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Real Estate Acquisitions | 3 Months Ended
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Mar. 31, 2016
Real Estate Acquisitions |
Real Estate Acquisitions | Note 4 — Real Estate Acquisitions The following chart details the Company’s acquisitions of real estate during the three months ended March 31, 2016 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment |  | Third Party Real Estate Acquisition Costs (a) |
Multi-tenant industrial facility, Greenville, SC (b) |  | March 30, 2016 |  | $ | 8,100 |  | All cash |  | $ | 85 |
Multi-tenant industrial facility, Greenville, SC (b) |  | March 30, 2016 |  | 8,950 |  | All cash |  | 87 |
Other costs (c) |  |  |  | — |  |  |  | 32 |
Totals |  |  |  | $ | 17,050 |  |  |  | $ | 204 |
(a) | Included as an expense in the accompanying consolidated statement of income.
(b) | These properties are adjacent to one another.
(c) | Costs incurred for properties purchased in 2015, 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 during the three months ended March 31, 2016 (amounts in thousands):
|  |  |  |  |  | Building |  | Intangible Lease |  |  |
Description of Property |  | Land |  | Building |  | Improvements |  | Asset |  | Liability |  | Total |
Multi-tenant industrial facility, Greenville, SC |  | $ | 693 |  | $ | 6,716 |  | $ | 175 |  | $ | 516 |  | $ | — |  | $ | 8,100 |
Multi-tenant industrial facility, Greenville, SC |  | 528 |  | 7,894 |  | 181 |  | 443 |  | (96 | ) | 8,950 |
Totals |  | $ | 1,221 |  | $ | 14,610 |  | $ | 356 |  | $ | 959 |  | $ | (96 | ) | $ | 17,050 |
As of March 31, 2016, the weighted average amortization period is 3.4 years for these intangible lease assets and 12.2 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 three months ended March 31, 2016; therefore the allocations are preliminary and subject to change. The properties purchased by the Company during the three months ended March 31, 2016 are each 100% occupied. Each property is net leased by three unrelated tenants pursuant to leases which expire between 2017 and 2021. As a result of the Company’s $6,300,000 purchase on March 31, 2015 of its partner’s 50% interest in an unconsolidated joint venture that owns a property in Lincoln, Nebraska, the Company obtained a controlling financial interest. In consolidating the investment, the Company recorded a purchase price fair value adjustment of $960,000 on the consolidated statement 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.

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- Definition Real Estate Acquisitions and Contingent Liability + References No definition available. + Details
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- Definition Disclosure pertaining to real estate acquisitions. + References No definition available. + Details
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