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Real Estate Acquisitions | 9 Months Ended
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Sep. 30, 2015
Real Estate Acquisitions |
Real Estate Acquisitions | Note 4 - Real Estate Acquisitions The following chart details the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment (a) |  | Third Party Real Estate Acquisition Costs (b) |
Marston Park Plaza retail stores, Lakewood, Colorado (c) |  | February 25, 2015 |  | $ | 17,485 |  | Cash and $11,853 mortgage (d) |  | $ | 184 |
Interline Brands distribution facility, Louisville, Kentucky |  | March 18, 2015 |  | 4,400 |  | Cash and $2,640 mortgage (e) |  | 42 |
Land — The Meadows Apartments, Lakemoor, Illinois |  | March 24, 2015 |  | 9,300 |  | All cash |  | — | (f)
Joint venture interest - Shopko retail store, Lincoln, Nebraska (g) |  | March 31, 2015 |  | 6,300 |  | All cash (g) |  | — |
Archway Roofing industrial facility, Louisville, Kentucky (h) |  | May 20, 2015 |  | 300 |  | All cash |  | 15 |
JCIM - industrial facility, McCalla, Alabama |  | July 28, 2015 |  | 16,750 |  | All cash |  | 45 |
Fedex & CHEP USA distribution facility, Delport (St. Louis), Missouri |  | September 25, 2015 |  | 19,050 |  | Cash and $12,383 mortgage (i) |  | 81 |
Other costs (j) |  |  |  | — |  |  |  | 50 |
Totals |  |  |  | $ | 73,585 |  |  |  | $ | 417 |
| (a) |  | All of the mortgages listed in this column were obtained simultaneously with the acquisition of the applicable property.
| (b) |  | Included as an expense in the accompanying consolidated statements of income.
| (c) |  | Owned by a joint venture in which the Company has a 90% interest. The non-controlling interest contributed $663 for its 10% interest, which was equal to the fair value of such interest at the date of purchase.
| (d) |  | The new mortgage debt bears interest at 4.12% per annum and matures February 2025.
| (e) |  | The new mortgage debt bears interest at 3.88% per annum and matures February 2021.
| (f) |  | Transaction costs aggregating $263 incurred with this asset acquisition were capitalized.
| (g) |  | The Company purchased its unconsolidated joint venture partner’s 50% interest for $6,300. The payment was comprised of (i) $2,636 paid directly to the partner and (ii) $3,664, substantially all of which was used to pay off the partner’s 50% share of the underlying joint venture mortgage.
| (h) |  | This property is adjacent to the Interline Brands distribution facility purchased in March 2015.
| (i) |  | The new mortgage debt bears interest at 3.85% per annum and matures August 2024.
| (j) |  | Costs incurred for potential acquisitions and transactions that were not consummated.
The following chart provides the preliminary allocation of the purchase price for the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):
|  |  |  |  |  | Building |  | Intangible Lease |  |  |
Description of Property |  | Land |  | Building |  | Improvements |  | Asset |  | Liability |  | Total |
Marston Park Plaza retail stores, Lakewood, Colorado |  | $ | 6,005 |  | $ | 10,109 |  | $ | 700 |  | $ | 1,493 |  | $ | (822 | ) | $ | 17,485 |
Interline Brands distribution facility, Louisville, Kentucky |  | 578 |  | 3,622 |  | 105 |  | 95 |  | — |  | 4,400 |
Land — The Meadows Apartments, Lakemoor, Illinois (a) |  | 9,563 |  | — |  | — |  | — |  | — |  | 9,563 |
Joint venture interest - Shopko retail store, Lincoln, Nebraska (b) |  | 3,768 |  | 11,262 |  | 570 |  | 922 |  | (3,929 | ) | 12,593 |
Archway Roofing industrial facility, Louisville, Kentucky |  | 51 |  | 221 |  | 9 |  | 19 |  | — |  | 300 |
JCIM - industrial facility, McCalla, Alabama |  | 1,601 |  | 14,618 |  | 180 |  | 474 |  | (123 | ) | 16,750 |
FedEx & CHEP USA distribution facility, Delport (St. Louis), Missouri |  | 3,728 |  | 12,456 |  | 550 |  | 2,777 |  | (461 | ) | 19,050 |
Subtotals |  | 25,294 |  | 52,288 |  | 2,114 |  | 5,780 |  | (5,335 | ) | 80,141 |
Other (c) |  | 12 |  | 19 |  | — |  | — |  | (31 | ) | — |
Totals |  | $ | 25,306 |  | $ | 52,307 |  | $ | 2,114 |  | $ | 5,780 |  | $ | (5,366 | ) | $ | 80,141 |
| (a) |  | Includes capitalized transaction costs of $263 incurred with this asset acquisition.
| (b) |  | Fair value of the assets previously owned by an unconsolidated joint venture of the Company. The Company owns 100% of this property as a result of its purchase of its partner’s 50% interest on March 31, 2015.
| (c) |  | Adjustments to finalize the purchase price allocation relating to a property purchased in October 2014.
With the exception of the Lakewood, Colorado and the Delport, Missouri properties, the properties purchased by the Company during the nine months ended September 30, 2015 are each net leased and occupied by a single tenant pursuant to leases that expire between 2017 through 2045. The Lakewood, Colorado property has 29 retail tenant spaces and at September 30, 2015, is 92.0% occupied with leases expiring between 2015 and 2032. The Delport, Missouri property has two retail tenant spaces and at September 30, 2015, is 100% occupied with leases expiring in 2022 and 2024. As a result of the Company’s purchase on March 31, 2015 of its partner’s 50% interest in an unconsolidated joint venture that owns a property in Lincoln, Nebraska, it obtained a controlling financial interest. In accordance with GAAP, the Company had presented the investee in accordance with the equity method for the periods prior to gaining control and ceased equity method of accounting and consolidated the investment at March 31, 2015, the date on which 100% control was obtained. In consolidating the investment, the Company recorded a purchase price fair value adjustment of $960,000 on the consolidated statements of income, representing the difference between the book value of its preexisting equity investment on the March 31, 2015 purchase date and the fair value of the net assets acquired. As a result of the 2015 acquisitions, the Company recorded intangible lease assets of $5,780,000 and intangible lease liabilities of $5,335,000 representing the value of the origination costs and acquired leases. As of September 30, 2015, the weighted average amortization period is 7.1 years for these intangible lease assets and 6.7 years for these 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 15) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for the properties acquired during the nine months ended September 30, 2015; therefore the allocations are preliminary and subject to change.

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