REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of real estate properties acquired

During the year ended December 31, 2014, the Company acquired the following properties ($ in thousands):



					Purchase Price Allocation
Acquisition Date	Type	Primary Location(s)	Purchase Price		Land		Building		Intangibles			Properties	Ownership Interest (1)

Aug 2014	Retail	O'Fallon, IL	$	8,001	$	2,488	$	5,388	$	125		1	100.0%
Aug 2014	Retail	El Centro, CA	4,277		569		3,133		575			1	100.0%
Aug 2014	Office	Richmond, VA	19,850		4,539		12,633		2,678			7	77.5%	(2)
Aug 2014	Industrial	Conyers, GA	32,530		876		27,396		4,258			1	100.0%
Sep 2014	Office	St. Paul, MN	62,340		9,415		33,682		19,243			4	97.0%	(2)
Oct 2014	Retail	Bennett, CO	3,522		470		2,503		549			1	100.0%
Oct 2014	Retail	Memphis, TN	5,310		1,986		2,800		524			1	100.0%
Nov 2014	Retail	Ankemy, IA	16,510		3,180		10,513		2,817			1	100.0%
Nov 2014	Retail	Springfield, MO	11,675		3,658		6,296		1,721			1	100.0%
Nov 2014	Retail	Sheldon, IA	4,300		633		3,053		614			1	100.0%
Nov 2014	Retail	Cedar Rapid, IA	11,000		1,569		7,553		1,878			1	100.0%
Nov 2014	Retail	Fairfield, IA	10,695		1,132		7,779		1,784			1	100.0%
Nov 2014	Retail	Muscatine, IA	7,150		1,060		6,636		(546		)	1	100.0%
Nov 2014	Retail	Owatonna, MN	9,969		1,398		7,125		1,446			1	100.0%
Nov 2014	Retail	Bellport, NY	18,100		3,601		12,465		2,034			1	100.0%
Nov 2014	Retail	Woodland Park, CO	3,969		668		2,681		620			1	100.0%
Nov 2014	Retail	Evansville, IN	9,000		1,788		6,348		864			1	100.0%
Dec 2014	Retail	Plattsmouth, NE	7,979		1,446		5,220		1,313			1	100.0%
Dec 2014	Retail	Worthington, MN	8,320		1,432		5,510		1,378			1	100.0%
Totals			$	254,497	$	41,908	$	168,714	$	43,875

(1) Properties were consolidated as of acquisition date.

(2) See Note 12 for further information regarding noncontrolling interests.

During the year ended December 31, 2013, the Company acquired the following properties ($ in thousands):



					Purchase Price Allocation
Acquisition Date	Type	Primary Location(s)	Purchase Price		Land		Building		Intangibles		Properties		Ownership Interest (1)

Jan 2013	Retail	Durant, OK	$	4,991	$	594	$	3,900	$	497	1		100.0%
Feb 2013	Office	Southfield, MI	18,000		1,147		7,707		9,146		1		90.0%	(2)
Jun 2013	Office	Richmond, VA	134,999		15,904		99,375		19,720		14		77.5%	(2)
Oct 2013	Office	Minneapolis, MN	51,278		9,447		27,811		14,020		1		90.0%	(2)
Nov 2013	Condominium	Miami, FL	80,000		10,487		67,895		1,618		1	(3)	100.0%
Totals			$	289,268	$	37,579	$	206,688	$	45,001

(1) Properties were consolidated as of acquisition date.

(2) See Note 12 for further information regarding noncontrolling interests.

(3) The Company acquired the property as a multi-family building and subsequently converted the apartments into 324 condominium units.

During the year ended December 31, 2012, the Company acquired the following properties ($ in thousands):



					Purchase Price Allocation
Acquisition Date	Type	Primary Location(s)	Purchase Price		Land		Building		Intangibles		Properties		Ownership Interest (1)

Feb 2012	Retail	Pittsfield, MA	14,701		1,801		11,556		1,344		1		100.0%
Mar 2012	Retail	Various	29,674		6,465		23,209		—		5		100.0%
Mar 2012	Retail	Various	16,626		3,910		12,716		—		3		100.0%
Mar 2012	Retail	Various	23,109		2,875		20,234		—		4		100.0%
Mar 2012	Retail	Millbrook, AL	6,942		970		5,972		—		1		100.0%
Apr 2012	Retail	Columbia, SC	7,800		2,148		4,629		1,023		1		100.0%
Apr 2012	Retail	Snellville, GA	8,000		1,293		5,724		983		1		100.0%
Apr 2012	Retail	Greenwood, AR	5,147		1,038		3,415		694		1		100.0%
Apr 2012	Retail	Middleburg, FL	1,177		184		789		204		1		100.0%
Apr 2012	Retail	Satsuma, FL	1,092		79		821		192		1		100.0%
May 2012	Retail	Greenwood, SC	4,962		1,350		3,612		—		1		100.0%
May 2012	Retail	Orange City, FL	1,317		229		853		235		1		100.0%
Jul 2012	Retail	Yulee, FL	1,339		329		781		229		1		100.0%
Aug 2012	Retail	DeLeon Springs, FL	1,242		239		782		221		1		100.0%
Sep 2012	Retail	North Dartsmouth, MA	29,965		7,033		19,745		3,187		1		100.0%
Sep 2012	Retail	Mooresville, NC	17,643		2,615		12,462		2,566		1		100.0%
Sep 2012	Retail	Saratoga Springs, NY	20,223		748		13,937		5,538		1		100.0%
Sep 2012	Retail	Sennett, NY	7,475		1,147		4,480		1,848		1		100.0%
Sep 2012	Retail	Tilton, NH	7,256		1,476		4,888		892		1		100.0%
Sep 2012	Retail	Vineland, NJ	22,506		1,482		17,742		3,282		1		100.0%
Sep 2012	Retail	Waldorf, MD	18,803		4,933		11,684		2,186		1		100.0%
Oct 2012	Retail	Jonesboro, AR	8,400		2,615		4,460		1,325		1		100.0%
Nov 2012	Retail	Mt. Juliet, TN	9,100		2,739		4,854		1,507		1		100.0%
Dec 2012	Retail	Wichita, KS	7,200		1,187		4,850		1,163		1		100.0%
Dec 2012	Retail	Abingdon, VA	4,688		682		3,733		273		1		100.0%
Dec 2012	Retail	Ooltewah, TN	5,703		903		3,957		843		1		100.0%
Dec 2012	Retail	Palmview, TX	6,819		938		4,837		1,044		1		100.0%
Dec 2012	Condominium	Las Vegas, NV	119,000		4,900		114,100		—		—	(3)	98.8%	(2)
Dec 2012	Retail	Aiken, SC	5,926		1,588		3,480		858		1		100.0%
Dec 2012	Retail	Johnson City, TN	5,262		916		3,607		739		1		100.0%
Dec 2012	Retail	Mt. Airy, NC	4,493		729		3,353		411		1		100.0%
Dec 2012	Retail	Gallatin, TN	5,061		1,724		2,616		721		1		100.0%
Totals			$	428,651	$	61,265	$	333,878	$	33,508

(1) Properties were consolidated as of acquisition date.

(2) See Note 12 for further information regarding noncontrolling interests.

(3) The Company acquired an inventory of 427 condominium units.

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

The Company sold the following properties during the year ended December 31, 2014 ($ in thousands):



Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)		Properties	Units

May 2014	Retail	Tilton, NH	$	8,432	$	6,743	$	1,689	1	1
Jun 2014	Office	Richmond, VA	16,754		15,643		1,111		1	1
Sep 2014	Retail	Yulee, FL	1,436		1,246		190		1	1
Sep 2014	Retail	Middleburg, FL	1,262		1,077		185		1	1
Sep 2014	Retail	Jonesboro, AR	9,413		8,016		1,397		1	1
Sep 2014	Retail	Mt. Juliet, TN	10,168		8,724		1,444		1	1
Various	Condominium	Las Vegas, NV	52,976		33,925		19,051		—	113
Various	Condominium	Miami, FL	23,003		18,310		4,693		—	72
Totals			$	123,444	$	93,684	$	29,760

The Company sold the following properties during the year ended December 31, 2013 ($ in thousands):



Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)		Properties	Units

Various	Condominium	Las Vegas, NV	$	36,930	$	23,365	$	13,565	—	94

The Company sold the following properties during the year ended December 31, 2012 ($ in thousands):



Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)			Properties	Units

Mar 2012	Retail	Various	$	30,304	$	29,674	$	630		5	5
Mar 2012	Retail	Various	16,944		16,626		318			3	3
Mar 2012	Retail	Various	23,635		23,109		526			4	4
Nov 2012	Retail	Greenwood, SC	4,763		4,962		(199		)	1	1
Totals			$	75,646	$	74,371	$	1,275

Summary of income from the properties sold

The following table summarizes income from the properties sold during the years ended December 31, 2014, 2013 and 2012:



	Year Ended December 31,
	2014			2013			2012

Operating lease income	$	3,377,079		$	4,781,046		$	787,211
Tenant recoveries	277,792			295,385			—
Depreciation and amortization	(2,211,792		)	(1,803,878		)	(272,202		)
Income from properties sold	$	1,443,079		$	3,272,553		$	515,009

Schedule of unaudited pro forma information

The unaudited pro forma combined consolidated financial information reflects the 2013 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2012 and 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations.



	Year Ended December 31, 2014
	Company Historical			Acquisitions			Consolidated Pro Forma

Operating lease income	$	56,649,278		$	20,079,460		$	76,728,738
Net income	97,626,251			5,222,032			102,848,283
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	368,670			256,930			625,600
Net (income) loss attributable to predecessor unitholders	12,628,031			—			12,628,031
Net (income) loss attributable to noncontrolling interest in operating partnership	(66,436,274		)	(2,684,691		)	(69,120,965		)
Net income attributable to Class A common shareholders	44,186,678			2,794,271			46,980,949



	Year Ended December 31, 2013
	Company Historical		Acquisitions			Consolidated Pro Forma

Operating lease income	$	37,394,416	$	34,184,780		$	71,579,196
Net income	188,733,086		4,880,518			193,613,604
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	1,098,150		(107,046		)	991,104
Net income attributable to preferred and common unit holders	189,831,236		95,469			189,926,705



	Year Ended December 31, 2012
	Company Historical		Acquisitions			Consolidated Pro Forma

Operating lease income	$	8,331,338	$	34,387,525		$	42,718,863
Net income	169,454,280		5,030,503			174,484,783
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	49,084		(1,160,377		)	(1,111,293		)
Net income attributable to preferred and common unit holders	169,503,364		3,870,126			173,373,490

Schedule of additional detail related to the entity's real estate portfolio

The following table presents additional detail related to our real estate portfolio:



	December 31, 2014			December 31, 2013

Land	$	122,458,226		$	91,609,368
Building	569,773,422			474,301,322
In-place leases and other intangibles	127,359,203			83,909,105
Real estate	819,590,851			649,819,795
Less: Accumulated depreciation and amortization	(50,604,658		)	(25,600,780		)
Real estate and related lease intangibles, net	$	768,986,193		$	624,219,015

Schedule of depreciation and amortization expense recorded

The following table presents depreciation and amortization expense on real estate recorded by the Company:



	Year Ended December 31,
	2014		2013		2012

Depreciation expense (1)	$	18,034,142	$	13,150,757	$	1,148,419
Amortization expense	10,237,716		7,816,507		1,944,892
Total real estate depreciation and amortization expense	$	28,271,858	$	20,967,264	$	3,093,311


(1)	Depreciation expense on the combined consolidated statements of income also includes $175,579, $547,308 and $547,308 of depreciation on corporate fixed assets for the years ended 2014, 2013 and 2012, respectively.

Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned

The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of December 31, 2014:



Year Ended December 31,	Amount

2015	$	14,821,524
2016	12,924,316
2017	9,876,406
2018	7,807,079
2019	7,509,205
Thereafter	47,112,706
Total	$	100,051,236

Schedule of contractual future minimum rent under leases

The following is a schedule of contractual future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at December 31, 2014:



Year Ended December 31,	Amount

2015	$	65,109,827
2016	57,963,866
2017	54,677,652
2018	51,925,456
2019	47,282,871
Thereafter	405,026,328
Total	$	681,986,000

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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