36
|
)
|
|
$
|
(0.11
|
)
|
(1)
|
For the year ended December 31, 2017, aggregate revenues and net income derived from the Company’s 2017 acquisitions (for the Company’s period of ownership) were
$121.3 million
and
$11.6 million
, respectively.
|
(In thousands)
|
|
Future Minimum
Base Rent Payments
|
||
2019
|
|
$
|
232,222
|
|
2020
|
|
223,025
|
|
|
2021
|
|
211,918
|
|
|
2022
|
|
200,974
|
|
|
2023
|
|
185,455
|
|
|
Thereafter
|
|
1,084,424
|
|
|
|
|
$
|
2,138,018
|
|
*
|
Tenant’s annualized rental income on a straight-line basis was not greater than or equal to 10.0% of consolidated annualized rental income for all properties as of the date specified.
|
(In thousands)
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
Real estate investments held for sale, at cost:
|
|
|
|
|
||||
Land
|
|
$
|
6,113
|
|
|
$
|
1,453
|
|
Buildings, fixtures and improvements
|
|
39,343
|
|
|
4,677
|
|
||
Acquired intangible lease assets
|
|
12,517
|
|
|
1,252
|
|
||
Total real estate assets held for sale, at cost
|
|
57,973
|
|
|
7,382
|
|
||
Less accumulated depreciation and amortization
|
|
(11,278
|
)
|
|
(2,666
|
)
|
||
Total real estate investments held for sale, net
|
|
46,695
|
|
|
4,716
|
|
||
|
|
|
|
|
||||
Impairment charges related to properties reclassified as held for sale
|
|
(2,176
|
)
|
|
(34
|
)
|
||
Assets held for sale
|
|
$
|
44,519
|
|
|
$
|
4,682
|
|
|
|
|
|
Outstanding Loan Amount as of
|
|
Effective Interest Rate as of
|
|
|
|
|
|
|
|||||||
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|||||||
Portfolio
|
|
Encumbered Properties
|
|
2018
|
|
2017
|
|
2018
|
|
Interest Rate
|
|
Maturity
|
|
Anticipated Repayment
|
|||||
|
|
|
|
(In thousands)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|||||
SAAB Sensis I
|
|
1
|
|
$
|
7,077
|
|
|
$
|
7,470
|
|
|
5.93
|
%
|
|
Fixed
|
|
Apr. 2025
|
|
Apr. 2025
|
SunTrust Bank II
|
|
23
|
|
13,412
|
|
|
21,243
|
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
SunTrust Bank III
|
|
85
|
|
68,080
|
|
|
79,729
|
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
SunTrust Bank IV
|
|
18
|
|
18,113
|
|
|
22,756
|
|
|
5.50
|
%
|
|
Fixed
|
|
Jul. 2031
|
|
Jul. 2021
|
||
Sanofi US I
|
|
1
|
|
125,000
|
|
|
125,000
|
|
|
5.16
|
%
|
|
Fixed
|
|
Jul. 2026
|
|
Jan. 2021
|
||
Stop & Shop I
|
|
4
|
|
36,812
|
|
|
37,562
|
|
|
5.63
|
%
|
|
Fixed
|
|
Jun. 2041
|
|
Jun. 2021
|
||
Mortgage Loan I
|
|
250
|
|
572,199
|
|
|
638,115
|
|
|
4.36
|
%
|
|
Fixed
|
|
Sep. 2020
|
|
Sep. 2020
|
||
Liberty Crossing
(1)
|
|
—
|
|
—
|
|
|
11,000
|
|
|
—
|
|
|
—
|
|
|
|
|
||
Tiffany Springs MarketCenter
(1)
|
|
—
|
|
—
|
|
|
33,802
|
|
|
—
|
|
|
—
|
|
|
|
|
||
Shops at Shelby Crossing
|
|
1
|
|
22,581
|
|
|
23,002
|
|
|
4.97
|
%
|
|
Fixed
|
|
Mar. 2024
|
|
Mar. 2024
|
||
Patton Creek
|
|
1
|
|
40,027
|
|
|
40,858
|
|
|
5.76
|
%
|
|
Fixed
|
|
Dec. 2020
|
|
Dec. 2020
|
||
Bob Evans I
|
|
23
|
|
23,950
|
|
|
23,950
|
|
|
4.71
|
%
|
|
Fixed
|
|
Sep. 2037
|
|
Sep. 2027
|
||
Mortgage Loan II
|
|
12
|
|
210,000
|
|
|
210,000
|
|
|
4.25
|
%
|
|
Fixed
|
|
Jan. 2028
|
|
Jan. 2028
|
||
Mortgage Loan III
|
|
22
|
|
33,400
|
|
|
33,400
|
|
|
4.12
|
%
|
|
Fixed
|
|
Jan. 2028
|
|
Jan. 2028
|
||
Mortgage Loan IV
|
|
39
|
|
29,887
|
|
|
—
|
|
|
5.16
|
%
|
|
Fixed
|
(3)
|
Mar. 2025
|
|
Mar. 2025
|
||
Gross mortgage notes payable
|
|
480
|
|
1,200,538
|
|
|
1,307,887
|
|
|
4.64
|
%
|
(2)
|
|
|
|
|
|
||
Deferred financing costs, net of accumulated amortization
(4)
|
|
|
|
(11,363
|
)
|
|
(15,182
|
)
|
|
|
|
|
|
|
|
|
|||
Mortgage premiums, net
|
|
|
|
6,938
|
|
|
10,728
|
|
|
|
|
|
|
|
|
|
|||
Mortgage notes payable, net
|
|
|
|
$
|
1,196,113
|
|
|
$
|
1,303,433
|
|
|
|
|
|
|
|
|
|
(1)
|
These mortgage notes payable were repaid during the second quarter of 2018.
|
(2)
|
Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated.
|
(3)
|
Fixed as a result of the Company having entered into swap agreements, which are included in derivatives, at fair value on the consolidated balance sheet as of
December 31, 2018
.
|
(4)
|
Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
|
(In thousands)
|
|
Future Principal Payments
|
||
2019
|
|
$
|
2,533
|
|
2020
|
|
613,084
|
|
|
2021
|
|
260,747
|
|
|
2022
|
|
1,070
|
|
|
2023
|
|
1,431
|
|
|
Thereafter
|
|
321,673
|
|
|
|
|
$
|
1,200,538
|
|
(In thousands)
|
|
Quoted Prices
in Active
Markets
Level 1
|
|
Significant Other
Observable
Inputs
Level 2
|
|
Significant
Unobservable
Inputs
Level 3
|
|
Total
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired real estate investments held for sale
|
|
$
|
—
|
|
|
$
|
42,848
|
|
|
$
|
—
|
|
|
$
|
42,848
|
|
Impaired real estate investments held for use
|
|
—
|
|
|
7,765
|
|
|
886
|
|
|
8,651
|
|
||||
Interest rate swaps - liabilities
|
|
—
|
|
|
(531
|
)
|
|
—
|
|
|
(531
|
)
|
||||
Total
|
|
$
|
—
|
|
|
$
|
50,082
|
|
|
$
|
886
|
|
|
$
|
50,968
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Impaired real estate investments held for sale
|
|
$
|
—
|
|
|
$
|
432
|
|
|
$
|
—
|
|
|
$
|
432
|
|
Impaired real estate Investments held for use
|
|
—
|
|
|
20,434
|
|
|
10,330
|
|
|
30,764
|
|
||||
Interest rate swaps - assets
|
|
—
|
|
|
23
|
|
|
—
|
|
|
23
|
|
||||
Total
|
|
$
|
—
|
|
|
$
|
20,889
|
|
|
$
|
10,330
|
|
|
$
|
31,219
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
(In thousands)
|
|
Level
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Gross mortgage notes payable
|
|
3
|
|
$
|
1,200,538
|
|
|
$
|
1,209,364
|
|
|
$
|
1,307,887
|
|
|
$
|
1,332,240
|
|
Credit facilities
|
|
3
|
|
$
|
324,700
|
|
|
$
|
324,700
|
|
|
$
|
95,000
|
|
|
$
|
95,000
|
|
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
Balance Sheet Location
|
|
2018
|
|
2017
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
||||
Interest Rate Swaps
|
|
Derivative assets, at fair value
|
|
$
|
—
|
|
|
$
|
23
|
|
Interest Rate Swaps
|
|
Derivative liabilities, at fair value
|
|
$
|
531
|
|
|
$
|
—
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||
Interest Rate Derivative
|
|
Number of
Instruments
|
|
Notional Amount
|
|
Number of
Instruments
|
|
Notional Amount
|
||||
|
|
|
|
(In thousands)
|
|
|
|
(In thousands)
|
||||
Interest Rate Swaps
|
|
4
|
|
$
|
29,887
|
|
|
1
|
|
$
|
34,098
|
|
|
|
Year Ended December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Amount of (loss) gain recognized in accumulated other comprehensive (loss) income on interest rate derivatives (effective portion)
|
|
$
|
(670
|
)
|
|
$
|
56
|
|
Amount of loss reclassified from accumulated other comprehensive loss into income as interest expense
|
|
$
|
(125
|
)
|
|
$
|
(39
|
)
|
Amount of gain recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)
|
|
$
|
81
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset on the Balance Sheet
|
|
|
||||||||||||||||
(In thousands)
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts of Recognized (Liabilities)
|
|
Gross Amounts Offset on the Balance Sheet
|
|
Net Amounts of Assets (Liabilities) Presented on the Balance Sheet
|
|
Financial Instruments
|
|
Cash Collateral Received (Posted)
|
|
Net Amount
|
||||||||||||||
December 31, 2018
|
|
$
|
—
|
|
|
$
|
(531
|
)
|
|
$
|
—
|
|
|
$
|
(531
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(531
|
)
|
December 31, 2017
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
•
|
The Company effected a
2
-to-
1
reverse stock split combining every two shares of common stock, par value
$0.01
per share, into one share of common stock, par value
$0.02
per share, and subsequently reducing the resulting par value of the shares of common stock outstanding after the reverse stock split from
$0.02
per share back to
$0.01
per share. In addition, the Company changed the name of its common stock to “Class A common stock.”
|
•
|
The Company reclassified a number of authorized but unissued shares of Class A common stock equal to half of the number of shares of Class A common stock then outstanding into equal numbers of shares of Class B-1 common stock and shares of Class B-2 common stock.
|
•
|
The Company distributed to the holders of shares of Class A common stock a stock dividend equal to one-half share of Class B-1 common stock and one-half share of Class B-2 common stock for each share of Class A common stock outstanding.
|
|
|
June 30, 2018 (prior to the Listing)
|
|
As of December 31, 2018
|
||||||||
|
|
Shares Outstanding
|
|
Class A Common Stock
|
|
Class B-2 Common Stock
|
|
Shares Outstanding
|
||||
Shares of common stock
(1)
|
|
105,049,705
|
|
|
78,749,079
|
|
|
26,262,477
|
|
|
105,011,556
|
|
Vesting and conversion of Class B Units
(2) (3)
|
|
—
|
|
|
1,052,420
|
|
|
—
|
|
|
1,052,420
|
|
Redemption of Class A Units (formerly known as OP Units)
(3) (4)
|
|
—
|
|
|
30,691
|
|
|
—
|
|
|
30,691
|
|
Unvested restricted shares
(5)
|
|
9,088
|
|
|
134,025
|
|
|
2,209
|
|
|
136,234
|
|
Total
|
|
105,058,793
|
|
|
79,966,215
|
|
|
26,264,686
|
|
|
106,230,901
|
|
•
|
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, 2014
|
|
303,907
|
|
|
$
|
24.01
|
|
Year ended December 31, 2015
|
|
1,769,738
|
|
|
24.13
|
|
|
Year ended December 31, 2016
|
|
7,854
|
|
|
24.17
|
|
|
Year ended December 31, 2017
|
|
1,225,365
|
|
(1)
|
23.71
|
|
|
Year ended December 31, 2018
|
|
412,939
|
|
(2)
|
23.37
|
|
|
Cumulative repurchases as of December 31, 2018
|
|
3,719,803
|
|
|
23.90
|
|
(1)
|
Excludes rejected repurchase requests received during 2016 with respect to
5.9 million
shares for
$140.1 million
at a weighted-average price per share of
$23.65
. Also, in July 2017, following the effectiveness of the amendment and restatement of the SRP, the Company’s board of directors approved
100%
of the repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2017 to December 31, 2017. No repurchases were made with respect to requests received during 2017 that are not valid requests in accordance with the amended and restated SRP. At the time the SRP was terminated in anticipation of the Listing, effective June 30, 2018, we had received repurchase requests made following the death or qualifying disability of stockholders during the period from January 1, 2018 to June 30, 2018 with respect to
0.6 million
shares that were therefore not repurchased.
|
(2)
|
During January 2018, the Company repurchased
412,939
shares for approximately
$9.7 million
at a price of
$23.37
per share equal to the then current Estimated Per-Share NAV.
|
(In thousands)
|
|
Future Minimum Base Rent Payments
|
||
2019
|
|
$
|
1,461
|
|
2020
|
|
1,243
|
|
|
2021
|
|
925
|
|
|
2022
|
|
942
|
|
|
2023
|
|
917
|
|
|
Thereafter
|
|
11,598
|
|
|
|
|
$
|
17,086
|
|
|
|
Year Ended December 31,
|
|
Payable as of December 31,
|
|
||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
||||||||||
One-time fees and reimbursements:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition related cost reimbursements
(1)
|
|
$
|
318
|
|
|
$
|
180
|
|
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
9
|
|
|
Vesting and conversion of Class B Units
|
|
15,786
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||
Ongoing fees:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset management fees
|
|
23,143
|
|
|
20,908
|
|
|
18,000
|
|
|
95
|
|
|
408
|
|
|
|||||
Property management and leasing fees
(2)
|
|
9,620
|
|
|
7,167
|
|
|
—
|
|
|
1,272
|
|
|
1,114
|
|
|
|||||
Professional fees and other reimbursements
(3)
|
|
9,314
|
|
|
8,540
|
|
|
3,104
|
|
|
1,197
|
|
|
1,522
|
|
(4)
|
|||||
Distributions on Class B Units
(3)
|
|
736
|
|
|
1,551
|
|
|
1,736
|
|
|
—
|
|
|
116
|
|
|
|||||
Total related party operation fees and reimbursements
|
|
$
|
58,917
|
|
|
$
|
38,346
|
|
|
$
|
22,840
|
|
|
$
|
2,634
|
|
|
$
|
3,169
|
|
|
•
|
the sum of (i) the “market value” (as defined in the A&R OP Agreement) 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 (including the Merger) or business combination (an “Offering”) as of the Listing Date plus (ii) the total amount of cash that, if distributed to those stockholders who purchased shares of the Company’s common stock in an Offering prior to the Listing, 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.
|
|
Number of Shares of Common Stock
|
|
Weighted-Average Issue Price
|
|||
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
|
|
|
Granted
|
8,897
|
|
|
23.59
|
|
|
Vested
|
(2,556
|
)
|
|
23.47
|
|
|
Unvested, December 31, 2017
|
15,708
|
|
|
23.67
|
|
|
Granted
|
127,402
|
|
|
16.01
|
|
|
Vested
|
(6,869
|
)
|
|
23.58
|
|
|
Forfeited
|
(7
|
)
|
|
—
|
|
|
Unvested, December 31, 2018
|
136,234
|
|
|
16.51
|
|
Performance Level
|
|
Absolute TSR
|
|
Percentage of Award LTIPs Units Earned
|
||||
Below Threshold
|
|
Less than
|
24
|
%
|
|
|
—
|
%
|
Threshold
|
|
|
24
|
%
|
|
|
25
|
%
|
Target
|
|
|
30
|
%
|
|
|
50
|
%
|
Maximum
|
|
|
36
|
%
|
or higher
|
|
100
|
%
|
Performance Level
|
|
Relative TSR Excess
|
|
Percentage of Relative TSR Award LTIPs Units Earned
|
||||
Below Threshold
|
|
Less than
|
-600
|
|
basis points
|
|
—
|
%
|
Threshold
|
|
|
-600
|
|
basis points
|
|
25
|
%
|
Target
|
|
|
—
|
|
basis points
|
|
50
|
%
|
Maximum
|
|
|
+600
|
|
basis points
|
|
100
|
%
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Basic and diluted net loss attributable to stockholders
(in thousands)
|
|
$
|
(37,409
|
)
|
|
$
|
(46,494
|
)
|
|
$
|
(54,255
|
)
|
Basic and diluted weighted-average shares outstanding
|
|
105,560,053
|
|
|
99,649,471
|
|
|
65,450,432
|
|
|||
Basic and diluted net loss per share
|
|
$
|
(0.35
|
)
|
|
$
|
(0.47
|
)
|
|
$
|
(0.83
|
)
|
|
|
December 31,
|
|||||||
|
|
2018
|
|
2017
|
|
2016
|
|||
Unvested restricted shares
(1)
|
|
52,847
|
|
|
12,957
|
|
|
7,985
|
|
OP Units
(2)
|
|
189,737
|
|
|
177,962
|
|
|
90
|
|
Class B Units
(3)
|
|
573,785
|
|
|
1,052,420
|
|
|
1,052,420
|
|
Award LTIP Units
(4)
|
|
1,515,359
|
|
|
—
|
|
|
—
|
|
Total
|
|
2,331,728
|
|
|
1,243,339
|
|
|
1,060,495
|
|
(1)
|
Weighted-average number of shares of unvested restricted shares outstanding for the periods presented. There were
136,234
,
15,708
and
9,367
shares of unvested restricted stock outstanding as of
December 31, 2018
,
2017
and
2016
, respectively.
|
(2)
|
Weighted-average number of shares of OP Units outstanding for the periods presented. There were
172,921
,
203,612
and
90
OP Units outstanding as of
December 31, 2018
,
2017
and
2016
, respectively.
|
(3)
|
Weighted-average number of Class B Units outstanding for the periods presented. There were
no
Class B Units outstanding as of December 31, 2018 and
1,052,420
Class B Units outstanding as of December 31, 2017 and 2016.
|
(4)
|
Weighted-average number of Award LTIP Units outstanding for the periods presented. There were
4,496,796
Award LTIP Units outstanding as of December 31, 2018.
|
|
|
Quarter Ended
|
||||||||||||||
(In thousands, except share and per share amounts)
|
|
March 31, 2018
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
||||||||
Total revenues
|
|
$
|
70,119
|
|
|
$
|
71,108
|
|
|
$
|
74,888
|
|
|
$
|
75,092
|
|
Net income (loss) attributable to stockholders
|
|
$
|
15,401
|
|
|
$
|
(12,041
|
)
|
|
$
|
(27,245
|
)
|
|
$
|
(13,524
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average shares outstanding
|
|
105,196,387
|
|
|
105,028,459
|
|
|
105,905,281
|
|
|
106,096,401
|
|
||||
Diluted weighted-average shares outstanding
|
|
105,415,211
|
|
|
105,028,459
|
|
|
105,905,281
|
|
|
106,096,401
|
|
||||
Basic and diluted net income (loss) per share attributable to stockholders
|
|
$
|
0.15
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(0.13
|
)
|
|
|
Quarter Ended
|
||||||||||||||
(In thousands, except share and per share amounts)
|
|
March 31, 2017
|
|
June 30, 2017
|
|
September 30, 2017
|
|
December 31, 2017
|
||||||||
Total revenues
|
|
$
|
57,220
|
|
|
$
|
71,607
|
|
|
$
|
69,729
|
|
|
$
|
72,354
|
|
Net loss attributable to stockholders
|
|
(10,717
|
)
|
|
(1,021
|
)
|
|
(15,367
|
)
|
|
$
|
(19,389
|
)
|
|||
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted weighted-average shares outstanding
|
|
84,652,179
|
|
|
104,140,631
|
|
|
104,545,591
|
|
|
104,982,273
|
|
||||
Basic and diluted net loss per share attributable to stockholders
|
|
$
|
(0.13
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.18
|
)
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
Dollar General I
|
|
Retail
|
|
Mission
|
|
TX
|
|
4/29/2013
|
|
—
|
|
(1)
|
$
|
142
|
|
|
$
|
807
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
949
|
|
|
$
|
242
|
|
Dollar General I
|
|
Retail
|
|
Sullivan
|
|
MO
|
|
5/3/2013
|
|
—
|
|
(1)
|
146
|
|
|
825
|
|
|
—
|
|
|
—
|
|
|
971
|
|
|
247
|
|
||||||
Walgreens I
|
|
Retail
|
|
Pine Bluff
|
|
AR
|
|
7/8/2013
|
|
—
|
|
(1)
|
159
|
|
|
3,016
|
|
|
—
|
|
|
—
|
|
|
3,175
|
|
|
950
|
|
||||||
Dollar General II
|
|
Retail
|
|
Bogalusa
|
|
LA
|
|
7/12/2013
|
|
—
|
|
(1)
|
107
|
|
|
965
|
|
|
—
|
|
|
—
|
|
|
1,072
|
|
|
285
|
|
||||||
Dollar General II
|
|
Retail
|
|
Donaldsonville
|
|
LA
|
|
7/12/2013
|
|
—
|
|
(1)
|
97
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
968
|
|
|
257
|
|
||||||
AutoZone I
|
|
Retail
|
|
Cut Off
|
|
LA
|
|
7/16/2013
|
|
—
|
|
(1)
|
67
|
|
|
1,282
|
|
|
—
|
|
|
—
|
|
|
1,349
|
|
|
375
|
|
||||||
Dollar General III
|
|
Retail
|
|
Athens
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
48
|
|
|
907
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
265
|
|
||||||
Dollar General III
|
|
Retail
|
|
Fowler
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
49
|
|
|
940
|
|
|
—
|
|
|
—
|
|
|
989
|
|
|
275
|
|
||||||
Dollar General III
|
|
Retail
|
|
Hudson
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
102
|
|
|
922
|
|
|
—
|
|
|
—
|
|
|
1,024
|
|
|
270
|
|
||||||
Dollar General III
|
|
Retail
|
|
Muskegon
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
49
|
|
|
939
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|
275
|
|
||||||
Dollar General III
|
|
Retail
|
|
Reese
|
|
MI
|
|
7/16/2013
|
|
—
|
|
(1)
|
150
|
|
|
848
|
|
|
—
|
|
|
—
|
|
|
998
|
|
|
248
|
|
||||||
BSFS I
|
|
Retail
|
|
Fort Myers
|
|
FL
|
|
7/18/2013
|
|
—
|
|
(1)
|
1,215
|
|
|
1,822
|
|
|
—
|
|
|
—
|
|
|
3,037
|
|
|
556
|
|
||||||
Dollar General IV
|
|
Retail
|
|
Bainbridge
|
|
GA
|
|
7/29/2013
|
|
—
|
|
(1)
|
233
|
|
|
700
|
|
|
—
|
|
|
—
|
|
|
933
|
|
|
205
|
|
||||||
Dollar General IV
|
|
Retail
|
|
Vanleer
|
|
TN
|
|
7/29/2013
|
|
—
|
|
(1)
|
78
|
|
|
705
|
|
|
—
|
|
|
—
|
|
|
783
|
|
|
206
|
|
||||||
Tractor Supply I
|
|
Retail
|
|
Vernon
|
|
CT
|
|
8/1/2013
|
|
—
|
|
(1)
|
358
|
|
|
3,220
|
|
|
—
|
|
|
—
|
|
|
3,578
|
|
|
813
|
|
||||||
Dollar General V
|
|
Retail
|
|
Meraux
|
|
LA
|
|
8/2/2013
|
|
—
|
|
(1)
|
708
|
|
|
1,315
|
|
|
—
|
|
|
—
|
|
|
2,023
|
|
|
385
|
|
||||||
Mattress Firm I
|
|
Retail
|
|
Tallahassee
|
|
FL
|
|
8/7/2013
|
|
—
|
|
(1)
|
1,015
|
|
|
1,241
|
|
|
—
|
|
|
—
|
|
|
2,256
|
|
|
363
|
|
||||||
Family Dollar I
|
|
Retail
|
|
Butler
|
|
KY
|
|
8/12/2013
|
|
—
|
|
(1)
|
126
|
|
|
711
|
|
|
—
|
|
|
—
|
|
|
837
|
|
|
208
|
|
||||||
Lowe's I
|
|
Retail
|
|
Macon
|
|
GA
|
|
8/19/2013
|
|
—
|
|
(1)
|
—
|
|
|
8,420
|
|
|
—
|
|
|
—
|
|
|
8,420
|
|
|
2,089
|
|
||||||
Lowe's I
|
|
Retail
|
|
Fayetteville
|
|
NC
|
|
8/19/2013
|
|
—
|
|
|
—
|
|
|
6,422
|
|
|
—
|
|
|
—
|
|
|
6,422
|
|
|
1,593
|
|
||||||
Lowe's I
|
|
Retail
|
|
New Bern
|
|
NC
|
|
8/19/2013
|
|
—
|
|
(1)
|
1,812
|
|
|
10,269
|
|
|
—
|
|
|
—
|
|
|
12,081
|
|
|
2,548
|
|
||||||
Lowe's I
|
|
Retail
|
|
Rocky Mount
|
|
NC
|
|
8/19/2013
|
|
—
|
|
(1)
|
1,931
|
|
|
10,940
|
|
|
—
|
|
|
—
|
|
|
12,871
|
|
|
2,714
|
|
||||||
O'Reilly Auto Parts I
|
|
Retail
|
|
Manitowoc
|
|
WI
|
|
8/19/2013
|
|
—
|
|
(1)
|
85
|
|
|
761
|
|
|
—
|
|
|
—
|
|
|
846
|
|
|
221
|
|
||||||
Food Lion I
|
|
Retail
|
|
Charlotte
|
|
NC
|
|
8/19/2013
|
|
—
|
|
(1)
|
3,132
|
|
|
4,697
|
|
|
—
|
|
|
—
|
|
|
7,829
|
|
|
1,205
|
|
||||||
Lowe's I
|
|
Retail
|
|
Aiken
|
|
SC
|
|
8/21/2013
|
|
—
|
|
(1)
|
1,764
|
|
|
7,056
|
|
|
—
|
|
|
—
|
|
|
8,820
|
|
|
1,748
|
|
||||||
Family Dollar II
|
|
Retail
|
|
Danville
|
|
AR
|
|
8/22/2013
|
|
—
|
|
(1)
|
170
|
|
|
679
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
197
|
|
||||||
Walgreens II
|
|
Retail
|
|
Tucker
|
|
GA
|
|
8/23/2013
|
|
—
|
|
(1)
|
—
|
|
|
2,524
|
|
|
—
|
|
|
—
|
|
|
2,524
|
|
|
782
|
|
||||||
Dollar General VI
|
|
Retail
|
|
Natalbany
|
|
LA
|
|
8/23/2013
|
|
—
|
|
(1)
|
379
|
|
|
883
|
|
|
—
|
|
|
—
|
|
|
1,262
|
|
|
256
|
|
||||||
Dollar General VII
|
|
Retail
|
|
Gasburg
|
|
VA
|
|
8/23/2013
|
|
—
|
|
(1)
|
52
|
|
|
993
|
|
|
—
|
|
|
—
|
|
|
1,045
|
|
|
288
|
|
||||||
Family Dollar III
|
|
Retail
|
|
Challis
|
|
ID
|
|
8/27/2013
|
|
—
|
|
(1)
|
44
|
|
|
828
|
|
|
—
|
|
|
—
|
|
|
872
|
|
|
240
|
|
||||||
Chili's I
|
|
Retail
|
|
Lake Jackson
|
|
TX
|
|
8/30/2013
|
|
—
|
|
(1)
|
746
|
|
|
1,741
|
|
|
—
|
|
|
—
|
|
|
2,487
|
|
|
631
|
|
||||||
Chili's I
|
|
Retail
|
|
Victoria
|
|
TX
|
|
8/30/2013
|
|
—
|
|
(1)
|
813
|
|
|
1,897
|
|
|
—
|
|
|
—
|
|
|
2,710
|
|
|
687
|
|
||||||
CVS I
|
|
Retail
|
|
Anniston
|
|
AL
|
|
8/30/2013
|
|
—
|
|
(1)
|
472
|
|
|
1,887
|
|
|
—
|
|
|
—
|
|
|
2,359
|
|
|
585
|
|
||||||
Joe's Crab Shack I
|
|
Retail
|
|
Westminster
|
|
CO
|
|
8/30/2013
|
|
—
|
|
(1)
|
1,136
|
|
|
2,650
|
|
|
—
|
|
|
—
|
|
|
3,786
|
|
|
960
|
|
||||||
Tire Kingdom I
|
|
Retail
|
|
Lake Wales
|
|
FL
|
|
9/4/2013
|
|
—
|
|
(1)
|
556
|
|
|
1,296
|
|
|
—
|
|
|
—
|
|
|
1,852
|
|
|
392
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
Dollar General VIII
|
|
Retail
|
|
Stanleytown
|
|
VA
|
|
9/6/2013
|
|
—
|
|
(1)
|
185
|
|
|
1,049
|
|
|
—
|
|
|
—
|
|
|
1,234
|
|
|
304
|
|
||||||
AutoZone II
|
|
Retail
|
|
Temple
|
|
GA
|
|
9/6/2013
|
|
—
|
|
(1)
|
569
|
|
|
854
|
|
|
—
|
|
|
—
|
|
|
1,423
|
|
|
248
|
|
||||||
Family Dollar IV
|
|
Retail
|
|
Oil City
|
|
LA
|
|
9/9/2013
|
|
—
|
|
(1)
|
76
|
|
|
685
|
|
|
—
|
|
|
—
|
|
|
761
|
|
|
199
|
|
||||||
Fresenius I
|
|
Retail
|
|
Montevallo
|
|
AL
|
|
9/12/2013
|
|
—
|
|
(1)
|
300
|
|
|
1,699
|
|
|
—
|
|
|
—
|
|
|
1,999
|
|
|
416
|
|
||||||
Dollar General IX
|
|
Retail
|
|
Mabelvale
|
|
AR
|
|
9/13/2013
|
|
—
|
|
(1)
|
38
|
|
|
723
|
|
|
—
|
|
|
—
|
|
|
761
|
|
|
210
|
|
||||||
Advance Auto I
|
|
Retail
|
|
Angola
|
|
IN
|
|
9/19/2013
|
|
—
|
|
(1)
|
35
|
|
|
671
|
|
|
—
|
|
|
—
|
|
|
706
|
|
|
193
|
|
||||||
Walgreens III
|
|
Retail
|
|
Lansing
|
|
MI
|
|
9/19/2013
|
|
—
|
|
(1)
|
216
|
|
|
4,099
|
|
|
—
|
|
|
—
|
|
|
4,315
|
|
|
1,261
|
|
||||||
CVS II
|
|
Retail
|
|
Holyoke
|
|
MA
|
|
9/19/2013
|
|
—
|
|
(1)
|
—
|
|
|
2,258
|
|
|
—
|
|
|
—
|
|
|
2,258
|
|
|
694
|
|
||||||
Arby's I
|
|
Retail
|
|
Hernando
|
|
MS
|
|
9/19/2013
|
|
—
|
|
(1)
|
624
|
|
|
1,455
|
|
|
—
|
|
|
—
|
|
|
2,079
|
|
|
523
|
|
||||||
Walgreens IV
|
|
Retail
|
|
Beaumont
|
|
TX
|
|
9/20/2013
|
|
—
|
|
(1)
|
499
|
|
|
1,995
|
|
|
—
|
|
|
—
|
|
|
2,494
|
|
|
613
|
|
||||||
Dollar General X
|
|
Retail
|
|
Greenwell Springs
|
|
LA
|
|
9/24/2013
|
|
—
|
|
(1)
|
114
|
|
|
1,029
|
|
|
—
|
|
|
—
|
|
|
1,143
|
|
|
296
|
|
||||||
National Tire & Battery I
|
|
Retail
|
|
San Antonio
|
|
TX
|
|
9/24/2013
|
|
—
|
|
(1)
|
577
|
|
|
577
|
|
|
—
|
|
|
—
|
|
|
1,154
|
|
|
172
|
|
||||||
American Express Travel Related Services I
|
|
Office
|
|
Salt Lake City
|
|
UT
|
|
9/24/2013
|
|
—
|
|
(1)
|
4,150
|
|
|
32,789
|
|
|
—
|
|
|
—
|
|
|
36,939
|
|
|
13,388
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Belvidere
|
|
IL
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,170
|
|
|
17,843
|
|
|
—
|
|
|
—
|
|
|
20,013
|
|
|
5,607
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Brooklyn Park
|
|
MN
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,590
|
|
|
11,940
|
|
|
—
|
|
|
—
|
|
|
13,530
|
|
|
3,752
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Cartersville
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,640
|
|
|
14,533
|
|
|
—
|
|
|
—
|
|
|
16,173
|
|
|
4,567
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Douglas
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
750
|
|
|
7,076
|
|
|
—
|
|
|
—
|
|
|
7,826
|
|
|
2,224
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Gaffney
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,360
|
|
|
5,666
|
|
|
—
|
|
|
—
|
|
|
7,026
|
|
|
1,780
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Gainesville
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
1,580
|
|
|
13,838
|
|
|
—
|
|
|
—
|
|
|
15,418
|
|
|
4,348
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Pendergrass
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,810
|
|
|
26,572
|
|
|
—
|
|
|
—
|
|
|
29,382
|
|
|
8,350
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Piedmont
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
3,030
|
|
|
24,067
|
|
|
—
|
|
|
—
|
|
|
27,097
|
|
|
7,563
|
|
||||||
AmeriCold I
|
|
Distribution
|
|
Zumbrota
|
|
MN
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,440
|
|
|
18,152
|
|
|
—
|
|
|
—
|
|
|
20,592
|
|
|
5,704
|
|
||||||
Home Depot I
|
|
Distribution
|
|
Valdosta
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,930
|
|
|
30,538
|
|
|
—
|
|
|
—
|
|
|
33,468
|
|
|
7,472
|
|
||||||
Home Depot I
|
|
Distribution
|
|
Birmingham
|
|
AL
|
|
9/24/2013
|
|
—
|
|
(1)
|
3,660
|
|
|
33,667
|
|
|
—
|
|
|
—
|
|
|
37,327
|
|
|
8,238
|
|
||||||
New Breed Logistics I
|
|
Distribution
|
|
Hanahan
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
2,940
|
|
|
19,171
|
|
|
—
|
|
|
—
|
|
|
22,111
|
|
|
6,025
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Washington
|
|
DC
|
|
9/24/2013
|
|
—
|
|
(1)
|
590
|
|
|
2,366
|
|
|
—
|
|
|
—
|
|
|
2,956
|
|
|
650
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Fort Pierce
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
720
|
|
|
1,434
|
|
|
(161
|
)
|
|
(248
|
)
|
|
1,745
|
|
|
379
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
New Smyrna Beach
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
740
|
|
|
2,859
|
|
|
—
|
|
|
—
|
|
|
3,599
|
|
|
786
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Orlando
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
540
|
|
|
3,069
|
|
|
—
|
|
|
—
|
|
|
3,609
|
|
|
843
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Orlando
|
|
FL
|
|
9/24/2013
|
|
—
|
|
(1)
|
410
|
|
|
2,078
|
|
|
—
|
|
|
—
|
|
|
2,488
|
|
|
571
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Atlanta
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
570
|
|
|
1,152
|
|
|
—
|
|
|
—
|
|
|
1,722
|
|
|
317
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Dunwoody
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
460
|
|
|
2,714
|
|
|
(203
|
)
|
|
(941
|
)
|
|
2,030
|
|
|
673
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Thomson
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
480
|
|
|
1,015
|
|
|
—
|
|
|
—
|
|
|
1,495
|
|
|
279
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Waycross
|
|
GA
|
|
9/24/2013
|
|
—
|
|
(1)
|
300
|
|
|
1,425
|
|
|
—
|
|
|
—
|
|
|
1,725
|
|
|
392
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Cary
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
370
|
|
|
841
|
|
|
—
|
|
|
—
|
|
|
1,211
|
|
|
231
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
SunTrust Bank I
|
|
Retail
|
|
Stokesdale
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
230
|
|
|
581
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|
160
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Summerfield
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
210
|
|
|
605
|
|
|
—
|
|
|
—
|
|
|
815
|
|
|
166
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Waynesville
|
|
NC
|
|
9/24/2013
|
|
—
|
|
(1)
|
200
|
|
|
874
|
|
|
—
|
|
|
—
|
|
|
1,074
|
|
|
240
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Fountain Inn
|
|
SC
|
|
9/24/2013
|
|
—
|
|
(1)
|
290
|
|
|
1,086
|
|
|
(250
|
)
|
|
(754
|
)
|
|
372
|
|
|
223
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Chattanooga
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
220
|
|
|
781
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
|
215
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Nashville
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
190
|
|
|
666
|
|
|
—
|
|
|
—
|
|
|
856
|
|
|
183
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Oak Ridge
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
500
|
|
|
1,277
|
|
|
—
|
|
|
—
|
|
|
1,777
|
|
|
351
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Savannah
|
|
TN
|
|
9/24/2013
|
|
—
|
|
(1)
|
390
|
|
|
1,179
|
|
|
—
|
|
|
—
|
|
|
1,569
|
|
|
324
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Doswell
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
190
|
|
|
510
|
|
|
—
|
|
|
—
|
|
|
700
|
|
|
140
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Nassawadox
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
70
|
|
|
484
|
|
|
(52
|
)
|
|
(269
|
)
|
|
233
|
|
|
127
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
New Market
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
330
|
|
|
948
|
|
|
—
|
|
|
—
|
|
|
1,278
|
|
|
261
|
|
||||||
SunTrust Bank I
|
|
Retail
|
|
Vinton
|
|
VA
|
|
9/24/2013
|
|
—
|
|
(1)
|
120
|
|
|
366
|
|
|
—
|
|
|
—
|
|
|
486
|
|
|
100
|
|
||||||
Circle K I
|
|
Retail
|
|
Burlington
|
|
IA
|
|
9/25/2013
|
|
—
|
|
(1)
|
224
|
|
|
523
|
|
|
—
|
|
|
—
|
|
|
747
|
|
|
151
|
|
||||||
Circle K I
|
|
Retail
|
|
Clinton
|
|
IA
|
|
9/25/2013
|
|
—
|
|
(1)
|
334
|
|
|
779
|
|
|
—
|
|
|
—
|
|
|
1,113
|
|
|
224
|
|
||||||
Circle K I
|
|
Retail
|
|
Muscatine
|
|
IA
|
|
9/25/2013
|
|
—
|
|
(1)
|
274
|
|
|
821
|
|
|
—
|
|
|
—
|
|
|
1,095
|
|
|
236
|
|
||||||
Circle K I
|
|
Retail
|
|
Aledo
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
427
|
|
|
1,709
|
|
|
—
|
|
|
—
|
|
|
2,136
|
|
|
492
|
|
||||||
Circle K I
|
|
Retail
|
|
Bloomington
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
316
|
|
|
586
|
|
|
—
|
|
|
—
|
|
|
902
|
|
|
169
|
|
||||||
Circle K I
|
|
Retail
|
|
Bloomington
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
395
|
|
|
592
|
|
|
—
|
|
|
—
|
|
|
987
|
|
|
171
|
|
||||||
Circle K I
|
|
Retail
|
|
Champaign
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
412
|
|
|
504
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
145
|
|
||||||
Circle K I
|
|
Retail
|
|
Galesburg
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
355
|
|
|
829
|
|
|
—
|
|
|
—
|
|
|
1,184
|
|
|
239
|
|
||||||
Circle K I
|
|
Retail
|
|
Jacksonville
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
351
|
|
|
818
|
|
|
—
|
|
|
—
|
|
|
1,169
|
|
|
236
|
|
||||||
Circle K I
|
|
Retail
|
|
Jacksonville
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
316
|
|
|
474
|
|
|
—
|
|
|
—
|
|
|
790
|
|
|
136
|
|
||||||
Circle K I
|
|
Retail
|
|
Mattoon
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
608
|
|
|
1,129
|
|
|
—
|
|
|
—
|
|
|
1,737
|
|
|
325
|
|
||||||
Circle K I
|
|
Retail
|
|
Morton
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
350
|
|
|
525
|
|
|
—
|
|
|
—
|
|
|
875
|
|
|
151
|
|
||||||
Circle K I
|
|
Retail
|
|
Paris
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
429
|
|
|
797
|
|
|
—
|
|
|
—
|
|
|
1,226
|
|
|
230
|
|
||||||
Circle K I
|
|
Retail
|
|
Staunton
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
467
|
|
|
1,867
|
|
|
—
|
|
|
—
|
|
|
2,334
|
|
|
538
|
|
||||||
Circle K I
|
|
Retail
|
|
Vandalia
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
529
|
|
|
983
|
|
|
—
|
|
|
—
|
|
|
1,512
|
|
|
283
|
|
||||||
Circle K I
|
|
Retail
|
|
Virden
|
|
IL
|
|
9/25/2013
|
|
—
|
|
(1)
|
302
|
|
|
1,208
|
|
|
—
|
|
|
—
|
|
|
1,510
|
|
|
348
|
|
||||||
Circle K I
|
|
Retail
|
|
Lafayette
|
|
IN
|
|
9/25/2013
|
|
—
|
|
(1)
|
401
|
|
|
746
|
|
|
—
|
|
|
—
|
|
|
1,147
|
|
|
215
|
|
||||||
Circle K I
|
|
Retail
|
|
Bedford
|
|
OH
|
|
9/25/2013
|
|
—
|
|
(1)
|
702
|
|
|
702
|
|
|
—
|
|
|
—
|
|
|
1,404
|
|
|
202
|
|
||||||
Circle K I
|
|
Retail
|
|
Streetsboro
|
|
OH
|
|
9/25/2013
|
|
—
|
|
(1)
|
540
|
|
|
540
|
|
|
—
|
|
|
—
|
|
|
1,080
|
|
|
156
|
|
||||||
Walgreens V
|
|
Retail
|
|
Oklahoma City
|
|
OK
|
|
9/27/2013
|
|
—
|
|
(1)
|
1,295
|
|
|
3,884
|
|
|
—
|
|
|
—
|
|
|
5,179
|
|
|
1,194
|
|
||||||
Walgreens VI
|
|
Retail
|
|
Gillette
|
|
WY
|
|
9/27/2013
|
|
—
|
|
(1)
|
1,198
|
|
|
2,796
|
|
|
—
|
|
|
—
|
|
|
3,994
|
|
|
860
|
|
||||||
FedEx Ground I
|
|
Distribution
|
|
Watertown
|
|
SD
|
|
9/30/2013
|
|
—
|
|
(1)
|
136
|
|
|
2,581
|
|
|
—
|
|
|
—
|
|
|
2,717
|
|
|
811
|
|
||||||
American Tire Distributors I
|
|
Distribution
|
|
Chattanooga
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
401
|
|
|
7,626
|
|
|
—
|
|
|
—
|
|
|
8,027
|
|
|
2,396
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
Krystal I
|
|
Retail
|
|
Jacksonville
|
|
FL
|
|
9/30/2013
|
|
—
|
|
(1)
|
533
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
1,332
|
|
|
288
|
|
||||||
Krystal I
|
|
Retail
|
|
Columbus
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
143
|
|
|
1,288
|
|
|
—
|
|
|
—
|
|
|
1,431
|
|
|
463
|
|
||||||
Krystal I
|
|
Retail
|
|
Ft. Oglethorpe
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
181
|
|
|
1,024
|
|
|
—
|
|
|
—
|
|
|
1,205
|
|
|
368
|
|
||||||
Krystal I
|
|
Retail
|
|
Chattanooga
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
285
|
|
|
855
|
|
|
—
|
|
|
—
|
|
|
1,140
|
|
|
308
|
|
||||||
Krystal I
|
|
Retail
|
|
Cleveland
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
207
|
|
|
1,172
|
|
|
—
|
|
|
—
|
|
|
1,379
|
|
|
421
|
|
||||||
Krystal I
|
|
Retail
|
|
Madison
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
416
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
1,040
|
|
|
225
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Lexington
|
|
KY
|
|
9/30/2013
|
|
—
|
|
(1)
|
409
|
|
|
955
|
|
|
—
|
|
|
—
|
|
|
1,364
|
|
|
344
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Conyers
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
373
|
|
|
2,113
|
|
|
—
|
|
|
—
|
|
|
2,486
|
|
|
760
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Southaven
|
|
MS
|
|
9/30/2013
|
|
—
|
|
(1)
|
836
|
|
|
1,553
|
|
|
—
|
|
|
—
|
|
|
2,389
|
|
|
559
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Daphne
|
|
AL
|
|
9/30/2013
|
|
—
|
|
(1)
|
142
|
|
|
1,275
|
|
|
—
|
|
|
—
|
|
|
1,417
|
|
|
459
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Kennesaw
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
142
|
|
|
1,280
|
|
|
—
|
|
|
—
|
|
|
1,422
|
|
|
460
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Springfield
|
|
OH
|
|
9/30/2013
|
|
—
|
|
(1)
|
262
|
|
|
1,484
|
|
|
—
|
|
|
—
|
|
|
1,746
|
|
|
534
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Murfreesboro
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
597
|
|
|
1,109
|
|
|
—
|
|
|
—
|
|
|
1,706
|
|
|
399
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Mcdonough
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
335
|
|
|
1,899
|
|
|
—
|
|
|
—
|
|
|
2,234
|
|
|
683
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Simpsonville
|
|
SC
|
|
9/30/2013
|
|
—
|
|
(1)
|
349
|
|
|
1,395
|
|
|
—
|
|
|
—
|
|
|
1,744
|
|
|
502
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Grove City
|
|
OH
|
|
9/30/2013
|
|
—
|
|
(1)
|
387
|
|
|
1,546
|
|
|
—
|
|
|
—
|
|
|
1,933
|
|
|
556
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Clarksville
|
|
TN
|
|
9/30/2013
|
|
—
|
|
(1)
|
917
|
|
|
1,376
|
|
|
—
|
|
|
—
|
|
|
2,293
|
|
|
495
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Champaign
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
256
|
|
|
1,449
|
|
|
—
|
|
|
—
|
|
|
1,705
|
|
|
521
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Columbus
|
|
OH
|
|
9/30/2013
|
|
—
|
|
(1)
|
271
|
|
|
1,533
|
|
|
—
|
|
|
—
|
|
|
1,804
|
|
|
551
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Foley
|
|
AL
|
|
9/30/2013
|
|
—
|
|
(1)
|
264
|
|
|
1,495
|
|
|
—
|
|
|
—
|
|
|
1,759
|
|
|
538
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Corydon
|
|
IN
|
|
9/30/2013
|
|
—
|
|
(1)
|
260
|
|
|
1,473
|
|
|
—
|
|
|
—
|
|
|
1,733
|
|
|
530
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Salisbury
|
|
NC
|
|
9/30/2013
|
|
—
|
|
(1)
|
439
|
|
|
1,024
|
|
|
—
|
|
|
—
|
|
|
1,463
|
|
|
368
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Carrollton
|
|
GA
|
|
9/30/2013
|
|
—
|
|
(1)
|
457
|
|
|
1,067
|
|
|
—
|
|
|
—
|
|
|
1,524
|
|
|
384
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Lake Charles
|
|
LA
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,118
|
|
|
1,367
|
|
|
—
|
|
|
—
|
|
|
2,485
|
|
|
492
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Hattiesburg
|
|
MS
|
|
9/30/2013
|
|
—
|
|
(1)
|
413
|
|
|
1,651
|
|
|
—
|
|
|
—
|
|
|
2,064
|
|
|
594
|
|
||||||
O'Charley's I
|
|
Retail
|
|
Greenfield
|
|
IN
|
|
9/30/2013
|
|
—
|
|
(1)
|
507
|
|
|
1,184
|
|
|
—
|
|
|
—
|
|
|
1,691
|
|
|
426
|
|
||||||
Walgreens VII
|
|
Retail
|
|
Monroe
|
|
MI
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,149
|
|
|
2,680
|
|
|
—
|
|
|
—
|
|
|
3,829
|
|
|
824
|
|
||||||
Walgreens VII
|
|
Retail
|
|
St Louis
|
|
MO
|
|
9/30/2013
|
|
—
|
|
(1)
|
903
|
|
|
2,107
|
|
|
—
|
|
|
—
|
|
|
3,010
|
|
|
648
|
|
||||||
Walgreens VII
|
|
Retail
|
|
Florissant
|
|
MO
|
|
9/30/2013
|
|
—
|
|
(1)
|
474
|
|
|
1,422
|
|
|
—
|
|
|
—
|
|
|
1,896
|
|
|
437
|
|
||||||
Walgreens VII
|
|
Retail
|
|
Florissant
|
|
MO
|
|
9/30/2013
|
|
—
|
|
(1)
|
561
|
|
|
1,309
|
|
|
—
|
|
|
—
|
|
|
1,870
|
|
|
402
|
|
||||||
Walgreens VII
|
|
Retail
|
|
Alton
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,158
|
|
|
3,474
|
|
|
—
|
|
|
—
|
|
|
4,632
|
|
|
1,068
|
|
||||||
Walgreens VII
|
|
Retail
|
|
Springfield
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,319
|
|
|
3,078
|
|
|
—
|
|
|
—
|
|
|
4,397
|
|
|
946
|
|
||||||
Walgreens VII
|
|
Retail
|
|
Washington
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
964
|
|
|
2,893
|
|
|
—
|
|
|
—
|
|
|
3,857
|
|
|
890
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
Walgreens VII
|
|
Retail
|
|
Mahomet
|
|
IL
|
|
9/30/2013
|
|
—
|
|
(1)
|
1,432
|
|
|
2,659
|
|
|
—
|
|
|
—
|
|
|
4,091
|
|
|
818
|
|
||||||
1st Constitution Bancorp I
|
|
Retail
|
|
Hightstown
|
|
NJ
|
|
9/30/2013
|
|
—
|
|
(1)
|
260
|
|
|
1,471
|
|
|
—
|
|
|
—
|
|
|
1,731
|
|
|
404
|
|
||||||
Tractor Supply II
|
|
Retail
|
|
Houghton
|
|
MI
|
|
10/3/2013
|
|
—
|
|
(1)
|
204
|
|
|
1,158
|
|
|
—
|
|
|
—
|
|
|
1,362
|
|
|
286
|
|
||||||
National Tire & Battery II
|
|
Retail
|
|
Mundelein
|
|
IL
|
|
10/4/2013
|
|
—
|
|
(1)
|
—
|
|
|
1,742
|
|
|
—
|
|
|
—
|
|
|
1,742
|
|
|
521
|
|
||||||
United Healthcare I
|
|
Office
|
|
Howard (Green Bay)
|
|
WI
|
|
10/7/2013
|
|
—
|
|
(1)
|
3,805
|
|
|
47,565
|
|
|
—
|
|
|
—
|
|
|
51,370
|
|
|
6,652
|
|
||||||
Tractor Supply III
|
|
Retail
|
|
Harlan
|
|
KY
|
|
10/16/2013
|
|
—
|
|
(1)
|
248
|
|
|
2,232
|
|
|
—
|
|
|
—
|
|
|
2,480
|
|
|
544
|
|
||||||
Mattress Firm II
|
|
Retail
|
|
Knoxville
|
|
TN
|
|
10/18/2013
|
|
—
|
|
(1)
|
189
|
|
|
754
|
|
|
—
|
|
|
—
|
|
|
943
|
|
|
215
|
|
||||||
Dollar General XI
|
|
Retail
|
|
Greenville
|
|
MS
|
|
10/23/2013
|
|
—
|
|
(1)
|
192
|
|
|
769
|
|
|
—
|
|
|
—
|
|
|
961
|
|
|
220
|
|
||||||
Academy Sports I
|
|
Retail
|
|
Cape Girardeau
|
|
MO
|
|
10/29/2013
|
|
—
|
|
(1)
|
384
|
|
|
7,292
|
|
|
(23
|
)
|
|
(341
|
)
|
|
7,312
|
|
|
1,790
|
|
||||||
Talecris Plasma Resources I
|
|
Office
|
|
Eagle Pass
|
|
TX
|
|
10/29/2013
|
|
—
|
|
(1)
|
286
|
|
|
2,577
|
|
|
—
|
|
|
—
|
|
|
2,863
|
|
|
618
|
|
||||||
Amazon I
|
|
Office
|
|
Winchester
|
|
KY
|
|
10/30/2013
|
|
—
|
|
(1)
|
362
|
|
|
8,070
|
|
|
—
|
|
|
—
|
|
|
8,432
|
|
|
2,111
|
|
||||||
Fresenius II
|
|
Retail
|
|
Montclair
|
|
NJ
|
|
10/31/2013
|
|
—
|
|
(1)
|
1,214
|
|
|
2,255
|
|
|
—
|
|
|
—
|
|
|
3,469
|
|
|
541
|
|
||||||
Fresenius II
|
|
Retail
|
|
Sharon Hill
|
|
PA
|
|
10/31/2013
|
|
—
|
|
(1)
|
345
|
|
|
1,956
|
|
|
—
|
|
|
—
|
|
|
2,301
|
|
|
469
|
|
||||||
Dollar General XII
|
|
Retail
|
|
Le Center
|
|
MN
|
|
11/1/2013
|
|
—
|
|
(1)
|
47
|
|
|
886
|
|
|
—
|
|
|
—
|
|
|
933
|
|
|
253
|
|
||||||
Dollar General XIII
|
|
Retail
|
|
Vidor
|
|
TX
|
|
11/7/2013
|
|
—
|
|
(1)
|
46
|
|
|
875
|
|
|
—
|
|
|
—
|
|
|
921
|
|
|
250
|
|
||||||
Advance Auto II
|
|
Retail
|
|
Bunnell
|
|
FL
|
|
11/7/2013
|
|
—
|
|
(1)
|
92
|
|
|
1,741
|
|
|
—
|
|
|
—
|
|
|
1,833
|
|
|
497
|
|
||||||
Advance Auto II
|
|
Retail
|
|
Washington
|
|
GA
|
|
11/7/2013
|
|
—
|
|
(1)
|
55
|
|
|
1,042
|
|
|
—
|
|
|
—
|
|
|
1,097
|
|
|
297
|
|
||||||
FedEx Ground II
|
|
Distribution
|
|
Leland
|
|
MS
|
|
11/12/2013
|
|
—
|
|
(1)
|
220
|
|
|
4,186
|
|
|
—
|
|
|
—
|
|
|
4,406
|
|
|
1,303
|
|
||||||
Burger King I
|
|
Retail
|
|
Algonquin
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
798
|
|
|
798
|
|
|
—
|
|
|
—
|
|
|
1,596
|
|
|
226
|
|
||||||
Burger King I
|
|
Retail
|
|
Antioch
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
706
|
|
|
471
|
|
|
—
|
|
|
—
|
|
|
1,177
|
|
|
133
|
|
||||||
Burger King I
|
|
Retail
|
|
Crystal Lake
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
541
|
|
|
232
|
|
|
—
|
|
|
—
|
|
|
773
|
|
|
66
|
|
||||||
Burger King I
|
|
Retail
|
|
Grayslake
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
582
|
|
|
476
|
|
|
—
|
|
|
—
|
|
|
1,058
|
|
|
135
|
|
||||||
Burger King I
|
|
Retail
|
|
Gurnee
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
931
|
|
|
931
|
|
|
—
|
|
|
—
|
|
|
1,862
|
|
|
263
|
|
||||||
Burger King I
|
|
Retail
|
|
McHenry
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
742
|
|
|
318
|
|
|
—
|
|
|
—
|
|
|
1,060
|
|
|
90
|
|
||||||
Burger King I
|
|
Retail
|
|
Round Lake Beach
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
1,273
|
|
|
1,042
|
|
|
—
|
|
|
—
|
|
|
2,315
|
|
|
295
|
|
||||||
Burger King I
|
|
Retail
|
|
Waukegan
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
611
|
|
|
611
|
|
|
—
|
|
|
—
|
|
|
1,222
|
|
|
173
|
|
||||||
Burger King I
|
|
Retail
|
|
Woodstock
|
|
IL
|
|
11/14/2013
|
|
—
|
|
(1)
|
869
|
|
|
290
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
|
82
|
|
||||||
Burger King I
|
|
Retail
|
|
Austintown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
221
|
|
|
1,251
|
|
|
—
|
|
|
—
|
|
|
1,472
|
|
|
354
|
|
||||||
Burger King I
|
|
Retail
|
|
Beavercreek
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
410
|
|
|
761
|
|
|
—
|
|
|
—
|
|
|
1,171
|
|
|
215
|
|
||||||
Burger King I
|
|
Retail
|
|
Celina
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
233
|
|
|
932
|
|
|
—
|
|
|
—
|
|
|
1,165
|
|
|
264
|
|
||||||
Burger King I
|
|
Retail
|
|
Chardon
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
332
|
|
|
497
|
|
|
—
|
|
|
—
|
|
|
829
|
|
|
141
|
|
||||||
Burger King I
|
|
Retail
|
|
Chesterland
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
320
|
|
|
747
|
|
|
—
|
|
|
—
|
|
|
1,067
|
|
|
211
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
Burger King I
|
|
Retail
|
|
Cortland
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
118
|
|
|
1,063
|
|
|
—
|
|
|
—
|
|
|
1,181
|
|
|
301
|
|
||||||
Burger King I
|
|
Retail
|
|
Dayton
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
464
|
|
|
862
|
|
|
—
|
|
|
—
|
|
|
1,326
|
|
|
244
|
|
||||||
Burger King I
|
|
Retail
|
|
Fairborn
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
421
|
|
|
982
|
|
|
—
|
|
|
—
|
|
|
1,403
|
|
|
278
|
|
||||||
Burger King I
|
|
Retail
|
|
Girard
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
421
|
|
|
1,264
|
|
|
—
|
|
|
—
|
|
|
1,685
|
|
|
358
|
|
||||||
Burger King I
|
|
Retail
|
|
Greenville
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
248
|
|
|
993
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|
281
|
|
||||||
Burger King I
|
|
Retail
|
|
Madison
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
282
|
|
|
845
|
|
|
—
|
|
|
—
|
|
|
1,127
|
|
|
239
|
|
||||||
Burger King I
|
|
Retail
|
|
Mentor
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
196
|
|
|
786
|
|
|
—
|
|
|
—
|
|
|
982
|
|
|
222
|
|
||||||
Burger King I
|
|
Retail
|
|
Niles
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
304
|
|
|
1,214
|
|
|
—
|
|
|
—
|
|
|
1,518
|
|
|
344
|
|
||||||
Burger King I
|
|
Retail
|
|
North Royalton
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
156
|
|
|
886
|
|
|
—
|
|
|
—
|
|
|
1,042
|
|
|
251
|
|
||||||
Burger King I
|
|
Retail
|
|
Painesville
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
170
|
|
|
965
|
|
|
—
|
|
|
—
|
|
|
1,135
|
|
|
273
|
|
||||||
Burger King I
|
|
Retail
|
|
Poland
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
212
|
|
|
847
|
|
|
—
|
|
|
—
|
|
|
1,059
|
|
|
240
|
|
||||||
Burger King I
|
|
Retail
|
|
Ravenna
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
391
|
|
|
1,172
|
|
|
—
|
|
|
—
|
|
|
1,563
|
|
|
332
|
|
||||||
Burger King I
|
|
Retail
|
|
Salem
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
352
|
|
|
1,408
|
|
|
—
|
|
|
—
|
|
|
1,760
|
|
|
399
|
|
||||||
Burger King I
|
|
Retail
|
|
Trotwood
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
266
|
|
|
798
|
|
|
—
|
|
|
—
|
|
|
1,064
|
|
|
226
|
|
||||||
Burger King I
|
|
Retail
|
|
Twinsburg
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
458
|
|
|
850
|
|
|
—
|
|
|
—
|
|
|
1,308
|
|
|
241
|
|
||||||
Burger King I
|
|
Retail
|
|
Vandalia
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
182
|
|
|
728
|
|
|
—
|
|
|
—
|
|
|
910
|
|
|
206
|
|
||||||
Burger King I
|
|
Retail
|
|
Warren
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
176
|
|
|
997
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
|
282
|
|
||||||
Burger King I
|
|
Retail
|
|
Warren
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
168
|
|
|
1,516
|
|
|
—
|
|
|
—
|
|
|
1,684
|
|
|
429
|
|
||||||
Burger King I
|
|
Retail
|
|
Willoughby
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
394
|
|
|
920
|
|
|
—
|
|
|
—
|
|
|
1,314
|
|
|
260
|
|
||||||
Burger King I
|
|
Retail
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
300
|
|
|
901
|
|
|
—
|
|
|
—
|
|
|
1,201
|
|
|
255
|
|
||||||
Burger King I
|
|
Retail
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
186
|
|
|
1,675
|
|
|
—
|
|
|
—
|
|
|
1,861
|
|
|
474
|
|
||||||
Burger King I
|
|
Retail
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
147
|
|
|
1,324
|
|
|
—
|
|
|
—
|
|
|
1,471
|
|
|
375
|
|
||||||
Burger King I
|
|
Retail
|
|
Youngstown
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
370
|
|
|
1,481
|
|
|
—
|
|
|
—
|
|
|
1,851
|
|
|
419
|
|
||||||
Burger King I
|
|
Retail
|
|
Bethel Park
|
|
PA
|
|
11/14/2013
|
|
—
|
|
(1)
|
342
|
|
|
634
|
|
|
—
|
|
|
—
|
|
|
976
|
|
|
180
|
|
||||||
Burger King I
|
|
Retail
|
|
North Fayette
|
|
PA
|
|
11/14/2013
|
|
—
|
|
(1)
|
463
|
|
|
1,388
|
|
|
—
|
|
|
—
|
|
|
1,851
|
|
|
393
|
|
||||||
Burger King I
|
|
Retail
|
|
North Versailles
|
|
PA
|
|
11/14/2013
|
|
—
|
|
(1)
|
553
|
|
|
1,659
|
|
|
—
|
|
|
—
|
|
|
2,212
|
|
|
469
|
|
||||||
Burger King I
|
|
Retail
|
|
Columbiana
|
|
OH
|
|
11/14/2013
|
|
—
|
|
(1)
|
581
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
1,452
|
|
|
246
|
|
||||||
Dollar General XIV
|
|
Retail
|
|
Fort Smith
|
|
AR
|
|
11/20/2013
|
|
—
|
|
(1)
|
184
|
|
|
1,042
|
|
|
—
|
|
|
—
|
|
|
1,226
|
|
|
295
|
|
||||||
Dollar General XIV
|
|
Retail
|
|
Hot Springs
|
|
AR
|
|
11/20/2013
|
|
—
|
|
(1)
|
287
|
|
|
862
|
|
|
—
|
|
|
—
|
|
|
1,149
|
|
|
244
|
|
||||||
Dollar General XIV
|
|
Retail
|
|
Royal
|
|
AR
|
|
11/20/2013
|
|
—
|
|
(1)
|
137
|
|
|
777
|
|
|
—
|
|
|
—
|
|
|
914
|
|
|
220
|
|
||||||
Dollar General XV
|
|
Retail
|
|
Wilson
|
|
NY
|
|
11/20/2013
|
|
—
|
|
(1)
|
172
|
|
|
972
|
|
|
—
|
|
|
—
|
|
|
1,144
|
|
|
275
|
|
||||||
Mattress Firm I
|
|
Retail
|
|
McDonough
|
|
GA
|
|
11/22/2013
|
|
—
|
|
(1)
|
185
|
|
|
1,663
|
|
|
—
|
|
|
—
|
|
|
1,848
|
|
|
471
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
FedEx Ground III
|
|
Distribution
|
|
Bismarck
|
|
ND
|
|
11/25/2013
|
|
—
|
|
(1)
|
554
|
|
|
3,139
|
|
|
—
|
|
|
—
|
|
|
3,693
|
|
|
967
|
|
||||||
Dollar General XVI
|
|
Retail
|
|
LaFollette
|
|
TN
|
|
11/27/2013
|
|
—
|
|
(1)
|
43
|
|
|
824
|
|
|
—
|
|
|
—
|
|
|
867
|
|
|
233
|
|
||||||
Family Dollar V
|
|
Retail
|
|
Carrollton
|
|
MO
|
|
11/27/2013
|
|
—
|
|
(1)
|
37
|
|
|
713
|
|
|
—
|
|
|
—
|
|
|
750
|
|
|
202
|
|
||||||
CVS III
|
|
Retail
|
|
Detroit
|
|
MI
|
|
12/10/2013
|
|
—
|
|
(1)
|
447
|
|
|
2,533
|
|
|
—
|
|
|
—
|
|
|
2,980
|
|
|
766
|
|
||||||
Family Dollar VI
|
|
Retail
|
|
Walden
|
|
CO
|
|
12/10/2013
|
|
—
|
|
(1)
|
100
|
|
|
568
|
|
|
—
|
|
|
—
|
|
|
668
|
|
|
161
|
|
||||||
Mattress Firm III
|
|
Retail
|
|
Valdosta
|
|
GA
|
|
12/17/2013
|
|
—
|
|
(1)
|
169
|
|
|
1,522
|
|
|
—
|
|
|
—
|
|
|
1,691
|
|
|
427
|
|
||||||
Arby's II
|
|
Retail
|
|
Virginia
|
|
MN
|
|
12/23/2013
|
|
—
|
|
(1)
|
117
|
|
|
1,056
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
|
293
|
|
||||||
Family Dollar VI
|
|
Retail
|
|
Kremmling
|
|
CO
|
|
12/23/2013
|
|
—
|
|
(1)
|
194
|
|
|
778
|
|
|
—
|
|
|
—
|
|
|
972
|
|
|
218
|
|
||||||
SAAB Sensis I
|
|
Office
|
|
Syracuse
|
|
NY
|
|
12/23/2013
|
|
7,077
|
|
|
2,516
|
|
|
12,570
|
|
|
—
|
|
|
—
|
|
|
15,086
|
|
|
1,785
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Doylestown
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
588
|
|
|
1,373
|
|
|
—
|
|
|
—
|
|
|
1,961
|
|
|
368
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Lansdale
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
531
|
|
|
1,238
|
|
|
—
|
|
|
—
|
|
|
1,769
|
|
|
332
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Lima
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
1,376
|
|
|
1,682
|
|
|
—
|
|
|
—
|
|
|
3,058
|
|
|
451
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
473
|
|
|
2,680
|
|
|
—
|
|
|
—
|
|
|
3,153
|
|
|
718
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
412
|
|
|
2,337
|
|
|
—
|
|
|
—
|
|
|
2,749
|
|
|
626
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
321
|
|
|
2,889
|
|
|
—
|
|
|
—
|
|
|
3,210
|
|
|
774
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Philadelphia
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
388
|
|
|
1,551
|
|
|
—
|
|
|
—
|
|
|
1,939
|
|
|
416
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Richboro
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
642
|
|
|
1,193
|
|
|
—
|
|
|
—
|
|
|
1,835
|
|
|
320
|
|
||||||
Citizens Bank I
|
|
Retail
|
|
Wayne
|
|
PA
|
|
12/27/2013
|
|
—
|
|
(1)
|
1,923
|
|
|
1,923
|
|
|
—
|
|
|
—
|
|
|
3,846
|
|
|
515
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Lakeland
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
590
|
|
|
705
|
|
|
—
|
|
|
—
|
|
|
1,295
|
|
|
120
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Plant City
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
499
|
|
|
1,139
|
|
|
—
|
|
|
—
|
|
|
1,638
|
|
|
176
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Vero Beach
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
825
|
|
|
2,682
|
|
|
—
|
|
|
—
|
|
|
3,507
|
|
|
373
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Panama City
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
484
|
|
|
1,075
|
|
|
—
|
|
|
—
|
|
|
1,559
|
|
|
164
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Winter Park
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
2,264
|
|
|
1,079
|
|
|
—
|
|
|
—
|
|
|
3,343
|
|
|
169
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Seminole
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,329
|
|
|
3,486
|
|
|
—
|
|
|
—
|
|
|
4,815
|
|
|
476
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Okeechobee
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
339
|
|
|
1,569
|
|
|
—
|
|
|
—
|
|
|
1,908
|
|
|
284
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Douglasville
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
410
|
|
|
749
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
|
111
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Duluth
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,081
|
|
|
2,111
|
|
|
—
|
|
|
—
|
|
|
3,192
|
|
|
298
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Atlanta
|
|
GA
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,071
|
|
|
2,293
|
|
|
—
|
|
|
—
|
|
|
3,364
|
|
|
327
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Cockeysville
|
|
MD
|
|
1/8/2014
|
|
—
|
|
(2)
|
2,184
|
|
|
479
|
|
|
—
|
|
|
—
|
|
|
2,663
|
|
|
68
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Apex
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
296
|
|
|
1,240
|
|
|
—
|
|
|
—
|
|
|
1,536
|
|
|
170
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Arden
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
374
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
590
|
|
|
38
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Greensboro
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
326
|
|
|
633
|
|
|
—
|
|
|
—
|
|
|
959
|
|
|
92
|
|
(In thousands)
|
|
|
|
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
|||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
||||||||||||||
SunTrust Bank II
|
|
Retail
|
|
Salisbury
|
|
NC
|
|
1/8/2014
|
|
—
|
|
(2)
|
264
|
|
|
293
|
|
|
—
|
|
|
—
|
|
|
557
|
|
|
56
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Mauldin
|
|
SC
|
|
1/8/2014
|
|
—
|
|
(2)
|
542
|
|
|
704
|
|
|
—
|
|
|
—
|
|
|
1,246
|
|
|
116
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Nashville
|
|
TN
|
|
1/8/2014
|
|
—
|
|
(2)
|
890
|
|
|
504
|
|
|
—
|
|
|
—
|
|
|
1,394
|
|
|
89
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Chattanooga
|
|
TN
|
|
1/8/2014
|
|
—
|
|
(2)
|
358
|
|
|
564
|
|
|
—
|
|
|
—
|
|
|
922
|
|
|
83
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
East Ridge
|
|
TN
|
|
1/8/2014
|
|
—
|
|
(2)
|
276
|
|
|
475
|
|
|
—
|
|
|
—
|
|
|
751
|
|
|
78
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Fredericksburg
|
|
VA
|
|
1/8/2014
|
|
—
|
|
(2)
|
1,623
|
|
|
446
|
|
|
—
|
|
|
—
|
|
|
2,069
|
|
|
77
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Lynchburg
|
|
VA
|
|
1/8/2014
|
|
—
|
|
(2)
|
584
|
|
|
1,255
|
|
|
—
|
|
|
—
|
|
|
1,839
|
|
|
185
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Chesapeake
|
|
VA
|
|
1/8/2014
|
|
—
|
|
(2)
|
490
|
|
|
695
|
|
|
—
|
|
|
—
|
|
|
1,185
|
|
|
106
|
|
||||||
SunTrust Bank II
|
|
Retail
|
|
Bushnell
|
|
FL
|
|
1/8/2014
|
|
—
|
|
(2)
|
385
|
|
|
1,216
|
|
|
—
|
|
|
—
|
|
|
1,601
|
|
|
161
|
|
||||||
Mattress Firm IV
|
|
Retail
|
|
Meridian
|
|
ID
|
|
1/9/2014
|
|
—
|
|
(1)
|
691
|
|
|
1,193
|
|
|
—
|
|
|
—
|
|
|
1,884
|
|
|
178
|
|
||||||
Dollar General XII
|
|
Retail
|
|
Sunrise Beach
|
|
MO
|
|
1/15/2014
|
|
—
|
|
(1)
|
105
|
|
|
795
|
|
|
—
|
|
|
—
|
|
|
900
|
|
|
166
|
|
||||||
FedEx Ground IV
|
|
Distribution
|
|
Council Bluffs
|
|
IA
|
|
1/24/2014
|
|
—
|
|
(1)
|
768
|
|
|
3,908
|
|
|
—
|
|
|
—
|
|
|
4,676
|
|
|
616
|
|
||||||
Mattress Firm V
|
|
Retail
|
|
Florence
|
|
AL
|
|
1/28/2014
|
|
—
|
|
(1)
|
299
|
|
|
1,478
|
|
|
—
|
|
|
—
|
|
|
1,777
|
|
|
215
|
|
||||||
Mattress Firm I
|
|
Retail
|
|
Aiken
|
|
SC
|
|
2/5/2014
|
|
—
|
|
(1)
|
426
|
|
|
1,029
|
|
|
—
|
|
|
—
|
|
|
1,455
|
|
|
174
|
|
||||||
Family Dollar VII
|
|
Retail
|
|
Bernice
|
|
LA
|
|
2/7/2014
|
|
—
|
|
(1)
|
51
|
|
|
527
|
|
|
—
|
|
|
—
|
|
|
578
|
|
|
80
|
|
||||||
Aaron's I
|
|
Retail
|
|
Erie
|
|
PA
|
|
2/10/2014
|
|
—
|
|
(1)
|
126
|
|
|
708
|
|
|
—
|
|
|
—
|
|
|
834
|
|
|
98
|
|
||||||
AutoZone III
|
|
Retail
|
|
Caro
|
|
MI
|
|
2/13/2014
|
|
—
|
|
(1)
|
135
|
|
|
855
|
|
|
—
|
|
|
—
|
|
|
990
|
|
|
122
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
SunTrust Bank III
|
|
Retail
|
|
Gulf Breeze
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,092
|
|
|
1,569
|
|
|
—
|
|
|
—
|
|
|
2,661
|
|
|
229
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Sarasota
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
955
|
|
|
1,329
|
|
|
—
|
|
|
—
|
|
|
2,284
|
|
|
191
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Mount Dora
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
570
|
|
|
1,933
|
|
|
—
|
|
|
—
|
|
|
2,503
|
|
|
260
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Lutz
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
438
|
|
|
1,477
|
|
|
—
|
|
|
—
|
|
|
1,915
|
|
|
199
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Jacksonville
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
871
|
|
|
372
|
|
|
—
|
|
|
—
|
|
|
1,243
|
|
|
63
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Jacksonville
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
366
|
|
|
1,136
|
|
|
—
|
|
|
—
|
|
|
1,502
|
|
|
162
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Tamarac
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
997
|
|
|
1,241
|
|
|
—
|
|
|
—
|
|
|
2,238
|
|
|
179
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Pompano Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
886
|
|
|
2,024
|
|
|
—
|
|
|
—
|
|
|
2,910
|
|
|
271
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
St. Cloud
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,046
|
|
|
1,887
|
|
|
—
|
|
|
—
|
|
|
2,933
|
|
|
265
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Ormond Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,047
|
|
|
1,566
|
|
|
—
|
|
|
—
|
|
|
2,613
|
|
|
234
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Daytona Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
443
|
|
|
1,586
|
|
|
—
|
|
|
—
|
|
|
2,029
|
|
|
234
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Ormond Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
854
|
|
|
1,385
|
|
|
—
|
|
|
—
|
|
|
2,239
|
|
|
200
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Ormond Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
873
|
|
|
2,235
|
|
|
—
|
|
|
—
|
|
|
3,108
|
|
|
303
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Inverness
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
867
|
|
|
2,559
|
|
|
—
|
|
|
—
|
|
|
3,426
|
|
|
358
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Indian Harbour Beach
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
914
|
|
|
1,181
|
|
|
—
|
|
|
—
|
|
|
2,095
|
|
|
235
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Melbourne
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
772
|
|
|
1,927
|
|
|
—
|
|
|
—
|
|
|
2,699
|
|
|
270
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Orlando
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,234
|
|
|
1,125
|
|
|
—
|
|
|
—
|
|
|
2,359
|
|
|
165
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Orlando
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
874
|
|
|
1,922
|
|
|
—
|
|
|
—
|
|
|
2,796
|
|
|
263
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
St. Petersburg
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
803
|
|
|
1,043
|
|
|
—
|
|
|
—
|
|
|
1,846
|
|
|
146
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Casselberry
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
609
|
|
|
2,443
|
|
|
—
|
|
|
—
|
|
|
3,052
|
|
|
332
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Rockledge
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
742
|
|
|
1,126
|
|
|
—
|
|
|
—
|
|
|
1,868
|
|
|
161
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Lakeland
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
927
|
|
|
1,594
|
|
|
—
|
|
|
—
|
|
|
2,521
|
|
|
264
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Ocala
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
347
|
|
|
1,336
|
|
|
—
|
|
|
—
|
|
|
1,683
|
|
|
258
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Atlanta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
3,027
|
|
|
4,873
|
|
|
—
|
|
|
—
|
|
|
7,900
|
|
|
626
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Atlanta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
4,422
|
|
|
1,559
|
|
|
—
|
|
|
—
|
|
|
5,981
|
|
|
221
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Stone Mountain
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
605
|
|
|
522
|
|
|
—
|
|
|
—
|
|
|
1,127
|
|
|
73
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Lithonia
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
212
|
|
|
770
|
|
|
—
|
|
|
—
|
|
|
982
|
|
|
109
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Union City
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
400
|
|
|
542
|
|
|
—
|
|
|
—
|
|
|
942
|
|
|
82
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Peachtree City
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
887
|
|
|
2,242
|
|
|
—
|
|
|
—
|
|
|
3,129
|
|
|
320
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Stockbridge
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
358
|
|
|
760
|
|
|
—
|
|
|
—
|
|
|
1,118
|
|
|
112
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Conyers
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
205
|
|
|
1,334
|
|
|
—
|
|
|
—
|
|
|
1,539
|
|
|
180
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Marietta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
2,168
|
|
|
1,169
|
|
|
—
|
|
|
—
|
|
|
3,337
|
|
|
176
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Marietta
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,087
|
|
|
2,056
|
|
|
—
|
|
|
—
|
|
|
3,143
|
|
|
271
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Savannah
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
224
|
|
|
1,116
|
|
|
—
|
|
|
—
|
|
|
1,340
|
|
|
155
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Savannah
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
458
|
|
|
936
|
|
|
—
|
|
|
—
|
|
|
1,394
|
|
|
156
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
SunTrust Bank III
|
|
Retail
|
|
Macon
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
214
|
|
|
771
|
|
|
—
|
|
|
—
|
|
|
985
|
|
|
122
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Sylvester
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
242
|
|
|
845
|
|
|
—
|
|
|
—
|
|
|
1,087
|
|
|
123
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Athens
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(3)
|
427
|
|
|
472
|
|
|
—
|
|
|
—
|
|
|
899
|
|
|
102
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Avondale
|
|
MD
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,760
|
|
|
485
|
|
|
—
|
|
|
—
|
|
|
2,245
|
|
|
71
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Asheboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
458
|
|
|
774
|
|
|
—
|
|
|
—
|
|
|
1,232
|
|
|
116
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Charlotte
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
563
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
1,313
|
|
|
115
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Dunn
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
384
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
97
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Durham
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
488
|
|
|
742
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
|
102
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Durham
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
284
|
|
|
506
|
|
|
—
|
|
|
—
|
|
|
790
|
|
|
88
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Hendersonville
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
468
|
|
|
945
|
|
|
—
|
|
|
—
|
|
|
1,413
|
|
|
135
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Lenoir
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,021
|
|
|
3,980
|
|
|
—
|
|
|
—
|
|
|
5,001
|
|
|
516
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Mebane
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
500
|
|
|
887
|
|
|
—
|
|
|
—
|
|
|
1,387
|
|
|
122
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Oxford
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
530
|
|
|
1,727
|
|
|
—
|
|
|
—
|
|
|
2,257
|
|
|
227
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Winston-Salem
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
362
|
|
|
513
|
|
|
—
|
|
|
—
|
|
|
875
|
|
|
76
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Yadkinville
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(3)
|
438
|
|
|
765
|
|
|
—
|
|
|
—
|
|
|
1,203
|
|
|
105
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
377
|
|
|
871
|
|
|
—
|
|
|
—
|
|
|
1,248
|
|
|
124
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
264
|
|
|
684
|
|
|
—
|
|
|
—
|
|
|
948
|
|
|
99
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
590
|
|
|
1,007
|
|
|
—
|
|
|
—
|
|
|
1,597
|
|
|
152
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Greenville
|
|
SC
|
|
3/10/2014
|
|
—
|
|
(3)
|
449
|
|
|
1,640
|
|
|
—
|
|
|
—
|
|
|
2,089
|
|
|
287
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Nashville
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
1,776
|
|
|
1,601
|
|
|
—
|
|
|
—
|
|
|
3,377
|
|
|
253
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Brentwood
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
885
|
|
|
1,987
|
|
|
—
|
|
|
—
|
|
|
2,872
|
|
|
273
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Brentwood
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
996
|
|
|
1,536
|
|
|
—
|
|
|
—
|
|
|
2,532
|
|
|
214
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Smyrna
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
501
|
|
|
767
|
|
|
—
|
|
|
—
|
|
|
1,268
|
|
|
121
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Murfreesboro
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
451
|
|
|
847
|
|
|
—
|
|
|
—
|
|
|
1,298
|
|
|
111
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Soddy Daisy
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
338
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
962
|
|
|
84
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Signal Mountain
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
296
|
|
|
697
|
|
|
—
|
|
|
—
|
|
|
993
|
|
|
97
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Chattanooga
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
419
|
|
|
811
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
|
110
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Chattanooga
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
191
|
|
|
335
|
|
|
—
|
|
|
—
|
|
|
526
|
|
|
47
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Morristown
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(3)
|
214
|
|
|
444
|
|
|
—
|
|
|
—
|
|
|
658
|
|
|
86
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Richmond
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
153
|
|
|
313
|
|
|
—
|
|
|
—
|
|
|
466
|
|
|
52
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Richmond
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
233
|
|
|
214
|
|
|
—
|
|
|
—
|
|
|
447
|
|
|
36
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Fairfax
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
2,835
|
|
|
1,081
|
|
|
—
|
|
|
—
|
|
|
3,916
|
|
|
147
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Lexington
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
122
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
507
|
|
|
61
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Roanoke
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
316
|
|
|
734
|
|
|
—
|
|
|
—
|
|
|
1,050
|
|
|
103
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Williamsburg
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
447
|
|
|
585
|
|
|
—
|
|
|
—
|
|
|
1,032
|
|
|
93
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
SunTrust Bank III
|
|
Retail
|
|
Onancock
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
829
|
|
|
1,300
|
|
|
—
|
|
|
—
|
|
|
2,129
|
|
|
169
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Stafford
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
2,130
|
|
|
1,714
|
|
|
—
|
|
|
—
|
|
|
3,844
|
|
|
236
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Roanoke
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
753
|
|
|
1,165
|
|
|
—
|
|
|
—
|
|
|
1,918
|
|
|
169
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Melbourne
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(3)
|
788
|
|
|
1,888
|
|
|
—
|
|
|
—
|
|
|
2,676
|
|
|
255
|
|
|||||||
SunTrust Bank III
|
|
Retail
|
|
Richmond
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(3)
|
3,141
|
|
|
7,441
|
|
|
(804
|
)
|
|
181
|
|
|
9,959
|
|
|
1,100
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Lake Mary
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,911
|
|
|
2,849
|
|
|
—
|
|
|
—
|
|
|
4,760
|
|
|
385
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
St. Augustine
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
489
|
|
|
2,129
|
|
|
—
|
|
|
—
|
|
|
2,618
|
|
|
286
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Spring Hill
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
673
|
|
|
2,550
|
|
|
—
|
|
|
—
|
|
|
3,223
|
|
|
337
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Pembroke Pines
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,688
|
|
|
548
|
|
|
—
|
|
|
—
|
|
|
2,236
|
|
|
95
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Ocala
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
581
|
|
|
1,091
|
|
|
—
|
|
|
—
|
|
|
1,672
|
|
|
177
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Ocala
|
|
FL
|
|
3/10/2014
|
|
—
|
|
(4)
|
559
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
1,309
|
|
|
136
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Chamblee
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,029
|
|
|
813
|
|
|
—
|
|
|
—
|
|
|
1,842
|
|
|
123
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Stone Mountain
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
461
|
|
|
475
|
|
|
—
|
|
|
—
|
|
|
936
|
|
|
70
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Columbus
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
417
|
|
|
1,395
|
|
|
—
|
|
|
—
|
|
|
1,812
|
|
|
195
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Madison
|
|
GA
|
|
3/10/2014
|
|
—
|
|
(4)
|
304
|
|
|
612
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
80
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Prince Frederick
|
|
MD
|
|
3/10/2014
|
|
—
|
|
(4)
|
2,431
|
|
|
940
|
|
|
—
|
|
|
—
|
|
|
3,371
|
|
|
142
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Creedmoor
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
306
|
|
|
789
|
|
|
(128
|
)
|
|
(300
|
)
|
|
667
|
|
|
97
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Greensboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
619
|
|
|
742
|
|
|
—
|
|
|
—
|
|
|
1,361
|
|
|
133
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Pittsboro
|
|
NC
|
|
3/10/2014
|
|
—
|
|
(4)
|
61
|
|
|
510
|
|
|
—
|
|
|
—
|
|
|
571
|
|
|
64
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Nashville
|
|
TN
|
|
3/10/2014
|
|
—
|
|
(4)
|
1,035
|
|
|
745
|
|
|
—
|
|
|
—
|
|
|
1,780
|
|
|
102
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Collinsville
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(4)
|
215
|
|
|
555
|
|
|
—
|
|
|
—
|
|
|
770
|
|
|
79
|
|
|||||||
SunTrust Bank IV
|
|
Retail
|
|
Stuart
|
|
VA
|
|
3/10/2014
|
|
—
|
|
(4)
|
374
|
|
|
1,532
|
|
|
—
|
|
|
—
|
|
|
1,906
|
|
|
208
|
|
|||||||
Mattress Firm I
|
|
Retail
|
|
Holland
|
|
MI
|
|
3/19/2014
|
|
—
|
|
(1)
|
507
|
|
|
1,014
|
|
|
—
|
|
|
—
|
|
|
1,521
|
|
|
161
|
|
|||||||
Dollar General XVIII
|
|
Retail
|
|
Deville
|
|
LA
|
|
3/19/2014
|
|
—
|
|
(1)
|
93
|
|
|
741
|
|
|
—
|
|
|
—
|
|
|
834
|
|
|
106
|
|
|||||||
Sanofi US I
|
|
Office
|
|
Bridgewater
|
|
NJ
|
|
3/20/2014
|
|
125,000
|
|
|
16,009
|
|
|
194,287
|
|
|
—
|
|
|
—
|
|
|
210,296
|
|
|
24,725
|
|
|||||||
Dollar General XVII
|
|
Retail
|
|
Hornbeck
|
|
LA
|
|
3/25/2014
|
|
—
|
|
(1)
|
82
|
|
|
780
|
|
|
—
|
|
|
—
|
|
|
862
|
|
|
110
|
|
|||||||
Mattress Firm I
|
|
Retail
|
|
Saginaw
|
|
MI
|
|
4/8/2014
|
|
—
|
|
(1)
|
337
|
|
|
1,140
|
|
|
—
|
|
|
—
|
|
|
1,477
|
|
|
172
|
|
|||||||
Family Dollar IX
|
|
Retail
|
|
Fannettsburg
|
|
PA
|
|
4/8/2014
|
|
—
|
|
(1)
|
165
|
|
|
803
|
|
|
—
|
|
|
—
|
|
|
968
|
|
|
111
|
|
|||||||
Stop & Shop I
|
|
Retail
|
|
Cumberland
|
|
RI
|
|
5/8/2014
|
|
—
|
|
(1)
|
3,295
|
|
|
13,693
|
|
|
—
|
|
|
—
|
|
|
16,988
|
|
|
1,827
|
|
|||||||
Stop & Shop I
|
|
Retail
|
|
Malden
|
|
MA
|
|
5/8/2014
|
|
—
|
|
(5)
|
4,418
|
|
|
15,195
|
|
|
—
|
|
|
—
|
|
|
19,613
|
|
|
1,834
|
|
|||||||
Stop & Shop I
|
|
Retail
|
|
Swampscott
|
|
MA
|
|
5/8/2014
|
|
—
|
|
(5)
|
3,644
|
|
|
12,982
|
|
|
—
|
|
|
—
|
|
|
16,626
|
|
|
1,564
|
|
|||||||
Stop & Shop I
|
|
Retail
|
|
Southington
|
|
CT
|
|
5/8/2014
|
|
—
|
|
(1)
|
3,238
|
|
|
13,169
|
|
|
—
|
|
|
—
|
|
|
16,407
|
|
|
1,679
|
|
|||||||
Stop & Shop I
|
|
Retail
|
|
Framingham
|
|
MA
|
|
5/8/2014
|
|
—
|
|
(5)
|
3,971
|
|
|
12,289
|
|
|
—
|
|
|
—
|
|
|
16,260
|
|
|
1,489
|
|
|||||||
Stop & Shop I
|
|
Retail
|
|
Bristol
|
|
RI
|
|
5/8/2014
|
|
—
|
|
(5)
|
2,860
|
|
|
10,010
|
|
|
—
|
|
|
—
|
|
|
12,870
|
|
|
1,300
|
|
|||||||
Stop & Shop I
|
|
Retail
|
|
Sicklerville
|
|
NJ
|
|
5/8/2014
|
|
—
|
|
(1)
|
2,367
|
|
|
9,873
|
|
|
—
|
|
|
—
|
|
|
12,240
|
|
|
1,244
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
Bi-Lo I
|
|
Retail
|
|
Greenville
|
|
SC
|
|
5/8/2014
|
|
—
|
|
(1)
|
1,504
|
|
|
4,770
|
|
|
—
|
|
|
—
|
|
|
6,274
|
|
|
636
|
|
|||||||
Dollar General XVII
|
|
Retail
|
|
Forest Hill
|
|
LA
|
|
5/12/2014
|
|
—
|
|
(1)
|
83
|
|
|
728
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|
103
|
|
|||||||
Dollar General XIX
|
|
Retail
|
|
Chelsea
|
|
OK
|
|
5/13/2014
|
|
—
|
|
(1)
|
231
|
|
|
919
|
|
|
—
|
|
|
—
|
|
|
1,150
|
|
|
142
|
|
|||||||
Dollar General XX
|
|
Retail
|
|
Brookhaven
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
186
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
85
|
|
|||||||
Dollar General XX
|
|
Retail
|
|
Columbus
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
370
|
|
|
491
|
|
|
—
|
|
|
—
|
|
|
861
|
|
|
77
|
|
|||||||
Dollar General XX
|
|
Retail
|
|
Forest
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
72
|
|
|
856
|
|
|
—
|
|
|
—
|
|
|
928
|
|
|
112
|
|
|||||||
Dollar General XX
|
|
Retail
|
|
Rolling Fork
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
244
|
|
|
929
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
|
124
|
|
|||||||
Dollar General XX
|
|
Retail
|
|
West Point
|
|
MS
|
|
5/14/2014
|
|
—
|
|
(1)
|
318
|
|
|
506
|
|
|
—
|
|
|
—
|
|
|
824
|
|
|
84
|
|
|||||||
Dollar General XXI
|
|
Retail
|
|
Huntington
|
|
WV
|
|
5/29/2014
|
|
—
|
|
(1)
|
101
|
|
|
1,101
|
|
|
—
|
|
|
—
|
|
|
1,202
|
|
|
162
|
|
|||||||
Dollar General XXII
|
|
Retail
|
|
Warren
|
|
IN
|
|
5/30/2014
|
|
—
|
|
(1)
|
88
|
|
|
962
|
|
|
—
|
|
|
—
|
|
|
1,050
|
|
|
119
|
|
|||||||
FedEx Ground V
|
|
Distribution
|
|
Sioux City
|
|
IA
|
|
2/17/2016
|
|
—
|
|
(10)
|
199
|
|
|
5,639
|
|
|
—
|
|
|
—
|
|
|
5,838
|
|
|
465
|
|
|||||||
FedEx Ground VI
|
|
Distribution
|
|
Grand Forks
|
|
ND
|
|
2/19/2016
|
|
—
|
|
(10)
|
1,287
|
|
|
8,988
|
|
|
—
|
|
|
—
|
|
|
10,275
|
|
|
841
|
|
|||||||
FedEx Ground VII
|
|
Distribution
|
|
Eagle River
|
|
WI
|
|
2/19/2016
|
|
—
|
|
(10)
|
40
|
|
|
6,022
|
|
|
—
|
|
|
—
|
|
|
6,062
|
|
|
534
|
|
|||||||
FedEx Ground VIII
|
|
Distribution
|
|
Wausau
|
|
WI
|
|
2/23/2016
|
|
—
|
|
(10)
|
202
|
|
|
9,017
|
|
|
—
|
|
|
—
|
|
|
9,219
|
|
|
849
|
|
|||||||
Liberty Crossing
|
(11)
|
Power Center
|
|
Rowlett
|
|
TX
|
|
2/16/2017
|
|
—
|
|
(10)
|
6,285
|
|
|
20,700
|
|
|
—
|
|
|
—
|
|
|
26,985
|
|
|
1,148
|
|
|||||||
San Pedro Crossing
|
(11)
|
Power Center
|
|
San Antonio
|
|
TX
|
|
2/16/2017
|
|
—
|
|
(7)
|
10,118
|
|
|
38,655
|
|
|
—
|
|
|
667
|
|
|
49,440
|
|
|
2,066
|
|
|||||||
Tiffany Springs MarketCenter
|
(11)
|
Power Center
|
|
Kansas City
|
|
MO
|
|
2/16/2017
|
|
—
|
|
(10)
|
10,154
|
|
|
50,832
|
|
|
—
|
|
|
3,253
|
|
|
64,239
|
|
|
3,057
|
|
|||||||
The Streets of West Chester
|
(11)
|
Lifestyle Center
|
|
West Chester
|
|
OH
|
|
2/16/2017
|
|
—
|
|
(10)
|
11,313
|
|
|
34,305
|
|
|
—
|
|
|
—
|
|
|
45,618
|
|
|
1,870
|
|
|||||||
Prairie Towne Center
|
(11)
|
Power Center
|
|
Schaumburg
|
|
IL
|
|
2/16/2017
|
|
—
|
|
(10)
|
11,070
|
|
|
19,528
|
|
|
—
|
|
|
—
|
|
|
30,598
|
|
|
1,100
|
|
|||||||
Southway Shopping Center
|
(11)
|
Power Center
|
|
Houston
|
|
TX
|
|
2/16/2017
|
|
—
|
|
(10)
|
10,260
|
|
|
24,440
|
|
|
—
|
|
|
20
|
|
|
34,720
|
|
|
1,269
|
|
|||||||
Stirling Slidell Centre
|
(11)
|
Power Center
|
|
Slidell
|
|
LA
|
|
2/16/2017
|
|
—
|
|
(10)
|
3,495
|
|
|
18,113
|
|
|
—
|
|
|
12
|
|
|
21,620
|
|
|
999
|
|
|||||||
Northwoods Marketplace
|
(11)
|
Power Center
|
|
North Charleston
|
|
SC
|
|
2/16/2017
|
|
—
|
|
(10)
|
13,474
|
|
|
28,362
|
|
|
—
|
|
|
44
|
|
|
41,880
|
|
|
1,520
|
|
|||||||
Centennial Plaza
|
(11)
|
Power Center
|
|
Oklahoma City
|
|
OK
|
|
2/16/2017
|
|
—
|
|
(7)
|
3,488
|
|
|
30,054
|
|
|
—
|
|
|
—
|
|
|
33,542
|
|
|
1,553
|
|
|||||||
Northlake Commons
|
(11)
|
Lifestyle Center
|
|
Charlotte
|
|
NC
|
|
2/16/2017
|
|
—
|
|
(10)
|
17,539
|
|
|
16,342
|
|
|
—
|
|
|
55
|
|
|
33,936
|
|
|
997
|
|
|||||||
Shops at Shelby Crossing
|
(11)
|
Power Center
|
|
Sebring
|
|
FL
|
|
2/16/2017
|
|
22,581
|
|
|
4,478
|
|
|
32,316
|
|
|
—
|
|
|
85
|
|
|
36,879
|
|
|
2,035
|
|
|||||||
Shoppes of West Melbourne
|
(11)
|
Power Center
|
|
West Melbourne
|
|
FL
|
|
2/16/2017
|
|
—
|
|
(7)
|
4,258
|
|
|
19,138
|
|
|
—
|
|
|
866
|
|
|
24,262
|
|
|
1,062
|
|
|||||||
The Centrum
|
(11)
|
Power Center
|
|
Pineville
|
|
NC
|
|
2/16/2017
|
|
—
|
|
(10)
|
12,013
|
|
|
26,242
|
|
|
—
|
|
|
622
|
|
|
38,877
|
|
|
1,448
|
|
|||||||
Shoppes at Wyomissing
|
(11)
|
Lifestyle Center
|
|
Wyomissing
|
|
PA
|
|
2/16/2017
|
|
—
|
|
(10)
|
4,108
|
|
|
32,446
|
|
|
—
|
|
|
—
|
|
|
36,554
|
|
|
1,730
|
|
|||||||
Southroads Shopping Center
|
(11)
|
Power Center
|
|
Tulsa
|
|
OK
|
|
2/16/2017
|
|
—
|
|
(10)
|
6,663
|
|
|
60,720
|
|
|
31
|
|
|
333
|
|
|
67,747
|
|
|
2,578
|
|
|||||||
Parkside Shopping Center
|
(11)
|
Power Center
|
|
Frankfort
|
|
KY
|
|
2/16/2017
|
|
—
|
|
(10)
|
9,978
|
|
|
29,996
|
|
|
—
|
|
|
167
|
|
|
40,141
|
|
|
1,775
|
|
|||||||
Colonial Landing
|
(11)
|
Power Center
|
|
Orlando
|
|
FL
|
|
2/16/2017
|
|
—
|
|
(10)
|
—
|
|
|
44,255
|
|
|
—
|
|
|
—
|
|
|
44,255
|
|
|
2,234
|
|
|||||||
The Shops at West End
|
(11)
|
Lifestyle Center
|
|
St. Louis Park
|
|
MN
|
|
2/16/2017
|
|
—
|
|
(10)
|
12,831
|
|
|
107,806
|
|
|
—
|
|
|
18
|
|
|
120,655
|
|
|
5,201
|
|
|||||||
Township Marketplace
|
(11)
|
Power Center
|
|
Monaca
|
|
PA
|
|
2/16/2017
|
|
—
|
|
(10)
|
8,146
|
|
|
39,267
|
|
|
—
|
|
|
—
|
|
|
47,413
|
|
|
2,022
|
|
|||||||
Cross Pointe Centre
|
(11)
|
Power Center
|
|
Fayetteville
|
|
NC
|
|
2/16/2017
|
|
—
|
|
(7)
|
8,075
|
|
|
19,717
|
|
|
—
|
|
|
234
|
|
|
28,026
|
|
|
1,044
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
Towne Centre Plaza
|
(11)
|
Power Center
|
|
Mesquite
|
|
TX
|
|
2/16/2017
|
|
—
|
|
(10)
|
3,553
|
|
|
11,992
|
|
|
—
|
|
|
(340
|
)
|
|
15,205
|
|
|
667
|
|
|||||||
Village at Quail Springs
|
(11)
|
Power Center
|
|
Oklahoma City
|
|
OK
|
|
2/16/2017
|
|
—
|
|
(10)
|
2,307
|
|
|
9,983
|
|
|
—
|
|
|
2,045
|
|
|
14,335
|
|
|
556
|
|
|||||||
Pine Ridge Plaza
|
(11)
|
Power Center
|
|
Lawrence
|
|
KS
|
|
2/16/2017
|
|
—
|
|
(10)
|
14,008
|
|
|
20,935
|
|
|
—
|
|
|
502
|
|
|
35,445
|
|
|
1,249
|
|
|||||||
Bison Hollow
|
(11)
|
Power Center
|
|
Traverse City
|
|
MI
|
|
2/16/2017
|
|
—
|
|
(10)
|
4,346
|
|
|
15,944
|
|
|
—
|
|
|
—
|
|
|
20,290
|
|
|
833
|
|
|||||||
Jefferson Commons
|
(11)
|
Power Center
|
|
Louisville
|
|
KY
|
|
2/16/2017
|
|
—
|
|
(7)
|
5,110
|
|
|
29,432
|
|
|
—
|
|
|
211
|
|
|
34,753
|
|
|
1,593
|
|
|||||||
Northpark Center
|
(11)
|
Power Center
|
|
Huber Heights
|
|
OH
|
|
2/16/2017
|
|
—
|
|
(7)
|
8,975
|
|
|
28,552
|
|
|
—
|
|
|
986
|
|
|
38,513
|
|
|
1,568
|
|
|||||||
Anderson Station
|
(11)
|
Power Center
|
|
Anderson
|
|
SC
|
|
2/16/2017
|
|
—
|
|
(7)
|
5,201
|
|
|
27,100
|
|
|
—
|
|
|
225
|
|
|
32,526
|
|
|
1,558
|
|
|||||||
Patton Creek
|
(11)
|
Power Center
|
|
Hoover
|
|
AL
|
|
2/16/2017
|
|
40,027
|
|
|
15,799
|
|
|
79,150
|
|
|
(405
|
)
|
|
184
|
|
|
94,728
|
|
|
4,122
|
|
|||||||
North Lakeland Plaza
|
(11)
|
Power Center
|
|
Lakeland
|
|
FL
|
|
2/16/2017
|
|
—
|
|
(7)
|
2,599
|
|
|
12,652
|
|
|
—
|
|
|
—
|
|
|
15,251
|
|
|
692
|
|
|||||||
Riverbend Marketplace
|
(11)
|
Power Center
|
|
Asheville
|
|
NC
|
|
2/16/2017
|
|
—
|
|
(7)
|
4,949
|
|
|
18,213
|
|
|
—
|
|
|
—
|
|
|
23,162
|
|
|
990
|
|
|||||||
Montecito Crossing
|
(11)
|
Power Center
|
|
Las Vegas
|
|
NV
|
|
2/16/2017
|
|
—
|
|
(7)
|
16,204
|
|
|
36,476
|
|
|
—
|
|
|
—
|
|
|
52,680
|
|
|
2,027
|
|
|||||||
Best on the Boulevard
|
(11)
|
Power Center
|
|
Las Vegas
|
|
NV
|
|
2/16/2017
|
|
—
|
|
(7)
|
10,046
|
|
|
32,705
|
|
|
—
|
|
|
250
|
|
|
43,001
|
|
|
1,758
|
|
|||||||
Shops at RiverGate South
|
(11)
|
Power Center
|
|
Charlotte
|
|
NC
|
|
2/16/2017
|
|
—
|
|
(7)
|
5,202
|
|
|
28,378
|
|
|
—
|
|
|
—
|
|
|
33,580
|
|
|
1,514
|
|
|||||||
Parkside Shopping Center - Excess Land
|
(11)
|
Land - Unimproved
|
|
Frankfort
|
|
KY
|
|
2/16/2017
|
|
—
|
|
|
695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
695
|
|
|
—
|
|
|||||||
The Streets of West Chester - Excess Land
|
(11)
|
Land - Unimproved
|
|
West Chester
|
|
OH
|
|
2/16/2017
|
|
—
|
|
|
517
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
517
|
|
|
—
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Dewitt
|
|
NY
|
|
3/31/2017
|
|
—
|
|
(8)
|
233
|
|
|
1,044
|
|
|
—
|
|
|
—
|
|
|
1,277
|
|
|
59
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Farmington
|
|
NY
|
|
3/31/2017
|
|
—
|
|
(8)
|
374
|
|
|
1,037
|
|
|
—
|
|
|
—
|
|
|
1,411
|
|
|
59
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Geddes
|
|
NY
|
|
3/31/2017
|
|
—
|
|
(8)
|
191
|
|
|
1,018
|
|
|
—
|
|
|
—
|
|
|
1,209
|
|
|
58
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Otego
|
|
NY
|
|
3/31/2017
|
|
—
|
|
(8)
|
285
|
|
|
1,070
|
|
|
—
|
|
|
—
|
|
|
1,355
|
|
|
62
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Parish
|
|
NY
|
|
3/31/2017
|
|
—
|
|
(8)
|
164
|
|
|
1,071
|
|
|
—
|
|
|
—
|
|
|
1,235
|
|
|
63
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Utica
|
|
NY
|
|
3/31/2017
|
|
—
|
|
(8)
|
301
|
|
|
1,034
|
|
|
—
|
|
|
—
|
|
|
1,335
|
|
|
63
|
|
|||||||
Jo-Ann Fabrics I
|
|
Retail
|
|
Freeport
|
|
IL
|
|
4/17/2017
|
|
—
|
|
(8)
|
119
|
|
|
1,663
|
|
|
—
|
|
|
—
|
|
|
1,782
|
|
|
82
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Kettering
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
264
|
|
|
1,493
|
|
|
—
|
|
|
—
|
|
|
1,757
|
|
|
76
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Miamisburg
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
339
|
|
|
1,791
|
|
|
—
|
|
|
—
|
|
|
2,130
|
|
|
88
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Elyria
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
540
|
|
|
1,003
|
|
|
—
|
|
|
—
|
|
|
1,543
|
|
|
56
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Taylor
|
|
MI
|
|
4/28/2017
|
|
—
|
|
(6)
|
542
|
|
|
1,210
|
|
|
—
|
|
|
—
|
|
|
1,752
|
|
|
66
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Lansing
|
|
MI
|
|
4/28/2017
|
|
—
|
|
(6)
|
817
|
|
|
1,093
|
|
|
—
|
|
|
—
|
|
|
1,910
|
|
|
65
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Marietta
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
631
|
|
|
1,890
|
|
|
—
|
|
|
—
|
|
|
2,521
|
|
|
94
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Roseville
|
|
MI
|
|
4/28/2017
|
|
—
|
|
(6)
|
861
|
|
|
854
|
|
|
—
|
|
|
—
|
|
|
1,715
|
|
|
54
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Steubenville
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
641
|
|
|
1,638
|
|
|
—
|
|
|
—
|
|
|
2,279
|
|
|
93
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Franklin
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
620
|
|
|
1,581
|
|
|
—
|
|
|
—
|
|
|
2,201
|
|
|
81
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Ashland
|
|
KY
|
|
4/28/2017
|
|
—
|
|
(6)
|
446
|
|
|
1,771
|
|
|
—
|
|
|
—
|
|
|
2,217
|
|
|
84
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Bloomington
|
|
IN
|
|
4/28/2017
|
|
—
|
|
(6)
|
405
|
|
|
1,351
|
|
|
—
|
|
|
—
|
|
|
1,756
|
|
|
65
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Dublin
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
701
|
|
|
645
|
|
|
—
|
|
|
—
|
|
|
1,346
|
|
|
40
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
Bob Evans I
|
|
Retail
|
|
Streetsboro
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
1,078
|
|
|
780
|
|
|
—
|
|
|
—
|
|
|
1,858
|
|
|
48
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Lewes
|
|
DE
|
|
4/28/2017
|
|
—
|
|
(6)
|
660
|
|
|
1,016
|
|
|
—
|
|
|
—
|
|
|
1,676
|
|
|
55
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Lebanon
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
628
|
|
|
1,328
|
|
|
—
|
|
|
—
|
|
|
1,956
|
|
|
73
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Ellicott City
|
|
MD
|
|
4/28/2017
|
|
—
|
|
(6)
|
507
|
|
|
1,083
|
|
|
—
|
|
|
—
|
|
|
1,590
|
|
|
62
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Paducah
|
|
KY
|
|
4/28/2017
|
|
—
|
|
(6)
|
296
|
|
|
697
|
|
|
—
|
|
|
—
|
|
|
993
|
|
|
41
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Uniontown
|
|
PA
|
|
4/28/2017
|
|
—
|
|
(6)
|
494
|
|
|
1,104
|
|
|
—
|
|
|
—
|
|
|
1,598
|
|
|
65
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Weirton
|
|
WV
|
|
4/28/2017
|
|
—
|
|
(6)
|
305
|
|
|
900
|
|
|
—
|
|
|
—
|
|
|
1,205
|
|
|
56
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Coshocton
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
386
|
|
|
1,326
|
|
|
—
|
|
|
—
|
|
|
1,712
|
|
|
74
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Bucyrus
|
|
OH
|
|
4/28/2017
|
|
—
|
|
(6)
|
224
|
|
|
1,450
|
|
|
—
|
|
|
—
|
|
|
1,674
|
|
|
72
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Columbia City
|
|
IN
|
|
4/28/2017
|
|
—
|
|
(6)
|
333
|
|
|
594
|
|
|
—
|
|
|
—
|
|
|
927
|
|
|
36
|
|
|||||||
Bob Evans I
|
|
Retail
|
|
Plymouth
|
|
IN
|
|
4/28/2017
|
|
—
|
|
(6)
|
172
|
|
|
1,023
|
|
|
—
|
|
|
—
|
|
|
1,195
|
|
|
53
|
|
|||||||
FedEx Ground IX
|
|
Distribution
|
|
Brainerd
|
|
MN
|
|
5/3/2017
|
|
—
|
|
(8)
|
587
|
|
|
3,415
|
|
|
—
|
|
|
—
|
|
|
4,002
|
|
|
204
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Kingston
|
|
NY
|
|
5/10/2017
|
|
—
|
|
(8)
|
432
|
|
|
1,027
|
|
|
—
|
|
|
—
|
|
|
1,459
|
|
|
59
|
|
|||||||
Chili's II
|
|
Retail
|
|
McHenry
|
|
IL
|
|
5/10/2017
|
|
—
|
|
(8)
|
973
|
|
|
2,557
|
|
|
—
|
|
|
—
|
|
|
3,530
|
|
|
125
|
|
|||||||
Sonic Drive In I
|
|
Retail
|
|
Robertsdale
|
|
AL
|
|
6/2/2017
|
|
—
|
|
(8)
|
358
|
|
|
1,043
|
|
|
—
|
|
|
—
|
|
|
1,401
|
|
|
53
|
|
|||||||
Sonic Drive In I
|
|
Retail
|
|
Tuscaloosa
|
|
AL
|
|
6/2/2017
|
|
—
|
|
(8)
|
1,808
|
|
|
841
|
|
|
—
|
|
|
—
|
|
|
2,649
|
|
|
43
|
|
|||||||
Bridgestone HOSEpower I
|
|
Distribution
|
|
Columbia
|
|
SC
|
|
6/9/2017
|
|
—
|
|
(8)
|
307
|
|
|
1,973
|
|
|
—
|
|
|
—
|
|
|
2,280
|
|
|
95
|
|
|||||||
Bridgestone HOSEpower I
|
|
Distribution
|
|
Elko
|
|
NV
|
|
6/9/2017
|
|
—
|
|
(8)
|
358
|
|
|
1,642
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|
85
|
|
|||||||
Dollar General XXIII
|
|
Retail
|
|
Kerhonskon
|
|
NY
|
|
6/16/2017
|
|
—
|
|
(8)
|
247
|
|
|
953
|
|
|
—
|
|
|
—
|
|
|
1,200
|
|
|
48
|
|
|||||||
Bridgestone HOSEpower II
|
|
Distribution
|
|
Jacksonville
|
|
FL
|
|
7/3/2017
|
|
—
|
|
(8)
|
236
|
|
|
1,762
|
|
|
—
|
|
|
—
|
|
|
1,998
|
|
|
78
|
|
|||||||
FedEx Ground X
|
|
Distribution
|
|
Rolla
|
|
MO
|
|
7/14/2017
|
|
—
|
|
(8)
|
469
|
|
|
9,653
|
|
|
—
|
|
|
—
|
|
|
10,122
|
|
|
517
|
|
|||||||
Chili's III
|
|
Retail
|
|
Machesney Park
|
|
IL
|
|
8/6/2017
|
|
—
|
|
(8)
|
1,254
|
|
|
2,922
|
|
|
—
|
|
|
—
|
|
|
4,176
|
|
|
123
|
|
|||||||
FedEx Ground XI
|
|
Distribution
|
|
Casper
|
|
WY
|
|
9/15/2017
|
|
—
|
|
(8)
|
386
|
|
|
3,469
|
|
|
—
|
|
|
—
|
|
|
3,855
|
|
|
140
|
|
|||||||
Hardee's I
|
|
Retail
|
|
Ashland
|
|
AL
|
|
9/26/2017
|
|
—
|
|
(9)
|
170
|
|
|
827
|
|
|
—
|
|
|
—
|
|
|
997
|
|
|
34
|
|
|||||||
Hardee's I
|
|
Retail
|
|
Jasper
|
|
AL
|
|
9/26/2017
|
|
—
|
|
(9)
|
171
|
|
|
527
|
|
|
—
|
|
|
—
|
|
|
698
|
|
|
22
|
|
|||||||
Hardee's I
|
|
Retail
|
|
Jesup
|
|
GA
|
|
9/26/2017
|
|
—
|
|
(9)
|
231
|
|
|
1,236
|
|
|
—
|
|
|
—
|
|
|
1,467
|
|
|
47
|
|
|||||||
Hardee's I
|
|
Retail
|
|
Waycross
|
|
GA
|
|
9/26/2017
|
|
—
|
|
(9)
|
261
|
|
|
1,217
|
|
|
—
|
|
|
—
|
|
|
1,478
|
|
|
50
|
|
|||||||
Tractor Supply IV
|
|
Retail
|
|
Flandreau
|
|
SD
|
|
10/30/2017
|
|
—
|
|
(8)
|
194
|
|
|
1,110
|
|
|
—
|
|
|
—
|
|
|
1,304
|
|
|
38
|
|
|||||||
Tractor Supply IV
|
|
Retail
|
|
Hazen
|
|
ND
|
|
10/30/2017
|
|
—
|
|
(8)
|
242
|
|
|
1,290
|
|
|
—
|
|
|
—
|
|
|
1,532
|
|
|
48
|
|
|||||||
Circle K II
|
|
Retail
|
|
Harlingen
|
|
TX
|
|
11/2/2017
|
|
—
|
|
(9)
|
575
|
|
|
945
|
|
|
—
|
|
|
—
|
|
|
1,520
|
|
|
34
|
|
|||||||
Circle K II
|
|
Retail
|
|
Laredo
|
|
TX
|
|
11/2/2017
|
|
—
|
|
(9)
|
734
|
|
|
1,294
|
|
|
—
|
|
|
—
|
|
|
2,028
|
|
|
46
|
|
|||||||
Circle K II
|
|
Retail
|
|
Laredo
|
|
TX
|
|
11/2/2017
|
|
—
|
|
(9)
|
226
|
|
|
443
|
|
|
—
|
|
|
—
|
|
|
669
|
|
|
16
|
|
|||||||
Circle K II
|
|
Retail
|
|
Laredo
|
|
TX
|
|
11/2/2017
|
|
—
|
|
(9)
|
675
|
|
|
1,250
|
|
|
—
|
|
|
—
|
|
|
1,925
|
|
|
51
|
|
|||||||
Circle K II
|
|
Retail
|
|
Rio Grande City
|
|
TX
|
|
11/2/2017
|
|
—
|
|
(9)
|
625
|
|
|
1,257
|
|
|
—
|
|
|
—
|
|
|
1,882
|
|
|
45
|
|
|||||||
Circle K II
|
|
Retail
|
|
Weslaco
|
|
TX
|
|
11/2/2017
|
|
—
|
|
(9)
|
547
|
|
|
1,183
|
|
|
—
|
|
|
—
|
|
|
1,730
|
|
|
44
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
Sonic Drive In II
|
|
Retail
|
|
Lithia
|
|
FL
|
|
11/3/2017
|
|
—
|
|
(9)
|
352
|
|
|
478
|
|
|
—
|
|
|
—
|
|
|
830
|
|
|
21
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Plant City
|
|
FL
|
|
11/3/2017
|
|
—
|
|
(9)
|
250
|
|
|
525
|
|
|
—
|
|
|
—
|
|
|
775
|
|
|
25
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Riverview
|
|
FL
|
|
11/3/2017
|
|
—
|
|
(9)
|
392
|
|
|
679
|
|
|
—
|
|
|
—
|
|
|
1,071
|
|
|
26
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Riverview
|
|
FL
|
|
11/3/2017
|
|
—
|
|
(9)
|
267
|
|
|
502
|
|
|
—
|
|
|
—
|
|
|
769
|
|
|
21
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Wauchula
|
|
FL
|
|
11/3/2017
|
|
—
|
|
(9)
|
191
|
|
|
346
|
|
|
—
|
|
|
—
|
|
|
537
|
|
|
14
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Biloxi
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
397
|
|
|
621
|
|
|
—
|
|
|
—
|
|
|
1,018
|
|
|
23
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Collins
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
272
|
|
|
992
|
|
|
—
|
|
|
—
|
|
|
1,264
|
|
|
37
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Ellisville
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
251
|
|
|
1,114
|
|
|
—
|
|
|
—
|
|
|
1,365
|
|
|
38
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Gulfport
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
199
|
|
|
660
|
|
|
—
|
|
|
—
|
|
|
859
|
|
|
23
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Gulfport
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
232
|
|
|
746
|
|
|
—
|
|
|
—
|
|
|
978
|
|
|
29
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Gulfport
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
100
|
|
|
930
|
|
|
—
|
|
|
—
|
|
|
1,030
|
|
|
36
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Hattiesburg
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
351
|
|
|
788
|
|
|
—
|
|
|
—
|
|
|
1,139
|
|
|
31
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Long Beach
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
210
|
|
|
840
|
|
|
—
|
|
|
—
|
|
|
1,050
|
|
|
33
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Magee
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
300
|
|
|
740
|
|
|
—
|
|
|
—
|
|
|
1,040
|
|
|
29
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Petal
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
100
|
|
|
1,053
|
|
|
—
|
|
|
—
|
|
|
1,153
|
|
|
36
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Purvis
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
129
|
|
|
896
|
|
|
—
|
|
|
—
|
|
|
1,025
|
|
|
31
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Tylertown
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
191
|
|
|
1,197
|
|
|
—
|
|
|
—
|
|
|
1,388
|
|
|
44
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Waveland
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
322
|
|
|
594
|
|
|
—
|
|
|
—
|
|
|
916
|
|
|
24
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Waynesboro
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
188
|
|
|
517
|
|
|
—
|
|
|
—
|
|
|
705
|
|
|
20
|
|
|||||||
Sonic Drive In II
|
|
Retail
|
|
Woodville
|
|
MS
|
|
11/3/2017
|
|
—
|
|
(9)
|
160
|
|
|
1,179
|
|
|
—
|
|
|
—
|
|
|
1,339
|
|
|
40
|
|
|||||||
Bridgestone HOSEPower III
|
|
Distribution
|
|
Sulphur
|
|
LA
|
|
12/20/2017
|
|
—
|
|
(8)
|
882
|
|
|
2,176
|
|
|
—
|
|
|
—
|
|
|
3,058
|
|
|
65
|
|
|||||||
Sonny's BBQ I
|
|
Retail
|
|
Tallahassee
|
|
FL
|
|
1/17/2018
|
|
—
|
|
(10)
|
491
|
|
|
2,281
|
|
|
—
|
|
|
—
|
|
|
2,772
|
|
|
62
|
|
|||||||
Sonny's BBQ I
|
|
Retail
|
|
Tallahassee
|
|
FL
|
|
1/17/2018
|
|
—
|
|
(10)
|
521
|
|
|
1,561
|
|
|
—
|
|
|
—
|
|
|
2,082
|
|
|
44
|
|
|||||||
Sonny's BBQ I
|
|
Retail
|
|
Tallahassee
|
|
FL
|
|
1/17/2018
|
|
—
|
|
(10)
|
717
|
|
|
1,510
|
|
|
—
|
|
|
—
|
|
|
2,227
|
|
|
45
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Buford
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
883
|
|
|
1,130
|
|
|
—
|
|
|
—
|
|
|
2,013
|
|
|
37
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Douglasville
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
958
|
|
|
808
|
|
|
—
|
|
|
—
|
|
|
1,766
|
|
|
24
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Woodstock
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
578
|
|
|
804
|
|
|
—
|
|
|
—
|
|
|
1,382
|
|
|
25
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Canton
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
348
|
|
|
1,463
|
|
|
—
|
|
|
—
|
|
|
1,811
|
|
|
48
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Jasper
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
1,167
|
|
|
823
|
|
|
—
|
|
|
—
|
|
|
1,990
|
|
|
25
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Trion
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
379
|
|
|
1,077
|
|
|
—
|
|
|
—
|
|
|
1,456
|
|
|
37
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Chatsworth
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
673
|
|
|
1,108
|
|
|
—
|
|
|
—
|
|
|
1,781
|
|
|
36
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Baldwin
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
861
|
|
|
690
|
|
|
—
|
|
|
—
|
|
|
1,551
|
|
|
22
|
|
|||||||
Mountain Express I
|
|
Retail
|
|
Summerville
|
|
GA
|
|
1/19/2018
|
|
—
|
|
(9)
|
270
|
|
|
1,019
|
|
|
—
|
|
|
—
|
|
|
1,289
|
|
|
29
|
|
|||||||
Kum & Go I
|
|
Retail
|
|
Omaha
|
|
NE
|
|
2/27/2018
|
|
—
|
|
(10)
|
1,391
|
|
|
1,350
|
|
|
—
|
|
|
—
|
|
|
2,741
|
|
|
52
|
|
|||||||
DaVita I
|
|
Retail
|
|
Bolivar
|
|
TN
|
|
2/28/2018
|
|
—
|
|
(10)
|
101
|
|
|
623
|
|
|
—
|
|
|
—
|
|
|
724
|
|
|
15
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
DaVita I
|
|
Retail
|
|
Brownsville
|
|
TN
|
|
2/28/2018
|
|
—
|
|
(10)
|
61
|
|
|
1,166
|
|
|
—
|
|
|
—
|
|
|
1,227
|
|
|
27
|
|
|||||||
White Oak I
|
|
Retail
|
|
Casey
|
|
IA
|
|
3/9/2018
|
|
—
|
|
(10)
|
512
|
|
|
164
|
|
|
—
|
|
|
—
|
|
|
676
|
|
|
5
|
|
|||||||
White Oak I
|
|
Retail
|
|
Hospers
|
|
IA
|
|
3/9/2018
|
|
—
|
|
(10)
|
674
|
|
|
236
|
|
|
—
|
|
|
—
|
|
|
910
|
|
|
7
|
|
|||||||
White Oak I
|
|
Retail
|
|
Jefferson
|
|
IA
|
|
3/9/2018
|
|
—
|
|
(10)
|
662
|
|
|
484
|
|
|
—
|
|
|
—
|
|
|
1,146
|
|
|
13
|
|
|||||||
White Oak I
|
|
Retail
|
|
Muscatine
|
|
IA
|
|
3/9/2018
|
|
—
|
|
(10)
|
1,142
|
|
|
671
|
|
|
—
|
|
|
—
|
|
|
1,813
|
|
|
19
|
|
|||||||
White Oak I
|
|
Retail
|
|
Nevada
|
|
IA
|
|
3/9/2018
|
|
—
|
|
(10)
|
928
|
|
|
377
|
|
|
—
|
|
|
—
|
|
|
1,305
|
|
|
11
|
|
|||||||
White Oak I
|
|
Retail
|
|
Nevada
|
|
IA
|
|
3/9/2018
|
|
—
|
|
(10)
|
347
|
|
|
199
|
|
|
—
|
|
|
—
|
|
|
546
|
|
|
6
|
|
|||||||
White Oak I
|
|
Retail
|
|
Wapello
|
|
IA
|
|
3/9/2018
|
|
—
|
|
(10)
|
708
|
|
|
627
|
|
|
—
|
|
|
—
|
|
|
1,335
|
|
|
17
|
|
|||||||
White Oak I
|
|
Retail
|
|
Omaha
|
|
NE
|
|
3/9/2018
|
|
—
|
|
(10)
|
885
|
|
|
649
|
|
|
—
|
|
|
—
|
|
|
1,534
|
|
|
17
|
|
|||||||
White Oak I
|
|
Retail
|
|
Omaha
|
|
NE
|
|
3/9/2018
|
|
—
|
|
(10)
|
867
|
|
|
273
|
|
|
—
|
|
|
—
|
|
|
1,140
|
|
|
9
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Arley
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
590
|
|
|
428
|
|
|
—
|
|
|
—
|
|
|
1,018
|
|
|
9
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Cullman
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
669
|
|
|
978
|
|
|
—
|
|
|
—
|
|
|
1,647
|
|
|
18
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Cullman
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
794
|
|
|
858
|
|
|
—
|
|
|
—
|
|
|
1,652
|
|
|
17
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Eva
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
782
|
|
|
258
|
|
|
—
|
|
|
—
|
|
|
1,040
|
|
|
6
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Good Hope
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
1,080
|
|
|
685
|
|
|
—
|
|
|
—
|
|
|
1,765
|
|
|
15
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Huntsville
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
1,882
|
|
|
316
|
|
|
—
|
|
|
—
|
|
|
2,198
|
|
|
7
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Huntsville
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
1,470
|
|
|
659
|
|
|
—
|
|
|
—
|
|
|
2,129
|
|
|
12
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Huntsville
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
2,468
|
|
|
710
|
|
|
—
|
|
|
—
|
|
|
3,178
|
|
|
13
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Oneonta
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
1,057
|
|
|
532
|
|
|
—
|
|
|
—
|
|
|
1,589
|
|
|
9
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Owens Cross
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
578
|
|
|
1,386
|
|
|
—
|
|
|
—
|
|
|
1,964
|
|
|
24
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Pine Campbell
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
819
|
|
|
219
|
|
|
—
|
|
|
—
|
|
|
1,038
|
|
|
5
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Red Bay
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
840
|
|
|
566
|
|
|
—
|
|
|
—
|
|
|
1,406
|
|
|
10
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Red Bay
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
254
|
|
|
393
|
|
|
—
|
|
|
—
|
|
|
647
|
|
|
7
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Russellville
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
594
|
|
|
378
|
|
|
—
|
|
|
—
|
|
|
972
|
|
|
7
|
|
|||||||
Mountain Express II
|
|
Retail
|
|
Vina
|
|
AL
|
|
6/14/2018
|
|
—
|
|
(10)
|
549
|
|
|
300
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
5
|
|
|||||||
Dialysis I
|
|
Retail
|
|
Grand Rapids
|
|
MI
|
|
7/20/2018
|
|
—
|
|
(10)
|
674
|
|
|
1,827
|
|
|
—
|
|
|
—
|
|
|
2,501
|
|
|
22
|
|
|||||||
Dialysis I
|
|
Retail
|
|
Michigan City
|
|
IN
|
|
7/20/2018
|
|
—
|
|
(10)
|
360
|
|
|
1,726
|
|
|
—
|
|
|
—
|
|
|
2,086
|
|
|
24
|
|
|||||||
Dialysis I
|
|
Retail
|
|
Auburn
|
|
ME
|
|
7/20/2018
|
|
—
|
|
(10)
|
78
|
|
|
2,766
|
|
|
—
|
|
|
—
|
|
|
2,844
|
|
|
31
|
|
|||||||
Dialysis I
|
|
Retail
|
|
Grand Rapids
|
|
MI
|
|
7/20/2018
|
|
—
|
|
(10)
|
612
|
|
|
412
|
|
|
—
|
|
|
—
|
|
|
1,024
|
|
|
5
|
|
|||||||
Dialysis I
|
|
Retail
|
|
Sikeston
|
|
MO
|
|
7/20/2018
|
|
—
|
|
(10)
|
221
|
|
|
1,762
|
|
|
—
|
|
|
—
|
|
|
1,983
|
|
|
23
|
|
|||||||
Dialysis I
|
|
Retail
|
|
East Knoxville
|
|
TN
|
|
7/20/2018
|
|
—
|
|
(10)
|
497
|
|
|
1,429
|
|
|
—
|
|
|
—
|
|
|
1,926
|
|
|
18
|
|
|||||||
Dialysis I
|
|
Retail
|
|
Benton Harbor
|
|
MI
|
|
7/20/2018
|
|
—
|
|
(10)
|
241
|
|
|
1,687
|
|
|
—
|
|
|
—
|
|
|
1,928
|
|
|
22
|
|
|||||||
Children of America I
|
|
Office
|
|
New Britain
|
|
PA
|
|
8/13/2018
|
|
—
|
|
(10)
|
224
|
|
|
3,319
|
|
|
—
|
|
|
—
|
|
|
3,543
|
|
|
38
|
|
|||||||
Children of America I
|
|
Office
|
|
Warminster
|
|
PA
|
|
8/13/2018
|
|
—
|
|
(10)
|
284
|
|
|
3,225
|
|
|
—
|
|
|
—
|
|
|
3,509
|
|
|
37
|
|
|||||||
Burger King II
|
|
Retail
|
|
Pineville
|
|
LA
|
|
8/20/2018
|
|
—
|
|
(10)
|
462
|
|
|
1,136
|
|
|
—
|
|
|
—
|
|
|
1,598
|
|
|
12
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
White Oak II
|
|
Retail
|
|
Council Bluffs
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
111
|
|
|
628
|
|
|
—
|
|
|
—
|
|
|
739
|
|
|
7
|
|
|||||||
White Oak II
|
|
Retail
|
|
Council Bluffs
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
122
|
|
|
566
|
|
|
—
|
|
|
—
|
|
|
688
|
|
|
6
|
|
|||||||
White Oak II
|
|
Retail
|
|
Glenwood
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
20
|
|
|
351
|
|
|
—
|
|
|
—
|
|
|
371
|
|
|
3
|
|
|||||||
White Oak II
|
|
Retail
|
|
Missouri Valley
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
40
|
|
|
388
|
|
|
—
|
|
|
—
|
|
|
428
|
|
|
4
|
|
|||||||
White Oak II
|
|
Retail
|
|
Red Oak
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
30
|
|
|
543
|
|
|
—
|
|
|
—
|
|
|
573
|
|
|
6
|
|
|||||||
White Oak II
|
|
Retail
|
|
Sioux Center
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
20
|
|
|
358
|
|
|
—
|
|
|
—
|
|
|
378
|
|
|
3
|
|
|||||||
White Oak II
|
|
Retail
|
|
Sioux City
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
70
|
|
|
339
|
|
|
—
|
|
|
—
|
|
|
409
|
|
|
3
|
|
|||||||
White Oak II
|
|
Retail
|
|
Sioux City
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
101
|
|
|
519
|
|
|
—
|
|
|
—
|
|
|
620
|
|
|
6
|
|
|||||||
White Oak II
|
|
Retail
|
|
Sioux City
|
|
IA
|
|
8/27/2018
|
|
—
|
|
(10)
|
81
|
|
|
396
|
|
|
—
|
|
|
—
|
|
|
477
|
|
|
4
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Aurora
|
|
IN
|
|
8/31/2018
|
|
—
|
|
(10)
|
237
|
|
|
1,675
|
|
|
—
|
|
|
—
|
|
|
1,912
|
|
|
17
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Lavale
|
|
MD
|
|
8/31/2018
|
|
—
|
|
(10)
|
527
|
|
|
2,536
|
|
|
—
|
|
|
—
|
|
|
3,063
|
|
|
24
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Bay City
|
|
MI
|
|
8/31/2018
|
|
—
|
|
(10)
|
796
|
|
|
313
|
|
|
—
|
|
|
—
|
|
|
1,109
|
|
|
4
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Cadillac
|
|
MI
|
|
8/31/2018
|
|
—
|
|
(10)
|
345
|
|
|
1,447
|
|
|
—
|
|
|
—
|
|
|
1,792
|
|
|
15
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Bridgeport
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
335
|
|
|
1,301
|
|
|
—
|
|
|
—
|
|
|
1,636
|
|
|
13
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Burbank
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
172
|
|
|
1,804
|
|
|
—
|
|
|
—
|
|
|
1,976
|
|
|
19
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Circleville
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
911
|
|
|
1,686
|
|
|
—
|
|
|
—
|
|
|
2,597
|
|
|
18
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Columbus
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
615
|
|
|
1,252
|
|
|
—
|
|
|
—
|
|
|
1,867
|
|
|
13
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
E Liverpool
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
399
|
|
|
1,533
|
|
|
—
|
|
|
—
|
|
|
1,932
|
|
|
16
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Greenville
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
460
|
|
|
1,900
|
|
|
—
|
|
|
—
|
|
|
2,360
|
|
|
18
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Hamilton
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
441
|
|
|
1,344
|
|
|
—
|
|
|
—
|
|
|
1,785
|
|
|
14
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Jackson
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
596
|
|
|
1,487
|
|
|
—
|
|
|
—
|
|
|
2,083
|
|
|
16
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Jeffersonville
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
193
|
|
|
1,508
|
|
|
—
|
|
|
—
|
|
|
1,701
|
|
|
18
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Norwalk
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
123
|
|
|
2,559
|
|
|
—
|
|
|
—
|
|
|
2,682
|
|
|
26
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
South Point
|
|
OH
|
|
8/31/2018
|
|
—
|
|
(10)
|
420
|
|
|
1,436
|
|
|
—
|
|
|
—
|
|
|
1,856
|
|
|
15
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Bluefield
|
|
VA
|
|
8/31/2018
|
|
—
|
|
(10)
|
440
|
|
|
1,454
|
|
|
—
|
|
|
—
|
|
|
1,894
|
|
|
14
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Barbousvelle
|
|
WV
|
|
8/31/2018
|
|
—
|
|
(10)
|
987
|
|
|
807
|
|
|
—
|
|
|
—
|
|
|
1,794
|
|
|
8
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Bridgeport
|
|
WV
|
|
8/31/2018
|
|
—
|
|
(10)
|
481
|
|
|
1,819
|
|
|
—
|
|
|
—
|
|
|
2,300
|
|
|
18
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Huntington
|
|
WV
|
|
8/31/2018
|
|
—
|
|
(10)
|
255
|
|
|
1,563
|
|
|
—
|
|
|
—
|
|
|
1,818
|
|
|
15
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
New Martinsville
|
|
WV
|
|
8/31/2018
|
|
—
|
|
(10)
|
703
|
|
|
1,206
|
|
|
—
|
|
|
—
|
|
|
1,909
|
|
|
12
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
White Hall
|
|
WV
|
|
8/31/2018
|
|
—
|
|
(10)
|
347
|
|
|
1,185
|
|
|
—
|
|
|
—
|
|
|
1,532
|
|
|
12
|
|
|||||||
Bob Evans II
|
|
Retail
|
|
Mt. Pleasant
|
|
MI
|
|
8/31/2018
|
|
—
|
|
(10)
|
559
|
|
|
1,149
|
|
|
—
|
|
|
—
|
|
|
1,708
|
|
|
14
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Canton
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
703
|
|
|
1,719
|
|
|
—
|
|
|
—
|
|
|
2,422
|
|
|
14
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Cornelia
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
363
|
|
|
778
|
|
|
—
|
|
|
—
|
|
|
1,141
|
|
|
7
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Cumming
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
161
|
|
|
1,403
|
|
|
—
|
|
|
—
|
|
|
1,564
|
|
|
11
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Ellijay
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
517
|
|
|
1,803
|
|
|
—
|
|
|
—
|
|
|
2,320
|
|
|
15
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
Mountain Express III
|
|
Retail
|
|
Hogansville
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
141
|
|
|
1,068
|
|
|
—
|
|
|
—
|
|
|
1,209
|
|
|
10
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Homer
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
221
|
|
|
991
|
|
|
—
|
|
|
—
|
|
|
1,212
|
|
|
8
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
McGaysville
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
371
|
|
|
720
|
|
|
—
|
|
|
—
|
|
|
1,091
|
|
|
5
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Riverdale
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
1,001
|
|
|
1,920
|
|
|
—
|
|
|
—
|
|
|
2,921
|
|
|
15
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Toccoa
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
315
|
|
|
708
|
|
|
—
|
|
|
—
|
|
|
1,023
|
|
|
6
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Toccoa
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
262
|
|
|
908
|
|
|
—
|
|
|
—
|
|
|
1,170
|
|
|
7
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Woodstock
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
913
|
|
|
1,628
|
|
|
—
|
|
|
—
|
|
|
2,541
|
|
|
14
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Woodstock
|
|
GA
|
|
9/19/2018
|
|
—
|
|
(10)
|
2,202
|
|
|
1,234
|
|
|
—
|
|
|
—
|
|
|
3,436
|
|
|
10
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Nettleton
|
|
MS
|
|
9/19/2018
|
|
—
|
|
(10)
|
212
|
|
|
660
|
|
|
—
|
|
|
—
|
|
|
872
|
|
|
5
|
|
|||||||
Mountain Express III
|
|
Retail
|
|
Clinton
|
|
SC
|
|
9/19/2018
|
|
—
|
|
(10)
|
581
|
|
|
1,113
|
|
|
—
|
|
|
—
|
|
|
1,694
|
|
|
8
|
|
|||||||
Taco John's
|
|
Retail
|
|
Chanute
|
|
KS
|
|
9/14/2018
|
|
—
|
|
(10)
|
81
|
|
|
642
|
|
|
—
|
|
|
—
|
|
|
723
|
|
|
6
|
|
|||||||
Taco John's
|
|
Retail
|
|
Mountain Home
|
|
ID
|
|
9/14/2018
|
|
—
|
|
(10)
|
81
|
|
|
561
|
|
|
—
|
|
|
—
|
|
|
642
|
|
|
6
|
|
|||||||
Taco John's
|
|
Retail
|
|
Carroll
|
|
IA
|
|
9/21/2018
|
|
—
|
|
(10)
|
171
|
|
|
541
|
|
|
—
|
|
|
—
|
|
|
712
|
|
|
4
|
|
|||||||
Taco John's
|
|
Retail
|
|
Cherokee
|
|
IA
|
|
9/21/2018
|
|
—
|
|
(10)
|
131
|
|
|
347
|
|
|
—
|
|
|
—
|
|
|
478
|
|
|
3
|
|
|||||||
Taco John's
|
|
Retail
|
|
North Manakato
|
|
MN
|
|
9/28/2018
|
|
—
|
|
(10)
|
213
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
547
|
|
|
3
|
|
|||||||
Taco John's
|
|
Retail
|
|
St. Peter
|
|
MN
|
|
9/28/2018
|
|
—
|
|
(10)
|
112
|
|
|
559
|
|
|
—
|
|
|
—
|
|
|
671
|
|
|
4
|
|
|||||||
Taco John's
|
|
Retail
|
|
Independence
|
|
MO
|
|
9/28/2018
|
|
—
|
|
(10)
|
242
|
|
|
822
|
|
|
—
|
|
|
—
|
|
|
1,064
|
|
|
7
|
|
|||||||
White Oak III
|
|
Retail
|
|
Bonham
|
|
TX
|
|
10/5/2018
|
|
—
|
|
(10)
|
734
|
|
|
1,952
|
|
|
—
|
|
|
—
|
|
|
2,686
|
|
|
16
|
|
|||||||
DaVita II
|
|
Retail
|
|
Houston
|
|
TX
|
|
10/26/2018
|
|
—
|
|
(10)
|
246
|
|
|
1,982
|
|
|
—
|
|
|
—
|
|
|
2,228
|
|
|
10
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Charlotte
|
|
NC
|
|
10/29/2018
|
|
—
|
|
(10)
|
236
|
|
|
916
|
|
|
—
|
|
|
—
|
|
|
1,152
|
|
|
5
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Gastonia
|
|
NC
|
|
10/29/2018
|
|
—
|
|
(10)
|
208
|
|
|
1,128
|
|
|
—
|
|
|
—
|
|
|
1,336
|
|
|
6
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Newton
|
|
NC
|
|
10/29/2018
|
|
—
|
|
(10)
|
79
|
|
|
755
|
|
|
—
|
|
|
—
|
|
|
834
|
|
|
4
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Columbus
|
|
OH
|
|
10/29/2018
|
|
—
|
|
(10)
|
305
|
|
|
922
|
|
|
—
|
|
|
—
|
|
|
1,227
|
|
|
5
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Columbus
|
|
OH
|
|
10/29/2018
|
|
—
|
|
(10)
|
187
|
|
|
464
|
|
|
—
|
|
|
—
|
|
|
651
|
|
|
3
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
New Lexington
|
|
OH
|
|
10/29/2018
|
|
—
|
|
(10)
|
69
|
|
|
658
|
|
|
—
|
|
|
—
|
|
|
727
|
|
|
4
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Westerville
|
|
OH
|
|
10/29/2018
|
|
—
|
|
(10)
|
167
|
|
|
830
|
|
|
—
|
|
|
—
|
|
|
997
|
|
|
4
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Zanesville
|
|
OH
|
|
10/29/2018
|
|
—
|
|
(10)
|
99
|
|
|
745
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
4
|
|
|||||||
Pizza Hut I
|
|
Retail
|
|
Midland
|
|
TX
|
|
10/29/2018
|
|
—
|
|
(10)
|
207
|
|
|
662
|
|
|
—
|
|
|
—
|
|
|
869
|
|
|
3
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Burton
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
236
|
|
|
1,022
|
|
|
—
|
|
|
—
|
|
|
1,258
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Burton
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
88
|
|
|
684
|
|
|
—
|
|
|
—
|
|
|
772
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Flint
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
16
|
|
|
653
|
|
|
—
|
|
|
—
|
|
|
669
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Flint
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
30
|
|
|
781
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Flint
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
10
|
|
|
543
|
|
|
—
|
|
|
—
|
|
|
553
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Flint
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
39
|
|
|
632
|
|
|
—
|
|
|
—
|
|
|
671
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Durand
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
39
|
|
|
401
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|
—
|
|
(In thousands)
|
|
|
|
Initial Costs
|
|
Subsequent to Acquisition
|
|
Gross Amount Carried at
December 31, 2018 (12) (13) |
|
|
||||||||||||||||||||||||||
Property
|
|
Property Type
|
|
City
|
|
State
|
|
Acquisition
Date |
|
Encumbrances at December 31, 2018
|
|
Land
|
|
Building and
Improvements |
|
Land
(11)
|
|
Building and
Improvements (11) |
|
|
Accumulated
Depreciation (14) (15) |
|||||||||||||||
Little Caesars I
|
|
Retail
|
|
Flint
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
108
|
|
|
569
|
|
|
—
|
|
|
—
|
|
|
677
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Flint
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
30
|
|
|
553
|
|
|
—
|
|
|
—
|
|
|
583
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Flint
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
49
|
|
|
577
|
|
|
—
|
|
|
—
|
|
|
626
|
|
|
—
|
|
|||||||
Little Caesars I
|
|
Retail
|
|
Swartz Creek
|
|
MI
|
|
12/21/2018
|
|
—
|
|
(10)
|
79
|
|
|
492
|
|
|
—
|
|
|
—
|
|
|
571
|
|
|
—
|
|
|||||||
Caliber Collision I
|
|
Retail
|
|
Lutz
|
|
FL
|
|
12/28/2018
|
|
—
|
|
(10)
|
1,745
|
|
|
2,696
|
|
|
—
|
|
|
—
|
|
|
4,441
|
|
|
—
|
|
|||||||
Caliber Collision I
|
|
Retail
|
|
Layetteville
|
|
NC
|
|
12/28/2018
|
|
—
|
|
(10)
|
372
|
|
|
1,269
|
|
|
—
|
|
|
—
|
|
|
1,641
|
|
|
—
|
|
|||||||
Caliber Collision I
|
|
Retail
|
|
Nolansville
|
|
TX
|
|
12/28/2018
|
|
—
|
|
(10)
|
360
|
|
|
973
|
|
|
—
|
|
|
—
|
|
|
1,333
|
|
|
—
|
|
|||||||
Tractor Supply V
|
|
Retail
|
|
Catalina
|
|
AZ
|
|
12/27/2018
|
|
—
|
|
(10)
|
953
|
|
|
3,061
|
|
|
—
|
|
|
—
|
|
|
4,014
|
|
|
—
|
|
|||||||
Tractor Supply V
|
|
Retail
|
|
Americus
|
|
GA
|
|
12/27/2018
|
|
—
|
|
(10)
|
329
|
|
|
2,522
|
|
|
—
|
|
|
—
|
|
|
2,851
|
|
|
—
|
|
|||||||
Tractor Supply V
|
|
Retail
|
|
Socorro
|
|
NM
|
|
12/27/2018
|
|
—
|
|
(10)
|
413
|
|
|
2,602
|
|
|
—
|
|
|
—
|
|
|
3,015
|
|
|
—
|
|
|||||||
Tractor Supply V
|
|
Retail
|
|
Cadiz
|
|
OH
|
|
12/27/2018
|
|
—
|
|
(10)
|
179
|
|
|
2,546
|
|
|
—
|
|
|
—
|
|
|
2,725
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Encumbrances allocated based on notes below
|
|
|
|
|
|
1,005,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total
|
|
|
|
|
|
|
|
|
|
$
|
1,200,538
|
|
|
$
|
631,302
|
|
|
$
|
2,435,293
|
|
|
$
|
(2,109
|
)
|
|
$
|
6,366
|
|
|
$
|
3,070,852
|
|
|
$
|
311,214
|
|
(1)
|
These properties collateralize the Mortgage Loan I, which had
$572.2 million
outstanding as of
December 31, 2018
.
|
(2)
|
These properties collateralize the SunTrust Bank II mortgage note payable of
$13.4 million
as of
December 31, 2018
.
|
(3)
|
These properties collateralize the SunTrust Bank III mortgage note payable of
$68.1 million
as of
December 31, 2018
.
|
(4)
|
These properties collateralize the SunTrust Bank IV mortgage note payable of
$18.1 million
as of
December 31, 2018
.
|
(5)
|
These properties collateralize the Stop & Shop I mortgage note payable of
$36.8 million
as of
December 31, 2018
.
|
(6)
|
These properties collateralize the Bob Evans I mortgage note payable of
$24.0 million
as of
December 31, 2018
.
|
(7)
|
These properties collateralize the Mortgage Loan II, which had
$210.0 million
outstanding as of
December 31, 2018
.
|
(8)
|
These properties collateralize the Mortgage Loan III, which had
$33.4 million
outstanding as of
December 31, 2018
.
|
(9)
|
These properties collateralize the Mortgage Loan IV which had
$29.9 million
outstanding as of
December 31, 2018
.
|
(10)
|
These properties are encumbered by the Credit Facility borrowings in the amount of
$324.7 million
as of
December 31, 2018
and such amount of borrowings is excluded from the table above.
|
(11)
|
These properties were acquired as part of the Merger Transaction with American Realty Capital — Retail Centers of America, Inc. (RCA) on February 16, 2017.
|
(12)
|
During the year ended
December 31, 2018
, the Company determined that the carrying value of certain properties exceeded their estimated fair values and recognized impairment charges of
$1.1 million
related to these assets which continue to be included in land and building and improvements as of
December 31, 2018
. The remaining balance pertains to previously recorded impairment charges and partial dispositions of assets.
|
(13)
|
Acquired intangible lease assets allocated to individual properties in the amount of
$413.9 million
are not reflected in the table above.
|
(14)
|
The tax basis of aggregate land, buildings and improvements as of
December 31, 2018
is
$2.9 billion
.
|
(15)
|
The accumulated depreciation column excludes
$143.4 million
of accumulated amortization associated with acquired intangible lease assets.
|
(16)
|
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)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Real estate investments, at cost:
|
|
|
|
|
|
|
||||||
Balance at beginning of year
|
|
$
|
3,056,695
|
|
|
$
|
1,724,258
|
|
|
$
|
1,899,099
|
|
Additions - acquisitions
|
|
201,896
|
|
|
1,490,332
|
|
|
31,392
|
|
|||
Additions - improvements
|
|
13,189
|
|
|
—
|
|
|
—
|
|
|||
Disposals
|
|
(146,109
|
)
|
|
(131,185
|
)
|
|
(31,547
|
)
|
|||
Impairment charges
|
|
(9,363
|
)
|
|
(20,580
|
)
|
|
(24,661
|
)
|
|||
Reclassified to assets held for sale
|
|
(45,456
|
)
|
|
(6,130
|
)
|
|
(150,025
|
)
|
|||
Balance at end of the year
|
|
$
|
3,070,852
|
|
|
$
|
3,056,695
|
|
|
$
|
1,724,258
|
|
|
|
|
|
|
|
|
|
|||||
Accumulated depreciation:
|
|
|
|
|
|
|
|
|||||
Balance at beginning of year
|
|
$
|
256,771
|
|
|
$
|
183,437
|
|
|
$
|
141,594
|
|
Depreciation expense
|
|
84,482
|
|
|
85,175
|
|
|
66,831
|
|
|||
Disposals
|
|
(25,131
|
)
|
|
(10,415
|
)
|
|
(1,018
|
)
|
|||
Reclassified to assets held for sale
|
|
(4,908
|
)
|
|
(1,426
|
)
|
|
(23,970
|
)
|
|||
Balance at end of the year
|
|
$
|
311,214
|
|
|
$
|
256,771
|
|
|
$
|
183,437
|
|
1.
|
Amendment to the definition of “Peer Group Companies”
. The definition of “Peer Group Companies” contained in Exhibit A of the 2018 OPP is deleted and replaced in its entirety with the following:
|
2.
|
Effect of the Amendment
. Except as modified by this Amendment, all of the terms of the 2018 OPP are hereby ratified and confirmed and shall remain in full force and effect. This Amendment shall be construed as one with the 2018 OPP, and the 2018 OPP shall, where context requires, be read and construed so as to incorporate this Amendment.
|
3.
|
General Provisions
. Except as modified herein, the terms and provisions of Section 8 of the 2018 OPP are hereby incorporated by reference as if set forth herein in their entirety and shall apply
mutatis mutandis
to this Amendment.
|
By:
|
American Finance Trust, Inc., its general partner
|
By:
|
AMERICAN FINANCE SPECIAL
LIMITED PARTNER, LLC, its member |
By:
|
AR GLOBAL INVESTMENTS, LLC, its member
|
Name
|
Jurisdiction of Formation/Incorporation
|
55 Corporate Drive Condominium Association, LLC
|
Delaware
|
AFIN BB Loan, LLC
|
Delaware
|
AFIN Commercial Lending, LLC
|
Delaware
|
AFIN CS Loan, LLC
|
Delaware
|
AFIN High Yield Securities, LLC
|
Delaware
|
AFIN Subsidiary REIT, LLC
|
Delaware
|
AFIN UBS Loan, LLC
|
Delaware
|
American Finance Operating Partnership, L.P.
|
Delaware
|
ARC AAANGIN001, LLC
|
Delaware
|
ARC AABNLFL001, LLC
|
Delaware
|
ARC AATNTMA001, LLC
|
Delaware
|
ARC AAWSNGA001, LLC
|
Delaware
|
ARC ABHNDMS001, LLC
|
Delaware
|
ARC AMWNRKY001, LLC
|
Delaware
|
ARC ARERIPA001, LLC
|
Delaware
|
ARC ARVIRMN001, LLC
|
Delaware
|
ARC ASCGRMO001, LLC
|
Delaware
|
ARC AZCROMI001, LLC
|
Delaware
|
ARC AZCTOLA001, LLC
|
Delaware
|
ARC AZTMPGA001, LLC
|
Delaware
|
ARC BFFTMFL001, LLC
|
Delaware
|
ARC BKMST41001, LLC
|
Delaware
|
ARC CBDTNPA001, LLC
|
Delaware
|
ARC CBLDLPA001, LLC
|
Delaware
|
ARC CBLMAPA001, LLC
|
Delaware
|
ARC CBPHLPA001, LLC
|
Delaware
|
ARC CBPHLPA002, LLC
|
Delaware
|
ARC CBPHLPA003, LLC
|
Delaware
|
ARC CBPHLPA004, LLC
|
Delaware
|
ARC CBPLHPA004, LLC
|
Delaware
|
ARC CBRBRPA001, LLC
|
Delaware
|
ARC CBWNEPA001, LLC
|
Delaware
|
ARC CHLKJTX001, LLC
|
Delaware
|
ARC CHVCTTX001, LLC
|
Delaware
|
ARC CKMST19001, LLC
|
Delaware
|
ARC CVANSAL001, LLC
|
Delaware
|
ARC CVDETMI001, LLC
|
Delaware
|
ARC CVHYKMA001, LLC
|
Delaware
|
ARC DB5PROP001, LLC
|
Delaware
|
ARC DB5SAAB001, LLC
|
Delaware
|
ARC DGATHMI001, LLC
|
Delaware
|
ARC DGBGLLA001, LLC
|
Delaware
|
ARC DGBKHMS001, LLC
|
Delaware
|
ARC DGBNBGA001, LLC
|
Delaware
|
ARC DGCHEOK001, LLC
|
Delaware
|
ARC DGCMBMS001, LLC
|
Delaware
|
ARC DGDNDLA001, LLC
|
Delaware
|
ARC DGDVLLA001, LLC
|
Delaware
|
ARC DGFHLLA001, LLC
|
Delaware
|
ARC DGFLRMI001, LLC
|
Delaware
|
ARC DGFRTMS001, LLC
|
Delaware
|
ARC DGFTSAR001, LLC
|
Delaware
|
ARC DGGNWLA001, LLC
|
Delaware
|
ARC DGGSBVA001, LLC
|
Delaware
|
ARC DGGVLMS002, LLC
|
Delaware
|
ARC DGHBKLA001, LLC
|
Delaware
|
ARC DGHDNMI001, LLC
|
Delaware
|
ARC DGHTGWV001, LLC
|
Delaware
|
ARC DGHTSAR001, LLC
|
Delaware
|
ARC DGLAFTN001, LLC
|
Delaware
|
ARC DGLCRMN002, LLC
|
Delaware
|
ARC DGMBLAR001, LLC
|
Delaware
|
ARC DGMKNMI001, LLC
|
Delaware
|
ARC DGMRALA001, LLC
|
Delaware
|
ARC DGMSNTX002, LLC
|
Delaware
|
ARC DGNTALA001, LLC
|
Delaware
|
ARC DGRLFMS001, LLC
|
Delaware
|
ARC DGRSEMI001, LLC
|
Delaware
|
ARC DGRYLAR001, LLC
|
Delaware
|
ARC DGSRBMO001, LLC
|
Delaware
|
ARC DGSTNVA001, LLC
|
Delaware
|
ARC DGSVNMO001, LLC
|
Delaware
|
ARC DGTLSLA001, LLC
|
Delaware
|
ARC DGVDRTX001, LLC
|
Delaware
|
ARC DGVNLTN001, LLC
|
Delaware
|
ARC DGWPTMS001, LLC
|
Delaware
|
ARC DGWRNIN001, LLC
|
Delaware
|
ARC DGWSNNY001, LLC
|
Delaware
|
ARC FDBRNLA001, LLC
|
Delaware
|
ARC FDBTLKY001, LLC
|
Delaware
|
ARC FDCHLID001, LLC
|
Delaware
|
ARC FDCRLMO001, LLC
|
Delaware
|
ARC FDDNVAR001, LLC
|
Delaware
|
ARC FDDXRNM001, LLC
|
Delaware
|
ARC FDFNTPA001, LLC
|
Delaware
|
ARC FDHCRTX001, LLC
|
Delaware
|
ARC FDKRMCO001, LLC
|
Delaware
|
ARC FDOCYLA001, LLC
|
Delaware
|
ARC FDPLSTX001, LLC
|
Delaware
|
ARC FDWLDCO001, LLC
|
Delaware
|
ARC FEBSMND001, LLC
|
Delaware
|
ARC FECNBIA001, LLC
|
Delaware
|
ARC FEEGLWI001, LLC
|
Delaware
|
ARC FEGRFND001, LLC
|
Delaware
|
ARC FELELMS001, LLC
|
Delaware
|
ARC FESOUIA001, LLC
|
Delaware
|
ARC FEWAUWI001, LLC
|
Delaware
|
ARC FEWTNSD001, LLC
|
Delaware
|
ARC FLCLTNC001, LLC
|
Delaware
|
ARC FMMTCNJ001, LLC
|
Delaware
|
ARC FMMTVAL001, LLC
|
Delaware
|
ARC FMSNHPA001, LLC
|
Delaware
|
ARC HR5BEIL001, LLC
|
Delaware
|
ARC HR5BIAL001, LLC
|
Delaware
|
ARC HR5BPMN001, LLC
|
Delaware
|
ARC HR5CSAL001, LLC
|
Delaware
|
ARC HR5CSMA001, LLC
|
Delaware
|
ARC HR5CSMA002, LLC
|
Delaware
|
ARC HR5CSMA003, LLC
|
Delaware
|
ARC HR5CSMD001, LLC
|
Delaware
|
ARC HR5CURI001, LLC
|
Delaware
|
ARC HR5CVGA001, LLC
|
Delaware
|
ARC HR5DOGA001, LLC
|
Delaware
|
ARC HR5GAGA001, LLC
|
Delaware
|
ARC HR5GANC001, LLC
|
Delaware
|
ARC HR5GASC001, LLC
|
Delaware
|
ARC HR5GAVA001, LLC
|
Delaware
|
ARC HR5GBNC001, LLC
|
Delaware
|
ARC HR5GRSC001, LLC
|
Delaware
|
ARC HR5HASC001, LLC
|
Delaware
|
ARC HR5HOTX001, LP
|
Delaware
|
ARC HR5HOWI001, LLC
|
Delaware
|
ARC HR5HPNY001, LLC
|
Delaware
|
ARC HR5MCFL001, LLC
|
Delaware
|
ARC HR5MSSE001, LLC
|
Delaware
|
ARC HR5MSSSE001, LLC
|
Delaware
|
ARC HR5NCTN001, LLC
|
Delaware
|
ARC HR5PEGA001, LLC
|
Delaware
|
ARC HR5PISC001, LLC
|
Delaware
|
ARC HR5SINJ001, LLC
|
Delaware
|
ARC HR5SLUT001, LLC
|
Delaware
|
ARC HR5SNFI001 SPE, LLC
|
Delaware
|
ARC HR5SNFI001 SPE,LLC
|
Delaware
|
ARC HR5SNFI001, LLC
|
Delaware
|
ARC HR5SOCT001, LLC
|
Delaware
|
ARC HR5SSMA001, LLC
|
Delaware
|
ARC HR5SSMA002, LLC
|
Delaware
|
ARC HR5SSMA003, LLC
|
Delaware
|
ARC HR5SSRI001, LLC
|
Delaware
|
ARC HR5STP1001, LLC
|
Delaware
|
ARC HR5STP1001,LLC
|
Delaware
|
ARC HR5STP1002, LLC
|
Delaware
|
ARC HR5STP1002,LLC
|
Delaware
|
ARC HR5STP2001, LLC
|
Delaware
|
ARC HR5STP2002, LLC
|
Delaware
|
ARC HR5STP2002,LLC
|
Delaware
|
ARC HR5STP3001, LLC
|
Delaware
|
ARC HR5STP3002, LLC
|
Delaware
|
ARC HR5VAGA001, LLC
|
Delaware
|
ARC HR5ZUMN001, LLC
|
Delaware
|
ARC JCHUSTX001, LLC
|
Delaware
|
ARC JCWSTCO001, LLC
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Delaware
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ARC LWAKNSC001, LLC
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Delaware
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ARC LWFYTNC001, LLC
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Delaware
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ARC LWMCNGA001, LLC
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Delaware
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ARC LWNBNNC001, LLC
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Delaware
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ARC LWRMTNC001, LLC
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Delaware
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ARC MFAKNSC001, LLC
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Delaware
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ARC MFFNCAL001, LLC
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Delaware
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ARC MFHLDMI001, LLC
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Delaware
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ARC MFKXVTN002, LLC
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Delaware
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ARC MFMCDGA001, LLC
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Delaware
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ARC MFMDNID001, LLC
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Delaware
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ARC MFSGWMI001, LLC
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Delaware
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ARC MFTSEFL002, LLC
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Delaware
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ARC MFVALGA001, LLC
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Delaware
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ARC NPHUBOH001, LLC
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Delaware
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ARC NTMNDIL001, LLC
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Delaware
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ARC NTSNTTX001, LLC
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Delaware
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ARC ORMNTWI001, LLC
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Delaware
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ARC PRLAWKS001,LLC
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Delaware
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ARC TKLWSFL001, LLC
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Delaware
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ARC TPEGPTX001, LLC
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Delaware
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ARC TSHRLKY001, LLC
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Delaware
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ARC TSHTNMI001, LLC
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Delaware
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ARC TSVRNCT001, LLC
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Delaware
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ARC WGBEATX001, LLC
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Delaware
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ARC WGBTDIA001, LLC
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Delaware
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ARC WGBTDIAOO1, LLC
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Delaware
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ARC WGGLTWY001, LLC
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Delaware
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ARC WGLNSMI001, LLC
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Delaware
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ARC WGOKCOK001, LLC
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Delaware
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ARC WGPNBAR001, LLC
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Delaware
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ARC WGTKRGA001, LLC
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Delaware
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ARC WGWFDMI001, LLC
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Delaware
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ARG BE23PROP01, LLC
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Delaware
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ARG BE23PROP02, LLC
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Delaware
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ARG BHCLMSC001, LLC
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Delaware
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ARG BHELKNV001, LLC
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Delaware
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ARG BHJCKFL001, LLC
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Delaware
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ARG BHSLPLA001, LLC
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Delaware
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ARG BKPNVLA001, LLC
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Delaware
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ARG CA2PSLB001, LLC
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Delaware
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ARG CCFAYNC001, LLC
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Delaware
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ARG CCLTZFL001, LLC
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Delaware
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ARG CCNLVTX001, LLC
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Delaware
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ARG CHMCHIL001, LLC
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Delaware
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ARG CHMCPIL001, LLC
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Delaware
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ARG CKHARTX001, LLC
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Delaware
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ARG CKLRDTX001, LLC
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Delaware
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ARG CKLRDTX002, LLC
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Delaware
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ARG CKLRDTX003, LLC
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Delaware
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ARG CKRGNTX001, LLC
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Delaware
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ARG CKWSLTX001, LLC
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Delaware
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ARG DDBLVTN001, LLC
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Delaware
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ARG DDBRVTN001, LLC
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Delaware
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ARG DDGRDMI001, LLC
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Delaware
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ARG DDHUSTX001, LLC
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Delaware
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ARG DGDWTNY001, LLC
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Delaware
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ARG DGFRMNY001, LLC
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Delaware
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ARG DGGDDNY001, LLC
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Delaware
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ARG DGKNGNY001, LLC
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Delaware
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ARG DGKRHNY001, LLC
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Delaware
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ARG DGOTGNY001, LLC
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Delaware
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ARG DGPRSNY001, LLC
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Delaware
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ARG DGUTCNY001, LLC
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Delaware
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ARG DNMGCIN001, LLC
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Delaware
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ARG ECEDMOK001, LLC
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Delaware
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ARG FEBRNMN001, LLC
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Delaware
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ARG FECSPWY001, LLC
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Delaware
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ARG FERLLMO001, LLC
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Delaware
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ARG FMABNME001, LLC
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Delaware
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ARG FMCMGGA001, LLC
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Delaware
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ARG FMEKVTN001, LLC
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Delaware
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ARG FMETPAL001, LLC
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Delaware
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ARG FMFRVAL001, LLC
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Delaware
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ARG FMGFBFL001, LLC
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Delaware
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ARG FMGRDMI001, LLC
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Delaware
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ARG FMPDTSC001, LLC
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Delaware
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ARG FMSKSMO001, LLC
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Delaware
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ARG FMTMVAL001, LLC
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Delaware
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ARG HD4PSLB001, LLC
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Delaware
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ARG JAFPTIL001, LLC
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Delaware
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ARG KGOMHNE001, LLC
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Delaware
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ARG LC11PCK001, LLC
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Delaware
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ARG LDBHRMI001, LLC
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Delaware
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ARG MEARLAL001, LLC
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Delaware
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ARG MEBDWGA001, LLC
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Delaware
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ARG MEBFDGA001, LLC
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Delaware
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ARG MECANGA001, LLC
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Delaware
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ARG MECANGA002, LLC
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Delaware
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ARG MECBTAR001, LLC
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Delaware
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ARG MECLLAL001, LLC
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Delaware
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ARG MECLLAL002, LLC
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Delaware
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ARG MECMGGA001, LLC
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Delaware
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ARG MECNLGA001, LLC
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Delaware
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ARG MECRNAR001, LLC
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Delaware
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ARG MECTNSC001, LLC
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Delaware
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ARG MECTWGA001, LLC
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Delaware
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ARG MEDGVGA001, LLC
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Delaware
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ARG MEELDAR001, LLC
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Delaware
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ARG MEELDAR002, LLC
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Delaware
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ARG MEELDAR003, LLC
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Delaware
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ARG MEELIGA001, LLC
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Delaware
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ARG MEEVAAL001, LLC
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Delaware
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ARG MEFDCAR001, LLC
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Delaware
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ARG MEGHPAL001, LLC
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Delaware
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ARG MEHGVGA001, LLC
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Delaware
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ARG MEHMRGA001, LLC
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Delaware
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ARG MEHNTAL001, LLC
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Delaware
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ARG MEHNTAL002, LLC
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Delaware
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ARG MEHNTAL003, LLC
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Delaware
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ARG MEHOPAR001, LLC
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Delaware
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ARG MEJSPGA001, LLC
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Delaware
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ARG MEMCVGA001, LLC
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Delaware
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ARG MENTLMS001, LLC
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Delaware
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ARG MEONNAL001, LLC
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Delaware
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ARG MEOWCAL001, LLC
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Delaware
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ARG MEPHCAL001, LLC
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Delaware
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ARG MERDBAL001, LLC
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Delaware
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ARG MERDBAL003, LLC
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Delaware
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ARG MERSSAL001, LLC
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Delaware
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ARG MERVDGA001, LLC
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Delaware
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ARG MESMVGA001, LLC
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Delaware
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ARG MESRCAR001, LLC
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Delaware
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ARG METOCGA001, LLC
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Delaware
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ARG METOCGA002, LLC
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Delaware
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ARG METRNGA001, LLC
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Delaware
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ARG MEVNAAL001, LLC
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Delaware
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ARG MEWSKGA001, LLC
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Delaware
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ARG MEWSKGA002, LLC
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Delaware
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ARG MEWSKGA003, LLC
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Delaware
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ARG PBBVROH001, LLC
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Delaware
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ARG PBNBLIN001, LLC
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Delaware
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ARG PH31SLB001, LLC
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Delaware
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ARG PHCHRNC002, LLC
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Delaware
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ARG PHCMBOH001, LLC
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Delaware
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ARG PHCMBOH002, LLC
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Delaware
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ARG PHGTNNC001, LLC
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Delaware
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ARG PHMDLTX001, LLC
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Delaware
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ARG HNLXOH001, LLC
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Delaware
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ARG PHNTNNC001, LLC
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Delaware
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ARG PHWSVOH001, LLC
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Delaware
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ARG PHZSVOH001, LLC
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Delaware
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ARG RRFRVOH001, LLC
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Delaware
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ARG SBTLHFL001, LLC
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Delaware
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ARG SBTLHFL002, LLC
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Delaware
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ARG SBTLHFL003, LLC
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Delaware
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ARG SNBLXMS001, LLC
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Delaware
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ARG SNCLLMS001, LLC
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Delaware
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ARG SNELLMS001, LLC
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Delaware
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ARG SNGLFMS001, LLC
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Delaware
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ARG SNGLFMS002, LLC
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Delaware
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ARG SNGLFMS003, LLC
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Delaware
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ARG SNHTTMS001, LLC
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Delaware
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ARG SNLNBMS001, LLC
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Delaware
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ARG SNLTHFL001, LLC
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Delaware
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ARG SNMGEMS001. LLC
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Delaware
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ARG SNPLCFL001, LLC
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Delaware
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ARG SNPRVMS001, LLC
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Delaware
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ARG SNPTLMS001, LLC
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Delaware
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ARG SNRBRAL001, LLC
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Delaware
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ARG SNRVRFL001, LLC
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Delaware
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ARG SNRVRFL002, LLC
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Delaware
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ARG SNTSCAL001, LLC
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Delaware
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ARG SNTYLMS001, LLC
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Delaware
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ARG SNWCHFL001, LLC
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Delaware
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ARG SNWDVMS001, LLC
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Delaware
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ARG SNWVLMS001, LLC
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Delaware
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ARG SNWYNMS001, LLC
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Delaware
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ARG TJCNTKS001, LLD
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Delaware
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ARG TJCRKIA001, LLC
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Delaware
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ARG TJCRLIA001, LLC
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Delaware
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ARG TJINDMO001, LLC
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Delaware
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ARG TJMNHID001, LLC
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Delaware
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ARG TJNMKMN001, LLC
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Delaware
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ARG TJSPRMN001, LLC
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Delaware
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ARG TSAMCGA001, LLC
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Delaware
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ARG TSCDZOH001, LLC
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Delaware
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ARG TSCTLAZ001, LLC
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Delaware
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ARG TSFLDSD001, LLC
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Delaware
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ARG TSHZNND001, LL
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Delaware
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ARG TSNCDOK001, LLC
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Delaware
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ARG TSSCRNM001, LLC
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Delaware
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ARG WO9PIA001, LLC
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Delaware
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ARG WO9PSLB001, LLC
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Delaware
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ARG WOALPAR001, LLC
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Delaware
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ARG WOALTTTX001, LLC
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Delaware
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ARG WONSMTX001, LLC
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Delaware
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ARG WOTPKKS001, LLC
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Delaware
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ARG WOTYLTX001, LLC
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Delaware
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Genie Acquisition, 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;
|
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 7th day of March, 2019
|
|
/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 7th day of March, 2019
|
|
/s/ Katie P. Kurtz
|
|
|
Katie P. Kurtz
|
|
|
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/ Katie P. Kurtz
|
|
Katie P. Kurtz
|
|
Chief Financial Officer, Treasurer and Secretary
|
|
(Principal Financial Officer and Principal Accounting Officer)
|