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Real Estate Acquisitions

9 Months Ended

Sep. 30, 2011

Note 6 - Real Estate Acquisitions

The following chart details the Company’s real estate acquisitions during the nine months ended September 30, 2011.

Description of Property	Date Acquired	Purchase Price		Third Party Real Estate Acquisition Costs (a)

Big Lots store, Bolingbrook, Illinois	March 4, 2011	$	2,325,000	$	21,300

FedEx Express distribution center, Durham, North Carolina	July 29, 2011	3,975,000		29,900

L.A. Fitness health club, Hamilton, Ohio	August 9, 2011	7,900,000		48,500

Two hhgregg stores, Niles and Crystal Lake, Illinois	September 14, 2011	8,000,000		56,600

Other		—		19,800

		$	22,200,000	$	176,100

(a) Included in the accompanying consolidated statements of income.

All of the properties purchased by the Company in 2011 were purchased for cash (utilizing our line of credit in certain circumstances), are 100% occupied and are each leased to a single tenant pursuant to a long term net lease.

As a result of the 2011 purchases, the Company recorded intangible lease assets of $1,622,000 and intangible lease liabilities of $612,000, representing the value of the acquired leases and origination costs. As of September 30, 2011, the weighted average amortization period for the 2011 acquisitions is 9.3 years for the intangible lease assets and 24.3 years for the intangible lease liabilities. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 15) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for the properties purchased in the three months ended September 30, 2011; therefore, these allocations are preliminary and subject to change.