Real Estate Investments
 11 Months Ended
Dec. 31, 2013
Real Estate Investments, Net [Abstract]  
Real Estate Investments
Real Estate Investments
The following table presents the allocation of assets acquired and liabilities assumed during the period from January 22, 2013 (date of inception) to December 31, 2013:
(Dollar amounts in thousands)
 
Period from January 22, 2013 (date of inception) to December 31, 2013
Real estate investments, at cost:
 
 
Land
 
$
147,899

Buildings, fixtures and improvements
 
868,700

Total tangible assets
 
1,016,599

Acquired intangibles:
 
 
In-place leases
 
130,093

Above-market lease assets
 
380

Below-market lease liabilities
 
(931
)
Total intangibles
 
129,542

Total assets acquired, net
 
1,146,141

Mortgage note payable assumed
 
(8,830
)
Premium on mortgage assumed
 
(334
)
Real estate investments financed through accounts payable
 
(9,902
)
Cash paid for acquired real estate investments, at cost
 
$
1,127,075

Number of properties purchased
 
239


Real estate investments, at cost of $795.2 million have been provisionally assigned to land, buildings, fixtures and improvements and in-place lease intangibles pending receipt of the final appraisals and/or other information being prepared by a third-party specialist.
The following table presents unaudited pro forma information as if the acquisitions during the period from January 22, 2013 (date of inception) to December 31, 2013 had been consummated on January 22, 2013 (date of inception):
(In thousands)
 
Period from January 22, 2013 (date of inception) to December 31, 2013
Pro forma revenues
 
$
89,817

Pro forma net income
 
$
4,442


As of December 31, 2013, the Company had deposits for potential acquisitions of $33.0 million which are included in prepaid expenses and other assets on the accompanying consolidated balance sheet.
The following table presents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter.  These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.
(In thousands)
 
Future Minimum
Base Rent Payments
2014
 
$
81,876

2015
 
83,052

2016
 
83,961

2017
 
84,826

2018
 
81,738

Thereafter
 
647,578

 
 
$
1,063,031


The following table lists the tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all portfolio properties as of December 31, 2013: 
Tenant
 
December 31, 2013
Americold
 
14.5
%
Merrill Lynch
 
14.5
%

The termination, delinquency or non-renewal of leases by one or more of the above tenants may have a material adverse effect on revenues. No other tenant represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2013.
The following table lists the states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2013: 
State
 
December 31, 2013
Georgia
 
14.7
%
New Jersey
 
15.1
%

The Company did not own properties in any other state that in total represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2013.
Inland Portfolio Acquisition
On August 8, 2013 the Company's Sponsor entered into an equity interest purchase agreement (the "Agreement") with Inland American Real Estate Trust, Inc. ("Inland") for the purchase and sale of the equity interests of 67 entities owned by Inland for an aggregate contract purchase price of approximately $2.3 billion, subject to adjustments set forth in the Agreement and exclusive of closing costs. Of the 67 entities, the equity interests of 42 entities (the "Inland Portfolio") will be acquired by the Company from Inland for a purchase price of approximately $1.5 billion, subject to adjustments set forth in the Agreement and exclusive of closing costs, which was allocated to the Company based on the pro-rata fair value of the Inland Portfolio relative to the fair value of all 67 companies to be acquired by the Company and other entities sponsored directly or indirectly by the Company's Sponsor from Inland. The Inland Portfolio is comprised of 244 properties. As of December 31, 2013, the Company had closed on 48 of the 244 properties for a total purchase price of $507.3 million, exclusive of closing costs. As of March 6, 2014, the Company has closed on 83 of the 244 properties for a total purchase price of $768.8 million.