Price Graph
Price
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(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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For the fiscal year ended December 31, 2016
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Maryland
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27-3148022
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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2325 East Camelback Road, Suite 1100
Phoenix, Arizona 85016
(Address of principal executive offices; zip code)
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(602) 778-8700
(Registrant’s telephone number, including area code)
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Title of Each Class
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Name of Exchange on Which Registered
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None
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None
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TABLE OF CONTENTS
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PART I
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ITEM 1.
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ITEM 1A.
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ITEM 1B.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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PART II
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ITEM 5.
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ITEM 6.
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ITEM 7.
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ITEM 7A.
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ITEM 8.
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ITEM 9.
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ITEM 9A.
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ITEM 9B.
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PART III
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ITEM 10.
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ITEM 11.
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ITEM 12.
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ITEM 13.
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ITEM 14.
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PART IV
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ITEM 15.
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ITEM 16.
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We may be unable to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all.
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We are subject to risks associated with tenant, geographic and industry concentrations with respect to our properties.
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Our properties, intangible assets and other assets may be subject to impairment charges.
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We could be subject to unexpected costs or unexpected liabilities that may arise from potential dispositions and may be unable to dispose of properties on advantageous terms.
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We are subject to competition in the acquisition and disposition of properties and in the leasing of our properties and we may be unable to acquire, dispose of, or lease properties on advantageous terms.
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We could be subject to risks associated with bankruptcies or insolvencies of tenants or from tenant defaults generally.
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We have substantial indebtedness, which may affect our ability to pay distributions, and expose us to interest rate fluctuation risk and the risk of default under our debt obligations.
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We may be affected by the incurrence of additional secured or unsecured debt.
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We may not be able to maintain profitability.
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We may not generate cash flows sufficient to pay our distributions to stockholders or meet our debt service obligations.
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We may be affected by risks resulting from losses in excess of insured limits.
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We may fail to remain qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
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Our advisor has the right to terminate the advisory agreement upon 60 days’ written notice without cause or penalty.
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ITEM 1.
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BUSINESS
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to acquire quality commercial real estate properties, net leased under long-term leases to creditworthy tenants, which provide current operating cash flow;
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to provide reasonably stable, current income for stockholders through the payment of cash distributions; and
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to provide the opportunity to participate in capital appreciation in the value of our investments.
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tenant rolls and tenant creditworthiness;
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a property condition report;
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unit level store performance;
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property location, visibility and access;
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age of the property, physical condition and curb appeal;
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neighboring property uses;
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local market conditions including vacancy rates and market rents;
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area demographics, including trade area population and average household income;
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neighborhood growth patterns and economic conditions;
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presence of nearby properties that may positively or negatively impact store sales at the subject property; and
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lease terms, including length of lease term, scope of landlord responsibilities, presence and frequency of contractual rental increases, renewal option provisions, exclusive and permitted use provisions, co-tenancy requirements and termination options.
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plans and specifications;
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surveys;
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evidence that title to the property can be freely sold or otherwise transferred to us, subject to such liens and encumbrances as are acceptable to CR IV Advisors;
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financial statements covering recent operations of properties, if available;
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title and liability insurance policies; and
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certificates of the tenant attesting that the tenant believes that, among other things, the lease is valid and enforceable.
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we may enter into a joint venture with third parties who have an executed lease with the developer who has an executed lease in place with the future tenant whereby we will provide a portion of the equity or debt financing;
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we would accrue a preferred return during construction on any equity investment;
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the properties would be developed by third parties; and
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consistent with our general policy regarding joint venture investments, we would have an option or contract to purchase, or a right of first refusal to purchase, the property or the co-investor’s interest.
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the effect of the acquisition both on diversification of each entity’s investments by type of property, geographic area and tenant concentration;
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ITEM 1A.
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RISK FACTORS
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identify and acquire investments that further our investment objectives;
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rely on our advisor and its affiliates to attract, integrate, motivate and retain qualified personnel to manage our day-to-day operations;
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respond to competition for our targeted real estate and other investments;
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rely on our advisor and its affiliates to continue to build and expand our operations structure to support our business; and
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be continuously aware of, and interpret, marketing trends and conditions.
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stockholders will be able to realize the estimated per share NAV upon attempting to sell their shares; or
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the Company will be able to achieve, for its stockholders, the estimated per share NAV upon a listing of the Company’s shares of common stock on a national securities exchange, a merger of the Company, or a sale of the Company’s portfolio.
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the risk that a co-owner may at any time have economic or business interests or goals that are or become inconsistent with our business interests or goals;
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the risk that a co-owner may be in a position to take action contrary to our instructions or requests or our policies or objectives or status as a REIT;
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the possibility that an individual co-owner might become insolvent or bankrupt, or otherwise default under any mortgage loan financing documents applicable to the property, which may constitute an event of default under all of the applicable mortgage loan financing documents, result in a foreclosure and the loss of all or a substantial portion of the investment made by the co-owner, or allow the bankruptcy court to reject the agreements entered into by the co-owners owning interests in the property;
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the possibility that a co-owner might not have adequate liquid assets to make cash advances that may be required in order to fund operations, maintenance and other expenses related to the property, which could result in the loss of current or prospective tenants and otherwise adversely affect the operation and maintenance of the property, could cause a default under any mortgage loan financing documents applicable to the property and result in late charges, penalties and interest, and could lead to the exercise of foreclosure and other remedies by the lender;
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the risk that a co-owner could breach agreements related to the property, which may cause a default under, and possibly result in personal liability in connection with, any mortgage loan financing documents applicable to the property, violate applicable securities laws, result in a foreclosure or otherwise adversely affect the property and the co-ownership arrangement;
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the risk that we could have limited control and rights, with management decisions made entirely by a third party; and
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the possibility that we will not have the right to sell the property at a time that otherwise could result in the property being sold for its maximum value.
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the continuation, renewal or enforcement of our agreements with our advisor and its affiliates, including the advisory agreement;
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property acquisitions from other real estate programs sponsored by Cole Capital, which might entitle affiliates of our advisor to real estate commissions and possible success-based sale fees in connection with its services for the seller;
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property acquisitions from third parties, which entitle our advisor to acquisition fees and advisory fees;
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property or asset dispositions, which may entitle our advisor or its affiliates to disposition fees;
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borrowings to acquire properties, which borrowings will increase the acquisition and advisory fees payable to our advisor; and
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how and when to recommend to our board of directors a proposed strategy to provide our investors with liquidity, which proposed strategy, if implemented, could entitle our advisor to the payment of significant fees.
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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 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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pursuant to Section 3(a)(1)(A), it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities; or
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pursuant to Section 3(a)(1)(C), it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire “investment securities” having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis (the 40% test). “Investment securities” exclude U.S. government securities and securities of majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.
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limitations on capital structure;
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•
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restrictions on specified investments;
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•
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prohibitions on transactions with affiliates;
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•
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compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations; and
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•
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potentially, compliance with daily valuation requirements.
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the election or removal of directors;
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an amendment of our charter, except that our board of directors may amend our charter without stockholder approval to increase or decrease the aggregate number of our shares or the number of our shares of any class or series that we have the authority to issue, to change our name, to change the name or other designation or the par value of any class or series of our stock and the aggregate par value of our stock or to effect certain reverse stock splits; provided, however, that any such amendment does not adversely affect the rights, preferences and privileges of the stockholders;
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our dissolution; and
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a merger or consolidation, a statutory share exchange or the sale or other disposition of all or substantially all of our assets.
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•
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changes in international, national or local economic or geographic conditions;
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•
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changes in supply of or demand for similar or competing properties in an area;
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•
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changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive;
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•
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the illiquidity of real estate investments generally;
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•
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changes in tax, real estate, environmental and zoning laws; and
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•
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periods of high interest rates and tight money supply.
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•
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11%
of our annualized rental income from tenants in
California
; and
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•
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15%
and
10%
of our
2016
annualized rental income from tenants in the discount store and pharmacy industries, respectively.
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•
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the values of our investments in commercial properties could decrease below the amount paid for such investments;
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•
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revenues from such properties could decrease due to low or no rental income during vacant periods, lower future rental rates and/or increase tenant improvement expenses or concessions;
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•
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ownership costs could increase;
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•
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revenues from such properties that secure loans could decrease, making it more difficult for us to meet our payment obligations; and/or
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•
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the resale value of such properties could decline.
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•
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Debt Markets
- The debt market is sensitive to the macro environment, such as Federal Reserve policy, market sentiment, or regulatory factors affecting the banking and commercial mortgage backed securities (“CMBS”) industries. Should overall borrowing costs increase, due to either increases in index rates or increases in lender spreads, our operations may generate lower returns.
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•
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Real Estate Markets
- While incremental demand growth has helped to reduce vacancy rates and support modest rental growth in recent years, and while improving fundamentals have resulted in gains in property values, in many markets property values, occupancy and rental rates continue to be below those previously experienced before the most recent economic downturn. If recent improvements in the economy reverse course, the properties we acquire could substantially decrease in value after we purchase them. Consequently, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment charge or record a loss on sale in our earnings.
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•
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general market conditions;
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•
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the market’s perception of our future growth potential;
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•
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the extent of investor interest;
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•
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analyst reports about us and the REIT industry;
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the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;
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•
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our financial performance and that of our tenants;
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•
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our current debt levels;
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•
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our current and expected future earnings; and
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•
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our cash flow and cash dividends, including our ability to satisfy the dividend requirements applicable to REITs.
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•
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our financial condition and market conditions at the time;
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•
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restrictions in the agreements governing our indebtedness;
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•
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general economic and capital market conditions;
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•
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the availability of credit from banks or other lenders; and
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•
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our results of operations.
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•
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their investment is consistent with their fiduciary obligations under ERISA and the Internal Revenue Code;
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•
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their investment is made in accordance with the documents and instruments governing their plan or IRA, including their plan’s investment policy;
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•
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their investment satisfies the prudence and diversification requirements of ERISA and other applicable provisions of ERISA and the Internal Revenue Code;
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•
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their investment will not impair the liquidity of the plan or IRA;
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their investment will not produce unrelated business taxable income for the plan or IRA;
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they will be able to value the assets of the plan annually in accordance with ERISA requirements and applicable provisions of the plan or IRA; and
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•
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their investment will not constitute a prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code.
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Period
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Total Number
of Shares
Redeemed
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Average Price
Paid per Share
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Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
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Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
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October 1, 2016 - October 31, 2016
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—
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$
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—
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—
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(1)
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November 1, 2016 - November 30, 2016
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2,806,996
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$
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9.67
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|
2,806,996
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(1)
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|
December 1, 2016 - December 31, 2016
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—
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$
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—
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—
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(1)
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Total
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2,806,996
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2,806,996
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(1)
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(1)
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A description of the maximum number of shares that may be purchased under our share redemption program is included in the narrative preceding this table.
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Year Ending December 31,
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Total Distributions
Declared
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Distributions Declared
per Common Share
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2016
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$
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194,834
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$
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0.625
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2015
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$
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193,311
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$
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0.625
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2014
|
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$
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182,637
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$
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0.625
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ITEM 6.
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SELECTED FINANCIAL DATA
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|
|
Year Ended December 31,
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2016
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2015
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2014
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2013
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2012
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Balance Sheet Data:
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Total real estate investments and related assets, net
|
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$
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4,534,010
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$
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4,484,326
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$
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3,923,840
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|
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$
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2,203,056
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$
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520,083
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Cash and cash equivalents
|
|
$
|
9,754
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|
|
$
|
26,316
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|
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$
|
55,287
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$
|
300,574
|
|
|
$
|
13,895
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|
|
Total assets
|
|
$
|
4,624,335
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|
|
$
|
4,582,199
|
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|
$
|
4,031,468
|
|
|
$
|
2,544,324
|
|
|
$
|
540,578
|
|
|
Notes payable and credit facility, net
|
|
$
|
2,246,259
|
|
|
$
|
2,066,563
|
|
|
$
|
1,458,828
|
|
|
$
|
689,621
|
|
|
$
|
272,972
|
|
|
Intangible lease liabilities, net
|
|
$
|
49,075
|
|
|
$
|
53,822
|
|
|
$
|
55,535
|
|
|
$
|
37,485
|
|
|
$
|
7,810
|
|
|
Total liabilities
|
|
$
|
2,357,566
|
|
|
$
|
2,195,084
|
|
|
$
|
1,583,090
|
|
|
$
|
775,868
|
|
|
$
|
293,099
|
|
|
Redeemable common stock and noncontrolling interest
|
|
$
|
188,938
|
|
|
$
|
190,561
|
|
|
$
|
121,972
|
|
|
$
|
26,484
|
|
|
$
|
1,964
|
|
|
Total stockholders’ equity
|
|
$
|
2,077,831
|
|
|
$
|
2,196,554
|
|
|
$
|
2,326,406
|
|
|
$
|
1,741,972
|
|
|
$
|
245,515
|
|
|
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total revenues
|
|
$
|
407,451
|
|
|
$
|
367,731
|
|
|
$
|
256,282
|
|
|
$
|
102,557
|
|
|
$
|
7,837
|
|
|
Total operating expenses
|
|
$
|
258,267
|
|
|
$
|
243,531
|
|
|
$
|
210,852
|
|
|
$
|
113,253
|
|
|
$
|
19,853
|
|
|
Operating income (loss)
|
|
$
|
149,184
|
|
|
$
|
124,200
|
|
|
$
|
45,430
|
|
|
$
|
(10,696
|
)
|
|
$
|
(12,016
|
)
|
|
Net income (loss) attributable to the Company
|
|
$
|
71,842
|
|
|
$
|
64,771
|
|
|
$
|
11,190
|
|
|
$
|
(32,880
|
)
|
|
$
|
(13,744
|
)
|
|
Cash Flow Data:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net cash provided by (used in) operating activities
|
|
$
|
193,686
|
|
|
$
|
182,900
|
|
|
$
|
89,086
|
|
|
$
|
7,570
|
|
|
$
|
(8,717
|
)
|
|
Net cash used in investing activities
|
|
$
|
(188,300
|
)
|
|
$
|
(676,738
|
)
|
|
$
|
(1,740,355
|
)
|
|
$
|
(1,702,957
|
)
|
|
$
|
(511,223
|
)
|
|
Net cash (used in) provided by financing activities
|
|
$
|
(21,948
|
)
|
|
$
|
464,867
|
|
|
$
|
1,405,982
|
|
|
$
|
1,982,066
|
|
|
$
|
533,635
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income (loss) - basic and diluted
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
|
$
|
0.04
|
|
|
$
|
(0.36
|
)
|
|
$
|
(1.60
|
)
|
|
Distributions declared per common share
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
$
|
0.447
|
|
|
Weighted average shares outstanding - basic and diluted
|
|
311,863,844
|
|
|
309,263,576
|
|
|
292,072,088
|
|
|
90,330,927
|
|
|
8,578,494
|
|
|||||
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
•
|
The estimated useful lives of our depreciable assets affects the amount of depreciation and amortization recognized on our investments;
|
|
•
|
The review of impairment indicators and subsequent determination of the undiscounted future cash flows could require us to reduce the value of assets and recognize an impairment loss;
|
|
•
|
The fair value of held for sale assets is estimated by management. This estimated value could result in a reduction of the carrying value of the asset; and
|
|
•
|
Changes in assumptions based on actual results may have a material impact on our financial results.
|
|
•
|
Consideration for VIEs involves determining their ability to finance their operations without additional subordinated financial support, whether the equity holders lack the characteristic of controlling financial interest, or whether the entity is established with non-substantive voting rights; and
|
|
•
|
We perform significance calculations based on investments, total assets and income, on an individual basis or on an aggregated basis, by any combination of unconsolidated subsidiaries and equity-method investees.
|
|
•
|
The value allocated to land, as opposed to buildings, fixtures and tenant improvements, affects the amount of depreciation expense we record. If more value is attributed to land, depreciation expense is lower than if more value is attributed to buildings, fixtures and tenant improvements;
|
|
•
|
Intangible lease assets and liabilities can be significantly affected by estimates including market rent, lease terms including renewal options at rental rates below estimated market rental rates, carrying costs of the property during a hypothetical expected lease-up period, and current market conditions and costs, including tenant improvement allowances and rent concessions; and
|
|
•
|
We determine whether any financing assumed is above- or below-market based upon comparison to similar financing terms for similar types of debt financing with similar maturities.
|
|
•
|
Acquired
15
properties for an aggregate purchase price of
$216.7 million
.
|
|
•
|
Partner in the Unconsolidated Joint Venture elected the option to require the Company to purchase its interest. Purchased the remaining 10% interest in the Unconsolidated Joint Venture for
$1.6 million
. The acquisition was accounted for as a business combination. Property is now 100% wholly owned by the Company. Dissolution of Unconsolidated Joint Venture resulted in
$647,000
loss on equity investment.
|
|
•
|
Disposed of five properties,
four
retail properties and
one
anchored shopping center, for an aggregate sale price of
$31.6 million
.
|
|
•
|
Issued approximately
11.2 million
shares of common stock in the DRIP Offerings for proceeds of
$109.2 million
.
|
|
•
|
Total debt
increased
by
$180.0 million
, from
$2.1 billion
to
$2.3 billion
.
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
|
2016
|
|
2015
|
|
2014
|
|||
|
Number of commercial properties
|
882
|
|
|
871
|
|
|
759
|
|
|
|
Rentable square feet (in thousands)
(1)
|
26,548
|
|
|
25,195
|
|
|
20,171
|
|
|
|
Percentage of rentable square feet leased
|
98.2
|
%
|
|
98.5
|
%
|
|
98.6
|
%
|
|
|
Percentage of investment-grade tenants
(2)
|
39.5
|
%
|
|
35.1
|
%
|
|
41.1
|
%
|
|
|
(1)
|
Includes square feet of buildings on land parcels subject to ground leases.
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Commercial properties acquired
(1)
|
15
|
|
|
111
|
|
|
422
|
|
||||
|
Purchase price of acquired properties (in thousands)
(1)
|
$
|
216,652
|
|
|
$
|
615,846
|
|
|
$
|
1,742,371
|
|
|
|
Rentable square feet (in thousands)
(1) (2)
|
1,268
|
|
|
3,417
|
|
|
9,340
|
|
||||
|
(1)
|
Excludes a property owned through the Unconsolidated Joint Venture that was consolidated during the year ended December 31, 2016 and a development project placed into service during 2015.
|
|
(2)
|
Includes square feet of buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
|
2016
|
|
2016
|
|
Percentage of
|
|||||||
|
|
|
Total
|
|
Leased
|
|
Annualized
|
|
Annualized
|
|
2016
|
|||||||
|
|
|
Number
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
|
Tenant
|
|
of Leases
|
|
(in thousands)
(1)
|
|
(in thousands)
|
|
per Square Foot
(1)
|
|
Rental Income
|
|||||||
|
Walgreens - pharmacy
|
|
63
|
|
|
923
|
|
|
$
|
22,852
|
|
|
$
|
24.76
|
|
|
6
|
%
|
|
Dollar General - discount store
|
|
169
|
|
|
1,636
|
|
|
16,565
|
|
|
10.13
|
|
|
5
|
%
|
||
|
Family Dollar - discount store
|
|
60
|
|
|
1,333
|
|
|
16,216
|
|
|
12.17
|
|
|
4
|
%
|
||
|
United Oil - gas and convenience
|
|
4
|
|
|
72
|
|
|
13,344
|
|
|
185.33
|
|
|
4
|
%
|
||
|
Lowe’s - home and garden
|
|
15
|
|
|
1,898
|
|
|
13,256
|
|
|
6.98
|
|
|
4
|
%
|
||
|
CVS - pharmacy
|
|
46
|
|
|
576
|
|
|
12,884
|
|
|
22.37
|
|
|
4
|
%
|
||
|
Academy Sports - sporting goods
|
|
7
|
|
|
2,034
|
|
|
12,508
|
|
|
6.15
|
|
|
3
|
%
|
||
|
PetSmart - pet supply
|
|
38
|
|
|
734
|
|
|
10,912
|
|
|
14.87
|
|
|
3
|
%
|
||
|
L.A. Fitness - entertainment and recreation
|
|
11
|
|
|
502
|
|
|
9,071
|
|
|
18.07
|
|
|
3
|
%
|
||
|
Dick's Sporting Goods - sporting goods
|
|
15
|
|
|
732
|
|
|
8,501
|
|
|
11.61
|
|
|
2
|
%
|
||
|
Other
|
|
1,157
|
|
|
15,628
|
|
|
225,852
|
|
|
14.45
|
|
|
62
|
%
|
||
|
|
|
1,585
|
|
|
26,068
|
|
|
$
|
361,961
|
|
|
$
|
13.89
|
|
|
100
|
%
|
|
(1)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
|
2016
|
|
2016
|
|
Percentage of
|
|||||||
|
|
|
Total
|
|
Leased
|
|
Annualized
|
|
Annualized
|
|
2016
|
|||||||
|
|
|
Number
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
|
Industry
|
|
of Leases
|
|
(in thousands)
(1)
|
|
(in thousands)
|
|
per Square Foot
(1)
|
|
Rental Income
|
|||||||
|
Discount store
|
|
317
|
|
|
5,276
|
|
|
$
|
54,004
|
|
|
$
|
10.24
|
|
|
15
|
%
|
|
Pharmacy
|
|
112
|
|
|
1,526
|
|
|
36,255
|
|
|
23.76
|
|
|
10
|
%
|
||
|
Home and garden
|
|
56
|
|
|
3,298
|
|
|
30,911
|
|
|
9.37
|
|
|
9
|
%
|
||
|
Gas and convenience
|
|
36
|
|
|
287
|
|
|
27,106
|
|
|
94.45
|
|
|
7
|
%
|
||
|
Sporting goods
|
|
35
|
|
|
3,116
|
|
|
25,851
|
|
|
8.30
|
|
|
7
|
%
|
||
|
Grocery
|
|
47
|
|
|
1,864
|
|
|
24,875
|
|
|
13.34
|
|
|
7
|
%
|
||
|
Restaurants - casual dining
|
|
103
|
|
|
489
|
|
|
14,109
|
|
|
28.85
|
|
|
4
|
%
|
||
|
Entertainment and recreation
|
|
25
|
|
|
733
|
|
|
14,050
|
|
|
19.17
|
|
|
4
|
%
|
||
|
Pet supply
|
|
53
|
|
|
932
|
|
|
14,049
|
|
|
15.07
|
|
|
4
|
%
|
||
|
Apparel and jewelry
|
|
103
|
|
|
859
|
|
|
13,897
|
|
|
16.18
|
|
|
4
|
%
|
||
|
Other
|
|
698
|
|
|
7,688
|
|
|
106,854
|
|
|
13.90
|
|
|
29
|
%
|
||
|
|
|
1,585
|
|
|
26,068
|
|
|
$
|
361,961
|
|
|
$
|
13.89
|
|
|
100
|
%
|
|
(1)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
|
2016
|
|
2016
|
|
Percentage of
|
|||||||
|
|
|
Total
|
|
Rentable
|
|
Annualized
|
|
Annualized
|
|
2016
|
|||||||
|
|
|
Number of
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
|
Location
|
|
Properties
|
|
(in thousands)
(1)
|
|
(in thousands)
|
|
per Square Foot
(1)
|
|
Rental Income
|
|||||||
|
California
|
|
77
|
|
|
1,034
|
|
|
$
|
38,314
|
|
|
$
|
37.05
|
|
|
11
|
%
|
|
Texas
|
|
101
|
|
|
2,024
|
|
|
32,348
|
|
|
15.98
|
|
|
9
|
%
|
||
|
Georgia
|
|
38
|
|
|
2,155
|
|
|
25,278
|
|
|
11.73
|
|
|
7
|
%
|
||
|
Ohio
|
|
56
|
|
|
2,016
|
|
|
23,342
|
|
|
11.58
|
|
|
6
|
%
|
||
|
Florida
|
|
62
|
|
|
1,737
|
|
|
21,695
|
|
|
12.49
|
|
|
6
|
%
|
||
|
Tennessee
|
|
15
|
|
|
2,898
|
|
|
16,560
|
|
|
5.71
|
|
|
4
|
%
|
||
|
Illinois
|
|
26
|
|
|
1,215
|
|
|
15,172
|
|
|
12.49
|
|
|
4
|
%
|
||
|
Indiana
|
|
27
|
|
|
1,024
|
|
|
14,018
|
|
|
13.69
|
|
|
4
|
%
|
||
|
New York
|
|
12
|
|
|
372
|
|
|
13,808
|
|
|
37.12
|
|
|
4
|
%
|
||
|
North Carolina
|
|
29
|
|
|
1,112
|
|
|
13,567
|
|
|
12.20
|
|
|
4
|
%
|
||
|
Other
|
|
439
|
|
|
10,961
|
|
|
147,859
|
|
|
13.49
|
|
|
41
|
%
|
||
|
|
|
882
|
|
|
26,548
|
|
|
$
|
361,961
|
|
|
$
|
13.63
|
|
|
100
|
%
|
|
(1)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
|
2016
|
|
2016
|
|
Percentage of
|
|||||||
|
|
|
Total
|
|
Rentable
|
|
Annualized
|
|
Annualized
|
|
2016
|
|||||||
|
|
|
Number of
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
|
Property Type
|
|
Properties
|
|
(in thousands)
(1)
|
|
(in thousands)
|
|
per Square Foot
(1)
|
|
Rental Income
|
|||||||
|
Retail
|
|
805
|
|
|
13,631
|
|
|
$
|
205,331
|
|
|
$
|
15.06
|
|
|
57
|
%
|
|
Anchored shopping centers
|
|
72
|
|
|
10,248
|
|
|
143,836
|
|
|
14.04
|
|
|
39
|
%
|
||
|
Industrial and distribution
|
|
5
|
|
|
2,669
|
|
|
12,794
|
|
|
4.79
|
|
|
4
|
%
|
||
|
|
|
882
|
|
|
26,548
|
|
|
$
|
361,961
|
|
|
$
|
13.63
|
|
|
100
|
%
|
|
(1)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|||||||
|
|
|
Total
|
|
Leased
|
|
Annualized
|
|
2016
|
|
Percentage of
|
|||||||
|
|
|
Number
|
|
Square Feet
|
|
Rental Income
|
|
Annualized
|
|
2016
|
|||||||
|
|
|
of Leases
|
|
Expiring
|
|
Expiring
|
|
Rental Income
|
|
Annualized
|
|||||||
|
Year of Lease Expiration
|
|
Expiring
|
|
(in thousands)
(1)
|
|
(in thousands)
|
|
per Square Foot
(1)
|
|
Rental Income
|
|||||||
|
2017
|
|
69
|
|
|
237
|
|
|
$
|
3,796
|
|
|
$
|
16.02
|
|
|
1
|
%
|
|
2018
|
|
157
|
|
|
985
|
|
|
17,056
|
|
|
17.32
|
|
|
5
|
%
|
||
|
2019
|
|
158
|
|
|
1,291
|
|
|
18,987
|
|
|
14.71
|
|
|
5
|
%
|
||
|
2020
|
|
134
|
|
|
979
|
|
|
15,023
|
|
|
15.35
|
|
|
4
|
%
|
||
|
2021
|
|
126
|
|
|
1,122
|
|
|
17,540
|
|
|
15.63
|
|
|
5
|
%
|
||
|
2022
|
|
95
|
|
|
1,779
|
|
|
20,056
|
|
|
11.27
|
|
|
6
|
%
|
||
|
2023
|
|
100
|
|
|
2,145
|
|
|
28,001
|
|
|
13.05
|
|
|
8
|
%
|
||
|
2024
|
|
89
|
|
|
1,884
|
|
|
25,545
|
|
|
13.56
|
|
|
7
|
%
|
||
|
2025
|
|
59
|
|
|
1,848
|
|
|
20,930
|
|
|
11.33
|
|
|
6
|
%
|
||
|
2026
|
|
61
|
|
|
1,064
|
|
|
16,222
|
|
|
15.25
|
|
|
4
|
%
|
||
|
Thereafter
|
|
537
|
|
|
12,734
|
|
|
178,805
|
|
|
14.04
|
|
|
49
|
%
|
||
|
|
|
1,585
|
|
|
26,068
|
|
|
$
|
361,961
|
|
|
$
|
13.89
|
|
|
100
|
%
|
|
(1)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
Economic Metrics
|
|
|
|
|
|
|
|
Weighted-average lease term (in years)
(1)
|
|
9.9
|
|
10.9
|
|
11.6
|
|
Lease rollover
(1)(2)
:
|
|
|
|
|
|
|
|
Annual average
|
|
4.0%
|
|
3.2%
|
|
3.0%
|
|
Maximum for a single year
|
|
5.3%
|
|
4.8%
|
|
4.8%
|
|
(1)
|
Based on annualized rental income of our real estate portfolio as of
December 31, 2016
,
2015
and
2014
.
|
|
(2)
|
Through the end of the next five years as of the respective reporting date.
|
|
|
|
Year Ended December 31,
|
|
2016 vs. 2015 Increase (Decrease)
|
|
2015 vs. 2014 Increase (Decrease)
|
||||||||||||||
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
||||||||||||
|
Total revenues
|
|
$
|
407,451
|
|
|
$
|
367,731
|
|
|
$
|
256,282
|
|
|
$
|
39,720
|
|
|
$
|
111,449
|
|
|
General and administrative expenses
|
|
$
|
12,502
|
|
|
$
|
13,652
|
|
|
$
|
11,510
|
|
|
$
|
(1,150
|
)
|
|
$
|
2,142
|
|
|
Property operating expenses
|
|
$
|
23,176
|
|
|
$
|
20,890
|
|
|
$
|
15,508
|
|
|
$
|
2,286
|
|
|
$
|
5,382
|
|
|
Real estate tax expenses
|
|
$
|
35,063
|
|
|
$
|
33,571
|
|
|
$
|
23,527
|
|
|
$
|
1,492
|
|
|
$
|
10,044
|
|
|
Advisory fees and expenses
|
|
$
|
41,926
|
|
|
$
|
36,225
|
|
|
$
|
24,142
|
|
|
$
|
5,701
|
|
|
$
|
12,083
|
|
|
Acquisition-related fees and expenses
|
|
$
|
4,191
|
|
|
$
|
15,526
|
|
|
$
|
51,763
|
|
|
$
|
(11,335
|
)
|
|
$
|
(36,237
|
)
|
|
Depreciation and amortization
|
|
$
|
134,672
|
|
|
$
|
122,227
|
|
|
$
|
84,402
|
|
|
$
|
12,445
|
|
|
$
|
37,825
|
|
|
Operating income
|
|
$
|
149,184
|
|
|
$
|
124,200
|
|
|
$
|
45,430
|
|
|
$
|
24,984
|
|
|
$
|
78,770
|
|
|
Interest expense and other, net
|
|
$
|
79,465
|
|
|
$
|
59,199
|
|
|
$
|
34,103
|
|
|
$
|
20,266
|
|
|
$
|
25,096
|
|
|
Net income attributable to the Company
|
|
$
|
71,842
|
|
|
$
|
64,771
|
|
|
$
|
11,190
|
|
|
$
|
7,071
|
|
|
$
|
53,581
|
|
|
|
|
|
Number of Properties
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
|
Contract rental revenue
|
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||||
|
“Same store” properties
|
|
753
|
|
$
|
282,461
|
|
|
$
|
281,803
|
|
|
$
|
658
|
|
|
0.2
|
%
|
|
|
“Non-same store” properties
|
|
129
|
|
59,700
|
|
|
24,634
|
|
|
35,066
|
|
|
142.3
|
%
|
||||
|
Disposed properties
(1)
|
|
5
|
|
1,287
|
|
|
2,114
|
|
|
(827
|
)
|
|
(39.1
|
)%
|
||||
|
Total contract rental revenue
|
|
|
|
343,448
|
|
|
308,551
|
|
|
34,897
|
|
|
11.3
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Straight-line rental income
|
|
|
|
11,555
|
|
|
11,776
|
|
|
(221
|
)
|
|
(1.9
|
)%
|
||||
|
Amortization
(2)
|
|
|
|
1,123
|
|
|
1,098
|
|
|
25
|
|
|
2.3
|
%
|
||||
|
Rental income - as reported
|
|
|
|
$
|
356,126
|
|
|
$
|
321,425
|
|
|
$
|
34,701
|
|
|
10.8
|
%
|
|
|
|
|
|
Number of Properties
|
|
Year Ended December 31,
|
|
Increase/(Decrease)
|
|||||||||||
|
Contract rental revenue
|
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
|||||||||
|
“Same store” properties
|
|
337
|
|
$
|
160,437
|
|
|
$
|
159,905
|
|
|
$
|
532
|
|
|
0.3
|
%
|
|
|
“Non-same store” properties
|
|
534
|
|
148,114
|
|
|
51,636
|
|
|
96,478
|
|
|
186.8
|
%
|
||||
|
Total contract rental revenue
|
|
|
|
308,551
|
|
|
211,541
|
|
|
97,010
|
|
|
45.9
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Straight-line rental income
|
|
|
|
11,776
|
|
|
8,227
|
|
|
3,549
|
|
|
43.1
|
%
|
||||
|
Amortization
(1)
|
|
|
|
1,098
|
|
|
2,141
|
|
|
(1,043
|
)
|
|
(48.7
|
)%
|
||||
|
Rental income - as reported
|
|
|
|
$
|
321,425
|
|
|
$
|
221,909
|
|
|
$
|
99,516
|
|
|
44.8
|
%
|
|
|
|
|
Payments due by period
(1)
|
||||||||||||||||||
|
|
|
Total
|
|
Less Than 1
Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
||||||||||
|
Principal payments — fixed rate debt
(2)
|
$
|
1,164,622
|
|
|
$
|
451
|
|
|
$
|
74,010
|
|
|
$
|
413,317
|
|
|
$
|
676,844
|
|
|
|
Interest payments — fixed rate debt
(3)
|
249,228
|
|
|
45,780
|
|
|
89,558
|
|
|
65,645
|
|
|
48,245
|
|
||||||
|
Principal payments — variable rate debt
|
53,500
|
|
|
—
|
|
|
33,000
|
|
|
20,500
|
|
|
—
|
|
||||||
|
Interest payments — variable rate debt
(4)
|
3,381
|
|
|
1,766
|
|
|
1,511
|
|
|
104
|
|
|
—
|
|
||||||
|
Principal payments — credit facility
|
1,039,666
|
|
|
403,000
|
|
|
636,666
|
|
|
—
|
|
|
—
|
|
||||||
|
Interest payments — credit facility
(5)
|
39,738
|
|
|
27,355
|
|
|
12,383
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
$
|
2,550,135
|
|
|
$
|
478,352
|
|
|
$
|
847,128
|
|
|
$
|
499,566
|
|
|
$
|
725,089
|
|
|
|
(1)
|
The table does not include amounts due to CR IV Advisors or its affiliates pursuant to our advisory agreement because such amounts are not fixed and determinable.
|
|
(2)
|
Principal payment amounts reflect actual payments based on the face amount of notes payable secured by our wholly-owned properties, which excludes the fair value adjustment, net of amortization, of mortgage notes assumed of
$506,000
as of
December 31, 2016
.
|
|
(3)
|
As of
December 31, 2016
, we had
$217.1 million
of variable rate debt effectively fixed through the use of interest rate swap agreements. We used the effective interest rates fixed under our interest rate swap agreements to calculate the debt payment obligations in future periods.
|
|
(4)
|
As of
December 31, 2016
, we had variable rate debt outstanding of
$53.5 million
with a weighted average interest rate of
3.3%
. We used the weighted average interest rate to calculate the debt payment obligations in future periods.
|
|
(5)
|
As of
December 31, 2016
, the Term Loan outstanding totaled
$636.7 million
,
$561.7 million
of which is subject to interest rate swap agreements. As of
December 31, 2016
, the weighted average all-in interest rate for the Swapped Term Loan was
3.2%
. As of
December 31, 2016
, the Revolving Loans outstanding totaled
$403.0 million
,
$250.0 million
of which is subject to an interest rate swap agreement (the “Swapped Revolver”). The Swapped Revolver had an all-in interest rate of
3.1%
as of
December 31, 2016
. The remaining
$228.0 million
outstanding under the Credit Facility had a weighted average interest rate of
2.7%
as of
December 31, 2016
.
|
|
|
|
Balance as of December 31, 2016
|
||
|
Notes payable and credit facility, net
|
|
$
|
2,246,259
|
|
|
Deferred costs and net premiums
|
|
11,529
|
|
|
|
Less: Cash and cash equivalents
|
|
(9,754
|
)
|
|
|
Net debt
|
|
$
|
2,248,034
|
|
|
|
|
|
||
|
Gross real estate assets, net
(1)
|
|
$
|
4,851,462
|
|
|
Net debt leverage ratio
|
|
46.3
|
%
|
|
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
|
ITEM 9B.
|
OTHER INFORMATION
|
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
3.1
|
|
First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.4 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
|
|
3.2
|
|
Certificate of Correction to the First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.6 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
|
|
3.3
|
|
Articles of Amendment of First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed February 27, 2012).
|
|
3.4
|
|
Certificate of Correction to First Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.6 to the Company’s Annual Report on Form 10-K (File No. 000-54939), filed March 29, 2013).
|
|
3.5
|
|
Second Articles of Amendment of First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed June 2, 2014).
|
|
3.6
|
|
Bylaws of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.5 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
|
|
3.7
|
|
First Amendment to the Bylaws of Cole Credit Property Trust IV, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed June 27, 2012).
|
|
4.1
|
|
Distribution Reinvestment Plan (Incorporated by reference to Exhibit 4.9 to the Company’s Registration Statement on Form S-3 (File No. 333-212832), filed August 2, 2016).
|
|
10.1
|
|
Advisory Agreement by and between Cole Credit Property Trust IV, Inc. and Cole REIT Advisors IV, LLC, dated January 20, 2012 (Incorporated by reference to Exhibit 10.1 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
|
|
10.2
|
|
Amended and Restated Agreement of Limited Partnership of Cole Operating Partnership IV, LP, by and between Cole Credit Property Trust IV, Inc. and the limited partners thereto (Incorporated by reference to Exhibit 10.2 to Pre-Effective Amendment No. 5 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 24, 2012).
|
|
10.3
|
|
First Amendment of Advisory Agreement by and between Cole Credit Property Trust IV, Inc. and Cole REIT Advisors IV, LLC, dated February 23, 2012 (Incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q (File No. 000-54939), filed May 15, 2012).
|
|
10.4
|
|
Loan Agreement by and between Cole MT Brooklyn NY, LLC, as borrower and PNC Bank, National Association, as lender dated December 5, 2012 (Incorporated by reference to Exhibit 10.22 to Post-Effective Amendment No. 4 to the Company’s Registration Statement on Form S-11 (File No. 333-169533), filed January 10, 2013).
|
|
10.5
|
|
Credit Agreement, dated December 14, 2012, among Cole Operating Partnership IV, LP, as borrower, each lender from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and syndication agent, and J.P. Morgan Securities LLC as lead arranger and book manager (Incorporated by reference to Exhibit 10.23 to Post-Effective Amendment No. 4 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed January 10, 2013).
|
|
10.6
|
|
First Modification and Lender Joinder Agreement, dated March 8, 2013, by and among Cole Operating Partnership IV, LP, JPMorgan Chase Bank, N.A. and Bank of America, N.A. (Incorporated by reference to Exhibit 10.26 to Post-Effective Amendment No. 5 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed April 10, 2013).
|
|
10.7
|
|
Second Modification Agreement, dated May 3, 2013, by and among Cole Operating Partnership IV, LP, JPMorgan Chase Bank, N.A. and Bank of America, N.A. (Incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 000-54939), filed August 13, 2013).
|
|
10.8
|
|
Third Modification and Lender Joinder Agreement, dated July 19, 2013, among Cole Operating Partnership IV, LP, JP Morgan Chase Bank, N.A., Bank of America, N.A. and U.S. Bank National Association (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 000-54939), filed November 12, 2013).
|
|
10.9
|
|
Amended and Restated Credit Agreement, dated as of August 15, 2013, among Cole Operating Partnership IV, LP , as the borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Bank of America, N.A. and U.S. Bank National Association as Co-Syndication Agents, Capital One, N.A., Regions Bank, Wells Fargo Bank, National Association and PNC Bank, National Association as Co-Documentation Agents and the other lenders party thereto (Incorporated by reference to Exhibit 10.29 to Post-Effective Amendment No. 7 to the Company's Registration Statement on Form S-11 (File No. 333-169533), filed October 10, 2013).
|
|
10.10
|
|
Third Modification Agreement, dated July 29, 2016, by and among Cole Operating Partnership IV, LP, JPMorgan Chase Bank, N.A. as administrative agent, and other lending institutions (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed August 4, 2016).
|
|
10.11
|
|
Second Amended and Restated Credit Agreement, dated March 15, 2017, by and between Cole Operating Partnership IV, LP and JPMorgan Chase Bank, N.A. as administrative agent, and other lending institutions (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed March 20, 2017).
|
|
21.1*
|
|
Subsidiaries of the Registrant.
|
|
23.1*
|
|
Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm.
|
|
31.1*
|
|
Certifications of the Principal Executive Officer of the Company pursuant to 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*
|
|
Certifications of the Principal Financial Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1**
|
|
Certifications of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS*
|
|
XBRL Instance Document.
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document.
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
*
|
Filed herewith.
|
|
**
|
In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.
|
|
ITEM 16.
|
FORM 10-K SUMMARY
|
|
|
|
Cole Credit Property Trust IV, Inc.
|
|
|
|
|
|
|
By:
|
/s/ NATHAN D. DEBACKER
|
|
|
|
Nathan D. DeBacker
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
||
|
|
|
|
|
|
||
|
|
||||||
|
/s/ THOMAS W. ROBERTS
|
|
Chief Executive Officer and President and Director
|
|
March 27, 2017
|
||
|
Thomas W. Roberts
|
|
(Principal Executive Officer)
|
|
|
||
|
|
||||||
|
/s/ NATHAN D. DEBACKER
|
|
Chief Financial Officer and
|
|
March 27, 2017
|
||
|
Nathan D. DeBacker
|
|
Treasurer (Principal Financial Officer)
|
|
|
||
|
|
||||||
|
/s/ CHRISTINE T. BROWN
|
|
Vice President of Accounting
|
|
March 27, 2017
|
||
|
Christine T. Brown
|
|
(Principal Accounting Officer)
|
|
|
||
|
|
||||||
|
/s/ T. PATRICK DUNCAN
|
|
Independent Director and Non-Executive Chairman of the Board of Directors
|
|
March 27, 2017
|
||
|
T. Patrick Duncan
|
|
|
|
|||
|
|
|
|
|
|
||
|
/s/ LAWRENCE S. JONES
|
|
Independent Director
|
|
March 27, 2017
|
||
|
Lawrence S. Jones
|
|
|
|
|
||
|
|
||||||
|
/s/ ALICIA K. HARRISON
|
|
Independent Director
|
|
March 27, 2017
|
||
|
Alicia K. Harrison
|
|
|
|
|
||
|
|
||||||
|
/s/ GLENN J. RUFRANO
|
|
Director
|
|
March 27, 2017
|
||
|
Glenn J. Rufrano
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Financial Statements
|
|
Page
|
|
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
|
ASSETS
|
|
|
|
||||
|
Investment in real estate assets:
|
|
|
|
||||
|
Land
|
$
|
1,156,417
|
|
|
$
|
1,113,987
|
|
|
Buildings, fixtures and improvements
|
3,214,212
|
|
|
3,071,618
|
|
||
|
Intangible lease assets
|
553,149
|
|
|
533,477
|
|
||
|
Total real estate investments, at cost
|
4,923,778
|
|
|
4,719,082
|
|
||
|
Less: accumulated depreciation and amortization
|
(389,768
|
)
|
|
(253,115
|
)
|
||
|
Total real estate investments, net
|
4,534,010
|
|
|
4,465,967
|
|
||
|
Investment in unconsolidated joint venture
|
—
|
|
|
18,359
|
|
||
|
Total real estate investments and related assets, net
|
4,534,010
|
|
|
4,484,326
|
|
||
|
Cash and cash equivalents
|
9,754
|
|
|
26,316
|
|
||
|
Restricted cash
|
8,040
|
|
|
8,274
|
|
||
|
Rents and tenant receivables, net
|
65,446
|
|
|
54,782
|
|
||
|
Due from affiliates
|
58
|
|
|
47
|
|
||
|
Derivative assets, prepaid expenses, property escrow deposits and other assets
|
5,513
|
|
|
4,359
|
|
||
|
Deferred costs, net
|
1,514
|
|
|
4,095
|
|
||
|
Total assets
|
$
|
4,624,335
|
|
|
$
|
4,582,199
|
|
|
|
|
|
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
|
Notes payable and credit facility, net
|
$
|
2,246,259
|
|
|
$
|
2,066,563
|
|
|
Accounts payable and accrued expenses
|
25,310
|
|
|
26,418
|
|
||
|
Due to affiliates
|
5,333
|
|
|
5,613
|
|
||
|
Intangible lease liabilities, net
|
49,075
|
|
|
53,822
|
|
||
|
Distributions payable
|
16,498
|
|
|
16,568
|
|
||
|
Deferred rental income, derivative liabilities and other liabilities
|
15,091
|
|
|
26,100
|
|
||
|
Total liabilities
|
2,357,566
|
|
|
2,195,084
|
|
||
|
Commitments and contingencies
|
|
|
|
||||
|
Redeemable common stock and noncontrolling interest
|
188,938
|
|
|
190,561
|
|
||
|
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
|
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued and outstanding
|
—
|
|
|
—
|
|
||
|
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 311,817,004 and 312,093,211 shares issued and outstanding, as of December 31, 2016 and 2015, respectively
|
3,118
|
|
|
3,121
|
|
||
|
Capital in excess of par value
|
2,607,304
|
|
|
2,607,367
|
|
||
|
Accumulated distributions in excess of earnings
|
(531,567
|
)
|
|
(408,575
|
)
|
||
|
Accumulated other comprehensive loss
|
(1,024
|
)
|
|
(5,359
|
)
|
||
|
Total stockholders’ equity
|
2,077,831
|
|
|
2,196,554
|
|
||
|
Total liabilities, redeemable common stock, noncontrolling interest and stockholders’ equity
|
$
|
4,624,335
|
|
|
$
|
4,582,199
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Revenues:
|
|
|
|
|
|
|
||||||
|
Rental income
|
|
$
|
356,126
|
|
|
$
|
321,425
|
|
|
$
|
221,909
|
|
|
Tenant reimbursement income
|
|
51,325
|
|
|
46,306
|
|
|
34,373
|
|
|||
|
Total revenues
|
|
407,451
|
|
|
367,731
|
|
|
256,282
|
|
|||
|
Operating expenses:
|
|
|
|
|
|
|
||||||
|
General and administrative
|
|
12,502
|
|
|
13,652
|
|
|
11,510
|
|
|||
|
Property operating
|
|
23,176
|
|
|
20,890
|
|
|
15,508
|
|
|||
|
Real estate tax
|
|
35,063
|
|
|
33,571
|
|
|
23,527
|
|
|||
|
Advisory fees and expenses
|
|
41,926
|
|
|
36,225
|
|
|
24,142
|
|
|||
|
Acquisition-related fees and expenses
|
|
4,191
|
|
|
15,526
|
|
|
51,763
|
|
|||
|
Depreciation and amortization
|
|
134,672
|
|
|
122,227
|
|
|
84,402
|
|
|||
|
Impairment
|
|
6,737
|
|
|
1,440
|
|
|
—
|
|
|||
|
Total operating expenses
|
|
258,267
|
|
|
243,531
|
|
|
210,852
|
|
|||
|
Operating income
|
|
149,184
|
|
|
124,200
|
|
|
45,430
|
|
|||
|
Other income (expense):
|
|
|
|
|
|
|
|
|||||
|
Interest expense and other, net
|
|
(79,465
|
)
|
|
(59,199
|
)
|
|
(34,103
|
)
|
|||
|
Loss recognized on equity interest remeasured to fair value
|
|
(647
|
)
|
|
—
|
|
|
—
|
|
|||
|
Total other income (expense)
|
|
(80,112
|
)
|
|
(59,199
|
)
|
|
(34,103
|
)
|
|||
|
Income before real estate dispositions
|
|
69,072
|
|
|
65,001
|
|
|
11,327
|
|
|||
|
Gain (loss) on disposition of real estate, net
|
|
2,907
|
|
|
(108
|
)
|
|
(157
|
)
|
|||
|
Net income
|
|
71,979
|
|
|
64,893
|
|
|
11,170
|
|
|||
|
Net income (loss) allocated to noncontrolling interest
|
|
137
|
|
|
122
|
|
|
(20
|
)
|
|||
|
Net income attributable to the Company
|
|
$
|
71,842
|
|
|
$
|
64,771
|
|
|
$
|
11,190
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
||||||
|
Basic and diluted
|
|
311,863,844
|
|
|
309,263,576
|
|
|
292,072,088
|
|
|||
|
Net income per common share:
|
|
|
|
|
|
|
||||||
|
Basic and diluted
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
|
$
|
0.04
|
|
|
Distributions declared per common share
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Net income
|
|
$
|
71,979
|
|
|
$
|
64,893
|
|
|
$
|
11,170
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|||
|
Unrealized loss on interest rate swaps
|
|
(4,422
|
)
|
|
(7,787
|
)
|
|
(7,046
|
)
|
|||
|
Amount of loss reclassified from other comprehensive income (loss) into income as interest expense
|
|
8,757
|
|
|
6,485
|
|
|
5,241
|
|
|||
|
Total other comprehensive income (loss)
|
|
4,335
|
|
|
(1,302
|
)
|
|
(1,805
|
)
|
|||
|
|
|
|
|
|
|
|
||||||
|
Comprehensive income
|
|
76,314
|
|
|
63,591
|
|
|
9,365
|
|
|||
|
Comprehensive income (loss) allocated to noncontrolling interest
|
|
137
|
|
|
122
|
|
|
(20
|
)
|
|||
|
Comprehensive income attributable to the Company
|
|
$
|
76,177
|
|
|
$
|
63,469
|
|
|
$
|
9,385
|
|
|
|
Common Stock
|
|
Capital in
Excess
of Par Value
|
|
Accumulated
Distributions in Excess of Earnings
|
|
Accumulated Other Comprehensive (Loss) Income
|
|
Total
Stockholders’
Equity
|
|||||||||||||
|
|
Number of
Shares
|
|
Par Value
|
|
||||||||||||||||||
|
Balance, January 1, 2014
|
211,026,672
|
|
|
$
|
2,110
|
|
|
$
|
1,850,702
|
|
|
$
|
(108,588
|
)
|
|
$
|
(2,252
|
)
|
|
$
|
1,741,972
|
|
|
Issuance of common stock
|
95,036,480
|
|
|
951
|
|
|
940,979
|
|
|
—
|
|
|
—
|
|
|
941,930
|
|
|||||
|
Distributions to investors
|
—
|
|
|
—
|
|
|
—
|
|
|
(182,637
|
)
|
|
—
|
|
|
(182,637
|
)
|
|||||
|
Commissions on stock sales and related dealer manager fees
|
—
|
|
|
—
|
|
|
(72,706
|
)
|
|
—
|
|
|
—
|
|
|
(72,706
|
)
|
|||||
|
Other offering costs
|
—
|
|
|
—
|
|
|
(7,277
|
)
|
|
—
|
|
|
—
|
|
|
(7,277
|
)
|
|||||
|
Redemptions and cancellations of common stock
|
(1,113,152
|
)
|
|
(11
|
)
|
|
(10,838
|
)
|
|
—
|
|
|
—
|
|
|
(10,849
|
)
|
|||||
|
Changes in redeemable common stock
|
—
|
|
|
—
|
|
|
(93,412
|
)
|
|
—
|
|
|
—
|
|
|
(93,412
|
)
|
|||||
|
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
11,190
|
|
|
(1,805
|
)
|
|
9,385
|
|
|||||
|
Balance, December 31, 2014
|
304,950,000
|
|
|
$
|
3,050
|
|
|
$
|
2,607,448
|
|
|
$
|
(280,035
|
)
|
|
$
|
(4,057
|
)
|
|
$
|
2,326,406
|
|
|
Issuance of common stock
|
11,745,917
|
|
|
117
|
|
|
112,041
|
|
|
—
|
|
|
—
|
|
|
112,158
|
|
|||||
|
Distributions to investors
|
—
|
|
|
—
|
|
|
—
|
|
|
(193,311
|
)
|
|
—
|
|
|
(193,311
|
)
|
|||||
|
Commissions on stock sales and related dealer manager fees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other offering costs
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||
|
Redemptions and cancellations of common stock
|
(4,602,706
|
)
|
|
(46
|
)
|
|
(44,142
|
)
|
|
—
|
|
|
—
|
|
|
(44,188
|
)
|
|||||
|
Changes in redeemable common stock
|
—
|
|
|
—
|
|
|
(67,974
|
)
|
|
—
|
|
|
—
|
|
|
(67,974
|
)
|
|||||
|
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
64,771
|
|
|
(1,302
|
)
|
|
63,469
|
|
|||||
|
Balance, December 31, 2015
|
312,093,211
|
|
|
$
|
3,121
|
|
|
$
|
2,607,367
|
|
|
$
|
(408,575
|
)
|
|
$
|
(5,359
|
)
|
|
$
|
2,196,554
|
|
|
Issuance of common stock
|
11,234,006
|
|
|
112
|
|
|
109,054
|
|
|
—
|
|
|
—
|
|
|
109,166
|
|
|||||
|
Distributions to investors
|
—
|
|
|
—
|
|
|
—
|
|
|
(194,834
|
)
|
|
—
|
|
|
(194,834
|
)
|
|||||
|
Offering costs related to DRIP Offerings
|
—
|
|
|
—
|
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
|||||
|
Redemptions of common stock
|
(11,510,213
|
)
|
|
(115
|
)
|
|
(110,540
|
)
|
|
—
|
|
|
—
|
|
|
(110,655
|
)
|
|||||
|
Changes in redeemable common stock
|
—
|
|
|
—
|
|
|
1,491
|
|
|
—
|
|
|
—
|
|
|
1,491
|
|
|||||
|
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
71,842
|
|
|
4,335
|
|
|
76,177
|
|
|||||
|
Balance, December 31, 2016
|
311,817,004
|
|
|
$
|
3,118
|
|
|
$
|
2,607,304
|
|
|
$
|
(531,567
|
)
|
|
$
|
(1,024
|
)
|
|
$
|
2,077,831
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
||||||
|
Net income
|
$
|
71,979
|
|
|
$
|
64,893
|
|
|
$
|
11,170
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
|
Depreciation and amortization, net
|
133,549
|
|
|
121,128
|
|
|
82,143
|
|
|||
|
Amortization of deferred financing costs
|
5,711
|
|
|
4,646
|
|
|
3,201
|
|
|||
|
Amortization of fair value adjustment of mortgage notes payable assumed
|
(84
|
)
|
|
(336
|
)
|
|
(94
|
)
|
|||
|
Straight-line rental income
|
(11,555
|
)
|
|
(11,776
|
)
|
|
(8,227
|
)
|
|||
|
Bad debt expense
|
9
|
|
|
320
|
|
|
113
|
|
|||
|
Equity in income of unconsolidated joint venture
|
(615
|
)
|
|
(798
|
)
|
|
(765
|
)
|
|||
|
Return on investment from unconsolidated joint venture
|
615
|
|
|
1,038
|
|
|
719
|
|
|||
|
(Gain) loss on disposition of real estate assets, net
|
(2,907
|
)
|
|
108
|
|
|
157
|
|
|||
|
Impairment of real estate assets
|
6,737
|
|
|
1,440
|
|
|
—
|
|
|||
|
Fair value adjustment to contingent consideration
|
(2,667
|
)
|
|
(1,747
|
)
|
|
—
|
|
|||
|
Loss recognized on equity interest remeasured to fair value
|
647
|
|
|
—
|
|
|
—
|
|
|||
|
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
|
Rents and tenant receivables
|
(4,023
|
)
|
|
(3,570
|
)
|
|
(12,375
|
)
|
|||
|
Prepaid expenses and other assets
|
(96
|
)
|
|
(488
|
)
|
|
(480
|
)
|
|||
|
Accounts payable and accrued expenses
|
958
|
|
|
6,043
|
|
|
6,741
|
|
|||
|
Deferred rental income and other liabilities
|
(4,281
|
)
|
|
1,436
|
|
|
4,355
|
|
|||
|
Due from affiliates
|
(11
|
)
|
|
423
|
|
|
(470
|
)
|
|||
|
Due to affiliates
|
(280
|
)
|
|
140
|
|
|
2,898
|
|
|||
|
Net cash provided by operating activities
|
193,686
|
|
|
182,900
|
|
|
89,086
|
|
|||
|
Cash flows from investing activities:
|
|
|
|
|
|
||||||
|
Investment in real estate assets and capital expenditures
|
(219,502
|
)
|
|
(677,754
|
)
|
|
(1,717,744
|
)
|
|||
|
Real estate developments
|
—
|
|
|
(684
|
)
|
|
(31,742
|
)
|
|||
|
Return of investment in unconsolidated joint venture
|
1,033
|
|
|
571
|
|
|
—
|
|
|||
|
Acquisition of unconsolidated joint venture partner's interest
|
(1,626
|
)
|
|
—
|
|
|
—
|
|
|||
|
Proceeds from disposition of real estate assets
|
30,811
|
|
|
1,058
|
|
|
1,758
|
|
|||
|
Escrowed funds for acquisition of real estate investments
|
—
|
|
|
—
|
|
|
(70,254
|
)
|
|||
|
Release of escrowed funds for acquisition of real estate investments
|
—
|
|
|
—
|
|
|
70,254
|
|
|||
|
Payment of property escrow deposits
|
(5,854
|
)
|
|
(3,240
|
)
|
|
(6,148
|
)
|
|||
|
Refund of property escrow deposits
|
6,604
|
|
|
7,025
|
|
|
9,888
|
|
|||
|
Change in restricted cash
|
234
|
|
|
(3,714
|
)
|
|
3,633
|
|
|||
|
Net cash used in investing activities
|
(188,300
|
)
|
|
(676,738
|
)
|
|
(1,740,355
|
)
|
|||
|
Cash flows from financing activities:
|
|
|
|
|
|
||||||
|
Proceeds from issuance of common stock
|
—
|
|
|
—
|
|
|
837,669
|
|
|||
|
Redemptions and cancellations of common stock
|
(110,655
|
)
|
|
(44,188
|
)
|
|
(10,849
|
)
|
|||
|
Offering costs related to the Offerings
|
(68
|
)
|
|
(6
|
)
|
|
(84,920
|
)
|
|||
|
Distributions to investors
|
(85,740
|
)
|
|
(80,773
|
)
|
|
(72,756
|
)
|
|||
|
Proceeds from notes payable and credit facility
|
493,420
|
|
|
1,218,367
|
|
|
744,064
|
|
|||
|
Repayments of notes payable and credit facility
|
(313,426
|
)
|
|
(621,388
|
)
|
|
(388
|
)
|
|||
|
Payment of loan deposits
|
(3,378
|
)
|
|
(3,242
|
)
|
|
(523
|
)
|
|||
|
Refund of loan deposits
|
3,378
|
|
|
3,242
|
|
|
1,068
|
|
|||
|
Change in escrowed investor proceeds
|
—
|
|
|
—
|
|
|
(5,147
|
)
|
|||
|
Deferred financing costs paid
|
(3,344
|
)
|
|
(7,638
|
)
|
|
(1,681
|
)
|
|||
|
Contributions from noncontrolling interest
|
—
|
|
|
762
|
|
|
2,142
|
|
|||
|
Distributions to noncontrolling interest
|
(269
|
)
|
|
(269
|
)
|
|
(46
|
)
|
|||
|
Earnout liability paid
|
(1,866
|
)
|
|
—
|
|
|
(2,651
|
)
|
|||
|
Net cash (used in) provided by financing activities
|
(21,948
|
)
|
|
464,867
|
|
|
1,405,982
|
|
|||
|
Net decrease in cash and cash equivalents
|
(16,562
|
)
|
|
(28,971
|
)
|
|
(245,287
|
)
|
|||
|
Cash and cash equivalents, beginning of period
|
26,316
|
|
|
55,287
|
|
|
300,574
|
|
|||
|
Cash and cash equivalents, end of period
|
$
|
9,754
|
|
|
$
|
26,316
|
|
|
$
|
55,287
|
|
|
Buildings
|
40 years
|
|
Tenant improvements
|
Lesser of useful life or lease term
|
|
Intangible lease assets
|
Lease term
|
|
|
Balance as of
December 31, 2016 |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
Financial assets:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swaps
|
$
|
2,327
|
|
|
$
|
—
|
|
|
$
|
2,327
|
|
|
$
|
—
|
|
|
Total financial assets
|
$
|
2,327
|
|
|
$
|
—
|
|
|
$
|
2,327
|
|
|
$
|
—
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swaps
|
$
|
(3,351
|
)
|
|
$
|
—
|
|
|
$
|
(3,351
|
)
|
|
$
|
—
|
|
|
Contingent consideration
|
(337
|
)
|
|
—
|
|
|
—
|
|
|
(337
|
)
|
||||
|
Total financial liabilities
|
$
|
(3,688
|
)
|
|
$
|
—
|
|
|
$
|
(3,351
|
)
|
|
$
|
(337
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Balance as of
December 31, 2015 |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
Financial assets:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swaps
|
$
|
519
|
|
|
$
|
—
|
|
|
$
|
519
|
|
|
$
|
—
|
|
|
Total financial assets
|
$
|
519
|
|
|
$
|
—
|
|
|
$
|
519
|
|
|
$
|
—
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swaps
|
$
|
(5,878
|
)
|
|
$
|
—
|
|
|
$
|
(5,878
|
)
|
|
$
|
—
|
|
|
Contingent consideration
|
(4,538
|
)
|
|
—
|
|
|
—
|
|
|
(4,538
|
)
|
||||
|
Total liabilities
|
$
|
(10,416
|
)
|
|
$
|
—
|
|
|
$
|
(5,878
|
)
|
|
$
|
(4,538
|
)
|
|
|
|
Contingent Consideration Arrangements
|
||
|
Beginning Balance, December 31, 2015
|
|
$
|
(4,538
|
)
|
|
Purchases, fair value adjustments and payments made:
|
|
|
||
|
Purchases
|
|
(332
|
)
|
|
|
Fair value adjustments
|
|
2,667
|
|
|
|
Payments made
|
|
1,866
|
|
|
|
Ending Balance, December 31, 2016
|
|
$
|
(337
|
)
|
|
|
|
Contingent Consideration Arrangements
|
||
|
Beginning Balance, December 31, 2014
|
|
$
|
(3,405
|
)
|
|
Purchases and fair value adjustments:
|
|
|
||
|
Purchases
|
|
(2,880
|
)
|
|
|
Fair value adjustments
|
|
1,747
|
|
|
|
Ending Balance, December 31, 2015
|
|
$
|
(4,538
|
)
|
|
|
|
Year Ended December 31,
|
||||||
|
|
|
2016
|
|
2015
|
||||
|
Asset class impaired:
|
|
|
|
|
||||
|
Land
|
|
$
|
1,775
|
|
|
$
|
498
|
|
|
Buildings, fixtures and improvements
|
|
4,678
|
|
|
662
|
|
||
|
Intangible lease assets
|
|
284
|
|
|
280
|
|
||
|
Total impairment loss
|
|
$
|
6,737
|
|
|
$
|
1,440
|
|
|
|
|
December 31, 2016
|
||
|
Land
|
|
$
|
48,317
|
|
|
Buildings, fixtures and improvements
|
|
149,859
|
|
|
|
Acquired in-place leases
(1)
|
|
18,100
|
|
|
|
Acquired above-market leases
(2)
|
|
3,764
|
|
|
|
Intangible lease liabilities
(3)
|
|
(3,388
|
)
|
|
|
Total purchase price
|
|
$
|
216,652
|
|
|
(1)
|
The weighted average amortization period for acquired in-place leases is
7.6
years for the
2016
Acquisitions.
|
|
(2)
|
The weighted average amortization period for acquired above-market leases is
6.0
years for the
2016
Acquisitions.
|
|
(3)
|
The weighted average amortization period for acquired intangible lease liabilities is
6.4
years for the
2016
Acquisitions.
|
|
|
September 22, 2016
|
||
|
Carrying value of the Company’s equity interest before business combination
(1)
|
$
|
18,952
|
|
|
Fair value of amounts recognized for assets acquired and liabilities assumed:
|
|
||
|
Land
|
4,535
|
|
|
|
Buildings, fixtures and improvements
|
11,826
|
|
|
|
Acquired in-place leases
|
1,296
|
|
|
|
Acquired above-market leases
|
1,130
|
|
|
|
Intangible lease liabilities
|
(597
|
)
|
|
|
Other assets and liabilities
|
115
|
|
|
|
Total net assets
|
18,305
|
|
|
|
Loss recognized on equity interest remeasured to fair value
|
$
|
(647
|
)
|
|
|
Year Ended December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
Pro forma basis (unaudited):
|
|
|
|
||||
|
Revenue
|
$
|
418,798
|
|
|
$
|
389,780
|
|
|
Net income
|
$
|
74,052
|
|
|
$
|
64,662
|
|
|
|
|
December 31, 2015
|
||
|
Land
|
|
$
|
138,536
|
|
|
Buildings, fixtures and improvements
|
|
393,918
|
|
|
|
Acquired in-place leases
(1)
|
|
83,043
|
|
|
|
Acquired above-market leases
(2)
|
|
6,485
|
|
|
|
Intangible lease liabilities
(3)
|
|
(5,883
|
)
|
|
|
Fair value adjustment of assumed note payable
|
|
(253
|
)
|
|
|
Total purchase price
|
|
$
|
615,846
|
|
|
(1)
|
The weighted average amortization period for acquired in-place leases was
13.0
years for the
2015
Acquisitions.
|
|
(2)
|
The weighted average amortization period for acquired above-market leases was
11.3
years for the
2015
Acquisitions.
|
|
(3)
|
The weighted average amortization period for acquired intangible lease liabilities was
9.5
years for the
2015
Acquisitions.
|
|
|
Year Ended December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
|
Pro forma basis (unaudited):
|
|
|
|
||||
|
Revenue
|
$
|
387,921
|
|
|
$
|
305,141
|
|
|
Net income
|
$
|
79,888
|
|
|
$
|
8,267
|
|
|
|
December 31, 2014
|
||
|
Land
|
$
|
437,206
|
|
|
Buildings, fixtures and improvements
|
1,152,148
|
|
|
|
Acquired in-place leases
(1)
|
154,972
|
|
|
|
Acquired above-market leases
(2)
|
23,430
|
|
|
|
Intangible lease liabilities
(3)
|
(24,620
|
)
|
|
|
Fair value adjustment of assumed note payable
|
(765
|
)
|
|
|
Total purchase price
|
$
|
1,742,371
|
|
|
(1)
|
The weighted average amortization period for acquired in-place leases was
12.6
years for the
2014
Acquisitions.
|
|
(2)
|
The weighted average amortization period for acquired above-market leases was
11.0
years for the
2014
Acquisitions.
|
|
(3)
|
The weighted average amortization period for acquired intangible lease liabilities was
7.6
years for the
2014
Acquisitions.
|
|
|
Year Ended December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
|
Pro forma basis (unaudited):
|
|
|
|
||||
|
Revenue
|
$
|
332,860
|
|
|
$
|
245,969
|
|
|
Net income (loss)
|
$
|
131,001
|
|
|
$
|
(53,805
|
)
|
|
|
|
|
As of December 31,
|
||||||
|
|
|
|
2016
|
|
2015
|
||||
|
In-place leases, net of accumulated amortization of $125,620 and
|
|
|
|
||||||
|
|
$81,856, respectively (with a weighted average life remaining of 10.7 years
|
|
|
|
|||||
|
|
and 11.7 years, respectively)
|
$
|
364,038
|
|
|
$
|
391,868
|
|
|
|
Acquired above-market leases, net of accumulated amortization of $18,723 and
|
|
|
|
||||||
|
|
$12,454, respectively (with a weighted average life remaining of 8.9 years and
|
|
|
|
|||||
|
|
10.1 years, respectively)
|
|
44,768
|
|
|
47,299
|
|
||
|
|
|
|
$
|
408,806
|
|
|
$
|
439,167
|
|
|
|
|
Amortization
|
||||||
|
Year Ending December 31,
|
|
In-Place Leases
|
|
Above-Market Leases
|
||||
|
2017
|
|
$
|
42,993
|
|
|
$
|
6,829
|
|
|
2018
|
|
$
|
39,977
|
|
|
$
|
5,885
|
|
|
2019
|
|
$
|
36,115
|
|
|
$
|
4,775
|
|
|
2020
|
|
$
|
33,824
|
|
|
$
|
4,202
|
|
|
2021
|
|
$
|
31,244
|
|
|
$
|
3,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Outstanding Notional
|
|
|
|
|
|
|
|
Fair Value Assets and (Liabilities)
|
||||||||
|
|
Balance Sheet
|
|
Amount as of
|
|
Interest
|
|
Effective
|
|
Maturity
|
|
December 31,
|
|
December 31,
|
||||||
|
|
Location
|
|
December 31, 2016
|
|
Rates
(1)
|
|
Dates
|
|
Dates
|
|
2016
|
|
2015
|
||||||
|
Interest Rate Swaps
|
Derivative assets, prepaid expenses, property escrow deposits and other assets
|
|
$
|
440,066
|
|
|
2.55% to 3.91%
|
|
6/30/2015 to 9/01/2016
|
|
8/15/2018 to 7/01/2021
|
|
$
|
2,327
|
|
|
$
|
519
|
|
|
Interest Rate Swaps
|
Deferred rental income, derivative liabilities and other liabilities
|
|
$
|
588,737
|
|
|
3.10% to 4.75%
|
|
6/24/2013 to 12/31/2015
|
|
6/24/2018 to 8/24/2020
|
|
$
|
(3,351
|
)
|
|
$
|
(5,878
|
)
|
|
(1)
|
The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of
December 31, 2016
.
|
|
|
|
|
During the Year Ended December 31, 2016
|
|
|
||||||||||||||
|
|
Balance as of December 31, 2015
|
|
Debt Issuances and Assumptions
(1)
|
|
Repayments
|
|
Accretion and (Amortization)
|
|
Balance as of December 31, 2016
|
||||||||||
|
Fixed rate debt
|
$
|
896,628
|
|
|
$
|
268,420
|
|
|
$
|
(426
|
)
|
|
$
|
—
|
|
|
$
|
1,164,622
|
|
|
Variable rate debt
|
53,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,500
|
|
|||||
|
Credit facility
|
1,127,666
|
|
|
225,000
|
|
|
(313,000
|
)
|
|
—
|
|
|
1,039,666
|
|
|||||
|
Total debt
|
2,077,794
|
|
|
493,420
|
|
|
(313,426
|
)
|
|
—
|
|
|
2,257,788
|
|
|||||
|
Net premiums
(2)
|
590
|
|
|
—
|
|
|
—
|
|
|
(84
|
)
|
|
506
|
|
|||||
|
Deferred costs
(3)
|
(11,821
|
)
|
|
(3,522
|
)
|
|
—
|
|
|
3,308
|
|
|
(12,035
|
)
|
|||||
|
Total debt, net
|
$
|
2,066,563
|
|
|
$
|
489,898
|
|
|
$
|
(313,426
|
)
|
|
$
|
3,224
|
|
|
$
|
2,246,259
|
|
|
(1)
|
Includes deferred financing costs incurred during the period.
|
|
(2)
|
Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
|
|
(3)
|
Deferred costs relate to mortgage notes payable and the term portion of the credit facility.
|
|
Year Ending December 31,
|
|
|
Principal Repayments
|
||
|
2017
|
$
|
403,451
|
|
||
|
2018
|
693,877
|
|
|||
|
2019
|
49,799
|
|
|||
|
2020
|
333,215
|
|
|||
|
2021
|
100,602
|
|
|||
|
Thereafter
|
676,844
|
|
|||
|
Total
|
$
|
2,257,788
|
|
||
|
|
|
|
|
||
|
|
|
|
As of December 31,
|
||||||
|
|
|
|
2016
|
|
2015
|
||||
|
Acquired below-market leases, net of accumulated amortization of $23,241
|
|
|
|
|
|||||
|
|
and $15,641, respectively (with a weighted average life remaining of 7.8
|
|
|
|
|
||||
|
|
years and 8.8 years, respectively)
|
|
$
|
49,075
|
|
|
$
|
53,822
|
|
|
Year Ending December 31,
|
|
Amortization of Below-Market Leases
|
||
|
2017
|
|
$
|
7,887
|
|
|
2018
|
|
$
|
7,500
|
|
|
2019
|
|
$
|
6,629
|
|
|
2020
|
|
$
|
5,835
|
|
|
2021
|
|
$
|
4,390
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
|
Distributions declared and unpaid
|
$
|
16,498
|
|
|
$
|
16,568
|
|
|
$
|
16,189
|
|
|
Accrued capital expenditures
|
$
|
675
|
|
|
$
|
2,741
|
|
|
$
|
7,721
|
|
|
Common stock issued through distribution reinvestment plan
|
$
|
109,166
|
|
|
$
|
112,158
|
|
|
$
|
104,261
|
|
|
Change in fair value of interest rate swaps
|
$
|
4,335
|
|
|
$
|
(1,302
|
)
|
|
$
|
(1,805
|
)
|
|
Contingent consideration recorded upon property acquisitions
|
$
|
332
|
|
|
$
|
2,880
|
|
|
$
|
5,342
|
|
|
Fair value of notes payable assumed in real estate acquisition
|
$
|
—
|
|
|
$
|
15,233
|
|
|
$
|
25,979
|
|
|
Consolidation of real estate joint venture
|
$
|
18,305
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Supplemental Cash Flow Disclosures:
|
|
|
|
|
|
||||||
|
Interest paid
|
$
|
74,034
|
|
|
$
|
54,388
|
|
|
$
|
31,159
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Selling commissions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
55,921
|
|
|
Dealer manager fees
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,780
|
|
|
Other offering costs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,277
|
|
|
Acquisition fees and expenses
|
$
|
4,960
|
|
|
$
|
13,311
|
|
|
$
|
38,483
|
|
|
Advisory fees and expenses
|
$
|
41,926
|
|
|
$
|
36,225
|
|
|
$
|
24,152
|
|
|
Operating expenses
|
$
|
4,119
|
|
|
$
|
4,568
|
|
|
$
|
3,383
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Year Ended December 31,
|
|||||||
|
Character of Distributions (Unaudited):
|
|
2016
|
|
2015
|
|
2014
|
|||
|
Ordinary dividends
|
|
53
|
%
|
|
58
|
%
|
|
47
|
%
|
|
Nondividend distributions
|
|
46
|
%
|
|
42
|
%
|
|
53
|
%
|
|
Capital gain distributions
|
|
1
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Year Ending December 31,
|
|
Future Minimum Rental Income
|
||
|
2017
|
$
|
350,394
|
|
|
|
2018
|
341,375
|
|
||
|
2019
|
324,354
|
|
||
|
2020
|
311,907
|
|
||
|
2021
|
295,443
|
|
||
|
Thereafter
|
1,998,244
|
|
||
|
|
$
|
3,621,717
|
|
|
|
|
|
December 31, 2016
|
||||||||||||||
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
|
Revenues
|
|
$
|
100,547
|
|
|
$
|
100,597
|
|
|
$
|
101,796
|
|
|
$
|
104,511
|
|
|
Acquisition-related fees and expenses
|
|
$
|
372
|
|
|
$
|
1,803
|
|
|
$
|
1,417
|
|
|
$
|
599
|
|
|
Operating income
|
|
$
|
38,675
|
|
|
$
|
38,153
|
|
|
$
|
37,314
|
|
|
$
|
35,042
|
|
|
Net income
|
|
$
|
20,054
|
|
|
$
|
18,945
|
|
|
$
|
18,128
|
|
|
$
|
14,852
|
|
|
Net income attributable to the Company
|
|
$
|
20,020
|
|
|
$
|
18,912
|
|
|
$
|
18,096
|
|
|
$
|
14,814
|
|
|
Basic and diluted net income per common share
(1)
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
Distributions declared per common share
|
|
$
|
0.155
|
|
|
$
|
0.156
|
|
|
$
|
0.157
|
|
|
$
|
0.157
|
|
|
(1)
|
The Company calculates net income per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
|
|
|
|
December 31, 2015
|
||||||||||||||
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
|
Revenues
|
|
$
|
85,963
|
|
|
$
|
90,528
|
|
|
$
|
94,188
|
|
|
$
|
97,052
|
|
|
Acquisition-related fees and expenses
|
|
$
|
5,385
|
|
|
$
|
3,882
|
|
|
$
|
2,518
|
|
|
$
|
3,741
|
|
|
Operating income
|
|
$
|
28,395
|
|
|
$
|
31,862
|
|
|
$
|
34,696
|
|
|
$
|
29,247
|
|
|
Net income
|
|
$
|
15,998
|
|
|
$
|
17,293
|
|
|
$
|
18,485
|
|
|
$
|
13,117
|
|
|
Net income attributable to the Company
|
|
$
|
16,015
|
|
|
$
|
17,225
|
|
|
$
|
18,452
|
|
|
$
|
13,079
|
|
|
Basic and diluted net income per common share
(1)
|
|
$
|
0.05
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
Distributions declared per common share
|
|
$
|
0.154
|
|
|
$
|
0.155
|
|
|
$
|
0.158
|
|
|
$
|
0.158
|
|
|
(1)
|
The Company calculates net income per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
|
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Real Estate Held for Investment the Company Has Invested in Under Operating Leases:
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
24 Hour Fitness:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beaverton, OR
|
|
(g)
|
|
|
$
|
2,609
|
|
|
$
|
9,974
|
|
|
$
|
—
|
|
|
$
|
12,583
|
|
|
$
|
572
|
|
|
9/30/2014
|
|
2009
|
|
|
|
Fort Worth, TX
|
|
(g)
|
|
|
1,519
|
|
|
7,449
|
|
|
—
|
|
|
8,968
|
|
|
648
|
|
|
9/27/2013
|
|
2008
|
||||||
|
Aaron’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Hillsboro, OH
|
|
(g)
|
|
|
279
|
|
|
829
|
|
|
—
|
|
|
1,108
|
|
|
91
|
|
|
8/26/2013
|
|
2013
|
||||||
|
|
Mountain Home, AR
|
|
(g)
|
|
|
183
|
|
|
872
|
|
|
—
|
|
|
1,055
|
|
|
28
|
|
|
10/1/2015
|
|
2015
|
||||||
|
|
Wilmington, OH
|
|
(g)
|
|
|
249
|
|
|
1,134
|
|
|
—
|
|
|
1,383
|
|
|
64
|
|
|
2/26/2015
|
|
2014
|
||||||
|
Academy Sports:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Clarksville, TN
|
|
(g)
|
|
|
1,811
|
|
|
6,603
|
|
|
—
|
|
|
8,414
|
|
|
455
|
|
|
6/17/2014
|
|
2014
|
||||||
|
|
Cookeville, TN
|
|
$
|
49,300
|
|
|
—
|
|
|
23,847
|
|
|
73,371
|
|
|
97,218
|
|
|
2,616
|
|
|
9/30/2014
|
|
2015
|
|||||
|
|
Douglasville, GA
|
|
(g)
|
|
|
1,360
|
|
|
8,593
|
|
|
—
|
|
|
9,953
|
|
|
585
|
|
|
6/12/2014
|
|
2014
|
||||||
|
|
Flowood, MS
|
|
(g)
|
|
|
1,534
|
|
|
7,864
|
|
|
—
|
|
|
9,398
|
|
|
574
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
McDonough, GA
|
|
(g)
|
|
|
1,846
|
|
|
5,626
|
|
|
—
|
|
|
7,472
|
|
|
423
|
|
|
4/24/2014
|
|
2010
|
||||||
|
|
Valdosta, GA
|
|
5,838
|
|
|
2,482
|
|
|
5,922
|
|
|
—
|
|
|
8,404
|
|
|
639
|
|
|
5/10/2013
|
|
2012
|
||||||
|
Advance Auto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Corydon, IN
|
|
(g)
|
|
|
190
|
|
|
1,219
|
|
|
—
|
|
|
1,409
|
|
|
140
|
|
|
10/26/2012
|
|
2012
|
||||||
|
|
Dearborn Heights, MI
|
|
(g)
|
|
|
385
|
|
|
1,090
|
|
|
—
|
|
|
1,475
|
|
|
92
|
|
|
8/30/2013
|
|
2013
|
||||||
|
|
Decatur, GA
|
|
(g)
|
|
|
606
|
|
|
1,053
|
|
|
—
|
|
|
1,659
|
|
|
89
|
|
|
12/20/2013
|
|
2012
|
||||||
|
|
Lake Geneva, WI
|
|
1,062
|
|
|
381
|
|
|
1,181
|
|
|
—
|
|
|
1,562
|
|
|
120
|
|
|
2/6/2013
|
|
2012
|
||||||
|
|
Lawton, OK
|
|
(g)
|
|
|
387
|
|
|
1,000
|
|
|
—
|
|
|
1,387
|
|
|
43
|
|
|
6/12/2015
|
|
2005
|
||||||
|
|
Mattoon, IL
|
|
(g)
|
|
|
261
|
|
|
1,063
|
|
|
—
|
|
|
1,324
|
|
|
28
|
|
|
12/4/2015
|
|
2015
|
||||||
|
|
Mt. Pleasant, IA
|
|
(g)
|
|
|
122
|
|
|
1,069
|
|
|
—
|
|
|
1,191
|
|
|
88
|
|
|
4/26/2014
|
|
2013
|
||||||
|
|
North Ridgeville, OH
|
|
(g)
|
|
|
218
|
|
|
1,284
|
|
|
—
|
|
|
1,502
|
|
|
154
|
|
|
4/13/2012
|
|
2008
|
||||||
|
|
Rutherfordton, NC
|
|
(g)
|
|
|
220
|
|
|
944
|
|
|
—
|
|
|
1,164
|
|
|
81
|
|
|
10/22/2013
|
|
2013
|
||||||
|
|
Starkville, MS
|
|
(g)
|
|
|
447
|
|
|
756
|
|
|
—
|
|
|
1,203
|
|
|
98
|
|
|
6/29/2012
|
|
2011
|
||||||
|
|
Willmar, MN
|
|
(g)
|
|
|
200
|
|
|
1,279
|
|
|
—
|
|
|
1,479
|
|
|
58
|
|
|
3/25/2015
|
|
2014
|
||||||
|
Albany Square:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Albany, GA
|
|
4,600
|
|
|
1,606
|
|
|
7,113
|
|
|
300
|
|
|
9,019
|
|
|
694
|
|
|
2/26/2014
|
|
2013
|
||||||
|
Almeda Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Houston, TX
|
|
(g)
|
|
|
4,738
|
|
|
26,245
|
|
|
325
|
|
|
31,308
|
|
|
1,705
|
|
|
8/7/2014
|
|
2006
|
||||||
|
Amazon:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Lebanon, TN
|
|
33,000
|
|
|
1,934
|
|
|
56,286
|
|
|
—
|
|
|
58,220
|
|
|
3,320
|
|
|
10/15/2014
|
|
2012
|
||||||
|
Applebee’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Greenville, SC
|
|
(g)
|
|
|
672
|
|
|
1,737
|
|
|
—
|
|
|
2,409
|
|
|
111
|
|
|
6/27/2014
|
|
2004
|
||||||
|
|
Lithonia, GA
|
|
(g)
|
|
|
1,234
|
|
|
2,613
|
|
|
—
|
|
|
3,847
|
|
|
182
|
|
|
3/28/2014
|
|
2002
|
||||||
|
|
Savannah, GA
|
|
(g)
|
|
|
818
|
|
|
1,686
|
|
|
—
|
|
|
2,504
|
|
|
116
|
|
|
5/22/2014
|
|
2006
|
||||||
|
At Home:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Kissimmee, FL
|
|
(g)
|
|
|
2,512
|
|
|
5,594
|
|
|
—
|
|
|
8,106
|
|
|
55
|
|
|
9/9/2016
|
|
1992
|
||||||
|
AutoZone:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Philipsburg, PA
|
|
(g)
|
|
|
152
|
|
|
1,304
|
|
|
—
|
|
|
1,456
|
|
|
155
|
|
|
7/30/2012
|
|
2010
|
||||||
|
|
Poughkeepsie, NY
|
|
(g)
|
|
|
699
|
|
|
1,356
|
|
|
—
|
|
|
2,055
|
|
|
50
|
|
|
8/20/2015
|
|
2005
|
||||||
|
|
Sheffield, OH
|
|
—
|
|
|
815
|
|
|
—
|
|
|
770
|
|
|
1,585
|
|
|
23
|
|
|
10/15/2014
|
|
2014
|
||||||
|
Bass Pro Shops:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Tallahassee, FL
|
|
(g)
|
|
|
945
|
|
|
5,713
|
|
|
—
|
|
|
6,658
|
|
|
545
|
|
|
8/20/2013
|
|
2013
|
||||||
|
Beavercreek Shopping Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beavercreek, OH
|
|
17,200
|
|
|
5,504
|
|
|
25,178
|
|
|
537
|
|
|
31,219
|
|
|
2,273
|
|
|
10/31/2013
|
|
2013
|
||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Bed Bath & Beyond/Golfsmith:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Schaumburg, IL
|
|
$
|
7,300
|
|
|
$
|
4,786
|
|
|
$
|
6,149
|
|
|
$
|
—
|
|
|
$
|
10,935
|
|
|
$
|
805
|
|
|
3/8/2013
|
|
1997
|
|
Benihana:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Golden Valley, MN
|
|
(g)
|
|
|
1,510
|
|
|
2,934
|
|
|
—
|
|
|
4,444
|
|
|
334
|
|
|
8/21/2012
|
|
1980
|
||||||
|
|
Lauderdale by the Sea, FL
|
|
(g)
|
|
|
2,181
|
|
|
2,014
|
|
|
—
|
|
|
4,195
|
|
|
235
|
|
|
8/21/2012
|
|
1971
|
||||||
|
|
Lombard, IL
|
|
(g)
|
|
|
1,390
|
|
|
2,343
|
|
|
—
|
|
|
3,733
|
|
|
318
|
|
|
8/21/2012
|
|
1984
|
||||||
|
|
Woodlands, TX
|
|
(g)
|
|
|
1,151
|
|
|
968
|
|
|
—
|
|
|
2,119
|
|
|
115
|
|
|
8/21/2012
|
|
2001
|
||||||
|
Big Lots:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
San Angelo, TX
|
|
(g)
|
|
|
1,043
|
|
|
1,947
|
|
|
—
|
|
|
2,990
|
|
|
311
|
|
|
12/19/2012
|
|
2012
|
||||||
|
|
Waco, TX
|
|
(g)
|
|
|
1,069
|
|
|
1,326
|
|
|
56
|
|
|
2,451
|
|
|
230
|
|
|
12/10/2012
|
|
2012
|
||||||
|
Biolife Plasma Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Bellingham, WA
|
|
—
|
|
|
2,397
|
|
|
6,264
|
|
|
—
|
|
|
8,661
|
|
|
390
|
|
|
11/21/2014
|
|
2014
|
||||||
|
|
Grandville, MI
|
|
—
|
|
|
959
|
|
|
4,791
|
|
|
—
|
|
|
5,750
|
|
|
276
|
|
|
11/21/2014
|
|
2014
|
||||||
|
|
Loveland, CO
|
|
—
|
|
|
651
|
|
|
5,645
|
|
|
—
|
|
|
6,296
|
|
|
320
|
|
|
11/21/2014
|
|
2014
|
||||||
|
|
Bloomington, IN
|
|
—
|
|
|
696
|
|
|
3,900
|
|
|
—
|
|
|
4,596
|
|
|
259
|
|
|
6/26/2014
|
|
2014
|
||||||
|
|
Fort Wayne, IN
|
|
—
|
|
|
660
|
|
|
3,749
|
|
|
—
|
|
|
4,409
|
|
|
250
|
|
|
6/26/2014
|
|
2013
|
||||||
|
|
St. Cloud, MN
|
|
—
|
|
|
889
|
|
|
3,633
|
|
|
—
|
|
|
4,522
|
|
|
265
|
|
|
6/26/2014
|
|
2013
|
||||||
|
|
St. George, UT
|
|
—
|
|
|
1,195
|
|
|
5,561
|
|
|
—
|
|
|
6,756
|
|
|
267
|
|
|
3/12/2015
|
|
2014
|
||||||
|
|
Waterloo, IA
|
|
—
|
|
|
489
|
|
|
3,380
|
|
|
—
|
|
|
3,869
|
|
|
251
|
|
|
6/26/2014
|
|
2013
|
||||||
|
|
West Fargo, ND
|
|
—
|
|
|
1,379
|
|
|
5,052
|
|
|
—
|
|
|
6,431
|
|
|
255
|
|
|
3/12/2015
|
|
2014
|
||||||
|
Bojangles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Pelham, AL
|
|
(g)
|
|
|
219
|
|
|
1,216
|
|
|
—
|
|
|
1,435
|
|
|
83
|
|
|
6/30/2014
|
|
2010
|
||||||
|
Boston Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Springfield, MA
|
|
5,400
|
|
|
3,101
|
|
|
7,042
|
|
|
89
|
|
|
10,232
|
|
|
481
|
|
|
8/19/2014
|
|
2004
|
||||||
|
Bottom Dollar Grocery:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Ambridge, PA
|
|
—
|
|
|
519
|
|
|
2,985
|
|
|
—
|
|
|
3,504
|
|
|
240
|
|
|
11/5/2013
|
|
2012
|
||||||
|
Brownsville Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Baldwin, PA
|
|
—
|
|
|
627
|
|
|
2,702
|
|
|
—
|
|
|
3,329
|
|
|
228
|
|
|
2/28/2014
|
|
2012
|
||||||
|
Bryan Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Kodak, TN
|
|
4,958
|
|
|
863
|
|
|
6,523
|
|
|
—
|
|
|
7,386
|
|
|
408
|
|
|
9/9/2014
|
|
2008
|
||||||
|
Buffalo Wild Wings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Idaho Falls, ID
|
|
(g)
|
|
|
712
|
|
|
1,336
|
|
|
—
|
|
|
2,048
|
|
|
83
|
|
|
7/29/2014
|
|
2008
|
||||||
|
|
Warrenville, IL
|
|
(g)
|
|
|
1,208
|
|
|
1,420
|
|
|
—
|
|
|
2,628
|
|
|
180
|
|
|
3/28/2013
|
|
2004
|
||||||
|
|
Woodridge, IL
|
|
(g)
|
|
|
1,139
|
|
|
1,484
|
|
|
—
|
|
|
2,623
|
|
|
187
|
|
|
3/28/2013
|
|
2005
|
||||||
|
Caliber Collision Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Frisco, TX
|
|
(g)
|
|
|
1,484
|
|
|
2,038
|
|
|
—
|
|
|
3,522
|
|
|
134
|
|
|
9/16/2014
|
|
2014
|
||||||
|
|
Las Cruces, NM
|
|
(g)
|
|
|
673
|
|
|
1,949
|
|
|
—
|
|
|
2,622
|
|
|
138
|
|
|
3/21/2014
|
|
2014
|
||||||
|
|
Midwest City, OK
|
|
(g)
|
|
|
259
|
|
|
1,165
|
|
|
—
|
|
|
1,424
|
|
|
87
|
|
|
2/21/2014
|
|
2013
|
||||||
|
|
Denver, CO
|
|
(g)
|
|
|
855
|
|
|
658
|
|
|
—
|
|
|
1,513
|
|
|
43
|
|
|
6/25/2014
|
|
1975
|
||||||
|
|
San Antonio, TX
|
|
(g)
|
|
|
622
|
|
|
832
|
|
|
—
|
|
|
1,454
|
|
|
54
|
|
|
6/4/2014
|
|
2014
|
||||||
|
|
Wylie, TX
|
|
(g)
|
|
|
816
|
|
|
2,690
|
|
|
—
|
|
|
3,506
|
|
|
145
|
|
|
2/10/2015
|
|
2014
|
||||||
|
Canton Marketplace:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Canton, GA
|
|
32,000
|
|
|
8,310
|
|
|
48,667
|
|
|
930
|
|
|
57,907
|
|
|
6,058
|
|
|
3/28/2013
|
|
2009
|
||||||
|
Carlisle Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Carlisle, PA
|
|
—
|
|
|
4,491
|
|
|
15,817
|
|
|
—
|
|
|
20,308
|
|
|
1,218
|
|
|
9/18/2014
|
|
2006
|
||||||
|
Canarsie Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Brooklyn, NY
|
|
75,000
|
|
|
37,970
|
|
|
71,267
|
|
|
790
|
|
|
110,027
|
|
|
7,334
|
|
|
12/5/2012
|
|
2011
|
||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Century Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Orlando, FL
|
|
(g)
|
|
|
$
|
3,094
|
|
|
$
|
6,178
|
|
|
$
|
731
|
|
|
$
|
10,003
|
|
|
$
|
602
|
|
|
7/21/2014
|
|
2008
|
|
|
Chase:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Hanover Township, NJ
|
|
(g)
|
|
|
2,192
|
|
|
—
|
|
|
—
|
|
|
2,192
|
|
|
—
|
|
|
12/18/2013
|
|
2012
|
||||||
|
Chestnut Square:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Brevard, NC
|
|
$
|
3,727
|
|
|
425
|
|
|
5,037
|
|
|
6
|
|
|
5,468
|
|
|
492
|
|
|
6/7/2013
|
|
2008
|
|||||
|
Chili’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Forest City, NC
|
|
(g)
|
|
|
233
|
|
|
1,936
|
|
|
—
|
|
|
2,169
|
|
|
112
|
|
|
9/3/2014
|
|
2003
|
||||||
|
Coosa Town Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Gadsden, AL
|
|
(g)
|
|
|
3,246
|
|
|
7,799
|
|
|
—
|
|
|
11,045
|
|
|
702
|
|
|
12/20/2013
|
|
2004
|
||||||
|
Cost Plus World Market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Kansas City, MO
|
|
(g)
|
|
|
1,378
|
|
|
2,396
|
|
|
—
|
|
|
3,774
|
|
|
359
|
|
|
11/13/2012
|
|
2001
|
||||||
|
Costco:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Tallahassee, FL
|
|
5,146
|
|
|
9,497
|
|
|
—
|
|
|
—
|
|
|
9,497
|
|
|
—
|
|
|
12/11/2012
|
|
2006
|
||||||
|
Cottonwood Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Albuquerque, NM
|
|
19,250
|
|
|
4,986
|
|
|
28,881
|
|
|
84
|
|
|
33,951
|
|
|
2,640
|
|
|
7/19/2013
|
|
2013
|
||||||
|
Coventry Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Coventry, RI
|
|
6,000
|
|
|
3,462
|
|
|
5,899
|
|
|
43
|
|
|
9,404
|
|
|
563
|
|
|
9/12/2013
|
|
2008
|
||||||
|
Crosspoint:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Hagerstown, MD
|
|
(g)
|
|
|
12,285
|
|
|
14,359
|
|
|
(1,086
|
)
|
|
25,558
|
|
|
1,096
|
|
|
9/30/2014
|
|
2000
|
||||||
|
Crossroads Annex:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Lafayette, LA
|
|
—
|
|
|
1,659
|
|
|
7,091
|
|
|
—
|
|
|
8,750
|
|
|
618
|
|
|
12/4/2013
|
|
2013
|
||||||
|
Crossroads Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Plover, WI
|
|
(g)
|
|
|
1,000
|
|
|
4,515
|
|
|
75
|
|
|
5,590
|
|
|
460
|
|
|
12/10/2013
|
|
2012
|
||||||
|
CVS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Arnold, MO
|
|
(g)
|
|
|
2,043
|
|
|
2,367
|
|
|
—
|
|
|
4,410
|
|
|
185
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Asheville, NC
|
|
(g)
|
|
|
1,108
|
|
|
1,084
|
|
|
—
|
|
|
2,192
|
|
|
134
|
|
|
4/26/2012
|
|
1998
|
||||||
|
|
Austin, TX
|
|
(g)
|
|
|
1,076
|
|
|
3,475
|
|
|
—
|
|
|
4,551
|
|
|
270
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Bainbridge, GA
|
|
(g)
|
|
|
444
|
|
|
1,682
|
|
|
47
|
|
|
2,173
|
|
|
202
|
|
|
6/27/2012
|
|
1998
|
||||||
|
|
Bloomington, IN
|
|
(g)
|
|
|
1,620
|
|
|
2,957
|
|
|
—
|
|
|
4,577
|
|
|
232
|
|
|
12/13/2013
|
|
2012
|
||||||
|
|
Blue Springs, MO
|
|
(g)
|
|
|
395
|
|
|
2,722
|
|
|
—
|
|
|
3,117
|
|
|
213
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Bridgeton, MO
|
|
(g)
|
|
|
2,056
|
|
|
2,362
|
|
|
—
|
|
|
4,418
|
|
|
185
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Cartersville, GA
|
|
(g)
|
|
|
2,547
|
|
|
—
|
|
|
—
|
|
|
2,547
|
|
|
—
|
|
|
10/22/2012
|
|
2009
|
||||||
|
|
Charleston, SC
|
|
(g)
|
|
|
869
|
|
|
1,009
|
|
|
—
|
|
|
1,878
|
|
|
125
|
|
|
4/26/2012
|
|
1998
|
||||||
|
|
Chesapeake, VA
|
|
(g)
|
|
|
1,044
|
|
|
3,053
|
|
|
—
|
|
|
4,097
|
|
|
244
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Chicago, IL
|
|
(g)
|
|
|
1,832
|
|
|
4,255
|
|
|
—
|
|
|
6,087
|
|
|
403
|
|
|
3/20/2013
|
|
2008
|
||||||
|
|
Cicero, IN
|
|
(g)
|
|
|
487
|
|
|
3,099
|
|
|
—
|
|
|
3,586
|
|
|
242
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Corpus Christi, TX
|
|
(g)
|
|
|
648
|
|
|
2,557
|
|
|
—
|
|
|
3,205
|
|
|
306
|
|
|
4/19/2012
|
|
1998
|
||||||
|
|
Danville, IN
|
|
(g)
|
|
|
424
|
|
|
2,105
|
|
|
—
|
|
|
2,529
|
|
|
140
|
|
|
7/16/2014
|
|
1998
|
||||||
|
|
Eminence, KY
|
|
(g)
|
|
|
872
|
|
|
2,511
|
|
|
—
|
|
|
3,383
|
|
|
194
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Florence, AL
|
|
1,735
|
|
|
1,030
|
|
|
1,446
|
|
|
—
|
|
|
2,476
|
|
|
143
|
|
|
3/27/2013
|
|
2000
|
||||||
|
|
Goose Creek, SC
|
|
(g)
|
|
|
1,022
|
|
|
1,980
|
|
|
—
|
|
|
3,002
|
|
|
153
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Greenwood, IN
|
|
(g)
|
|
|
912
|
|
|
3,549
|
|
|
—
|
|
|
4,461
|
|
|
309
|
|
|
7/11/2013
|
|
1999
|
||||||
|
|
Hanover Township, NJ
|
|
(g)
|
|
|
4,746
|
|
|
—
|
|
|
—
|
|
|
4,746
|
|
|
—
|
|
|
12/18/2013
|
|
2012
|
||||||
|
|
Hazlet, NJ
|
|
(g)
|
|
|
3,047
|
|
|
3,610
|
|
|
—
|
|
|
6,657
|
|
|
281
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Honesdale, PA
|
|
(g)
|
|
|
1,206
|
|
|
3,342
|
|
|
—
|
|
|
4,548
|
|
|
268
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Independence, MO
|
|
(g)
|
|
|
359
|
|
|
2,242
|
|
|
—
|
|
|
2,601
|
|
|
176
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
CVS (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Indianapolis, IN
|
|
(g)
|
|
|
$
|
1,110
|
|
|
$
|
2,484
|
|
|
$
|
—
|
|
|
$
|
3,594
|
|
|
$
|
194
|
|
|
12/13/2013
|
|
2013
|
|
|
|
Irving, TX
|
|
(g)
|
|
|
745
|
|
|
3,034
|
|
|
—
|
|
|
3,779
|
|
|
328
|
|
|
10/5/2012
|
|
2000
|
||||||
|
|
Jacksonville, FL
|
|
(g)
|
|
|
2,182
|
|
|
3,817
|
|
|
—
|
|
|
5,999
|
|
|
242
|
|
|
7/16/2014
|
|
2004
|
||||||
|
|
Janesville, WI
|
|
(g)
|
|
|
736
|
|
|
2,545
|
|
|
—
|
|
|
3,281
|
|
|
199
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Katy, TX
|
|
(g)
|
|
|
1,149
|
|
|
2,462
|
|
|
—
|
|
|
3,611
|
|
|
188
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Lincoln, NE
|
|
(g)
|
|
|
2,534
|
|
|
3,014
|
|
|
—
|
|
|
5,548
|
|
|
235
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
London, KY
|
|
(g)
|
|
|
1,445
|
|
|
2,661
|
|
|
—
|
|
|
4,106
|
|
|
225
|
|
|
9/10/2013
|
|
2013
|
||||||
|
|
Middletown, NY
|
|
(g)
|
|
|
665
|
|
|
5,483
|
|
|
—
|
|
|
6,148
|
|
|
423
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
North Wilkesboro, NC
|
|
(g)
|
|
|
332
|
|
|
2,369
|
|
|
—
|
|
|
2,701
|
|
|
192
|
|
|
10/25/2013
|
|
1999
|
||||||
|
|
Poplar Bluff, MO
|
|
(g)
|
|
|
1,861
|
|
|
2,211
|
|
|
—
|
|
|
4,072
|
|
|
174
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Salem, NH
|
|
(g)
|
|
|
3,456
|
|
|
2,351
|
|
|
—
|
|
|
5,807
|
|
|
185
|
|
|
11/18/2013
|
|
2013
|
||||||
|
|
San Antonio, TX
|
|
(g)
|
|
|
1,893
|
|
|
1,848
|
|
|
—
|
|
|
3,741
|
|
|
146
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Sand Springs, OK
|
|
(g)
|
|
|
1,765
|
|
|
2,283
|
|
|
—
|
|
|
4,048
|
|
|
180
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Santa Fe, NM
|
|
(g)
|
|
|
2,243
|
|
|
4,619
|
|
|
—
|
|
|
6,862
|
|
|
355
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Sedalia, MO
|
|
(g)
|
|
|
466
|
|
|
2,318
|
|
|
—
|
|
|
2,784
|
|
|
182
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
St. John, MO
|
|
(g)
|
|
|
1,546
|
|
|
2,601
|
|
|
—
|
|
|
4,147
|
|
|
203
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
Temple Hills, MD
|
|
(g)
|
|
|
1,817
|
|
|
2,989
|
|
|
—
|
|
|
4,806
|
|
|
249
|
|
|
9/30/2013
|
|
2001
|
||||||
|
|
Vineland, NJ
|
|
(g)
|
|
|
813
|
|
|
2,926
|
|
|
—
|
|
|
3,739
|
|
|
236
|
|
|
12/13/2013
|
|
2010
|
||||||
|
|
Waynesboro, VA
|
|
(g)
|
|
|
986
|
|
|
2,708
|
|
|
—
|
|
|
3,694
|
|
|
212
|
|
|
12/13/2013
|
|
2013
|
||||||
|
|
West Monroe, LA
|
|
(g)
|
|
|
1,738
|
|
|
2,136
|
|
|
—
|
|
|
3,874
|
|
|
168
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Darien Towne Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Darien, IL
|
|
$
|
12,200
|
|
|
6,718
|
|
|
11,951
|
|
|
900
|
|
|
19,569
|
|
|
1,350
|
|
|
12/17/2013
|
|
1994
|
|||||
|
DaVita:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Riverview, MI
|
|
(g)
|
|
|
199
|
|
|
2,322
|
|
|
—
|
|
|
2,521
|
|
|
168
|
|
|
9/4/2014
|
|
2012
|
||||||
|
Decatur Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Decatur, AL
|
|
7,000
|
|
|
2,478
|
|
|
9,333
|
|
|
739
|
|
|
12,550
|
|
|
892
|
|
|
7/10/2013
|
|
2004
|
||||||
|
Deltona Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Deltona, FL
|
|
4,767
|
|
|
1,424
|
|
|
7,760
|
|
|
—
|
|
|
9,184
|
|
|
711
|
|
|
6/18/2013
|
|
2007
|
||||||
|
Dick’s PetSmart Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Oshkosh, WI
|
|
(g)
|
|
|
1,445
|
|
|
6,599
|
|
|
—
|
|
|
8,044
|
|
|
65
|
|
|
9/23/2016
|
|
2015
|
||||||
|
Dick’s Sporting Goods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Oklahoma City, OK
|
|
(g)
|
|
|
1,198
|
|
|
7,838
|
|
|
—
|
|
|
9,036
|
|
|
905
|
|
|
12/21/2012
|
|
2012
|
||||||
|
|
Oklahoma City, OK
|
|
5,858
|
|
|
685
|
|
|
10,587
|
|
|
—
|
|
|
11,272
|
|
|
1,192
|
|
|
12/31/2012
|
|
2012
|
||||||
|
Dollar General:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Abbeville, AL
|
|
(g)
|
|
|
294
|
|
|
1,302
|
|
|
—
|
|
|
1,596
|
|
|
78
|
|
|
10/3/2014
|
|
2014
|
||||||
|
|
Akron, AL
|
|
(g)
|
|
|
69
|
|
|
771
|
|
|
—
|
|
|
840
|
|
|
71
|
|
|
8/6/2013
|
|
2013
|
||||||
|
|
Akron, OH
|
|
(g)
|
|
|
112
|
|
|
1,099
|
|
|
—
|
|
|
1,211
|
|
|
97
|
|
|
11/1/2013
|
|
2013
|
||||||
|
|
Alliance, NE
|
|
(g)
|
|
|
97
|
|
|
812
|
|
|
—
|
|
|
909
|
|
|
88
|
|
|
4/9/2013
|
|
2013
|
||||||
|
|
Alton, TX
|
|
(g)
|
|
|
94
|
|
|
922
|
|
|
—
|
|
|
1,016
|
|
|
57
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Arapahoe, NE
|
|
(g)
|
|
|
44
|
|
|
873
|
|
|
—
|
|
|
917
|
|
|
54
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Asheville, NC
|
|
(g)
|
|
|
379
|
|
|
753
|
|
|
—
|
|
|
1,132
|
|
|
79
|
|
|
6/17/2013
|
|
2013
|
||||||
|
|
Ashville, AL
|
|
666
|
|
|
255
|
|
|
678
|
|
|
—
|
|
|
933
|
|
|
83
|
|
|
12/21/2012
|
|
2012
|
||||||
|
|
Atmore, AL
|
|
(g)
|
|
|
243
|
|
|
858
|
|
|
—
|
|
|
1,101
|
|
|
67
|
|
|
2/25/2014
|
|
2014
|
||||||
|
|
Bainbridge, OH
|
|
(g)
|
|
|
106
|
|
|
1,175
|
|
|
—
|
|
|
1,281
|
|
|
113
|
|
|
9/13/2013
|
|
2013
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Dollar General (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Belle, MO
|
|
(g)
|
|
|
$
|
51
|
|
|
$
|
880
|
|
|
$
|
—
|
|
|
$
|
931
|
|
|
$
|
55
|
|
|
9/5/2014
|
|
2014
|
|
|
|
Berry, AL
|
|
(g)
|
|
|
104
|
|
|
1,196
|
|
|
—
|
|
|
1,300
|
|
|
74
|
|
|
9/26/2014
|
|
2014
|
||||||
|
|
Bessemer, AL
|
|
(g)
|
|
|
142
|
|
|
941
|
|
|
—
|
|
|
1,083
|
|
|
84
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
Bloomfield, NE
|
|
(g)
|
|
|
50
|
|
|
845
|
|
|
—
|
|
|
895
|
|
|
47
|
|
|
12/16/2014
|
|
2014
|
||||||
|
|
Blue Rapids, KS
|
|
(g)
|
|
|
52
|
|
|
880
|
|
|
—
|
|
|
932
|
|
|
53
|
|
|
10/22/2014
|
|
2014
|
||||||
|
|
Bluefield, WV
|
|
(g)
|
|
|
337
|
|
|
686
|
|
|
—
|
|
|
1,023
|
|
|
40
|
|
|
10/15/2014
|
|
2014
|
||||||
|
|
Bokchito, OK
|
|
(g)
|
|
|
59
|
|
|
859
|
|
|
—
|
|
|
918
|
|
|
97
|
|
|
2/27/2013
|
|
2013
|
||||||
|
|
Botkins, OH
|
|
(g)
|
|
|
130
|
|
|
991
|
|
|
—
|
|
|
1,121
|
|
|
93
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
Brandon, SD
|
|
(g)
|
|
|
292
|
|
|
871
|
|
|
—
|
|
|
1,163
|
|
|
52
|
|
|
10/31/2014
|
|
2014
|
||||||
|
|
Breaux Bridge, LA
|
|
$
|
840
|
|
|
225
|
|
|
1,007
|
|
|
—
|
|
|
1,232
|
|
|
112
|
|
|
11/30/2012
|
|
2012
|
|||||
|
|
Broken Bow, NE
|
|
(g)
|
|
|
91
|
|
|
878
|
|
|
—
|
|
|
969
|
|
|
71
|
|
|
11/1/2013
|
|
2013
|
||||||
|
|
Brownsville, TX
|
|
822
|
|
|
264
|
|
|
943
|
|
|
—
|
|
|
1,207
|
|
|
99
|
|
|
11/30/2012
|
|
2012
|
||||||
|
|
Buffalo, NY
|
|
(g)
|
|
|
122
|
|
|
1,099
|
|
|
—
|
|
|
1,221
|
|
|
60
|
|
|
12/5/2014
|
|
2014
|
||||||
|
|
Clay, AL
|
|
792
|
|
|
305
|
|
|
768
|
|
|
—
|
|
|
1,073
|
|
|
89
|
|
|
2/8/2013
|
|
2012
|
||||||
|
|
Cleveland, TX
|
|
684
|
|
|
158
|
|
|
856
|
|
|
—
|
|
|
1,014
|
|
|
90
|
|
|
11/30/2012
|
|
2012
|
||||||
|
|
Columbus, OH
|
|
(g)
|
|
|
279
|
|
|
1,248
|
|
|
—
|
|
|
1,527
|
|
|
110
|
|
|
11/7/2013
|
|
2013
|
||||||
|
|
Conroe, TX
|
|
756
|
|
|
167
|
|
|
946
|
|
|
—
|
|
|
1,113
|
|
|
99
|
|
|
12/18/2012
|
|
2012
|
||||||
|
|
Crystal Springs, MS
|
|
(g)
|
|
|
463
|
|
|
3,027
|
|
|
—
|
|
|
3,490
|
|
|
190
|
|
|
8/6/2014
|
|
2013
|
||||||
|
|
Cullman, AL
|
|
(g)
|
|
|
159
|
|
|
824
|
|
|
—
|
|
|
983
|
|
|
53
|
|
|
8/4/2014
|
|
2014
|
||||||
|
|
Decatur, IL
|
|
(g)
|
|
|
133
|
|
|
986
|
|
|
—
|
|
|
1,119
|
|
|
65
|
|
|
6/18/2014
|
|
2014
|
||||||
|
|
Decatur, IL
|
|
(g)
|
|
|
219
|
|
|
964
|
|
|
—
|
|
|
1,183
|
|
|
58
|
|
|
9/8/2014
|
|
2014
|
||||||
|
|
Delcambre, LA
|
|
(g)
|
|
|
169
|
|
|
1,025
|
|
|
—
|
|
|
1,194
|
|
|
90
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
Delhi, LA
|
|
(g)
|
|
|
301
|
|
|
1,033
|
|
|
—
|
|
|
1,334
|
|
|
93
|
|
|
8/9/2013
|
|
2013
|
||||||
|
|
Deridder, LA
|
|
(g)
|
|
|
135
|
|
|
923
|
|
|
—
|
|
|
1,058
|
|
|
81
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
Deridder, LA
|
|
(g)
|
|
|
176
|
|
|
905
|
|
|
—
|
|
|
1,081
|
|
|
82
|
|
|
8/9/2013
|
|
2013
|
||||||
|
|
Des Moines, IA
|
|
(g)
|
|
|
166
|
|
|
943
|
|
|
—
|
|
|
1,109
|
|
|
86
|
|
|
8/9/2013
|
|
2012
|
||||||
|
|
Dora, AL
|
|
(g)
|
|
|
124
|
|
|
935
|
|
|
—
|
|
|
1,059
|
|
|
58
|
|
|
9/26/2014
|
|
2014
|
||||||
|
|
Dundee, MI
|
|
(g)
|
|
|
296
|
|
|
1,047
|
|
|
—
|
|
|
1,343
|
|
|
84
|
|
|
11/26/2013
|
|
2013
|
||||||
|
|
Edinburg, TX
|
|
(g)
|
|
|
146
|
|
|
809
|
|
|
—
|
|
|
955
|
|
|
54
|
|
|
7/31/2014
|
|
2014
|
||||||
|
|
Eight Mile, AL
|
|
(g)
|
|
|
110
|
|
|
865
|
|
|
—
|
|
|
975
|
|
|
60
|
|
|
6/23/2014
|
|
2014
|
||||||
|
|
Elk Point, SD
|
|
(g)
|
|
|
97
|
|
|
839
|
|
|
—
|
|
|
936
|
|
|
53
|
|
|
9/22/2014
|
|
2014
|
||||||
|
|
Ellerslie, GA
|
|
(g)
|
|
|
247
|
|
|
797
|
|
|
—
|
|
|
1,044
|
|
|
59
|
|
|
4/17/2014
|
|
2014
|
||||||
|
|
Eufaula, AL
|
|
(g)
|
|
|
300
|
|
|
930
|
|
|
—
|
|
|
1,230
|
|
|
62
|
|
|
7/22/2014
|
|
2014
|
||||||
|
|
Farmington, NM
|
|
(g)
|
|
|
175
|
|
|
919
|
|
|
—
|
|
|
1,094
|
|
|
57
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Fort Valley, GA
|
|
(g)
|
|
|
514
|
|
|
2,436
|
|
|
—
|
|
|
2,950
|
|
|
241
|
|
|
7/9/2013
|
|
2013
|
||||||
|
|
Fred, TX
|
|
(g)
|
|
|
93
|
|
|
929
|
|
|
—
|
|
|
1,022
|
|
|
76
|
|
|
12/19/2013
|
|
2013
|
||||||
|
|
Fruitport, MI
|
|
(g)
|
|
|
100
|
|
|
968
|
|
|
—
|
|
|
1,068
|
|
|
63
|
|
|
6/25/2014
|
|
2014
|
||||||
|
|
Geneva, AL
|
|
738
|
|
|
204
|
|
|
815
|
|
|
—
|
|
|
1,019
|
|
|
98
|
|
|
12/21/2012
|
|
2012
|
||||||
|
|
Geraldine, AL
|
|
(g)
|
|
|
220
|
|
|
1,146
|
|
|
—
|
|
|
1,366
|
|
|
82
|
|
|
5/30/2014
|
|
2014
|
||||||
|
|
Greenwell Springs, LA
|
|
870
|
|
|
444
|
|
|
841
|
|
|
—
|
|
|
1,285
|
|
|
95
|
|
|
11/30/2012
|
|
2012
|
||||||
|
|
Groveport, OH
|
|
822
|
|
|
416
|
|
|
813
|
|
|
—
|
|
|
1,229
|
|
|
90
|
|
|
3/15/2013
|
|
2013
|
||||||
|
|
Hamilton, AL
|
|
(g)
|
|
|
208
|
|
|
1,024
|
|
|
—
|
|
|
1,232
|
|
|
61
|
|
|
10/16/2014
|
|
2014
|
||||||
|
|
Hanceville, AL
|
|
2,029
|
|
|
1,232
|
|
|
1,488
|
|
|
—
|
|
|
2,720
|
|
|
189
|
|
|
11/21/2012
|
|
2012
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
|
Dollar General (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Harlingen, TX
|
|
(g)
|
|
|
$
|
144
|
|
|
$
|
853
|
|
|
$
|
—
|
|
|
$
|
997
|
|
|
$
|
59
|
|
|
6/20/2014
|
|
2014
|
|
|
|
Harvest, AL
|
|
$
|
684
|
|
|
261
|
|
|
691
|
|
|
—
|
|
|
952
|
|
|
84
|
|
|
12/21/2012
|
|
2012
|
|||||
|
|
Harviell, MO
|
|
(g)
|
|
|
50
|
|
|
818
|
|
|
—
|
|
|
868
|
|
|
62
|
|
|
3/31/2014
|
|
2014
|
||||||
|
|
Hastings, NE
|
|
(g)
|
|
|
177
|
|
|
850
|
|
|
—
|
|
|
1,027
|
|
|
51
|
|
|
10/22/2014
|
|
2014
|
||||||
|
|
Hayneville, AL
|
|
(g)
|
|
|
249
|
|
|
1,181
|
|
|
—
|
|
|
1,430
|
|
|
77
|
|
|
8/15/2014
|
|
2014
|
||||||
|
|
Hillsboro, OH
|
|
(g)
|
|
|
262
|
|
|
956
|
|
|
—
|
|
|
1,218
|
|
|
56
|
|
|
9/25/2014
|
|
2014
|
||||||
|
|
Hinton, WV
|
|
(g)
|
|
|
199
|
|
|
1,367
|
|
|
—
|
|
|
1,566
|
|
|
83
|
|
|
8/18/2014
|
|
2014
|
||||||
|
|
Homeworth, OH
|
|
(g)
|
|
|
110
|
|
|
1,057
|
|
|
—
|
|
|
1,167
|
|
|
87
|
|
|
10/18/2013
|
|
2013
|
||||||
|
|
Houston, TX
|
|
966
|
|
|
311
|
|
|
1,102
|
|
|
—
|
|
|
1,413
|
|
|
115
|
|
|
12/18/2012
|
|
2012
|
||||||
|
|
Houston, TX
|
|
(g)
|
|
|
255
|
|
|
1,393
|
|
|
—
|
|
|
1,648
|
|
|
116
|
|
|
10/18/2013
|
|
2013
|
||||||
|
|
Huntsville, AL
|
|
768
|
|
|
177
|
|
|
847
|
|
|
—
|
|
|
1,024
|
|
|
101
|
|
|
12/21/2012
|
|
2012
|
||||||
|
|
Independence, MO
|
|
828
|
|
|
170
|
|
|
1,072
|
|
|
—
|
|
|
1,242
|
|
|
117
|
|
|
12/18/2012
|
|
2012
|
||||||
|
|
Kansas City, MO
|
|
(g)
|
|
|
283
|
|
|
1,068
|
|
|
—
|
|
|
1,351
|
|
|
92
|
|
|
10/18/2013
|
|
2013
|
||||||
|
|
Kansas City, MO
|
|
(g)
|
|
|
233
|
|
|
1,054
|
|
|
—
|
|
|
1,287
|
|
|
89
|
|
|
11/1/2013
|
|
2013
|
||||||
|
|
Kasson, MN
|
|
(g)
|
|
|
138
|
|
|
888
|
|
|
—
|
|
|
1,026
|
|
|
61
|
|
|
8/15/2014
|
|
2014
|
||||||
|
|
Kearney, NE
|
|
(g)
|
|
|
141
|
|
|
851
|
|
|
—
|
|
|
992
|
|
|
72
|
|
|
11/20/2013
|
|
2013
|
||||||
|
|
Kinston, AL
|
|
642
|
|
|
170
|
|
|
718
|
|
|
—
|
|
|
888
|
|
|
87
|
|
|
12/21/2012
|
|
2012
|
||||||
|
|
Kolona, IA
|
|
(g)
|
|
|
81
|
|
|
868
|
|
|
—
|
|
|
949
|
|
|
56
|
|
|
8/15/2014
|
|
2014
|
||||||
|
|
Lake Charles, LA
|
|
(g)
|
|
|
146
|
|
|
989
|
|
|
—
|
|
|
1,135
|
|
|
89
|
|
|
8/9/2013
|
|
2013
|
||||||
|
|
Lamesa, TX
|
|
(g)
|
|
|
75
|
|
|
803
|
|
|
—
|
|
|
878
|
|
|
54
|
|
|
7/31/2014
|
|
2014
|
||||||
|
|
Lansing, MI
|
|
(g)
|
|
|
232
|
|
|
939
|
|
|
—
|
|
|
1,171
|
|
|
61
|
|
|
6/25/2014
|
|
2014
|
||||||
|
|
Lebanon, TN
|
|
(g)
|
|
|
177
|
|
|
882
|
|
|
—
|
|
|
1,059
|
|
|
58
|
|
|
6/30/2014
|
|
2012
|
||||||
|
|
Leicester, NC
|
|
(g)
|
|
|
134
|
|
|
800
|
|
|
—
|
|
|
934
|
|
|
78
|
|
|
6/17/2013
|
|
2013
|
||||||
|
|
Lima, OH
|
|
810
|
|
|
156
|
|
|
1,040
|
|
|
—
|
|
|
1,196
|
|
|
110
|
|
|
11/30/2012
|
|
2012
|
||||||
|
|
Linden, AL
|
|
(g)
|
|
|
317
|
|
|
746
|
|
|
—
|
|
|
1,063
|
|
|
71
|
|
|
7/11/2013
|
|
2013
|
||||||
|
|
Lone Jack, MO
|
|
(g)
|
|
|
152
|
|
|
960
|
|
|
—
|
|
|
1,112
|
|
|
68
|
|
|
5/16/2014
|
|
2014
|
||||||
|
|
Los Fresnos, TX
|
|
(g)
|
|
|
55
|
|
|
867
|
|
|
—
|
|
|
922
|
|
|
54
|
|
|
9/19/2014
|
|
2014
|
||||||
|
|
Los Lunas, NM
|
|
(g)
|
|
|
113
|
|
|
857
|
|
|
—
|
|
|
970
|
|
|
61
|
|
|
5/14/2014
|
|
2014
|
||||||
|
|
Louisburg, KS
|
|
(g)
|
|
|
324
|
|
|
936
|
|
|
—
|
|
|
1,260
|
|
|
65
|
|
|
6/25/2014
|
|
2014
|
||||||
|
|
Loveland, OH
|
|
(g)
|
|
|
241
|
|
|
1,065
|
|
|
—
|
|
|
1,306
|
|
|
93
|
|
|
12/12/2013
|
|
2013
|
||||||
|
|
Lubbock, TX
|
|
744
|
|
|
468
|
|
|
641
|
|
|
—
|
|
|
1,109
|
|
|
72
|
|
|
12/18/2012
|
|
2012
|
||||||
|
|
Manhattan, KS
|
|
(g)
|
|
|
194
|
|
|
921
|
|
|
—
|
|
|
1,115
|
|
|
78
|
|
|
11/20/2013
|
|
2013
|
||||||
|
|
Mansfield, OH
|
|
(g)
|
|
|
72
|
|
|
1,226
|
|
|
—
|
|
|
1,298
|
|
|
95
|
|
|
12/12/2013
|
|
2013
|
||||||
|
|
Maple Lake, MN
|
|
(g)
|
|
|
92
|
|
|
893
|
|
|
—
|
|
|
985
|
|
|
57
|
|
|
10/10/2014
|
|
2014
|
||||||
|
|
Maynardville, TN
|
|
750
|
|
|
238
|
|
|
754
|
|
|
—
|
|
|
992
|
|
|
94
|
|
|
11/30/2012
|
|
2012
|
||||||
|
|
Millbrook, AL
|
|
(g)
|
|
|
320
|
|
|
1,175
|
|
|
—
|
|
|
1,495
|
|
|
78
|
|
|
7/22/2014
|
|
2014
|
||||||
|
|
Mission, TX
|
|
(g)
|
|
|
182
|
|
|
858
|
|
|
—
|
|
|
1,040
|
|
|
53
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Mobile, AL
|
|
(g)
|
|
|
139
|
|
|
1,005
|
|
|
—
|
|
|
1,144
|
|
|
88
|
|
|
10/18/2013
|
|
2013
|
||||||
|
|
Mobile, AL
|
|
(g)
|
|
|
410
|
|
|
1,059
|
|
|
—
|
|
|
1,469
|
|
|
103
|
|
|
6/17/2013
|
|
2013
|
||||||
|
|
Monroeville, OH
|
|
(g)
|
|
|
131
|
|
|
1,069
|
|
|
—
|
|
|
1,200
|
|
|
88
|
|
|
10/4/2013
|
|
2013
|
||||||
|
|
Montgomery, AL
|
|
(g)
|
|
|
140
|
|
|
909
|
|
|
—
|
|
|
1,049
|
|
|
54
|
|
|
10/24/2014
|
|
2014
|
||||||
|
|
Moose Lake, MN
|
|
(g)
|
|
|
140
|
|
|
937
|
|
|
—
|
|
|
1,077
|
|
|
59
|
|
|
10/10/2014
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Dollar General (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Moroa, IL
|
|
(g)
|
|
|
$
|
111
|
|
|
$
|
921
|
|
|
$
|
—
|
|
|
$
|
1,032
|
|
|
$
|
61
|
|
|
6/26/2014
|
|
2014
|
|
|
|
Mt. Vernon, IL
|
|
(g)
|
|
|
177
|
|
|
985
|
|
|
—
|
|
|
1,162
|
|
|
67
|
|
|
5/30/2014
|
|
2014
|
||||||
|
|
Nashville, GA
|
|
$
|
2,088
|
|
|
215
|
|
|
2,533
|
|
|
—
|
|
|
2,748
|
|
|
275
|
|
|
3/1/2013
|
|
2013
|
|||||
|
|
Nashville, MI
|
|
(g)
|
|
|
103
|
|
|
1,255
|
|
|
—
|
|
|
1,358
|
|
|
93
|
|
|
1/24/2014
|
|
2013
|
||||||
|
|
Navarre, OH
|
|
(g)
|
|
|
153
|
|
|
1,005
|
|
|
—
|
|
|
1,158
|
|
|
85
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
Neoga, IL
|
|
(g)
|
|
|
94
|
|
|
860
|
|
|
—
|
|
|
954
|
|
|
53
|
|
|
8/8/2014
|
|
2010
|
||||||
|
|
Ness City, KS
|
|
(g)
|
|
|
21
|
|
|
860
|
|
|
—
|
|
|
881
|
|
|
66
|
|
|
3/20/2014
|
|
2014
|
||||||
|
|
New Philadelphia, OH
|
|
(g)
|
|
|
129
|
|
|
1,100
|
|
|
—
|
|
|
1,229
|
|
|
93
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
New Washington, OH
|
|
(g)
|
|
|
99
|
|
|
975
|
|
|
—
|
|
|
1,074
|
|
|
92
|
|
|
9/13/2013
|
|
2013
|
||||||
|
|
Newark, OH
|
|
792
|
|
|
222
|
|
|
946
|
|
|
—
|
|
|
1,168
|
|
|
104
|
|
|
3/15/2013
|
|
2013
|
||||||
|
|
Nitro, WV
|
|
(g)
|
|
|
451
|
|
|
1,034
|
|
|
—
|
|
|
1,485
|
|
|
67
|
|
|
6/30/2014
|
|
2013
|
||||||
|
|
Nixa, MO
|
|
(g)
|
|
|
235
|
|
|
806
|
|
|
—
|
|
|
1,041
|
|
|
60
|
|
|
4/3/2014
|
|
2014
|
||||||
|
|
North Lewisburg, OH
|
|
(g)
|
|
|
59
|
|
|
1,008
|
|
|
—
|
|
|
1,067
|
|
|
90
|
|
|
11/22/2013
|
|
2013
|
||||||
|
|
Onawa, IA
|
|
(g)
|
|
|
176
|
|
|
842
|
|
|
—
|
|
|
1,018
|
|
|
58
|
|
|
6/26/2014
|
|
2014
|
||||||
|
|
Opelousas, LA
|
|
(g)
|
|
|
92
|
|
|
947
|
|
|
—
|
|
|
1,039
|
|
|
81
|
|
|
10/4/2013
|
|
2013
|
||||||
|
|
Ortonville, MN
|
|
(g)
|
|
|
113
|
|
|
907
|
|
|
—
|
|
|
1,020
|
|
|
60
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Osceola, NE
|
|
(g)
|
|
|
194
|
|
|
835
|
|
|
—
|
|
|
1,029
|
|
|
39
|
|
|
4/2/2015
|
|
2014
|
||||||
|
|
Oxford, AL
|
|
(g)
|
|
|
465
|
|
|
783
|
|
|
—
|
|
|
1,248
|
|
|
69
|
|
|
10/18/2013
|
|
2013
|
||||||
|
|
Palestine, IL
|
|
(g)
|
|
|
155
|
|
|
893
|
|
|
—
|
|
|
1,048
|
|
|
59
|
|
|
6/26/2014
|
|
2014
|
||||||
|
|
Parchment, MI
|
|
(g)
|
|
|
168
|
|
|
1,162
|
|
|
—
|
|
|
1,330
|
|
|
75
|
|
|
6/25/2014
|
|
2014
|
||||||
|
|
Park Hill, OK
|
|
(g)
|
|
|
91
|
|
|
887
|
|
|
—
|
|
|
978
|
|
|
95
|
|
|
1/4/2013
|
|
2012
|
||||||
|
|
Parsons, TN
|
|
(g)
|
|
|
166
|
|
|
1,136
|
|
|
—
|
|
|
1,302
|
|
|
77
|
|
|
7/16/2014
|
|
2013
|
||||||
|
|
Phenix City, AL
|
|
(g)
|
|
|
331
|
|
|
718
|
|
|
—
|
|
|
1,049
|
|
|
70
|
|
|
6/17/2013
|
|
2013
|
||||||
|
|
Piedmont, AL
|
|
1,980
|
|
|
1,037
|
|
|
1,579
|
|
|
—
|
|
|
2,616
|
|
|
201
|
|
|
11/21/2012
|
|
2012
|
||||||
|
|
Pike Road, AL
|
|
(g)
|
|
|
477
|
|
|
772
|
|
|
—
|
|
|
1,249
|
|
|
71
|
|
|
8/21/2013
|
|
2013
|
||||||
|
|
Plain City, OH
|
|
(g)
|
|
|
187
|
|
|
1,097
|
|
|
—
|
|
|
1,284
|
|
|
88
|
|
|
11/26/2013
|
|
2013
|
||||||
|
|
Port Clinton, OH
|
|
(g)
|
|
|
120
|
|
|
1,070
|
|
|
—
|
|
|
1,190
|
|
|
86
|
|
|
11/22/2013
|
|
2013
|
||||||
|
|
Princeton, MO
|
|
(g)
|
|
|
155
|
|
|
1,159
|
|
|
—
|
|
|
1,314
|
|
|
69
|
|
|
10/10/2014
|
|
2014
|
||||||
|
|
Pueblo, CO
|
|
(g)
|
|
|
144
|
|
|
909
|
|
|
—
|
|
|
1,053
|
|
|
93
|
|
|
1/4/2013
|
|
2012
|
||||||
|
|
Ragley, LA
|
|
(g)
|
|
|
196
|
|
|
877
|
|
|
—
|
|
|
1,073
|
|
|
80
|
|
|
8/9/2013
|
|
2013
|
||||||
|
|
Rainsville, AL
|
|
(g)
|
|
|
290
|
|
|
1,267
|
|
|
—
|
|
|
1,557
|
|
|
81
|
|
|
8/13/2014
|
|
2014
|
||||||
|
|
Ravenna, MI
|
|
(g)
|
|
|
199
|
|
|
958
|
|
|
—
|
|
|
1,157
|
|
|
71
|
|
|
1/24/2014
|
|
2013
|
||||||
|
|
Rayne, LA
|
|
702
|
|
|
125
|
|
|
910
|
|
|
—
|
|
|
1,035
|
|
|
100
|
|
|
12/18/2012
|
|
2012
|
||||||
|
|
Roanoke, IL
|
|
(g)
|
|
|
93
|
|
|
846
|
|
|
—
|
|
|
939
|
|
|
58
|
|
|
5/16/2014
|
|
2014
|
||||||
|
|
Romney, IN
|
|
(g)
|
|
|
87
|
|
|
827
|
|
|
—
|
|
|
914
|
|
|
52
|
|
|
7/7/2014
|
|
2011
|
||||||
|
|
Romulus, MI
|
|
(g)
|
|
|
274
|
|
|
1,171
|
|
|
—
|
|
|
1,445
|
|
|
84
|
|
|
3/7/2014
|
|
2013
|
||||||
|
|
Russell, KS
|
|
(g)
|
|
|
54
|
|
|
899
|
|
|
—
|
|
|
953
|
|
|
58
|
|
|
8/5/2014
|
|
2014
|
||||||
|
|
San Antonio, TX
|
|
(g)
|
|
|
295
|
|
|
743
|
|
|
—
|
|
|
1,038
|
|
|
54
|
|
|
7/31/2014
|
|
2014
|
||||||
|
|
San Carlos, TX
|
|
(g)
|
|
|
70
|
|
|
1,063
|
|
|
—
|
|
|
1,133
|
|
|
72
|
|
|
6/20/2014
|
|
2014
|
||||||
|
|
Seale, AL
|
|
(g)
|
|
|
259
|
|
|
767
|
|
|
—
|
|
|
1,026
|
|
|
68
|
|
|
10/28/2013
|
|
2013
|
||||||
|
|
Seminole, AL
|
|
(g)
|
|
|
175
|
|
|
829
|
|
|
—
|
|
|
1,004
|
|
|
78
|
|
|
7/15/2013
|
|
2013
|
||||||
|
|
Shelby, MI
|
|
(g)
|
|
|
128
|
|
|
1,033
|
|
|
—
|
|
|
1,161
|
|
|
76
|
|
|
1/24/2014
|
|
2013
|
||||||
|
|
Slocomb, AL
|
|
(g)
|
|
|
124
|
|
|
918
|
|
|
—
|
|
|
1,042
|
|
|
71
|
|
|
2/25/2014
|
|
2014
|
||||||
|
|
Snead, AL
|
|
(g)
|
|
|
126
|
|
|
1,137
|
|
|
—
|
|
|
1,263
|
|
|
71
|
|
|
9/26/2014
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Dollar General (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
South Bay, FL
|
|
(g)
|
|
|
$
|
258
|
|
|
$
|
1,262
|
|
|
$
|
—
|
|
|
$
|
1,520
|
|
|
$
|
86
|
|
|
5/7/2014
|
|
2013
|
|
|
|
Spring, TX
|
|
(g)
|
|
|
277
|
|
|
1,132
|
|
|
—
|
|
|
1,409
|
|
|
96
|
|
|
9/30/2013
|
|
2013
|
||||||
|
|
Springfield, IL
|
|
(g)
|
|
|
205
|
|
|
934
|
|
|
—
|
|
|
1,139
|
|
|
56
|
|
|
9/17/2014
|
|
2014
|
||||||
|
|
Springfield, MO
|
|
(g)
|
|
|
171
|
|
|
810
|
|
|
—
|
|
|
981
|
|
|
54
|
|
|
7/14/2014
|
|
2014
|
||||||
|
|
Springfield, NE
|
|
(g)
|
|
|
172
|
|
|
864
|
|
|
—
|
|
|
1,036
|
|
|
61
|
|
|
5/12/2014
|
|
2014
|
||||||
|
|
Springfield, OH
|
|
(g)
|
|
|
125
|
|
|
1,000
|
|
|
—
|
|
|
1,125
|
|
|
88
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
St. Louis, MO
|
|
(g)
|
|
|
229
|
|
|
1,102
|
|
|
—
|
|
|
1,331
|
|
|
89
|
|
|
12/31/2013
|
|
2013
|
||||||
|
|
St. Louis, MO
|
|
(g)
|
|
|
240
|
|
|
1,118
|
|
|
—
|
|
|
1,358
|
|
|
88
|
|
|
1/15/2014
|
|
2013
|
||||||
|
|
Superior, NE
|
|
(g)
|
|
|
230
|
|
|
917
|
|
|
—
|
|
|
1,147
|
|
|
77
|
|
|
11/26/2013
|
|
2013
|
||||||
|
|
Temple, GA
|
|
(g)
|
|
|
200
|
|
|
917
|
|
|
—
|
|
|
1,117
|
|
|
90
|
|
|
5/15/2013
|
|
2013
|
||||||
|
|
Theodore, AL
|
|
(g)
|
|
|
248
|
|
|
763
|
|
|
—
|
|
|
1,011
|
|
|
76
|
|
|
5/15/2013
|
|
2013
|
||||||
|
|
Thibodaux, LA
|
|
(g)
|
|
|
211
|
|
|
1,083
|
|
|
—
|
|
|
1,294
|
|
|
95
|
|
|
9/27/2013
|
|
2013
|
||||||
|
|
Toney, AL
|
|
$
|
642
|
|
|
86
|
|
|
792
|
|
|
—
|
|
|
878
|
|
|
90
|
|
|
3/21/2013
|
|
2012
|
|||||
|
|
Topeka, KS
|
|
(g)
|
|
|
159
|
|
|
873
|
|
|
—
|
|
|
1,032
|
|
|
45
|
|
|
2/25/2015
|
|
2014
|
||||||
|
|
Urbana, OH
|
|
(g)
|
|
|
133
|
|
|
1,051
|
|
|
—
|
|
|
1,184
|
|
|
75
|
|
|
5/29/2014
|
|
2013
|
||||||
|
|
Volga, SD
|
|
(g)
|
|
|
51
|
|
|
784
|
|
|
—
|
|
|
835
|
|
|
49
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Waco, TX
|
|
(g)
|
|
|
26
|
|
|
922
|
|
|
—
|
|
|
948
|
|
|
68
|
|
|
6/20/2014
|
|
2014
|
||||||
|
|
Wagener, SC
|
|
(g)
|
|
|
477
|
|
|
1,169
|
|
|
—
|
|
|
1,646
|
|
|
69
|
|
|
9/16/2014
|
|
2014
|
||||||
|
|
Wakefield, KS
|
|
(g)
|
|
|
78
|
|
|
929
|
|
|
—
|
|
|
1,007
|
|
|
83
|
|
|
9/30/2013
|
|
2013
|
||||||
|
|
Waterloo, IA
|
|
(g)
|
|
|
330
|
|
|
908
|
|
|
—
|
|
|
1,238
|
|
|
52
|
|
|
11/5/2014
|
|
2014
|
||||||
|
|
Weslaco, TX
|
|
(g)
|
|
|
141
|
|
|
848
|
|
|
—
|
|
|
989
|
|
|
52
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Weston, MO
|
|
(g)
|
|
|
117
|
|
|
1,012
|
|
|
—
|
|
|
1,129
|
|
|
94
|
|
|
7/17/2013
|
|
2013
|
||||||
|
|
Wetumpka, AL
|
|
(g)
|
|
|
290
|
|
|
779
|
|
|
—
|
|
|
1,069
|
|
|
56
|
|
|
5/29/2014
|
|
2014
|
||||||
|
|
Whitehouse, OH
|
|
(g)
|
|
|
134
|
|
|
1,144
|
|
|
—
|
|
|
1,278
|
|
|
94
|
|
|
10/18/2013
|
|
2013
|
||||||
|
|
Whitwell, TN
|
|
870
|
|
|
159
|
|
|
1,035
|
|
|
—
|
|
|
1,194
|
|
|
128
|
|
|
11/30/2012
|
|
2012
|
||||||
|
|
Wilmer, AL
|
|
(g)
|
|
|
99
|
|
|
775
|
|
|
—
|
|
|
874
|
|
|
72
|
|
|
8/5/2013
|
|
2013
|
||||||
|
|
Winsted, MN
|
|
(g)
|
|
|
152
|
|
|
841
|
|
|
—
|
|
|
993
|
|
|
56
|
|
|
9/29/2014
|
|
2014
|
||||||
|
|
Wisner, NE
|
|
(g)
|
|
|
37
|
|
|
773
|
|
|
—
|
|
|
810
|
|
|
55
|
|
|
5/12/2014
|
|
2014
|
||||||
|
|
Woodville, OH
|
|
786
|
|
|
169
|
|
|
1,009
|
|
|
—
|
|
|
1,178
|
|
|
112
|
|
|
2/8/2013
|
|
2013
|
||||||
|
|
Yatesville, GA
|
|
666
|
|
|
120
|
|
|
797
|
|
|
—
|
|
|
917
|
|
|
90
|
|
|
3/25/2013
|
|
2013
|
||||||
|
Dollar Tree/Petco:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Humble, TX
|
|
(g)
|
|
|
720
|
|
|
2,543
|
|
|
—
|
|
|
3,263
|
|
|
268
|
|
|
2/11/2013
|
|
2011
|
||||||
|
Earth Fare:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Huntersville, NC
|
|
3,183
|
|
|
1,439
|
|
|
2,973
|
|
|
—
|
|
|
4,412
|
|
|
322
|
|
|
2/28/2013
|
|
2011
|
||||||
|
East Manchester Village Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Manchester, PA
|
|
8,300
|
|
|
2,517
|
|
|
12,672
|
|
|
183
|
|
|
15,372
|
|
|
1,074
|
|
|
12/19/2013
|
|
2009
|
||||||
|
East West Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Austell, GA
|
|
13,000
|
|
|
10,094
|
|
|
16,034
|
|
|
628
|
|
|
26,756
|
|
|
1,156
|
|
|
9/30/2014
|
|
2002
|
||||||
|
Emerald Place:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Greenwood, SC
|
|
6,250
|
|
|
2,042
|
|
|
9,942
|
|
|
—
|
|
|
11,984
|
|
|
942
|
|
|
6/28/2013
|
|
2012
|
||||||
|
Evergreen Marketplace:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Evergreen Park, IL
|
|
(g)
|
|
|
2,823
|
|
|
6,239
|
|
|
—
|
|
|
9,062
|
|
|
671
|
|
|
9/6/2013
|
|
2013
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Family Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Riverdale, UT
|
|
(g)
|
|
|
$
|
21,716
|
|
|
$
|
29,454
|
|
|
$
|
(741
|
)
|
|
$
|
50,429
|
|
|
$
|
2,610
|
|
|
2/28/2014
|
|
2008
|
|
|
Family Dollar:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Aberdeen, ID
|
|
(g)
|
|
|
101
|
|
|
1,054
|
|
|
—
|
|
|
1,155
|
|
|
62
|
|
|
10/24/2014
|
|
2014
|
||||||
|
|
Adelanto, GA
|
|
(g)
|
|
|
463
|
|
|
1,711
|
|
|
—
|
|
|
2,174
|
|
|
95
|
|
|
11/14/2014
|
|
2014
|
||||||
|
|
Aguila, AZ
|
|
(g)
|
|
|
129
|
|
|
1,290
|
|
|
—
|
|
|
1,419
|
|
|
62
|
|
|
2/13/2015
|
|
2014
|
||||||
|
|
Albany, GA
|
|
(g)
|
|
|
347
|
|
|
925
|
|
|
—
|
|
|
1,272
|
|
|
52
|
|
|
11/7/2014
|
|
2014
|
||||||
|
|
Apple Springs, TX
|
|
(g)
|
|
|
91
|
|
|
804
|
|
|
—
|
|
|
895
|
|
|
46
|
|
|
11/14/2014
|
|
2014
|
||||||
|
|
Arkadelphia, AR
|
|
(g)
|
|
|
113
|
|
|
738
|
|
|
—
|
|
|
851
|
|
|
36
|
|
|
2/12/2015
|
|
2014
|
||||||
|
|
Auburn, ME
|
|
(g)
|
|
|
217
|
|
|
1,261
|
|
|
—
|
|
|
1,478
|
|
|
64
|
|
|
4/15/2015
|
|
2014
|
||||||
|
|
Bagley, MN
|
|
(g)
|
|
|
95
|
|
|
1,114
|
|
|
—
|
|
|
1,209
|
|
|
80
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Benavides, TX
|
|
(g)
|
|
|
27
|
|
|
1,065
|
|
|
—
|
|
|
1,092
|
|
|
87
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
Berry, AL
|
|
(g)
|
|
|
122
|
|
|
880
|
|
|
—
|
|
|
1,002
|
|
|
50
|
|
|
11/14/2014
|
|
2014
|
||||||
|
|
Bessemer, AL
|
|
(g)
|
|
|
201
|
|
|
1,043
|
|
|
—
|
|
|
1,244
|
|
|
85
|
|
|
12/27/2013
|
|
2013
|
||||||
|
|
Broadway, VA
|
|
(g)
|
|
|
213
|
|
|
1,153
|
|
|
—
|
|
|
1,366
|
|
|
68
|
|
|
11/7/2014
|
|
2014
|
||||||
|
|
Birmingham, AL
|
|
(g)
|
|
|
500
|
|
|
831
|
|
|
—
|
|
|
1,331
|
|
|
69
|
|
|
12/27/2013
|
|
2013
|
||||||
|
|
Brooksville, FL
|
|
(g)
|
|
|
206
|
|
|
791
|
|
|
—
|
|
|
997
|
|
|
65
|
|
|
12/18/2013
|
|
2013
|
||||||
|
|
Burkeville, TX
|
|
(g)
|
|
|
54
|
|
|
900
|
|
|
—
|
|
|
954
|
|
|
60
|
|
|
9/30/2014
|
|
2014
|
||||||
|
|
Cascade, ID
|
|
(g)
|
|
|
267
|
|
|
1,147
|
|
|
—
|
|
|
1,414
|
|
|
82
|
|
|
2/4/2014
|
|
2013
|
||||||
|
|
Cass Lake, MN
|
|
(g)
|
|
|
157
|
|
|
1,107
|
|
|
—
|
|
|
1,264
|
|
|
79
|
|
|
6/27/2014
|
|
2013
|
||||||
|
|
Cathedral City, CA
|
|
(g)
|
|
|
658
|
|
|
1,908
|
|
|
—
|
|
|
2,566
|
|
|
115
|
|
|
9/19/2014
|
|
2014
|
||||||
|
|
Charlotte, TX
|
|
(g)
|
|
|
118
|
|
|
970
|
|
|
—
|
|
|
1,088
|
|
|
80
|
|
|
2/26/2014
|
|
2014
|
||||||
|
|
Cheyenne, WY
|
|
(g)
|
|
|
148
|
|
|
986
|
|
|
—
|
|
|
1,134
|
|
|
71
|
|
|
4/23/2014
|
|
2014
|
||||||
|
|
Coachella, CA
|
|
(g)
|
|
|
450
|
|
|
1,634
|
|
|
—
|
|
|
2,084
|
|
|
123
|
|
|
2/19/2014
|
|
2013
|
||||||
|
|
Cocoa, FL
|
|
(g)
|
|
|
370
|
|
|
1,092
|
|
|
—
|
|
|
1,462
|
|
|
66
|
|
|
9/26/2014
|
|
2014
|
||||||
|
|
Colmesneil, TX
|
|
(g)
|
|
|
172
|
|
|
858
|
|
|
—
|
|
|
1,030
|
|
|
62
|
|
|
2/4/2014
|
|
2013
|
||||||
|
|
Columbia, SC
|
|
(g)
|
|
|
294
|
|
|
824
|
|
|
—
|
|
|
1,118
|
|
|
49
|
|
|
10/24/2014
|
|
2014
|
||||||
|
|
Columbia, SC
|
|
(g)
|
|
|
332
|
|
|
1,044
|
|
|
—
|
|
|
1,376
|
|
|
60
|
|
|
10/24/2014
|
|
2014
|
||||||
|
|
Comanche, TX
|
|
(g)
|
|
|
176
|
|
|
1,145
|
|
|
—
|
|
|
1,321
|
|
|
72
|
|
|
8/6/2014
|
|
2014
|
||||||
|
|
Cordes Lakes, AZ
|
|
(g)
|
|
|
380
|
|
|
1,421
|
|
|
—
|
|
|
1,801
|
|
|
83
|
|
|
9/19/2014
|
|
2014
|
||||||
|
|
Davenport, FL
|
|
(g)
|
|
|
298
|
|
|
964
|
|
|
—
|
|
|
1,262
|
|
|
52
|
|
|
12/5/2014
|
|
2014
|
||||||
|
|
Davenport, IA
|
|
(g)
|
|
|
167
|
|
|
918
|
|
|
—
|
|
|
1,085
|
|
|
52
|
|
|
11/25/2014
|
|
2014
|
||||||
|
|
Dawson, TX
|
|
(g)
|
|
|
41
|
|
|
799
|
|
|
—
|
|
|
840
|
|
|
46
|
|
|
11/14/2014
|
|
2014
|
||||||
|
|
Deadwood, SD
|
|
(g)
|
|
|
132
|
|
|
1,139
|
|
|
—
|
|
|
1,271
|
|
|
68
|
|
|
9/18/2014
|
|
2014
|
||||||
|
|
Des Moines, IA
|
|
(g)
|
|
|
290
|
|
|
1,126
|
|
|
—
|
|
|
1,416
|
|
|
63
|
|
|
11/25/2014
|
|
2014
|
||||||
|
|
East Millinocket, ME
|
|
(g)
|
|
|
161
|
|
|
1,004
|
|
|
—
|
|
|
1,165
|
|
|
58
|
|
|
2/26/2015
|
|
2014
|
||||||
|
|
Eden, TX
|
|
(g)
|
|
|
82
|
|
|
903
|
|
|
—
|
|
|
985
|
|
|
70
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
Elizabethtown, NY
|
|
(g)
|
|
|
107
|
|
|
671
|
|
|
—
|
|
|
778
|
|
|
50
|
|
|
1/31/2014
|
|
2008
|
||||||
|
|
Eloy, AZ
|
|
(g)
|
|
|
86
|
|
|
1,587
|
|
|
—
|
|
|
1,673
|
|
|
89
|
|
|
10/24/2014
|
|
2014
|
||||||
|
|
Empire, CA
|
|
(g)
|
|
|
239
|
|
|
1,527
|
|
|
—
|
|
|
1,766
|
|
|
102
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Erwinville, LA
|
|
(g)
|
|
|
146
|
|
|
765
|
|
|
—
|
|
|
911
|
|
|
32
|
|
|
7/7/2015
|
|
2015
|
||||||
|
|
Evans, CO
|
|
(g)
|
|
|
201
|
|
|
817
|
|
|
—
|
|
|
1,018
|
|
|
48
|
|
|
9/29/2014
|
|
2014
|
||||||
|
|
Findlay, OH
|
|
(g)
|
|
|
326
|
|
|
1,271
|
|
|
—
|
|
|
1,597
|
|
|
102
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
Folsom, LA
|
|
(g)
|
|
|
325
|
|
|
788
|
|
|
—
|
|
|
1,113
|
|
|
48
|
|
|
9/30/2014
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Family Dollar (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Ft. Lauderdale, FL
|
|
(g)
|
|
|
$
|
443
|
|
|
$
|
1,361
|
|
|
$
|
—
|
|
|
$
|
1,804
|
|
|
$
|
106
|
|
|
12/18/2013
|
|
2013
|
|
|
|
Fort Thomas, AZ
|
|
(g)
|
|
|
49
|
|
|
1,173
|
|
|
—
|
|
|
1,222
|
|
|
86
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
Fort Wayne, IN
|
|
(g)
|
|
|
258
|
|
|
1,096
|
|
|
—
|
|
|
1,354
|
|
|
55
|
|
|
3/6/2015
|
|
2014
|
||||||
|
|
Fort Worth, TX
|
|
(g)
|
|
|
532
|
|
|
1,346
|
|
|
—
|
|
|
1,878
|
|
|
82
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Franklin, NH
|
|
(g)
|
|
|
307
|
|
|
1,214
|
|
|
—
|
|
|
1,521
|
|
|
44
|
|
|
10/15/2015
|
|
2014
|
||||||
|
|
Frederica, DE
|
|
(g)
|
|
|
392
|
|
|
1,164
|
|
|
—
|
|
|
1,556
|
|
|
54
|
|
|
3/6/2015
|
|
2014
|
||||||
|
|
Freeport, OH
|
|
(g)
|
|
|
322
|
|
|
959
|
|
|
—
|
|
|
1,281
|
|
|
51
|
|
|
2/20/2015
|
|
2014
|
||||||
|
|
Fresno, CA
|
|
(g)
|
|
|
488
|
|
|
1,553
|
|
|
—
|
|
|
2,041
|
|
|
118
|
|
|
2/19/2014
|
|
2013
|
||||||
|
|
Garrison, TX
|
|
(g)
|
|
|
61
|
|
|
1,306
|
|
|
—
|
|
|
1,367
|
|
|
68
|
|
|
12/18/2014
|
|
2014
|
||||||
|
|
Georgetown, KY
|
|
(g)
|
|
|
607
|
|
|
905
|
|
|
—
|
|
|
1,512
|
|
|
52
|
|
|
11/21/2014
|
|
2014
|
||||||
|
|
Gering, NE
|
|
(g)
|
|
|
244
|
|
|
913
|
|
|
—
|
|
|
1,157
|
|
|
56
|
|
|
9/26/2014
|
|
2014
|
||||||
|
|
Greene, ME
|
|
(g)
|
|
|
251
|
|
|
940
|
|
|
—
|
|
|
1,191
|
|
|
53
|
|
|
3/25/2015
|
|
2014
|
||||||
|
|
Greenwood, WI
|
|
(g)
|
|
|
154
|
|
|
920
|
|
|
—
|
|
|
1,074
|
|
|
61
|
|
|
6/27/2014
|
|
2013
|
||||||
|
|
Harrisonburg, VA
|
|
(g)
|
|
|
229
|
|
|
1,073
|
|
|
—
|
|
|
1,302
|
|
|
61
|
|
|
12/12/2014
|
|
2014
|
||||||
|
|
Hawkins, TX
|
|
(g)
|
|
|
49
|
|
|
1,288
|
|
|
—
|
|
|
1,337
|
|
|
79
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Hempstead, TX
|
|
(g)
|
|
|
219
|
|
|
943
|
|
|
—
|
|
|
1,162
|
|
|
50
|
|
|
12/18/2014
|
|
2014
|
||||||
|
|
Hettinger, ND
|
|
(g)
|
|
|
214
|
|
|
1,077
|
|
|
—
|
|
|
1,291
|
|
|
88
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
Hodgenville, KY
|
|
(g)
|
|
|
202
|
|
|
783
|
|
|
—
|
|
|
985
|
|
|
49
|
|
|
9/19/2014
|
|
2014
|
||||||
|
|
Holtville, CA
|
|
(g)
|
|
|
317
|
|
|
1,609
|
|
|
—
|
|
|
1,926
|
|
|
121
|
|
|
2/19/2014
|
|
2013
|
||||||
|
|
Homestead, FL
|
|
(g)
|
|
|
575
|
|
|
1,470
|
|
|
—
|
|
|
2,045
|
|
|
42
|
|
|
12/9/2015
|
|
2014
|
||||||
|
|
Homosassa, FL
|
|
(g)
|
|
|
325
|
|
|
1,001
|
|
|
—
|
|
|
1,326
|
|
|
54
|
|
|
12/12/2014
|
|
2014
|
||||||
|
|
Immokalee, FL
|
|
(g)
|
|
|
458
|
|
|
1,248
|
|
|
—
|
|
|
1,706
|
|
|
73
|
|
|
11/4/2014
|
|
2014
|
||||||
|
|
Indianapolis, IN
|
|
(g)
|
|
|
238
|
|
|
1,117
|
|
|
—
|
|
|
1,355
|
|
|
66
|
|
|
11/21/2014
|
|
2014
|
||||||
|
|
Indio, CA
|
|
(g)
|
|
|
393
|
|
|
1,636
|
|
|
—
|
|
|
2,029
|
|
|
108
|
|
|
6/25/2014
|
|
2014
|
||||||
|
|
Irvington, AL
|
|
(g)
|
|
|
217
|
|
|
814
|
|
|
—
|
|
|
1,031
|
|
|
68
|
|
|
12/27/2013
|
|
2013
|
||||||
|
|
Jacksonville, FL
|
|
(g)
|
|
|
134
|
|
|
1,157
|
|
|
—
|
|
|
1,291
|
|
|
65
|
|
|
11/7/2014
|
|
2014
|
||||||
|
|
Jay, FL
|
|
(g)
|
|
|
190
|
|
|
1,002
|
|
|
—
|
|
|
1,192
|
|
|
82
|
|
|
2/25/2014
|
|
2013
|
||||||
|
|
Jonesboro, GA
|
|
(g)
|
|
|
297
|
|
|
1,098
|
|
|
—
|
|
|
1,395
|
|
|
85
|
|
|
2/14/2014
|
|
2013
|
||||||
|
|
Keller, TX
|
|
(g)
|
|
|
749
|
|
|
1,550
|
|
|
—
|
|
|
2,299
|
|
|
111
|
|
|
4/14/2014
|
|
2014
|
||||||
|
|
Kersey, CO
|
|
(g)
|
|
|
238
|
|
|
904
|
|
|
—
|
|
|
1,142
|
|
|
64
|
|
|
5/29/2014
|
|
2014
|
||||||
|
|
Kiowa, OK
|
|
(g)
|
|
|
193
|
|
|
947
|
|
|
—
|
|
|
1,140
|
|
|
59
|
|
|
9/5/2014
|
|
2014
|
||||||
|
|
Kissimmee, FL
|
|
(g)
|
|
|
622
|
|
|
1,226
|
|
|
—
|
|
|
1,848
|
|
|
78
|
|
|
8/27/2014
|
|
2014
|
||||||
|
|
La Salle, CO
|
|
(g)
|
|
|
239
|
|
|
890
|
|
|
—
|
|
|
1,129
|
|
|
51
|
|
|
11/4/2014
|
|
2013
|
||||||
|
|
LaBelle, FL
|
|
(g)
|
|
|
268
|
|
|
1,037
|
|
|
—
|
|
|
1,305
|
|
|
83
|
|
|
2/28/2014
|
|
2014
|
||||||
|
|
Lake Elsinor, CA
|
|
(g)
|
|
|
417
|
|
|
1,682
|
|
|
—
|
|
|
2,099
|
|
|
123
|
|
|
3/3/2014
|
|
2013
|
||||||
|
|
Lakeland, FL
|
|
(g)
|
|
|
353
|
|
|
937
|
|
|
—
|
|
|
1,290
|
|
|
65
|
|
|
6/30/2014
|
|
2014
|
||||||
|
|
Laredo, TX
|
|
(g)
|
|
|
302
|
|
|
1,039
|
|
|
—
|
|
|
1,341
|
|
|
61
|
|
|
10/3/2014
|
|
2013
|
||||||
|
|
Levelland, TX
|
|
(g)
|
|
|
264
|
|
|
952
|
|
|
—
|
|
|
1,216
|
|
|
59
|
|
|
9/30/2014
|
|
2014
|
||||||
|
|
Little Rock, CA
|
|
(g)
|
|
|
499
|
|
|
1,730
|
|
|
—
|
|
|
2,229
|
|
|
85
|
|
|
2/19/2015
|
|
2014
|
||||||
|
|
Lorain, OH
|
|
(g)
|
|
|
320
|
|
|
995
|
|
|
—
|
|
|
1,315
|
|
|
68
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Louisville, KY
|
|
(g)
|
|
|
578
|
|
|
919
|
|
|
—
|
|
|
1,497
|
|
|
69
|
|
|
3/26/2014
|
|
2013
|
||||||
|
|
Louisville, KY
|
|
(g)
|
|
|
480
|
|
|
934
|
|
|
—
|
|
|
1,414
|
|
|
64
|
|
|
6/4/2014
|
|
2014
|
||||||
|
|
Mahanoy City, PA
|
|
(g)
|
|
|
209
|
|
|
1,112
|
|
|
—
|
|
|
1,321
|
|
|
54
|
|
|
2/20/2015
|
|
2015
|
||||||
|
|
Mansfield, TX
|
|
(g)
|
|
|
849
|
|
|
1,189
|
|
|
—
|
|
|
2,038
|
|
|
91
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Family Dollar (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Melbourne, FL
|
|
(g)
|
|
|
$
|
362
|
|
|
$
|
883
|
|
|
$
|
—
|
|
|
$
|
1,245
|
|
|
$
|
68
|
|
|
2/28/2014
|
|
2014
|
|
|
|
Melrose, FL
|
|
(g)
|
|
|
124
|
|
|
929
|
|
|
—
|
|
|
1,053
|
|
|
57
|
|
|
9/10/2014
|
|
2014
|
||||||
|
|
Mertzon, TX
|
|
(g)
|
|
|
149
|
|
|
995
|
|
|
—
|
|
|
1,144
|
|
|
66
|
|
|
9/19/2014
|
|
2014
|
||||||
|
|
Mesa, AZ
|
|
(g)
|
|
|
627
|
|
|
1,468
|
|
|
—
|
|
|
2,095
|
|
|
104
|
|
|
3/31/2014
|
|
2014
|
||||||
|
|
Miami, FL
|
|
(g)
|
|
|
584
|
|
|
1,490
|
|
|
—
|
|
|
2,074
|
|
|
70
|
|
|
2/25/2015
|
|
2014
|
||||||
|
|
Milo, ME
|
|
(g)
|
|
|
138
|
|
|
1,122
|
|
|
—
|
|
|
1,260
|
|
|
61
|
|
|
3/19/2015
|
|
2014
|
||||||
|
|
Monroe, UT
|
|
(g)
|
|
|
272
|
|
|
985
|
|
|
—
|
|
|
1,257
|
|
|
58
|
|
|
10/24/2014
|
|
2013
|
||||||
|
|
Moore Haven, FL
|
|
(g)
|
|
|
348
|
|
|
1,016
|
|
|
—
|
|
|
1,364
|
|
|
75
|
|
|
5/29/2014
|
|
2014
|
||||||
|
|
Moulton, TX
|
|
(g)
|
|
|
102
|
|
|
973
|
|
|
—
|
|
|
1,075
|
|
|
80
|
|
|
2/26/2014
|
|
2014
|
||||||
|
|
Naubinway, MI
|
|
(g)
|
|
|
47
|
|
|
1,180
|
|
|
—
|
|
|
1,227
|
|
|
85
|
|
|
2/4/2014
|
|
2013
|
||||||
|
|
New Ellenton, SC
|
|
(g)
|
|
|
160
|
|
|
800
|
|
|
—
|
|
|
960
|
|
|
44
|
|
|
12/12/2014
|
|
2014
|
||||||
|
|
New Summerfield, TX
|
|
(g)
|
|
|
230
|
|
|
851
|
|
|
—
|
|
|
1,081
|
|
|
58
|
|
|
6/6/2014
|
|
2014
|
||||||
|
|
Nicholasville, KY
|
|
(g)
|
|
|
464
|
|
|
826
|
|
|
—
|
|
|
1,290
|
|
|
62
|
|
|
3/26/2014
|
|
2013
|
||||||
|
|
North Charleston, SC
|
|
(g)
|
|
|
386
|
|
|
997
|
|
|
—
|
|
|
1,383
|
|
|
56
|
|
|
11/14/2014
|
|
2014
|
||||||
|
|
North Hampton, OH
|
|
(g)
|
|
|
200
|
|
|
867
|
|
|
—
|
|
|
1,067
|
|
|
46
|
|
|
2/27/2015
|
|
2014
|
||||||
|
|
Ocoee, FL
|
|
(g)
|
|
|
462
|
|
|
1,173
|
|
|
—
|
|
|
1,635
|
|
|
66
|
|
|
11/21/2014
|
|
2014
|
||||||
|
|
Omaha, NE
|
|
(g)
|
|
|
86
|
|
|
1,427
|
|
|
—
|
|
|
1,513
|
|
|
67
|
|
|
3/2/2015
|
|
2014
|
||||||
|
|
Ordway, CO
|
|
(g)
|
|
|
81
|
|
|
993
|
|
|
—
|
|
|
1,074
|
|
|
59
|
|
|
10/30/2014
|
|
2014
|
||||||
|
|
Oshkosh, WI
|
|
(g)
|
|
|
361
|
|
|
815
|
|
|
—
|
|
|
1,176
|
|
|
63
|
|
|
2/25/2014
|
|
2013
|
||||||
|
|
Ossineke, MI
|
|
(g)
|
|
|
85
|
|
|
898
|
|
|
—
|
|
|
983
|
|
|
63
|
|
|
3/14/2014
|
|
2014
|
||||||
|
|
Palmdale, CA
|
|
(g)
|
|
|
372
|
|
|
1,822
|
|
|
—
|
|
|
2,194
|
|
|
85
|
|
|
3/30/2015
|
|
2014
|
||||||
|
|
Penitas, TX
|
|
(g)
|
|
|
182
|
|
|
1,053
|
|
|
—
|
|
|
1,235
|
|
|
79
|
|
|
3/26/2014
|
|
2014
|
||||||
|
|
Pensacola, FL
|
|
(g)
|
|
|
509
|
|
|
791
|
|
|
—
|
|
|
1,300
|
|
|
60
|
|
|
3/27/2014
|
|
2014
|
||||||
|
|
Pine Lake, GA
|
|
(g)
|
|
|
639
|
|
|
897
|
|
|
—
|
|
|
1,536
|
|
|
58
|
|
|
8/26/2014
|
|
2014
|
||||||
|
|
Pittsfield, ME
|
|
(g)
|
|
|
334
|
|
|
1,258
|
|
|
—
|
|
|
1,592
|
|
|
53
|
|
|
8/12/2015
|
|
2014
|
||||||
|
|
Plainview, NE
|
|
(g)
|
|
|
112
|
|
|
774
|
|
|
—
|
|
|
886
|
|
|
57
|
|
|
4/25/2014
|
|
2014
|
||||||
|
|
Poinciana, FL
|
|
(g)
|
|
|
501
|
|
|
1,186
|
|
|
—
|
|
|
1,687
|
|
|
72
|
|
|
9/19/2014
|
|
2014
|
||||||
|
|
Pojoaque, NM
|
|
(g)
|
|
|
545
|
|
|
909
|
|
|
—
|
|
|
1,454
|
|
|
56
|
|
|
8/25/2014
|
|
2013
|
||||||
|
|
Posen, MI
|
|
(g)
|
|
|
101
|
|
|
896
|
|
|
—
|
|
|
997
|
|
|
63
|
|
|
3/14/2014
|
|
2014
|
||||||
|
|
Preston, MN
|
|
(g)
|
|
|
161
|
|
|
1,159
|
|
|
—
|
|
|
1,320
|
|
|
83
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Punta Gorda, FL
|
|
(g)
|
|
|
345
|
|
|
1,018
|
|
|
—
|
|
|
1,363
|
|
|
28
|
|
|
12/17/2015
|
|
2014
|
||||||
|
|
Radium Springs, NM
|
|
(g)
|
|
|
129
|
|
|
1,086
|
|
|
—
|
|
|
1,215
|
|
|
83
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
Ramah, NM
|
|
(g)
|
|
|
217
|
|
|
1,105
|
|
|
—
|
|
|
1,322
|
|
|
79
|
|
|
2/4/2014
|
|
2013
|
||||||
|
|
Rex, GA
|
|
(g)
|
|
|
294
|
|
|
1,393
|
|
|
—
|
|
|
1,687
|
|
|
78
|
|
|
11/7/2014
|
|
2014
|
||||||
|
|
Richmond, ME
|
|
(g)
|
|
|
252
|
|
|
1,026
|
|
|
—
|
|
|
1,278
|
|
|
57
|
|
|
3/25/2015
|
|
2014
|
||||||
|
|
Riverside, CA
|
|
(g)
|
|
|
736
|
|
|
1,558
|
|
|
—
|
|
|
2,294
|
|
|
110
|
|
|
4/4/2014
|
|
2014
|
||||||
|
|
Robert Lee, TX
|
|
(g)
|
|
|
94
|
|
|
904
|
|
|
—
|
|
|
998
|
|
|
70
|
|
|
2/26/2014
|
|
2014
|
||||||
|
|
Rushford, MN
|
|
(g)
|
|
|
163
|
|
|
844
|
|
|
—
|
|
|
1,007
|
|
|
62
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Saginaw, MI
|
|
(g)
|
|
|
240
|
|
|
956
|
|
|
—
|
|
|
1,196
|
|
|
57
|
|
|
10/30/2014
|
|
2014
|
||||||
|
|
San Antonio, TX
|
|
(g)
|
|
|
357
|
|
|
966
|
|
|
—
|
|
|
1,323
|
|
|
63
|
|
|
9/30/2014
|
|
2014
|
||||||
|
|
San Antonio, TX
|
|
(g)
|
|
|
421
|
|
|
951
|
|
|
—
|
|
|
1,372
|
|
|
58
|
|
|
11/14/2014
|
|
2014
|
||||||
|
|
San Jacinto, CA
|
|
(g)
|
|
|
430
|
|
|
1,682
|
|
|
—
|
|
|
2,112
|
|
|
108
|
|
|
7/18/2014
|
|
2014
|
||||||
|
|
Schuyler, NE
|
|
(g)
|
|
|
260
|
|
|
708
|
|
|
—
|
|
|
968
|
|
|
51
|
|
|
5/5/2014
|
|
2014
|
||||||
|
|
Shreveport, LA
|
|
(g)
|
|
|
406
|
|
|
978
|
|
|
—
|
|
|
1,384
|
|
|
69
|
|
|
5/29/2014
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Family Dollar (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Shreveport, LA
|
|
(g)
|
|
|
$
|
272
|
|
|
$
|
1,113
|
|
|
$
|
—
|
|
|
$
|
1,385
|
|
|
$
|
73
|
|
|
7/22/2014
|
|
2014
|
|
|
|
Shreveport, LA
|
|
(g)
|
|
|
423
|
|
|
1,099
|
|
|
—
|
|
|
1,522
|
|
|
64
|
|
|
10/8/2014
|
|
2014
|
||||||
|
|
South Paris, ME
|
|
(g)
|
|
|
173
|
|
|
1,240
|
|
|
—
|
|
|
1,413
|
|
|
70
|
|
|
2/25/2015
|
|
2014
|
||||||
|
|
Spring Hill, FL
|
|
(g)
|
|
|
278
|
|
|
1,249
|
|
|
—
|
|
|
1,527
|
|
|
34
|
|
|
12/4/2015
|
|
2015
|
||||||
|
|
Spurger, TX
|
|
(g)
|
|
|
86
|
|
|
905
|
|
|
—
|
|
|
991
|
|
|
57
|
|
|
9/18/2014
|
|
2014
|
||||||
|
|
Statesboro, GA
|
|
(g)
|
|
|
347
|
|
|
800
|
|
|
—
|
|
|
1,147
|
|
|
63
|
|
|
2/14/2014
|
|
2013
|
||||||
|
|
Sterling City, TX
|
|
(g)
|
|
|
78
|
|
|
889
|
|
|
—
|
|
|
967
|
|
|
69
|
|
|
2/26/2014
|
|
2013
|
||||||
|
|
Stockton, CA
|
|
(g)
|
|
|
202
|
|
|
1,817
|
|
|
—
|
|
|
2,019
|
|
|
108
|
|
|
9/19/2014
|
|
2014
|
||||||
|
|
Summerfield, FL
|
|
(g)
|
|
|
271
|
|
|
978
|
|
|
—
|
|
|
1,249
|
|
|
53
|
|
|
12/12/2014
|
|
2014
|
||||||
|
|
Tallahassee, FL
|
|
(g)
|
|
|
189
|
|
|
1,212
|
|
|
—
|
|
|
1,401
|
|
|
68
|
|
|
11/21/2014
|
|
2014
|
||||||
|
|
Taft, CA
|
|
(g)
|
|
|
255
|
|
|
1,422
|
|
|
—
|
|
|
1,677
|
|
|
126
|
|
|
8/23/2013
|
|
2013
|
||||||
|
|
Tampa, FL
|
|
(g)
|
|
|
563
|
|
|
737
|
|
|
—
|
|
|
1,300
|
|
|
61
|
|
|
12/18/2013
|
|
2013
|
||||||
|
|
Tampa, FL
|
|
(g)
|
|
|
482
|
|
|
920
|
|
|
—
|
|
|
1,402
|
|
|
75
|
|
|
12/18/2013
|
|
2013
|
||||||
|
|
Tampa, FL
|
|
(g)
|
|
|
568
|
|
|
1,137
|
|
|
—
|
|
|
1,705
|
|
|
77
|
|
|
7/2/2014
|
|
2014
|
||||||
|
|
Terra Bella, CA
|
|
(g)
|
|
|
332
|
|
|
1,394
|
|
|
—
|
|
|
1,726
|
|
|
105
|
|
|
2/19/2014
|
|
2013
|
||||||
|
|
Topeka, KS
|
|
(g)
|
|
|
419
|
|
|
1,327
|
|
|
—
|
|
|
1,746
|
|
|
95
|
|
|
4/17/2014
|
|
2014
|
||||||
|
|
Tucson, AZ
|
|
(g)
|
|
|
399
|
|
|
1,599
|
|
|
—
|
|
|
1,998
|
|
|
82
|
|
|
1/27/2015
|
|
2014
|
||||||
|
|
Tyler, MN
|
|
(g)
|
|
|
73
|
|
|
895
|
|
|
—
|
|
|
968
|
|
|
65
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Tuscaloosa, AL
|
|
(g)
|
|
|
534
|
|
|
817
|
|
|
—
|
|
|
1,351
|
|
|
68
|
|
|
12/27/2013
|
|
2013
|
||||||
|
|
Valdosta, GA
|
|
(g)
|
|
|
424
|
|
|
849
|
|
|
—
|
|
|
1,273
|
|
|
66
|
|
|
2/26/2014
|
|
2014
|
||||||
|
|
Vine Grove, KY
|
|
(g)
|
|
|
205
|
|
|
966
|
|
|
—
|
|
|
1,171
|
|
|
49
|
|
|
2/13/2015
|
|
2014
|
||||||
|
|
Waelder, TX
|
|
(g)
|
|
|
136
|
|
|
788
|
|
|
—
|
|
|
924
|
|
|
55
|
|
|
6/4/2014
|
|
2014
|
||||||
|
|
Waldoboro, ME
|
|
(g)
|
|
|
211
|
|
|
1,123
|
|
|
—
|
|
|
1,334
|
|
|
33
|
|
|
1/13/2016
|
|
2015
|
||||||
|
|
Walker, LA
|
|
(g)
|
|
|
294
|
|
|
966
|
|
|
—
|
|
|
1,260
|
|
|
59
|
|
|
9/30/2014
|
|
2014
|
||||||
|
|
Wayne, OK
|
|
(g)
|
|
|
37
|
|
|
937
|
|
|
—
|
|
|
974
|
|
|
65
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Waynesburg, KY
|
|
(g)
|
|
|
150
|
|
|
955
|
|
|
—
|
|
|
1,105
|
|
|
56
|
|
|
10/10/2014
|
|
2014
|
||||||
|
|
Wild Rose, WI
|
|
(g)
|
|
|
133
|
|
|
866
|
|
|
—
|
|
|
999
|
|
|
58
|
|
|
6/27/2014
|
|
2013
|
||||||
|
Fargo Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Fargo, ND
|
|
(g)
|
|
|
2,097
|
|
|
4,774
|
|
|
376
|
|
|
7,247
|
|
|
580
|
|
|
5/30/2013
|
|
2003
|
||||||
|
Fleet Pride:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Birmingham, AL
|
|
(g)
|
|
|
376
|
|
|
2,607
|
|
|
—
|
|
|
2,983
|
|
|
127
|
|
|
8/3/2015
|
|
2014
|
||||||
|
Flower Foods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Orlando, FL
|
|
(g)
|
|
|
418
|
|
|
387
|
|
|
—
|
|
|
805
|
|
|
23
|
|
|
9/11/2014
|
|
2013
|
||||||
|
|
Waldorf, MD
|
|
(g)
|
|
|
398
|
|
|
1,045
|
|
|
—
|
|
|
1,443
|
|
|
71
|
|
|
9/11/2014
|
|
2013
|
||||||
|
Food 4 Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Atwater, CA
|
|
(g)
|
|
|
1,383
|
|
|
5,271
|
|
|
—
|
|
|
6,654
|
|
|
469
|
|
|
11/27/2013
|
|
2002
|
||||||
|
Fourth Creek Landing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Statesville, NC
|
|
$
|
5,700
|
|
|
1,375
|
|
|
7,795
|
|
|
—
|
|
|
9,170
|
|
|
1,010
|
|
|
3/26/2013
|
|
2012
|
|||||
|
Fresenius Medical Care:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
West Plains, MI
|
|
(g)
|
|
|
557
|
|
|
3,097
|
|
|
—
|
|
|
3,654
|
|
|
198
|
|
|
7/2/2014
|
|
2014
|
||||||
|
Fresh Market Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Glen Ellyn, IL
|
|
4,750
|
|
|
2,767
|
|
|
6,403
|
|
|
48
|
|
|
9,218
|
|
|
411
|
|
|
9/30/2014
|
|
2014
|
||||||
|
Fresh Thyme:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Indianapolis, IN
|
|
(g)
|
|
|
1,087
|
|
|
6,019
|
|
|
—
|
|
|
7,106
|
|
|
388
|
|
|
10/31/2014
|
|
2014
|
||||||
|
|
Northville, MI
|
|
(g)
|
|
|
1,598
|
|
|
7,796
|
|
|
—
|
|
|
9,394
|
|
|
226
|
|
|
12/21/2015
|
|
2015
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Fresh Thyme & DSW:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Fort Wayne, IN
|
|
$
|
—
|
|
|
$
|
1,740
|
|
|
$
|
4,153
|
|
|
$
|
218
|
|
|
$
|
6,111
|
|
|
$
|
282
|
|
|
9/30/2014
|
|
1985
|
|
Gabe’s Hobby Lobby:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Harrisonburg, VA
|
|
(g)
|
|
|
2,796
|
|
|
7,637
|
|
|
—
|
|
|
10,433
|
|
|
69
|
|
|
9/19/2016
|
|
1972
|
||||||
|
Gander Mountain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Pensacola, FL
|
|
(g)
|
|
|
2,152
|
|
|
3,831
|
|
|
—
|
|
|
5,983
|
|
|
282
|
|
|
4/29/2014
|
|
2014
|
||||||
|
|
Waukesha, WI
|
|
(g)
|
|
|
3,408
|
|
|
12,918
|
|
|
—
|
|
|
16,326
|
|
|
749
|
|
|
9/29/2014
|
|
2007
|
||||||
|
Giant Eagle:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Seven Fields, PA
|
|
7,530
|
|
|
1,574
|
|
|
13,659
|
|
|
—
|
|
|
15,233
|
|
|
929
|
|
|
5/7/2014
|
|
2005
|
||||||
|
Gold's Gym:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Corpus Christi, TX
|
|
(g)
|
|
|
1,498
|
|
|
6,346
|
|
|
—
|
|
|
7,844
|
|
|
652
|
|
|
3/6/2013
|
|
2006
|
||||||
|
Golden Corral:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Garland, TX
|
|
(g)
|
|
|
1,255
|
|
|
2,435
|
|
|
—
|
|
|
3,690
|
|
|
283
|
|
|
9/21/2012
|
|
2012
|
||||||
|
|
Georgetown, KY
|
|
—
|
|
|
1,048
|
|
|
1,452
|
|
|
(1,217
|
)
|
|
1,283
|
|
|
19
|
|
|
6/11/2014
|
|
2004
|
||||||
|
|
Houston, TX
|
|
(g)
|
|
|
1,375
|
|
|
2,350
|
|
|
—
|
|
|
3,725
|
|
|
259
|
|
|
12/12/2012
|
|
2012
|
||||||
|
|
Victoria, TX
|
|
(g)
|
|
|
673
|
|
|
2,857
|
|
|
—
|
|
|
3,530
|
|
|
185
|
|
|
6/27/2014
|
|
2013
|
||||||
|
Goodyear:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Pooler, GA
|
|
(g)
|
|
|
569
|
|
|
1,484
|
|
|
—
|
|
|
2,053
|
|
|
152
|
|
|
6/18/2013
|
|
2008
|
||||||
|
Hancock Village:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Chesterfield, VA
|
|
15,000
|
|
|
8,874
|
|
|
17,287
|
|
|
131
|
|
|
26,292
|
|
|
1,982
|
|
|
5/23/2013
|
|
2009
|
||||||
|
Harbor Town Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Manitowoc, WI
|
|
9,750
|
|
|
3,568
|
|
|
13,209
|
|
|
—
|
|
|
16,777
|
|
|
709
|
|
|
4/24/2015
|
|
2005
|
||||||
|
Haverty Furniture:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Midland, TX
|
|
(g)
|
|
|
709
|
|
|
1,294
|
|
|
—
|
|
|
2,003
|
|
|
176
|
|
|
8/7/2013
|
|
2012
|
||||||
|
HEB Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Waxahachie, TX
|
|
7,000
|
|
|
3,465
|
|
|
7,952
|
|
|
273
|
|
|
11,690
|
|
|
984
|
|
|
6/27/2012
|
|
1997
|
||||||
|
Hickory Flat Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Canton, GA
|
|
9,850
|
|
|
4,482
|
|
|
13,174
|
|
|
22
|
|
|
17,678
|
|
|
1,503
|
|
|
12/18/2012
|
|
2008
|
||||||
|
Hobby Lobby:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Burlington, IA
|
|
(g)
|
|
|
629
|
|
|
1,890
|
|
|
—
|
|
|
2,519
|
|
|
74
|
|
|
7/30/2015
|
|
1988
|
||||||
|
|
Dickson City, PA
|
|
—
|
|
|
1,113
|
|
|
7,946
|
|
|
—
|
|
|
9,059
|
|
|
775
|
|
|
6/30/2014
|
|
2013
|
||||||
|
|
Lewisville, TX
|
|
(g)
|
|
|
2,184
|
|
|
8,977
|
|
|
—
|
|
|
11,161
|
|
|
771
|
|
|
11/26/2013
|
|
2013
|
||||||
|
|
Mooresville, NC
|
|
(g)
|
|
|
869
|
|
|
4,249
|
|
|
—
|
|
|
5,118
|
|
|
611
|
|
|
11/30/2012
|
|
2012
|
||||||
|
Home Depot:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Lincoln, NE
|
|
(g)
|
|
|
6,339
|
|
|
5,937
|
|
|
—
|
|
|
12,276
|
|
|
193
|
|
|
10/22/2015
|
|
1993
|
||||||
|
|
North Canton, OH
|
|
7,234
|
|
|
2,203
|
|
|
12,012
|
|
|
—
|
|
|
14,215
|
|
|
1,310
|
|
|
12/20/2012
|
|
1998
|
||||||
|
|
Plainwell, MI
|
|
(g)
|
|
|
521
|
|
|
11,905
|
|
|
—
|
|
|
12,426
|
|
|
1,099
|
|
|
5/16/2013
|
|
2002
|
||||||
|
IHOP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Anderson, IN
|
|
(g)
|
|
|
54
|
|
|
1,633
|
|
|
—
|
|
|
1,687
|
|
|
105
|
|
|
6/30/2014
|
|
2005
|
||||||
|
|
Columbus, OH
|
|
(g)
|
|
|
408
|
|
|
1,783
|
|
|
—
|
|
|
2,191
|
|
|
114
|
|
|
6/30/2014
|
|
2012
|
||||||
|
|
Columbus, OH
|
|
(g)
|
|
|
315
|
|
|
1,864
|
|
|
—
|
|
|
2,179
|
|
|
119
|
|
|
6/30/2014
|
|
2011
|
||||||
|
|
Lancaster, OH
|
|
(g)
|
|
|
157
|
|
|
1,497
|
|
|
—
|
|
|
1,654
|
|
|
96
|
|
|
6/30/2014
|
|
2009
|
||||||
|
|
Rio Rancho, NM
|
|
(g)
|
|
|
599
|
|
|
2,314
|
|
|
—
|
|
|
2,913
|
|
|
161
|
|
|
3/28/2014
|
|
2011
|
||||||
|
|
Richmond, IN
|
|
(g)
|
|
|
106
|
|
|
1,428
|
|
|
—
|
|
|
1,534
|
|
|
92
|
|
|
6/30/2014
|
|
2007
|
||||||
|
Inglewood Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Inglewood, CA
|
|
12,700
|
|
|
9,880
|
|
|
14,099
|
|
|
—
|
|
|
23,979
|
|
|
875
|
|
|
9/12/2014
|
|
2008
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Kirklands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Dothan, AL
|
|
(g)
|
|
|
$
|
486
|
|
|
$
|
946
|
|
|
$
|
—
|
|
|
$
|
1,432
|
|
|
$
|
79
|
|
|
8/5/2014
|
|
2014
|
|
|
|
Jonesboro, AR
|
|
(g)
|
|
|
696
|
|
|
1,990
|
|
|
—
|
|
|
2,686
|
|
|
205
|
|
|
11/27/2012
|
|
2012
|
||||||
|
Kohl’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Cedar Falls, IA
|
|
(g)
|
|
|
1,600
|
|
|
5,796
|
|
|
—
|
|
|
7,396
|
|
|
635
|
|
|
12/7/2012
|
|
2001
|
||||||
|
|
Chartlottesville, VA
|
|
$
|
8,745
|
|
|
3,929
|
|
|
12,280
|
|
|
—
|
|
|
16,209
|
|
|
783
|
|
|
7/28/2014
|
|
2011
|
|||||
|
|
Easton, MD
|
|
(g)
|
|
|
2,962
|
|
|
2,661
|
|
|
—
|
|
|
5,623
|
|
|
69
|
|
|
12/2/2015
|
|
1992
|
||||||
|
|
Hutchinson, KS
|
|
(g)
|
|
|
3,290
|
|
|
—
|
|
|
—
|
|
|
3,290
|
|
|
—
|
|
|
10/19/2012
|
|
(f)
|
||||||
|
Kroger:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Shelton, WA
|
|
(g)
|
|
|
1,180
|
|
|
11,040
|
|
|
—
|
|
|
12,220
|
|
|
868
|
|
|
4/30/2014
|
|
1994
|
||||||
|
|
Whitehall, OH
|
|
4,066
|
|
|
581
|
|
|
6,628
|
|
|
224
|
|
|
7,433
|
|
|
580
|
|
|
12/16/2013
|
|
1994
|
||||||
|
Kum & Go:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Bentonville, AR
|
|
(g)
|
|
|
916
|
|
|
1,864
|
|
|
—
|
|
|
2,780
|
|
|
178
|
|
|
5/3/2013
|
|
2011
|
||||||
|
|
Conway, AR
|
|
(g)
|
|
|
510
|
|
|
2,577
|
|
|
—
|
|
|
3,087
|
|
|
166
|
|
|
6/13/2014
|
|
2014
|
||||||
|
|
Fairfield, IA
|
|
(g)
|
|
|
422
|
|
|
1,913
|
|
|
—
|
|
|
2,335
|
|
|
183
|
|
|
5/3/2013
|
|
2011
|
||||||
|
|
Mount Vernon, MO
|
|
(g)
|
|
|
708
|
|
|
1,756
|
|
|
—
|
|
|
2,464
|
|
|
168
|
|
|
5/3/2013
|
|
2010
|
||||||
|
|
Urbandale, IA
|
|
(g)
|
|
|
722
|
|
|
1,658
|
|
|
—
|
|
|
2,380
|
|
|
160
|
|
|
5/3/2013
|
|
2010
|
||||||
|
L.A. Fitness:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Bloomfield Township, MI
|
|
(g)
|
|
|
2,287
|
|
|
10,075
|
|
|
—
|
|
|
12,362
|
|
|
1,005
|
|
|
6/21/2013
|
|
2008
|
||||||
|
|
Columbus, OH
|
|
(g)
|
|
|
1,013
|
|
|
6,734
|
|
|
—
|
|
|
7,747
|
|
|
317
|
|
|
4/29/2015
|
|
2014
|
||||||
|
|
Garland, TX
|
|
(g)
|
|
|
2,005
|
|
|
6,861
|
|
|
—
|
|
|
8,866
|
|
|
547
|
|
|
12/20/2013
|
|
2013
|
||||||
|
|
Houston, TX
|
|
(g)
|
|
|
5,764
|
|
|
5,994
|
|
|
—
|
|
|
11,758
|
|
|
524
|
|
|
9/30/2013
|
|
2013
|
||||||
|
|
Mesa, AZ
|
|
(g)
|
|
|
1,353
|
|
|
7,730
|
|
|
20
|
|
|
9,103
|
|
|
787
|
|
|
5/8/2013
|
|
2010
|
||||||
|
|
New Lenox, IL
|
|
(g)
|
|
|
1,965
|
|
|
6,257
|
|
|
—
|
|
|
8,222
|
|
|
170
|
|
|
12/21/2015
|
|
2015
|
||||||
|
|
Ocoee, FL
|
|
(g)
|
|
|
1,173
|
|
|
6,876
|
|
|
—
|
|
|
8,049
|
|
|
644
|
|
|
8/8/2013
|
|
2008
|
||||||
|
|
Riverside, CA
|
|
(g)
|
|
|
2,557
|
|
|
9,951
|
|
|
—
|
|
|
12,508
|
|
|
904
|
|
|
8/2/2013
|
|
2010
|
||||||
|
Lafayette Pavilions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Lafayette, IN
|
|
(g)
|
|
|
7,632
|
|
|
42,497
|
|
|
165
|
|
|
50,294
|
|
|
2,636
|
|
|
2/6/2015
|
|
2006
|
||||||
|
Logan’s Roadhouse:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Bristol, VA
|
|
(g)
|
|
|
991
|
|
|
2,560
|
|
|
—
|
|
|
3,551
|
|
|
282
|
|
|
1/29/2013
|
|
2001
|
||||||
|
|
Fort Wayne, IN
|
|
(g)
|
|
|
868
|
|
|
2,698
|
|
|
—
|
|
|
3,566
|
|
|
188
|
|
|
3/28/2014
|
|
2002
|
||||||
|
|
Lancaster, TX
|
|
(g)
|
|
|
1,203
|
|
|
1,620
|
|
|
—
|
|
|
2,823
|
|
|
185
|
|
|
10/23/2012
|
|
2011
|
||||||
|
|
Martinsburg, WV
|
|
(g)
|
|
|
925
|
|
|
2,183
|
|
|
—
|
|
|
3,108
|
|
|
178
|
|
|
10/29/2013
|
|
2010
|
||||||
|
|
Opelika, AL
|
|
(g)
|
|
|
836
|
|
|
1,508
|
|
|
—
|
|
|
2,344
|
|
|
174
|
|
|
10/23/2012
|
|
2005
|
||||||
|
|
Sanford, FL
|
|
(g)
|
|
|
1,031
|
|
|
1,807
|
|
|
—
|
|
|
2,838
|
|
|
207
|
|
|
10/23/2012
|
|
1999
|
||||||
|
|
Troy, OH
|
|
(g)
|
|
|
992
|
|
|
1,577
|
|
|
(1,383
|
)
|
|
1,186
|
|
|
4
|
|
|
10/23/2012
|
|
2011
|
||||||
|
Lord Salisbury Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Salisbury, MD
|
|
(g)
|
|
|
6,949
|
|
|
12,179
|
|
|
—
|
|
|
19,128
|
|
|
414
|
|
|
3/11/2016
|
|
2005
|
||||||
|
Lowe’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Adrian, MI
|
|
(g)
|
|
|
2,604
|
|
|
5,036
|
|
|
—
|
|
|
7,640
|
|
|
573
|
|
|
9/27/2013
|
|
1996
|
||||||
|
|
Alpharetta, GA
|
|
12,300
|
|
|
7,979
|
|
|
9,630
|
|
|
403
|
|
|
18,012
|
|
|
455
|
|
|
5/29/2015
|
|
1998
|
||||||
|
|
Asheboro, NC
|
|
(g)
|
|
|
1,098
|
|
|
6,722
|
|
|
—
|
|
|
7,820
|
|
|
461
|
|
|
6/23/2014
|
|
1994
|
||||||
|
|
Cincinnati, OH
|
|
(g)
|
|
|
14,092
|
|
|
—
|
|
|
—
|
|
|
14,092
|
|
|
—
|
|
|
2/10/2014
|
|
2001
|
||||||
|
|
Columbia, SC
|
|
5,964
|
|
|
3,943
|
|
|
6,353
|
|
|
750
|
|
|
11,046
|
|
|
649
|
|
|
9/12/2013
|
|
1994
|
||||||
|
|
Covington, LA
|
|
5,648
|
|
|
10,233
|
|
|
—
|
|
|
—
|
|
|
10,233
|
|
|
—
|
|
|
8/20/2014
|
|
2002
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Lowe’s (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Hilliard, OH
|
|
$
|
7,859
|
|
|
$
|
5,474
|
|
|
$
|
6,288
|
|
|
$
|
—
|
|
|
$
|
11,762
|
|
|
$
|
277
|
|
|
8/5/2015
|
|
1994
|
|
|
Lilburn, GA
|
|
12,500
|
|
|
8,817
|
|
|
9,380
|
|
|
385
|
|
|
18,582
|
|
|
441
|
|
|
5/29/2015
|
|
1999
|
||||||
|
|
Mansfield, OH
|
|
(g)
|
|
|
873
|
|
|
8,256
|
|
|
—
|
|
|
9,129
|
|
|
578
|
|
|
6/12/2014
|
|
1992
|
||||||
|
|
Marietta, GA
|
|
11,000
|
|
|
7,471
|
|
|
8,404
|
|
|
392
|
|
|
16,267
|
|
|
400
|
|
|
5/29/2015
|
|
1997
|
||||||
|
|
Oxford, AL
|
|
(g)
|
|
|
1,668
|
|
|
7,622
|
|
|
369
|
|
|
9,659
|
|
|
844
|
|
|
6/28/2013
|
|
1999
|
||||||
|
|
Tuscaloosa, AL
|
|
(g)
|
|
|
4,908
|
|
|
4,786
|
|
|
18
|
|
|
9,712
|
|
|
439
|
|
|
10/29/2013
|
|
1993
|
||||||
|
|
Woodstock, GA
|
|
11,200
|
|
|
7,316
|
|
|
8,879
|
|
|
392
|
|
|
16,587
|
|
|
422
|
|
|
5/29/2015
|
|
1997
|
||||||
|
|
Zanesville, OH
|
|
(g)
|
|
|
2,161
|
|
|
8,375
|
|
|
282
|
|
|
10,818
|
|
|
693
|
|
|
12/11/2013
|
|
1995
|
||||||
|
Market Heights Shopping Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Harker Heights, TX
|
|
47,000
|
|
|
12,888
|
|
|
64,105
|
|
|
364
|
|
|
77,357
|
|
|
6,322
|
|
|
11/25/2013
|
|
2012
|
||||||
|
Marketplace at the Lakes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
West Covina, CA
|
|
11,300
|
|
|
10,020
|
|
|
8,664
|
|
|
—
|
|
|
18,684
|
|
|
1,495
|
|
|
9/30/2013
|
|
1994
|
||||||
|
Matteson Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Matteson, IL
|
|
—
|
|
|
1,243
|
|
|
17,427
|
|
|
420
|
|
|
19,090
|
|
|
1,802
|
|
|
11/22/2013
|
|
2003
|
||||||
|
Mattress Firm:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Appleton, WI
|
|
(g)
|
|
|
895
|
|
|
1,026
|
|
|
—
|
|
|
1,921
|
|
|
35
|
|
|
11/18/2015
|
|
2015
|
||||||
|
|
Ashtabula, OH
|
|
—
|
|
|
301
|
|
|
1,965
|
|
|
—
|
|
|
2,266
|
|
|
45
|
|
|
3/23/2016
|
|
2015
|
||||||
|
|
Augusta, ME
|
|
(g)
|
|
|
723
|
|
|
1,354
|
|
|
—
|
|
|
2,077
|
|
|
110
|
|
|
5/30/2014
|
|
2013
|
||||||
|
|
Brunswick, GA
|
|
(g)
|
|
|
343
|
|
|
1,040
|
|
|
—
|
|
|
1,383
|
|
|
99
|
|
|
8/29/2013
|
|
2012
|
||||||
|
|
Cincinnati, OH
|
|
(g)
|
|
|
323
|
|
|
966
|
|
|
—
|
|
|
1,289
|
|
|
64
|
|
|
7/17/2014
|
|
2013
|
||||||
|
|
Danville, VA
|
|
(g)
|
|
|
274
|
|
|
1,514
|
|
|
—
|
|
|
1,788
|
|
|
110
|
|
|
4/29/2014
|
|
2014
|
||||||
|
|
Huber Heights, OH
|
|
(g)
|
|
|
854
|
|
|
903
|
|
|
—
|
|
|
1,757
|
|
|
62
|
|
|
6/20/2014
|
|
2014
|
||||||
|
|
Jonesboro, AR
|
|
(g)
|
|
|
729
|
|
|
1,194
|
|
|
—
|
|
|
1,923
|
|
|
171
|
|
|
10/5/2012
|
|
2012
|
||||||
|
|
Lakeland, FL
|
|
(g)
|
|
|
259
|
|
|
1,107
|
|
|
—
|
|
|
1,366
|
|
|
79
|
|
|
7/16/2014
|
|
2014
|
||||||
|
|
Martinsville, VA
|
|
(g)
|
|
|
259
|
|
|
1,510
|
|
|
—
|
|
|
1,769
|
|
|
60
|
|
|
9/17/2015
|
|
2014
|
||||||
|
|
Middletown, OH
|
|
(g)
|
|
|
142
|
|
|
1,384
|
|
|
—
|
|
|
1,526
|
|
|
52
|
|
|
8/6/2015
|
|
2015
|
||||||
|
|
Nampa, ID
|
|
(g)
|
|
|
449
|
|
|
2,213
|
|
|
—
|
|
|
2,662
|
|
|
162
|
|
|
3/31/2014
|
|
1972
|
||||||
|
|
New Bern, NC
|
|
(g)
|
|
|
340
|
|
|
1,436
|
|
|
—
|
|
|
1,776
|
|
|
87
|
|
|
9/25/2014
|
|
2014
|
||||||
|
|
Pineville, NC
|
|
(g)
|
|
|
1,557
|
|
|
1,198
|
|
|
—
|
|
|
2,755
|
|
|
153
|
|
|
10/29/2012
|
|
2012
|
||||||
|
|
Port Charlotte, FL
|
|
(g)
|
|
|
382
|
|
|
1,211
|
|
|
—
|
|
|
1,593
|
|
|
78
|
|
|
8/1/2014
|
|
2014
|
||||||
|
|
Thomasville, GA
|
|
(g)
|
|
|
694
|
|
|
1,469
|
|
|
—
|
|
|
2,163
|
|
|
40
|
|
|
12/18/2015
|
|
2015
|
||||||
|
Mattress Firm & Aspen Dental:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Vienna, WV
|
|
—
|
|
|
774
|
|
|
2,466
|
|
|
—
|
|
|
3,240
|
|
|
190
|
|
|
9/15/2014
|
|
2014
|
||||||
|
Mattress Firm & Five Guys:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Muskegon, MI
|
|
(g)
|
|
|
813
|
|
|
1,766
|
|
|
—
|
|
|
2,579
|
|
|
112
|
|
|
8/29/2014
|
|
2014
|
||||||
|
McAlister’s Deli:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Lawton, OK
|
|
(g)
|
|
|
805
|
|
|
1,057
|
|
|
—
|
|
|
1,862
|
|
|
77
|
|
|
5/1/2014
|
|
2013
|
||||||
|
|
Port Arthur, TX
|
|
(g)
|
|
|
379
|
|
|
1,146
|
|
|
—
|
|
|
1,525
|
|
|
96
|
|
|
3/27/2014
|
|
2007
|
||||||
|
Melody Mountain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Ashland, KY
|
|
7,376
|
|
|
1,286
|
|
|
9,879
|
|
|
—
|
|
|
11,165
|
|
|
342
|
|
|
9/1/2015
|
|
2013
|
||||||
|
Men’s Wearhouse:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Ft. Wayne, IN
|
|
(g)
|
|
|
421
|
|
|
2,125
|
|
|
—
|
|
|
2,546
|
|
|
24
|
|
|
8/19/2016
|
|
2005
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Merchants Tire & Auto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Wake Forest, NC
|
|
(g)
|
|
|
$
|
782
|
|
|
$
|
1,730
|
|
|
$
|
—
|
|
|
$
|
2,512
|
|
|
$
|
59
|
|
|
9/1/2015
|
|
2005
|
|
|
Michael’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Bowling Green, KY
|
|
(g)
|
|
|
587
|
|
|
1,992
|
|
|
—
|
|
|
2,579
|
|
|
254
|
|
|
11/20/2012
|
|
2012
|
||||||
|
Morganton Heights:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Morganton, NC
|
|
$
|
22,800
|
|
|
7,032
|
|
|
29,763
|
|
|
—
|
|
|
36,795
|
|
|
2,056
|
|
|
4/29/2015
|
|
2013
|
|||||
|
National Tire & Battery:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Cedar Hill, TX
|
|
(g)
|
|
|
469
|
|
|
1,951
|
|
|
—
|
|
|
2,420
|
|
|
202
|
|
|
12/18/2012
|
|
2006
|
||||||
|
|
Cypress, TX
|
|
(g)
|
|
|
910
|
|
|
2,224
|
|
|
—
|
|
|
3,134
|
|
|
81
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Flower Mound, TX
|
|
(g)
|
|
|
779
|
|
|
2,449
|
|
|
—
|
|
|
3,228
|
|
|
86
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Fort Worth, TX
|
|
(g)
|
|
|
936
|
|
|
1,234
|
|
|
—
|
|
|
2,170
|
|
|
111
|
|
|
8/23/2013
|
|
2005
|
||||||
|
|
Fort Worth, TX
|
|
—
|
|
|
730
|
|
|
2,309
|
|
|
—
|
|
|
3,039
|
|
|
81
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Frisco, TX
|
|
(g)
|
|
|
844
|
|
|
1,608
|
|
|
—
|
|
|
2,452
|
|
|
143
|
|
|
8/23/2013
|
|
2007
|
||||||
|
|
Montgomery, IL
|
|
(g)
|
|
|
516
|
|
|
2,494
|
|
|
—
|
|
|
3,010
|
|
|
257
|
|
|
1/15/2013
|
|
2007
|
||||||
|
|
North Richland Hills, TX
|
|
(g)
|
|
|
513
|
|
|
2,579
|
|
|
—
|
|
|
3,092
|
|
|
93
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Pasadena, TX
|
|
(g)
|
|
|
908
|
|
|
2,307
|
|
|
—
|
|
|
3,215
|
|
|
84
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Pearland, TX
|
|
(g)
|
|
|
1,016
|
|
|
2,040
|
|
|
—
|
|
|
3,056
|
|
|
73
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Plano, TX
|
|
(g)
|
|
|
1,292
|
|
|
2,197
|
|
|
—
|
|
|
3,489
|
|
|
78
|
|
|
9/2/2015
|
|
2005
|
||||||
|
|
Tomball, TX
|
|
(g)
|
|
|
838
|
|
|
2,229
|
|
|
—
|
|
|
3,067
|
|
|
79
|
|
|
9/2/2015
|
|
2005
|
||||||
|
Native Wings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
San Antonio, TX
|
|
(g)
|
|
|
821
|
|
|
2,682
|
|
|
—
|
|
|
3,503
|
|
|
172
|
|
|
8/4/2014
|
|
2014
|
||||||
|
Natural Grocers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Denton, TX
|
|
(g)
|
|
|
1,326
|
|
|
3,134
|
|
|
—
|
|
|
4,460
|
|
|
288
|
|
|
7/24/2013
|
|
2012
|
||||||
|
|
Idaho Falls, ID
|
|
(g)
|
|
|
833
|
|
|
2,316
|
|
|
—
|
|
|
3,149
|
|
|
177
|
|
|
2/14/2014
|
|
2013
|
||||||
|
|
Lubbock, TX
|
|
(g)
|
|
|
1,093
|
|
|
3,621
|
|
|
—
|
|
|
4,714
|
|
|
346
|
|
|
4/22/2013
|
|
2013
|
||||||
|
Nordstrom Rack:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Tampa, FL
|
|
6,880
|
|
|
3,371
|
|
|
6,402
|
|
|
—
|
|
|
9,773
|
|
|
939
|
|
|
4/16/2012
|
|
2010
|
||||||
|
North Logan Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Loganville, GA
|
|
—
|
|
|
4,535
|
|
|
11,826
|
|
|
—
|
|
|
16,361
|
|
|
145
|
|
|
9/22/2016
|
|
2009
|
||||||
|
Northwest Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Tampa, FL
|
|
—
|
|
|
1,816
|
|
|
4,834
|
|
|
254
|
|
|
6,904
|
|
|
206
|
|
|
8/20/2015
|
|
1994
|
||||||
|
O’Reilly Auto Parts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Brownfield, TX
|
|
(g)
|
|
|
22
|
|
|
835
|
|
|
—
|
|
|
857
|
|
|
103
|
|
|
5/8/2012
|
|
2012
|
||||||
|
|
Clayton, GA
|
|
(g)
|
|
|
501
|
|
|
945
|
|
|
—
|
|
|
1,446
|
|
|
23
|
|
|
1/29/2016
|
|
2015
|
||||||
|
|
Columbus, TX
|
|
(g)
|
|
|
260
|
|
|
757
|
|
|
—
|
|
|
1,017
|
|
|
89
|
|
|
5/8/2012
|
|
2011
|
||||||
|
|
Lamesa, TX
|
|
(g)
|
|
|
64
|
|
|
608
|
|
|
—
|
|
|
672
|
|
|
32
|
|
|
12/10/2014
|
|
2006
|
||||||
|
|
Stanley, ND
|
|
(g)
|
|
|
323
|
|
|
662
|
|
|
—
|
|
|
985
|
|
|
40
|
|
|
8/8/2014
|
|
2014
|
||||||
|
Owensboro Towne Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Owensboro, KY
|
|
14,027
|
|
|
3,807
|
|
|
16,259
|
|
|
168
|
|
|
20,234
|
|
|
433
|
|
|
1/12/2016
|
|
1996
|
||||||
|
Park Place:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Enterprise, AL
|
|
6,505
|
|
|
931
|
|
|
8,595
|
|
|
—
|
|
|
9,526
|
|
|
756
|
|
|
8/30/2013
|
|
2012
|
||||||
|
Parkway Centre South:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Grove City, OH
|
|
14,250
|
|
|
7,027
|
|
|
18,223
|
|
|
—
|
|
|
25,250
|
|
|
292
|
|
|
7/15/2016
|
|
2005
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Pecanland Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Monroe, LA
|
|
(g)
|
|
|
$
|
2,206
|
|
|
$
|
18,957
|
|
|
$
|
—
|
|
|
$
|
21,163
|
|
|
$
|
657
|
|
|
10/13/2015
|
|
2008
|
|
|
Pep Boys:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Clermont, FL
|
|
(g)
|
|
|
799
|
|
|
1,993
|
|
|
—
|
|
|
2,792
|
|
|
193
|
|
|
6/26/2013
|
|
2013
|
||||||
|
|
Oviedo, FL
|
|
(g)
|
|
|
669
|
|
|
2,172
|
|
|
—
|
|
|
2,841
|
|
|
192
|
|
|
10/4/2013
|
|
2013
|
||||||
|
PetSmart:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Baton Rouge, LA
|
|
$
|
2,509
|
|
|
651
|
|
|
2,968
|
|
|
113
|
|
|
3,732
|
|
|
384
|
|
|
10/11/2012
|
|
1999
|
|||||
|
|
Commerce Township, MI
|
|
(g)
|
|
|
539
|
|
|
1,960
|
|
|
—
|
|
|
2,499
|
|
|
252
|
|
|
3/28/2013
|
|
1996
|
||||||
|
|
East Peoria, IL
|
|
(g)
|
|
|
997
|
|
|
3,345
|
|
|
—
|
|
|
4,342
|
|
|
193
|
|
|
11/7/2014
|
|
2007
|
||||||
|
|
Eden Prairie, MN
|
|
(g)
|
|
|
1,279
|
|
|
2,030
|
|
|
—
|
|
|
3,309
|
|
|
188
|
|
|
10/1/2013
|
|
2007
|
||||||
|
|
Edmond, OK
|
|
(g)
|
|
|
816
|
|
|
3,266
|
|
|
—
|
|
|
4,082
|
|
|
344
|
|
|
1/23/2013
|
|
1998
|
||||||
|
|
North Fayette Township, PA
|
|
(g)
|
|
|
1,615
|
|
|
1,503
|
|
|
—
|
|
|
3,118
|
|
|
162
|
|
|
6/7/2013
|
|
1997
|
||||||
|
|
Overland Park, KS
|
|
(g)
|
|
|
2,025
|
|
|
2,181
|
|
|
—
|
|
|
4,206
|
|
|
191
|
|
|
10/1/2013
|
|
1996
|
||||||
|
|
Taylor, MI
|
|
(g)
|
|
|
331
|
|
|
2,438
|
|
|
—
|
|
|
2,769
|
|
|
292
|
|
|
6/7/2013
|
|
1997
|
||||||
|
|
Tucson, AZ
|
|
(g)
|
|
|
1,114
|
|
|
2,771
|
|
|
98
|
|
|
3,983
|
|
|
280
|
|
|
11/8/2013
|
|
2000
|
||||||
|
|
Wilkesboro, NC
|
|
(g)
|
|
|
447
|
|
|
1,710
|
|
|
—
|
|
|
2,157
|
|
|
217
|
|
|
4/13/2012
|
|
2011
|
||||||
|
PetSmart/Old Navy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Reynoldsburg, OH
|
|
3,658
|
|
|
1,295
|
|
|
4,077
|
|
|
—
|
|
|
5,372
|
|
|
493
|
|
|
12/14/2012
|
|
2012
|
||||||
|
Pick ’n Save:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Pewaukee, WI
|
|
(g)
|
|
|
1,323
|
|
|
6,761
|
|
|
—
|
|
|
8,084
|
|
|
485
|
|
|
8/13/2014
|
|
1999
|
||||||
|
|
Sheboygan, WI
|
|
(g)
|
|
|
2,003
|
|
|
10,695
|
|
|
—
|
|
|
12,698
|
|
|
1,212
|
|
|
9/6/2012
|
|
2012
|
||||||
|
|
South Milwaukee, WI
|
|
(g)
|
|
|
1,126
|
|
|
5,706
|
|
|
—
|
|
|
6,832
|
|
|
463
|
|
|
11/6/2013
|
|
2005
|
||||||
|
Plainfield Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Plainfield, IL
|
|
(g)
|
|
|
3,167
|
|
|
14,788
|
|
|
—
|
|
|
17,955
|
|
|
450
|
|
|
12/3/2015
|
|
2002
|
||||||
|
Plaza San Mateo:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Albuquerque, NM
|
|
6,950
|
|
|
2,867
|
|
|
11,582
|
|
|
—
|
|
|
14,449
|
|
|
823
|
|
|
5/2/2014
|
|
2014
|
||||||
|
Popeyes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Independence, MO
|
|
(g)
|
|
|
333
|
|
|
680
|
|
|
—
|
|
|
1,013
|
|
|
45
|
|
|
6/27/2014
|
|
2005
|
||||||
|
Poplar Springs Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Duncan, SC
|
|
5,000
|
|
|
1,862
|
|
|
5,277
|
|
|
149
|
|
|
7,288
|
|
|
585
|
|
|
5/24/2013
|
|
1995
|
||||||
|
Price Chopper:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Gardner, MA
|
|
(g)
|
|
|
858
|
|
|
12,171
|
|
|
—
|
|
|
13,029
|
|
|
719
|
|
|
9/26/2014
|
|
2012
|
||||||
|
Quick Chek:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Kingston, NY
|
|
(g)
|
|
|
831
|
|
|
5,783
|
|
|
—
|
|
|
6,614
|
|
|
536
|
|
|
5/31/2013
|
|
2008
|
||||||
|
|
Lake Katrine, NY
|
|
(g)
|
|
|
1,507
|
|
|
4,569
|
|
|
—
|
|
|
6,076
|
|
|
414
|
|
|
5/31/2013
|
|
2008
|
||||||
|
|
Middletown, NY
|
|
(g)
|
|
|
1,335
|
|
|
5,732
|
|
|
—
|
|
|
7,067
|
|
|
531
|
|
|
5/31/2013
|
|
2008
|
||||||
|
|
Middletown, NY
|
|
(g)
|
|
|
1,297
|
|
|
5,963
|
|
|
—
|
|
|
7,260
|
|
|
552
|
|
|
5/31/2013
|
|
2009
|
||||||
|
|
Middletown, NY
|
|
(g)
|
|
|
1,437
|
|
|
4,656
|
|
|
—
|
|
|
6,093
|
|
|
434
|
|
|
5/31/2013
|
|
2007
|
||||||
|
|
Sagerties, NY
|
|
(g)
|
|
|
1,242
|
|
|
5,372
|
|
|
—
|
|
|
6,614
|
|
|
499
|
|
|
5/31/2013
|
|
2009
|
||||||
|
Raising Cane’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beaumont, TX
|
|
(g)
|
|
|
839
|
|
|
1,288
|
|
|
—
|
|
|
2,127
|
|
|
85
|
|
|
7/31/2014
|
|
2013
|
||||||
|
|
Phoenix, AZ
|
|
(g)
|
|
|
761
|
|
|
1,972
|
|
|
—
|
|
|
2,733
|
|
|
138
|
|
|
3/28/2014
|
|
2011
|
||||||
|
|
Wichita Falls, TX
|
|
(g)
|
|
|
426
|
|
|
1,947
|
|
|
—
|
|
|
2,373
|
|
|
134
|
|
|
4/30/2014
|
|
2013
|
||||||
|
Regent Towne Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Fort Mill, SC
|
|
(g)
|
|
|
1,455
|
|
|
5,063
|
|
|
61
|
|
|
6,579
|
|
|
547
|
|
|
6/13/2013
|
|
2007
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Rite Aid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Columbia, SC
|
|
(g)
|
|
|
$
|
854
|
|
|
$
|
2,281
|
|
|
$
|
—
|
|
|
$
|
3,135
|
|
|
$
|
187
|
|
|
12/3/2013
|
|
2008
|
|
|
|
Jenison, MI
|
|
(g)
|
|
|
438
|
|
|
1,491
|
|
|
—
|
|
|
1,929
|
|
|
107
|
|
|
6/23/2014
|
|
1996
|
||||||
|
Rocky River Promenade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Mooresville, NC
|
|
$
|
3,989
|
|
|
2,446
|
|
|
3,159
|
|
|
—
|
|
|
5,605
|
|
|
208
|
|
|
8/18/2014
|
|
2008
|
|||||
|
Rolling Acres Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Lady Lake, FL
|
|
21,930
|
|
|
7,540
|
|
|
26,839
|
|
|
—
|
|
|
34,379
|
|
|
220
|
|
|
9/1/2016
|
|
2005
|
||||||
|
Ross:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Fort Worth, TX
|
|
(g)
|
|
|
1,273
|
|
|
3,157
|
|
|
—
|
|
|
4,430
|
|
|
377
|
|
|
10/4/2012
|
|
1977
|
||||||
|
Rushmore Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Rapid City, SD
|
|
23,992
|
|
|
7,066
|
|
|
33,019
|
|
|
105
|
|
|
40,190
|
|
|
3,420
|
|
|
1/2/2014
|
|
2012
|
||||||
|
|
Rapid City, SD
|
|
—
|
|
|
883
|
|
|
4,128
|
|
|
—
|
|
|
5,011
|
|
|
466
|
|
|
1/2/2014
|
|
2012
|
||||||
|
Sherwin-Williams:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Macon, GA
|
|
(g)
|
|
|
59
|
|
|
659
|
|
|
—
|
|
|
718
|
|
|
29
|
|
|
4/16/2015
|
|
2015
|
||||||
|
Shippensburg Market Place:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Shippensburg, PA
|
|
(g)
|
|
|
1,917
|
|
|
9,263
|
|
|
—
|
|
|
11,180
|
|
|
593
|
|
|
9/18/2014
|
|
2002
|
||||||
|
Shopko:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Ballard, UT
|
|
(g)
|
|
|
334
|
|
|
2,865
|
|
|
—
|
|
|
3,199
|
|
|
61
|
|
|
3/4/2016
|
|
2015
|
||||||
|
|
Broken Bow, NE
|
|
(g)
|
|
|
244
|
|
|
1,733
|
|
|
—
|
|
|
1,977
|
|
|
129
|
|
|
6/19/2014
|
|
2007
|
||||||
|
|
Cherokee, IA
|
|
(g)
|
|
|
217
|
|
|
3,326
|
|
|
—
|
|
|
3,543
|
|
|
90
|
|
|
12/23/2015
|
|
2015
|
||||||
|
|
Cokato, MN
|
|
(g)
|
|
|
358
|
|
|
3,229
|
|
|
—
|
|
|
3,587
|
|
|
95
|
|
|
12/23/2015
|
|
2015
|
||||||
|
|
Valentine, NE
|
|
(g)
|
|
|
395
|
|
|
3,549
|
|
|
—
|
|
|
3,944
|
|
|
266
|
|
|
6/30/2014
|
|
2014
|
||||||
|
|
Webster City, IA
|
|
(g)
|
|
|
656
|
|
|
2,868
|
|
|
—
|
|
|
3,524
|
|
|
66
|
|
|
2/17/2016
|
|
2015
|
||||||
|
Shoppes at Lake Andrew:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Melbourne, FL
|
|
(g)
|
|
|
3,924
|
|
|
16,840
|
|
|
15
|
|
|
20,779
|
|
|
1,566
|
|
|
12/31/2013
|
|
2003
|
||||||
|
Shoppes at Stroud:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Stroud Township, PA
|
|
(g)
|
|
|
3,754
|
|
|
22,614
|
|
|
32
|
|
|
26,400
|
|
|
1,481
|
|
|
10/29/2014
|
|
2007
|
||||||
|
Sleepy’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Burlington, NC
|
|
(g)
|
|
|
393
|
|
|
1,648
|
|
|
—
|
|
|
2,041
|
|
|
75
|
|
|
3/31/2015
|
|
2014
|
||||||
|
|
Joliet, IL
|
|
(g)
|
|
|
287
|
|
|
1,552
|
|
|
—
|
|
|
1,839
|
|
|
74
|
|
|
2/27/2015
|
|
2014
|
||||||
|
Southwest Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Springfield, IL
|
|
(g)
|
|
|
2,992
|
|
|
48,935
|
|
|
7
|
|
|
51,934
|
|
|
3,686
|
|
|
9/18/2014
|
|
2003
|
||||||
|
Spinx:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Simpsonville, SC
|
|
(g)
|
|
|
591
|
|
|
969
|
|
|
—
|
|
|
1,560
|
|
|
97
|
|
|
1/24/2013
|
|
2012
|
||||||
|
Springfield Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Springfield, OH
|
|
11,250
|
|
|
3,745
|
|
|
15,049
|
|
|
106
|
|
|
18,900
|
|
|
739
|
|
|
5/6/2015
|
|
1995
|
||||||
|
Sprouts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Bixby, OK
|
|
(g)
|
|
|
1,320
|
|
|
7,117
|
|
|
—
|
|
|
8,437
|
|
|
634
|
|
|
7/26/2013
|
|
2013
|
||||||
|
Staples:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Plainfield, IN
|
|
(g)
|
|
|
400
|
|
|
2,099
|
|
|
—
|
|
|
2,499
|
|
|
107
|
|
|
2/26/2015
|
|
2014
|
||||||
|
Stoneridge Village:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Jefferson City, MO
|
|
6,500
|
|
|
1,830
|
|
|
9,351
|
|
|
—
|
|
|
11,181
|
|
|
744
|
|
|
6/30/2014
|
|
2012
|
||||||
|
Stop & Shop:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Brockton, MA
|
|
11,241
|
|
|
4,259
|
|
|
13,285
|
|
|
—
|
|
|
17,544
|
|
|
627
|
|
|
7/27/2015
|
|
2003
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Stripes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Brownsville, TX
|
|
(g)
|
|
|
$
|
210
|
|
|
$
|
2,386
|
|
|
$
|
—
|
|
|
$
|
2,596
|
|
|
$
|
306
|
|
|
8/30/2012
|
|
2007
|
|
|
|
Brownwood, TX
|
|
(g)
|
|
|
484
|
|
|
3,086
|
|
|
—
|
|
|
3,570
|
|
|
381
|
|
|
8/30/2012
|
|
2005
|
||||||
|
|
McAllen, TX
|
|
(g)
|
|
|
604
|
|
|
1,909
|
|
|
—
|
|
|
2,513
|
|
|
284
|
|
|
8/30/2012
|
|
2007
|
||||||
|
|
Midland, TX
|
|
(g)
|
|
|
620
|
|
|
5,551
|
|
|
—
|
|
|
6,171
|
|
|
634
|
|
|
8/30/2012
|
|
2002
|
||||||
|
|
Mission, TX
|
|
(g)
|
|
|
215
|
|
|
2,170
|
|
|
—
|
|
|
2,385
|
|
|
279
|
|
|
8/30/2012
|
|
2006
|
||||||
|
|
Odessa, TX
|
|
(g)
|
|
|
569
|
|
|
4,940
|
|
|
—
|
|
|
5,509
|
|
|
561
|
|
|
8/30/2012
|
|
1998
|
||||||
|
Summerfield Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Riverview, FL
|
|
$
|
7,310
|
|
|
6,130
|
|
|
6,753
|
|
|
—
|
|
|
12,883
|
|
|
653
|
|
|
7/12/2013
|
|
2013
|
|||||
|
Sunbelt Rentals:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Canton, OH
|
|
(g)
|
|
|
147
|
|
|
1,679
|
|
|
—
|
|
|
1,826
|
|
|
184
|
|
|
10/24/2013
|
|
2013
|
||||||
|
|
Houston, TX
|
|
(g)
|
|
|
535
|
|
|
1,664
|
|
|
—
|
|
|
2,199
|
|
|
118
|
|
|
3/31/2014
|
|
2000
|
||||||
|
Sunoco:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Cocoa, FL
|
|
(g)
|
|
|
625
|
|
|
1,062
|
|
|
—
|
|
|
1,687
|
|
|
99
|
|
|
4/12/2013
|
|
1987
|
||||||
|
|
Mangonia Park, FL
|
|
(g)
|
|
|
689
|
|
|
600
|
|
|
—
|
|
|
1,289
|
|
|
56
|
|
|
4/12/2013
|
|
1999
|
||||||
|
|
Merritt Island, FL
|
|
(g)
|
|
|
610
|
|
|
1,123
|
|
|
—
|
|
|
1,733
|
|
|
105
|
|
|
4/12/2013
|
|
1986
|
||||||
|
|
Palm Beach Gardens, FL
|
(g)
|
|
|
1,050
|
|
|
2,667
|
|
|
—
|
|
|
3,717
|
|
|
248
|
|
|
4/12/2013
|
|
2009
|
|||||||
|
|
Palm City, FL
|
|
(g)
|
|
|
667
|
|
|
1,698
|
|
|
—
|
|
|
2,365
|
|
|
158
|
|
|
4/12/2013
|
|
2011
|
||||||
|
|
Palm Springs, FL
|
|
(g)
|
|
|
580
|
|
|
1,907
|
|
|
—
|
|
|
2,487
|
|
|
177
|
|
|
4/12/2013
|
|
2011
|
||||||
|
|
Sebastian, FL
|
|
(g)
|
|
|
490
|
|
|
2,128
|
|
|
—
|
|
|
2,618
|
|
|
198
|
|
|
4/12/2013
|
|
2009
|
||||||
|
|
Titusville, FL
|
|
(g)
|
|
|
626
|
|
|
2,534
|
|
|
—
|
|
|
3,160
|
|
|
236
|
|
|
4/12/2013
|
|
2009
|
||||||
|
|
West Palm Beach, FL
|
|
(g)
|
|
|
637
|
|
|
443
|
|
|
—
|
|
|
1,080
|
|
|
42
|
|
|
4/12/2013
|
|
1977
|
||||||
|
Sunoco Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Titusville, FL
|
|
—
|
|
|
799
|
|
|
587
|
|
|
—
|
|
|
1,386
|
|
|
57
|
|
|
4/12/2013
|
|
1986
|
||||||
|
Sutters Creek:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Rocky Mount, NC
|
|
—
|
|
|
1,458
|
|
|
2,616
|
|
|
154
|
|
|
4,228
|
|
|
249
|
|
|
1/31/2014
|
|
2012
|
||||||
|
Sweet Tomatoes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Overland Park, KS
|
|
—
|
|
|
806
|
|
|
3,600
|
|
|
(2,717
|
)
|
|
1,689
|
|
|
—
|
|
|
3/28/2014
|
|
2001
|
||||||
|
|
St. Louis, MO
|
|
—
|
|
|
1,254
|
|
|
3,354
|
|
|
(3,006
|
)
|
|
1,602
|
|
|
—
|
|
|
3/28/2014
|
|
1988
|
||||||
|
Target Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Columbia, SC
|
|
5,450
|
|
|
3,234
|
|
|
7,297
|
|
|
—
|
|
|
10,531
|
|
|
558
|
|
|
3/31/2014
|
|
2012
|
||||||
|
Terrell Mill Village:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Marietta, GA
|
|
7,500
|
|
|
3,079
|
|
|
11,185
|
|
|
—
|
|
|
14,264
|
|
|
971
|
|
|
1/31/2014
|
|
2012
|
||||||
|
TGI Friday’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Chesapeake, VA
|
|
(g)
|
|
|
1,217
|
|
|
1,388
|
|
|
—
|
|
|
2,605
|
|
|
94
|
|
|
6/27/2014
|
|
2003
|
||||||
|
|
Wilmington, DE
|
|
(g)
|
|
|
1,685
|
|
|
969
|
|
|
—
|
|
|
2,654
|
|
|
67
|
|
|
6/27/2014
|
|
1991
|
||||||
|
The Center at Hobbs Brook:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Sturbridge, MA
|
|
21,500
|
|
|
11,241
|
|
|
29,152
|
|
|
794
|
|
|
41,187
|
|
|
541
|
|
|
6/29/2016
|
|
1999
|
||||||
|
The Market at Clifty Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Columbus, IN
|
|
(g)
|
|
|
2,669
|
|
|
16,308
|
|
|
—
|
|
|
18,977
|
|
|
1,871
|
|
|
10/31/2014
|
|
1989
|
||||||
|
The Market at Polaris:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Columbus, OH
|
|
(g)
|
|
|
11,828
|
|
|
41,702
|
|
|
302
|
|
|
53,832
|
|
|
3,596
|
|
|
12/6/2013
|
|
2005
|
||||||
|
The Marquis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Williamsburg, VA
|
|
8,556
|
|
|
2,615
|
|
|
11,406
|
|
|
—
|
|
|
14,021
|
|
|
1,350
|
|
|
9/21/2012
|
|
2007
|
||||||
|
The Plant:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
San Jose, CA
|
|
123,000
|
|
|
67,596
|
|
|
108,203
|
|
|
374
|
|
|
176,173
|
|
|
12,170
|
|
|
4/15/2013
|
|
2008
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
The Ridge at Turtle Creek:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Hattiesburg, MS
|
|
$
|
9,900
|
|
|
$
|
2,749
|
|
|
$
|
12,434
|
|
|
$
|
—
|
|
|
$
|
15,183
|
|
|
$
|
629
|
|
|
2/27/2015
|
|
2011
|
|
Tilted Kilt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Killeen, TX
|
|
(g)
|
|
|
1,378
|
|
|
1,508
|
|
|
—
|
|
|
2,886
|
|
|
96
|
|
|
7/29/2014
|
|
2010
|
||||||
|
Tire Kingdom:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Bluffton, SC
|
|
(g)
|
|
|
645
|
|
|
1,688
|
|
|
—
|
|
|
2,333
|
|
|
57
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Summerville, SC
|
|
(g)
|
|
|
1,208
|
|
|
1,233
|
|
|
—
|
|
|
2,441
|
|
|
43
|
|
|
9/1/2015
|
|
2005
|
||||||
|
|
Tarpon Springs, FL
|
|
(g)
|
|
|
427
|
|
|
1,458
|
|
|
—
|
|
|
1,885
|
|
|
155
|
|
|
11/30/2012
|
|
2003
|
||||||
|
Tire Kingdom & Starbucks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Mount Pleasant, SC
|
|
2,400
|
|
|
1,291
|
|
|
3,149
|
|
|
—
|
|
|
4,440
|
|
|
108
|
|
|
9/1/2015
|
|
2005
|
||||||
|
TJ Maxx/Dollar Tree:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Oxford, OH
|
|
(g)
|
|
|
641
|
|
|
2,673
|
|
|
—
|
|
|
3,314
|
|
|
332
|
|
|
5/20/2013
|
|
2013
|
||||||
|
Tractor Supply:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Ashland, VA
|
|
(g)
|
|
|
500
|
|
|
2,696
|
|
|
—
|
|
|
3,196
|
|
|
224
|
|
|
11/22/2013
|
|
2013
|
||||||
|
|
Augusta, KS
|
|
(g)
|
|
|
407
|
|
|
2,315
|
|
|
—
|
|
|
2,722
|
|
|
183
|
|
|
1/10/2014
|
|
2013
|
||||||
|
|
Cambridge, MN
|
|
(g)
|
|
|
807
|
|
|
1,272
|
|
|
—
|
|
|
2,079
|
|
|
181
|
|
|
5/14/2012
|
|
2012
|
||||||
|
|
Canon City, CO
|
|
(g)
|
|
|
597
|
|
|
2,527
|
|
|
—
|
|
|
3,124
|
|
|
261
|
|
|
11/30/2012
|
|
2012
|
||||||
|
|
Fortuna, CA
|
|
(g)
|
|
|
568
|
|
|
3,819
|
|
|
—
|
|
|
4,387
|
|
|
262
|
|
|
6/27/2014
|
|
2014
|
||||||
|
|
Lumberton, NC
|
|
(g)
|
|
|
611
|
|
|
2,007
|
|
|
—
|
|
|
2,618
|
|
|
208
|
|
|
5/24/2013
|
|
2013
|
||||||
|
|
Marion, IN
|
|
(g)
|
|
|
1,536
|
|
|
1,099
|
|
|
—
|
|
|
2,635
|
|
|
92
|
|
|
2/19/2014
|
|
2004
|
||||||
|
|
Monticello, FL
|
|
(g)
|
|
|
448
|
|
|
1,916
|
|
|
—
|
|
|
2,364
|
|
|
195
|
|
|
6/20/2013
|
|
2013
|
||||||
|
|
Newnan, GA
|
|
(g)
|
|
|
1,182
|
|
|
1,950
|
|
|
—
|
|
|
3,132
|
|
|
219
|
|
|
11/6/2012
|
|
2009
|
||||||
|
|
Petersburg, VA
|
|
(g)
|
|
|
514
|
|
|
2,439
|
|
|
—
|
|
|
2,953
|
|
|
208
|
|
|
10/7/2013
|
|
2013
|
||||||
|
|
South Hill, VA
|
|
(g)
|
|
|
630
|
|
|
2,179
|
|
|
—
|
|
|
2,809
|
|
|
209
|
|
|
6/24/2013
|
|
2011
|
||||||
|
|
Spencer, WV
|
|
1,659
|
|
|
455
|
|
|
2,188
|
|
|
—
|
|
|
2,643
|
|
|
258
|
|
|
11/20/2012
|
|
2012
|
||||||
|
|
Stuttgart, AR
|
|
1,543
|
|
|
47
|
|
|
2,519
|
|
|
—
|
|
|
2,566
|
|
|
247
|
|
|
4/5/2013
|
|
2013
|
||||||
|
|
Weaverville, NC
|
|
(g)
|
|
|
867
|
|
|
3,138
|
|
|
—
|
|
|
4,005
|
|
|
282
|
|
|
9/13/2013
|
|
2006
|
||||||
|
|
Woodward, OK
|
|
(g)
|
|
|
446
|
|
|
1,973
|
|
|
—
|
|
|
2,419
|
|
|
176
|
|
|
11/19/2013
|
|
2013
|
||||||
|
Trader Joe’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Asheville, NC
|
|
(g)
|
|
|
2,770
|
|
|
3,766
|
|
|
—
|
|
|
6,536
|
|
|
331
|
|
|
10/22/2013
|
|
2013
|
||||||
|
|
Columbia, SC
|
|
(g)
|
|
|
2,308
|
|
|
2,597
|
|
|
—
|
|
|
4,905
|
|
|
289
|
|
|
3/28/2013
|
|
2012
|
||||||
|
|
Wilmington, NC
|
|
(g)
|
|
|
2,016
|
|
|
2,519
|
|
|
—
|
|
|
4,535
|
|
|
296
|
|
|
6/27/2013
|
|
2012
|
||||||
|
Turfway Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Florence, KY
|
|
8,480
|
|
|
2,261
|
|
|
10,323
|
|
|
—
|
|
|
12,584
|
|
|
867
|
|
|
5/27/2014
|
|
2002
|
||||||
|
Ulta Salon:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Albany, GA
|
|
(g)
|
|
|
441
|
|
|
1,757
|
|
|
—
|
|
|
2,198
|
|
|
124
|
|
|
5/8/2014
|
|
2013
|
||||||
|
|
Greeley, CO
|
|
(g)
|
|
|
596
|
|
|
2,035
|
|
|
—
|
|
|
2,631
|
|
|
97
|
|
|
3/31/2015
|
|
2014
|
||||||
|
United Oil:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Alhambra, CA
|
|
2,032
|
|
|
3,026
|
|
|
751
|
|
|
—
|
|
|
3,777
|
|
|
43
|
|
|
9/30/2014
|
|
2005
|
||||||
|
|
Bellflower, CA
|
|
755
|
|
|
1,312
|
|
|
576
|
|
|
—
|
|
|
1,888
|
|
|
33
|
|
|
9/30/2014
|
|
1999
|
||||||
|
|
Bellflower, CA
|
|
(g)
|
|
|
1,246
|
|
|
788
|
|
|
—
|
|
|
2,034
|
|
|
46
|
|
|
9/30/2014
|
|
2001
|
||||||
|
|
Brea, CA
|
|
(g)
|
|
|
2,393
|
|
|
658
|
|
|
—
|
|
|
3,051
|
|
|
38
|
|
|
9/30/2014
|
|
1984
|
||||||
|
|
Burbank, CA
|
|
2,193
|
|
|
3,474
|
|
|
594
|
|
|
—
|
|
|
4,068
|
|
|
34
|
|
|
9/30/2014
|
|
2000
|
||||||
|
|
Burbank, CA
|
|
1,484
|
|
|
1,750
|
|
|
574
|
|
|
—
|
|
|
2,324
|
|
|
33
|
|
|
9/30/2014
|
|
1998
|
||||||
|
|
Chino, CA
|
|
1,167
|
|
|
1,449
|
|
|
730
|
|
|
—
|
|
|
2,179
|
|
|
42
|
|
|
9/30/2014
|
|
1984
|
||||||
|
|
Compton, CA
|
|
805
|
|
|
992
|
|
|
460
|
|
|
—
|
|
|
1,452
|
|
|
26
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
United Oil (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
El Cajon, CA
|
|
(g)
|
|
|
$
|
1,533
|
|
|
$
|
568
|
|
|
$
|
—
|
|
|
$
|
2,101
|
|
|
$
|
33
|
|
|
9/30/2014
|
|
2008
|
|
|
|
El Cajon, CA
|
|
(g)
|
|
|
1,225
|
|
|
368
|
|
|
—
|
|
|
1,593
|
|
|
21
|
|
|
9/30/2014
|
|
2000
|
||||||
|
|
El Monte, CA
|
|
(g)
|
|
|
766
|
|
|
510
|
|
|
—
|
|
|
1,276
|
|
|
29
|
|
|
9/30/2014
|
|
1994
|
||||||
|
|
Escondido, CA
|
|
$
|
1,107
|
|
|
678
|
|
|
470
|
|
|
—
|
|
|
1,148
|
|
|
27
|
|
|
9/30/2014
|
|
1984
|
|||||
|
|
Escondido, CA
|
|
(g)
|
|
|
3,514
|
|
|
1,062
|
|
|
—
|
|
|
4,576
|
|
|
61
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
Fountain Valley, CA
|
|
1,459
|
|
|
1,809
|
|
|
806
|
|
|
—
|
|
|
2,615
|
|
|
46
|
|
|
9/30/2014
|
|
1999
|
||||||
|
|
Glendale, CA
|
|
(g)
|
|
|
4,871
|
|
|
795
|
|
|
—
|
|
|
5,666
|
|
|
46
|
|
|
9/30/2014
|
|
1999
|
||||||
|
|
Inglewood, CA
|
|
(g)
|
|
|
1,809
|
|
|
878
|
|
|
—
|
|
|
2,687
|
|
|
51
|
|
|
9/30/2014
|
|
1997
|
||||||
|
|
La Habra, CA
|
|
(g)
|
|
|
1,971
|
|
|
571
|
|
|
—
|
|
|
2,542
|
|
|
33
|
|
|
9/30/2014
|
|
2000
|
||||||
|
|
Lawndale, CA
|
|
(g)
|
|
|
1,462
|
|
|
862
|
|
|
—
|
|
|
2,324
|
|
|
50
|
|
|
9/30/2014
|
|
2001
|
||||||
|
|
Long Beach, CA
|
|
1,061
|
|
|
974
|
|
|
772
|
|
|
—
|
|
|
1,746
|
|
|
44
|
|
|
9/30/2014
|
|
2003
|
||||||
|
|
Long Beach, CA
|
|
(g)
|
|
|
2,778
|
|
|
883
|
|
|
—
|
|
|
3,661
|
|
|
51
|
|
|
9/30/2014
|
|
1972
|
||||||
|
|
Long Beach, CA
|
|
1,288
|
|
|
1,972
|
|
|
643
|
|
|
—
|
|
|
2,615
|
|
|
37
|
|
|
9/30/2014
|
|
2004
|
||||||
|
|
Los Angeles, CA
|
|
(g)
|
|
|
2,334
|
|
|
717
|
|
|
—
|
|
|
3,051
|
|
|
41
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
Los Angeles, CA
|
|
(g)
|
|
|
3,552
|
|
|
1,242
|
|
|
—
|
|
|
4,794
|
|
|
71
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
Los Angeles, CA
|
|
(g)
|
|
|
2,745
|
|
|
669
|
|
|
—
|
|
|
3,414
|
|
|
38
|
|
|
9/30/2014
|
|
1998
|
||||||
|
|
Los Angeles, CA
|
|
2,923
|
|
|
3,823
|
|
|
825
|
|
|
—
|
|
|
4,648
|
|
|
48
|
|
|
9/30/2014
|
|
1997
|
||||||
|
|
Los Angeles, CA
|
|
(g)
|
|
|
3,930
|
|
|
428
|
|
|
—
|
|
|
4,358
|
|
|
25
|
|
|
9/30/2014
|
|
2005
|
||||||
|
|
Los Angeles, CA
|
|
1,590
|
|
|
1,710
|
|
|
905
|
|
|
—
|
|
|
2,615
|
|
|
52
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
Los Angeles, CA
|
|
(g)
|
|
|
1,927
|
|
|
1,484
|
|
|
—
|
|
|
3,411
|
|
|
85
|
|
|
9/30/2014
|
|
2007
|
||||||
|
|
Los Angeles, CA
|
|
(g)
|
|
|
2,182
|
|
|
701
|
|
|
—
|
|
|
2,883
|
|
|
40
|
|
|
9/30/2014
|
|
1964
|
||||||
|
|
Lynwood, CA
|
|
1,640
|
|
|
2,386
|
|
|
737
|
|
|
—
|
|
|
3,123
|
|
|
42
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
Menifee, CA
|
|
2,284
|
|
|
2,853
|
|
|
924
|
|
|
—
|
|
|
3,777
|
|
|
53
|
|
|
9/30/2014
|
|
1995
|
||||||
|
|
Monrovia, CA
|
|
1,660
|
|
|
2,365
|
|
|
686
|
|
|
—
|
|
|
3,051
|
|
|
40
|
|
|
9/30/2014
|
|
1996
|
||||||
|
|
Norco, CA
|
|
(g)
|
|
|
1,852
|
|
|
1,489
|
|
|
—
|
|
|
3,341
|
|
|
86
|
|
|
9/30/2014
|
|
1995
|
||||||
|
|
Norco, CA
|
|
1,424
|
|
|
1,869
|
|
|
891
|
|
|
—
|
|
|
2,760
|
|
|
51
|
|
|
9/30/2014
|
|
2005
|
||||||
|
|
North Hollywood, CA
|
|
2,998
|
|
|
4,663
|
|
|
858
|
|
|
—
|
|
|
5,521
|
|
|
49
|
|
|
9/30/2014
|
|
1999
|
||||||
|
|
Oceanside, CA
|
|
2,264
|
|
|
2,163
|
|
|
1,248
|
|
|
—
|
|
|
3,411
|
|
|
72
|
|
|
9/30/2014
|
|
2011
|
||||||
|
|
Paramount, CA
|
|
664
|
|
|
1,301
|
|
|
1,024
|
|
|
—
|
|
|
2,325
|
|
|
59
|
|
|
9/30/2014
|
|
1996
|
||||||
|
|
Pomona, CA
|
|
1,273
|
|
|
1,740
|
|
|
730
|
|
|
—
|
|
|
2,470
|
|
|
42
|
|
|
9/30/2014
|
|
1997
|
||||||
|
|
Poway, CA
|
|
(g)
|
|
|
3,072
|
|
|
705
|
|
|
—
|
|
|
3,777
|
|
|
41
|
|
|
9/30/2014
|
|
1960
|
||||||
|
|
San Diego, CA
|
|
(g)
|
|
|
2,977
|
|
|
1,448
|
|
|
—
|
|
|
4,425
|
|
|
83
|
|
|
9/30/2014
|
|
1984
|
||||||
|
|
San Diego, CA
|
|
(g)
|
|
|
1,877
|
|
|
883
|
|
|
—
|
|
|
2,760
|
|
|
51
|
|
|
9/30/2014
|
|
2006
|
||||||
|
|
San Diego, CA
|
|
3,038
|
|
|
1,215
|
|
|
841
|
|
|
—
|
|
|
2,056
|
|
|
48
|
|
|
9/30/2014
|
|
2010
|
||||||
|
|
San Diego, CA
|
|
(g)
|
|
|
1,824
|
|
|
382
|
|
|
—
|
|
|
2,206
|
|
|
22
|
|
|
9/30/2014
|
|
2006
|
||||||
|
|
San Pedro, CA
|
|
1,655
|
|
|
2,086
|
|
|
675
|
|
|
—
|
|
|
2,761
|
|
|
39
|
|
|
9/30/2014
|
|
2000
|
||||||
|
|
Santa Clarita, CA
|
|
(g)
|
|
|
4,787
|
|
|
733
|
|
|
—
|
|
|
5,520
|
|
|
42
|
|
|
9/30/2014
|
|
2001
|
||||||
|
|
Sun City, CA
|
|
(g)
|
|
|
1,136
|
|
|
1,421
|
|
|
—
|
|
|
2,557
|
|
|
82
|
|
|
9/30/2014
|
|
1984
|
||||||
|
|
Valley Center, CA
|
|
2,284
|
|
|
2,680
|
|
|
1,606
|
|
|
—
|
|
|
4,286
|
|
|
92
|
|
|
9/30/2014
|
|
2009
|
||||||
|
|
Van Nuys, CA
|
|
2,284
|
|
|
2,439
|
|
|
902
|
|
|
—
|
|
|
3,341
|
|
|
52
|
|
|
9/30/2014
|
|
2005
|
||||||
|
|
Van Nuys, CA
|
|
1,152
|
|
|
1,786
|
|
|
684
|
|
|
—
|
|
|
2,470
|
|
|
39
|
|
|
9/30/2014
|
|
1999
|
||||||
|
|
Van Nuys, CA
|
|
2,681
|
|
|
3,980
|
|
|
741
|
|
|
—
|
|
|
4,721
|
|
|
43
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
Vista, CA
|
|
(g)
|
|
|
2,063
|
|
|
334
|
|
|
—
|
|
|
2,397
|
|
|
19
|
|
|
9/30/2014
|
|
1986
|
||||||
|
|
Vista, CA
|
|
(g)
|
|
|
2,028
|
|
|
418
|
|
|
—
|
|
|
2,446
|
|
|
24
|
|
|
9/30/2014
|
|
2010
|
||||||
|
|
Whittier, CA
|
|
(g)
|
|
|
1,629
|
|
|
985
|
|
|
—
|
|
|
2,614
|
|
|
57
|
|
|
9/30/2014
|
|
1997
|
||||||
|
|
Wilmington, CA
|
|
1,680
|
|
|
1,615
|
|
|
1,145
|
|
|
—
|
|
|
2,760
|
|
|
66
|
|
|
9/30/2014
|
|
2002
|
||||||
|
|
Woodland Hills, CA
|
|
3,159
|
|
|
4,946
|
|
|
647
|
|
|
—
|
|
|
5,593
|
|
|
37
|
|
|
9/30/2014
|
|
2003
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
University Marketplace:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Marion, IN
|
|
$
|
4,050
|
|
|
$
|
850
|
|
|
$
|
6,722
|
|
|
$
|
121
|
|
|
$
|
7,693
|
|
|
$
|
874
|
|
|
3/22/2013
|
|
2012
|
|
Ventura Place:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Albuquerque, NM
|
|
(g)
|
|
|
5,203
|
|
|
7,998
|
|
|
72
|
|
|
13,273
|
|
|
448
|
|
|
4/29/2015
|
|
2008
|
||||||
|
Village at Hereford Farms:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Grovetown, GA
|
|
4,250
|
|
|
1,222
|
|
|
5,912
|
|
|
—
|
|
|
7,134
|
|
|
373
|
|
|
9/26/2014
|
|
2009
|
||||||
|
Waite Park Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Waite Park, MN
|
|
—
|
|
|
2,576
|
|
|
15,484
|
|
|
—
|
|
|
18,060
|
|
|
18
|
|
|
12/29/2016
|
|
1992
|
||||||
|
Wal-Mart:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Anderson, SC
|
|
(g)
|
|
|
2,424
|
|
|
9,719
|
|
|
—
|
|
|
12,143
|
|
|
275
|
|
|
11/5/2015
|
|
2015
|
||||||
|
|
Florence, SC
|
|
(g)
|
|
|
2,013
|
|
|
9,225
|
|
|
—
|
|
|
11,238
|
|
|
259
|
|
|
11/5/2015
|
|
2015
|
||||||
|
|
Perry, GA
|
|
7,095
|
|
|
2,270
|
|
|
11,053
|
|
|
—
|
|
|
13,323
|
|
|
1,110
|
|
|
6/4/2013
|
|
1999
|
||||||
|
|
Summerville, SC
|
|
4,300
|
|
|
2,410
|
|
|
2,098
|
|
|
—
|
|
|
4,508
|
|
|
76
|
|
|
9/18/2015
|
|
2015
|
||||||
|
|
Tallahassee, FL
|
|
8,157
|
|
|
14,823
|
|
|
—
|
|
|
—
|
|
|
14,823
|
|
|
—
|
|
|
12/11/2012
|
|
2008
|
||||||
|
|
York, SC
|
|
(g)
|
|
|
1,913
|
|
|
11,410
|
|
|
—
|
|
|
13,323
|
|
|
1,139
|
|
|
6/4/2013
|
|
1998
|
||||||
|
Walgreens:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Andover, KS
|
|
(g)
|
|
|
630
|
|
|
3,057
|
|
|
—
|
|
|
3,687
|
|
|
289
|
|
|
10/18/2013
|
|
2001
|
||||||
|
|
Arkadelphia, AR
|
|
4,225
|
|
|
787
|
|
|
4,626
|
|
|
—
|
|
|
5,413
|
|
|
249
|
|
|
11/26/2014
|
|
2007
|
||||||
|
|
Austintown, OH
|
|
(g)
|
|
|
637
|
|
|
4,173
|
|
|
—
|
|
|
4,810
|
|
|
356
|
|
|
8/19/2013
|
|
2002
|
||||||
|
|
Bartlett, TN
|
|
4,150
|
|
|
1,086
|
|
|
4,321
|
|
|
—
|
|
|
5,407
|
|
|
244
|
|
|
11/26/2014
|
|
1997
|
||||||
|
|
Bartlett, TN
|
|
4,150
|
|
|
799
|
|
|
4,608
|
|
|
—
|
|
|
5,407
|
|
|
259
|
|
|
11/26/2014
|
|
2002
|
||||||
|
|
Birmingham, AL
|
|
(g)
|
|
|
985
|
|
|
4,938
|
|
|
—
|
|
|
5,923
|
|
|
466
|
|
|
4/9/2013
|
|
2012
|
||||||
|
|
Birmingham, AL
|
|
4,300
|
|
|
738
|
|
|
4,844
|
|
|
—
|
|
|
5,582
|
|
|
272
|
|
|
11/26/2014
|
|
2000
|
||||||
|
|
Blair, NE
|
|
2,466
|
|
|
335
|
|
|
3,544
|
|
|
—
|
|
|
3,879
|
|
|
423
|
|
|
4/18/2012
|
|
2008
|
||||||
|
|
Chicopee, MA
|
|
3,894
|
|
|
2,094
|
|
|
4,945
|
|
|
—
|
|
|
7,039
|
|
|
275
|
|
|
10/23/2014
|
|
2008
|
||||||
|
|
Colerain Township, OH
|
|
4,200
|
|
|
1,991
|
|
|
3,470
|
|
|
—
|
|
|
5,461
|
|
|
190
|
|
|
11/26/2014
|
|
1998
|
||||||
|
|
Connelly Springs, NC
|
|
(g)
|
|
|
1,349
|
|
|
3,628
|
|
|
—
|
|
|
4,977
|
|
|
317
|
|
|
8/27/2013
|
|
2012
|
||||||
|
|
Cullman, AL
|
|
3,542
|
|
|
1,292
|
|
|
3,779
|
|
|
—
|
|
|
5,071
|
|
|
378
|
|
|
2/22/2013
|
|
2012
|
||||||
|
|
Danville, VA
|
|
(g)
|
|
|
989
|
|
|
4,547
|
|
|
—
|
|
|
5,536
|
|
|
492
|
|
|
12/24/2012
|
|
2012
|
||||||
|
|
Dearborn Heights, MI
|
|
(g)
|
|
|
2,236
|
|
|
3,411
|
|
|
—
|
|
|
5,647
|
|
|
305
|
|
|
7/9/2013
|
|
2008
|
||||||
|
|
Decatur, AL
|
|
3,625
|
|
|
631
|
|
|
4,161
|
|
|
—
|
|
|
4,792
|
|
|
234
|
|
|
11/26/2014
|
|
2004
|
||||||
|
|
Dyersburg, TN
|
|
(g)
|
|
|
555
|
|
|
4,088
|
|
|
—
|
|
|
4,643
|
|
|
268
|
|
|
6/30/2014
|
|
2011
|
||||||
|
|
East Chicago, IN
|
|
(g)
|
|
|
331
|
|
|
5,242
|
|
|
—
|
|
|
5,573
|
|
|
312
|
|
|
8/8/2014
|
|
2005
|
||||||
|
|
Enterprise, AL
|
|
3,575
|
|
|
839
|
|
|
3,844
|
|
|
—
|
|
|
4,683
|
|
|
217
|
|
|
11/26/2014
|
|
2004
|
||||||
|
|
Evansville, IN
|
|
4,040
|
|
|
812
|
|
|
4,439
|
|
|
—
|
|
|
5,251
|
|
|
251
|
|
|
11/26/2014
|
|
2001
|
||||||
|
|
Florence, KY
|
|
4,125
|
|
|
1,086
|
|
|
4,206
|
|
|
—
|
|
|
5,292
|
|
|
230
|
|
|
11/26/2014
|
|
2005
|
||||||
|
|
Forrest City, AR
|
|
4,825
|
|
|
643
|
|
|
5,287
|
|
|
—
|
|
|
5,930
|
|
|
297
|
|
|
11/26/2014
|
|
2007
|
||||||
|
|
Fort Madison, IA
|
|
(g)
|
|
|
514
|
|
|
3,723
|
|
|
—
|
|
|
4,237
|
|
|
316
|
|
|
9/20/2013
|
|
2008
|
||||||
|
|
Franklin, TN
|
|
4,200
|
|
|
1,457
|
|
|
4,075
|
|
|
—
|
|
|
5,532
|
|
|
230
|
|
|
11/26/2014
|
|
2000
|
||||||
|
|
Fraser, MI
|
|
(g)
|
|
|
518
|
|
|
4,525
|
|
|
—
|
|
|
5,043
|
|
|
309
|
|
|
5/19/2014
|
|
2004
|
||||||
|
|
Hickory, NC
|
|
(g)
|
|
|
1,100
|
|
|
4,241
|
|
|
—
|
|
|
5,341
|
|
|
427
|
|
|
2/28/2013
|
|
2009
|
||||||
|
|
Hobart, IN
|
|
3,875
|
|
|
594
|
|
|
4,526
|
|
|
—
|
|
|
5,120
|
|
|
254
|
|
|
11/26/2014
|
|
1998
|
||||||
|
|
Huntsville, AL
|
|
3,273
|
|
|
1,931
|
|
|
2,457
|
|
|
—
|
|
|
4,388
|
|
|
258
|
|
|
3/15/2013
|
|
2001
|
||||||
|
|
Kannapolis, NC
|
|
3,966
|
|
|
1,480
|
|
|
5,031
|
|
|
—
|
|
|
6,511
|
|
|
459
|
|
|
6/12/2013
|
|
2012
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Walgreens (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Knoxville, TN
|
|
$
|
3,725
|
|
|
$
|
1,139
|
|
|
$
|
3,750
|
|
|
$
|
—
|
|
|
$
|
4,889
|
|
|
$
|
211
|
|
|
11/26/2014
|
|
1997
|
|
|
Las Vegas, NV
|
|
(g)
|
|
|
2,325
|
|
|
3,262
|
|
|
67
|
|
|
5,654
|
|
|
280
|
|
|
9/26/2013
|
|
1999
|
||||||
|
|
Lawton, OK
|
|
(g)
|
|
|
860
|
|
|
2,539
|
|
|
—
|
|
|
3,399
|
|
|
228
|
|
|
7/3/2013
|
|
1998
|
||||||
|
|
Little Rock, AR
|
|
(g)
|
|
|
548
|
|
|
4,676
|
|
|
—
|
|
|
5,224
|
|
|
298
|
|
|
6/30/2014
|
|
2011
|
||||||
|
|
Little Rock, AR
|
|
4,100
|
|
|
1,115
|
|
|
4,248
|
|
|
—
|
|
|
5,363
|
|
|
239
|
|
|
11/26/2014
|
|
2001
|
||||||
|
|
Lubbock, TX
|
|
(g)
|
|
|
565
|
|
|
3,257
|
|
|
—
|
|
|
3,822
|
|
|
350
|
|
|
10/11/2012
|
|
2000
|
||||||
|
|
Lubbock, TX
|
|
(g)
|
|
|
531
|
|
|
2,951
|
|
|
—
|
|
|
3,482
|
|
|
314
|
|
|
10/11/2012
|
|
1998
|
||||||
|
|
Malvern, AR
|
|
4,165
|
|
|
1,007
|
|
|
4,325
|
|
|
—
|
|
|
5,332
|
|
|
233
|
|
|
11/26/2014
|
|
2006
|
||||||
|
|
Memphis, TN
|
|
3,775
|
|
|
776
|
|
|
4,166
|
|
|
—
|
|
|
4,942
|
|
|
234
|
|
|
11/26/2014
|
|
1999
|
||||||
|
|
Metropolis, IL
|
|
(g)
|
|
|
284
|
|
|
4,991
|
|
|
—
|
|
|
5,275
|
|
|
297
|
|
|
8/8/2014
|
|
2009
|
||||||
|
|
Michigan City, IN
|
|
3,200
|
|
|
567
|
|
|
3,615
|
|
|
—
|
|
|
4,182
|
|
|
207
|
|
|
11/26/2014
|
|
1999
|
||||||
|
|
Mobile, AL
|
|
(g)
|
|
|
1,603
|
|
|
3,161
|
|
|
—
|
|
|
4,764
|
|
|
259
|
|
|
11/7/2013
|
|
2013
|
||||||
|
|
Mount Washington, KY
|
|
4,125
|
|
|
545
|
|
|
4,825
|
|
|
—
|
|
|
5,370
|
|
|
271
|
|
|
11/26/2014
|
|
2005
|
||||||
|
|
Oakland, TN
|
|
3,750
|
|
|
689
|
|
|
4,226
|
|
|
—
|
|
|
4,915
|
|
|
236
|
|
|
11/26/2014
|
|
2005
|
||||||
|
|
Oklahoma City, OK
|
|
3,950
|
|
|
1,356
|
|
|
3,869
|
|
|
—
|
|
|
5,225
|
|
|
223
|
|
|
11/26/2014
|
|
1996
|
||||||
|
|
Olathe, KS
|
|
4,230
|
|
|
1,266
|
|
|
4,047
|
|
|
—
|
|
|
5,313
|
|
|
227
|
|
|
11/26/2014
|
|
1997
|
||||||
|
|
Phoenix, AZ
|
|
(g)
|
|
|
2,216
|
|
|
1,830
|
|
|
—
|
|
|
4,046
|
|
|
187
|
|
|
3/22/2013
|
|
2001
|
||||||
|
|
Pine Bluff, AR
|
|
(g)
|
|
|
248
|
|
|
5,229
|
|
|
—
|
|
|
5,477
|
|
|
443
|
|
|
9/17/2013
|
|
2012
|
||||||
|
|
Ralston, NE
|
|
4,265
|
|
|
967
|
|
|
4,620
|
|
|
—
|
|
|
5,587
|
|
|
259
|
|
|
11/26/2014
|
|
1999
|
||||||
|
|
River Falls, WI
|
|
5,200
|
|
|
634
|
|
|
5,137
|
|
|
—
|
|
|
5,771
|
|
|
286
|
|
|
11/26/2014
|
|
2007
|
||||||
|
|
Sacramento, CA
|
|
(g)
|
|
|
324
|
|
|
2,669
|
|
|
—
|
|
|
2,993
|
|
|
178
|
|
|
6/30/2014
|
|
2008
|
||||||
|
|
Sioux Falls, SD
|
|
3,625
|
|
|
1,138
|
|
|
3,784
|
|
|
—
|
|
|
4,922
|
|
|
214
|
|
|
11/26/2014
|
|
2007
|
||||||
|
|
Springdale, AR
|
|
(g)
|
|
|
1,172
|
|
|
4,509
|
|
|
—
|
|
|
5,681
|
|
|
369
|
|
|
10/7/2013
|
|
2012
|
||||||
|
|
Springfield, IL
|
|
(g)
|
|
|
830
|
|
|
3,619
|
|
|
—
|
|
|
4,449
|
|
|
431
|
|
|
5/14/2012
|
|
2007
|
||||||
|
|
St. Charles, MO
|
|
4,600
|
|
|
1,644
|
|
|
4,364
|
|
|
—
|
|
|
6,008
|
|
|
246
|
|
|
11/26/2014
|
|
1994
|
||||||
|
|
St. Louis, MO
|
|
4,600
|
|
|
1,432
|
|
|
4,556
|
|
|
—
|
|
|
5,988
|
|
|
257
|
|
|
11/26/2014
|
|
1999
|
||||||
|
|
St. Louis, MO
|
|
4,790
|
|
|
1,414
|
|
|
4,622
|
|
|
—
|
|
|
6,036
|
|
|
260
|
|
|
11/26/2014
|
|
1999
|
||||||
|
|
Suffolk, VA
|
|
(g)
|
|
|
1,261
|
|
|
3,461
|
|
|
—
|
|
|
4,722
|
|
|
433
|
|
|
5/14/2012
|
|
2007
|
||||||
|
|
Sun City, AZ
|
|
(g)
|
|
|
837
|
|
|
2,484
|
|
|
—
|
|
|
3,321
|
|
|
175
|
|
|
5/6/2014
|
|
2000
|
||||||
|
|
Tarboro, NC
|
|
(g)
|
|
|
755
|
|
|
3,634
|
|
|
—
|
|
|
4,389
|
|
|
221
|
|
|
8/22/2014
|
|
2014
|
||||||
|
|
Toledo, OH
|
|
4,325
|
|
|
1,993
|
|
|
3,445
|
|
|
—
|
|
|
5,438
|
|
|
197
|
|
|
11/26/2014
|
|
2001
|
||||||
|
|
Troy, OH
|
|
(g)
|
|
|
547
|
|
|
4,076
|
|
|
—
|
|
|
4,623
|
|
|
252
|
|
|
7/28/2014
|
|
2002
|
||||||
|
|
Tulsa, OK
|
|
3,350
|
|
|
1,078
|
|
|
3,453
|
|
|
—
|
|
|
4,531
|
|
|
196
|
|
|
11/26/2014
|
|
1993
|
||||||
|
Walgreens/KeyBank:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Newburgh, NY
|
|
5,000
|
|
|
3,280
|
|
|
5,441
|
|
|
—
|
|
|
8,721
|
|
|
448
|
|
|
9/16/2013
|
|
2010
|
||||||
|
Wallace Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Salisbury, NC
|
|
7,590
|
|
|
3,265
|
|
|
8,058
|
|
|
—
|
|
|
11,323
|
|
|
863
|
|
|
12/21/2012
|
|
2009
|
||||||
|
Wallace Commons II:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Salisbury, NC
|
|
6,012
|
|
|
2,231
|
|
|
8,479
|
|
|
—
|
|
|
10,710
|
|
|
685
|
|
|
2/28/2014
|
|
2013
|
||||||
|
Warrenton Highlands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Warrenton, OR
|
|
(g)
|
|
|
2,139
|
|
|
5,774
|
|
|
138
|
|
|
8,051
|
|
|
690
|
|
|
5/29/2013
|
|
2011
|
||||||
|
Waterford South Park:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Clarksville, IN
|
|
7,200
|
|
|
2,946
|
|
|
8,564
|
|
|
45
|
|
|
11,555
|
|
|
1,033
|
|
|
4/12/2013
|
|
2006
|
||||||
|
Wawa:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Cape May, NJ
|
|
(g)
|
|
|
1,576
|
|
|
5,790
|
|
|
—
|
|
|
7,366
|
|
|
655
|
|
|
8/29/2012
|
|
2005
|
||||||
|
|
Galloway, NJ
|
|
(g)
|
|
|
1,724
|
|
|
6,105
|
|
|
—
|
|
|
7,829
|
|
|
690
|
|
|
8/29/2012
|
|
2005
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2016
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis
|
|
(b) (c)
|
|
(d) (e)
|
|
Acquired
|
|
Constructed
|
||||||||||||
|
Wendy's:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Grafton, VA
|
|
(g)
|
|
|
$
|
539
|
|
|
$
|
894
|
|
|
$
|
—
|
|
|
$
|
1,433
|
|
|
$
|
59
|
|
|
6/27/2014
|
|
1985
|
|
|
|
Westminster, CO
|
|
(g)
|
|
|
596
|
|
|
1,108
|
|
|
—
|
|
|
1,704
|
|
|
73
|
|
|
6/27/2014
|
|
1986
|
||||||
|
West Marine:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Panama City, FL
|
|
(g)
|
|
|
676
|
|
|
2,219
|
|
|
—
|
|
|
2,895
|
|
|
119
|
|
|
4/24/2015
|
|
2014
|
||||||
|
|
Pensacola, FL
|
|
(g)
|
|
|
1,107
|
|
|
3,398
|
|
|
—
|
|
|
4,505
|
|
|
190
|
|
|
2/27/2015
|
|
2015
|
||||||
|
Western Refining, Inc:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Benson, AZ
|
|
$
|
566
|
|
|
186
|
|
|
510
|
|
|
—
|
|
|
696
|
|
|
25
|
|
|
1/16/2015
|
|
1990
|
|||||
|
|
Bisbee, AZ
|
|
399
|
|
|
89
|
|
|
137
|
|
|
—
|
|
|
226
|
|
|
14
|
|
|
1/16/2015
|
|
1970
|
||||||
|
|
Coolidge, AZ
|
|
472
|
|
|
578
|
|
|
283
|
|
|
—
|
|
|
861
|
|
|
25
|
|
|
1/16/2015
|
|
1997
|
||||||
|
|
Douglas, AZ
|
|
913
|
|
|
136
|
|
|
1,080
|
|
|
—
|
|
|
1,216
|
|
|
53
|
|
|
1/16/2015
|
|
1985
|
||||||
|
|
Douglas, AZ
|
|
718
|
|
|
89
|
|
|
385
|
|
|
—
|
|
|
474
|
|
|
27
|
|
|
1/16/2015
|
|
1997
|
||||||
|
|
Florence, AZ
|
|
446
|
|
|
363
|
|
|
338
|
|
|
—
|
|
|
701
|
|
|
21
|
|
|
1/16/2015
|
|
1999
|
||||||
|
|
Globe, AZ
|
|
1,264
|
|
|
572
|
|
|
311
|
|
|
—
|
|
|
883
|
|
|
29
|
|
|
1/16/2015
|
|
1994
|
||||||
|
|
Hereford, AZ
|
|
1,531
|
|
|
303
|
|
|
879
|
|
|
—
|
|
|
1,182
|
|
|
46
|
|
|
1/16/2015
|
|
2013
|
||||||
|
|
Marana, AZ
|
|
1,458
|
|
|
389
|
|
|
493
|
|
|
—
|
|
|
882
|
|
|
28
|
|
|
1/16/2015
|
|
2008
|
||||||
|
|
Pearce, AZ
|
|
750
|
|
|
116
|
|
|
380
|
|
|
—
|
|
|
496
|
|
|
24
|
|
|
1/16/2015
|
|
1985
|
||||||
|
|
Pima, AZ
|
|
1,196
|
|
|
372
|
|
|
362
|
|
|
—
|
|
|
734
|
|
|
26
|
|
|
1/16/2015
|
|
1994
|
||||||
|
|
Safford, AZ
|
|
1,054
|
|
|
77
|
|
|
281
|
|
|
—
|
|
|
358
|
|
|
14
|
|
|
1/16/2015
|
|
1989
|
||||||
|
|
Safford, AZ
|
|
1,169
|
|
|
204
|
|
|
299
|
|
|
—
|
|
|
503
|
|
|
19
|
|
|
1/16/2015
|
|
1996
|
||||||
|
|
Safford, AZ
|
|
1,280
|
|
|
107
|
|
|
408
|
|
|
—
|
|
|
515
|
|
|
20
|
|
|
1/16/2015
|
|
1989
|
||||||
|
|
Sierra Vista, AZ
|
|
488
|
|
|
87
|
|
|
723
|
|
|
—
|
|
|
810
|
|
|
40
|
|
|
1/16/2015
|
|
1977
|
||||||
|
|
Thatcher, AZ
|
|
1,180
|
|
|
140
|
|
|
561
|
|
|
—
|
|
|
701
|
|
|
32
|
|
|
1/16/2015
|
|
2004
|
||||||
|
|
Tucson, AZ
|
|
524
|
|
|
569
|
|
|
453
|
|
|
—
|
|
|
1,022
|
|
|
27
|
|
|
1/16/2015
|
|
1997
|
||||||
|
|
Tucson, AZ
|
|
603
|
|
|
473
|
|
|
388
|
|
|
—
|
|
|
861
|
|
|
30
|
|
|
1/16/2015
|
|
1995
|
||||||
|
|
Tucson, AZ
|
|
582
|
|
|
263
|
|
|
170
|
|
|
—
|
|
|
433
|
|
|
13
|
|
|
1/16/2015
|
|
1986
|
||||||
|
|
Tucson, AZ
|
|
666
|
|
|
770
|
|
|
332
|
|
|
—
|
|
|
1,102
|
|
|
21
|
|
|
1/16/2015
|
|
2002
|
||||||
|
|
Tucson, AZ
|
|
571
|
|
|
333
|
|
|
167
|
|
|
—
|
|
|
500
|
|
|
8
|
|
|
1/16/2015
|
|
1982
|
||||||
|
|
Tucson, AZ
|
|
1,190
|
|
|
397
|
|
|
542
|
|
|
—
|
|
|
939
|
|
|
30
|
|
|
1/16/2015
|
|
1986
|
||||||
|
|
Tucson, AZ
|
|
523
|
|
|
525
|
|
|
606
|
|
|
—
|
|
|
1,131
|
|
|
34
|
|
|
1/16/2015
|
|
2002
|
||||||
|
|
Winkelman, AZ
|
|
953
|
|
|
287
|
|
|
403
|
|
|
—
|
|
|
690
|
|
|
25
|
|
|
1/16/2015
|
|
1999
|
||||||
|
Westover Market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
San Antonio, TX
|
|
6,200
|
|
|
2,705
|
|
|
7,959
|
|
|
—
|
|
|
10,664
|
|
|
832
|
|
|
7/10/2013
|
|
2013
|
||||||
|
Whole Foods Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Fort Collins, CO
|
|
12,500
|
|
|
2,664
|
|
|
17,166
|
|
|
—
|
|
|
19,830
|
|
|
1,119
|
|
|
9/30/2014
|
|
2004
|
||||||
|
Winn-Dixie:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Baton Rouge, LA
|
|
(g)
|
|
|
1,782
|
|
|
3,776
|
|
|
—
|
|
|
5,558
|
|
|
247
|
|
|
6/27/2014
|
|
2000
|
||||||
|
|
Walker, LA
|
|
—
|
|
|
900
|
|
|
3,909
|
|
|
—
|
|
|
4,809
|
|
|
256
|
|
|
6/27/2014
|
|
1999
|
||||||
|
Woods Supermarket:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Sunrise Beach, MO
|
|
(g)
|
|
|
1,044
|
|
|
5,005
|
|
|
—
|
|
|
6,049
|
|
|
425
|
|
|
9/13/2013
|
|
2013
|
||||||
|
|
|
|
$
|
1,218,122
|
|
|
$
|
1,157,916
|
|
|
$
|
3,133,832
|
|
|
$
|
78,881
|
|
|
$
|
4,370,629
|
|
|
$
|
245,425
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Balance, beginning of period
|
|
$
|
4,185,605
|
|
|
$
|
3,590,939
|
|
|
$
|
1,960,708
|
|
|
Additions
|
|
|
|
|
|
|
||||||
|
Acquisitions
|
|
198,176
|
|
|
532,454
|
|
|
1,613,201
|
|
|||
|
JV Purchased
|
|
16,361
|
|
|
—
|
|
|
—
|
|
|||
|
Improvements
|
|
3,827
|
|
|
64,458
|
|
|
18,967
|
|
|||
|
Adjustment to basis
|
|
962
|
|
|
—
|
|
|
—
|
|
|||
|
Total additions
|
|
$
|
219,326
|
|
|
$
|
596,912
|
|
|
$
|
1,632,168
|
|
|
Less: Deductions
|
|
|
|
|
|
|
||||||
|
Cost of real estate sold
|
|
27,144
|
|
|
1,086
|
|
|
1,937
|
|
|||
|
Adjustment to basis
|
|
51
|
|
|
—
|
|
|
—
|
|
|||
|
Other (including provisions for impairment of real estate assets)
|
|
7,107
|
|
|
1,160
|
|
|
—
|
|
|||
|
Total deductions
|
|
34,302
|
|
|
2,246
|
|
|
1,937
|
|
|||
|
Balance, end of period
|
|
$
|
4,370,629
|
|
|
$
|
4,185,605
|
|
|
$
|
3,590,939
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Balance, beginning of period
|
|
$
|
158,805
|
|
|
$
|
78,186
|
|
|
$
|
23,377
|
|
|
Additions
|
|
|
|
|
|
|
||||||
|
Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired
|
|
88,202
|
|
|
80,373
|
|
|
54,656
|
|
|||
|
Improvements - Depreciation expense for tenant improvements and building equipment
|
|
586
|
|
|
303
|
|
|
153
|
|
|||
|
Total additions
|
|
$
|
88,788
|
|
|
$
|
80,676
|
|
|
$
|
54,809
|
|
|
Deductions
|
|
|
|
|
|
|
||||||
|
Cost of real estate sold
|
|
1,514
|
|
|
—
|
|
|
—
|
|
|||
|
Other (including provisions for impairment of real estate assets)
|
|
654
|
|
|
57
|
|
|
—
|
|
|||
|
Total deductions
|
|
2,168
|
|
|
57
|
|
|
—
|
|
|||
|
Balance, end of period
|
|
$
|
245,425
|
|
|
$
|
158,805
|
|
|
$
|
78,186
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|