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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)

12 Months Ended

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
​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Subtotals			21,532			33,520			1,493			4,830			(4,279	)		57,096
Other(c)			74			70			18			(59	)		(97	)		6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Subtotals			16,951			75,915			4,312			12,575			(2,174	)		107,579
Other(e)			—			—			—			(951	)		(36	)		(987	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​
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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