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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables) | 12 Months Ended
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Dec. 31, 2014
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 2014 and 2013 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment(a) |  | Third Party Real Estate Acquisition Costs(b) |
Total Wine and More retail store, Greensboro, North Carolina |  | January 21, 2014 |  | $ | 2,971 |  | All cash |  | $ | 20 |
Chuck E Cheese restaurant, Indianapolis, Indiana |  | January 23, 2014 |  |  | 2,138 |  | All cash |  |  | 10 |
Savers Thrift Superstore, Highlands Ranch, Colorado |  | May 7, 2014 |  |  | 4,825 |  | All cash |  |  | 83 |
Hobby Lobby retail store, Woodbury, Minnesota |  | May 21, 2014 |  |  | 4,770 |  | All cash |  |  | 46 |
Land—River Crossing Apartments, Sandy Springs, Georgia(c) |  | June 4, 2014 |  |  | 6,510 |  | All cash |  |  | — | (d)
Noxell Corporation industrial building, Joppa, Maryland(e) |  | June 26, 2014 |  |  | 11,650 |  | All cash |  |  | — | (d)
Regal Cinemas theater, Indianapolis, Indiana |  | October 2, 2014 |  |  | 9,000 |  | All cash |  |  | 78 |
Pathmark supermarket, Philadelphia, Pennsylvania(f) |  | October 21, 2014 |  |  | 7,729 |  | Cash and $4,635 mortgage(g) |  |  | 162 |
Progressive Converting distribution facility, New Hope, Minnesota |  | November 21, 2014 |  |  | 7,200 |  | All cash |  |  | 38 |
Other(h) |  |  |  |  | — |  |  |  |  | 42 |
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Totals for 2014 |  |  |  | $ | 56,793 |  |  |  | $ | 479 |
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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(i) |  | 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(j) |  |  | 124 |
Texas Land & Cattle restaurant, Killeen, Texas |  | July 30, 2013 |  |  | 2,020 |  | All cash |  |  | — | (k)
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(l) |  |  | 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(m) |  |  | 91 |
TGIF restaurant, Greensboro, North Carolina |  | December 3, 2013 |  |  | 3,003 |  | All cash |  |  | — | (k)
TGIF restaurant, Richmond, Virginia |  | December 3, 2013 |  |  | 3,017 |  | All cash |  |  | — | (k)
Other(n) |  |  |  |  | — |  |  |  |  | 148 |
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Totals for 2013 |  |  |  | $ | 107,529 |  |  |  | $ | 921 |
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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) | The Company's fee interest in the land is collateral for the tenant's mortgage loan secured by the buildings located at this property.
(d) | Transaction costs aggregating $303 incurred were capitalized as these were asset acquisitions.
(e) | Represents 100% of the consolidated 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 of such interest at the date of purchase. The Company also contributed $5,825 to the venture as senior preferred equity.
(f) | Represents 100% of the consolidated joint venture in which the Company has a 90% interest. The non-controlling interest contributed $333 for its 10% interest, which was equal to the fair value of such interest at the date of purchase.
(g) | The mortgage bears interest at 3.885% per annum and matures November 2021.
(h) | Costs incurred for properties purchased in 2013 and transactions that were not consummated.
(i) | Represents 100% of the 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 the fair value of such interest at the date of purchase.
(j) | The mortgage bears interest at 4.562% per annum and matures July 2023.
(k) | Transaction costs of $50 incurred were capitalized as these were asset acquisitions.
(l) | The mortgage bears interest at 5.375% per annum and matures August 2023.
(m) | The mortgage bears interest at 4.875% per annum and matures April 2029.
(n) | Costs incurred for potential acquisitions, properties purchased in 2012 and transactions that were not consummated.
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 2014 and 2013 (amounts in thousands):
|  |  |  |  |  |  |  | Intangible Lease |  |  |
|  |  |  |  |  | Building Improvements |  |  |
Description of Property |  | Land |  | Building |  | 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 |  |  | 2,361 |  |  | 2,644 |  |  | 280 |  |  | 856 |  |  | (1,316 | ) |  | 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) |  |  | 3,805 |  |  | 7,991 |  |  | 151 |  |  | — |  |  | — |  |  | 11,947 |
Regal Cinemas theater, Indianapolis, Indiana |  |  | 3,087 |  |  | 5,000 |  |  | 225 |  |  | 1,575 |  |  | (887 | ) |  | 9,000 |
Pathmark supermarket, Philadelphia, Pennsylvania |  |  | 1,793 |  |  | 5,396 |  |  | 244 |  |  | 440 |  |  | (144 | ) |  | 7,729 |
Progressive Converting distribution facility, New Hope, Minnesota |  |  | 881 |  |  | 6,033 |  |  | 30 |  |  | 757 |  |  | (501 | ) |  | 7,200 |
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Subtotals |  |  | 21,532 |  |  | 33,520 |  |  | 1,493 |  |  | 4,830 |  |  | (4,279 | ) |  | 57,096 |
Other(c) |  |  | 74 |  |  | 70 |  |  | 18 |  |  | (59 | ) |  | (97 | ) |  | 6 |
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Totals for 2014 |  | $ | 21,606 |  | $ | 33,590 |  | $ | 1,511 |  | $ | 4,771 |  | $ | (4,376 | ) | $ | 57,102 |
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|  |  |  |  |  |  |  | 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 | (d)
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 | (d)
TGIF restaurant, Richmond, Virginia |  |  | 1,678 |  |  | 1,184 |  |  | 157 |  |  | — |  |  | — |  |  | 3,019 | (d)
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Subtotals |  |  | 16,951 |  |  | 75,915 |  |  | 4,312 |  |  | 12,575 |  |  | (2,174 | ) |  | 107,579 |
Other(e) |  |  | — |  |  | — |  |  | — |  |  | (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 $6 incurred with this asset acquisition.
(b) | Includes capitalized transaction costs of $297 incurred with this asset acquisition.
(c) | Adjustments to finalize intangibles relating to properties purchased in 2013.
(d) | Includes capitalized transaction costs of $50 incurred with these asset acquisitions.
(e) | Adjustments to finalize intangibles relating to properties purchased in 2012.
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, 2014 will be deducted from rental income through 2032 as follows (amounts in thousands):
2015 |  | $ | 468 |
2016 |  |  | 453 |
2017 |  |  | 413 |
2018 |  |  | 348 |
2019 |  |  | 263 |
Thereafter |  |  | 1,634 |
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Total |  | $ | 3,579 |
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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, 2014 will be added to rental income through 2055 as follows (amounts in thousands):
2015 |  | $ | 982 |
2016 |  |  | 967 |
2017 |  |  | 958 |
2018 |  |  | 835 |
2019 |  |  | 789 |
Thereafter |  |  | 5,932 |
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Total |  | $ | 10,463 |
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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, 2014 will be charged to amortization expense through 2055 as follows (amounts in thousands):
2015 |  | $ | 2,594 |
2016 |  |  | 2,480 |
2017 |  |  | 2,387 |
2018 |  |  | 2,238 |
2019 |  |  | 2,073 |
Thereafter |  |  | 12,036 |
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Total |  | $ | 23,808 |
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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, 2014 are as follows (amounts in thousands):
2015 |  | $ | 53,345 |
2016 |  |  | 50,916 |
2017 |  |  | 48,176 |
2018 |  |  | 45,803 |
2019 |  |  | 41,338 |
Thereafter |  |  | 217,547 |
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Total |  | $ | 457,125 |
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