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Real Estate Acquisitions | 9 Months Ended
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Sep. 30, 2012
Real Estate Acquisitions |
Real Estate Acquisitions |
Note 6 - Real Estate Acquisitions The following chart details the Company’s real estate acquisitions during the nine months ended September 30, 2012.
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment |  | Third Party Real Estate Acquisition Costs (a) |
Urban Outfitters retail store, Lawrence, Kansas |  | February 7, 2012 |  | $ | 1,230,000 |  | Cash |  | $ | 21,000 |
Three Applebee’s restaurants, Carrollton, Kennesaw and Cartersville, Georgia |  | March 12, 2012 |  | 8,568,000 |  | Cash |  | 81,000 |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey |  | April 24, 2012 |  | 2,200,000 |  | Cash and $2,040,000 mortgage (b) |  | — | (c)
Applebee’s restaurant, Lawrenceville, Georgia |  | May 17, 2012 |  | 2,340,000 |  | Cash |  | 18,000 |
Other (d) |  |  |  | — |  |  |  | 139,000 |
|  |  |  | $ | 14,338,000 |  |  |  | $ | 259,000 |
(a) Expensed in the accompanying consolidated statements of income. (b) The mortgage bears interest at 5% per annum through April 2017 and matures May 2022. (c) Owned by a consolidated joint venture in which the Company has a 95% interest. The noncontrolling interest contributed $68,000 for its 5% equity interest. Transaction costs of $90,000 incurred with this asset acquisition were capitalized. (d) Costs incurred for potential acquisitions. All of the properties purchased by the Company during 2012 are 100% occupied and are each leased to a single tenant pursuant to a long term net lease. As a result of the 2012 purchases, the Company recorded intangible lease assets of $3,487,000 and intangible lease liabilities of $11,000, representing the value of the acquired leases and origination costs. As of September 30, 2012, the weighted average amortization period for the 2012 acquisitions is 18.5 years for the intangible lease assets and 8.5 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 April and May 2012; therefore, these allocations are preliminary and subject to change.

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