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Real Estate Acquisitions | 9 Months Ended
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Sep. 30, 2013
Real Estate Acquisitions |
Real Estate Acquisitions | Note 4 - Real Estate Acquisitions The following chart details the Company’s real estate acquisitions during the nine months ended September 30, 2013 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment |  | Third Party Real Estate Acquisition Costs (a) |
Kmart retail store, |  |  |  |  |  |  |  |  |
Clemmons, North Carolina (b) |  | March 22, 2013 |  | $ | 4,640 |  | All cash |  | $ | 119 |
Shutterfly flex facility |  |  |  |  |  |  |  |  |
Fort Mill, South Carolina |  | July 1, 2013 |  | 15,500 |  | Cash and $9,300 mortgage (c) |  | 118 |
Texas Land & Cattle restaurant |  |  |  |  |  |  |  |  |
Killeen, Texas |  | July 30, 2013 |  | 2,020 |  | All cash |  | 43 |
Hooters restaurant |  |  |  |  |  |  |  |  |
Concord, North Carolina |  | August 1, 2013 |  | 2,469 |  | All cash |  | 13 |
TRISUN Health Care - assisted living facility |  |  |  |  |  |  |  |  |
Round Rock, Texas |  | August 6, 2013 |  | 22,800 |  | Cash and $15,275 mortgage (d) |  | 288 |
Hooters restaurant |  |  |  |  |  |  |  |  |
Myrtle Beach, South Carolina |  | September 3, 2013 |  | 2,635 |  | All cash |  | 31 |
Joe’s Crab Shack restaurant |  |  |  |  |  |  |  |  |
Ann Arbor, Michigan |  | September 12, 2013 |  | 2,980 |  | All cash |  | 28 |
FedEx Express facility |  |  |  |  |  |  |  |  |
Indianapolis, Indiana |  | September 13, 2013 |  | 9,270 |  | All cash |  | 31 |
Northern Tool & Equipment distribution facility |  |  |  |  |  |  |  |  |
Fort Mill, South Carolina |  | September 18, 2013 |  | 39,195 |  | Cash and $27,300 mortgage (e) |  | 84 |
Other (f) |  |  |  | — |  |  |  | 67 |
Totals |  |  |  | $ | 101,509 |  |  |  | $ | 822 |
(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 90% interest. (c) The mortgage bears interest at 4.562% per annum and matures July 1, 2023. (d) The mortgage bears interest at 5.375% per annum and matures August 6, 2023. (e) The mortgage bears interest at 4.875% per annum and matures April 1, 2029. (f) Costs incurred for potential acquisitions and properties purchased in 2012. All the properties purchased by the Company in 2013 are 100% occupied and, except for the Northern Tool property which is jointly leased by two companies under common ownership, are each leased by a single tenant pursuant to a long term net lease. As a result of these acquisitions, the Company recorded intangible lease assets of $11,307,000 and intangible lease liabilities of $1,510,000, representing the value of the origination costs and acquired leases. As of September 30, 2013, the weighted average amortization period for these acquisitions is 13.6 years for the intangible lease assets and 8.0 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 these properties; therefore, these allocations are preliminary and subject to change.

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