Real Estate Investments, Net

Property Acquisitions

The following table presents the allocation of the assets acquired and liabilities assumed during the six months ended June 30, 2017 based on contract purchase price and exchange rate at the time of purchase. There were no acquisitions during the six months ended June 30, 2016.



	Six Months Ended
(Dollar amounts in thousands)	June 30, 2017
Real estate investments, at cost:
Land	$	5,443
Buildings, fixtures and improvements	22,131
Total tangible assets	27,574
Intangibles acquired:
In-place leases	4,003
Above market lease assets	47
Below market lease liabilities	(1,334		)
Total assets acquired, net	30,290
Mortgage notes payable used to acquire real estate investments	—
Cash paid for acquired real estate investments	$	30,290
Number of properties purchased	3

Dispositions

As of June 30, 2017 and December 31, 2016, the Company did not have any properties that were classified as assets held for sale. The Company did not sell any real estate assets during the three months ended June 30, 2017 or during the three and six months ended June 30, 2016. During the six months ended June 30, 2017, the Company sold its property located in Fort Washington, Pennsylvania for a total contract sales price of $13.0 million resulting in a gain of $0.4 million, which is reflected in (losses) gains on dispositions of real estate investments in the accompanying consolidated statements of operations for the six months ended June 30, 2017. Also included in (losses) gains on dispositions of real estate investments is $0.6 million reduction in the Gain Fee (defined below) payable to the Advisor, which was estimated and accrued for the year ended December 31, 2016, as a result of reinvestments during the six months ended June 30, 2017 (see Note 11 — Related Party Transactions for details) and a $0.1 million reduction to gain on disposition associated with a property sold in 2016 related post-closing settlement of deferred rent.

Future Minimum Rents

The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of June 30, 2017. 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 ⁽¹⁾
2017 (remainder)	$	118,259
2018	238,770
2019	241,714
2020	244,624
2021	242,628
2022	233,032
Thereafter	833,697
	$	2,152,724

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⁽¹⁾	Assumes exchange rates of £1.00 to $1.30 for GBP and €1.00 to $1.14 for Euro as of June 30, 2017 for illustrative purposes, as applicable.

There were no 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 as of June 30, 2017 and 2016.

The following table lists the countries and 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 June 30, 2017 and 2016.



	June 30,
Country or State	2017	2016
United Kingdom	22.2%	17.6%
United States and Puerto Rico:
Texas	*	11.6%
United States and Puerto Rico	49.1%	50.0%

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*	Annualized rental income on a straight-line basis was not 10% or greater of total annualized rental income as of the period specified.