0001193125-14-412779.txt : 20141114 0001193125-14-412779.hdr.sgml : 20141114 20141114132856 ACCESSION NUMBER: 0001193125-14-412779 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141114 DATE AS OF CHANGE: 20141114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Carter Validus Mission Critical REIT II, Inc. CENTRAL INDEX KEY: 0001567925 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 461854011 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-191706 FILM NUMBER: 141222542 BUSINESS ADDRESS: STREET 1: 4890 W KENNEDY BOULEVARD STREET 2: SUITE 650 CITY: TAMPA STATE: FL ZIP: 33609 BUSINESS PHONE: 813-287-0101 MAIL ADDRESS: STREET 1: 4890 W KENNEDY BOULEVARD STREET 2: SUITE 650 CITY: TAMPA STATE: FL ZIP: 33609 10-Q 1 d820334d10q.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 333-191706

 

 

CARTER VALIDUS MISSION CRITICAL REIT II, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   46-1854011

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

4890 West Kennedy Blvd., Suite 650

Tampa, FL 33609

  (813) 287-0101
(Address of Principal Executive Offices; Zip Code)   (Registrant’s Telephone Number)

 

4211 West Boy Scout Blvd., Suite 500

Tampa, Florida 33607

  N/A
(Former address, if changed since last report)   (Former name and former fiscal year, if changed since last report)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer   ¨    Accelerated filer   ¨
Non-accelerated filer   x  (Do not check if a smaller reporting company)    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of November 11, 2014, there were approximately 3,611,000 shares of common stock of Carter Validus Mission Critical REIT II, Inc. outstanding.

 

 

 


Table of Contents

CARTER VALIDUS MISSION CRITICAL REIT II, INC. 

(A Maryland Corporation)

TABLE OF CONTENTS

 

     Page  
PART I.  

FINANCIAL INFORMATION (Unaudited)

     3   
Item 1.  

Condensed Consolidated Financial Statements

     3   
 

Condensed Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013

     3   
 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2014

     4   
 

Condensed Consolidated Statement of Stockholders’ Equity for the Nine Months Ended September 30, 2014

     5   
 

Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2014

     6   
 

Notes to Condensed Consolidated Financial Statements

     7   
Item 2.  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

     20   
Item 3.  

Quantitative and Qualitative Disclosures About Market Risk

     29   
Item 4.  

Controls and Procedures

     29   
PART II.  

OTHER INFORMATION

     30   
Item 1.  

Legal Proceedings

     30   
Item 1A.  

Risk Factors

     30   
Item 2.  

Unregistered Sales of Equity Securities and Use of Proceeds

     31   
Item 3.  

Defaults Upon Senior Securities

     32   
Item 4.  

Mine Safety Disclosures

     32   
Item 5.  

Other Information

     32   
Item 6.  

Exhibits

     32   
SIGNATURES      33   

 

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PART 1. FINANCIAL STATEMENTS

Item 1. Financial Statements.

CARTER VALIDUS MISSION CRITICAL REIT II, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2014 and December 31, 2013

 

     (Unaudited)        
     September 30,
2014
    December 31,
2013
 
ASSETS   

Real estate:

    

Land

   $ 762,210      $ —     

Buildings and improvements

     2,970,012        —     

Acquired intangible assets

     717,778        —     
  

 

 

   

 

 

 
     4,450,000        —     

Less: accumulated depreciation and amortization

     (33,777     —     
  

 

 

   

 

 

 

Total real estate, net

     4,416,223        —     

Cash and cash equivalents

     11,567,650        200,000   

Other assets

     806,033        —     
  

 

 

   

 

 

 

Total assets

   $ 16,789,906      $ 200,000   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY   

Liabilities:

    

Accounts payable due to affiliates

   $ 1,057,031      $ —     

Accounts payable and other liabilities

     641,663        —     
  

 

 

   

 

 

 

Total liabilities

     1,698,694        —     

Stockholders’ equity:

    

Preferred stock, $0.01 par value per share, 100,000,000 and 50,000,000 shares authorized; none outstanding, respectively

     —          —     

Class A common stock, $0.01 par value per share, 250,000,000 and 300,000,000 shares authorized; 1,879,439 and 20,000 shares outstanding, respectively

     18,794        200   

Class T common stock, $0.01 par value per share, 250,000,000 and 0 shares authorized; none outstanding, respectively

     —          —     

Additional paid-in capital

     15,698,550        199,800   

Accumulated deficit

     (627,999     —     
  

 

 

   

 

 

 

Total stockholders’ equity

     15,089,345        200,000   

Noncontrolling interests

     1,867        —     
  

 

 

   

 

 

 

Total equity

     15,091,212        200,000   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 16,789,906      $ 200,000   
  

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

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CARTER VALIDUS MISSION CRITICAL REIT II, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Nine Months Ended September 30, 2014

(Unaudited)

 

     Three Months
Ended
September 30,
2014
    Nine Months
Ended
September 30,
2014
 

Revenue:

    

Rental revenue

   $ 65,084      $ 65,084   
  

 

 

   

 

 

 

Expenses:

    

Rental expenses

     3,618        3,618   

General and administrative expenses

     180,495        199,130   

Acquisition related expenses

     268,738        305,298   

Asset management fees

     5,589        5,589   

Depreciation and amortization

     33,777        33,777   
  

 

 

   

 

 

 

Total expenses

     492,217        547,412   
  

 

 

   

 

 

 

Loss from operations

     (427,133     (482,328

Interest expense

     53,957        53,957   
  

 

 

   

 

 

 

Consolidated net loss

     (481,090     (536,285

Net loss (income) attributable to noncontrolling interests in consolidated partnership

     (428     111   
  

 

 

   

 

 

 

Net loss attributable to common stockholders

   $ (481,518   $ (536,174
  

 

 

   

 

 

 

Weighted average number of common shares outstanding:

    

Class A basic and diluted

     671,425        239,528   
  

 

 

   

 

 

 

Net loss per common share attributable to common stockholders:

    

Class A basic and diluted

   $ (0.72   $ (2.24
  

 

 

   

 

 

 

Distributions declared per common share

   $ 0.14      $ 0.38   
  

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

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CARTER VALIDUS MISSION CRITICAL REIT II, INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

For the Nine Months Ended September 30, 2014

(Unaudited)

 

     Common Stock      Additional
Paid in
Capital
    Accumulated
Deficit
    Total
Stockholders’
Equity
    Noncontrolling
Interests
    Total
Equity
 
     Class A             
     No. of
Shares
     Par
Value
            

Balance, December 31, 2013

     20,000       $ 200       $ 199,800      $ —        $ 200,000      $ —        $ 200,000   

Issuance of common stock

     1,857,228         18,572         18,218,249        —          18,236,821        —          18,236,821   

Issuance of common stock under the distribution reinvestment plan

     2,211         22         20,980        —          21,002        —          21,002   

Issuance of noncontrolling interests

     —           —           —          —          —          2,000        2,000   

Distributions to noncontrolling interests

     —           —           —          —          —          (22     (22

Commissions on sale of common stock and related dealer manager fees

     —           —           (1,522,835     —          (1,522,835     —          (1,522,835

Other offering costs

     —           —           (1,223,269     —          (1,223,269     —          (1,223,269

Stock-based compensation

     —           —           5,625        —          5,625        —          5,625   

Distributions declared to common stockholders

     —           —           —          (91,825     (91,825     —          (91,825

Net loss

     —           —           —          (536,174     (536,174     (111     (536,285
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, September 30, 2014

     1,879,439       $ 18,794       $ 15,698,550      $ (627,999   $ 15,089,345      $ 1,867      $ 15,091,212   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

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CARTER VALIDUS MISSION CRITICAL REIT II, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2014

(Unaudited)

 

     Nine Months
Ended
September 30,
2014
 

Cash flows from operating activities:

  

Consolidated net loss

   $ (536,285

Adjustments to reconcile net loss to net cash used in operating activities:

  

Depreciation and amortization

     33,777   

Amortization of deferred financing costs

     22,968   

Stock-based compensation

     5,625   

Changes in operating assets and liabilities:

  

Accounts payable and other liabilities

     274,911   

Accounts payable due to affiliates

     11,344   

Other assets

     (53,861
  

 

 

 

Net cash used in operating activities

     (241,521

Cash flows from investing activities:

  

Investment in real estate

     (4,150,000

Investment in real estate - deposits

     (300,000
  

 

 

 

Net cash used in investing activities

     (4,450,000

Cash flows from financing activities:

  

Proceeds from credit facility

     2,892,500   

Payments on credit facility

     (2,892,500

Payments of deferred financing costs

     (475,140

Offering costs on issuance of common stock

     (1,700,417

Distributions to stockholders

     (4,071

Proceeds from issuance of common stock

     18,236,821   

Contributions from noncontrolling interests in Operating Partnership

     2,000   

Distributions to noncontrolling interests in Operating Partnership

     (22
  

 

 

 

Net cash provided by financing activities

     16,059,171   
  

 

 

 

Net change in cash

     11,367,650   

Cash and cash equivalents - Beginning of period

     200,000   
  

 

 

 

Cash and cash equivalents - End of period

   $ 11,567,650   
  

 

 

 

Supplemental disclosure of non-cash transactions:

  

Common stock issued through distribution reinvestment plan

   $ 21,002   

Supplemental cash flow disclosure:

  

Interest paid

   $ 5,036   

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

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CARTER VALIDUS MISSION CRITICAL REIT II, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

September 30, 2014

Note 1—Organization and Business Operations

Carter Validus Mission Critical REIT II, Inc., or the Company, incorporated on January 11, 2013, is a newly formed Maryland corporation that intends to qualify as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes commencing with its taxable year ending December 31, 2014. For the period from January 11, 2013 through December 31, 2013, the Company had not begun principal operations. Substantially all of the Company’s business is expected to be conducted through Carter Validus Operating Partnership II, LP, a Delaware limited partnership, or the Operating Partnership, formed on January 10, 2013. The Company is the sole general partner of the Operating Partnership and Carter Validus Advisors II, LLC, or the Advisor, is the initial limited partner of the Operating Partnership. The Company owns a 99.99% interest in the Operating Partnership and the Advisor owns a .01% interest in the Operating Partnership. On January 31, 2013, the Company issued 20,000 shares of common stock in a private placement to Carter Validus REIT Management Company II, LLC, a Florida limited liability company, or the Sponsor, at a purchase price of $10.00 per share, for an aggregate purchase price of $200,000. Subsequently, the shares were reclassified as Class A shares of common stock. The Company contributed the proceeds from that sale to the Operating Partnership for 20,000 general partnership units of the Operating Partnership.

The Company is offering for sale a maximum of $2,350,000,000 in shares of common stock, consisting of up to $2,250,000,000 of shares in our primary offering and up to $100,000,000 of shares of common stock to be made available pursuant to the Company’s distribution reinvestment plan, or the DRIP, on a “best efforts” basis pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission, or the SEC, under the Securities Act of 1933, as amended, or the Offering (Commission File Number: 333-191706, effective May 29, 2014). The Company is offering two classes of shares of common stock, Class A shares and Class T shares, in any combination with a dollar value up to the maximum offering amount. The initial offering price for the shares in the primary offering shall be $10.00 per Class A share and $9.574 per Class T share.

Pursuant to the escrow agreement by and among the Company, SC Distributors, LLC, or SC Distributors, the Dealer Manager of the Offering, and UMB Bank, N.A., as escrow agent, the Company was required to deposit all subscription proceeds in escrow until the Company received subscriptions aggregating $2,000,000, excluding subscriptions from affiliates and from residents of Pennsylvania and Washington. The Company satisfied these conditions on July 3, 2014. As of September 30, 2014, the Company had accepted investors’ subscriptions for and issued approximately 1,859,000 shares of Class A common stock (including shares of common stock issued pursuant to the DRIP) in the Offering, resulting in receipt of gross proceeds of approximately $18,258,000, before selling commissions and dealer-manager fees of approximately $1,523,000 and other offering costs of approximately $1,223,000. In addition, the Company has special escrow requirements for subscriptions from residents of Pennsylvania, the conditions of which, to date, have not been satisfied, and Washington, the conditions of which were satisfied on September 8, 2014. As of September 30, 2014, the Company had approximately $2,331,742,000 in Class A shares and Class T shares of common stock remaining in the Offering.

Substantially all of the Company’s business is managed by the Advisor. Carter Validus Real Estate Management Services II, LLC, or the Property Manager, an affiliate of the Advisor, serves as the Company’s property manager. SC Distributors serves as the dealer manager of the Offering. On August 29, 2014, Validus/Strategic Capital Partners (now Strategic Capital Management Holdings, LLC), the indirect parent of the Dealer Manager was acquired by RCS Capital Corp. There has been no impact to the operations of the Company as a result of this transaction. The Advisor, the Property Manager and the Dealer Manager receive fees for services related to the Offering, acquisition and operational stages and will receive fees during the liquidation stage.

The Company was formed to invest primarily in quality income-producing commercial real estate, with a focus on medical facilities and data centers, preferably with long-term net leases to investment grade and other creditworthy tenants, as well as to make other real estate investments that relate to such property types. Other real estate investments may include equity or debt interests, including securities, in other real estate entities. The Company also may originate or invest in real estate-related debt. The Company expects real estate-related debt originations and investments to be focused on first mortgage loans, but also may include real estate-related bridge loans, mezzanine loans and securitized debt.

Except as the context otherwise requires, “we,” “our,” “us,” and the “Company” refer to Carter Validus Mission Critical REIT II, Inc., the Operating Partnership and all wholly-owned subsidiaries.

 

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Note 2—Summary of Significant Accounting Policies

The accompanying condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.

Principles of Consolidation and Basis of Presentation

The accompanying condensed consolidated unaudited financial statements include the accounts of the Company, the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.

Investment in and Valuation of Real Estate and Related Assets

Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset in determining the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class as follows:

 

Buildings and improvements    15 – 40 years
Tenant improvements    Shorter of lease term or expected useful life
Tenant origination and absorption costs    Remaining term of related lease
Furniture, fixtures, and equipment    3 – 10 years

Allocation of Purchase Price of Real Estate and Related Assets

Upon the acquisition of real properties determined to be business combinations, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values.

The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions.

The fair values of above-market and below-market in-place lease values will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values will be capitalized as intangible lease assets or liabilities. Above-market lease values will be amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases will be amortized as an adjustment of rental income over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values relating to that lease would be recorded as an adjustment to rental income.

 

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The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and will be estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in real estate assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in real estate assets in the accompanying condensed consolidated balance sheets and amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

Impairment of Long Lived Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the asset, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset. No impairment loss has been recorded to date.

When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.

Real Estate Escrow Deposits

Real estate escrow deposits include funds held by escrow agents and others to be applied towards the purchase of real estate, which are included in other assets in the accompanying condensed consolidated balance sheets.

Real Estate-Related Notes Receivables

The Company may invest in real estate-related notes receivables that represent loans that the Company intends to hold to maturity. They will be classified as real estate-related notes receivables. Accordingly, these notes will be recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is determined to be impaired. Premiums, discounts, and net origination fees will be amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan.

The Company will evaluate the collectability of both interest and principal on each real estate-related note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators such as underlying collateral and payment history. A real estate-related note receivable will be considered to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. If a real estate-related note receivable is considered to be impaired, the amount of loss will be calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the real estate-related note receivable’s effective interest rate or to the value of the underlying collateral if the real estate-related note receivable is collateral dependent.

Noncontrolling Interest in Operating Partnership

The Company is the sole general partner of the Operating Partnership and the Advisor is the initial limited partner of the Operating Partnership. The Company owns a 99.99% interest in the Operating Partnership and the Advisor owns a .01% interest in the Operating Partnership. The Company consolidates the Operating Partnership and reports unaffiliated partners’ interests in the Operating Partnership as noncontrolling interests. Noncontrolling interests are reported within the equity section of the consolidated financial statements, and amounts attributable to controlling and noncontrolling interests are reported separately in the accompanying condensed consolidated statements of operations and accompanying condensed consolidated statement of stockholders’ equity.

Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts

The Company recognizes revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured.

 

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Rental Revenue

In accordance with ASC Topic 840, Leases, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition—Principal Agent Consideration, or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis. The Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and has credit risk.

Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. As of September 30, 2014, the Company did not have an allowance for uncollectible tenant receivables.

Interest Income

Interest income on performing real estate-related notes receivables will be accrued as earned. Interest income on an impaired real estate-related note receivable will be recognized on a cash basis. Fees related to the buy down of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income using the effective interest method. Closing costs related to the purchase of the real estate-related note receivable will be amortized over the term of the loan and accreted as an adjustment against interest income using the effective interest method.

Stock-Based Compensation

The Company accounts for stock-based compensation based upon the estimated fair value of the share awards. Accounting for stock-based compensation requires the fair value of the awards to be amortized as compensation expense over the period for which the services relate and requires any dividend equivalents earned to be treated as dividends for financial reporting purposes.

Earnings Per Share

The Company calculates basic earnings per share by dividing net income (loss) for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2014, there were 9,000 shares of non-vested shares of restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods.

Deferred Financing Costs

Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. As of September 30, 2014, the Company’s deferred financing costs, net of accumulated amortization, were approximately $452,000 related to the Company’s credit facility agreement, which was entered into on July 31, 2014. Deferred financing costs are reported in other assets in the accompanying condensed consolidated balance sheets.

Derivative Instruments and Hedging Activities

The Company may enter into derivative contracts to add stability to future cash flows by managing its exposure to interest rate movements. The Company may utilize derivative instruments, including interest rate swaps, to effectively convert a portion of its variable rate debt to fixed rate debt. The Company will not enter into derivative instruments for speculative purposes.

The Company will account for its derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging, or ASC 815, which requires companies to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statements of operations during the current period.

 

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In accordance with ASC 815, the Company will designate interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument will be reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instruments will be recognized in the statements of operations during the current period.

Reportable Segments

ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of September 30, 2014, 100% of the Company’s consolidated revenues were generated from one real estate investment consisting of a single tenant in one geographic area. The Company’s chief operating decision maker evaluates operating performance on an overall portfolio wide level; therefore, the Company reports one reportable segment.

Concentration of Credit Risk and Significant Leases

As of September 30, 2014, the Company had cash on deposit in one financial institution which had deposits in excess of current federally insured levels totaling approximately $11,010,000. The Company limits its cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited.

As of September 30, 2014, the Company owned real estate in one metropolitan statistical area, or MSA, which accounted for 100% of rental revenue. The property is located in the Houston-The Woodlands-Sugarland, Texas area.

As of September 30, 2014, the Company had one tenant, Cy Fair Surgery Center, Ltd., that accounted for 100% of rental revenue.

Stockholders’ Equity

The Company’s charter authorizes the issuance of up to 600,000,000 shares of stock, consisting of 500,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The company intends to issue $2,250,000,000 in Class A and Class T shares of common stock in its primary offering, and $100,000,000 in Class A and Class T shares of common stock pursuant to the DRIP at 95% of the purchase price per share. Other than the different fees with respect to each class and the payment of a distribution fee out of cash otherwise distributable to Class T stockholders, Class A shares and Class T shares have identical rights and privileges, such as identical voting rights. The net proceeds from the sale of the two classes of shares will be commingled for investment purposes and all earnings from all of the investments will proportionally accrue to each share regardless of the class.

The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company’s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences, preemptive, conversion, exchange, sinking fund or redemption rights.

The charter authorizes the Company’s board of directors, without stockholder approval, to designate and issue one or more classes or series of preferred stock and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions and qualification or terms or conditions of redemption of each class of stock so issued.

Distribution Policy and Distributions Payable

The Company intends to elect to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2014. To qualify and maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). On July 16, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on the closing date of the first property acquisition and ending on August 31, 2014. On July 31, 2014, the Company acquired the Cy Fair Surgical Center, its first property acquisition. Therefore, the previously declared distributions began on July 31, 2014, and were calculated based on 365 days in the calendar year. The distributions were equal to $0.001753425 per share of Class A and Class T common stock, which is equal to an annualized rate of 6.4% per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.

 

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On August 1, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on September 1, 2014 and ending on November 30, 2014. The distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001753425 per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.

As of September 30, 2014, the Company paid aggregate distributions, since inception, of approximately $25,000 ($4,000 in cash and $21,000 of which were reinvested in shares of common stock pursuant to the DRIP). Distributions are payable to stockholders from legally available funds therefor. As of September 30, 2014, the Company had distributions payable of approximately $67,000. The distributions were paid on October 1, 2014, of which approximately $21,000 was paid in cash and approximately $46,000 was reinvested in shares of common stock pursuant to the DRIP.

Distributions to stockholders will be determined by the board of directors of the Company and will be dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT under the Code.

Income Taxes

The Company intends to elect and qualify to be taxed as a REIT, commencing with its taxable year ending December 31, 2014. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distributions to stockholders.

The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the financial statements. Taxable income, generally, will differ from net income reported in the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.

The Company has concluded that there was no impact related to uncertain tax provisions from results of operations of the Company for the three and nine months ended September 30, 2014. The United States of America is the major jurisdiction for the Company, and the earliest tax year subject to examination will be 2014.

Recently Issued Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08. ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the company’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The adoption of ASU 2014-08 is effective prospectively for reporting periods beginning on or after December 15, 2014. The Company does not expect the adoption of ASU 2014-08 to have a material effect on the Company’s condensed consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of ASU 2014-09 is effective retrospectively for reporting periods beginning after December 15, 2016. Early adoption of ASU 2014-09 is not permitted. The Company is in the process of evaluating the impact ASU 2014-09 will have on the Company’s condensed consolidated financial statements.

 

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Note 3 — Business Combinations

During the nine months ended September 30, 2014, the Company completed the acquisition of 100% fee simple interest in one property (a medical facility) comprised of one building that was determined to be a business combination. The aggregate purchase price of the acquisition was $4,450,000, plus closing costs. The Company financed the purchase of the Cy Fair Surgical Center using net proceeds from the Offering and the KeyBank Credit Facility (as defined in Note 7—“Credit Facility”).

The following table summarizes the acquisition completed during the nine months ended September 30, 2014:

 

Property Description

   Date
Acquired
     Ownership
Percentage
 

Cy Fair Surgical Center

     07/31/2014         100

The Company reimburses the Advisor, or its affiliates, for acquisition expenses related to selecting, evaluating, acquiring and investing in properties. The reimbursement of acquisition expenses, acquisition fees and real estate commissions and other fees paid to unaffiliated parties will not exceed, in the aggregate, 6.0% of the contract purchase price or total development costs of a certain acquisition, unless fees in excess of such limits are approved by a majority of the Company disinterested directors, including a majority of its independent directors. During the nine months ended September 30, 2014, the Company incurred aggregate non-recurring charges related to acquisition fees and costs of approximately $189,000 related to its acquisition of the Cy Fair Surgical Center, which did not exceed 6.0% of the contract purchase price of the property acquisition.

Results of operations for the acquisition determined to be a business combination is reflected in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2014 for the period subsequent to the acquisition date of the property. For the period from the acquisition date through September 30, 2014, the Company recognized approximately $65,000 of revenues and net loss of approximately $167,000 for its business combination acquisition.

The following table summarizes management’s allocation of the fair value of the acquisition determined to be a business combination during the nine months ended September 30, 2014 (amounts are rounded):

 

     Cy Fair
Surgical Center
 

Land

   $ 762,000   

Buildings and improvements

     2,672,000   

In-place leases

     718,000   

Tenant improvements

     298,000   
  

 

 

 

Total assets acquired

   $ 4,450,000   
  

 

 

 

Assuming the business combination described above had occurred on January 1, 2014, pro forma revenues, net income and net income attributable to common stockholders would have been as follows for the three and nine month periods below (amounts are rounded):

 

     Three Months
Ended
September 30,
2014
    Nine Months
Ended
September 30,
2014
 

Pro forma basis:

    

Revenues

   $ 96,000      $ 193,000   

Net loss

   $ (192,000   $ (169,000

Net loss attributable to common stockholders

   $ (193,000   $ (169,000

The pro forma information for the three and nine months ended September 30, 2014 was adjusted to exclude approximately $153,000 and $189,000, respectively, of acquisition expenses recorded related to its real estate investments. The pro forma information may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of 2014, nor is it necessarily indicative of future operating results.

 

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Note 4 — Acquired Intangible Assets, Net

Acquired intangible assets, net, which are included in real estate in the accompanying condensed consolidated balance sheets, consisted of the following as of September 30, 2014 (amounts are rounded):

 

     September 30,
2014
 

In-place leases, net of accumulated amortization of $14,000 (with a weighted average remaining life of 10.8 years)

   $ 704,000   
  

 

 

 
   $ 704,000   
  

 

 

 

Note 5 — Other Assets

Other assets consisted of the following as of September 30, 2014 (amounts are rounded):

 

     September 30,
2014
 

Deferred financing costs, net of accumulated amortization of $23,000

   $ 452,000   

Real estate escrow deposits

     300,000   

Accounts receivable

     33,000   

Prepaid assets

     21,000   
  

 

 

 
   $ 806,000   
  

 

 

 

Note 6 — Future Minimum Rent

The Company’s real estate asset is leased to one tenant under an operating lease. The lease has provisions to extend the lease agreement. The Company retains substantially all of the risks and benefits of ownership of the real asset leased to the tenant. As of September 30, 2014, the remaining lease term was 10.8 years.

The future minimum rental income from the Company’s investment in real estate under the non-cancelable operating lease for the three months ending December 31, 2014, and for each of the next four years ending December 31 and thereafter, are as follows (amounts are rounded):

 

Year

   Amount  

Three months ending December 31, 2014

   $ 95,000   

2015

     379,000   

2016

     379,000   

2017

     379,000   

2018

     379,000   

Thereafter

     2,493,000   
  

 

 

 
   $ 4,104,000   
  

 

 

 

Note 7 — Credit Facility

On July 31, 2014, the Operating Partnership entered into a credit agreement with KeyBank National Association, or KeyBank, to obtain a secured revolving credit facility in an aggregate maximum principal amount of $35,000,000, or the KeyBank Credit Facility. The KeyBank Credit Facility is evidenced by a promissory note in the principal amount of $35,000,000, a credit agreement, a guaranty agreement, a contribution agreement, and a hazardous materials indemnity agreement, or collectively, the KeyBank Credit Facility Agreement. The proceeds of loans made under the KeyBank Credit Facility may be used to finance the purchase of properties, for tenant improvements and leasing commissions with respect to real estate, for repayment of indebtedness, for capital expenditures with respect to real estate, and for general corporate and working capital purposes. The KeyBank Credit Facility matures on July 31, 2017 and may be extended by one 12-month period subject to the satisfaction of certain conditions, including payment of an extension fee.

During the initial and extended term of the KeyBank Credit Facility Agreement, any loan made under the KeyBank Credit Facility shall bear interest at per annum rates equal to either: (a) the London Interbank Offered Rate, plus an applicable margin ranging from 2.00% to 3.25%, which is determined based on the overall leverage of the Operating Partnership or (b) a base rate which means, for any day, a fluctuating rate per annum equal to the prime rate for such day plus an applicable margin ranging from 1.00% to

 

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2.25%, which is determined based on the overall leverage of the Operating Partnership. In addition to interest, the Operating Partnership is required to pay a fee on the unused portion of the lenders’ commitments under the KeyBank Credit Facility Agreement at a per annum rate equal to 0.30% if the average daily amount outstanding under the KeyBank Credit Facility is less than 50% of the lenders’ commitments or 0.20% if the average daily amount outstanding under the KeyBank Credit Facility is greater than 50% of the lenders’ commitments, and the unused fee is payable quarterly in arrears.

The actual amount of credit available under the KeyBank Credit Facility is a function of certain loan-to-cost, loan-to-value, debt yield and debt service coverage ratios contained in the KeyBank Credit Facility Agreement. The initial credit available for the Operating Partnership to borrow under the KeyBank Credit Facility will be a maximum principal amount of $2,893,000 and will increase if the Operating Partnership adds additional properties to the collateral pool to secure the KeyBank Credit Facility. Additional financial institutions are expected to become lenders under the KeyBank Credit Facility and, subject to certain conditions, the KeyBank Credit Facility can be increased up to $300,000,000. The obligations of the Operating Partnership with respect to the KeyBank Credit Facility Agreement are guaranteed by the Company, including but not limited to, the payment of any outstanding indebtedness under the KeyBank Credit Facility Agreement and all terms, conditions and covenants of the KeyBank Credit Facility Agreement, as further discussed below.

The KeyBank Credit Facility Agreement contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by the Operating Partnership and its subsidiaries that own properties that serve as collateral for the KeyBank Credit Facility, limitations on the nature of the Operating Partnership’s business, and limitations on distributions by the Company, the Operating Partnership and its subsidiaries. The KeyBank Credit Facility Agreement imposes the following financial covenants, which are specifically defined in the KeyBank Credit Facility Agreement, on the Operating Partnership: (a) maximum ratio of indebtedness to gross asset value; (b) minimum ratio of adjusted consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges; (c) minimum tangible net worth; (d) minimum liquidity thresholds; (e) minimum quarterly equity raise; (f) minimum weighted average remaining lease term of properties in the collateral pool; (g) minimum debt yield; and (h) minimum number of properties in the collateral pool.

On July 31, 2014, in connection with the Company’s acquisition of the Cy Fair Surgical Center, the Operating Partnership, through a wholly-owned subsidiary, entered into an assignment of leases and rents with KeyBank to add the Cy Fair Surgical Center to the collateral pool of the KeyBank Credit Facility, which increased the Operating Partnership’s borrowing base availability under the KeyBank Credit Facility by approximately $2,893,000. The Operating Partnership also pledged a security interest in the Cy Fair Surgical Center as collateral to secure the KeyBank Credit Facility pursuant to a deed of trust, dated July 31, 2014. During the nine months ended September 30, 2014, the Company borrowed and repaid approximately $2,893,000 under the KeyBank Credit Facility. As of September 30, 2014, the Company had an aggregate borrowing base availability of approximately $2,893,000.

Note 8 — Related-Party Transactions and Arrangements

The Company pays the Dealer Manager selling commissions of up to 7.0% of the gross offering proceeds per Class A share and up to 3.0% of gross offering proceeds per Class T share. All sales commissions are expected to be re-allowed to participating broker-dealers. The Company will not pay selling commissions with respect to shares of any class sold pursuant to the DRIP. In addition, the Company pays the Dealer Manager a dealer manager fee of up to 3.0% of gross offering proceeds from the sale of Class A and Class T shares, provided, however that the dealer manager fee the Company pays on the Class T shares may be changed in the future. The dealer manager fee may be partially re-allowed to participating broker-dealers. No dealer manager fees will be paid in connection with purchases of shares made pursuant to the DRIP. For the three and nine months ended September 30, 2014, the Company paid the Dealer Manager approximately $1,523,000 for selling commissions and dealer manager fees in connection with the Offering.

The Company will pay the Dealer Manager a distribution fee with respect to its Class T shares that are sold in the Offering that accrues daily in an amount equal to 1/365th of .80% of the amount of the purchase price per share (or, once reported, the net asset value per share for such day) on a continuous basis from year to year. Termination of such payment will commence on the earlier to occur of the following: (i) a listing of the Class T shares on a national securities exchange, (ii) following the completion of the Offering, total underwriting compensation in the Offering equaling 10% of the gross proceeds from the primary portion of the Offering, or (iii) such Class T shares no longer being outstanding. The Dealer Manager may re-allow the distribution fee to participating broker-dealers and servicing broker-dealers. The distribution fee will be paid monthly in arrears. The distribution fee will not be payable with respect to Class T shares issued under the DRIP. The Company will not pay a distribution fee with respect to Class A shares. For the three and nine months ended September 30, 2014, the Company did not incur any distribution fees to the Dealer Manager.

The Company reimburses the Advisor and its affiliates for organization and offering expenses it incurs on the Company’s behalf, but only to the extent the reimbursement would not cause the selling commissions, dealer manager fees, distribution fees and other organization and offering expenses to exceed 15% of the gross offering proceeds of the Offering. The Company expects that organization and offering expenses (other than selling commissions, dealer manager fees, and distribution fees) will be approximately 1.25% of the gross offering proceeds. As of September 30, 2014, the Advisor incurred approximately $2,724,000 on the Company’s behalf in offering costs. The Company reimbursed approximately $197,000 in offering expenses to the Advisor, or its affiliates, and accrued approximately $1,046,000 of other organization and offering expenses, the total of which represents the Company’s maximum liability for other organization and offering costs as of September 30, 2014. Other organization expenses will be expensed as incurred and offering expenses will be charged to stockholders’ equity as such amounts are reimbursed to the Advisor.

 

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The Company pays to the Advisor 2.0% of the contract purchase price of each property or asset acquired and 2.0% of the amount advanced with respect to a mortgage loan. The total amount of all acquisition fees and expenses are limited to 6.0% of the contract purchase price of the property or in the case of a mortgage loan, 6.0% of funds advanced. The contract purchase price is the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property or the amount of funds advanced with respect to a mortgage loan, exclusive of acquisition fees and acquisition expenses. For the three and nine months ended September 30, 2014, the Company paid approximately $89,000 in acquisition fees to the Advisor, or its affiliates.

The Company reimburses the Advisor for acquisition expenses incurred in connection with the selection and acquisition of properties or other real estate-related investments (including expenses relating to potential investments that the Company does not close), such as legal fees and expenses, costs of real estate due diligence, appraisals, non-refundable option payments on property not acquired, travel and communications expenses, accounting fees and expenses and title insurance premiums, whether or not the property was acquired. The total amount of all acquisition fees and expenses are limited to 6.0% of the contract purchase price of the property or in the case of a mortgage loan, 6.0% of funds advanced. The Company expects these expenses will be approximately 0.75% of the purchase price of each property or real estate-related investment. For the three and nine months ended September 30, 2014, the Company incurred approximately $180,000 and $216,000, respectively, in acquisition expenses to the Advisor, or its affiliates.

The Company will pay to the Advisor an asset management fee calculated on a monthly basis in an amount equal to 1/12th of 0.75% of gross assets (including amounts borrowed) which is payable monthly in arrears. The Advisor may, in its sole discretion, choose to take any monthly asset management fee in the form of subordinated restricted Class B Units of the Operating Partnership. In the event the Advisor chooses to be compensated in Class B Units, then the Operating Partnership will, within 30 days after the end of the applicable month (subject to the approval of the board of directors), issue a number of restricted Class B Units to the Advisor equal to: (i) the cost of assets multiplied by 0.0625% (or the lower of the cost of assets and the applicable quarterly net asset value, or NAV, multiplied by 0.0625%, once the Company begins calculating NAV) divided by (ii) the value of one Class A share of common stock as of the last day of such calendar month, which will be the offering price, less selling commissions and dealer manager fees, until such time as the Company calculates NAV, when it will then be the per share NAV for Class A shares. The Advisor will be entitled to receive certain distributions of net sales proceeds on the vested and unvested Class B Units it receives in connection with its assets management services at the same rate as distributions received on the Company’s common stock. Such distributions will be in addition to the incentive fees the Advisor and its affiliates may receive from the Company, including, without limitation the subordinated participation in net sales proceeds, the subordinated incentive listing distribution or the subordinated distribution upon termination of the advisory agreement, as applicable.

Class B Units are subject to forfeiture until such time as: (a) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, or the economic hurdle; (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Company’s common stock on a national securities exchange; (ii) a transaction to which the Company or the Operating Partnership shall be a party, as a result of which operating partnership units or common stock shall be exchanged for or converted into the right, or the holders of such securities shall otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause; and (c) the advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of a majority of the Company’s independent directors after the economic hurdle described above has been met. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated for any reason other than a termination without cause. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated without cause by an affirmative vote of a majority of the Company’s board of directors before the economic hurdle described above has been met. For the three and nine months ended September 30, 2014, the Company incurred approximately $6,000 in asset management fees. For the three and nine months ended September 30, 2014, the Company did not issue any Class B Units.

In connection with the rental, leasing, operation and management of the Company’s properties, the Company pays the Property Manager and its affiliates aggregate fees equal to 3.0% of gross revenues from the properties managed. The Company will reimburse the Property Manager and its affiliates for property-level expenses that any of them pay or incur on the Company’s behalf, including salaries, bonuses and benefits of persons employed by the Property Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as one of its executive officers. The Property Manager and its affiliates may subcontract the performance of their duties to third parties and pay all or a portion of the property management fee to the third parties with whom they contract for these services. If the Company contracts directly with third parties for such services, it will pay them customary market fees and will pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the property managed. In no event will the Company pay the Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property. The Company also may pay the Property Manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area and which is typically less than $1,000. For the three and nine months ended September 30, 2014, the Company incurred approximately $2,000 in property management fees to the Property Manager.

 

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For acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on our properties, the Company may pay the Property Manager up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as applicable. As of September 30, 2014, the Company did not incur any construction management fees.

The Company will reimburse the Advisor at the end of each fiscal quarter for operating expenses incurred on its behalf. Expenses in excess of the operating expenses in the four immediately preceding quarters that exceeds the greater of (a) 2.0% of average invested assets or (b) 25% of net income, subject to certain adjustments, will not be reimbursed unless the independent directors determine such excess expenses are justified. Additionally, the Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees or disposition fees. As of September 30, 2014, the Company had incurred total operating expenses in the four consecutive fiscal quarters then ended that exceeded the 2%/25% guidelines by $99,000, or the Excess Amount. On November 6, 2014 the board of directors, including all of the independent directors, determined that the Excess Amount was due to unusual and nonrecurring factors associated with the start-up costs related to the Company’s launch, such as nonscalable costs of legal fees, auditing fees, reporting fees, board of directors’ compensation and other direct general and administrative costs. The board of directors determined that these costs were incurred in 2014, and that the Company’s amount of capital raised and investments have progressed since then to a satisfactory degree. Therefore, the board of directors deemed the circumstances surrounding the Excess Amount sufficient to justify reimbursing the Advisor for direct expenses, including but not limited to start-up costs as well as direct general and administrative expenses associated with the organization of the Company and the registration and commencement of the Offering. For the three and nine months ended September 30, 2014, the Advisor incurred approximately $98,000 and $116,000, respectively, in general and administrative expenses on the Company’s behalf. For the three and nine months ended September 30, 2014, the Advisor waived, without recourse, approximately $76,000 and $86,000, respectively, in administrative service expenses, including payroll-related expenses. The Advisor has not agreed to waive any future costs.

The Company will pay its Advisor, or its affiliates, if it provides a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, a disposition fee, up to the lesser of 1.0% of the contract sales price and one-half of the total brokerage commission paid if a third party broker is also involved, without exceeding the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission. As of September 30, 2014, the Company did not incur any disposition fees to the Advisor, or its affiliates.

The Advisor will receive 15% of the remaining net sale proceeds after return of capital contributions plus payment to investors of a 6.0% annual cumulative, non-compounded return on the capital contributed by investors. As of September 30, 2014, the Company did not incur any subordinated sale fees to the Advisor, or its affiliates.

Upon termination or non-renewal of the advisory agreement with or without cause, the Advisor will be entitled to receive distributions from the Operating Partnership equal to 15% of the amount by which the sum of the Company’s adjusted market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, non-compounded return to investors. In addition, the Advisor may elect to defer its right to receive a subordinated distribution upon termination until either shares of the Company’s common stock are listed and traded on a national securities exchange or another liquidity event occurs. As of September 30, 2014, the Company did not incur any subordinated termination fees to the Advisor, or its affiliates.

Accounts Payable Due to Affiliates

The following amounts were outstanding due to affiliates as of September 30, 2014 (amounts are rounded):

 

Entity

  

Fee

   September 30, 2014  

Carter Validus Advisors II, LLC and its affiliates

   Asset management fees      6,000  

Carter Validus Real Estate Management Services II, LLC

   Property management fees      1,000  

Carter Validus Advisors II, LLC and its affiliates

   General and administrative costs      4,000  

Carter Validus Advisors II, LLC and its affiliates

   Offering costs      1,046,000  
     

 

 

 
      $ 1,057,000  
     

 

 

 

 

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Note 9 — Accounts Payable and Other Liabilities

Accounts payable and other liabilities, as of September 30, 2014 were comprised of the following (amounts are rounded):

 

     September 30,
2014
 

Accounts payable

   $ 7,000   

Accrued interest expense

     26,000   

Accrued other expenses

     541,000   

Accrued insurance expenses

     1,000   

Dividends payable

     67,000   
  

 

 

 
   $ 642,000   
  

 

 

 

Note 10 — Economic Dependency

The Company is dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase and disposition of properties and other investments; the management of the daily operations of the Company’s real estate portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.

Note 11 — Commitments and Contingencies

Litigation

In the ordinary course of business, the Company may become subject to litigation or claims. As of September 30, 2014, there were, and currently there are, no material pending legal proceedings to which the Company is a party.

Related-Party Transactions

See Note 8—“Related-Party Transactions and Arrangements” for disclosures of related-party transactions.

Note 12 — Subsequent Events

Distributions paid

On October 1, 2014, the Company paid aggregate distributions of approximately $67,000 ($21,000 in cash and $46,000 in shares of the Company’s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from September 1, 2014 through September 30, 2014. On November 3, 2014, the Company paid aggregate distributions of approximately $131,000 ($53,000 in cash and $78,000 in shares of the Company’s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from October 1, 2014 through October 31, 2014.

Acquisition of Mercy Healthcare Facility

On October 29, 2014, the Company completed the acquisition of a 100% fee simple interest in an integrated medical facility, or the Mercy Healthcare Facility, for a purchase price of $4,100,000, plus closing costs. The Company financed the purchase of the Mercy Healthcare Facility using net proceeds from the Offering. The Mercy Healthcare Facility is leased to a single tenant. With respect to this acquisition, the Company has not completed its initial fair value-based purchase allocation; it is therefore impractical to provide pro-forma information.

Increase in Borrowing Base Availability Under the KeyBank Credit Facility

On October 29, 2014, the Company added the Mercy Healthcare Facility to the collateral pool of the KeyBank Credit facility, which increased the borrowing base availability under the KeyBank Credit Facility by approximately $2,665,000. As of November 11, 2014, the aggregate borrowing base availability was $5,557,500 under the KeyBank Credit Facility.

 

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Distributions Declared

On November 6, 2014, the board of directors of the Company approved and declared a distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on December 1, 2014 and ending on February 28, 2015. The distributions will be calculated based on 365 days in the calendar year and equal to $0.001753425 per share of Class A and Class T common stock. The distributions declared for each record date in the December 2014, January 2015 and February 2015 periods will be paid in January 2015, February 2015 and March 2015, respectively. As of November 11, 2014, there were no shares of Class T common stock outstanding. The distributions will be payable to stockholders from legally available funds therefor.

Status of the Offering

As of November 11, 2014, the Company had accepted investors’ subscriptions for and issued approximately 3,591,000 shares of Class A common stock in the Offering, resulting in receipt of gross proceeds of approximately $35,466,000, including shares of its common stock issued pursuant to its DRIP. In addition, the Company has special escrow requirements for subscriptions from residents of Pennsylvania, the conditions of which, to date, have not been satisfied. As of November 11, 2014, the Company had approximately $2,314,534,000 in Class A shares and Class T shares of common stock remaining in the Offering.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements, the notes thereto, and the other unaudited financial data included elsewhere in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with our audited consolidated financial statements, and the notes thereto, included in our registration statement on Form S-11 (Commission File Number: 333-191706, effective May 29, 2014), or our Registration Statement, as filed with the Securities and Exchange Commission, or the SEC, and the prospectus contained therein, as amended or supplemented.

The terms “we,” “our,” “us,” and the “Company” refer to Carter Validus Mission Critical REIT II, Inc., or the Company, Carter Validus Operating Partnership II, LP, our Operating Partnership, and all wholly-owned subsidiaries.

Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q, other than historical facts, include forward-looking statements that reflect our expectations and projections about our future results, performance, prospects and opportunities. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our management’s view only as of the date this Quarterly Report on Form 10-Q is filed with the SEC. We make no representation or warranty (express or implied) about the accuracy of any such forward-looking statements contained in this Quarterly Report on Form 10-Q, and we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Management’s discussion and analysis of financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with the generally accepted accounting principles in the United States, or GAAP. The preparation of these financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On a regular basis, we evaluate these estimates. These estimates are based on management’s historical industry experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Overview

We were formed on January 11, 2013 under the laws of Maryland to acquire and operate a diversified portfolio of income producing commercial real estate. For the period from January 11, 2013 through December 31, 2013, we had not begun principal operations. We intend to qualify as a real estate investment trust, or REIT, for federal income tax purposes beginning with the taxable year ending December 31, 2014. We are offering for sale to the public on a “best efforts” basis a maximum of $2,350,000,000 in shares of common stock, consisting of up to $2,250,000,000 of shares in our primary offering and up to $100,000,000 of shares of common stock to be made available pursuant to the Company’s distribution reinvestment plan, or the DRIP, in a primary offering pursuant to our Registration Statement on Form S-11 filed with the SEC under the Securities Act of 1933, as amended, or the Offering. We are offering two classes of shares of common stock, Class A shares and Class T shares, in any combination, with a dollar value up to the maximum offering amount. The initial offering price for the shares in our primary offering is $10.00 per Class A share and $9.574 per Class T share. Our Registration Statement was declared effective by the SEC on May 29, 2014.

Pursuant to the escrow agreement by and among the Company, SC Distributors, LLC, or SC Distributors, the Dealer Manager of the Offering, and UMB Bank, N.A., as escrow agent, we were required to deposit all subscription proceeds in escrow until we received subscriptions aggregating $2,000,000, excluding subscriptions from affiliates and from residents of Pennsylvania and Washington. As of July 3, 2014, we had satisfied these conditions. As of September 30, 2014, we had accepted investors’ subscriptions for and issued approximately 1,859,000 shares of Class A common stock (including shares of common stock issued pursuant to the DRIP) in our public offering, resulting in receipt of gross proceeds of approximately $18,258,000. In addition, we have special escrow requirements for subscriptions from residents of Pennsylvania, the conditions of which, to date, have not been satisfied, and Washington, the conditions of which were satisfied on September 8, 2014. As of September 30, 2014, we had approximately $2,331,742,000 in Class A shares and Class T shares of common stock remaining in our public offering.

Substantially all of our operations are conducted through our Operating Partnership. We are externally advised by Carter Validus Advisors II, LLC, or our Advisor, pursuant to an advisory agreement, or the Advisory Agreement, between us and our Advisor, which is our affiliate. Our Advisor supervises and manages our day-to-day operations and will select the properties and real estate-related investments we acquire, subject to the oversight and approval of our board of directors. Our Advisor also provides marketing, sales and client services on our behalf. Our Advisor engages affiliated entities to provide various services to us. Our Advisor is managed by and is a subsidiary of Carter Validus REIT Management Company II, LLC, or our Sponsor. We have no paid employees.

 

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As of September 30, 2014, we had purchased one real estate property comprising of 13,645 square feet of gross leasable area for a purchase price of $4,450,000. See Note 3—“Business Combinations” to the condensed consolidated financial statements that are a part of this Quarterly Report on Form 10-Q.

Critical Accounting Policies

Our accounting policies have been established to conform with GAAP. The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If management’s judgment or interpretation of the facts and circumstances related to various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact comparability of our results of operations to those of companies in similar businesses.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ significantly from those estimates. We believe that the following discussion addresses the most critical accounting policies, which are those that are most important to the portrayal of the Company’s financial condition and results of operations and require management’s most difficult, subjective and complex judgments.

Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts

We recognize revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured.

In accordance with ASC Topic 840, Leases, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amount contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition—Principal Agent Consideration, or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis. We are the primary obligor with respect to purchasing goods and services from third-party suppliers, and thus have discretion in selecting the supplier and have credit risk.

Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. We also maintain an allowance for deferred rent receivables arising from the straight-lining of rents. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors.

Impairment

We continually monitor events and changes in circumstances that could indicate that the carrying amounts of our real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, we assess the recoverability of the assets by estimating whether we will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis we do not believe that we will be able to recover the carrying value of the asset, we will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset.

Purchase Price Allocation

Upon the acquisition of real properties determined to be business combinations, we allocate the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values.

The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on our determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions.

 

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The fair values of above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities. Above-market lease values are amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases are amortized as an adjustment of rental income over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, and tenant relationships. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and will be estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in real estate assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in real estate assets in the accompanying condensed consolidated balance sheets and amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

Qualification as a REIT

We intend to make an election to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code of 1986 and, we intend to be taxed as such beginning with our taxable year ending December 31, 2014. We have not yet qualified as a REIT. To qualify, and maintain our qualification, as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute 90.0% of our REIT taxable income to stockholders. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders.

If we fail to qualify or maintain our qualification as a REIT in any taxable year, we will then be subject to federal taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could have a material adverse effect on our net income available for distributions to our stockholders.

Recently Issued Accounting Pronouncements

For a discussion of recently issued accounting pronouncements, see Note 2—“Summary of Significant Accounting Policies—Recently Issued Accounting Pronouncements” to our condensed consolidated financial statements that are a part of this Quarterly Report on Form 10-Q.

Results of Operations

For the period from January 11, 2013 to December 31, 2013, we had not begun principal operations.

Our operating results for the three and nine months ended September 30, 2014 are primarily comprised of income derived from our real estate property, acquisition related expenses related to such purchase and administrative costs. We expect all amounts to increase in the future based on a full year of operations as well as increased activity as we make additional real estate investments. Our results of operations are not indicative of those expected in future periods.

Revenue

For the three and nine months ended September 30, 2014, revenue was approximately $65,000 and was primarily comprised of base rent of approximately $64,000 and tenant reimbursement revenue of approximately $1,000.

As of September 30, 2014, the Cy Fair Surgical Center, which was our sole property as of such date, was 100% occupied.

Rental Expenses

For the three and nine months ended September 30, 2014, rental expenses were approximately $4,000 and primarily consisted of property management fees of approximately $2,000, other rental expenses of approximately $1,000 and insurance costs of approximately $1,000.

General and Administrative Expenses

For the three and nine months ended September 30, 2014, general and administrative expenses were approximately $180,000 and $199,000, respectively. During the three months ended September 30, 2014, general and administrative expenses primarily consisted of professional and legal fees of approximately $93,000, board of directors’ fees of approximately $35,000, restricted stock

 

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compensation of approximately $6,000, organizational costs of approximately $19,000, insurance costs of approximately $22,000 and other costs of approximately $5,000. During the nine months ended September 30, 2014 general and administrative expenses primarily consisted of professional and legal fees of approximately $93,000, board of directors’ fees of approximately $45,000, restricted stock compensation of approximately $6,000, organizational costs of approximately $19,000, insurance costs of approximately $30,000 and other costs of approximately $6,000.

Acquisition Related Expenses

For the three and nine months ended September 30, 2014, acquisition related expenses were approximately $269,000 and $305,000, respectively. For the three months ended September 30, 2014, acquisition related expenses consisted of approximately $63,000 in costs incurred in the connection with the purchase of the Cy Fair Surgical Center, and acquisition fee related to the purchase of the Cy Fair Surgical Center of approximately $89,000 incurred to our Advisor, or its affiliates, and approximately $117,000 in costs incurred for potential acquisitions. For the nine months ended September 30, 2014, acquisition related expenses consisted of approximately $99,000 in costs incurred in the connection with the purchase of the Cy Fair Surgical Center, and acquisition fees related to the purchase of the Cy Fair Surgical Center of approximately $89,000 incurred to our Advisor, or its affiliates, and approximately $117,000 in costs incurred for potential acquisitions. We did not have acquisition related expenses for the three and nine months ended September 30, 2013.

Asset Management Fees

For the three and nine months ended September 30, 2014, asset management fees of approximately $6,000 were related to the Cy Fair Surgical Center acquired on July 31, 2014. We did not incur asset management fees for the three and nine months ended September 30, 2013.

Depreciation and Amortization

For the three and nine months ended September 30, 2014, depreciation and amortization of approximately $34,000 consisted of depreciation on our real estate property of approximately $20,000 and amortization on our identified intangible asset of approximately $14,000.

Interest Expense

For the three and nine months ended September 30, 2014, interest expense of approximately $54,000 consisted of approximately $31,000 related to interest expense on the KeyBank Credit Facility (as defined below) and approximately $23,000 related to amortization of debt issue costs.

Organization and Offering Expenses

We reimburse our Advisor, or its affiliates, for organization and offering costs it incurs on our behalf, but only to the extent the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering costs incurred by us to exceed 15% of gross offering proceeds as of the date of the reimbursement. We expect that other organization and offering costs (other than selling commissions and dealer manager fees) will be approximately 1.25% of the gross offering proceeds. Our Advisor and its affiliates incurred other organization and offering costs on our behalf of approximately $2,724,000 as of September 30, 2014. As of September 30, 2014, we reimbursed our Advisor, or its affiliates, approximately $197,000, in offering expenses and accrued approximately $1,046,000 of other organization and offering expenses, the total of which represents the Company’s maximum liability for other organization and offering costs as of September 30, 2014. As of September 30, 2014, we paid approximately $1,523,000 in selling commissions and dealer manager fees to our Dealer Manager. Other organizational and offering costs (other than selling commissions and dealer manager fees) were approximately $1,223,000 as of September 30, 2014.

When incurred, other organization costs are expensed as incurred and selling commissions and dealer manager fees are charged to stockholders’ equity. When accrued, offering costs are charged to stockholders’ equity as such amounts will be reimbursed to our Advisor, or its affiliates, from the gross proceeds of the Offering. For a further discussion of other organization and offering costs, see Note 8—“Related-Party Transactions and Arrangements” to the condensed consolidated financial statements that are a part of this Quarterly Report on Form 10-Q.

Liquidity and Capital Resources

Our sources of funds are primarily the net proceeds of the Offering, operating cash flows and borrowings. Our principal demand for funds are for acquisitions of real estate and real estate-related investments, to pay operating expenses and interest on our future indebtedness and to pay distributions to our stockholders. In addition, we require resources to make certain payments to our Advisor and SC Distributors, LLC, or the Dealer Manager, which, during the Offering, include payments to our Advisor and its affiliates for reimbursement of other organization and offering expenses and other costs incurred on our behalf, and to our Dealer Manager and its affiliates for selling commissions, dealer manager fees, distribution fees, and offering expenses.

 

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Generally, cash needs for items other than acquisitions of real estate and real estate-related investments are met from operations, borrowings, and the net proceeds of the Offering. However, there may be a delay between the sale of shares of our common stock and our investments in real estate and real estate-related investments, which could result in a delay in the benefits to our stockholders, if any, of returns generated from our investment operations.

Our Advisor evaluates potential additional investments and engages in negotiations with real estate sellers, developers, brokers, investment managers, lenders and others on our behalf. Until we invest all of the proceeds of the Offering in properties and real estate-related securities, we may invest in short-term, highly liquid or other authorized investments. Such short-term investments will not earn significant returns, and we cannot predict how long it will take to fully invest the proceeds in properties and real estate-related securities. The number of properties we acquire and other investments we make will depend upon the number of shares sold in the Offering and the resulting amount of net proceeds available for investment.

When we acquire a property, our Advisor prepares a capital plan that contemplates the estimated capital needs of that investment. In addition to operating expenses, capital needs may also include costs of refurbishment, tenant improvements or other major capital expenditures. The capital plan also sets forth the anticipated sources of the necessary capital, which may include a line of credit or other loans established with respect to the investment, operating cash generated by the investment, additional equity investments from us or joint venture partners or, when necessary, capital reserves. Any capital reserve would be established from the gross proceeds of the Offering, proceeds from sales of other investments, operating cash generated by other investments or other cash on hand. In some cases, a lender may require us to establish capital reserves for a particular investment. The capital plan for each investment will be adjusted through ongoing, regular reviews of our portfolio or as necessary to respond to unanticipated additional capital needs.

KeyBank Credit Facility

On July 31, 2014, our Operating Partnership entered into a credit agreement with KeyBank National Association, or KeyBank, to obtain a secured revolving credit facility in an aggregate maximum principal amount of $35,000,000, or the KeyBank Credit Facility. The KeyBank Credit Facility is evidenced by a promissory note in the principal amount of $35,000,000, a credit agreement, a guaranty agreement, a contribution agreement, and a hazardous materials indemnity agreement, or collectively, the KeyBank Credit Facility Agreement. The proceeds of loans made under the KeyBank Credit Facility may be used to finance the purchase of properties, for tenant improvements and leasing commissions with respect to real estate, for repayment of indebtedness, for capital expenditures with respect to real estate, and for general corporate and working capital purposes. The KeyBank Credit Facility matures on July 31, 2017 and may be extended by one 12-month period subject to the satisfaction of certain conditions, including payment of an extension fee. See Note 7—“Credit Facility.”

During the initial and extended term of the KeyBank Credit Facility Agreement, any loan made under the KeyBank Credit Facility shall bear interest at per annum rates equal to either: (a) the London Interbank Offered Rate, plus an applicable margin ranging from 2.00% to 3.25%, which is determined based on the overall leverage of the Operating Partnership or (b) a base rate which means, for any day, a fluctuating rate per annum equal to the prime rate for such day plus an applicable margin ranging from 1.00% to 2.25%, which is determined based on the overall leverage of the Operating Partnership. In addition to interest, the Operating Partnership is required to pay a fee on the unused portion of the lenders’ commitments under the KeyBank Credit Facility Agreement at a per annum rate equal to 0.30% if the average daily amount outstanding under the KeyBank Credit Facility is less than 50% of the lenders’ commitments or 0.20% if the average daily amount outstanding under the KeyBank Credit Facility is greater than 50% of the lenders’ commitments, and the unused fee is payable quarterly in arrears.

The actual amount of credit available under the KeyBank Credit Facility is a function of certain loan-to-cost, loan-to-value, debt yield and debt service coverage ratios contained in the KeyBank Loan Agreement. The initial credit available for the Operating Partnership to borrow under the KeyBank Credit Facility will be a maximum principal amount of $2,893,000 and will increase if the Operating Partnership adds additional properties to the collateral pool to secure the KeyBank Credit Facility. Additional financial institutions are expected to become lenders under the KeyBank Credit Facility and the, subject to certain conditions, the KeyBank Credit Facility can be increased up to $300,000,000. The obligations of our Operating Partnership with respect to the KeyBank Credit Facility agreement are guaranteed by us, including but not limited to, the payment of any outstanding indebtedness under the KeyBank Credit Facility agreement, and all terms, conditions and covenants of the KeyBank Credit Facility agreement, as further discussed below.

The KeyBank Credit Facility agreement contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt and limitations on distributions by the properties that are included in the unencumbered pool for the KeyBank Credit Facility in the event of a default. The KeyBank Credit Facility agreement also imposes the following financial covenants: (a) maximum ratio of indebtedness to gross asset value; (b) minimum ratio of adjusted consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges; (c) minimum tangible net worth; (d) minimum liquidity thresholds; (e) minimum quarterly equity raise; (f) minimum weighted average remaining lease term of properties in the collateral pool; (g) minimum debt yield; and (h) minimum number of properties in the collateral pool. In addition, the KeyBank Credit Facility agreement includes events of default that are customary for credit facilities and transactions of this type. We believe we were in compliance with all financial covenant requirements at September 30, 2014.

 

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On July 31, 2014, in connection with our acquisition of the Cy Fair Surgical Center, the Operating Partnership, through a wholly-owned subsidiary, entered into an assignment of leases and rents with KeyBank to add the Cy Fair Surgical Center to the collateral pool of the KeyBank Credit Facility, which increased the Operating Partnership’s borrowing base availability under the KeyBank Credit Facility by approximately $2,893,000. The Operating Partnership also pledged a security interest in the Cy Fair Surgical Center as collateral to secure the KeyBank Credit Facility pursuant to a deed of trust, dated July 31, 2014. During the nine months ended September 30, 2014, the Company borrowed and repaid $2,893,000 under the KeyBank Credit Facility. As of September 30, 2014, we had an aggregate borrowing base availability of $2,893,000.

Cash Flows

Operating Activities. Net cash flows used in operating activities for the nine months ended September 30, 2014 was approximately $242,000. During the nine months ended September 30, 2014, net cash flows used in operating activities related primarily to the payment of acquisition related costs and general and administrative expenses, partially offset by the cash flows provided by our acquisition of the Cy Fair Surgical Center.

Investing Activities. Net cash flows used in investing activities for the nine months ended September 30, 2014 was approximately $4,450,000. During the nine months ended September 30, 2014, cash flows used in investing activities primarily related to the acquisition of the Cy Fair Surgical Center in the amount of $4,150,000, and investment in real estate - deposits of $300,000.

Financing Activities. Net cash flows provided by financing activities for the nine months ended September 30, 2014 was approximately $16,059,000. During the nine months ended September 30, 2014, net cash flows provided by financing activities was primarily due to proceeds from the issuance of common stock of approximately $18,237,000, proceeds from noncontrolling interests of $2,000 and proceeds from our credit facility of approximately $2,893,000, offset by approximately $476,000 in payments of deferred financing costs, approximately $2,893,000 in payments on credit facility, approximately $4,000 in distributions to stockholders and approximately $1,700,000 in offering costs on issuance of common stock.

Distributions

The amount of distributions payable to our stockholders is determined by our board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements and annual distribution requirements needed to qualify and maintain our status as a REIT under the Code. Our board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. Our Advisor may also defer, suspend and/or waive fees and expense reimbursements if we have not generated sufficient cash flow from our operations and other sources to fund distributions. Additionally, our organizational documents permit us to pay distributions from unlimited amounts of any source, and we may use sources other than operating cash flows to fund distributions, including proceeds from our Offering, which may reduce the amount of capital we ultimately invest in properties or other permitted investments.

We have funded distributions with operating cash flows from our properties and offering proceeds raised in our Offering. To the extent that we do not have taxable income, distributions paid will be considered a return of capital to stockholders. The following table shows distributions paid during the nine months ended September 30, 2014 (amounts are rounded):

 

     Nine Months Ended
September 30, 2014
       

Distributions paid in cash - common stockholders

   $ 4,000    

Distributions reinvested (shares issued)

     21,000    
  

 

 

   

Total distributions

   $ 25,000 (1)   
  

 

 

   

Source of distributions:

    

Offering proceeds from issuance of common stock (2)

   $ 4,000       16

Offering proceeds from issuance of common stock pursuant to the DRIP (2)

     21,000       84
  

 

 

   

 

 

 

Total sources

   $ 25,000       100
  

 

 

   

 

 

 

 

(1) Total distributions declared but not paid as of September 30, 2014 were approximately $67,000 for common stockholders. These distributions were paid on October 1, 2014.
(2) Percentages were calculated by dividing the respective source amount by the total sources of distributions.

For the nine months ended September 30, 2014, we paid and declared distributions of approximately $25,000 to common stockholders including shares issued pursuant to the DRIP, as compared to FFO (as defined below) and MFFO (as defined below) for the nine months ended September 30, 2014 of approximately $(502,000) and $(197,000), respectively. The payment of distributions from sources other than FFO or MFFO may reduce the amount of proceeds available for investment and operations or cause us to incur additional interest expense as a result of borrowed funds.

 

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Contractual Obligations

Our contractual obligations as of September 30, 2014 are as follows:

 

     Less than
1 Year
     1-3 Years      3-5 Years      More than
5 Years
     Total  

Tenant improvements

   $ 300,000       $ —         $ —         $ —         $ 300,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 300,000       $ —         $ —         $ —         $ 300,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Off-Balance Sheet Arrangements

As of September 30, 2014, we had no off-balance sheet arrangements.

Related-Party Transactions and Arrangements

We have entered into agreements with our Advisor and its affiliates, whereby we agree to pay certain fees to, or reimburse certain expenses of, our Advisor, or its affiliates, for acquisition fees and expenses, organization and offering expenses, sales commissions, dealer manager fees, distribution fees, asset and property management fees and reimbursement of operating costs. See Note 8—“Related-Party Transactions and Arrangements” to our condensed consolidated unaudited financial statements included in this Quarterly Report on Form 10-Q for a detailed discussion of the various related-party transactions and agreements.

Funds from Operations and Modified Funds from Operations

One of our objectives is to provide cash distributions to our stockholders from cash generated by our operations. The purchase of real estate assets and real estate-investments, and the corresponding expenses associated with that process, is a key operational feature of our business plan in order to generate cash from operations. Due to certain unique operating characteristics of real estate companies, the National Association of Real Estate Investment Trusts, or NAREIT, an industry trade group, has promulgated a measure known as funds from operations, or FFO, which we believe is an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to our net income (loss) as determined under GAAP.

We define FFO, consistent with NAREIT’s definition, as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and asset impairment write-downs, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnership and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis.

We, along with the others in the real estate industry, consider FFO to be an appropriate supplemental measure of a REIT’s operating performance because it is based on a net income (loss) analysis of property portfolio performance that excludes non-cash items such as depreciation and amortization and asset impairment write-downs, which we believe provides a more complete understanding of our performance to investors and to our management, and when compared year over year, reflects the impact on our operations from trends in occupancy.

Historical accounting convention (in accordance with GAAP) for real estate assets requires companies to report its investment in real estate at its carrying value, which consists of capitalizing the cost of acquisitions, development, construction, improvements and significant replacements, less depreciation and amortization and asset impairment write-downs, if any, which is not necessarily equivalent to the fair market value of its investment in real estate assets.

The historical accounting convention requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time, which could be the case if such assets are not adequately maintained or repaired and renovated as required by relevant circumstances and/or as requested or required by lessees for operational purposes in order to maintain the value disclosed. We believe that, since fair value of real estate assets historically rises and falls with market conditions including, but not limited to, inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation could be less informative.

In addition, we believe it is appropriate to disregard asset impairment write-downs as it is a non-cash adjustment to recognize losses on prospective sales of real estate assets. Since losses from sales of real estate assets are excluded from FFO, we believe it is appropriate that asset impairment write-downs in advancement of realization of losses should be excluded. Impairment write-downs are based on negative market fluctuations and underlying assessments of general market conditions, which are independent of our operating performance, including, but not limited to, a significant adverse change in the financial condition of our tenants, changes in supply and demand for similar or competing properties, changes in tax, real estate, environmental and zoning law, which can change over time. When indicators of potential impairment suggest that the carrying value of real estate and related assets may not be recoverable, we assess the recoverability by estimating whether we will recover the carrying value of the asset through undiscounted future cash flows and eventual disposition (including, but not limited to, net rental and lease revenues, net proceeds on the sale of

 

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property and any other ancillary cash flows at a property or group level under GAAP). If based on this analysis, we do not believe that we will be able to recover the carrying value of the real estate asset, we will record an impairment write-down to the extent that the carrying value exceeds the estimated fair value of the real estate asset. Testing for indicators of impairment is a continuous process and is analyzed on a quarterly basis. Investors should note, however, that determinations of whether impairment charges have been incurred are based partly on anticipated operating performance, because estimated undiscounted future cash flows from a property, including estimated future net rental and lease revenues, net proceeds on the sale of the property, and certain other ancillary cash flows, are taken into account in determining whether an impairment charge has been incurred. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that due to the fact that impairments are based on estimated future undiscounted cash flows and that we intend to have a relatively limited term of our operations, it could be difficult to recover any impairment charges through the eventual sale of the property. No impairment losses have been recorded to date.

In developing estimates of expected future cash flow, we make certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an asset impairment, the extent of such loss, if any, as well as the carrying value of the real estate asset.

Publicly registered, non-listed REITs, typically have a significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and operations. While other start up entities may also experience significant acquisition activity during their initial years, we believe that publicly registered, non-listed REITs are unique in that they have a limited life with targeted exit strategies within a relatively limited time frame after the acquisition activity ceases. We will use the proceeds raised in our offering to acquire real estate assets and real estate-related investments, and we intend to begin the process of achieving a liquidity event (i.e., listing of our shares of common stock on a national securities exchange, a merger or sale, the sale of all or substantially all of our assets, or another similar transaction) no later than three to seven years after the completion of our offering stage, which is generally comparable to other publicly registered, non-listed REITs. Thus, we do not intend to continuously purchase real estate assets and intend to have a limited life. Due to these factors and other unique features of publicly registered, non-listed REITS, the Investment Program Association, or the IPA, an industry trade group, has standardized a measure known as modified funds from operations, or MFFO, which we believe to be another appropriate supplemental measure to reflect the operating performance of a publicly registered, non-listed REIT. MFFO is a metric used by management to evaluate sustainable performance and dividend policy. MFFO is not equivalent to our net income (loss) as determined under GAAP.

We define MFFO, a non-GAAP measure, consistent with the IPA’s definition: FFO further adjusted for the following items included in the determination of GAAP net income (loss); acquisition fees and expenses; amounts related to straight-line rental income and amortization of above and below intangible lease assets and liabilities; accretion of discounts and amortization of premiums on debt investments; mark-to-market adjustments included in net income; nonrecurring gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, adjustments related to contingent purchase price obligations where such adjustments have been included in the derivation of GAAP net income, and after adjustments for a consolidated and unconsolidated partnership and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. Our MFFO calculation complies with the IPA’s Practice Guideline, described above. In calculating MFFO, we exclude paid and accrued acquisition fees and expenses that are reported in our condensed consolidated statements of comprehensive income (loss), amortization of above and below-market leases, amounts related to straight-line rents (which are adjusted in order to reflect such payments from a GAAP accrual basis to closer to an expected to be received cash basis of disclosing the rent and lease payments); and the adjustments of such items related to noncontrolling interests in the Operating Partnership. The other adjustments included in the IPA’s guidelines are not applicable to us.

Since MFFO excludes acquisition fees and expenses, it should not be construed as a historic performance measure. Acquisition fees and expenses are paid in cash by us, and we have not set aside or put into escrow any specific amount of proceeds from our offering to be used to fund acquisition fees and expenses. Acquisition fees and expenses include payments to our Advisor, or its affiliates, and third parties. Such fees and expenses will not be reimbursed by our Advisor, or its affiliates, and third parties, and therefore if there are no further proceeds from the sale of shares of our common stock to fund future acquisition fees and expenses, such fees and expenses will need to be paid from either additional debt, operational earnings or cash flows, net proceeds from the sale of properties, or from ancillary cash flows. As a result, the amount of proceeds available for investment and operations would be reduced, or we may incur additional interest expense as a result of borrowed funds. Nevertheless, our Advisor, or its affiliates, will not accrue any claim on our assets if acquisition fees and expenses are not paid from the proceeds of our offerings. Under GAAP, acquisition fees and expenses related to the acquisition of properties determined to be business combinations are expensed as incurred, including investment transactions that are no longer under consideration, and are included in acquisition related expenses in the accompanying condensed consolidated statements of comprehensive income (loss) and acquisition fees and expenses associated with transactions determined to be an asset purchase are capitalized.

All paid and accrued acquisition fees and expenses have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the real estate asset, these fees and expenses and other costs related to such property. In addition, MFFO may not be an indicator of our operating performance, especially during periods in which properties are being acquired.

 

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In addition, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income (loss) in determining cash flows from operations in accordance with GAAP.

We use MFFO and the adjustments used to calculate it in order to evaluate our performance against other publicly registered, non-listed REITs, which intend to have limited lives with short and defined acquisition periods and targeted exit strategies shortly thereafter. As noted above, MFFO may not be a useful measure of the impact of long-term operating performance if we do not continue to operate in this manner. We believe that our use of MFFO and the adjustments used to calculate it allow us to present our performance in a manner that reflects certain characteristics that are unique to publicly registered, non-listed REITs, such as their limited life, limited and defined acquisition period and targeted exit strategy, and hence the use of such measures may be useful to investors. For example, acquisition fees and expenses are intended to be funded from the proceeds of our offering and other financing sources and not from operations. By excluding acquisition fees and expenses, the use of MFFO provides information consistent with management’s analysis of the operating performance of its real estate assets. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such charges that may reflect anticipated and unrealized gains or losses, we believe MFFO provides useful supplemental information.

Presentation of this information is intended to assist management and investors in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and MFFO the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and MFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of our performance, as an indication of our liquidity, or indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. FFO and MFFO should be reviewed in conjunction with other measurements as an indication of our performance. MFFO has limitations as a performance measure in an offering such as ours where the price of a share of common stock is stated value and there is no asset value determination during the offering stage for a period thereafter. MFFO may be useful in assisting management and investors in assessing the sustainability of operating performance in future operating periods, and in particular, after the offering and acquisition stages are complete and net asset value is disclosed. MFFO is not a useful measure in evaluating net asset value since impairment write-downs are taken into account in determining net asset value but not in determining MFFO.

FFO and MFFO, as described above, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income (loss) or in its applicability in evaluating our operational performance. The method used to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operation performance and considered more prominently than the non-GAAP FFO and measures and the adjustments to GAAP in calculating FFO and MFFO. MFFO has not been scrutinized to the level of other similar non-GAAP performance measures by the SEC or any other regulatory body.

 

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The following is a reconciliation of net income (loss) attributable to controlling interests, which is the most directly comparable GAAP financial measure, to FFO and MFFO for the three and nine months ended September 30, 2014 and 2013 (amounts are rounded, except shares and per share amounts):

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2014       2013        2014       2013    

Net loss attributable to common stockholders

   $ (482,000   $ —         $ (536,000   $ —     

Adjustments:

         

Depreciation and amortization - real estate

     34,000        —           34,000        —     
  

 

 

   

 

 

    

 

 

   

 

 

 

FFO

   $ (448,000   $ —         $ (502,000   $ —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjustments:

         

Acquisition related expenses (1)

   $ 269,000      $ —         $ 305,000      $ —     

Straight-line rents

     —          —           —          —     
  

 

 

   

 

 

    

 

 

   

 

 

 

MFFO

   $ (179,000   $ —         $ (197,000   $ —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Weighted average Class A common shares outstanding - basic and diluted

     671,425        —           239,528        —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Net loss per Class A common share - basic and diluted

   $ (0.72   $ —         $ (2.24   $ —     
  

 

 

   

 

 

    

 

 

   

 

 

 

FFO per Class A common share - basic and diluted

   $ (0.67   $ —         $ (2.10   $ —     
  

 

 

   

 

 

    

 

 

   

 

 

 

 

(1) In evaluating investments in real estate assets, management differentiates the costs to acquire the investment from the operations derived from the investment. Such information would be comparable only for publicly registered, non-listed REITs that have completed their acquisitions activities and have other similar operating characteristics. By excluding expensed acquisition related expenses, management believes MFFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties. Acquisition fees and expenses include payments in cash to our Advisor and third parties. Acquisition fees and expenses incurred in a business combination, under GAAP, are considered operating expenses and as expenses included in the determination of net income (loss), which is a performance measure under GAAP. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to the property.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. We expect that the primary market risk to which we will be exposed will be interest rate changes, primarily as a result of long-term debt used to acquire properties and make loans and other permitted investments. We intend to manage our interest rate risk by limiting the impact of interest rate changes on earnings, prepayment penalties and cash flows, and by lowering overall borrowing costs while taking into account variable interest rate risk. To achieve our objectives, we may borrow at fixed or variable rates. We may also enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument. We will not enter into derivative or interest rate transactions for speculative purposes.

As of September 30, 2014, the maximum principal amount available under the KeyBank Credit Facility was $35,000,000, which is variable rate debt. As of September 30, 2014, we had $0 amount outstanding under the KeyBank Credit Facility.

In addition to changes in interest rates, the value of our future investments will be subject to fluctuations based on changes in local and regional economic conditions and changes in the creditworthiness of tenants, which may affect our ability to refinance our debt if necessary.

Item 4. Controls and Procedures.

(a) Evaluation of disclosure controls and procedures. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, or the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of the end of the period covered by this Quarterly Report on Form 10-Q was conducted under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures, as of September 30, 2014, were effective.

 

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

We are not a party to any material pending legal proceedings.

Item 1A. Risk Factors.

There have been no material changes from the risk factors set forth in our prospectus dated June 27, 2014, as supplemented or amended, except as noted below.

Distributions paid from sources other than our cash flow from operations will result in us having fewer funds available for the acquisition of properties and other real estate-related investments, which may adversely affect our ability to fund future distributions with cash flow from operations and may adversely affect your overall return.

We have paid, and may continue to pay, distributions from sources other than from our cash flows from operations. For the nine months ended September 30, 2014, our cash flows used in operations of approximately $242,000 was a shortfall of approximately $267,000, or (1,068%), of our distributions paid (total distributions were approximately $25,000 of which $4,000 was cash and $21,000 was reinvested in shares of our common stock pursuant to our DRIP) during such period and such shortfall was paid from proceeds from our Offering. Additionally, we may in the future pay distributions from sources other than from our cash flows from operations. Until we acquire additional properties or other real estate-related investments, we may not generate sufficient cash flows from operations to pay distributions. Our inability to acquire additional properties or other real estate-related investments may result in a lower return on your investment than you expect.

We do not have any limits on the sources of funding distribution payments to our stockholders. We may pay, and have no limits on the amounts we may pay, distributions from any source, such as from borrowings, the sale of assets, the sale of additional securities, advances from our advisor, our advisor’s deferral, suspension and/or waiver of its fees and expense reimbursements and offering proceeds. Funding distributions from borrowings could restrict the amount we can borrow for investments, which may affect our profitability. Funding distributions with the sale of assets may affect our ability to generate cash flows. Funding distributions from the sale of additional securities could dilute your interest in us if we sell shares of our common stock to third party investors. If we fund distributions from the proceeds of our Offering, we will have less funds available for acquiring properties or real estate-related investments. Our inability to acquire additional properties or real estate-related investments may have a negative effect on our investors’ ability to generate sufficient cash flow from operations to pay distributions. As a result, the return investors may realize on their investment may be reduced and investors who invest in us before we generate significant cash flow may realize a lower rate of return than later investors. Payment of distributions from any of the mentioned sources could restrict our ability to generate sufficient cash flow from operations, affect our profitability and/or affect the distributions payable upon a Liquidity Event, any or all of which may have an adverse effect on an investment in us.

Recent disclosures made by American Realty Capital Properties, Inc., or ARCP, a publicly-traded real estate investment trust, regarding alleged accounting errors made by ARCP employees have led to market concerns regarding RCS and the temporary suspension of the distribution of our shares in our ongoing public offering by a limited number of broker-dealers. To the extent additional broker-dealers suspend their participation in our offering, we may be unable to raise sufficient capital to enable us to meet our investment objectives, and as a result your investment in us may suffer adverse consequences.

On October 29, 2014, ARCP announced that it was restating its earnings after discovering that several employees “intentionally made” accounting mistakes that caused ARCP to understate net losses during the first half of 2014. These alleged accounting errors have resulted in the resignations of both ARCP’s then- chief financial officer and ARCP’s then- chief accounting officer. The SEC, as well as the Federal Bureau of Investigation, have announced that they have each opened criminal investigations into ARCP’s accounting practices, in conjunction with an investigation by the U.S. Attorney’s Office for the Southern District of New York.

The success of this offering and our ability to implement our business strategy is dependent upon the ability of the dealer manager to retain key employees and to operate and maintain a network of licensed securities broker-dealers and other agents. If legal actions brought against ARCP effect RCS, the parent of the dealer manager, and have an adverse impact upon the financial condition of RCS, and as a consequence upon the financial condition of the dealer manager, it could adversely affect our ability to raise adequate proceeds through this offering and implement our investment strategy.

As a result of ARCP’s announcements regarding the alleged accounting errors, a number of broker-dealer firms that had been participating in the distribution of public offerings of public, non-listed REITs sponsored by affiliates of ARCP and RCS have temporarily suspended their participation in the distribution of those offerings, and additional broker-dealers may do so in the future. Because RCS is affiliated with the dealer manager, a limited number of broker-dealers that had been participating in the distribution of our public offering have temporarily suspended their participation in our offering, and additional broker-dealers may do so in the future. To the extent that broker-dealers have and continue to determine to suspend participation in our offering, we may be unable to raise sufficient capital to meet our investment objectives and achieve a diversified portfolio. If this occurs, our ability to generate current income to you in the form of consistent distributions, as well as our ability to generate long-term capital appreciation, may be constrained, and as a result your investment in us may suffer adverse consequences. To the extent broker-dealers have and continue to determine to suspend participation in our offering, we will not be able to predict the length of time that any such suspensions will continue, or whether participating dealer firms which ultimately reinstate their participation will resume sales at prior levels, if at all.

 

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities

On July 11, 2014, we granted an aggregate of 9,000 shares of common stock under our 2014 Restricted Share Plan to our independent directors in connection with satisfying the minimum offering requirement and breaking escrow. The shares were not registered under the Securities Act of 1933, as amended, or the Securities Act, and were issued in reliance on Section 4(2) of the Securities Act. There were no other sales of unregistered securities for the three months ended September 30, 2014.

Use of Public Offering Proceeds

On May 29, 2014, our Registration Statement on Form S-11 (File No. 333-191706), covering a public offering of up to $2,350,000,000 in shares of our common stock, was declared effective under the Securities Act. We are offering for sale a maximum of $2,250,000,000 in shares of common stock (exclusive of $100,000,000 in shares of common stock to be made available pursuant to our DRIP) in a primary offering on a “best efforts” basis. We are offering two classes of shares of common stock, Class A shares and Class T shares, in any combination with a dollar value up to the maximum offering amount. The initial offering price for the shares in the primary offering shall be $10.00 per Class A share and $9.574 per Class T share.

As of September 30, 2014, we had received subscriptions for and issued approximately 1,859,000 shares of our common stock (including shares of common stock issued pursuant to the DRIP) for gross proceeds of approximately $18,258,000 (before selling commissions of approximately $1,029,000 and dealer manager fees of approximately $494,000). From the net offering proceeds, we paid approximately $89,000 in acquisition fees to our Advisor, approximately $216,000 in acquisition costs, approximately $4,000 in cash distributions to our stockholders and approximately $197,000 in organization and offering costs to our Advisor as of September 30, 2014. With the remaining net offering proceeds, we acquired $4,450,000 in total gross real estate.

As of September 30, 2014, approximately $1,057,000 remained payable to our dealer manager and our Advisor, or its affiliates, for costs related to the Offering, asset management fees, property management fees and general and administrative costs.

 

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Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The exhibits listed on the Exhibit Index (following the signatures section of this Quarterly Report on Form 10-Q) are filed herewith, or incorporated by reference.

 

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SIGNATURES 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

CARTER VALIDUS MISSION CRITICAL REIT II, INC.

(Registrant)

Date: November 14, 2014     By   /s/    JOHN E. CARTER        
     

John E. Carter

Chief Executive Officer and President

(Principal Executive Officer)

Date: November 14, 2014     By   /s/    TODD M. SAKOW        
     

Todd M. Sakow

Chief Financial Officer

(Principal Financial Officer)

 

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EXHIBIT INDEX 

Pursuant to Item 601(a)(2) of Regulation S-K, this Exhibit Index immediately precedes the exhibits.

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the nine months ended September 30, 2014 (and are numbered in accordance with Item 601 of Regulation S-K).

 

Exhibit
No:

    
    1.1    Amended and Restated Dealer Manager Agreement by and between Carter Validus Mission Critical REIT II, Inc., Carter Validus Advisors II, LLC and SC Distributors, LLC, dated June 10, 2014 (included as Exhibit 1.1 to Post-Effective Amendment No. 1 to our Registration Statement on Form S-11 (File No. 333-191706) filed June 12, 2014 and incorporated by reference herein)
    1.2    Form of Participating Broker-Dealer Agreement by and between SC Distributors, LLC and the Participating Broker Dealers (included as Exhibit 1.2 to Post-Effective Amendment No. 1 to our Registration Statement on Form S-11 (File No. 333-191706) filed June 12, 2014 and incorporated by reference herein)
    3.1    Second Articles of Amendment and Restatement of Carter Validus Mission Critical REIT II, Inc. (included as Exhibit 3.1 to Post-Effective Amendment No. 1 to our Registration Statement on Form S-11 (File No. 333-191706) filed June 12, 2014 and incorporated by reference herein)
    3.2    Amended and Restated Bylaws of Carter Validus Mission Critical REIT II, Inc. (included as Exhibit 3.2 to Pre-Effective Amendment No. 3 to our Registration Statement on Form S-11 (File No. 333-191706) filed May 8, 2014 and incorporated by reference herein)
    4.1    Form of Subscription Agreement and Subscription Agreement Signature Page (included as Appendix B to the prospectus Supplement No. 7, filed on November 12, 2014)
    4.2    Form of Additional Subscription Agreement and Subscription Agreement Signature Page (included as Appendix C to the prospectus Supplement No. 7, filed on November 12, 2014)
    4.3    Form of Automatic Purchase Program Enrollment Form (included as Appendix D to the prospectus attached to Post-Effective Amendment No. 1, filed on June 12, 2014)
    4.4    Form of Multi-Product Subscription Agreement (included as Appendix G to the prospectus Supplement No. 7, filed on November 12, 2014)
  10.1    Amended and Restated Escrow Agreement by and between Carter Validus Mission Critical REIT II, Inc., SC Distributors, LLC and UMB Bank, N.A., dated June 11, 2014 (included as Exhibit 10.1 to Post-Effective Amendment No. 1 to our Registration Statement on Form S-11 (File No. 333-191706) filed June 12, 2014 and incorporated by reference herein)
  10.2    Amended and Restated Advisory Agreement by and between Carter Validus Mission Critical REIT II, Inc. and Carter Validus Advisors II, LLC, dated June 10, 2014 (included as Exhibit 10.2 to Post-Effective Amendment No. 1 to our Registration Statement on Form S-11 (File No. 333-191706) filed June 12, 2014 and incorporated by reference herein)
  10.3    Management Agreement, by and between Carter Validus Mission Critical REIT II, Inc., Carter Validus Operating Partnership II, LP and Carter Validus Real Estate Management Services II, LLC, dated May 19, 2014 (included as Exhibit 10.3 to Pre-Effective Amendment No. 4 to our Registration Statement on Form S-11 (File No. 333-191706) filed May 20, 2014 and incorporated by reference herein)
  10.4    Amended and Restated Agreement of Limited Partnership of Carter Validus Operating Partnership II, LP, dated June 10, 2014 (included as Exhibit 10.4 to Post-Effective Amendment No. 1 to our Registration Statement on Form S-11 (File No. 333-191706) filed June 12, 2014 and incorporated by reference herein)

 

34


Table of Contents
  10.5    Carter Validus Mission Critical REIT II, Inc. 2014 Restricted Share Plan (included as Exhibit 10.5 to Pre-Effective Amendment No. 2 to our Registration Statement on Form S-11 (File No. 333-191706) filed March 27, 2014 and incorporated by reference herein)
  10.6    Form of Restricted Stock Award Agreement (included as Exhibit 10.6 to Pre-Effective Amendment No. 2 to our Registration Statement on Form S–11 (File No. 333-191706) filed March 27, 2014 and incorporated by reference herein)
  10.7    Amended and Restated Distribution Reinvestment Plan (included as Appendix E to the prospectus attached to Post-Effective Amendment No. 1, filed on June 12, 2014 and incorporated by reference herein)
  10.8    Credit Agreement by and among Carter Validus Operating Partnership II, LP, as borrower, KeyBank National Association, the other lenders which are parties to this agreement and other lenders that may become parties to this agreement, KeyBank National Association, as agent, and KeyBanc Capital Markets, as sole lead arranger and sole book runner, dated July 31, 2014 (included as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.9    Unconditional Guaranty of Payment and Performance from Carter Validus Mission Critical REIT II, Inc., et al for the benefit of KeyBank National Association, dated July 31, 2014 (included as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.10    Indemnity Agreement Regarding Hazardous Materials by and among Carter Validus Operating Partnership II, LP, Carter Validus Mission Critical REIT II, Inc., and HC-11250 Fallbrook Drive, LLC for the benefit of KeyBank National Association, dated July 31, 2014 (included as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.11    Deed of Trust, Security Agreement and Assignment of Leases and Rents from HC-11250 Fallbrook Drive, LLC, as guarantor, to Hugh C. Talton, II, as trustee, for the benefit of KeyBank National Association, dated July 31, 2014 (included as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.12    Assignment of Leases and Rents by HC-11250 Fallbrook Drive, LLC to KeyBank National Association, dated July 31, 2014 (included as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.13    Swing Loan Note from Carter Validus Operating Partnership II, LP to KeyBank National Association, dated July 31, 2014 (included as Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.14    Revolving Credit Note from Carter Validus Operating Partnership II, LP to KeyBank National Association, dated July 31, 2014 (included as Exhibit 10.7 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.15    Contribution Agreement by and among Carter Validus Mission Critical REIT II, Inc., Carter Validus Operating Partnership II, LP, and the other guarantors as identified therein, dated July 31, 2014 (included as Exhibit 10.8 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.16    Purchase Agreement, dated June 5, 2014, between Cy-Fair Surgical Properties, LTD and Carter Validus Properties, LLC (included as Exhibit 10.9 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.17    First Amendment to Purchase Agreement, dated July 16, 2014, between Cy-Fair Surgical Properties, LTD and HC-11250 Fallbrook Drive, LLC (included as Exhibit 10.10 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.18    Second Amendment to Purchase Agreement, dated July 23, 2014, between Cy-Fair Surgical Properties, LTD and HC-11250 Fallbrook Drive, LLC (included as Exhibit 10.11 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)

 

35


Table of Contents
  10.19   Assignment of Purchase Agreement, dated June 26, 2014, between Carter Validus Properties, LLC, as Assignor, and HC-11250 Fallbrook Drive, LLC, as Assignee (included as Exhibit 10.12 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  10.20   Assignment and Assumption of Leases, dated July 16, 2014, between Cy-Fair Surgical Properties, LTD, as Assignor, and HC-11250 Fallbrook Drive, LLC, as Assignee (included as Exhibit 10.13 to the Registrant’s Current Report on Form 8-K filed on August 6, 2014, and incorporated herein by reference)
  31.1*   Certification of Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  31.2*   Certification of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  32.1**   Certification of Chief Executive Officer and Chief 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.
** Furnished 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 of 1933, as amended, or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

 

36

EX-31.1 2 d820334dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, John E. Carter, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Carter Validus Mission Critical REIT II, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) [Reserved];

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2014

 

/s/ John E. Carter

John E. Carter

Chief Executive Officer and President

(Principal Executive Officer)

EX-31.2 3 d820334dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Todd M. Sakow, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Carter Validus Mission Critical REIT II, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) [Reserved];

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2014

 

/s/ Todd M. Sakow

Todd M. Sakow

Chief Financial Officer and Treasurer

(Principal Financial Officer)

EX-32.1 4 d820334dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C 1350)

Each of the undersigned officers of Carter Validus Mission Critical REIT II, Inc. (the “Company”) hereby certifies, for purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 14, 2014      
    By:   /s/ John E. Carter
    Name:   John E. Carter
    Title:   Chief Executive Officer and President
      (Principal Executive Officer)
Date: November 14, 2014      
    By:   /s/ Todd M. Sakow
    Name:   Todd M. Sakow
    Title:   Chief Financial Officer and Treasurer
      (Principal Financial Officer)

The foregoing certification is being furnished with the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2014 pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general information language in such filing, except to the extent that the Company specifically incorporates by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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67000 131000 0.064 -169000 -193000 718000 298000 0 0 1522835 1523000 1522835 1522835 1523000 1523000 100000000 2350000000 2331742000 2314534000 2250000000 0.050 0.060 0.010 0 0 0.15 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Distribution Policy and Distributions Payable</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company intends to elect to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December&nbsp;31, 2014. To qualify and maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). On July 16, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company&#x2019;s stockholders of record as of the close of business on each day of the period commencing on the closing date of the first property acquisition and ending on August 31, 2014. On July 31, 2014, the Company acquired the Cy Fair Surgical Center, its first property acquisition. Therefore, the previously declared distributions began on July 31, 2014, and were calculated based on </font><font style="display: inline;font-size:10pt;">365</font><font style="display: inline;font-size:10pt;"> days in the calendar year. The distributions were equal to </font><font style="display: inline;font-size:10pt;">$0.001753425</font><font style="display: inline;font-size:10pt;"> per share of Class A and Class T common stock, which is equal to an annualized rate of </font><font style="display: inline;font-size:10pt;">6.4%</font><font style="display: inline;font-size:10pt;"> per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On August 1, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company&#x2019;s stockholders of record as of the close of business on each day of the period commencing on September 1, 2014 and ending on November 30, 2014. The distributions will be calculated based on </font><font style="display: inline;font-size:10pt;">365</font><font style="display: inline;font-size:10pt;"> days in the calendar year and will be equal to </font><font style="display: inline;font-size:10pt;">$0.001753425</font><font style="display: inline;font-size:10pt;"> per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company paid aggregate distributions, since inception, of approximately </font><font style="display: inline;font-size:10pt;">$25,000</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">($4,000</font><font style="display: inline;font-size:10pt;"> in cash and </font><font style="display: inline;font-size:10pt;">$21,000</font><font style="display: inline;font-size:10pt;"> of which were reinvested in shares of common stock pursuant to the DRIP). Distributions are payable to stockholders from legally available funds therefor. As of September 30, 2014, the Company had distributions payable of approximately </font><font style="display: inline;font-size:10pt;">$67,000</font><font style="display: inline;font-size:10pt;">. The distributions were paid on October 1, 2014, of which approximately </font><font style="display: inline;font-size:10pt;">$21,000</font><font style="display: inline;font-size:10pt;"> was paid in cash and approximately </font><font style="display: inline;font-size:10pt;">$46,000</font><font style="display: inline;font-size:10pt;"> was reinvested in shares of common stock pursuant to the DRIP.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Distributions to stockholders will be determined by the board of directors of the Company and will be dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company&#x2019;s status as a REIT under the Code.</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 10</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;&#x2014;&nbsp;Economic Dependency</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company is dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company&#x2019;s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase and disposition of properties and other investments; the management of the daily operations of the Company&#x2019;s real estate portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.</font> </p> <p style="margin:5pt 0pt 0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 0.0075 1000 P10Y9M18D P12M 300000000 1 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 7&nbsp;&#x2014;&nbsp;Credit Facility</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On July&nbsp;31, 2014, the Operating Partnership entered into a credit agreement with KeyBank National Association, or KeyBank, to obtain a secured revolving credit facility in an aggregate maximum principal amount of </font><font style="display: inline;font-size:10pt;">$35,000,000</font><font style="display: inline;font-size:10pt;">, or the KeyBank Credit Facility. The KeyBank Credit Facility is evidenced by a promissory note in the principal amount of $35,000,000, a credit agreement, a guaranty agreement, a contribution agreement, and a hazardous materials indemnity agreement, or collectively, the KeyBank Credit Facility Agreement. The proceeds of loans made under the KeyBank Credit Facility may be used to finance the purchase of properties, for tenant improvements and leasing commissions with respect to real estate, for repayment of indebtedness, for capital expenditures with respect to real estate, and for general corporate and working capital purposes. The KeyBank Credit Facility matures on </font><font style="display: inline;font-size:10pt;">July&nbsp;31, 2017</font><font style="display: inline;font-size:10pt;"> and may be extended by </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">12</font><font style="display: inline;font-size:10pt;">-month period subject to the satisfaction of certain conditions, including payment of an extension fee.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">During the initial and extended term of the KeyBank Credit Facility Agreement, any loan made under the KeyBank Credit Facility shall bear interest at per annum rates equal to either: (a)&nbsp;the London Interbank Offered Rate, plus an applicable margin ranging from </font><font style="display: inline;font-size:10pt;">2.00%</font><font style="display: inline;font-size:10pt;"> to </font><font style="display: inline;font-size:10pt;">3.25%</font><font style="display: inline;font-size:10pt;">, which is determined based on the overall leverage of the Operating Partnership or (b)&nbsp;a base rate which means, for any day, a fluctuating rate per annum equal to the prime rate for such day plus an applicable margin ranging from </font><font style="display: inline;font-size:10pt;">1.00%</font><font style="display: inline;font-size:10pt;"> to </font><font style="display: inline;font-size:10pt;">2.25%</font><font style="display: inline;font-size:10pt;">, which is determined based on the overall leverage of the Operating Partnership. In addition to interest, the Operating Partnership is required to pay a fee on the unused portion of the lenders&#x2019; commitments under the KeyBank Credit Facility Agreement at a per annum rate equal to </font><font style="display: inline;font-size:10pt;">0.30%</font><font style="display: inline;font-size:10pt;"> if the average daily amount outstanding under the KeyBank Credit Facility is less than </font><font style="display: inline;font-size:10pt;">50%</font><font style="display: inline;font-size:10pt;"> of the lenders&#x2019; commitments or </font><font style="display: inline;font-size:10pt;">0.20%</font><font style="display: inline;font-size:10pt;"> if the average daily amount outstanding under the KeyBank Credit Facility is greater than 50% of the lenders&#x2019; commitments, and the unused fee is payable quarterly in arrears. </font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The actual amount of credit available under the KeyBank Credit Facility is a function of certain loan-to-cost, loan-to-value, debt yield and debt service coverage ratios contained in the KeyBank Credit Facility Agreement. The initial credit available for the Operating Partnership to borrow under the KeyBank Credit Facility will be a maximum principal amount of </font><font style="display: inline;font-size:10pt;">$2,893,000</font><font style="display: inline;font-size:10pt;"> and will increase if the Operating Partnership adds additional properties to the collateral pool to secure the KeyBank Credit Facility. Additional financial institutions are expected to become lenders under the KeyBank Credit Facility and, subject to certain conditions, the KeyBank Credit Facility can be increased up to </font><font style="display: inline;font-size:10pt;">$300,000,000</font><font style="display: inline;font-size:10pt;">. The obligations of the Operating Partnership with respect to the KeyBank Credit Facility Agreement are guaranteed by the Company, including but not limited to, the payment of any outstanding indebtedness under the KeyBank Credit Facility Agreement and all terms, conditions and covenants of the KeyBank Credit Facility Agreement, as further discussed below. </font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The KeyBank Credit Facility Agreement contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by the Operating Partnership and its subsidiaries that own properties that serve as collateral for the KeyBank Credit Facility, limitations on the nature of the Operating Partnership&#x2019;s business, and limitations on distributions by the Company, the Operating Partnership and its subsidiaries. The KeyBank Credit Facility Agreement imposes the following financial covenants, which are specifically defined in the KeyBank Credit Facility Agreement, on the Operating Partnership: (a)&nbsp;maximum ratio of indebtedness to gross asset value; (b)&nbsp;minimum ratio of adjusted consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges; (c)&nbsp;minimum tangible net worth; (d)&nbsp;minimum liquidity thresholds; (e)&nbsp;minimum quarterly equity raise; (f)&nbsp;minimum weighted average remaining lease term of properties in the collateral pool; (g)&nbsp;minimum debt yield; and (h)&nbsp;minimum number of properties in the collateral pool.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On July 31, 2014, in connection with the Company&#x2019;s acquisition of the Cy Fair Surgical Center, the Operating Partnership, through a wholly-owned subsidiary, entered into an assignment of leases and rents with KeyBank to add the Cy Fair Surgical Center to the collateral pool of the KeyBank Credit Facility, which increased the Operating Partnership&#x2019;s borrowing base availability under the KeyBank Credit Facility by approximately </font><font style="display: inline;font-size:10pt;">$2,893,000</font><font style="display: inline;font-size:10pt;">. The Operating Partnership also pledged a security interest in the Cy Fair Surgical Center as collateral to secure the KeyBank Credit Facility pursuant to a deed of trust, dated July&nbsp;31, 2014. During the nine months ended September 30, 2014, the Company borrowed and repaid approximately $2,893,000 under the KeyBank Credit Facility. As of September 30, 2014, the Company had an aggregate borrowing base availability of approximately </font><font style="display: inline;font-size:10pt;">$2,893,000</font><font style="display: inline;font-size:10pt;">.</font> </p> <p><font size="1"> </font></p> </div> </div> 0.060 0.060 1 0.000625 2 P365D P365D P365D 1 1 1 1 1 1 1 2724000 197000 0.020 0.25 86000 76000 99000 0.15 0.0125 0.010 89000 89000 0.50 0.030 0.030 0.070 1 1 0.15 P30D 0.030 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Real Estate Escrow Deposits</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Real estate escrow deposits include funds held by escrow agents and others to be applied towards the purchase of real estate, which are included in other assets in the accompanying condensed consolidated balance sheets.</font> </p> <p><font size="1"> </font></p> </div> </div> 0.95 1859000 3591000 18258000 35466000 2000000 0.5 0.10 false --12-31 Q3 2014 2014-09-30 10-Q 0001567925 3611000 Non-accelerated Filer Carter Validus Mission Critical REIT II, Inc. 641663 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 9&nbsp;&#x2014;&nbsp;Accounts Payable and Other Liabilities</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accounts payable and other liabilities, as of September 30, 2014 were comprised of the following</font><font style="display: inline;font-size:10pt;"> (amounts are rounded)</font><font style="display: inline;font-size:10pt;">:</font> </p> <p style="margin:0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-weight:bold;font-size:1pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7.50pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:7.50pt;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-family:Calibri;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7.50pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:7.50pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7.50pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:7.50pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30, 2014</font></p> </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accounts payable</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accrued interest expense</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accrued other expenses</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>541,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accrued insurance expenses</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Dividends payable</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>642,000&nbsp; </td> </tr> </table></div> <p style="margin:5pt 0pt 0pt;background-color: #FFFFFF;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-weight:bold;font-size:1pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 7000 1057031 6000 1046000 1000 4000 33000 1000 23000 P10Y9M18D 199800 15698550 5625 5625 5625 1223269 1223269 1223269 1223000 0 22968 9000 9000 5589 6000 5589 6000 200000 16789906 2014-07-31 <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Three Months Ended</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Nine Months Ended</font></p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30,</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30,</font></p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">2014</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">2014</font></p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Pro forma basis:</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Revenues</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,000&nbsp; </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,000&nbsp; </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Net loss</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(192,000) </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(169,000) </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Net loss attributable to common stockholders</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(193,000) </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(169,000) </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> -169000 -192000 193000 96000 305298 189000 189000 268738 153000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 3 &#x2014; Business Combinations</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">During the nine months ended September 30, 2014, the Company completed the acquisition of </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">100%</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> fee simple interest in </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">one</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> property (a medical facility)</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">&nbsp;</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">comprised of </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">one</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> building that was determined to be a business combination. The aggregate purchase price of the acquisition was </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$4,450,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">, plus closing costs. The Company financed the purchase of the Cy Fair Surgical Center using net proceeds from the Offering and the KeyBank Credit Facility (as defined</font><font style="display: inline;font-size:10pt;"> in Note&nbsp;7</font><font style="display: inline;font-size:10pt;">&#x2014;&#x201C;</font><font style="display: inline;font-size:10pt;">Credit Facility&#x201D;</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">).</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">The following table summarizes the acquisition completed during the nine months ended September 30, 2014:</font> </p> <p style="margin:0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;background-color: #FFFFFF;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Date</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Ownership</font></p> </td> </tr> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Property Description</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Acquired</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Percentage</font></p> </td> </tr> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Cy Fair Surgical Center</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">07/31/2014</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">100%</font></p> </td> </tr> </table></div> <p style="margin:10pt 0pt 6pt;background-color: #FFFFFF;text-indent:24.5pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">The Company reimburses the Advisor, or its affiliates, for acquisition expenses related to selecting, evaluating, acquiring and investing in properties. The reimbursement of acquisition expenses, acquisition fees and real estate commissions and other fees paid to unaffiliated parties will not exceed, in the aggregate, </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">6.0%</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> of the contract purchase price or total development costs of a certain acquisition, unless fees in excess of such limits are approved by a majority of the Company disinterested directors, including a majority of its independent directors.</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">&nbsp;</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">D</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">uring the nine months ended September&nbsp;30, 2014, the Company incurred aggregate non-recurring charges related to ac</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">quisition fees and costs of approximately </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$189,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">&nbsp;</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">related to its acquisition of the Cy Fair Surgical Center, which did not exceed 6.0% of the contract purchase price of the property acquisition</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">Results of operations for the acquisition determined to be a business combination is reflected in the accompanying condensed </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">consolidated statement</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">s</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> of operations for the nine months ended September&nbsp;30, 2014 for the period subsequent to the acquisition date of the property. For the period from the acquisition date through September&nbsp;30, 2014, the Company recognized </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">approximately </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$65,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> of revenues and net loss of</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> approximately </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$167,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> for its business combin</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">ation acquisition.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">The following table summarizes management&#x2019;s allocation of the fair value of the acquisition determined to be a business combination during the nine months ended September&nbsp;30, 2014 (amounts are rounded):</font> </p> <p style="margin:0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;background-color: #FFFFFF;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Cy Fair Surgical Center</font></p> </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Land</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Buildings and improvements</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,672,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In-place leases</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>718,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant improvements</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>298,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0.05pt 12pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Total assets acquired</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,450,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:10pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">Assuming the business combination described above had occurred on January&nbsp;1, 2014, pro forma revenues, net income and net income attributable to common stockholders would have been as follows for the three and nine month periods below (amounts are rounded):</font> </p> <p style="margin:0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-weight:bold;font-size:1pt;">&nbsp;</font> </p> <p style="margin:0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;background-color: #FFFFFF;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Three Months Ended</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Nine Months Ended</font></p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30,</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30,</font></p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">2014</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">2014</font></p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Pro forma basis:</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Revenues</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,000&nbsp; </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,000&nbsp; </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Net loss</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(192,000) </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(169,000) </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:57.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Net loss attributable to common stockholders</font></p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(193,000) </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:13.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(169,000) </td> <td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:10pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">The pro forma information for the three and nine months ended September&nbsp;30, 2014 was adjusted to </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">exclude </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">approximately </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">153,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> and </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$189,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">, respectively, of acquisition expenses recorded</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> related to its real estate investments</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">. The pro forma information may not be indicative of what actual results of operations woul</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">d have been had the transaction</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> occurred at the beginning</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> of 2014, nor is it necessarily indicative of future operating results.</font> </p> <p><font size="1"> </font></p> </div> </div> -167000 65000 4450000 2672000 762000 4450000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Allocation of Purchase Price of Real Estate and Related Assets</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Upon the acquisition of real properties determined to be business combinations, the Company </font><font style="display: inline;font-size:10pt;">allocates</font><font style="display: inline;font-size:10pt;"> the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> determined by valuing the property as if it were vacant, and the &#x201C;as-if-vacant&#x201D; value </font><font style="display: inline;font-size:10pt;">is then</font><font style="display: inline;font-size:10pt;"> allocated to land and building based on management&#x2019;s determination of the relative fair value of these assets. Management determine</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by manageme</font><font style="display: inline;font-size:10pt;">nt in performing these analyses </font><font style="display: inline;font-size:10pt;">include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management include</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market&nbsp;conditions.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair values of above-market and below-market in-place lease values </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i)&nbsp;the contractual amounts to be paid pursuant to the in-place leases and (ii)&nbsp;an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any </font><font style="display: inline;font-size:10pt;">fixed rate </font><font style="display: inline;font-size:10pt;">bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> capitalized as intangible lease assets or liabilities. Above-market lease values </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> amortized as an adjustment of rental income over the remaining terms of the respective leases, including any </font><font style="display: inline;font-size:10pt;">fixed rate </font><font style="display: inline;font-size:10pt;">bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values relating to that lease would be recorded as an adjustment to rental income.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair values of in-place leases include </font><font style="display: inline;font-size:10pt;">an estimate of </font><font style="display: inline;font-size:10pt;">direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and will be estimated based on management&#x2019;s consideration of current market costs to execute a similar lease. These direct lease origination costs </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> included in real estate assets in the accompanying consolidated balance sheets and </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> amortized to expense over the remaining terms of the respective leases. The value of opportunity costs </font><font style="display: inline;font-size:10pt;">is</font><font style="display: inline;font-size:10pt;"> calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> included in real estate assets in the accompanying </font><font style="display: inline;font-size:10pt;">condensed </font><font style="display: inline;font-size:10pt;">consolidated balance sheets and amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.</font> </p> <p><font size="1"> </font></p> </div> </div> 600000000 200000 11567650 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Cash and Cash Equivalents</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. </font> </p> <p><font size="1"> </font></p> </div> </div> 11367650 11010000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 11 &#x2014; Commitments and Contingencies </font><font style="display: inline;">&nbsp;</font> </p> <p style="margin:10pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Litigation</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;">&nbsp;</font> </p> <p style="margin:6pt 0pt 13.5pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In the ordinary course of business, the Company may become subject to litigation or claims. As of September&nbsp;30, 2014, there were, and currently there are, </font><font style="display: inline;font-size:10pt;">no</font><font style="display: inline;font-size:10pt;"> material pending legal proceedings to which the Company is a party.</font> </p> <p style="margin:10pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Related-Party Transactions</font> </p> <p style="margin:6pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">See Note&nbsp;8</font><font style="display: inline;font-size:10pt;">&#x2014;</font><font style="display: inline;font-size:10pt;">&#x201C;Related-Party Transactions and Arrangements&#x201D; for disclosures of related-party transactions.</font> </p> <p><font size="1"> </font></p> </div> </div> 0.38 0.14 0.001753425 0.001753425 0.001753425 0.01 0.01 0.01 0.01 0.01 0 300000000 500000000 250000000 250000000 0 20000 0 1879439 0 200 18794 The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company's board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law. <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Concentration of Credit Risk and Significant Leases</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company had cash on deposit in </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> financial institution which had deposits in excess of current federally insured levels totaling approximately </font><font style="display: inline;font-size:10pt;">$11,010,000</font><font style="display: inline;font-size:10pt;">. The Company limits its cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company owned real estate in </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> metropolitan statistical area, or MSA, which accounted for </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;"> of rental revenue. The property is located in the Houston-The Woodlands-Sugarland, Texas area.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company had </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> tenant, Cy Fair Surgery Center, Ltd., that accounted for </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;"> of rental revenue.</font> </p> <p><font size="1"> </font></p> </div> </div> 1 1 1 1 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Principles of Consolidation and Basis of Presentation </font> </p> <p style="margin:6pt 0pt 13.5pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The accompanying condensed consolidated unaudited financial statements include the accounts of the Company</font><font style="display: inline;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-size:10pt;">the Operating Partnership</font><font style="display: inline;font-size:10pt;">, and all wholly-owned subsidiaries.</font><font style="display: inline;font-size:10pt;"> All intercompany accounts and transactions have been eliminated</font><font style="display: inline;font-size:10pt;"> in consolidation</font><font style="display: inline;font-size:10pt;">. &nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Noncontrolling Interest in Operating Partnership</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company is the sole general partner of the Operating Partnership and the Advisor is the initial limited partner of the Operating Partnership. The Company owns </font><font style="display: inline;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-size:10pt;">99.99%</font><font style="display: inline;font-size:10pt;"> interest in the Operating Partnership and the Advisor owns </font><font style="display: inline;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-size:10pt;">.01%</font><font style="display: inline;font-size:10pt;"> interest in the Operating Partnership. The Company consolidates the Operating Partnership and reports unaffiliated partners&#x2019; interests in the Operating Partnership as noncontrolling interests. Noncontrolling interests are reported within the equity section of the consolidated financial statements, and amounts attributable to controlling and noncontrolling interests are reported separately in the accompanying condensed consolidated statements of operations and accompanying condensed consolidated statement of stockholders&#x2019; equity.</font> </p> <p><font size="1"> </font></p> </div> </div> 0.0225 0.0325 0.0100 0.0200 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Deferred Financing Costs</font> </p> <p style="margin:4.5pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. As of September 30, 2014, the Company&#x2019;s deferred financing costs, net of </font><font style="display: inline;font-size:10pt;">accumulated </font><font style="display: inline;font-size:10pt;">amortization, were approximately </font><font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">452,000</font><font style="display: inline;font-size:10pt;"> related to the Company&#x2019;s credit facility agreement, which was entered into on July 31, 2014. Deferred financing costs are reported in other assets in the accompanying condensed consolidated balance sheets.</font> </p> <p><font size="1"> </font></p> </div> </div> 452000 33777 33777 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Derivative Instruments and Hedging Activities</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company may enter into derivative contracts to add stability to future cash flows by managing its exposure to interest rate movements. The Company may utilize derivative instruments, including interest rate swaps, to effectively convert a portion of its variable rate debt to fixed rate debt. The Company will not enter into derivative instruments for speculative purposes.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will account for its derivative instruments in accordance with ASC Topic 815,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:10pt;">Derivatives and Hedging</font><font style="display: inline;font-size:10pt;">, or </font><font style="display: inline;font-size:10pt;">ASC 815, which requires companies to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statements of operations during the current period.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In accordance with ASC 815, the Company will designate interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument will be reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instruments will be recognized in the statements of operations during the current period.</font> </p> <p><font size="1"> </font></p> </div> </div> 3618 3618 91825 91825 91825 67000 -2.24 -0.72 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Earnings Per Share</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company calculates basic earnings per share by dividing net income (loss) for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2014, there were </font><font style="display: inline;font-size:10pt;">9,000</font><font style="display: inline;font-size:10pt;"> shares of non-vested shares of restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods.&nbsp; </font> </p> <p><font size="1"> </font></p> </div> </div> 300000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Real Estate-Related Notes Receivables</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company may invest in real estate-related notes receivables that represent loans that the Company intends to hold to maturity. They will be classified as real estate-related notes receivables.&nbsp;Accordingly, these notes will be recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is determined to be impaired. Premiums, discounts, and net origination fees will be amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan.</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will evaluate the collectability of both interest and principal on each real estate-related note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators such as underlying collateral and payment history. A real estate-related note receivable will be considered to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. If a real estate-related note receivable is considered to be impaired, the amount of loss will be calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the real estate-related note receivable&#x2019;s effective interest rate or to the value of the underlying collateral if the real estate-related note receivable is collateral dependent.</font> </p> <p><font size="1"> </font></p> </div> </div> 14000 717778 704000 704000 199130 180495 20000 0 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Impairment of Long Lived Assets</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the asset, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset. </font><font style="display: inline;font-size:10pt;">No</font><font style="display: inline;font-size:10pt;"> impairment loss has been recorded to date.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property&#x2019;s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Income Taxes</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company intends to elect and qualify to be taxed as a REIT, commencing with its taxable year ending December&nbsp;31, 2014. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distributions to stockholders.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company&#x2019;s taxable income as opposed to net income reported in the financial statements. Taxable income, generally, will differ from net income reported in the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company has concluded that there was </font><font style="display: inline;font-size:10pt;">no</font><font style="display: inline;font-size:10pt;"> impact related to uncertain tax provisions from results of operations of the Company for the three and nine months ended September 30, 2014. The United States of America is the major jurisdiction for the Company, and the earliest tax year subject to examination will be 2014.</font> </p> <p><font size="1"> </font></p> </div> </div> 274911 11344 53861 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 4 </font><font style="display: inline;font-weight:bold;font-size:10pt;">&#x2014;</font><font style="display: inline;font-weight:bold;font-size:10pt;"> Acquired Intangible Assets, Net</font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Acquired intangible assets, net, which are included in real estate in the accompanying condensed consolidated balance sheets, consisted of the following as of September 30, 2014 (amounts are rounded):</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30, 2014</font></p> </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In-place leases, net of accumulated amortization of </font><font style="display: inline;font-size:10pt;">$14,000</font><font style="display: inline;font-size:10pt;"> (with a weighted average remaining life of </font><font style="display: inline;font-size:10pt;">10.8</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">years)</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:16.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>704,000&nbsp; </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:16.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>704,000&nbsp; </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.22%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 53957 53957 5036 26000 2970012 762210 1698694 200000 16789906 0.9999 0.0001 2893000 2665000 5557500 2017-07-31 35000000 2893000 0.0030 0.0020 0 1867 22 22 1 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 1&#x2014;Organization and Business Operations </font><font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Carter Validus Mission Critical REIT II, Inc., or the Company, incorporated on January&nbsp;11, 2013, is a newly formed Maryland corporation that intends to qualify as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes commencing with its taxable year ending December&nbsp;31, 2014</font><font style="display: inline;font-size:10pt;">.</font><font style="display: inline;font-size:10pt;"> For the period from January 11, 2013 through December 31, 2013, the Company had not begun principal operations. Substantially all of the Company&#x2019;s business is expected to be conducted through Carter Validus Operating Partnership II, LP, a Delaware limited partnership, or the Operating Partnership, formed on January&nbsp;10, 2013. The Company is the sole general partner of the Operating Partnership and Carter Validus Advisors II, LLC, or the Advisor, is the initial limited partner of the Operating Partnership. The </font><font style="display: inline;font-size:10pt;">Company owns </font><font style="display: inline;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-size:10pt;">99.99%</font><font style="display: inline;font-size:10pt;"> interest in the Operating Partnership and the Advisor owns </font><font style="display: inline;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-size:10pt;">.01%</font><font style="display: inline;font-size:10pt;"> interest in the Operating Partnership. On January 31, 2013, the Company issued </font><font style="display: inline;font-size:10pt;">20,000</font><font style="display: inline;font-size:10pt;"> shares of common stock in a private placement to Carter Validus REIT Management Company II, LLC,</font><font style="display: inline;font-size:10pt;"> a Florida limited liability company, or the Sponsor, at a purchase price of </font><font style="display: inline;font-size:10pt;">$10.00</font><font style="display: inline;font-size:10pt;"> per share, for an aggregate purchase price of </font><font style="display: inline;font-size:10pt;">$200,000</font><font style="display: inline;font-size:10pt;">. Subsequently, the shares were reclassified as C</font><font style="display: inline;font-size:10pt;">lass A shares of common stock. </font><font style="display: inline;font-size:10pt;">The Company contributed the proceeds from that sale to the Operating Partnership for </font><font style="display: inline;font-size:10pt;">20,000</font><font style="display: inline;font-size:10pt;"> general partnership units of the Operating Partnership.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company is offering for sale a maximum of </font><font style="display: inline;font-size:10pt;">$2,3</font><font style="display: inline;font-size:10pt;">50,000,000</font><font style="display: inline;font-size:10pt;"> in shares of common stock</font><font style="display: inline;font-size:10pt;">, consisting of up to </font><font style="display: inline;font-size:10pt;">$2,250,000,000</font><font style="display: inline;font-size:10pt;"> of shares in our primary offering and up to </font><font style="display: inline;font-size:10pt;">$100,000,000</font><font style="display: inline;font-size:10pt;"> of shares of common stock to be made available pursuant to the Company&#x2019;s distribution reinvestment plan, o</font><font style="display: inline;font-size:10pt;">r the DRIP, </font><font style="display: inline;font-size:10pt;">on a &#x201C;best efforts&#x201D; basis pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission, or the SEC, under the Securities Act of 1933, as amended, or the Offering (Commission File Number: 333-191706</font><font style="display: inline;font-size:10pt;">, effective May 29, 2014</font><font style="display: inline;font-size:10pt;">). The Company is offering </font><font style="display: inline;font-size:10pt;">two</font><font style="display: inline;font-size:10pt;"> classes of shares of common stock, Class&nbsp;A shares and Class T shares, in any combination with a dollar value up to the maximum offering amount. The initial offering price for the shares in the primary offering shall be </font><font style="display: inline;font-size:10pt;">$10.00</font><font style="display: inline;font-size:10pt;"> per Class A share and </font><font style="display: inline;font-size:10pt;">$9.574</font><font style="display: inline;font-size:10pt;"> per Class T share. </font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;font-family:Arial;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">Pursuant to the escrow agreement by and among the Company, SC Distributors,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> LLC, or SC Distributors, the Dealer M</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">anager of the Offering, and U</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">MB Bank, N.A., as escrow agent, the Company was</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> required to deposit all subscription proceeds in e</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">scrow until the Company received</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> subscriptions aggregating </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$2,000,000</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, excluding subscriptions from affiliates and from residents of Pennsyl</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">vania and Washington. The Company satisfied these conditions on July 3, 2014. </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">As of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">September </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">3</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">0</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2014, the Company had accepted investors&#x2019; subscriptions for and issued approximately </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">1,859</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">,000</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> shares of Clas</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s A common stock (including shares of common stock issued pursuant to the DRIP) in the Offering</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, resulting in receipt of gross proceeds of approximately </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$18,258,000</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, before selling commissions and dealer-manager fees of approximately </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$1,523,000</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and other offering costs of approximately </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$1,223,000</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> In addition, the Company has special escrow requirements for subscriptions from residents of Pennsylvania</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, the conditions of which, to date, have not been satisfied,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and Washington, the conditions of which</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> were satisfied on September 8, 2014</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">. As of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">September 30</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2014, the Company had approximately </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">2,331,7</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">42,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">000</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> in Class A shares and Class T shares of common stock remaining in the Offering.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Substantially all of the Company&#x2019;s business is managed by the Advisor. Carter Validus Real Estate Management Services II, LLC, or the Property Manager, an affiliate of the Advisor, serves as the</font><font style="display: inline;font-size:10pt;"> Company&#x2019;s property m</font><font style="display: inline;font-size:10pt;">anager. SC </font><font style="display: inline;font-size:10pt;">Distributors </font><font style="display: inline;font-size:10pt;">serves as the dealer manager of the Offering. </font><font style="display: inline;font-size:10pt;">On August 29, 2014, Validus/Strategic Capital Partners (now Strategic Capital Management Holdings, LLC), the indirect parent of the Dealer Manager was acquired by RCS Capital Corp. There has been no impact to the operations of the Company as a result of this transaction. The Advisor, the Property Manager and the Dealer Manager</font><font style="display: inline;font-size:10pt;"> receive fees</font><font style="display: inline;font-size:10pt;"> for services related to the O</font><font style="display: inline;font-size:10pt;">ffering</font><font style="display: inline;font-size:10pt;">, acquisition and operational stages and will receive fees during the</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">liquidation stage</font><font style="display: inline;font-size:10pt;">.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company was formed to invest primarily in quality income-producing commercial real estate, with a focus on medical facilities and data centers, preferably with long-term net leases to investment grade and other creditworthy tenants, as well as to make other real estate investments that relate to such property types. Other real estate investments may include equity or debt interests, including securities, in other real estate entities. The Company also may originate or invest in real estate-related debt. The Company expects real estate-related debt originations and investments to be focused on first mortgage loans, but also may include real estate-related bridge loans, mezzanine loans and securitized debt.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Except as the context otherwise requires, &#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;us,&#x201D; and the &#x201C;Company&#x201D; refer to Carter Validus Mis</font><font style="display: inline;font-size:10pt;">sion Critical REIT II, Inc., </font><font style="display: inline;font-size:10pt;">the Operating Partnership</font><font style="display: inline;font-size:10pt;"> and all wholly-owned subsidiaries</font><font style="display: inline;font-size:10pt;">.</font> </p> <p><font size="1"> </font></p> </div> </div> 16059171 -4450000 -241521 -536174 -481518 -111 428 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Recently Issued Accounting Pronouncements</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In April 2014, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-08, </font><font style="display: inline;font-style:italic;font-size:10pt;">Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, </font><font style="display: inline;font-size:10pt;">or ASU 2014-08.&nbsp;&nbsp;ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area.&nbsp;&nbsp;Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations.&nbsp;&nbsp;Those strategic shifts should have a major effect on the company&#x2019;s operations and financial results.&nbsp;&nbsp;Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment.&nbsp;&nbsp;Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations.&nbsp;&nbsp;The adoption of ASU 2014-08 is effective prospectively for reporting periods beginning on or after December 15, 2014.&nbsp;&nbsp;The Company does not expect the adoption of ASU 2014-08 to have a material effect on the Company&#x2019;s condensed consolidated financial statements.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, </font><font style="display: inline;font-style:italic;font-size:10pt;">Revenue from Contracts with Customers</font><font style="display: inline;font-size:10pt;">, or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of ASU 2014-09 is effective retrospectively for reporting periods b</font><font style="display: inline;font-size:10pt;">eginning after December 15, 2016</font><font style="display: inline;font-size:10pt;">. Early adoption of ASU 2014-09 is not permitted. The Company is in the process of evaluating the impact ASU 2014-09 will have on the Company&#x2019;s condensed consolidated financial statements.</font> </p> <p><font size="1"> </font></p> </div> </div> 2000 2000 1 1 547412 492217 -482328 -427133 4104000 379000 379000 379000 379000 95000 2493000 65084 65084 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">No</font><font style="display: inline;font-weight:bold;font-size:10pt;">te </font><font style="display: inline;font-weight:bold;font-size:10pt;">6</font><font style="display: inline;font-weight:bold;font-size:10pt;"> &#x2014;&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Future Minimum Rent</font> </p> <p style="margin:0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company&#x2019;s real estate asset is leased to one tenant under an operating lease. The lease has provisions to extend the lease agreement. The Company retains substantially all of the risks and benefits of ownership of the real asset leased to the tenant. As of September 30, 2014, the remaining lease term was </font><font style="display: inline;font-size:10pt;">10.8</font><font style="display: inline;font-size:10pt;"> years.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The future minimum rental income from the Company&#x2019;s investment in real estate under the non-cancelable operating lease for the three months ending December 31, 2014, and for each of the next four years ending December 31 and thereafter, are as follows (amounts are rounded):</font> </p> <p style="margin:0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Year</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Amount</font></p> </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Three months ending December 31, 2014</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2015</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2016</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2017</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2018</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Thereafter</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,493,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,104,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-family:Calibri;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:5pt 0pt 0pt;background-color: #FFFFFF;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 541000 806033 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note </font><font style="display: inline;font-weight:bold;font-size:10pt;">5</font><font style="display: inline;font-weight:bold;font-size:10pt;"> &#x2014;&nbsp;Other Assets</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Other assets consisted of the following as of </font><font style="display: inline;font-size:10pt;">September</font><font style="display: inline;font-size:10pt;"> 30, 2014 </font><font style="display: inline;font-size:10pt;">(amounts are rounded)</font><font style="display: inline;font-size:10pt;">:</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30, 2014</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Deferred financing costs, net of accumulated</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0.05pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">amortization of </font><font style="display: inline;font-size:10pt;">$23,000</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>452,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Real estate escrow deposits</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accounts receivable</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Prepaid assets </font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>806,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="middle" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0.05pt 6pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:5pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-weight:bold;font-size:1pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 2000 2000 300000 4071 21000 21000 53000 475140 1700417 4150000 4100000 22 0.01 0.01 50000000 100000000 0 0 21000 18236821 2892500 2893000 2000 -536285 -111 -536174 -536174 -481090 <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;background-color: #FFFFFF;margin-left:0pt;"> <tr> <td valign="middle" style="width:43.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="middle" style="width:54.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Buildings and improvements</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">15</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2013;&nbsp;</font><font style="display: inline;font-size:10pt;">40</font><font style="display: inline;font-size:10pt;">&nbsp;years</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant improvements</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Shorter of lease term or expected useful life</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant origination and absorption costs</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Remaining term of related lease</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Furniture, fixtures, and equipment</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">3</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2013;&nbsp;</font><font style="display: inline;font-size:10pt;">10</font><font style="display: inline;font-size:10pt;"> years</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> P40Y P15Y P10Y P3Y 33777 4450000 4416223 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Investment in and Valuation of Real Estate and Related Assets</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Real estate costs related to the acquisition, development, construction and improvement of properties </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> capitalized. Repair and maintenance costs </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> charged to expense as incurred and significant replacements and betterments </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company </font><font style="display: inline;font-size:10pt;">considers</font><font style="display: inline;font-size:10pt;"> the period of future benefit of an asset in determining the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class as follows:</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;background-color: #FFFFFF;margin-left:0pt;"> <tr> <td valign="middle" style="width:43.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="middle" style="width:54.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Buildings and improvements</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">15</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2013;&nbsp;</font><font style="display: inline;font-size:10pt;">40</font><font style="display: inline;font-size:10pt;">&nbsp;years</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant improvements</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Shorter of lease term or expected useful life</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant origination and absorption costs</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Remaining term of related lease</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Furniture, fixtures, and equipment</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">3</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2013;&nbsp;</font><font style="display: inline;font-size:10pt;">10</font><font style="display: inline;font-size:10pt;"> years</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 8 &#x2014; Related-Party Transactions and Arrangements</font> </p> <p style="margin:6pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-size:10pt;">The Company pays the Dealer Manager selling commissions of up to </font><font style="display: inline;font-size:10pt;">7.0%</font><font style="display: inline;font-size:10pt;"> of the gross offering proceeds per Class A share and up to </font><font style="display: inline;font-size:10pt;">3.0%</font><font style="display: inline;font-size:10pt;"> of gross offering proceeds per Class T share. All sales commissions are expected to be re-allowed to participating broker-dealers.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-size:10pt;">The Company will not pay selling commissions with respect to shares of any class sold pursuant to the DRIP. In addition</font><font style="display: inline;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-size:10pt;">the Company pays the Dealer Manager a dealer manager fee of up to </font><font style="display: inline;font-size:10pt;">3.0%</font><font style="display: inline;font-size:10pt;"> of gross offering proceeds from the sale of Class A and Class T shares, provided, however that the dealer manager fee the Company pays on the Class T shares may be changed in the future. The dealer manager fee may be partially re-allowed to participating broker-dealers. No dealer manager fees will be paid in connection with purchases of shares made pursuant to the DRIP. For the three and nine months ended September 30, 2014, the Company paid the Dealer Manager approximately </font><font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">1,523,000</font><font style="display: inline;font-size:10pt;"> for selling commissions and dealer manager fees in connection with the Offering.&nbsp; </font> </p> <p style="margin:6pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will pay the Dealer Manager a distribution fee with respect to its Class T shares that are sold in the Offering that accrues daily in an amount equal to </font><font style="display: inline;font-size:10pt;">1/365</font><font style="display: inline;font-size:7.5pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">th</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">of .80%</font><font style="display: inline;font-size:10pt;"> of the amount of the purchase price per share (or, once reported, the net asset value per share for such day) on a continuous basis from year to year. Termination of such payment will commence on the earlier to occur of the following: (i) a listing of the Class T shares on a national securities exchange, (ii) following the completion of the Offering, total underwriting compensation in the Offering equaling </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> of the gross proceeds from the primary portion of the Offering, or (iii) such Class T shares no longer being outstanding. The Dealer Manager may re-allow the distribution fee to participating broker-dealers and servicing broker-dealers. The distribution fee will be paid monthly in arrears.&nbsp;&nbsp;The distribution fee will not be payable with respect to Class T shares issued under the DRIP.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-size:10pt;">The Company will not pay a distribution fee with respect to Class A shares.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-size:10pt;">For the three and nine months ended September 30, 2014, the </font><font style="display: inline;font-size:10pt;">Company did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> incur</font><font style="display: inline;font-size:10pt;"> any distribution fees to the Dealer Manager.</font> </p> <p style="margin:6pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company reimburses the Advisor and its affiliates for organization and offering expenses it incurs on the Company&#x2019;s behalf, but only to the extent the reimbursement would not cause the selling commissions, dealer manager fees, distribution fees and other organization and offering expenses to exceed </font><font style="display: inline;font-size:10pt;">15%</font><font style="display: inline;font-size:10pt;"> of the gross offering proceeds of the Offering. The Company expects that organization and offering expenses (other than selling commissions, dealer manager fees, and distribution fees) will be approximately </font><font style="display: inline;font-size:10pt;">1.25%</font><font style="display: inline;font-size:10pt;"> of the gross offering </font><font style="display: inline;font-size:10pt;">proceeds. As of September 30, 2014, the Advisor incurred</font><font style="display: inline;font-size:10pt;"> approximately </font><font style="display: inline;font-size:10pt;">$2,724,000</font><font style="display: inline;font-size:10pt;"> on the Company&#x2019;s behalf in offering costs. T</font><font style="display: inline;font-size:10pt;">he Company reimbursed approximately </font><font style="display: inline;font-size:10pt;">$197,000</font><font style="display: inline;font-size:10pt;"> in offering expenses to the Advisor, or its affiliates, and accrued approximately </font><font style="display: inline;font-size:10pt;">$1,046,000</font><font style="display: inline;font-size:10pt;"> of other organization and offering expenses, the total of which represents the Company&#x2019;s maximum liability for other organization</font><font style="display: inline;font-size:10pt;"> and offering costs as of September 30, 2014</font><font style="display: inline;font-size:10pt;">. Other organization expenses will be expensed as incurred and offering expenses will be charged to stockholders&#x2019; equity as such amounts are reimbursed to the Advisor.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company pays to the Advisor </font><font style="display: inline;font-size:10pt;">2.0%</font><font style="display: inline;font-size:10pt;"> of the contract purchase price of each property or asset acquired and </font><font style="display: inline;font-size:10pt;">2.0%</font><font style="display: inline;font-size:10pt;"> of the amount advanced with respect to a mortgage loan. The total amount of all acquisition fees and expenses are limited to </font><font style="display: inline;font-size:10pt;">6.0%</font><font style="display: inline;font-size:10pt;"> of the contract purchase price of the property or in the case of a mortgage loan, </font><font style="display: inline;font-size:10pt;">6.0%</font><font style="display: inline;font-size:10pt;"> of funds advanced. The contract purchase price is the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property or the amount of funds advanced with respect to a mortgage loan, exclusive of acquisition fees and acquisition expenses. For the three and nine months ended September 30, 2014, the </font><font style="display: inline;font-size:10pt;">Company paid </font><font style="display: inline;font-size:10pt;">approximately </font><font style="display: inline;font-size:10pt;">$89,000</font><font style="display: inline;font-size:10pt;"> in acquisition</font><font style="display: inline;font-size:10pt;"> fees to the Advisor, or its affiliates.</font><font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company reimburses the Advisor for acquisition expenses incurred in connection with the selection and acquisition of properties or other real estate-related investments (including expenses relating to potential investments that the Company does not close), such as legal fees and expenses, costs of real estate due diligence, appraisals, non-refundable option payments on property not acquired, travel and communications expenses, accounting fees and expenses and title insurance premiums, whether or not the property was acquired. The total amount of all acquisition fees and expenses are limited to 6.0% of the contract purchase price of the property or in the case of a mortgage loan, 6.0% of funds advanced. The Company expects these expenses will be approximately </font><font style="display: inline;font-size:10pt;">0.75%</font><font style="display: inline;font-size:10pt;"> of the purchase price of each property or real estate-related investment. For the three and nine months ended September 30, 2014, the Company </font><font style="display: inline;font-size:10pt;">incurred</font><font style="display: inline;font-size:10pt;"> approximately</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">180,000</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">216,000</font><font style="display: inline;font-size:10pt;">, respectively</font><font style="display: inline;font-size:10pt;">, in acquisition expenses to the Advisor, or its affiliates.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will pay to the Advisor an asset management fee calculated on a monthly basis in an amount equal to </font><font style="display: inline;font-size:10pt;">1/12</font><font style="display: inline;font-size:7.5pt;font-size:4pt;top:-4pt;position:relative;line-height:100%">th</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">of 0.75%</font><font style="display: inline;font-size:10pt;"> of gross assets (including amounts borrowed) which is payable monthly in arrears. The Advisor may, in its sole discretion, choose to take any monthly asset management fee in the form of subordinated restricted Class B Units of the Operating Partnership. In the event the Advisor chooses to be compensated in Class B Units, then the Operating Partnership will, within </font><font style="display: inline;font-size:10pt;">30</font><font style="display: inline;font-size:10pt;"> days after the end of the applicable month (subject to the approval of the board of directors), issue a number of restricted Class B Units to the Advisor equal to: (i) the cost </font><font style="display: inline;font-size:10pt;">of assets multiplied by </font><font style="display: inline;font-size:10pt;">0.0625%</font><font style="display: inline;font-size:10pt;"> (or the lower of the cost of assets and the applicable quarterly net asset value, or NAV, multiplied by 0.0625%, once the Company begins calculating NAV) divided by (ii) the value of one Class A share of common stock as of the last day of such calendar month, which will be the offering price, less selling commissions and dealer manager fees, until such time as the Company calculates NAV, when it will then be the per share NAV for Class A shares. The Advisor will be entitled to receive certain distributions of net sales proceeds on the vested and unvested Class B Units it receives in connection with its assets management services at the same rate as distributions received on the Company&#x2019;s common stock. Such distributions will be in addition to the incentive fees the Advisor and its affiliates may receive from the Company, including, without limitation the subordinated participation in net sales proceeds, the subordinated incentive listing distribution or the subordinated distribution upon termination of the advisory agreement, as applicable.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Class B Units are subject to forfeiture until such time as: (a) the value of the Operating Partnership&#x2019;s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a </font><font style="display: inline;font-size:10pt;">6.0%</font><font style="display: inline;font-size:10pt;"> cumulative, pretax, non-compounded annual return thereon, or the economic hurdle; (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Company&#x2019;s common stock on a national securities exchange; (ii) a transaction to which the Company or the Operating Partnership shall be a party, as a result of which operating partnership units or common stock shall be exchanged for or converted into the right, or the holders of such securities shall otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause; and (c) the advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of a majority of the Company&#x2019;s independent directors after the economic hurdle described above has been met. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated for any reason other than a termination without cause. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated without cause by an affirmative vote of a majority of the Company&#x2019;s board of directors before the economic hurdle described above has been met. For the three and nine months ended September 30, 2014, the Company incurred approximately </font><font style="display: inline;font-size:10pt;">$6,000</font><font style="display: inline;font-size:10pt;"> in asset</font><font style="display: inline;font-size:10pt;"> management fees. For the three and nine months ended September 30, 2014, the Company did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> issue any Class B Units.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 13pt"> <font style="display: inline;font-size:10pt;">In connection with the rental, leasing, operation and management of the Company&#x2019;s properties, the Company pays the Property Manager and its affiliates aggregate fees equal to </font><font style="display: inline;font-size:10pt;">3.0%</font><font style="display: inline;font-size:10pt;"> of gross revenues from the properties managed. The Company will reimburse the Property Manager and its affiliates for property-level expenses that any of them pay or incur on the Company&#x2019;s behalf, including salaries, bonuses and benefits of persons employed by the Property Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as one of its executive officers. The Property Manager and its affiliates may subcontract the performance of their duties to third parties and pay all or </font><font style="display: inline;font-size:10pt;">a portion of the property management fee to the third parties with whom they contract for these services. If the Company contracts directly with third parties for such services, it will pay them customary market fees and will pay the Property Manager an oversight fee equal to </font><font style="display: inline;font-size:10pt;">1.0%</font><font style="display: inline;font-size:10pt;"> of the gross revenues of the property managed. In no event will the Company pay the Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property.</font><font style="display: inline;font-size:13.5pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">The Company also may pay the Property Manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm&#x2019;s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area and which is typically less than </font><font style="display: inline;font-size:10pt;">$1,000</font><font style="display: inline;font-size:10pt;">.</font><font style="display: inline;font-size:13.5pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">For the three and nine months ended September 30, 2014, the </font><font style="display: inline;font-size:10pt;">Company incurred </font><font style="display: inline;font-size:10pt;">approximately </font><font style="display: inline;font-size:10pt;">$2,000</font><font style="display: inline;font-size:10pt;"> in</font><font style="display: inline;font-size:10pt;"> property management fees to the Property Manager.</font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For acting as general</font><font style="display: inline;font-size:10pt;"> contractor and/or construction </font><font style="display: inline;font-size:10pt;">manager to supervise or coordinate projects or to</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">provide major repairs or rehabilitation on our</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">properties, </font><font style="display: inline;font-size:10pt;">the Company</font><font style="display: inline;font-size:10pt;"> may pay </font><font style="display: inline;font-size:10pt;">the Property Manager</font><font style="display: inline;font-size:10pt;"> up to </font><font style="display: inline;font-size:10pt;">5.0%</font><font style="display: inline;font-size:10pt;"> of the cost</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">of the projects, repairs and/or rehabilitation, as</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">applicable.</font><font style="display: inline;font-size:10pt;"> As of September 30, 2014, the Company did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> incur any construction management fees.</font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will reimburse the Advisor at the end of each fiscal quarter for operating expenses incurred on its behalf. Expenses in excess of the operating expenses in the four immediately preceding quarters that exceeds the greater of (a) </font><font style="display: inline;font-size:10pt;">2.0%</font><font style="display: inline;font-size:10pt;"> of average invested assets or (b) </font><font style="display: inline;font-size:10pt;">25%</font><font style="display: inline;font-size:10pt;"> of net income, subject to certain adjustments, will not be reimbursed unless the independent directors determine such excess expenses are justified. Additionally, the Company will not reimburse the Advisor for personnel costs in connection with services for </font><font style="display: inline;font-size:10pt;">which the Advisor receives acquisition fees or disposition fees.</font><font style="display: inline;font-size:10pt;"> As of September 30, 2014, the Company had incurred total operating expenses in the four consecutive fiscal quarters then ended that exceeded the 2%/25% guidelines by </font><font style="display: inline;font-size:10pt;">$99,000,</font><font style="display: inline;font-size:10pt;"> or the Excess Amount. On November </font><font style="display: inline;font-size:10pt;">6,</font><font style="display: inline;font-size:10pt;"> 2014 the board of directors, including all of the independent directors, determined that the Excess Amount was due to unusual and nonrecurring factors associated with the start-up costs related to the Company&#x2019;s launch, such as nonscalable costs of legal fees, auditing fees, reporting fees, board of directors&#x2019; compensation and other direct general and administrative costs. The board of directors determined that these costs were incurred in 2014, and that the Company&#x2019;s amount of capital raised and investments have progressed since then to a satisfactory degree. Therefore, the board of directors deemed the circumstances surrounding the Excess Amount sufficient to justify reimbursing the Advisor for direct expenses, including but not limited to start-up costs as well as direct general and administrative expenses associated with the organization of the Company and the registration and commencement of the Offering. </font><font style="display: inline;font-size:10pt;">For the three and nine months ended September 30, 2014, the Advisor incurred </font><font style="display: inline;font-size:10pt;">approximately </font><font style="display: inline;font-size:10pt;">$98,000</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$116,000</font><font style="display: inline;font-size:10pt;">, res</font><font style="display: inline;font-size:10pt;">pectively, in general and administrative expenses</font><font style="display: inline;font-size:10pt;"> on the Company&#x2019;s behalf. For the three and nine months ended September 30, 2014, the Advisor waived, without recourse, approximately </font><font style="display: inline;font-size:10pt;">$76,000</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$86,000</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> respectively,</font><font style="display: inline;font-size:10pt;"> in administrative service expenses, including payroll-related expenses.</font><font style="display: inline;font-size:10pt;"> The Advisor has not agreed to waive any future costs.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will pay its Advisor, or its affiliates, if it provides a substantial amount of services (as determined by a majority of the Company&#x2019;s independent directors) in connection with the sale of properties, a disposition fee, up to the lesser of </font><font style="display: inline;font-size:10pt;">1.0%</font><font style="display: inline;font-size:10pt;"> of the contract sales price and </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;">-half of the total brokerage commission paid if a third party broker is also involved, without exceeding the lesser of </font><font style="display: inline;font-size:10pt;">6.0%</font><font style="display: inline;font-size:10pt;"> of the contract sales price and a reasonable, customary and competitive real estate commission. As of September 30, 2014, the Company did not incur </font><font style="display: inline;font-size:10pt;">any</font><font style="display: inline;font-size:10pt;"> disposition fees to the Advisor, or its affiliates.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Advisor will receive </font><font style="display: inline;font-size:10pt;">15%</font><font style="display: inline;font-size:10pt;"> of the remaining net sale proceeds after return of capital contributions plus payment to investors of a 6.0% annual cumulative, non-compounded return on the capital contributed by investors. As of September 30, 2014, the Company did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> incur any subordinated sale fees to the Advisor, or its affiliates.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Upon termination or non-renewal of the advisory agreement with or without cause, </font><font style="display: inline;font-size:10pt;">the A</font><font style="display: inline;font-size:10pt;">dvisor will be entitled to receive distributions from </font><font style="display: inline;font-size:10pt;">the Operating P</font><font style="display: inline;font-size:10pt;">artnership equal to </font><font style="display: inline;font-size:10pt;">15%</font><font style="display: inline;font-size:10pt;"> of the amount by which the sum of </font><font style="display: inline;font-size:10pt;">the Company&#x2019;s </font><font style="display: inline;font-size:10pt;">adjusted market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6</font><font style="display: inline;font-size:10pt;">.0</font><font style="display: inline;font-size:10pt;">% cumulative, non-compounded return to investors. In addition, the Advisor may elect to defer its right to receive a subordinated distribution upon termination until either shares of </font><font style="display: inline;font-size:10pt;">the Company&#x2019;s</font><font style="display: inline;font-size:10pt;"> common stock are listed and traded on a national </font><font style="display: inline;font-size:10pt;">securities exchange or another liquidity e</font><font style="display: inline;font-size:10pt;">vent occurs.</font><font style="display: inline;font-size:10pt;"> As of September 30, 2014, the Company did not incur any subordinated termination fees to the Advisor, or its affiliates.</font> </p> <p style="margin:10pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Accounts Payable Due to Affiliates</font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The following amounts were outstanding due to affiliates as of September 30, 2014 (amounts are rounded):</font> </p> <p style="margin:0pt;text-indent:24.5pt;line-height:normal;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-weight:bold;font-size:9pt;">Entity</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-weight:bold;font-size:9pt;">Fee</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-weight:bold;font-size:9pt;">September 30, 2014</font></p> </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Advisors II, LLC and its affiliates</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Asset management fees</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Real Estate Management Services II, LLC</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Property management fees</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Advisors II, LLC and its affiliates</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">General and administrative costs</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Advisors II, LLC and its affiliates</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Offering costs</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,046,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,057,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> 116000 98000 2892500 -627999 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts</font> </p> <p style="margin:4.5pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company recognizes revenue in accordance with ASC Topic 605,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:10pt;">Revenue Recognition</font><font style="display: inline;font-size:10pt;">, or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1)&nbsp;there is persuasive evidence that an arrangement exists; (2)&nbsp;delivery has occurred or services have been rendered; (3)&nbsp;the seller&#x2019;s price to the buyer is fixed and determinable; and (4)&nbsp;collectability is reasonably assured.</font> </p> <p style="margin:10pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;font-size:10pt;">Rental Revenue</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In accordance with ASC Topic 840, </font><font style="display: inline;font-style:italic;font-size:10pt;">Leases</font><font style="display: inline;font-size:10pt;">, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:10pt;">Revenue Recognition&#x2014;Principal Agent Consideration,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis. The Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and has credit risk.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company&#x2019;s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant&#x2019;s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. As of September 30, 2014, the Company did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> have an allowance for uncollectible tenant receivables.</font> </p> <p style="margin:10pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;font-size:10pt;">Interest Income</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Interest income on performing real estate-related notes receivables will be accrued as earned. Interest income on an impaired real estate-related note receivable will be recognized on a cash basis. Fees related to the buy down of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income using the effective interest method. Closing costs related to the purchase of the real estate-related note receivable will be amortized over the term of the loan and accreted as an adjustment against interest income using the effective interest method.</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7.50pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:7.50pt;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-family:Calibri;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7.50pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:7.50pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7.50pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:7.50pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30, 2014</font></p> </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accounts payable</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accrued interest expense</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accrued other expenses</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>541,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accrued insurance expenses</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Dividends payable</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:66.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>642,000&nbsp; </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Date</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Ownership</font></p> </td> </tr> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Property Description</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Acquired</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Percentage</font></p> </td> </tr> <tr> <td valign="bottom" style="width:40.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Cy Fair Surgical Center</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">07/31/2014</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">100%</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30, 2014</font></p> </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In-place leases, net of accumulated amortization of </font><font style="display: inline;font-size:10pt;">$14,000</font><font style="display: inline;font-size:10pt;"> (with a weighted average remaining life of </font><font style="display: inline;font-size:10pt;">10.8</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">years)</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:16.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>704,000&nbsp; </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:26.25pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:16.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>704,000&nbsp; </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:76.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.28%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.22%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Year</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Amount</font></p> </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Three months ending December 31, 2014</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2015</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2016</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2017</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">2018</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>379,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Thereafter</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,493,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:22.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,104,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:71.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-family:Calibri;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.58%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">September 30, 2014</font></p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Deferred financing costs, net of accumulated</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0.05pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">amortization of </font><font style="display: inline;font-size:10pt;">$23,000</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>452,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Real estate escrow deposits</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Accounts receivable</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Prepaid assets </font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:41.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>806,000&nbsp; </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="middle" style="width:52.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0.05pt 6pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.52%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:41.22%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Cy Fair Surgical Center</font></p> </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Land</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Buildings and improvements</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,672,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In-place leases</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>718,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant improvements</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>298,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0.05pt 12pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Total assets acquired</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:39.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,450,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:56.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.54%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:39.40%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-weight:bold;font-size:9pt;">Entity</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-weight:bold;font-size:9pt;">Fee</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-weight:bold;font-size:9pt;">September 30, 2014</font></p> </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Advisors II, LLC and its affiliates</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Asset management fees</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Real Estate Management Services II, LLC</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Property management fees</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Advisors II, LLC and its affiliates</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">General and administrative costs</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Carter Validus Advisors II, LLC and its affiliates</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">Offering costs</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,046,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:9pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 9pt"> <font style="display: inline;font-size:9pt;">$</font></p> </td> <td valign="bottom" style="width:15.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,057,000&nbsp; </td> </tr> <tr> <td valign="bottom" style="width:47.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:15.12%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Reportable Segments </font> </p> <p style="margin:6pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">ASC 280, </font><font style="display: inline;font-style:italic;font-size:10pt;">Segment Reporting</font><font style="display: inline;font-size:10pt;">, establishes standards for reporting financial and descriptive information about an enterprise&#x2019;s reportable segments. As of September&nbsp;30, 2014, </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">of</font><font style="display: inline;font-size:10pt;"> the Company&#x2019;s consolidated revenues were generated from </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> real estate investment consisting of a single tenant in </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> geographic area. The Company&#x2019;s chief operating decision maker evaluates operating performance on an overall portfolio wide level; therefore, the Company reports </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> reportable segment. </font> </p> <p><font size="1"> </font></p> </div> </div> 5625 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Stock-Based Compensation</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company accounts for stock-based compensation based upon the estimated fair value of the share awards. Accounting for stock-based compensation requires the fair value of the awards to be amortized as compensation expense over the period for which the services relate and requires any dividend equivalents earned to be treated as dividends for financial reporting purposes.</font> </p> <p><font size="1"> </font></p> </div> </div> 10.00 9.574 10.00 20000 1879439 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 2&#x2014;Summary of Significant Accounting Policies &nbsp;</font> </p> <p style="margin:6pt 0pt 13.5pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The accompanying condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the three and </font><font style="display: inline;font-size:10pt;">nine</font><font style="display: inline;font-size:10pt;"> months ended </font><font style="display: inline;font-size:10pt;">September</font><font style="display: inline;font-size:10pt;">&nbsp;30, 2014 are not necessarily indicative of the results that may be expected for the year ending December&nbsp;31, 2014. &nbsp;</font> </p> <p style="margin:13.5pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Principles of Consolidation and Basis of Presentation </font> </p> <p style="margin:6pt 0pt 13.5pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The accompanying condensed consolidated unaudited financial statements include the accounts of the Company</font><font style="display: inline;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-size:10pt;">the Operating Partnership</font><font style="display: inline;font-size:10pt;">, and all wholly-owned subsidiaries.</font><font style="display: inline;font-size:10pt;"> All intercompany accounts and transactions have been eliminated</font><font style="display: inline;font-size:10pt;"> in consolidation</font><font style="display: inline;font-size:10pt;">. &nbsp;</font> </p> <p style="margin:13.5pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Use of Estimates</font> </p> <p style="margin:6pt 0pt 13.5pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of the financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Cash and Cash Equivalents</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. </font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Investment in and Valuation of Real Estate and Related Assets</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Real estate costs related to the acquisition, development, construction and improvement of properties </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> capitalized. Repair and maintenance costs </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> charged to expense as incurred and significant replacements and betterments </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company </font><font style="display: inline;font-size:10pt;">considers</font><font style="display: inline;font-size:10pt;"> the period of future benefit of an asset in determining the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class as follows:</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;background-color: #FFFFFF;margin-left:0pt;"> <tr> <td valign="middle" style="width:43.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> <font style="display: inline;font-size:10pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="middle" style="width:54.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Buildings and improvements</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">15</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2013;&nbsp;</font><font style="display: inline;font-size:10pt;">40</font><font style="display: inline;font-size:10pt;">&nbsp;years</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant improvements</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Shorter of lease term or expected useful life</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant origination and absorption costs</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Remaining term of related lease</font></p> </td> </tr> <tr> <td valign="top" style="width:43.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Furniture, fixtures, and equipment</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:54.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">3</font><font style="display: inline;font-size:10pt;">&nbsp;&#x2013;&nbsp;</font><font style="display: inline;font-size:10pt;">10</font><font style="display: inline;font-size:10pt;"> years</font></p> </td> </tr> </table></div> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Allocation of Purchase Price of Real Estate and Related Assets</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Upon the acquisition of real properties determined to be business combinations, the Company </font><font style="display: inline;font-size:10pt;">allocates</font><font style="display: inline;font-size:10pt;"> the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> determined by valuing the property as if it were vacant, and the &#x201C;as-if-vacant&#x201D; value </font><font style="display: inline;font-size:10pt;">is then</font><font style="display: inline;font-size:10pt;"> allocated to land and building based on management&#x2019;s determination of the relative fair value of these assets. Management determine</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by manageme</font><font style="display: inline;font-size:10pt;">nt in performing these analyses </font><font style="display: inline;font-size:10pt;">include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management include</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market&nbsp;conditions.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair values of above-market and below-market in-place lease values </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i)&nbsp;the contractual amounts to be paid pursuant to the in-place leases and (ii)&nbsp;an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any </font><font style="display: inline;font-size:10pt;">fixed rate </font><font style="display: inline;font-size:10pt;">bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> capitalized as intangible lease assets or liabilities. Above-market lease values </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases </font><font style="display: inline;font-size:10pt;">will be</font><font style="display: inline;font-size:10pt;"> amortized as an adjustment of rental income over the remaining terms of the respective leases, including any </font><font style="display: inline;font-size:10pt;">fixed rate </font><font style="display: inline;font-size:10pt;">bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values relating to that lease would be recorded as an adjustment to rental income.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The fair values of in-place leases include </font><font style="display: inline;font-size:10pt;">an estimate of </font><font style="display: inline;font-size:10pt;">direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and will be estimated based on management&#x2019;s consideration of current market costs to execute a similar lease. These direct lease origination costs </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> included in real estate assets in the accompanying consolidated balance sheets and </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> amortized to expense over the remaining terms of the respective leases. The value of opportunity costs </font><font style="display: inline;font-size:10pt;">is</font><font style="display: inline;font-size:10pt;"> calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles </font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> included in real estate assets in the accompanying </font><font style="display: inline;font-size:10pt;">condensed </font><font style="display: inline;font-size:10pt;">consolidated balance sheets and amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Impairment of Long Lived Assets</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the asset, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset. </font><font style="display: inline;font-size:10pt;">No</font><font style="display: inline;font-size:10pt;"> impairment loss has been recorded to date.</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property&#x2019;s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Real Estate Escrow Deposits</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Real estate escrow deposits include funds held by escrow agents and others to be applied towards the purchase of real estate, which are included in other assets in the accompanying condensed consolidated balance sheets.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Real Estate-Related Notes Receivables</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company may invest in real estate-related notes receivables that represent loans that the Company intends to hold to maturity. They will be classified as real estate-related notes receivables.&nbsp;Accordingly, these notes will be recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is determined to be impaired. Premiums, discounts, and net origination fees will be amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan.</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will evaluate the collectability of both interest and principal on each real estate-related note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators such as underlying collateral and payment history. A real estate-related note receivable will be considered to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. If a real estate-related note receivable is considered to be impaired, the amount of loss will be calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the real estate-related note receivable&#x2019;s effective interest rate or to the value of the underlying collateral if the real estate-related note receivable is collateral dependent.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Noncontrolling Interest in Operating Partnership</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company is the sole general partner of the Operating Partnership and the Advisor is the initial limited partner of the Operating Partnership. The Company owns </font><font style="display: inline;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-size:10pt;">99.99%</font><font style="display: inline;font-size:10pt;"> interest in the Operating Partnership and the Advisor owns </font><font style="display: inline;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-size:10pt;">.01%</font><font style="display: inline;font-size:10pt;"> interest in the Operating Partnership. The Company consolidates the Operating Partnership and reports unaffiliated partners&#x2019; interests in the Operating Partnership as noncontrolling interests. Noncontrolling interests are reported within the equity section of the consolidated financial statements, and amounts attributable to controlling and noncontrolling interests are reported separately in the accompanying condensed consolidated statements of operations and accompanying condensed consolidated statement of stockholders&#x2019; equity.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts</font> </p> <p style="margin:4.5pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company recognizes revenue in accordance with ASC Topic 605,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:10pt;">Revenue Recognition</font><font style="display: inline;font-size:10pt;">, or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1)&nbsp;there is persuasive evidence that an arrangement exists; (2)&nbsp;delivery has occurred or services have been rendered; (3)&nbsp;the seller&#x2019;s price to the buyer is fixed and determinable; and (4)&nbsp;collectability is reasonably assured.</font> </p> <p style="margin:10pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;font-size:10pt;">Rental Revenue</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In accordance with ASC Topic 840, </font><font style="display: inline;font-style:italic;font-size:10pt;">Leases</font><font style="display: inline;font-size:10pt;">, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:10pt;">Revenue Recognition&#x2014;Principal Agent Consideration,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis. The Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and has credit risk.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company&#x2019;s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant&#x2019;s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. As of September 30, 2014, the Company did </font><font style="display: inline;font-size:10pt;">not</font><font style="display: inline;font-size:10pt;"> have an allowance for uncollectible tenant receivables.</font> </p> <p style="margin:10pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;font-size:10pt;">Interest Income</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Interest income on performing real estate-related notes receivables will be accrued as earned. Interest income on an impaired real estate-related note receivable will be recognized on a cash basis. Fees related to the buy down of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income using the effective interest method. Closing costs related to the purchase of the real estate-related note receivable will be amortized over the term of the loan and accreted as an adjustment against interest income using the effective interest method.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Stock-Based Compensation</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company accounts for stock-based compensation based upon the estimated fair value of the share awards. Accounting for stock-based compensation requires the fair value of the awards to be amortized as compensation expense over the period for which the services relate and requires any dividend equivalents earned to be treated as dividends for financial reporting purposes.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Earnings Per Share</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company calculates basic earnings per share by dividing net income (loss) for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2014, there were </font><font style="display: inline;font-size:10pt;">9,000</font><font style="display: inline;font-size:10pt;"> shares of non-vested shares of restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods.&nbsp; </font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Deferred Financing Costs</font> </p> <p style="margin:4.5pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. As of September 30, 2014, the Company&#x2019;s deferred financing costs, net of </font><font style="display: inline;font-size:10pt;">accumulated </font><font style="display: inline;font-size:10pt;">amortization, were approximately </font><font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">452,000</font><font style="display: inline;font-size:10pt;"> related to the Company&#x2019;s credit facility agreement, which was entered into on July 31, 2014. Deferred financing costs are reported in other assets in the accompanying condensed consolidated balance sheets.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Derivative Instruments and Hedging Activities</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company may enter into derivative contracts to add stability to future cash flows by managing its exposure to interest rate movements. The Company may utilize derivative instruments, including interest rate swaps, to effectively convert a portion of its variable rate debt to fixed rate debt. The Company will not enter into derivative instruments for speculative purposes.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company will account for its derivative instruments in accordance with ASC Topic 815,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:10pt;">Derivatives and Hedging</font><font style="display: inline;font-size:10pt;">, or </font><font style="display: inline;font-size:10pt;">ASC 815, which requires companies to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statements of operations during the current period.</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In accordance with ASC 815, the Company will designate interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument will be reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instruments will be recognized in the statements of operations during the current period.</font> </p> <p style="margin:13.5pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Reportable Segments </font> </p> <p style="margin:6pt 0pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">ASC 280, </font><font style="display: inline;font-style:italic;font-size:10pt;">Segment Reporting</font><font style="display: inline;font-size:10pt;">, establishes standards for reporting financial and descriptive information about an enterprise&#x2019;s reportable segments. As of September&nbsp;30, 2014, </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">of</font><font style="display: inline;font-size:10pt;"> the Company&#x2019;s consolidated revenues were generated from </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> real estate investment consisting of a single tenant in </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> geographic area. The Company&#x2019;s chief operating decision maker evaluates operating performance on an overall portfolio wide level; therefore, the Company reports </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> reportable segment. </font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Concentration of Credit Risk and Significant Leases</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company had cash on deposit in </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> financial institution which had deposits in excess of current federally insured levels totaling approximately </font><font style="display: inline;font-size:10pt;">$11,010,000</font><font style="display: inline;font-size:10pt;">. The Company limits its cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company owned real estate in </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> metropolitan statistical area, or MSA, which accounted for </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;"> of rental revenue. The property is located in the Houston-The Woodlands-Sugarland, Texas area.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company had </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> tenant, Cy Fair Surgery Center, Ltd., that accounted for </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;"> of rental revenue.</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">&nbsp;</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Stockholders&#x2019; Equity</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company&#x2019;s charter authorizes the issuance of up to </font><font style="display: inline;font-size:10pt;">600,000,000</font><font style="display: inline;font-size:10pt;"> shares of stock, consisting of </font><font style="display: inline;font-size:10pt;">500,000,000</font><font style="display: inline;font-size:10pt;"> shares of common stock, </font><font style="display: inline;font-size:10pt;">$0.01</font><font style="display: inline;font-size:10pt;"> par value per share, and </font><font style="display: inline;font-size:10pt;">100,000,000</font><font style="display: inline;font-size:10pt;"> shares of preferred stock, </font><font style="display: inline;font-size:10pt;">$0.01</font><font style="display: inline;font-size:10pt;"> par value per share. The company intends to issue </font><font style="display: inline;font-size:10pt;">$2,250,000,000</font><font style="display: inline;font-size:10pt;"> in Class A and Class T shares of common stock in its primary offering, and </font><font style="display: inline;font-size:10pt;">$100,000,000</font><font style="display: inline;font-size:10pt;"> in Class A and Class T shares of common stock pursuant to the DRIP at </font><font style="display: inline;font-size:10pt;">95%</font><font style="display: inline;font-size:10pt;"> of the purchase price per share. Other than the different fees with respect to each class and the payment of a distribution fee out of cash otherwise distributable to Class T stockholders, Class&nbsp;A shares and Class T shares have identical rights and privileges, such as identical voting rights. The net proceeds from the sale of the </font><font style="display: inline;font-size:10pt;">two</font><font style="display: inline;font-size:10pt;"> classes of shares will be commingled for investment purposes and all earnings from all of the investments will proportionally accrue to each share regardless of the class.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The shares of common stock entitle the holders to </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company&#x2019;s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law.</font><font style="display: inline;font-size:10pt;"> The common stock has no preferences, preemptive, conversion, exchange, sinking fund or redemption rights.</font> </p> <p style="margin:6pt 0pt 13.5pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The charter authorizes the Company&#x2019;s board of directors, without stockholder approval, to designate and issue </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> or more classes or series of preferred stock and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions and qualification or terms or conditions of redemption of each class of stock so issued.</font><font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Distribution Policy and Distributions Payable</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company intends to elect to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December&nbsp;31, 2014. To qualify and maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). On July 16, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company&#x2019;s stockholders of record as of the close of business on each day of the period commencing on the closing date of the first property acquisition and ending on August 31, 2014. On July 31, 2014, the Company acquired the Cy Fair Surgical Center, its first property acquisition. Therefore, the previously declared distributions began on July 31, 2014, and were calculated based on </font><font style="display: inline;font-size:10pt;">365</font><font style="display: inline;font-size:10pt;"> days in the calendar year. The distributions were equal to </font><font style="display: inline;font-size:10pt;">$0.001753425</font><font style="display: inline;font-size:10pt;"> per share of Class A and Class T common stock, which is equal to an annualized rate of </font><font style="display: inline;font-size:10pt;">6.4%</font><font style="display: inline;font-size:10pt;"> per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On August 1, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company&#x2019;s stockholders of record as of the close of business on each day of the period commencing on September 1, 2014 and ending on November 30, 2014. The distributions will be calculated based on </font><font style="display: inline;font-size:10pt;">365</font><font style="display: inline;font-size:10pt;"> days in the calendar year and will be equal to </font><font style="display: inline;font-size:10pt;">$0.001753425</font><font style="display: inline;font-size:10pt;"> per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of September 30, 2014, the Company paid aggregate distributions, since inception, of approximately </font><font style="display: inline;font-size:10pt;">$25,000</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">($4,000</font><font style="display: inline;font-size:10pt;"> in cash and </font><font style="display: inline;font-size:10pt;">$21,000</font><font style="display: inline;font-size:10pt;"> of which were reinvested in shares of common stock pursuant to the DRIP). Distributions are payable to stockholders from legally available funds therefor. As of September 30, 2014, the Company had distributions payable of approximately </font><font style="display: inline;font-size:10pt;">$67,000</font><font style="display: inline;font-size:10pt;">. The distributions were paid on October 1, 2014, of which approximately </font><font style="display: inline;font-size:10pt;">$21,000</font><font style="display: inline;font-size:10pt;"> was paid in cash and approximately </font><font style="display: inline;font-size:10pt;">$46,000</font><font style="display: inline;font-size:10pt;"> was reinvested in shares of common stock pursuant to the DRIP.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Distributions to stockholders will be determined by the board of directors of the Company and will be dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company&#x2019;s status as a REIT under the Code.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Income Taxes</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company intends to elect and qualify to be taxed as a REIT, commencing with its taxable year ending December&nbsp;31, 2014. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distributions to stockholders.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company&#x2019;s taxable income as opposed to net income reported in the financial statements. Taxable income, generally, will differ from net income reported in the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company has concluded that there was </font><font style="display: inline;font-size:10pt;">no</font><font style="display: inline;font-size:10pt;"> impact related to uncertain tax provisions from results of operations of the Company for the three and nine months ended September 30, 2014. The United States of America is the major jurisdiction for the Company, and the earliest tax year subject to examination will be 2014.</font> </p> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Recently Issued Accounting Pronouncements</font> </p> <p style="margin:6pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In April 2014, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-08, </font><font style="display: inline;font-style:italic;font-size:10pt;">Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, </font><font style="display: inline;font-size:10pt;">or ASU 2014-08.&nbsp;&nbsp;ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area.&nbsp;&nbsp;Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations.&nbsp;&nbsp;Those strategic shifts should have a major effect on the company&#x2019;s operations and financial results.&nbsp;&nbsp;Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment.&nbsp;&nbsp;Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations.&nbsp;&nbsp;The adoption of ASU 2014-08 is effective prospectively for reporting periods beginning on or after December 15, 2014.&nbsp;&nbsp;The Company does not expect the adoption of ASU 2014-08 to have a material effect on the Company&#x2019;s condensed consolidated financial statements.</font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, </font><font style="display: inline;font-style:italic;font-size:10pt;">Revenue from Contracts with Customers</font><font style="display: inline;font-size:10pt;">, or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of ASU 2014-09 is effective retrospectively for reporting periods b</font><font style="display: inline;font-size:10pt;">eginning after December 15, 2016</font><font style="display: inline;font-size:10pt;">. Early adoption of ASU 2014-09 is not permitted. The Company is in the process of evaluating the impact ASU 2014-09 will have on the Company&#x2019;s condensed consolidated financial statements. </font> </p> <p><font size="1"> </font></p> </div> </div> 200000 15089345 200000 199800 200000 200 15091212 15698550 1867 15089345 -627999 18794 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;background-color: #FFFFFF;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Stockholders&#x2019; Equity</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company&#x2019;s charter authorizes the issuance of up to </font><font style="display: inline;font-size:10pt;">600,000,000</font><font style="display: inline;font-size:10pt;"> shares of stock, consisting of </font><font style="display: inline;font-size:10pt;">500,000,000</font><font style="display: inline;font-size:10pt;"> shares of common stock, </font><font style="display: inline;font-size:10pt;">$0.01</font><font style="display: inline;font-size:10pt;"> par value per share, and </font><font style="display: inline;font-size:10pt;">100,000,000</font><font style="display: inline;font-size:10pt;"> shares of preferred stock, </font><font style="display: inline;font-size:10pt;">$0.01</font><font style="display: inline;font-size:10pt;"> par value per share. The company intends to issue </font><font style="display: inline;font-size:10pt;">$2,250,000,000</font><font style="display: inline;font-size:10pt;"> in Class A and Class T shares of common stock in its primary offering, and </font><font style="display: inline;font-size:10pt;">$100,000,000</font><font style="display: inline;font-size:10pt;"> in Class A and Class T shares of common stock pursuant to the DRIP at </font><font style="display: inline;font-size:10pt;">95%</font><font style="display: inline;font-size:10pt;"> of the purchase price per share. Other than the different fees with respect to each class and the payment of a distribution fee out of cash otherwise distributable to Class T stockholders, Class&nbsp;A shares and Class T shares have identical rights and privileges, such as identical voting rights. The net proceeds from the sale of the </font><font style="display: inline;font-size:10pt;">two</font><font style="display: inline;font-size:10pt;"> classes of shares will be commingled for investment purposes and all earnings from all of the investments will proportionally accrue to each share regardless of the class.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The shares of common stock entitle the holders to </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company&#x2019;s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law.</font><font style="display: inline;font-size:10pt;"> The common stock has no preferences, preemptive, conversion, exchange, sinking fund or redemption rights.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The charter authorizes the Company&#x2019;s board of directors, without stockholder approval, to designate and issue </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> or more classes or series of preferred stock and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions and qualification or terms or conditions of redemption of each class of stock so issued.</font> </p> <p><font size="1"> </font></p> </div> </div> 2211 20000 1857228 21002 20980 21002 22 46000 46000 78000 200000 18236821 18218249 18236821 18572 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 12</font><font style="display: inline;font-weight:bold;font-size:10pt;"> &#x2014; Subsequent Events</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;">&nbsp;</font> </p> <p style="margin:10pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Distributions paid</font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">On October&nbsp;1, 2014, the Company paid aggregate distributions of approximately </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$67,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">&nbsp;</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">($21,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> in cash and </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$46,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> in shares of the Company&#x2019;s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from September&nbsp;1, 2014 through September&nbsp;30, 2014. On </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">November&nbsp;3, 2014</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">, the Company paid aggregate distributions of approximately </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$131,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">&nbsp;</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">($53,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> in cash and </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$78,000</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> in shares</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> of the Company&#x2019;s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from October&nbsp;1, 2014 through October&nbsp;31, 2014.</font> </p> <p style="margin:10pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Acquisition of Mercy Healthcare Facility</font> </p> <p style="margin:6pt 0pt 10pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On October 29, 2014, the Company completed the acquisition of a </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;"> fee simple interest in an integrated medical facility, or the Mercy Healthcare Facility, for a purchase price of </font><font style="display: inline;font-size:10pt;">$4,100,000</font><font style="display: inline;font-size:10pt;">, plus closing costs. The Company financed the purchase of the Mercy Healthcare Facility using net proceeds from the Offering. The Mercy Healthcare Facility is leased to a </font><font style="display: inline;font-size:10pt;">single</font><font style="display: inline;font-size:10pt;"> tenant. With respect to this acquisition, the Company has not completed its initial fair value-based purchase allocation; it is therefore impractical to provide pro-forma information.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Increase in Borrowing Base Availability Under the KeyBank Credit Facility</font> </p> <p style="margin:6pt 0pt 10pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">On October 29, 2014, the Company added the Mercy Healthcare Facility to the collateral pool of the KeyBank Credit facility, which increased the borrowing base availability under the KeyBank Credit Facility by approximately </font><font style="display: inline;font-size:10pt;">$2,665,000</font><font style="display: inline;font-size:10pt;">. As of November 11, 2014, the aggregate borrowing base availability was </font><font style="display: inline;font-size:10pt;">$5,557,500</font><font style="display: inline;font-size:10pt;"> under the KeyBank Credit Facility.</font> </p> <p style="margin:10pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;background-color: #FFFFFF;">Distributions Declared</font> </p> <p style="margin:6pt 0pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;background-color: #FFFFFF;">On </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">November&nbsp;6, 2014, the board of directors of the Company approved and declared a distribution to the Company&#x2019;s stockholders of record as of</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> the close of business on each day of the period commencing on December&nbsp;1, 2014 and ending on February&nbsp;28, 2015. The distributions will be calculated based on </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">365</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> days in the calendar year and equal to </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">$0.001753425</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> per share of Class&nbsp;A and Class T common stock. The distributions declared for each record date in the December 2014,&nbsp;January 2015 and February 2015 periods will be paid in January 2015,&nbsp;February 2015 and March 2015, respectively. As of </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">November 11, 2014</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">, there were </font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;">no</font><font style="display: inline;font-size:10pt;background-color: #FFFFFF;"> shares of Class T common stock outstanding. The distributions will be payable to stockholders from legally available funds therefor.</font> </p> <p style="margin:10pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Status of the Offering</font> </p> <p style="margin:6pt 0pt 5pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As </font><font style="display: inline;font-size:10pt;">of </font><font style="display: inline;font-size:10pt;">November 11, 2014,</font><font style="display: inline;font-size:10pt;"> the Company </font><font style="display: inline;font-size:10pt;">had accepted investors&#x2019; subscriptions for and issued </font><font style="display: inline;font-size:10pt;">approximately </font><font style="display: inline;font-size:10pt;">3,591,000</font><font style="display: inline;font-size:10pt;"> shares </font><font style="display: inline;font-size:10pt;">of Class&nbsp;A common stock in the O</font><font style="display: inline;font-size:10pt;">ffering, resulting in receipt of gross proceeds of </font><font style="display: inline;font-size:10pt;">approximately </font><font style="display: inline;font-size:10pt;">$35,466,000</font><font style="display: inline;font-size:10pt;">, including</font><font style="display: inline;font-size:10pt;"> shares of its common stock issued pursuant to its DRIP.</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">In addition, the Company has special escrow requirements for subscriptions from residents of Pennsylvania</font><font style="display: inline;font-size:10pt;">, the conditions of which, to date, have not been satisfied</font><font style="display: inline;font-size:10pt;">.</font><font style="display: inline;font-size:10pt;"> As </font><font style="display: inline;font-size:10pt;">of </font><font style="display: inline;font-size:10pt;">November 11, 2014</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">the Company</font><font style="display: inline;font-size:10pt;"> had approximately </font><font style="display: inline;font-size:10pt;">$2,314,534,000</font><font style="display: inline;font-size:10pt;"> in</font><font style="display: inline;font-size:10pt;"> Class&nbsp;A shares and Class T shares of</font><font style="display: inline;font-size:10pt;"> common stock remaining in the O</font><font style="display: inline;font-size:10pt;">ffering.</font> </p> <p><font size="1"> </font></p> </div> </div> 0 0 <div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Use of Estimates</font> </p> <p style="margin:6pt 0pt 13.5pt;text-indent:24.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of the financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. 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Related-Party Transactions and Arrangements (Narrative) (Details) (USD $)
3 Months Ended 4 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Sep. 30, 2014
Related Party Transaction [Line Items]      
Selling commissions and dealer-manager fees   $ 1,523,000 $ 1,522,835
Total underwriting compensation percentage that will terminate distribution fees, as percentage of gross proceeds from primary portion of offering     10.00%
Other organization and offering expenses accrued 1,046,000 1,046,000 1,046,000
Cumulative, pretax, non-compounded annual return rate to investors     6.00%
Asset management fees 5,589   5,589
SC Distributors, LLC [Member]
     
Related Party Transaction [Line Items]      
Selling commissions and dealer-manager fees 1,523,000   1,523,000
Distribution fees incurred 0   0
Carter Validus Advisors II, LLC [Member]
     
Related Party Transaction [Line Items]      
Offering costs incurred by Advisor on Company's behalf 2,724,000 2,724,000 2,724,000
Acquisition fee, as percentage of contract purchase price of each property or asset acquired     2.00%
Acquisition fee, as percentage of amount advanced on mortgage loan     2.00%
Estimated acquisition expense reimbursement, as percentage of purchase price of property and real estate-related investments     0.75%
Monthly asset management fee, as percentage of gross assets     0.0625%
Period needed to issue Class B Units     30 days
Asset management fees 6,000   6,000
Class B units issued 0   0
Operating expenses in excess of operating expense reimbursement as percentage of average invested assets and percentage of net income     99,000
General and administrative expenses incurred by Advisor on Company's behalf 98,000   116,000
Operating expense reimbursement, waived, without recourse 76,000   86,000
Percentage of remaining net sales proceeds Advisor will receive after investors receive return     15.00%
Distribution percentage upon termination of Advisory agreement     15.00%
Carter Validus Advisors II, LLC [Member] | Maximum [Member]
     
Related Party Transaction [Line Items]      
Operating expense reimbursement, percentage of average invested assets     2.00%
Operating expense reimbursement, as percentage of net income     25.00%
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member]
     
Related Party Transaction [Line Items]      
Estimated organization and offering costs (net of selling commission, dealer manager fees and distribution fees), as percentage of gross offering proceeds     1.25%
Offering expenses reimbursed by Company to Advisor, or its affiliates 197,000 197,000 197,000
Paid acquisition fees 89,000   89,000
Acquisition expenses incurred 180,000   216,000
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Maximum [Member]
     
Related Party Transaction [Line Items]      
Reimbursable organization and offering costs cap, as percentage of gross offering proceeds     15.00%
Acquisition fee and expense reimbursement, as percentage of purchase price of properties     6.00%
Acquisition fee and expense reimbursement, as percentage of amount advanced on mortgage loans     6.00%
Disposition fee, as percentage of contract sales price     1.00%
Percentage of brokerage fees paid by Company in event advisor provides substantial amount of services     50.00%
Maximum brokerage fees paid by Company, as percentage of contract sales price     6.00%
Carter Validus Real Estate Management Services II, LLC [Member]
     
Related Party Transaction [Line Items]      
Property management and leasing fees, as percentage of gross revenues from properties managed     3.00%
Oversight fee, as percentage of gross revenues from properties managed     1.00%
Property management fees incurred 2,000   2,000
Carter Validus Real Estate Management Services II, LLC [Member] | Maximum [Member]
     
Related Party Transaction [Line Items]      
Estimated initial rent-up or lease-up fee for newly constructed properties     $ 1,000
Construction management fee, as percentage of cost of project     5.00%
Class A and T shares [Member] | SC Distributors, LLC [Member] | Maximum [Member]
     
Related Party Transaction [Line Items]      
Dealer manager fee, as percentage of gross offering proceeds     3.00%
Class A shares [Member] | SC Distributors, LLC [Member] | Maximum [Member]
     
Related Party Transaction [Line Items]      
Selling commission, as percentage of gross offering proceeds     7.00%
Class T shares [Member] | SC Distributors, LLC [Member]
     
Related Party Transaction [Line Items]      
Daily distribution fee accrued, as percentage of purchase price per share     0.00219%
Class T shares [Member] | SC Distributors, LLC [Member] | Maximum [Member]
     
Related Party Transaction [Line Items]      
Selling commission, as percentage of gross offering proceeds     3.00%
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Business Combinations (Schedule of Business Combinations on a Pro Forma Basis) (Details) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Pro forma basis:    
Revenues $ 96,000 $ 193,000
Net loss (192,000) (169,000)
Net loss attributable to common stockholders (193,000) (169,000)
Acquisition related expenses 268,738 305,298
Business Combinations [Member]
   
Pro forma basis:    
Acquisition related expenses $ 153,000 $ 189,000

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Related-Party Transactions and Arrangements (Tables)
9 Months Ended
Sep. 30, 2014
Related-Party Transactions and Arrangements [Abstract]  
Schedule of Accounts Payable Due to Affiliates

 

 

 

 

 

 

Entity

 

Fee

 

September 30, 2014

Carter Validus Advisors II, LLC and its affiliates

 

Asset management fees

 

 

6,000 

Carter Validus Real Estate Management Services II, LLC

 

Property management fees

 

 

1,000 

Carter Validus Advisors II, LLC and its affiliates

 

General and administrative costs

 

 

4,000 

Carter Validus Advisors II, LLC and its affiliates

 

Offering costs

 

 

1,046,000 

 

 

 

 

$

1,057,000 

 

 

 

 

 

 

 

XML 17 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments and Contingencies (Details)
Sep. 30, 2014
claim
Commitments and Contingencies [Abstract]  
Number of pending legal proceedings to which the Company is a party 0
XML 18 R37.htm IDEA: XBRL DOCUMENT v2.4.0.8
Future Minimum Rent (Schedule of Future Minimum Rental Income from Non-Cancelable Operating Lease) (Details) (USD $)
Sep. 30, 2014
Future Minimum Rent [Abstract]  
Three months ending December 31, 2014 $ 95,000
2015 379,000
2016 379,000
2017 379,000
2018 379,000
Thereafter 2,493,000
Total $ 4,104,000
XML 19 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Combinations
9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Business Combinations

Note 3 — Business Combinations

During the nine months ended September 30, 2014, the Company completed the acquisition of 100% fee simple interest in one property (a medical facility) comprised of one building that was determined to be a business combination. The aggregate purchase price of the acquisition was $4,450,000, plus closing costs. The Company financed the purchase of the Cy Fair Surgical Center using net proceeds from the Offering and the KeyBank Credit Facility (as defined in Note 7—“Credit Facility”).

The following table summarizes the acquisition completed during the nine months ended September 30, 2014:

 

 

 

 

 

 

 

 

Date

 

Ownership

Property Description

 

Acquired

 

Percentage

Cy Fair Surgical Center

 

07/31/2014

 

100%

The Company reimburses the Advisor, or its affiliates, for acquisition expenses related to selecting, evaluating, acquiring and investing in properties. The reimbursement of acquisition expenses, acquisition fees and real estate commissions and other fees paid to unaffiliated parties will not exceed, in the aggregate, 6.0% of the contract purchase price or total development costs of a certain acquisition, unless fees in excess of such limits are approved by a majority of the Company disinterested directors, including a majority of its independent directors. During the nine months ended September 30, 2014, the Company incurred aggregate non-recurring charges related to acquisition fees and costs of approximately $189,000 related to its acquisition of the Cy Fair Surgical Center, which did not exceed 6.0% of the contract purchase price of the property acquisition.

Results of operations for the acquisition determined to be a business combination is reflected in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2014 for the period subsequent to the acquisition date of the property. For the period from the acquisition date through September 30, 2014, the Company recognized approximately $65,000 of revenues and net loss of approximately $167,000 for its business combination acquisition.

The following table summarizes management’s allocation of the fair value of the acquisition determined to be a business combination during the nine months ended September 30, 2014 (amounts are rounded):

 

 

 

 

 

Cy Fair Surgical Center

Land

$

762,000 

Buildings and improvements

 

2,672,000 

In-place leases

 

718,000 

Tenant improvements

 

298,000 

Total assets acquired

$

4,450,000 

 

 

 

Assuming the business combination described above had occurred on January 1, 2014, pro forma revenues, net income and net income attributable to common stockholders would have been as follows for the three and nine month periods below (amounts are rounded):

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2014

 

2014

Pro forma basis:

 

 

 

 

 

 

 

 

Revenues

 

$

96,000 

 

 

$

193,000 

 

Net loss

 

$

(192,000)

 

 

$

(169,000)

 

Net loss attributable to common stockholders

 

$

(193,000)

 

 

$

(169,000)

 

The pro forma information for the three and nine months ended September 30, 2014 was adjusted to exclude approximately $153,000 and $189,000, respectively, of acquisition expenses recorded related to its real estate investments. The pro forma information may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of 2014, nor is it necessarily indicative of future operating results.

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Subsequent Events (Details) (USD $)
3 Months Ended 9 Months Ended 0 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended
Sep. 30, 2014
customer
Sep. 30, 2014
customer
Oct. 01, 2014
Subsequent Event [Member]
Oct. 29, 2014
Subsequent Event [Member]
Mercy Healthcare Facility [Member]
Oct. 29, 2014
Subsequent Event [Member]
Mercy Healthcare Facility [Member]
customer
Oct. 01, 2014
Subsequent Event [Member]
September 1, 2014 To September 30, 2014 [Member]
Nov. 03, 2014
Subsequent Event [Member]
October 1, 2014 To October 31, 2014 [Member]
Nov. 06, 2014
Subsequent Event [Member]
December 1, 2014 To February 28, 2015 [Member]
Sep. 30, 2014
Class A shares [Member]
Dec. 31, 2013
Class A shares [Member]
Nov. 11, 2014
Class A shares [Member]
Offering [Member]
Subsequent Event [Member]
Sep. 30, 2014
Class T shares [Member]
Dec. 31, 2013
Class T shares [Member]
Nov. 11, 2014
Class T shares [Member]
Subsequent Event [Member]
Nov. 06, 2014
Class A and T shares [Member]
Subsequent Event [Member]
December 1, 2014 To February 28, 2015 [Member]
Sep. 30, 2014
Class A and T shares [Member]
Offering [Member]
Nov. 11, 2014
Class A and T shares [Member]
Offering [Member]
Subsequent Event [Member]
Nov. 11, 2014
KeyBank Credit Facility [Member]
Subsequent Event [Member]
Oct. 29, 2014
KeyBank Credit Facility [Member]
Subsequent Event [Member]
Mercy Healthcare Facility [Member]
Subsequent Event [Line Items]                                      
Aggregate distributions   $ 25,000       $ 67,000 $ 131,000                        
Distributions paid in cash   4,071 21,000     21,000 53,000                        
Distributions reinvested in shares of common stock pursuant to DRIP   21,002 46,000     46,000 78,000                        
Percentage of fee simple interest acquired   100.00%   100.00%                              
Purchase price   4,150,000   4,100,000                              
Number of tenants 1 1     1                            
Borrowing base availability                                   5,557,500 2,665,000
Number of days, distribution calculation               365 days                      
Distributions declared per common share $ 0.14 $ 0.38                         $ 0.001753425        
Common stock, shares outstanding                 1,879,439 20,000   0 0 0          
Issuance of common stock, shares (including shares of common stock issued pursuant to the DRIP)                     3,591,000                
Proceeds from issuance of common stock (including DRIP), gross                     35,466,000                
Common stock remaining in the offering, value                               $ 2,331,742,000 $ 2,314,534,000    
XML 22 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets by Class) (Details)
9 Months Ended
Sep. 30, 2014
Buildings and improvements [Member] | Maximum [Member]
 
Estimated Useful Lives of Assets by Class [Line Items]  
Estimated useful life 40 years
Buildings and improvements [Member] | Minimum [Member]
 
Estimated Useful Lives of Assets by Class [Line Items]  
Estimated useful life 15 years
Furniture, fixtures, and equipment [Member] | Maximum [Member]
 
Estimated Useful Lives of Assets by Class [Line Items]  
Estimated useful life 10 years
Furniture, fixtures, and equipment [Member] | Minimum [Member]
 
Estimated Useful Lives of Assets by Class [Line Items]  
Estimated useful life 3 years
XML 23 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Narrative) (Details) (USD $)
3 Months Ended 9 Months Ended 9 Months Ended 0 Months Ended
Sep. 30, 2014
item
property
customer
region
Sep. 30, 2014
item
segment
property
customer
region
May 29, 2014
item
Dec. 31, 2013
Sep. 30, 2014
Consolidated Revenues [Member]
Geographic Concentration Risk [Member]
Sep. 30, 2014
Consolidated Revenues [Member]
Customer Concentration Risk [Member]
Sep. 30, 2014
Rental Revenue [Member]
Cy Fair Surgery Center, Ltd. [Member]
Customer Concentration Risk [Member]
Sep. 30, 2014
Rental Revenue [Member]
Houston-The Woodlands-Sugarland, Texas Area [Member]
Geographic Concentration Risk [Member]
May 29, 2014
Offering [Member]
Jul. 16, 2014
July 31, 2014 To August 31, 2014 [Member]
Aug. 01, 2014
September 1, 2014 To November 30, 2014 [Member]
Jul. 16, 2014
Class A and T shares [Member]
July 31, 2014 To August 31, 2014 [Member]
Aug. 01, 2014
Class A and T shares [Member]
September 1, 2014 To November 30, 2014 [Member]
Oct. 01, 2014
Subsequent Event [Member]
Summary of Significant Accounting Policies [Line Items]                            
Impairment losses on real estate and related intangible assets   $ 0                        
Company owned interest in Operating Partnership   99.99%                        
Advisor owned interest in Operating Partnership   0.01%                        
Allowance for uncollectible tenant receivables 0 0                        
Antidilutive shares excluded from computation of diluted earnings per share, shares 9,000 9,000                        
Deferred financing costs, net of accumulated amortization 452,000 452,000                        
Concentration risk, percentage         100.00% 100.00% 100.00% 100.00%            
Number of real estate investments 1 1                        
Number of tenants 1 1                        
Number of geographical areas 1 1                        
Number of reportable segments   1                        
Number of financial institutions in which the Company has deposits in excess of federally insured levels 1 1                        
Cash on deposit in excess of federally insured levels 11,010,000 11,010,000                        
Number of metropolitan areas in which Company owns rental property 1 1                        
Shares authorized by Company charter 600,000,000 600,000,000                        
Common stock, shares authorized 500,000,000 500,000,000                        
Common stock, par value $ 0.01 $ 0.01                        
Preferred stock, shares authorized 100,000,000 100,000,000   50,000,000                    
Preferred stock, par value $ 0.01 $ 0.01   $ 0.01                    
Common stock offering, value                 2,250,000,000          
Common stock offering pursuant to DRIP, value                 100,000,000          
Reinvestment in additional shares, at percentage of purchase price per share                 95.00%          
Number of classes of common stock     2                      
Common stock voting rights   The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company's board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law.                        
Minimum number of classes or series of preferred stock the board of directors can issue without stockholder approval   1                        
Number of days, distribution calculation                   365 days 365 days      
Distributions declared per common share $ 0.14 $ 0.38                   $ 0.001753425 $ 0.001753425  
Annualized distribution rate                       6.40%    
Aggregate distributions   25,000                        
Distributions paid in cash   4,071                       21,000
Distributions reinvested in shares of common stock pursuant to DRIP   21,002                       46,000
Distributions payable 67,000 67,000                        
Impact related to uncertain tax provisions from the results of operations $ 0 $ 0                        
XML 24 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Combinations (Narrative) (Details) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
item
Business Combinations [Line Items]    
Percentage of fee simple interest acquired   100.00%
Number of buildings acquired   1
Aggregate purchase price $ 4,450,000 $ 4,450,000
Acquisition related expenses 268,738 305,298
Revenues   65,000
Net loss   (167,000)
Medical Facilities [Member]
   
Business Combinations [Line Items]    
Number of acquisitions   1
Business Combinations [Member]
   
Business Combinations [Line Items]    
Acquisition related expenses 153,000 189,000
Cy Fair Surgical Center [Member] | Non-recurring Charges [Member]
   
Business Combinations [Line Items]    
Acquisition related expenses   $ 189,000
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member]
   
Business Combinations [Line Items]    
Maximum acquisition expenses, acquisition fees, real estate commissions and other fees reimbursement to affiliates as percentage of purchase price   6.00%
XML 25 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Combinations (Schedule of Business Combinations) (Details) (Cy Fair Surgical Center [Member])
9 Months Ended
Sep. 30, 2014
Cy Fair Surgical Center [Member]
 
Business Combinations [Line Items]  
Date Acquired Jul. 31, 2014
Ownership Percentage 100.00%
XML 26 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2014
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies  

The accompanying condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.  

Principles of Consolidation and Basis of Presentation

The accompanying condensed consolidated unaudited financial statements include the accounts of the Company,  the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.  

Use of Estimates

The preparation of the financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.

Investment in and Valuation of Real Estate and Related Assets

Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset in determining the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class as follows:

 

 

 

Buildings and improvements

  

15 – 40 years

Tenant improvements

  

Shorter of lease term or expected useful life

Tenant origination and absorption costs

  

Remaining term of related lease

Furniture, fixtures, and equipment

  

3 – 10 years

Allocation of Purchase Price of Real Estate and Related Assets

Upon the acquisition of real properties determined to be business combinations, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values.

The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions.

The fair values of above-market and below-market in-place lease values will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values will be capitalized as intangible lease assets or liabilities. Above-market lease values will be amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases will be amortized as an adjustment of rental income over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and will be estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in real estate assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in real estate assets in the accompanying condensed consolidated balance sheets and amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

Impairment of Long Lived Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the asset, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset. No impairment loss has been recorded to date.

When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.

Real Estate Escrow Deposits

Real estate escrow deposits include funds held by escrow agents and others to be applied towards the purchase of real estate, which are included in other assets in the accompanying condensed consolidated balance sheets.

Real Estate-Related Notes Receivables

The Company may invest in real estate-related notes receivables that represent loans that the Company intends to hold to maturity. They will be classified as real estate-related notes receivables. Accordingly, these notes will be recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is determined to be impaired. Premiums, discounts, and net origination fees will be amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan.

The Company will evaluate the collectability of both interest and principal on each real estate-related note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators such as underlying collateral and payment history. A real estate-related note receivable will be considered to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. If a real estate-related note receivable is considered to be impaired, the amount of loss will be calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the real estate-related note receivable’s effective interest rate or to the value of the underlying collateral if the real estate-related note receivable is collateral dependent.

Noncontrolling Interest in Operating Partnership

The Company is the sole general partner of the Operating Partnership and the Advisor is the initial limited partner of the Operating Partnership. The Company owns a  99.99% interest in the Operating Partnership and the Advisor owns a  .01% interest in the Operating Partnership. The Company consolidates the Operating Partnership and reports unaffiliated partners’ interests in the Operating Partnership as noncontrolling interests. Noncontrolling interests are reported within the equity section of the consolidated financial statements, and amounts attributable to controlling and noncontrolling interests are reported separately in the accompanying condensed consolidated statements of operations and accompanying condensed consolidated statement of stockholders’ equity.

Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts

The Company recognizes revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured.

Rental Revenue

In accordance with ASC Topic 840, Leases, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition—Principal Agent Consideration, or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis. The Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and has credit risk.

Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. As of September 30, 2014, the Company did not have an allowance for uncollectible tenant receivables.

Interest Income

Interest income on performing real estate-related notes receivables will be accrued as earned. Interest income on an impaired real estate-related note receivable will be recognized on a cash basis. Fees related to the buy down of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income using the effective interest method. Closing costs related to the purchase of the real estate-related note receivable will be amortized over the term of the loan and accreted as an adjustment against interest income using the effective interest method.

Stock-Based Compensation

The Company accounts for stock-based compensation based upon the estimated fair value of the share awards. Accounting for stock-based compensation requires the fair value of the awards to be amortized as compensation expense over the period for which the services relate and requires any dividend equivalents earned to be treated as dividends for financial reporting purposes.

Earnings Per Share

The Company calculates basic earnings per share by dividing net income (loss) for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2014, there were 9,000 shares of non-vested shares of restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. 

Deferred Financing Costs

Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. As of September 30, 2014, the Company’s deferred financing costs, net of accumulated amortization, were approximately $452,000 related to the Company’s credit facility agreement, which was entered into on July 31, 2014. Deferred financing costs are reported in other assets in the accompanying condensed consolidated balance sheets.

Derivative Instruments and Hedging Activities

The Company may enter into derivative contracts to add stability to future cash flows by managing its exposure to interest rate movements. The Company may utilize derivative instruments, including interest rate swaps, to effectively convert a portion of its variable rate debt to fixed rate debt. The Company will not enter into derivative instruments for speculative purposes.

The Company will account for its derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging, or ASC 815, which requires companies to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statements of operations during the current period.

In accordance with ASC 815, the Company will designate interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument will be reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instruments will be recognized in the statements of operations during the current period.

Reportable Segments

ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of September 30, 2014, 100% of the Company’s consolidated revenues were generated from one real estate investment consisting of a single tenant in one geographic area. The Company’s chief operating decision maker evaluates operating performance on an overall portfolio wide level; therefore, the Company reports one reportable segment.

Concentration of Credit Risk and Significant Leases

As of September 30, 2014, the Company had cash on deposit in one financial institution which had deposits in excess of current federally insured levels totaling approximately $11,010,000. The Company limits its cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited.

As of September 30, 2014, the Company owned real estate in one metropolitan statistical area, or MSA, which accounted for 100% of rental revenue. The property is located in the Houston-The Woodlands-Sugarland, Texas area.

As of September 30, 2014, the Company had one tenant, Cy Fair Surgery Center, Ltd., that accounted for 100% of rental revenue. 

Stockholders’ Equity

The Company’s charter authorizes the issuance of up to 600,000,000 shares of stock, consisting of 500,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The company intends to issue $2,250,000,000 in Class A and Class T shares of common stock in its primary offering, and $100,000,000 in Class A and Class T shares of common stock pursuant to the DRIP at 95% of the purchase price per share. Other than the different fees with respect to each class and the payment of a distribution fee out of cash otherwise distributable to Class T stockholders, Class A shares and Class T shares have identical rights and privileges, such as identical voting rights. The net proceeds from the sale of the two classes of shares will be commingled for investment purposes and all earnings from all of the investments will proportionally accrue to each share regardless of the class.

The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company’s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences, preemptive, conversion, exchange, sinking fund or redemption rights.

The charter authorizes the Company’s board of directors, without stockholder approval, to designate and issue one or more classes or series of preferred stock and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions and qualification or terms or conditions of redemption of each class of stock so issued. 

Distribution Policy and Distributions Payable

The Company intends to elect to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2014. To qualify and maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). On July 16, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on the closing date of the first property acquisition and ending on August 31, 2014. On July 31, 2014, the Company acquired the Cy Fair Surgical Center, its first property acquisition. Therefore, the previously declared distributions began on July 31, 2014, and were calculated based on 365 days in the calendar year. The distributions were equal to $0.001753425 per share of Class A and Class T common stock, which is equal to an annualized rate of 6.4% per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.

On August 1, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on September 1, 2014 and ending on November 30, 2014. The distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001753425 per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.

As of September 30, 2014, the Company paid aggregate distributions, since inception, of approximately $25,000 ($4,000 in cash and $21,000 of which were reinvested in shares of common stock pursuant to the DRIP). Distributions are payable to stockholders from legally available funds therefor. As of September 30, 2014, the Company had distributions payable of approximately $67,000. The distributions were paid on October 1, 2014, of which approximately $21,000 was paid in cash and approximately $46,000 was reinvested in shares of common stock pursuant to the DRIP.

Distributions to stockholders will be determined by the board of directors of the Company and will be dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT under the Code.

Income Taxes

The Company intends to elect and qualify to be taxed as a REIT, commencing with its taxable year ending December 31, 2014. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distributions to stockholders.

The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the financial statements. Taxable income, generally, will differ from net income reported in the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.

The Company has concluded that there was no impact related to uncertain tax provisions from results of operations of the Company for the three and nine months ended September 30, 2014. The United States of America is the major jurisdiction for the Company, and the earliest tax year subject to examination will be 2014.

Recently Issued Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08.  ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area.  Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations.  Those strategic shifts should have a major effect on the company’s operations and financial results.  Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment.  Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations.  The adoption of ASU 2014-08 is effective prospectively for reporting periods beginning on or after December 15, 2014.  The Company does not expect the adoption of ASU 2014-08 to have a material effect on the Company’s condensed consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of ASU 2014-09 is effective retrospectively for reporting periods beginning after December 15, 2016. Early adoption of ASU 2014-09 is not permitted. The Company is in the process of evaluating the impact ASU 2014-09 will have on the Company’s condensed consolidated financial statements.

XML 27 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Combinations (Schedule of Allocation of Fair Value of Business Combinations) (Details) (Cy Fair Surgical Center [Member], USD $)
Sep. 30, 2014
Cy Fair Surgical Center [Member]
 
Summary of management's allocation of fair value of business combinations:  
Land $ 762,000
Buildings and improvements 2,672,000
In-place leases 718,000
Tenant improvements 298,000
Total assets acquired $ 4,450,000
XML 28 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related-Party Transactions and Arrangements (Schedule of Accounts Payable Due to Affiliates) (Details) (USD $)
Sep. 30, 2014
Related Party Transaction [Line Items]  
Accounts payable due to affiliates $ 1,057,031
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Asset Management Fees [Member]
 
Related Party Transaction [Line Items]  
Accounts payable due to affiliates 6,000
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | General And Administrative Costs [Member]
 
Related Party Transaction [Line Items]  
Accounts payable due to affiliates 4,000
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Offering Costs [Member]
 
Related Party Transaction [Line Items]  
Accounts payable due to affiliates 1,046,000
Carter Validus Real Estate Management Services II, LLC [Member] | Property Management Fees [Member]
 
Related Party Transaction [Line Items]  
Accounts payable due to affiliates $ 1,000
XML 29 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2014
Dec. 31, 2013
Real estate:    
Land $ 762,210  
Buildings and improvements 2,970,012  
Acquired intangible assets 717,778  
Total real estate, gross 4,450,000  
Less: accumulated depreciation and amortization (33,777)  
Total real estate, net 4,416,223  
Cash and cash equivalents 11,567,650 200,000
Other assets 806,033  
Total assets 16,789,906 200,000
Liabilities:    
Accounts payable due to affiliates 1,057,031  
Accounts payable and other liabilities 641,663  
Total liabilities 1,698,694  
Stockholders' equity:    
Preferred stock, $0.01 par value per share, 100,000,000 and 50,000,000 shares authorized; none outstanding, respectively      
Additional paid-in capital 15,698,550 199,800
Accumulated deficit (627,999)  
Total stockholders' equity 15,089,345 200,000
Noncontrolling interests 1,867  
Total equity 15,091,212 200,000
Total liabilities and stockholders' equity 16,789,906 200,000
Class A shares [Member]
   
Stockholders' equity:    
Common stock, value, issued 18,794 200
Class T shares [Member]
   
Stockholders' equity:    
Common stock, value, issued      
XML 30 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statement Of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2014
Cash flows from operating activities:  
Consolidated net loss $ (536,285)
Adjustments to reconcile net loss to net cash used in operating activities:  
Depreciation and amortization 33,777
Amortization of deferred financing costs 22,968
Stock-based compensation 5,625
Changes in operating assets and liabilities:  
Accounts payable and other liabilities 274,911
Accounts payable due to affiliates 11,344
Other assets (53,861)
Net cash used in operating activities (241,521)
Cash flows from investing activities:  
Investment in real estate (4,150,000)
Investment in real estate - deposits (300,000)
Net cash used in investing activities (4,450,000)
Cash flows from financing activities:  
Proceeds from credit facility 2,892,500
Payments on credit facility (2,892,500)
Payments of deferred financing costs (475,140)
Offering costs on issuance of common stock (1,700,417)
Distributions to stockholders (4,071)
Proceeds from issuance of common stock 18,236,821
Contributions from noncontrolling interests in Operating Partnership 2,000
Distributions to noncontrolling interests in Operating Partnership (22)
Net cash provided by financing activities 16,059,171
Net change in cash 11,367,650
Cash and cash equivalents - Beginning of period 200,000
Cash and cash equivalents - End of period 11,567,650
Supplemental disclosure of non-cash transactions:  
Common stock issued through distribution reinvestment plan 21,002
Supplemental cash flow disclosure:  
Interest paid $ 5,036
XML 31 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Other Assets (Schedule of Other Assets) (Details) (USD $)
Sep. 30, 2014
Other Assets [Abstract]  
Deferred financing costs, net of accumulated amortization of $23,000 $ 452,000
Real estate escrow deposits 300,000
Accounts receivable 33,000
Prepaid assets 21,000
Total other assets 806,033
Deferred financing costs, accumulated amortization $ 23,000
XML 32 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquired Intangible Assets, Net (Tables)
9 Months Ended
Sep. 30, 2014
Acquired Intangible Assets, Net [Abstract]  
Schedule of Acquired Intangible Assets, Net

 

 

 

 

 

 

 

September 30, 2014

 

In-place leases, net of accumulated amortization of $14,000 (with a weighted average remaining life of 10.8 years)

 

$

704,000 

 

 

 

$

704,000 

 

 

 

 

 

 

 

XML 33 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Future Minimum Rent (Narrative) (Details)
9 Months Ended
Sep. 30, 2014
customer
Future Minimum Rent [Abstract]  
Number of tenants 1
Weighted average remaining lease term 10 years 9 months 18 days
XML 34 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Future Minimum Rent (Tables)
9 Months Ended
Sep. 30, 2014
Future Minimum Rent [Abstract]  
Schedule of Future Minimum Rental Income from Non-Cancelable Operating Lease

 

 

 

 

Year

 

Amount

Three months ending December 31, 2014

 

$

95,000 

2015

 

 

379,000 

2016

 

 

379,000 

2017

 

 

379,000 

2018

 

 

379,000 

Thereafter

 

 

2,493,000 

 

 

$

4,104,000 

 

 

 

 

 

XML 35 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 36 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization and Business Operations
9 Months Ended
Sep. 30, 2014
Organization and Business Operations [Abstract]  
Organization and Business Operations

Note 1—Organization and Business Operations  

Carter Validus Mission Critical REIT II, Inc., or the Company, incorporated on January 11, 2013, is a newly formed Maryland corporation that intends to qualify as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes commencing with its taxable year ending December 31, 2014. For the period from January 11, 2013 through December 31, 2013, the Company had not begun principal operations. Substantially all of the Company’s business is expected to be conducted through Carter Validus Operating Partnership II, LP, a Delaware limited partnership, or the Operating Partnership, formed on January 10, 2013. The Company is the sole general partner of the Operating Partnership and Carter Validus Advisors II, LLC, or the Advisor, is the initial limited partner of the Operating Partnership. The Company owns a  99.99% interest in the Operating Partnership and the Advisor owns a  .01% interest in the Operating Partnership. On January 31, 2013, the Company issued 20,000 shares of common stock in a private placement to Carter Validus REIT Management Company II, LLC, a Florida limited liability company, or the Sponsor, at a purchase price of $10.00 per share, for an aggregate purchase price of $200,000. Subsequently, the shares were reclassified as Class A shares of common stock. The Company contributed the proceeds from that sale to the Operating Partnership for 20,000 general partnership units of the Operating Partnership.

The Company is offering for sale a maximum of $2,350,000,000 in shares of common stock, consisting of up to $2,250,000,000 of shares in our primary offering and up to $100,000,000 of shares of common stock to be made available pursuant to the Company’s distribution reinvestment plan, or the DRIP, on a “best efforts” basis pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission, or the SEC, under the Securities Act of 1933, as amended, or the Offering (Commission File Number: 333-191706, effective May 29, 2014). The Company is offering two classes of shares of common stock, Class A shares and Class T shares, in any combination with a dollar value up to the maximum offering amount. The initial offering price for the shares in the primary offering shall be $10.00 per Class A share and $9.574 per Class T share.

Pursuant to the escrow agreement by and among the Company, SC Distributors, LLC, or SC Distributors, the Dealer Manager of the Offering, and UMB Bank, N.A., as escrow agent, the Company was required to deposit all subscription proceeds in escrow until the Company received subscriptions aggregating $2,000,000, excluding subscriptions from affiliates and from residents of Pennsylvania and Washington. The Company satisfied these conditions on July 3, 2014. As of September 30, 2014, the Company had accepted investors’ subscriptions for and issued approximately 1,859,000 shares of Class A common stock (including shares of common stock issued pursuant to the DRIP) in the Offering, resulting in receipt of gross proceeds of approximately $18,258,000, before selling commissions and dealer-manager fees of approximately $1,523,000 and other offering costs of approximately $1,223,000. In addition, the Company has special escrow requirements for subscriptions from residents of Pennsylvania, the conditions of which, to date, have not been satisfied, and Washington, the conditions of which were satisfied on September 8, 2014. As of September 30, 2014, the Company had approximately $2,331,742,000 in Class A shares and Class T shares of common stock remaining in the Offering.

Substantially all of the Company’s business is managed by the Advisor. Carter Validus Real Estate Management Services II, LLC, or the Property Manager, an affiliate of the Advisor, serves as the Company’s property manager. SC Distributors serves as the dealer manager of the Offering. On August 29, 2014, Validus/Strategic Capital Partners (now Strategic Capital Management Holdings, LLC), the indirect parent of the Dealer Manager was acquired by RCS Capital Corp. There has been no impact to the operations of the Company as a result of this transaction. The Advisor, the Property Manager and the Dealer Manager receive fees for services related to the Offering, acquisition and operational stages and will receive fees during the liquidation stage.

The Company was formed to invest primarily in quality income-producing commercial real estate, with a focus on medical facilities and data centers, preferably with long-term net leases to investment grade and other creditworthy tenants, as well as to make other real estate investments that relate to such property types. Other real estate investments may include equity or debt interests, including securities, in other real estate entities. The Company also may originate or invest in real estate-related debt. The Company expects real estate-related debt originations and investments to be focused on first mortgage loans, but also may include real estate-related bridge loans, mezzanine loans and securitized debt.

Except as the context otherwise requires, “we,” “our,” “us,” and the “Company” refer to Carter Validus Mission Critical REIT II, Inc., the Operating Partnership and all wholly-owned subsidiaries.

XML 37 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2014
Dec. 31, 2013
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 50,000,000
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01  
Common stock, shares authorized 500,000,000  
Class A shares [Member]
   
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 250,000,000 300,000,000
Common stock, shares outstanding 1,879,439 20,000
Class T shares [Member]
   
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 250,000,000 0
Common stock, shares outstanding 0 0
XML 38 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments and Contingencies
9 Months Ended
Sep. 30, 2014
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

Note 11 — Commitments and Contingencies  

Litigation  

In the ordinary course of business, the Company may become subject to litigation or claims. As of September 30, 2014, there were, and currently there are, no material pending legal proceedings to which the Company is a party.

Related-Party Transactions

See Note 8“Related-Party Transactions and Arrangements” for disclosures of related-party transactions.

XML 39 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document And Entity Information
9 Months Ended
Sep. 30, 2014
Nov. 11, 2014
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2014  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q3  
Entity Registrant Name Carter Validus Mission Critical REIT II, Inc.  
Entity Central Index Key 0001567925  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding   3,611,000
XML 40 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events

Note 12 — Subsequent Events  

Distributions paid

On October 1, 2014, the Company paid aggregate distributions of approximately $67,000 ($21,000 in cash and $46,000 in shares of the Company’s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from September 1, 2014 through September 30, 2014. On November 3, 2014, the Company paid aggregate distributions of approximately $131,000 ($53,000 in cash and $78,000 in shares of the Company’s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from October 1, 2014 through October 31, 2014.

Acquisition of Mercy Healthcare Facility

On October 29, 2014, the Company completed the acquisition of a 100% fee simple interest in an integrated medical facility, or the Mercy Healthcare Facility, for a purchase price of $4,100,000, plus closing costs. The Company financed the purchase of the Mercy Healthcare Facility using net proceeds from the Offering. The Mercy Healthcare Facility is leased to a single tenant. With respect to this acquisition, the Company has not completed its initial fair value-based purchase allocation; it is therefore impractical to provide pro-forma information.

Increase in Borrowing Base Availability Under the KeyBank Credit Facility

On October 29, 2014, the Company added the Mercy Healthcare Facility to the collateral pool of the KeyBank Credit facility, which increased the borrowing base availability under the KeyBank Credit Facility by approximately $2,665,000. As of November 11, 2014, the aggregate borrowing base availability was $5,557,500 under the KeyBank Credit Facility.

Distributions Declared

On November 6, 2014, the board of directors of the Company approved and declared a distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on December 1, 2014 and ending on February 28, 2015. The distributions will be calculated based on 365 days in the calendar year and equal to $0.001753425 per share of Class A and Class T common stock. The distributions declared for each record date in the December 2014, January 2015 and February 2015 periods will be paid in January 2015, February 2015 and March 2015, respectively. As of November 11, 2014, there were no shares of Class T common stock outstanding. The distributions will be payable to stockholders from legally available funds therefor.

Status of the Offering

As of November 11, 2014, the Company had accepted investors’ subscriptions for and issued approximately 3,591,000 shares of Class A common stock in the Offering, resulting in receipt of gross proceeds of approximately $35,466,000, including shares of its common stock issued pursuant to its DRIP. In addition, the Company has special escrow requirements for subscriptions from residents of Pennsylvania, the conditions of which, to date, have not been satisfied. As of November 11, 2014, the Company had approximately $2,314,534,000 in Class A shares and Class T shares of common stock remaining in the Offering.

XML 41 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Revenue:    
Rental revenue $ 65,084 $ 65,084
Expenses:    
Rental expenses 3,618 3,618
General and administrative expenses 180,495 199,130
Acquisition related expenses 268,738 305,298
Asset management fees 5,589 5,589
Depreciation and amortization 33,777 33,777
Total expenses 492,217 547,412
Loss from operations (427,133) (482,328)
Interest expense 53,957 53,957
Consolidated net loss (481,090) (536,285)
Net loss (income) attributable to noncontrolling interests in consolidated partnership (428) 111
Net loss attributable to common stockholders $ (481,518) $ (536,174)
Distributions declared per common share $ 0.14 $ 0.38
Class A shares [Member]
   
Weighted average number of common shares outstanding:    
Basic and diluted 671,425 239,528
Net loss per common share attributable to common stockholders:    
Basic and diluted $ (0.72) $ (2.24)
XML 42 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Future Minimum Rent
9 Months Ended
Sep. 30, 2014
Future Minimum Rent [Abstract]  
Future Minimum Rent

Note 6 — Future Minimum Rent

The Company’s real estate asset is leased to one tenant under an operating lease. The lease has provisions to extend the lease agreement. The Company retains substantially all of the risks and benefits of ownership of the real asset leased to the tenant. As of September 30, 2014, the remaining lease term was 10.8 years.

The future minimum rental income from the Company’s investment in real estate under the non-cancelable operating lease for the three months ending December 31, 2014, and for each of the next four years ending December 31 and thereafter, are as follows (amounts are rounded):

 

 

 

 

 

Year

 

Amount

Three months ending December 31, 2014

 

$

95,000 

2015

 

 

379,000 

2016

 

 

379,000 

2017

 

 

379,000 

2018

 

 

379,000 

Thereafter

 

 

2,493,000 

 

 

$

4,104,000 

 

 

 

 

 

XML 43 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Other Assets
9 Months Ended
Sep. 30, 2014
Other Assets [Abstract]  
Other Assets

Note 5 — Other Assets

Other assets consisted of the following as of September 30, 2014 (amounts are rounded):

 

 

 

 

 

September 30, 2014

 

Deferred financing costs, net of accumulated

 

 

 

amortization of $23,000

$

452,000 

 

Real estate escrow deposits

 

300,000 

 

Accounts receivable

 

33,000 

 

Prepaid assets

 

21,000 

 

 

$

806,000 

 

 

 

 

 

 

XML 44 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Other Assets (Tables)
9 Months Ended
Sep. 30, 2014
Other Assets [Abstract]  
Schedule of Other Assets

 

 

 

 

 

September 30, 2014

 

Deferred financing costs, net of accumulated

 

 

 

amortization of $23,000

$

452,000 

 

Real estate escrow deposits

 

300,000 

 

Accounts receivable

 

33,000 

 

Prepaid assets

 

21,000 

 

 

$

806,000 

 

 

 

 

 

 

XML 45 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Policy)
9 Months Ended
Sep. 30, 2014
Summary of Significant Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

The accompanying condensed consolidated unaudited financial statements include the accounts of the Company,  the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.  

Use of Estimates

Use of Estimates

The preparation of the financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.

Investment in and Valuation of Real Estate and Related Assets

Investment in and Valuation of Real Estate and Related Assets

Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset in determining the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class as follows:

 

 

 

Buildings and improvements

  

15 – 40 years

Tenant improvements

  

Shorter of lease term or expected useful life

Tenant origination and absorption costs

  

Remaining term of related lease

Furniture, fixtures, and equipment

  

3 – 10 years

 

Allocation of Purchase Price of Real Estate and Related Assets

Allocation of Purchase Price of Real Estate and Related Assets

Upon the acquisition of real properties determined to be business combinations, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values.

The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building based on management’s determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions.

The fair values of above-market and below-market in-place lease values will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values will be capitalized as intangible lease assets or liabilities. Above-market lease values will be amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases will be amortized as an adjustment of rental income over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and will be estimated based on management’s consideration of current market costs to execute a similar lease. These direct lease origination costs are included in real estate assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are included in real estate assets in the accompanying condensed consolidated balance sheets and amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

Impairment of Long Lived Assets

Impairment of Long Lived Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the asset, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset. No impairment loss has been recorded to date.

When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.

Real Estate Escrow Deposits

Real Estate Escrow Deposits

Real estate escrow deposits include funds held by escrow agents and others to be applied towards the purchase of real estate, which are included in other assets in the accompanying condensed consolidated balance sheets.

Real Estate-Related Notes Receivables

Real Estate-Related Notes Receivables

The Company may invest in real estate-related notes receivables that represent loans that the Company intends to hold to maturity. They will be classified as real estate-related notes receivables. Accordingly, these notes will be recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is determined to be impaired. Premiums, discounts, and net origination fees will be amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan.

The Company will evaluate the collectability of both interest and principal on each real estate-related note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators such as underlying collateral and payment history. A real estate-related note receivable will be considered to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. If a real estate-related note receivable is considered to be impaired, the amount of loss will be calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the real estate-related note receivable’s effective interest rate or to the value of the underlying collateral if the real estate-related note receivable is collateral dependent.

Noncontrolling Interest in Operating Partnership

Noncontrolling Interest in Operating Partnership

The Company is the sole general partner of the Operating Partnership and the Advisor is the initial limited partner of the Operating Partnership. The Company owns a  99.99% interest in the Operating Partnership and the Advisor owns a  .01% interest in the Operating Partnership. The Company consolidates the Operating Partnership and reports unaffiliated partners’ interests in the Operating Partnership as noncontrolling interests. Noncontrolling interests are reported within the equity section of the consolidated financial statements, and amounts attributable to controlling and noncontrolling interests are reported separately in the accompanying condensed consolidated statements of operations and accompanying condensed consolidated statement of stockholders’ equity.

Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts

Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts

The Company recognizes revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured.

Rental Revenue

In accordance with ASC Topic 840, Leases, minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition—Principal Agent Consideration, or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis. The Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and has credit risk.

Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. As of September 30, 2014, the Company did not have an allowance for uncollectible tenant receivables.

Interest Income

Interest income on performing real estate-related notes receivables will be accrued as earned. Interest income on an impaired real estate-related note receivable will be recognized on a cash basis. Fees related to the buy down of the interest rate will be deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income using the effective interest method. Closing costs related to the purchase of the real estate-related note receivable will be amortized over the term of the loan and accreted as an adjustment against interest income using the effective interest method.

Stock-Based Compensation

Stock-Based Compensation

The Company accounts for stock-based compensation based upon the estimated fair value of the share awards. Accounting for stock-based compensation requires the fair value of the awards to be amortized as compensation expense over the period for which the services relate and requires any dividend equivalents earned to be treated as dividends for financial reporting purposes.

Earnings Per Share

Earnings Per Share

The Company calculates basic earnings per share by dividing net income (loss) for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. For the three and nine months ended September 30, 2014, there were 9,000 shares of non-vested shares of restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. 

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. As of September 30, 2014, the Company’s deferred financing costs, net of accumulated amortization, were approximately $452,000 related to the Company’s credit facility agreement, which was entered into on July 31, 2014. Deferred financing costs are reported in other assets in the accompanying condensed consolidated balance sheets.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

The Company may enter into derivative contracts to add stability to future cash flows by managing its exposure to interest rate movements. The Company may utilize derivative instruments, including interest rate swaps, to effectively convert a portion of its variable rate debt to fixed rate debt. The Company will not enter into derivative instruments for speculative purposes.

The Company will account for its derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging, or ASC 815, which requires companies to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the statements of operations during the current period.

In accordance with ASC 815, the Company will designate interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument will be reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instruments will be recognized in the statements of operations during the current period.

Reportable Segments

Reportable Segments

ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of September 30, 2014, 100% of the Company’s consolidated revenues were generated from one real estate investment consisting of a single tenant in one geographic area. The Company’s chief operating decision maker evaluates operating performance on an overall portfolio wide level; therefore, the Company reports one reportable segment.

Concentration of Credit Risk and Significant Leases

Concentration of Credit Risk and Significant Leases

As of September 30, 2014, the Company had cash on deposit in one financial institution which had deposits in excess of current federally insured levels totaling approximately $11,010,000. The Company limits its cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited.

As of September 30, 2014, the Company owned real estate in one metropolitan statistical area, or MSA, which accounted for 100% of rental revenue. The property is located in the Houston-The Woodlands-Sugarland, Texas area.

As of September 30, 2014, the Company had one tenant, Cy Fair Surgery Center, Ltd., that accounted for 100% of rental revenue.

Stockholders' Equity

Stockholders’ Equity

The Company’s charter authorizes the issuance of up to 600,000,000 shares of stock, consisting of 500,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The company intends to issue $2,250,000,000 in Class A and Class T shares of common stock in its primary offering, and $100,000,000 in Class A and Class T shares of common stock pursuant to the DRIP at 95% of the purchase price per share. Other than the different fees with respect to each class and the payment of a distribution fee out of cash otherwise distributable to Class T stockholders, Class A shares and Class T shares have identical rights and privileges, such as identical voting rights. The net proceeds from the sale of the two classes of shares will be commingled for investment purposes and all earnings from all of the investments will proportionally accrue to each share regardless of the class.

The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company’s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences, preemptive, conversion, exchange, sinking fund or redemption rights.

The charter authorizes the Company’s board of directors, without stockholder approval, to designate and issue one or more classes or series of preferred stock and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions and qualification or terms or conditions of redemption of each class of stock so issued.

Distribution Policy and Distributions Payable

Distribution Policy and Distributions Payable

The Company intends to elect to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2014. To qualify and maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). On July 16, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on the closing date of the first property acquisition and ending on August 31, 2014. On July 31, 2014, the Company acquired the Cy Fair Surgical Center, its first property acquisition. Therefore, the previously declared distributions began on July 31, 2014, and were calculated based on 365 days in the calendar year. The distributions were equal to $0.001753425 per share of Class A and Class T common stock, which is equal to an annualized rate of 6.4% per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.

On August 1, 2014, the board of directors of the Company approved and authorized a daily distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on September 1, 2014 and ending on November 30, 2014. The distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001753425 per share of Class A and Class T common stock. Distributions are aggregated and paid in cash monthly in arrears.

As of September 30, 2014, the Company paid aggregate distributions, since inception, of approximately $25,000 ($4,000 in cash and $21,000 of which were reinvested in shares of common stock pursuant to the DRIP). Distributions are payable to stockholders from legally available funds therefor. As of September 30, 2014, the Company had distributions payable of approximately $67,000. The distributions were paid on October 1, 2014, of which approximately $21,000 was paid in cash and approximately $46,000 was reinvested in shares of common stock pursuant to the DRIP.

Distributions to stockholders will be determined by the board of directors of the Company and will be dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT under the Code.

Income Taxes

Income Taxes

The Company intends to elect and qualify to be taxed as a REIT, commencing with its taxable year ending December 31, 2014. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distributions to stockholders.

The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the financial statements. Taxable income, generally, will differ from net income reported in the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.

The Company has concluded that there was no impact related to uncertain tax provisions from results of operations of the Company for the three and nine months ended September 30, 2014. The United States of America is the major jurisdiction for the Company, and the earliest tax year subject to examination will be 2014.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08.  ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area.  Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations.  Those strategic shifts should have a major effect on the company’s operations and financial results.  Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment.  Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations.  The adoption of ASU 2014-08 is effective prospectively for reporting periods beginning on or after December 15, 2014.  The Company does not expect the adoption of ASU 2014-08 to have a material effect on the Company’s condensed consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of ASU 2014-09 is effective retrospectively for reporting periods beginning after December 15, 2016. Early adoption of ASU 2014-09 is not permitted. The Company is in the process of evaluating the impact ASU 2014-09 will have on the Company’s condensed consolidated financial statements.

XML 46 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accounts Payable and Other Liabilities
9 Months Ended
Sep. 30, 2014
Accounts Payable and Other Liabilities [Abstract]  
Accounts Payable and Other Liabilities

Note 9 — Accounts Payable and Other Liabilities

Accounts payable and other liabilities, as of September 30, 2014 were comprised of the following (amounts are rounded):

 

 

 

 

 

 

 

 

September 30, 2014

Accounts payable

$

7,000 

Accrued interest expense

 

26,000 

Accrued other expenses

 

541,000 

Accrued insurance expenses

 

1,000 

Dividends payable

 

67,000 

 

$

642,000 

 

XML 47 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Credit Facility
9 Months Ended
Sep. 30, 2014
Credit Facility [Abstract]  
Credit Facility

Note 7 — Credit Facility

On July 31, 2014, the Operating Partnership entered into a credit agreement with KeyBank National Association, or KeyBank, to obtain a secured revolving credit facility in an aggregate maximum principal amount of $35,000,000, or the KeyBank Credit Facility. The KeyBank Credit Facility is evidenced by a promissory note in the principal amount of $35,000,000, a credit agreement, a guaranty agreement, a contribution agreement, and a hazardous materials indemnity agreement, or collectively, the KeyBank Credit Facility Agreement. The proceeds of loans made under the KeyBank Credit Facility may be used to finance the purchase of properties, for tenant improvements and leasing commissions with respect to real estate, for repayment of indebtedness, for capital expenditures with respect to real estate, and for general corporate and working capital purposes. The KeyBank Credit Facility matures on July 31, 2017 and may be extended by one 12-month period subject to the satisfaction of certain conditions, including payment of an extension fee.

During the initial and extended term of the KeyBank Credit Facility Agreement, any loan made under the KeyBank Credit Facility shall bear interest at per annum rates equal to either: (a) the London Interbank Offered Rate, plus an applicable margin ranging from 2.00% to 3.25%, which is determined based on the overall leverage of the Operating Partnership or (b) a base rate which means, for any day, a fluctuating rate per annum equal to the prime rate for such day plus an applicable margin ranging from 1.00% to 2.25%, which is determined based on the overall leverage of the Operating Partnership. In addition to interest, the Operating Partnership is required to pay a fee on the unused portion of the lenders’ commitments under the KeyBank Credit Facility Agreement at a per annum rate equal to 0.30% if the average daily amount outstanding under the KeyBank Credit Facility is less than 50% of the lenders’ commitments or 0.20% if the average daily amount outstanding under the KeyBank Credit Facility is greater than 50% of the lenders’ commitments, and the unused fee is payable quarterly in arrears.

The actual amount of credit available under the KeyBank Credit Facility is a function of certain loan-to-cost, loan-to-value, debt yield and debt service coverage ratios contained in the KeyBank Credit Facility Agreement. The initial credit available for the Operating Partnership to borrow under the KeyBank Credit Facility will be a maximum principal amount of $2,893,000 and will increase if the Operating Partnership adds additional properties to the collateral pool to secure the KeyBank Credit Facility. Additional financial institutions are expected to become lenders under the KeyBank Credit Facility and, subject to certain conditions, the KeyBank Credit Facility can be increased up to $300,000,000. The obligations of the Operating Partnership with respect to the KeyBank Credit Facility Agreement are guaranteed by the Company, including but not limited to, the payment of any outstanding indebtedness under the KeyBank Credit Facility Agreement and all terms, conditions and covenants of the KeyBank Credit Facility Agreement, as further discussed below.

The KeyBank Credit Facility Agreement contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by the Operating Partnership and its subsidiaries that own properties that serve as collateral for the KeyBank Credit Facility, limitations on the nature of the Operating Partnership’s business, and limitations on distributions by the Company, the Operating Partnership and its subsidiaries. The KeyBank Credit Facility Agreement imposes the following financial covenants, which are specifically defined in the KeyBank Credit Facility Agreement, on the Operating Partnership: (a) maximum ratio of indebtedness to gross asset value; (b) minimum ratio of adjusted consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges; (c) minimum tangible net worth; (d) minimum liquidity thresholds; (e) minimum quarterly equity raise; (f) minimum weighted average remaining lease term of properties in the collateral pool; (g) minimum debt yield; and (h) minimum number of properties in the collateral pool.

On July 31, 2014, in connection with the Company’s acquisition of the Cy Fair Surgical Center, the Operating Partnership, through a wholly-owned subsidiary, entered into an assignment of leases and rents with KeyBank to add the Cy Fair Surgical Center to the collateral pool of the KeyBank Credit Facility, which increased the Operating Partnership’s borrowing base availability under the KeyBank Credit Facility by approximately $2,893,000. The Operating Partnership also pledged a security interest in the Cy Fair Surgical Center as collateral to secure the KeyBank Credit Facility pursuant to a deed of trust, dated July 31, 2014. During the nine months ended September 30, 2014, the Company borrowed and repaid approximately $2,893,000 under the KeyBank Credit Facility. As of September 30, 2014, the Company had an aggregate borrowing base availability of approximately $2,893,000.

XML 48 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related-Party Transactions and Arrangements
9 Months Ended
Sep. 30, 2014
Related-Party Transactions and Arrangements [Abstract]  
Related-Party Transactions and Arrangements

Note 8 — Related-Party Transactions and Arrangements

The Company pays the Dealer Manager selling commissions of up to 7.0% of the gross offering proceeds per Class A share and up to 3.0% of gross offering proceeds per Class T share. All sales commissions are expected to be re-allowed to participating broker-dealers. The Company will not pay selling commissions with respect to shares of any class sold pursuant to the DRIP. In addition,  the Company pays the Dealer Manager a dealer manager fee of up to 3.0% of gross offering proceeds from the sale of Class A and Class T shares, provided, however that the dealer manager fee the Company pays on the Class T shares may be changed in the future. The dealer manager fee may be partially re-allowed to participating broker-dealers. No dealer manager fees will be paid in connection with purchases of shares made pursuant to the DRIP. For the three and nine months ended September 30, 2014, the Company paid the Dealer Manager approximately $1,523,000 for selling commissions and dealer manager fees in connection with the Offering. 

The Company will pay the Dealer Manager a distribution fee with respect to its Class T shares that are sold in the Offering that accrues daily in an amount equal to 1/365th of .80% of the amount of the purchase price per share (or, once reported, the net asset value per share for such day) on a continuous basis from year to year. Termination of such payment will commence on the earlier to occur of the following: (i) a listing of the Class T shares on a national securities exchange, (ii) following the completion of the Offering, total underwriting compensation in the Offering equaling 10% of the gross proceeds from the primary portion of the Offering, or (iii) such Class T shares no longer being outstanding. The Dealer Manager may re-allow the distribution fee to participating broker-dealers and servicing broker-dealers. The distribution fee will be paid monthly in arrears.  The distribution fee will not be payable with respect to Class T shares issued under the DRIP. The Company will not pay a distribution fee with respect to Class A shares. For the three and nine months ended September 30, 2014, the Company did not incur any distribution fees to the Dealer Manager.

The Company reimburses the Advisor and its affiliates for organization and offering expenses it incurs on the Company’s behalf, but only to the extent the reimbursement would not cause the selling commissions, dealer manager fees, distribution fees and other organization and offering expenses to exceed 15% of the gross offering proceeds of the Offering. The Company expects that organization and offering expenses (other than selling commissions, dealer manager fees, and distribution fees) will be approximately 1.25% of the gross offering proceeds. As of September 30, 2014, the Advisor incurred approximately $2,724,000 on the Company’s behalf in offering costs. The Company reimbursed approximately $197,000 in offering expenses to the Advisor, or its affiliates, and accrued approximately $1,046,000 of other organization and offering expenses, the total of which represents the Company’s maximum liability for other organization and offering costs as of September 30, 2014. Other organization expenses will be expensed as incurred and offering expenses will be charged to stockholders’ equity as such amounts are reimbursed to the Advisor.

The Company pays to the Advisor 2.0% of the contract purchase price of each property or asset acquired and 2.0% of the amount advanced with respect to a mortgage loan. The total amount of all acquisition fees and expenses are limited to 6.0% of the contract purchase price of the property or in the case of a mortgage loan, 6.0% of funds advanced. The contract purchase price is the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property or the amount of funds advanced with respect to a mortgage loan, exclusive of acquisition fees and acquisition expenses. For the three and nine months ended September 30, 2014, the Company paid approximately $89,000 in acquisition fees to the Advisor, or its affiliates. 

The Company reimburses the Advisor for acquisition expenses incurred in connection with the selection and acquisition of properties or other real estate-related investments (including expenses relating to potential investments that the Company does not close), such as legal fees and expenses, costs of real estate due diligence, appraisals, non-refundable option payments on property not acquired, travel and communications expenses, accounting fees and expenses and title insurance premiums, whether or not the property was acquired. The total amount of all acquisition fees and expenses are limited to 6.0% of the contract purchase price of the property or in the case of a mortgage loan, 6.0% of funds advanced. The Company expects these expenses will be approximately 0.75% of the purchase price of each property or real estate-related investment. For the three and nine months ended September 30, 2014, the Company incurred approximately $180,000 and $216,000, respectively, in acquisition expenses to the Advisor, or its affiliates.

The Company will pay to the Advisor an asset management fee calculated on a monthly basis in an amount equal to 1/12th of 0.75% of gross assets (including amounts borrowed) which is payable monthly in arrears. The Advisor may, in its sole discretion, choose to take any monthly asset management fee in the form of subordinated restricted Class B Units of the Operating Partnership. In the event the Advisor chooses to be compensated in Class B Units, then the Operating Partnership will, within 30 days after the end of the applicable month (subject to the approval of the board of directors), issue a number of restricted Class B Units to the Advisor equal to: (i) the cost of assets multiplied by 0.0625% (or the lower of the cost of assets and the applicable quarterly net asset value, or NAV, multiplied by 0.0625%, once the Company begins calculating NAV) divided by (ii) the value of one Class A share of common stock as of the last day of such calendar month, which will be the offering price, less selling commissions and dealer manager fees, until such time as the Company calculates NAV, when it will then be the per share NAV for Class A shares. The Advisor will be entitled to receive certain distributions of net sales proceeds on the vested and unvested Class B Units it receives in connection with its assets management services at the same rate as distributions received on the Company’s common stock. Such distributions will be in addition to the incentive fees the Advisor and its affiliates may receive from the Company, including, without limitation the subordinated participation in net sales proceeds, the subordinated incentive listing distribution or the subordinated distribution upon termination of the advisory agreement, as applicable.

Class B Units are subject to forfeiture until such time as: (a) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, or the economic hurdle; (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Company’s common stock on a national securities exchange; (ii) a transaction to which the Company or the Operating Partnership shall be a party, as a result of which operating partnership units or common stock shall be exchanged for or converted into the right, or the holders of such securities shall otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause; and (c) the advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of a majority of the Company’s independent directors after the economic hurdle described above has been met. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated for any reason other than a termination without cause. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated without cause by an affirmative vote of a majority of the Company’s board of directors before the economic hurdle described above has been met. For the three and nine months ended September 30, 2014, the Company incurred approximately $6,000 in asset management fees. For the three and nine months ended September 30, 2014, the Company did not issue any Class B Units.

In connection with the rental, leasing, operation and management of the Company’s properties, the Company pays the Property Manager and its affiliates aggregate fees equal to 3.0% of gross revenues from the properties managed. The Company will reimburse the Property Manager and its affiliates for property-level expenses that any of them pay or incur on the Company’s behalf, including salaries, bonuses and benefits of persons employed by the Property Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as one of its executive officers. The Property Manager and its affiliates may subcontract the performance of their duties to third parties and pay all or a portion of the property management fee to the third parties with whom they contract for these services. If the Company contracts directly with third parties for such services, it will pay them customary market fees and will pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the property managed. In no event will the Company pay the Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property. The Company also may pay the Property Manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area and which is typically less than $1,000. For the three and nine months ended September 30, 2014, the Company incurred approximately $2,000 in property management fees to the Property Manager.

For acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on our properties, the Company may pay the Property Manager up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as applicable. As of September 30, 2014, the Company did not incur any construction management fees.

The Company will reimburse the Advisor at the end of each fiscal quarter for operating expenses incurred on its behalf. Expenses in excess of the operating expenses in the four immediately preceding quarters that exceeds the greater of (a) 2.0% of average invested assets or (b) 25% of net income, subject to certain adjustments, will not be reimbursed unless the independent directors determine such excess expenses are justified. Additionally, the Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees or disposition fees. As of September 30, 2014, the Company had incurred total operating expenses in the four consecutive fiscal quarters then ended that exceeded the 2%/25% guidelines by $99,000, or the Excess Amount. On November 6, 2014 the board of directors, including all of the independent directors, determined that the Excess Amount was due to unusual and nonrecurring factors associated with the start-up costs related to the Company’s launch, such as nonscalable costs of legal fees, auditing fees, reporting fees, board of directors’ compensation and other direct general and administrative costs. The board of directors determined that these costs were incurred in 2014, and that the Company’s amount of capital raised and investments have progressed since then to a satisfactory degree. Therefore, the board of directors deemed the circumstances surrounding the Excess Amount sufficient to justify reimbursing the Advisor for direct expenses, including but not limited to start-up costs as well as direct general and administrative expenses associated with the organization of the Company and the registration and commencement of the Offering. For the three and nine months ended September 30, 2014, the Advisor incurred approximately $98,000 and $116,000, respectively, in general and administrative expenses on the Company’s behalf. For the three and nine months ended September 30, 2014, the Advisor waived, without recourse, approximately $76,000 and $86,000, respectively, in administrative service expenses, including payroll-related expenses. The Advisor has not agreed to waive any future costs.

The Company will pay its Advisor, or its affiliates, if it provides a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, a disposition fee, up to the lesser of 1.0% of the contract sales price and one-half of the total brokerage commission paid if a third party broker is also involved, without exceeding the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission. As of September 30, 2014, the Company did not incur any disposition fees to the Advisor, or its affiliates.

The Advisor will receive 15% of the remaining net sale proceeds after return of capital contributions plus payment to investors of a 6.0% annual cumulative, non-compounded return on the capital contributed by investors. As of September 30, 2014, the Company did not incur any subordinated sale fees to the Advisor, or its affiliates.

Upon termination or non-renewal of the advisory agreement with or without cause, the Advisor will be entitled to receive distributions from the Operating Partnership equal to 15% of the amount by which the sum of the Company’s adjusted market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, non-compounded return to investors. In addition, the Advisor may elect to defer its right to receive a subordinated distribution upon termination until either shares of the Company’s common stock are listed and traded on a national securities exchange or another liquidity event occurs. As of September 30, 2014, the Company did not incur any subordinated termination fees to the Advisor, or its affiliates.

Accounts Payable Due to Affiliates

The following amounts were outstanding due to affiliates as of September 30, 2014 (amounts are rounded):

 

 

 

 

 

 

 

Entity

 

Fee

 

September 30, 2014

Carter Validus Advisors II, LLC and its affiliates

 

Asset management fees

 

 

6,000 

Carter Validus Real Estate Management Services II, LLC

 

Property management fees

 

 

1,000 

Carter Validus Advisors II, LLC and its affiliates

 

General and administrative costs

 

 

4,000 

Carter Validus Advisors II, LLC and its affiliates

 

Offering costs

 

 

1,046,000 

 

 

 

 

$

1,057,000 

 

 

 

 

 

 

 

XML 49 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Economic Dependency
9 Months Ended
Sep. 30, 2014
Economic Dependency [Abstract]  
Economic Dependency

Note 10 — Economic Dependency

The Company is dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase and disposition of properties and other investments; the management of the daily operations of the Company’s real estate portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.

 

XML 50 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) (USD $)
9 Months Ended
Sep. 30, 2014
Acquired Intangible Assets, Net [Line Items]  
Acquired intangible asset, net of accumulated amortization $ 704,000
In-place leases [Member]
 
Acquired Intangible Assets, Net [Line Items]  
Acquired intangible asset, net of accumulated amortization 704,000
Acquired intangible asset, accumulated amortization $ 14,000
Acquired intangible asset, weighted average remaining life 10 years 9 months 18 days
XML 51 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Combinations (Tables)
9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Schedule of Business Combinations

 

 

 

 

 

 

 

Date

 

Ownership

Property Description

 

Acquired

 

Percentage

Cy Fair Surgical Center

 

07/31/2014

 

100%

 

Schedule of Allocation of Fair Value of Business Combinations

 

 

 

 

Cy Fair Surgical Center

Land

$

762,000 

Buildings and improvements

 

2,672,000 

In-place leases

 

718,000 

Tenant improvements

 

298,000 

Total assets acquired

$

4,450,000 

 

 

 

 

Schedule of Business Combinations on a Pro Forma Basis

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2014

 

2014

Pro forma basis:

 

 

 

 

 

 

 

 

Revenues

 

$

96,000 

 

 

$

193,000 

 

Net loss

 

$

(192,000)

 

 

$

(169,000)

 

Net loss attributable to common stockholders

 

$

(193,000)

 

 

$

(169,000)

 

 

XML 52 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accounts Payable and Other Liabilities (Tables)
9 Months Ended
Sep. 30, 2014
Accounts Payable and Other Liabilities [Abstract]  
Schedule of Accounts Payable and Other Liabilities

 

 

 

 

 

 

 

September 30, 2014

Accounts payable

$

7,000 

Accrued interest expense

 

26,000 

Accrued other expenses

 

541,000 

Accrued insurance expenses

 

1,000 

Dividends payable

 

67,000 

 

$

642,000 

 

XML 53 R41.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) (USD $)
Sep. 30, 2014
Accounts Payable and Other Liabilities [Abstract]  
Accounts payable $ 7,000
Accrued interest expense 26,000
Accrued other expenses 541,000
Accrued insurance expenses 1,000
Dividends payable 67,000
Accounts payable and other liabilities, total $ 641,663
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Condensed Consolidated Statement Of Stockholders' Equity (USD $)
Class A shares [Member]
Common Stock [Member]
Parent [Member]
Additional Paid in Capital [Member]
Accumulated Deficit [Member]
Noncontrolling Interest [Member]
Total
Balance, at Dec. 31, 2013 $ 200 $ 200,000 $ 199,800     $ 200,000
Balance, shares at Dec. 31, 2013 20,000          
Issuance of common stock, shares 1,857,228          
Issuance of common stock 18,572 18,236,821 18,218,249     18,236,821
Issuance of common stock under the distribution reinvestment plan, shares 2,211          
Issuance of common stock under the distribution reinvestment plan 22 21,002 20,980     21,002
Issuance of noncontrolling interests          2,000 2,000
Distributions to noncontrolling interests          (22) (22)
Commissions on sale of common stock and related dealer manager fees    (1,522,835) (1,522,835)     (1,522,835)
Other offering costs    (1,223,269) (1,223,269)     (1,223,269)
Stock-based compensation    5,625 5,625     5,625
Distributions declared to common stockholders    (91,825)   (91,825)   (91,825)
Net loss    (536,174)   (536,174) (111) (536,285)
Balance, at Sep. 30, 2014 $ 18,794 $ 15,089,345 $ 15,698,550 $ (627,999) $ 1,867 $ 15,091,212
Balance, shares at Sep. 30, 2014 1,879,439          
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Acquired Intangible Assets, Net
9 Months Ended
Sep. 30, 2014
Acquired Intangible Assets, Net [Abstract]  
Acquired Intangible Assets, Net

Note 4 Acquired Intangible Assets, Net

Acquired intangible assets, net, which are included in real estate in the accompanying condensed consolidated balance sheets, consisted of the following as of September 30, 2014 (amounts are rounded):

 

 

 

 

 

 

 

 

September 30, 2014

 

In-place leases, net of accumulated amortization of $14,000 (with a weighted average remaining life of 10.8 years)

 

$

704,000 

 

 

 

$

704,000 

 

 

 

 

 

 

 

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Organization and Business Operations (Details) (USD $)
4 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 4 Months Ended 0 Months Ended
Sep. 30, 2014
Sep. 30, 2014
May 29, 2014
item
Sep. 30, 2014
Offering [Member]
May 29, 2014
Offering [Member]
Sep. 30, 2014
Class A shares [Member]
Common Stock [Member]
May 29, 2014
Class A shares [Member]
Offering [Member]
Sep. 30, 2014
Class A shares [Member]
Offering [Member]
Common Stock [Member]
May 29, 2014
Class T shares [Member]
Offering [Member]
Sep. 30, 2014
Class A and T shares [Member]
Offering [Member]
Jan. 31, 2013
Carter Validus REIT Management Company II, LLC [Member]
Class A shares [Member]
Private Placement [Member]
Common Stock [Member]
Organization and Business Operations [Line Items]                      
Company owned interest in Operating Partnership   99.99%                  
Advisor owned interest in Operating Partnership   0.01%                  
Issuance of common stock, shares           1,857,228         20,000
Common stock offering, price per share             $ 10.00   $ 9.574   $ 10.00
Issuance of common stock   $ 18,236,821       $ 18,572         $ 200,000
Number of general partnership units held by the Company 20,000 20,000                  
Common stock offering including DRIP, value         2,350,000,000            
Common stock offering, value         2,250,000,000            
Common stock offering pursuant to DRIP, value         100,000,000            
Number of classes of common stock     2                
Subscriptions required to break escrow, minimum       2,000,000              
Issuance of common stock, shares (including shares of common stock issued pursuant to the DRIP)               1,859,000      
Proceeds from issuance of common stock (including DRIP), gross               18,258,000      
Selling commissions and dealer-manager fees 1,523,000 1,522,835                   
Other offering costs 1,223,000 1,223,269                   
Common stock remaining in the offering, value                   $ 2,331,742,000  
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Sep. 30, 2014
Sep. 30, 2014
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Jul. 31, 2014
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Credit Facility [Line Items]                  
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Credit facility, maturity date   Jul. 31, 2017              
Credit facility, number of maturity extension date periods   1              
Credit facility, available extension period   12 months              
Margin percentage added to variable rate basis       2.00% 1.00%   3.25% 2.25%  
Per annum rate fee percentage for unused portion of lenders' commitments     0.20%     0.30%      
Threshold percentage for fee on unused portion of lenders' commitments   50.00%              
Borrowing base availability   2,893,000              
Maximum principal amount after available increase   300,000,000              
Proceeds from credit facility 2,892,500               2,893,000
Pay down of credit facility 2,892,500                
Borrowing base remaining   $ 2,893,000              
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9 Months Ended
Sep. 30, 2014
Summary of Significant Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Assets by Class

 

 

 

Buildings and improvements

  

15 – 40 years

Tenant improvements

  

Shorter of lease term or expected useful life

Tenant origination and absorption costs

  

Remaining term of related lease

Furniture, fixtures, and equipment

  

3 – 10 years