Real Estate Acquisitions and Contingent Liability (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of acquisitions of real estate and interest in joint venture

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.

Schedule of allocation of purchase price for the company's acquisitions of real estate and an interest in joint venture

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.