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Real Estate Acquisitions and Contingent Liability | 6 Months Ended
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Jun. 30, 2014
Real Estate Acquisitions and Contingent Liability |
Real Estate Acquisitions and Contingent Liability | Note 4 - Real Estate Acquisitions and Contingent Liability The following chart details the Company’s real estate acquisitions, all of which were acquired for cash, during the six months ended June 30, 2014 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Third Party Real Estate Acquisition Costs (a) |
Total Wine and More retail store, Greensboro, North Carolina |  | January 21, 2014 |  | $ | 2,971 |  | $ | 20 |
Chuck E Cheese restaurant, Indianapolis, Indiana |  | January 23, 2014 |  | 2,138 |  | 9 |
Savers Thrift Superstore, Highlands Ranch, Colorado |  | May 7, 2014 |  | 4,825 |  | 45 |
Hobby Lobby retail store, Woodbury, Minnesota |  | May 21, 2014 |  | 4,770 |  | 13 |
Land - River Crossing Apartments, Sandy Springs, Georgia (b) |  | June 4, 2014 |  | 6,510 |  | — | (c)
Noxell Corporation industrial building, Joppa, Maryland (d) |  | June 26, 2014 |  | 11,650 |  | — | (c)
Other (e) |  |  |  | — |  | 41 |
Totals |  |  |  | $ | 32,864 |  | $ | 128 |
(a) Included as an expense in the accompanying consolidated statement of income. (b) The Company’s fee interest in the land is collateral for the tenant’s mortgage loan secured by the buildings located at this property. (c) Transaction costs aggregating $301 incurred with these asset acquisitions were capitalized. (d) Owned by a joint venture in which the Company has a 95% interest. The non-controlling interest contributed $306 for its 5% interest, which was equal to the fair value at the date of purchase. (e) 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 six months ended June 30, 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 |  | $ | 1,046 |  | $ | 1,468 |  | $ | 83 |  | $ | 374 |  | $ | — |  | $ | 2,971 |
Chuck E Cheese restaurant, Indianapolis, Indiana |  | 853 |  | 1,321 |  | 145 |  | 94 |  | (275 | ) | 2,138 |
Savers Thrift Superstore, Highlands Ranch, Colorado |  | 2,231 |  | 2,614 |  | 277 |  | 846 |  | (1,143 | ) | 4,825 |
Hobby Lobby retail store, Woodbury, Minnesota |  | 1,190 |  | 3,667 |  | 335 |  | 734 |  | (1,156 | ) | 4,770 |
Land - River Crossing Apartments, Sandy Springs, Georgia (a) |  | 6,516 |  | — |  | — |  | — |  | — |  | 6,516 |
Noxell Corporation industrial building, Joppa, Maryland (b) |  | 3,803 |  | 7,991 |  | 151 |  | — |  | — |  | 11,945 |
Subtotals |  | 15,639 |  | 17,061 |  | 991 |  | 2,048 |  | (2,574 | ) | 33,165 |
Other (c) |  | 74 |  | 70 |  | 18 |  | (59 | ) | (97 | ) | 6 |
Totals |  | $ | 15,713 |  | $ | 17,131 |  | $ | 1,009 |  | $ | 1,989 |  | $ | (2,671 | ) | $ | 33,171 |
(a) Includes capitalized transaction costs of $6 incurred with this asset acquisition. (b) Includes capitalized transaction costs of $295 incurred with this asset acquisition. (c) Adjustments to finalize intangibles 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 between 2015 through 2044. In June 2014, the Company purchased land in Sandy Springs, Georgia improved with a 196 unit apartment complex, for a land purchase price of $6,510,000 and simultaneously entered into a long-term triple net ground lease with the owner/operator of this complex. Pursuant to the terms of the ground lease, the owner/operator is obligated to make certain unit renovations as and when units become vacant. A cash reserve of $1,894,000 was received by the Company to cover this renovation work and other reserve requirements, which is included in Restricted cash on the consolidated balance sheet. At the time of the closing, the owner/operator obtained a $16,230,000 mortgage which, together with the Company’s purchase of the land, provided substantially all of the aggregate costs to acquire the complex. The Company was required to provide its land as collateral for the mortgage loan; accordingly the land position is subordinated to the mortgage. As a result of the 2014 acquisitions, the Company recorded intangible lease assets of $2,048,000 and intangible lease liabilities of $2,574,000, representing the value of the origination costs and acquired leases. As of June 30, 2014, the weighted average amortization period for these acquisitions is 7.7 years for the intangible lease assets and 8.4 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 14) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for four properties that were acquired during the three months ended June 30, 2014; therefore, these allocations are preliminary and subject to change.

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