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REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Schedule of real estate properties acquired

During the nine months ended September 30, 2015, the Company acquired the following properties ($ in thousands):

Acquisition Date		Type		Primary Location(s)		Purchase Price				Ownership Interest (1)
January 2015		Net Lease		Jacksonville, NC		$	7,877			100.0%
January 2015		Net Lease		Iberia, MO		1,328				100.0%
January 2015		Net Lease		Isle, MN		1,078				100.0%
January 2015		Net Lease		Pine Island, MN		1,142				100.0%
January 2015		Net Lease		Kings Mountain, NC		21,241				100.0%
February 2015		Net Lease		Village of Menomonee Falls, WI		17,050				100.0%
February 2015		Net Lease		Rockland, MA		7,316				100.0%
February 2015		Net Lease		Crawfordsville, IA		6,000				100.0%
February 2015		Net Lease		Boardman Township, OH		5,400				100.0%
March 2015		Net Lease		Hilliard, OH		6,384				100.0%
March 2015		Net Lease		Weathersfield Township, OH		5,200				100.0%
March 2015		Net Lease		Rotterdam, NY		12,000				100.0%
March 2015		Net Lease		Wheaton, MO		970				100.0%
March 2015		Net Lease		Paynesville, MN		1,254				100.0%
March 2015		Net Lease		Loveland, CO		5,600				100.0%
March 2015		Net Lease		Battle Lake, MN		1,098				100.0%
March 2015		Net Lease		Yorktown, TX		1,207				100.0%
March 2015		Net Lease		St. Francis, MN		1,117				100.0%
May 2015		Net Lease		Red Oak, IA		1,185				100.0%
May 2015		Net Lease		Zapata, TX		1,150				100.0%
June 2015		Net Lease		Aurora, MN		952				100.0%
June 2015		Net Lease		Canyon Lake, TX		1,377				100.0%
June 2015		Net Lease		Wheeler, TX		1,075				100.0%
June 2015		Other		Grand Rapids, MI		9,300				97.0%
June 2015		Other		Grand Rapids, MI		6,300				97.0%
June 2015		Net Lease		Bridgeport, IL		1,186				100.0%
June 2015		Net Lease		Peoria, IL		1,226				100.0%
June 2015		Net Lease		Pleasanton, TX		1,316				100.0%
June 2015		Other		Wayne, NJ		9,700				100.0%
June 2015		Net Lease		Warren, MN		1,055				100.0%
June 2015		Net Lease		Tremont, IL		1,150				100.0%
August 2015		Net Lease		Ponce, Puerto Rico		8,900				100.0%
August 2015		Net Lease		Effingham County, IL		1,195				100.0%
August 2015		Net Lease		Lebanon, MI		1,200				100.0%
August 2015		Net Lease		Minot, ND		6,644				100.0%
August 2015		Net Lease		Floresville, TX		1,251				100.0%
August 2015		Net Lease		Kerrville, TX		1,174				97.0%
September 2015		Net Lease		De Soto, IL		1,066				97.0%
September 2015		Net Lease		Biscoe, NC		1,216				100.0%
September 2015		Net Lease		Moultrie, GA		1,305				100.0%
September 2015		Net Lease		Rose Hill, NC		1,420				100.0%
September 2015		Net Lease		Rockingham, NC		1,158				100.0%
Totals						$	166,763

(1) Properties were consolidated as of acquisition date.

The purchase prices were allocated to the net assets acquired during the nine months ended September 30, 2015, as follows ($ in thousands):

		Purchase Price Allocation
Land		$	21,794
Building		129,032
Intangibles		15,937
Total purchase price		$	166,763

The Company recorded $3.9 million and $7.9 million in revenues from its 2015 acquisitions for the three and nine months ended September 30, 2015, respectively, which are included in operating lease income on the combined consolidated statements of income.

During the nine months ended September 30, 2014, the Company acquired the following properties ($ in thousands):

Acquisition Date		Type		Primary Location(s)		Purchase Price				Ownership Interest (1)
August 2014		Net Lease		O'Fallon, IL		$	8,000			100.0%
August 2014		Net Lease		El Centro, CA		4,277				100.0%
August 2014		Other		Richmond, VA		19,850				77.5%
August 2014		Net Lease		Conyers, GA		32,530				100.0%
September 2014		Other		St. Paul, MN		62,340				97.0%
Totals						$	126,997

(1) Properties were consolidated as of acquisition date.

The purchase prices were allocated to the net assets acquired during the nine months ended September 30, 2014, as follows ($ in thousands):

		Purchase Price Allocation
Land		$	17,886
Building		82,233
Intangibles		26,878
Total purchase price		$	126,997

Schedule of properties sold

The Company sold the following properties during the nine months ended September 30, 2015 ($ in thousands):

Sales Date		Type		Primary Location(s)		Net Sales Proceeds				Net Book Value				Realized Gain/(Loss)				Properties			Units
May 2015		Net Lease		Plattsmouth, NE		$	8,440			$	7,983			$	457			1			—
May 2015		Net Lease		Worthington, MN		8,793				8,321				472				1			—
May 2015		Net Lease		Loveland, CO		6,249				5,600				649				1			—
Sep 2015		Net Lease		Village of Menomonee Falls, WI		18,186				16,827				1,359				1			—
Various		Condominium		Las Vegas, NV		31,997				18,617				13,380				—			72
Various		Condominium		Miami, FL		22,301				17,271				5,030				—			74
Totals						$	95,966			$	74,619			$	21,347

The Company sold the following properties during the nine months ended September 30, 2014 ($ in thousands):

Sales Date		Type		Primary Location(s)		Net Sales Proceeds				Net Book Value				Realized Gain/(Loss)				Properties			Units
May 2014		Net Lease		Tilton, NH		$	8,432			$	6,743			$	1,689			1			—
Jun 2014		Other		Richmond, VA		16,793				15,642				1,151				1			—
Sep 2014		Net Lease		Yulee, FL		1,436				1,246				190				1			—
Sep 2014		Net Lease		Middleburg, FL		1,262				1,077				185				1			—
Sep 2014		Net Lease		Jonesboro, AR		9,413				8,016				1,397				1			—
Sep 2014		Net Lease		Mt. Juliet, TN		10,167				8,724				1,443				1			—
Various		Condominium		Las Vegas, NV		46,213				30,035				16,178				—			96
Various		Condominium		Miami, FL		9,746				7,754				1,992				—			34
Totals						$	103,462			$	79,237			$	24,225

Summary of income from the properties sold

The following table summarizes income from the properties sold or classified as held for sale during the nine months ended September 30, 2015, for the three and nine months ended September 30, 2015 and 2014 ($ in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2015				2014				2015				2014
Operating lease income	$	1,663			$	1,304			$	5,517			$	4,687
Tenant recoveries	1,348				1,233				3,806				3,228
Depreciation and amortization	(32		)		(1,067		)		(1,962		)		(3,176		)
Income from properties sold	$	2,979			$	1,470			$	7,361			$	4,739

The following table summarizes income from the properties sold or classified as held for sale during the nine months ended September 30, 2014, for the three and nine months ended September 30, 2014 ($ in thousands):

	Three Months Ended September 30, 2014				Nine Months Ended September 30, 2014
Operating lease income	$	469			$	2,682
Tenant recoveries	—				278
Depreciation and amortization	(14		)		(1,223		)
Income from properties sold	$	455			$	1,737

Schedule of unaudited pro forma information

The unaudited pro forma combined consolidated financial information reflects the 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013 and the 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014. 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. ($ in thousands)

	Three Months Ended September 30, 2015												Nine Months Ended September 30, 2015
	Company Historical				Acquisitions				Consolidated Pro Forma				Company Historical				Acquisitions				Consolidated Pro Forma
Operating lease income	$	20,671			$	240			$	20,911			$	60,207			$	1,077			$	61,284
Net income	2,798				138				2,936				89,458				625				90,083
Net loss attributable to noncontrolling interest in consolidated joint ventures	85				—				85				578				—				578
Net (income) loss attributable to noncontrolling interest in operating partnership	430				(64		)		366				(43,338		)		(292		)		(43,630		)
Net income attributable to Class A common shareholders	3,313				73				3,386				46,698				332				47,030

	Three Months Ended September 30, 2014												Nine Months Ended September 30, 2014
	Company Historical				Acquisitions				Consolidated Pro Forma				Company Historical				Acquisitions				Consolidated Pro Forma
Operating lease income	$	12,810			$	433			$	13,243			$	38,827			$	1,299			$	40,126
Net income	37,176				(183		)		36,993				85,820				307				86,127
Net loss attributable to noncontrolling interest in consolidated joint ventures	306				—				306				451				—				451
Net (income) loss attributable to predecessor unitholders	—				—				—				12,628				—				12,628
Net (income) loss attributable to noncontrolling interest in operating partnership	(22,826		)		86				(22,740		)		(59,086		)		(143		)		(59,229		)
Net income attributable to Class A common shareholders	14,656				(97		)		14,559				39,813				163				39,976

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

The following tables present additional detail related to our real estate portfolio ($ in thousands):

	September 30, 2015				December 31, 2014
Land	$	9,447			$	—
Building	30,429				—
In-place leases and other intangibles	14,516				—
Real estate	54,392				—
Less: Accumulated depreciation and amortization	(5,370		)		—
Real estate held for sale	$	49,022			$	—

	September 30, 2015				December 31, 2014
Land	$	128,446			$	122,458
Building	605,347				569,774
In-place leases and other intangibles	131,252				127,359
Real estate	865,045				819,591
Less: Accumulated depreciation and amortization	(73,468		)		(50,605		)
Real estate and related lease intangibles, net	$	791,577			$	768,986

Schedule of depreciation and amortization expense recorded

The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2015				2014				2015				2014
Depreciation expense (1)	$	5,900			$	3,399			$	17,802			$	12,713
Amortization expense	3,633				3,293				11,356				8,150
Total real estate depreciation and amortization expense	$	9,533			$	6,692			$	29,158			$	20,863

(1) Depreciation expense on the combined consolidated statements of income also includes $28,493 and $0.1 million of depreciation on corporate fixed assets for the three months ended September 30, 2015 and 2014, respectively, and $79,904 and $0.4 million of depreciation on corporate fixed assets for the nine months ended September 30, 2015 and 2014, 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 September 30, 2015 ($ in thousands):

Period Ending December 31,		Amount
2015 (last 3 months)		$	5,256
2016		13,271
2017		8,657
2018		7,609
2019		7,346
Thereafter		60,258
Total		$	102,397

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 September 30, 2015 ($ in thousands):

Period Ending December 31,		Amount
2015 (last 3 months)		$	22,651
2016		67,685
2017		63,553
2018		61,015
2019		56,697
Thereafter		529,372
Total		$	800,973

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