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Real Estate Acquisitions

3 Months Ended

Mar. 31, 2012

Note 6 - Real Estate Acquisitions

The following chart details the Company’s real estate acquisitions during the three months ended March 31, 2012:

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

Urban Outfitters store, Lawrence, Kansas	February 7, 2012	$	1,230,000	$	9,000

Three Applebee’s restaurants, Carrollton, Kennesaw and Cartersville, Georgia	March 12, 2012	8,568,000		26,000

Other		—		8,000

		$	9,798,000	$	43,000

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

All of the properties purchased by the Company during the three months ended March 31, 2012 were purchased for cash (utilizing available cash and our line of credit), are 100% occupied and are each leased to a single tenant pursuant to a long term net lease.

As a result of these acquisitions, the Company recorded intangible lease assets of $2,733,000 and intangible lease liabilities of $11,000, representing the value of the acquired leases and origination costs. As of March 31, 2012, the weighted average amortization period for the 2012 acquisitions is 18.9 years for the intangible lease assets and 9.0 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 12) 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 March 31, 2012; therefore, these allocations are preliminary and subject to change.