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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)

12 Months Ended

Dec. 31, 2013

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS

Schedule of the Company's 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)
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
​	​	​	​	​	​	​	​	​	​	​	​
Totals for 2013				$	107,529				$	921
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​	​	​
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.

Schedule of allocation of purchase price for the company's real estate acquisitions

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
								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)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Subtotals			16,951			75,915			4,312			12,575			(2,174	)		107,579
Other(b)			—			—			—			(951	)		(36	)		(987	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Totals for 2013		$	16,951		$	75,915		$	4,312		$	11,624		$	(2,210	)	$	106,592
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(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)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Totals for 2012		$	14,501		$	23,472		$	889		$	6,641		$	(588	)	$	44,915
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(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.

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, 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
​	​	​	​	​
Total		$	4,180
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​	​	​	​	​

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, 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
​	​	​	​	​
Total		$	6,917
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​	​	​	​	​

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, 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
​	​	​	​	​
Total		$	21,855
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​	​	​	​	​

Schedule of minimum future contractual rents to be received

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
​	​	​	​	​
Total		$	471,721
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