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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables) | 12 Months Ended
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Dec. 31, 2012
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS |
Schedule of real estate acquisitions | The following chart details the Company's real estate acquisitions during 2012 and 2011 (amounts in thousands):
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 |  | All cash |  | $ | 21 |
Three Applebee's restaurants, Carrollton, Kennesaw and Cartersville, Georgia |  | March 12, 2012 |  |  | 8,568 |  | All cash |  |  | 84 |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey(b) |  | April 24, 2012 |  |  | 2,200 |  | Cash and $2,040 mortgage(c) |  |  | — | (b)
Applebee's restaurant, Lawrenceville, Georgia |  | May 17, 2012 |  |  | 2,340 |  | All cash |  |  | 19 |
FedEx Facility, Pinellas Park, Florida |  | October 11, 2012 |  |  | 2,810 |  | All cash |  |  | 28 | (d)
Walgreens Pharmacy, Cape Girardeau, Missouri(e) |  | October 25, 2012 |  |  | 2,268 |  | All cash |  |  | 92 |
Shopping Center, Houston, Texas(f) |  | November 13, 2012 |  |  | 7,150 |  | Cash and $5,100 mortgage(g) |  |  | 206 |
LA Fitness Health Club, Secaucus, New Jersey |  | December 12, 2012 |  |  | 16,400 |  | Cash and $10,000 mortgage(h) |  |  | 341 |
FedEx Facility, Miamisburg, Ohio |  | December 26, 2012 |  |  | 1,650 |  | All cash |  |  | 6 | (d)
Other(i) |  |  |  |  | — |  |  |  |  | 26 |
Totals for 2012 |  |  |  | $ | 44,616 |  |  |  | $ | 823 |
Big Lots retail store, Bolingbrook, Illinois |  | March 4, 2011 |  | $ | 2,325 |  | All cash |  | $ | 22 |
FedEx Facility, Durham, North Carolina |  | July 29, 2011 |  |  | 3,975 |  | All cash |  |  | 35 |
LA Fitness Health Club, Hamilton, Ohio |  | August 9, 2011 |  |  | 7,900 |  | All cash |  |  | 54 |
Two hhGregg retail stores, Niles and Crystal Lake, Illinois |  | September 14, 2011 |  |  | 8,000 |  | All cash |  |  | 76 |
Burlington Coat Factory retail property, Cherry Hill, New Jersey(j) |  | October 27, 2011 |  |  | 5,800 |  | All cash |  |  | — | (j)
Other(i) |  |  |  |  | — |  |  |  |  | 26 |
Totals for 2011 |  |  |  | $ | 28,000 |  |  |  | $ | 213 |
(a) Included as an expense in the accompanying consolidated statements of income. (b) Owned by a consolidated joint venture in which the Company has a 95% interest. Transaction costs of $90 incurred with this asset acquisition were capitalized. (c) The mortgage bears interest at 5% per annum through April 2017 and thereafter at a rate of not less than 5% and matures May 2022. (d) Assignment fees of $84 and $125, paid in connection with the purchase of the FedEx properties located in Florida and Ohio, respectively, were capitalized. (e) Owned by a consolidated joint venture in which the Company has a 95% interest. (f) Owned by a consolidated joint venture in which the Company has an 85% interest. (g) The mortgage bears interest at 3.75% per annum and matures December 2017. (h) The mortgage bears interest at 4.9% per annum and matures January 2025. (i) Costs incurred for potential acquisitions. (j) Owned by a consolidated joint venture in which the Company has a 90% interest. Transaction costs of $578 incurred with this asset acquisition were capitalized.
Schedule of amortization of intangible lease assets as a result of acquired above market leases | The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2012 will be deducted from rental income through 2027 as follows (amounts in thousands):
2013 |  | $ | 505 |
2014 |  |  | 497 |
2015 |  |  | 491 |
2016 |  |  | 481 |
2017 |  |  | 448 |
Thereafter |  |  | 2,789 |
Total |  | $ | 5,211 |
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases | The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2012 will be added to rental income through 2041 as follows (amounts in thousands):
2013 |  | $ | 511 |
2014 |  |  | 495 |
2015 |  |  | 473 |
2016 |  |  | 456 |
2017 |  |  | 446 |
Thereafter |  |  | 2,919 |
Total |  | $ | 5,300 |
Schedule of amortization of origination costs associated with in-place leases | The unamortized balance of origination costs associated with in-place leases at December 31, 2012 will be charged to amortization expense through 2027 as follows (amounts in thousands):
2013 |  | $ | 1,249 |
2014 |  |  | 1,205 |
2015 |  |  | 1,172 |
2016 |  |  | 1,052 |
2017 |  |  | 966 |
Thereafter |  |  | 5,636 |
Total |  | $ | 11,280 |
Schedule of minimum future contractual rentals to be received | The minimum future contractual rentals (without taking into consideration straight-line rent or amortization of intangibles) to be received over the next five years and thereafter on the operating leases in effect at December 31, 2012 are as follows (amounts in thousands):
2013 |  | $ | 45,779 |
2014 |  |  | 43,324 |
2015 |  |  | 39,565 |
2016 |  |  | 37,627 |
2017 |  |  | 35,303 |
Thereafter |  |  | 201,284 |
Total |  | $ | 402,882 |

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