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Real Estate Acquisitions | 3 Months Ended
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Mar. 31, 2014
Real Estate Acquisitions |
Real Estate Acquisitions | Note 4 - Real Estate Acquisitions The following chart details the Company’s real estate acquisitions during the three months ended March 31, 2014 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment |  | Third Party Real Estate Acquisition Costs (a) |
Total Wine and More retail store, Greensboro, North Carolina |  | January 21, 2014 |  | $ | 2,971 |  | All cash |  | $ | 7 |
Chuck E Cheese restaurant, Indianapolis, Indiana |  | January 23, 2014 |  | 2,138 |  | All cash |  | 9 |
Other (b) |  |  |  | — |  |  |  | 24 |
Totals |  |  |  | $ | 5,109 |  |  |  | $ | 40 |
(a) Included as an expense in the accompanying consolidated statement of income. (b) Costs incurred for potential acquisitions and properties purchased in 2013. The following chart provides the allocation of the purchase price for the Company’s real estate acquisitions during the three months ended March 31, 2014 (amounts in thousands):
|  |  |  |  |  | Building |  | Intangible Lease |  |  |
Description of Property |  | Land |  | Building |  | Improvements |  | Asset |  | Liability |  | Total |
Total Wine and More retail store, Greensboro, North Carolina |  | $ | 1,044 |  | $ | 1,465 |  | $ | 89 |  | $ | 373 |  | $ | — |  | $ | 2,971 |
Chuck E Cheese restaurant, Indianapolis, Indiana |  | 852 |  | 1,319 |  | 147 |  | 94 |  | (274 | ) | 2,138 |
Subtotals |  | 1,896 |  | 2,784 |  | 236 |  | 467 |  | (274 | ) | 5,109 |
Other (a) |  | 74 |  | 70 |  | 18 |  | (59 | ) | (97 | ) | 6 |
Totals |  | $ | 1,970 |  | $ | 2,854 |  | $ | 254 |  | $ | 408 |  | $ | (371 | ) | $ | 5,115 |
(a) Adjustments relating to properties purchased in 2013. Each property purchased by the Company in 2014 is net leased by a single tenant pursuant to a lease that expires in 2017 or 2018. As a result of these acquisitions, the Company recorded intangible lease assets of $467,000 and intangible lease liabilities of $274,000, representing the value of the origination costs and acquired leases. As of March 31, 2014, the weighted average amortization period for these acquisitions is 3.7 years for the intangible lease assets and 4.3 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 13) 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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- Definition This element represents the disclosure in respect of the real estate acquisitions during the reporting period. + References No definition available. + Details
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