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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS | 12 Months Ended
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Dec. 31, 2013
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS |
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS | NOTE 3—REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS Real Estate Acquisitions The following chart details the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment(a) |  | Third Party Real Estate Acquisition Costs(b) |
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Kmart retail store, Clemmons, North Carolina(c) |  | 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(d) |  |  | 124 |
Texas Land & Cattle restaurant, Killeen, Texas |  | July 30, 2013 |  |  | 2,020 |  | All cash |  |  | — | (e)
Hooters restaurant, Concord, North Carolina |  | August 1, 2013 |  |  | 2,469 |  | All cash |  |  | 15 |
TRISUN Health Care—assisted living facility, Round Rock, Texas |  | August 6, 2013 |  |  | 22,800 |  | Cash and $15,275 mortgage(f) |  |  | 321 |
Hooters restaurant, Myrtle Beach, South Carolina |  | September 3, 2013 |  |  | 2,635 |  | All cash |  |  | 33 |
Joe's Crab Shack restaurant, Ann Arbor, Michigan |  | September 12, 2013 |  |  | 2,980 |  | All cash |  |  | 31 |
FedEx Express facility, Indianapolis, Indiana |  | September 13, 2013 |  |  | 9,270 |  | All cash |  |  | 39 |
Northern Tool & Equipment distribution facility, Fort Mill, South Carolina |  | September 18, 2013 |  |  | 39,195 |  | Cash and $27,300 mortgage(g) |  |  | 91 |
TGIF restaurant, Greensboro, North Carolina |  | December 3, 2013 |  |  | 3,003 |  | All cash |  |  | — | (e)
TGIF restaurant, Richmond, Virginia |  | December 3, 2013 |  |  | 3,017 |  | All cash |  |  | — | (e)
Other(h) |  |  |  |  | — |  |  |  |  | 148 |
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Totals for 2013 |  |  |  | $ | 107,529 |  |  |  | $ | 921 |
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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(i) |  | April 24, 2012 |  |  | 2,200 |  | Cash and $2,040 mortgage(j) |  |  | — | (i)
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 | (k)
Walgreens Pharmacy, Cape Girardeau, Missouri(l) |  | October 25, 2012 |  |  | 2,268 |  | All cash |  |  | 92 |
Shopping Center, Houston, Texas(m) |  | November 13, 2012 |  |  | 7,150 |  | Cash and $5,100 mortgage(n) |  |  | 206 |
LA Fitness Health Club, Secaucus, New Jersey |  | December 12, 2012 |  |  | 16,400 |  | Cash and $10,000 mortgage(o) |  |  | 341 |
FedEx Facility, Miamisburg, Ohio |  | December 26, 2012 |  |  | 1,650 |  | All cash |  |  | 6 | (k)
Other(h) |  |  |  |  | — |  |  |  |  | 26 |
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Totals for 2012 |  |  |  | $ | 44,616 |  |  |  | $ | 823 |
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(a) All of the mortgages listed in this column were obtained from institutional lenders simultaneously with the acquisition of the respective properties. (b) Included as an expense in the accompanying consolidated statements of income. (c) Owned by a consolidated joint venture in which the Company has a 90% interest. The non-controlling interest contributed $470 for its 10% interest, which was equal to fair value at the date of purchase. (d) The mortgage bears interest at 4.562% per annum and matures July 2023. (e) Transaction costs of $50 incurred with these asset acquisitions were capitalized. (f) The mortgage bears interest at 5.375% per annum and matures August 2023. (g) The mortgage bears interest at 4.875% per annum and matures April 2029. (h) Costs incurred for potential acquisitions and properties purchased in prior year. (i) 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. (j) 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. (k) Assignment fees of $84 and $125, paid in connection with the purchase of the FedEx properties located in Florida and Ohio, respectively, were capitalized. (l) Owned by a consolidated joint venture in which the Company has a 95% interest. (m) Owned by a consolidated joint venture in which the Company has an 85% interest. (n) The mortgage bears interest at 3.75% per annum and matures December 2017. (o) The mortgage bears interest at 4.9% per annum and matures January 2025. The following chart provides the allocation of the purchase price for the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands):
|  |  |  |  |  |  |  | Intangible Lease |  |  |
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|  |  |  |  |  | Building Improvements |  |  |
Description of Property |  | Land |  | Building |  | Asset |  | Liability |  | Total |
Kmart retail store, Clemmons, North Carolina |  | $ | 2,496 |  | $ | 2,553 |  | $ | 653 |  | $ | 425 |  | $ | (1,487 | ) | $ | 4,640 |
Shutterfly flex facility, Fort Mill, South Carolina |  |  | 1,841 |  |  | 12,353 |  |  | 335 |  |  | 1,546 |  |  | (575 | ) |  | 15,500 |
Texas Land & Cattle restaurant, Killeen, Texas |  |  | 1,263 |  |  | 739 |  |  | 64 |  |  | — |  |  | — |  |  | 2,066 | (a)
Hooters restaurant, Concord, North Carolina |  |  | 999 |  |  | 954 |  |  | 122 |  |  | 394 |  |  | — |  |  | 2,469 |
TRISUN Health Care—assisted living facility, Round Rock, Texas |  |  | 1,678 |  |  | 16,577 |  |  | 93 |  |  | 4,452 |  |  | — |  |  | 22,800 |
Hooters restaurant, Myrtle Beach, South Carolina |  |  | 1,102 |  |  | 1,090 |  |  | 71 |  |  | 372 |  |  | — |  |  | 2,635 |
Joe's Crab Shack restaurant, Ann Arbor, Michigan |  |  | 1,098 |  |  | 1,338 |  |  | 122 |  |  | 422 |  |  | — |  |  | 2,980 |
FedEx Express facility, Indianapolis, Indiana |  |  | 1,224 |  |  | 6,438 |  |  | 498 |  |  | 1,222 |  |  | (112 | ) |  | 9,270 |
Northern Tool & Equipment distribution facility, Fort Mill, South Carolina |  |  | 1,804 |  |  | 31,635 |  |  | 2,014 |  |  | 3,742 |  |  | — |  |  | 39,195 |
TGIF restaurant, Greensboro, North Carolina |  |  | 1,768 |  |  | 1,054 |  |  | 183 |  |  | — |  |  | — |  |  | 3,005 | (a)
TGIF restaurant, Richmond, Virginia |  |  | 1,678 |  |  | 1,184 |  |  | 157 |  |  | — |  |  | — |  |  | 3,019 | (a)
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Subtotals |  |  | 16,951 |  |  | 75,915 |  |  | 4,312 |  |  | 12,575 |  |  | (2,174 | ) |  | 107,579 |
Other(b) |  |  | — |  |  | — |  |  | — |  |  | (951 | ) |  | (36 | ) |  | (987 | )
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Totals for 2013 |  | $ | 16,951 |  | $ | 75,915 |  | $ | 4,312 |  | $ | 11,624 |  | $ | (2,210 | ) | $ | 106,592 |
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(a) Includes capitalized transaction costs of $50 incurred with these asset acquisitions. (b) Adjustments to finalize intangibles relating to properties purchased in 2012.
|  |  |  |  |  |  |  | Intangible Lease |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  |  |  | Building Improvements |  |  |
Description of Property |  | Land |  | Building |  | Asset |  | Liability |  | Total |
Urban Outfitters retail store, Lawrence, Kansas |  | $ | 134 |  | $ | 937 |  | $ | — |  | $ | 169 |  | $ | (10 | ) | $ | 1,230 |
Three Applebee's restaurants, Carrollton, Kennesaw and Cartersville, Georgia |  |  | 2,284 |  |  | 3,439 |  |  | 281 |  |  | 2,564 |  |  | — |  |  | 8,568 |
Applebee's restaurant, Lawrenceville, Georgia |  |  | 804 |  |  | 739 |  |  | 43 |  |  | 754 |  |  | — |  |  | 2,340 |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey |  |  | 556 |  |  | 1,605 |  |  | 129 |  |  |  |  |  | — |  |  | 2,290 | (c)
FedEx Facility, Pinellas Park, Florida |  |  | 1,231 |  |  | 1,607 |  |  | 62 |  |  | 94 |  |  | (100 | ) |  | 2,894 | (d)
Walgreens Pharmacy, Cape Girardeau, Missouri |  |  | 545 |  |  | 1,478 |  |  | 69 |  |  | 379 |  |  | (203 | ) |  | 2,268 |
Shopping Center, Houston, Texas |  |  | 3,122 |  |  | 3,589 |  |  | 180 |  |  | 534 |  |  | (275 | ) |  | 7,150 |
LA Fitness Health Club, Secaucus, New Jersey |  |  | 5,660 |  |  | 8,830 |  |  | 25 |  |  | 1,885 |  |  | — |  |  | 16,400 |
FedEx Facility, Miamisburg, Ohio |  |  | 165 |  |  | 1,248 |  |  | 100 |  |  | 262 |  |  | — |  |  | 1,775 | (d)
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Totals for 2012 |  | $ | 14,501 |  | $ | 23,472 |  | $ | 889 |  | $ | 6,641 |  | $ | (588 | ) | $ | 44,915 |
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(c) Includes capitalized transaction costs of $90 incurred with this asset acquisition. (d) Includes capitalized assignment fees of $84 and $125 which were paid in connection with the purchase of these FedEx properties located in Florida and Ohio, respectively. All of the properties purchased in 2013 and 2012 are (i) currently 100% occupied, other than the Houston, Texas property which is 91% occupied and (ii) leased by a single tenant pursuant to a long term net lease, other than the Northern Tool property, which is jointly leased by two companies under common ownership and the Houston, Texas property, which has 17 tenant spaces. As a result of the 2013 and 2012 purchases, the Company recorded intangible lease assets of $11,624,000 and $6,641,000, respectively, and intangible lease liabilities of $2,210,000 and $588,000, respectively, representing the value of the acquired leases and origination costs. As of December 31, 2013, the weighted average amortization period for the 2013 and 2012 acquisitions is 13.2 and 16.8 years for the intangible lease assets and 6.0 and 16.2 years for the intangible lease liabilities, respectively. At December 31, 2013 and 2012, accumulated amortization of intangible lease assets was $7,054,000 and $4,974,000, respectively and accumulated amortization of intangible lease liabilities was $3,099,000 and $2,505,000, respectively. The Company recognized a net increase (decrease) in rental revenue of $160,000, $(2,000) and $(26,000) for the amortization of the above/below market leases for 2013, 2012 and 2011, respectively. For 2013, 2012 and 2011, the Company recognized amortization expense of $1,647,000, $1,006,000 and $844,000, respectively, relating to the amortization of the origination costs. The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2013 will be deducted from rental income through 2032 as follows (amounts in thousands):
2014 |  | $ | 458 |
2015 |  |  | 453 |
2016 |  |  | 443 |
2017 |  |  | 410 |
2018 |  |  | 370 |
Thereafter |  |  | 2,046 |
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Total |  | $ | 4,180 |
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The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2013 will be added to rental income through 2055 as follows (amounts in thousands):
2014 |  | $ | 622 |
2015 |  |  | 601 |
2016 |  |  | 583 |
2017 |  |  | 574 |
2018 |  |  | 492 |
Thereafter |  |  | 4,045 |
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Total |  | $ | 6,917 |
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The unamortized balance of origination costs associated with in-place leases at December 31, 2013 will be charged to amortization expense through 2055 as follows (amounts in thousands):
2014 |  | $ | 2,167 |
2015 |  |  | 2,133 |
2016 |  |  | 2,013 |
2017 |  |  | 1,927 |
2018 |  |  | 1,808 |
Thereafter |  |  | 11,807 |
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Total |  | $ | 21,855 |
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Minimum Future Rents The minimum future contractual rents (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, 2013 are as follows (amounts in thousands):
2014 |  | $ | 53,056 |
2015 |  |  | 49,432 |
2016 |  |  | 47,505 |
2017 |  |  | 45,316 |
2018 |  |  | 42,900 |
Thereafter |  |  | 233,512 |
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Total |  | $ | 471,721 |
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The rental properties owned at December 31, 2013 are leased under noncancellable operating leases with current expirations ranging from 2014 to 2033, with certain tenant renewal rights. Substantially all lease agreements are net lease arrangements which require the tenant to pay rent and substantially all the expenses of the leased property including maintenance, taxes, utilities and insurance. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index. Unbilled Rent Receivable At December 31, 2013 and 2012, the Company recorded unbilled rent receivables aggregating $13,743,000 and $12,629,000, respectively, representing rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 20 years. During 2012, the Company wrote off $256,000 of unbilled "straight-line" rent receivable, relating to properties sold during such year.

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