SCHEDULE III – Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

									Gross Amount
									at Which
			Initial Costs to Company				Total		Carried At		Accumulated
					Buildings &		Adjustment		December 31, 2012		Depreciation		Date	Date
Description (a)		Encumbrances	Land		Improvements		to Basis		(b) (c)		(d) (e)		Acquired	Constructed
Real Estate Held for Investment the Company has Invested in Under Operating Leases
Advance Auto:
	Macomb Township, MI	(f)	$	718,120	$	1,145,823	$	—	$	1,863,943	$	32,256	12/20/2011	2009
CVS:
	Austin, TX	(f)	1,416,853		1,579,318		—		2,996,171		42,869		12/8/2011	1997
	Erie, PA	(f)	1,007,152		1,157,106		—		2,164,258		30,936		12/9/2011	1999
	Mansfield, OH	(f)	269,662		1,690,964		—		1,960,626		45,145		12/9/2011	1998
Dollar General:
	Berwick, LA	(f)	141,433		1,448,425		—		1,589,858		6,299		11/30/2012	2012
The Parke:
	San Antonio, TX	(f)	6,911,678		148,057		170,820		7,230,555		9,979		12/9/2011	2008
Tractor Supply:
	Brunswick, GA	(f)	437,809		2,267,578		—		2,705,387		68,087		12/9/2011	2008
	Lockhart, TX	(f)	464,318		2,046,158		—		2,510,476		59,380		12/8/2011	2008
Walgreens:
	Albuquerque, NM	(f)	789,017		1,609,069		9,626		2,407,712		42,588		12/7/2011	1995
	Reidsville, NC	(f)	609,545		3,800,719		—		4,410,264		102,148		12/8/2011	2008
TOTAL:		(f)	$	12,765,587	$	16,893,217	$	180,446	$	29,839,250	$	439,687

(a) As of December 31, 2012, the Company owned nine single tenant, freestanding retail properties and one multi-tenant retail property.

(b) The aggregate cost for federal income tax purposes is approximately $33.2 million.

(c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2012 and December 31, 2011:

			Year Ended
			December 31, 2012		December 31, 2011
Balance, beginning of period			$	28,068,946	$	—
	Additions
		Acquisitions	1,589,858		28,068,946
		Improvements	180,446		—
	Total additions		1,770,304		28,068,946
	Deductions
		Cost of real estate sold	—		—
	Total deductions		—		—
Balance, end of period			$	29,839,250	$	28,068,946

(d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2012 and December 31, 2011:

			Year Ended
			December 31, 2012		December 31, 2011
Balance, beginning of period			$	17,214	$	—
	Additions
		Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired	419,439		17,214
		Improvements - Depreciation Expense for Tenant Improvements & Building Equipment	3,034		—
	Total additions		422,473		17,214
	Deductions
		Cost of real estate sold	—		—
	Total deductions		—		—
Balance, end of period			$	439,687	$	17,214

(e) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the respective lease term and buildings are depreciated over 40 years.

(f) Part of the Credit Facility’s Borrowing Base. As of December 31, 2012, the Company had $20.6 million outstanding under the Credit Facility.