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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)

12 Months Ended

Dec. 31, 2015

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS

Schedule of the Company's acquisitions of real estate

        The following charts detail the Company's acquisitions of real estate and an interest in a joint venture during 2015 and 2014 (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, Littleton, 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)			48
Land—The Meadows Apartments, Lakemoor, Illinois(f)		March 24, 2015			9,300		All cash			—	(g)
Joint venture interest—Shopko retail store, Lincoln, Nebraska(h)		March 31, 2015			6,300		All cash(h)			12
Archway Roofing industrial facility, Louisville, Kentucky(i)		May 20, 2015			300		All cash			15
JCIM industrial facility, McCalla, Alabama		July 28, 2015			16,618		All cash			45
Fedex & CHEP USA distribution facility, Delport (St. Louis), Missouri		September 25, 2015			19,050		Cash and $12,383 mortgage(j)			81
Other costs(k)					—					64
​	​	​	​	​	​	​	​	​	​	​	​
Totals for 2015				$	73,453				$	449
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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(f)		June 4, 2014			6,510		All cash			—	(l)
Noxell Corporation industrial building, Joppa, Maryland(m)		June 26, 2014			11,650		All cash			—	(l)
Regal Cinemas theater, Indianapolis, Indiana		October 2, 2014			9,000		All cash			78
Vacant (former Pathmark supermarket), Philadelphia, Pennsylvania(n)		October 21, 2014			7,729		Cash and $4,635 mortgage(o)			162
Progressive Converting distribution facility, New Hope, Minnesota		November 21, 2014			7,200		All cash			38
Other(p)					—					42
​	​	​	​	​	​	​	​	​	​	​	​
Totals for 2014				$	56,793				$	479
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(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)	Represents 100% of the consolidated 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)	The Company's fee interest in the land is collateral for the tenant's mortgage loan secured by the buildings located at this property.
(g)	Transaction costs aggregating $292 incurred with this asset acquisition were capitalized.
(h)	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.
(i)	This property is adjacent to the Interline Brands distribution facility purchased in March 2015.
(j)	The new mortgage debt bears interest at 3.85% per annum and matures August 2024.
(k)	Costs incurred for properties purchased in 2014, potential acquisitions and transactions that were not consummated.
(l)	Transaction costs aggregating $303 incurred with these asset acquisitions were capitalized.
(m)	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.
(n)	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. This property has been vacant since late September 2015. See Note 5.
(o)	The new mortgage debt bears interest at 3.89% per annum and matures November 2021.
(p)	Costs incurred for properties purchased in 2013 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 charts detail the allocation of the purchase price for the Company's acquisitions of real estate and an interest in a joint venture during 2015 and 2014 (amounts in thousands):

											Intangible Lease
								Building Improvements
Description of Property		Land			Building						Asset			Liability			Total
Marston Park Plaza retail stores, Littleton, 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)			9,592			—			—			—			—			9,592
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			1,588			14,503			179			470			(122	)		16,618
FedEx & CHEP USA distribution facility, Delport (St. Louis), Missouri			3,728			12,456			550			2,777			(461	)		19,050
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Subtotals			25,310			52,173			2,113			5,776			(5,334	)		80,038
Other(c)			12			19			—			—			(31	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Totals for 2015		$	25,322		$	52,192		$	2,113		$	5,776		$	(5,365	)	$	80,038
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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(d)			6,516			—			—			—			—			6,516
Noxell Corporation industrial building, Joppa, Maryland(e)			3,805			7,991			151			—			—			11,947
Regal Cinemas theater, Indianapolis, Indiana			3,087			5,000			225			1,575			(887	)		9,000
Vacant (former 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(f)			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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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(a)	Includes capitalized transaction costs of $292 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.
(d)	Includes capitalized transaction costs of $6 incurred with this asset acquisition.
(e)	Includes capitalized transaction costs of $297 incurred with this asset acquisition.
(f)	Adjustments to finalize the purchase price allocations relating to properties purchased in 2013.

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, 2015 will be deducted from rental income through 2032 as follows (amounts in thousands):

2016		$	569
2017			520
2018			445
2019			369
2020			352
Thereafter			1,571
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Total		$	3,826
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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, 2015 will be added to rental income through 2055 as follows (amounts in thousands):

2016		$	1,220
2017			1,223
2018			1,259
2019			1,289
2020			1,268
Thereafter			8,262
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Total		$	14,521
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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, 2015 will be charged to amortization expense through 2055 as follows (amounts in thousands):

2016		$	3,125
2017			2,999
2018			2,799
2019			2,621
2020			2,567
Thereafter			11,041
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Total		$	25,152
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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 non-cancellable operating leases in effect at December 31, 2015 are as follows (amounts in thousands):

2016		$	56,883
2017			54,011
2018			51,743
2019			48,342
2020			46,255
Thereafter			186,250
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Total		$	443,484
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