Acquisitions (Tables)

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

A summary of the Company’s acquisitions for the six months ended June 30, 2013 is as follows:

		Metropolitan				Building				Gross
		Statistical	Acquisition	Number of		Square		Land		Purchase		Lease
Property Type	Location	Area (MSA)	Date	Buildings		Feet		Acres		Price		Expiration
Q1 2013 acquisitions
Warehouse/Industrial (1)	Olive Branch, Mississippi	Memphis, Tennessee	3/11/2013		1		605,000		43	$	24,650	December 2022
Warehouse/Industrial (1)	Garland, Texas	Dallas, Texas	3/19/2013		1		342,000		20		10,700	October 2032
Cross-Dock Truck Terminal (1)	East Brunswick, New Jersey	New York, New York	3/28/2013		1		34,000		16		11,650	January 2019
Total Q1 2013 acquisitions					3		981,000		79		47,000
Q2 2013 acquisitions
Cross-Dock Truck Terminal (1)	Atlanta, Georgia	Atlanta, Georgia	5/6/2013		1		130,000		38		7,850	May 2020
Warehouse/Industrial (1)	Bellmawr, New Jersey	Philadelphia, Pennsylvania	5/30/2013		1		62,000		4		4,175	October 2020
Build-to-Suit (1),(2)	Hialeah Gardens, Florida	Miami, Florida	5/30/2013		-		-		9		5,000	N/A
Bank Branch (3)	Emmaus, Pennsylvania	Allentown, Pennsylvania	6/6/2013		1		4,800		-		1,610	February 2019
Bank Branch (3)	Calabash, North Carolina	Wilmington, North Carolina	6/6/2013		1		2,000		-		610	December 2018
Cross-Dock Truck Terminal (3)	Deer Park, New York	New York, New York	6/18/2013		1		18,000		5		3,900	December 2019
Cross-Dock Truck Terminal (3)	Elkridge, Maryland	Baltimore, Maryland	6/19/2013		1		34,000		11		5,900	May 2019
Cross-Dock Truck Terminal (3)	Houston, Texas	Houston, Texas	6/26/2013		3		102,000		33		6,914	May 2019
Cross-Dock Truck Terminal (3)	Orlando, Florida	Orlando, Florida	6/26/2013		1		46,000		15		5,036	January 2019
Specialty Asset (3),(4)	Hutchins, Texas	Dallas, Texas	6/27/2013		3		196,000		175		58,500	July 2029
Warehouse/Industrial (3)	Logan Twp., New Jersey	Philadelphia, Pennsylvania	6/28/2013		1		70,000		11		11,725	May 2028
Total Q2 2013 acquisitions					14		664,800		301		111,220
Total 2013 acquisitions					17		1,645,800		380	$	158,220

⁽¹⁾ The Company analyzed the fair value of the leases and real estate assets of these investments; and, accordingly, the purchase price allocation is finalized. The current allocation of the assets includes $50,272 of net real estate assets, $9,730 of intangible assets and $3,679 of intangible liabilities. The Company had measurement period adjustments for the acquisitions that were completed in first quarter of 2013, but where the purchase price allocation was completed in the second quarter, resulting in a reallocation of $4,207 in net intangible assets and liabilities from real estate assets.

⁽²⁾ The build-to-suit property located in Hialeah Gardens, Florida is a commitment to construct a 120,000 square foot cold storage facility which will be 100% leased for an initial term of 25 years when completed in the second quarter of 2014. The Company acquired the land for the property with a $4,990 zero-coupon mortgage note payable to the seller. Total costs are expected to be approximately $25,000, of which the unfunded amounts were estimated to be $23,158 at June 30, 2013.

⁽³⁾ The Company is currently analyzing the fair value of the lease and real estate assets; and accordingly, the purchase price allocation is preliminary and subject to change. The initial recording of the assets included $97,200 of real estate assets.

⁽⁴⁾ The Specialty Asset located in Hutchins, Texas is an auto auction facility encumbered with a mortgage of $26,322, with a fair value of $29,385, and capitalized loan assumption costs of $263.

A summary of the Company’s acquisitions for the year ended December 31, 2012 is as follows:

Metropolitan

Building

Gross

Statistical

Acquisition

Number of

Square

Purchase

Lease

Property Type

Location

Area

Date

Buildings

Feet

Acres

Price

Expiration

Q4 2012 acquisitions

Warehouse/Industrial

Mt. Comfort, Indiana

Indianapolis, Indiana

11/20/2012

1

294,000

13

$

12,035

September 2021 December 2018

Warehouse/Industrial

Greenwood, Indiana

Indianapolis, Indiana

11/20/2012

1

245,000

21

15,090

July 2024

Total Q4 2012 acquisitions

2

539,000

34

27,125

Total 2012 acquisitions

2

539,000

34

$

27,125

Business Acquisition, Pro Forma Information [Table Text Block]

The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods. 

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013		2012
Pro forma revenues	$	18,318		$	13,603		$	30,748	$	25,923
Pro forma net income (loss) available to common stockholders	$	(4,965	)	$	(20,950	)	$	388,953	$	(22,543	)
Pro forma earnings per common share-basic	$	(0.08	)	$	(0.41	)	$	6.63	$	(0.44	)
Pro forma earnings per common share-diluted	$	(0.08	)	$	(0.41	)	$	6.63	$	(0.44	)
Pro forma common shares-basic		58,605,219			50,759,306			58,641,447		50,739,482
Pro forma common share-diluted		58,605,219			50,759,306			58,641,447		50,739,482