Real Estate Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of the Company's acquisitions of real estate

The following chart details the Company’s acquisitions of real estate during the six months ended June 30, 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, South Carolina (b)	March 30, 2016	$	8,100	All cash	$	95
Multi-tenant industrial facility, Greenville, South Carolina (b)	March 30, 2016	8,950		All cash	94
Toro distribution facility, El Paso, Texas	June 3, 2016	23,695		All cash	70
4 Advanced Auto retail locations, Ohio	June 16, 2016	6,523		Cash and $4,300 mortgage (c)	115
Other costs (d)		—			74

Totals		$	47,268		$	448

(a)

Included as an expense in the accompanying consolidated statement of income.

(b)

These properties are adjacent to one another.

(c)

The new mortgage debt, which was obtained simultaneously with the acquisition of the property, bears interest at 3.24%, matures July 1, 2026, and is comprised of four individual loans, which are cross-collateralized.

(d)

Costs incurred for properties purchased in 2015, potential future acquisitions and transactions that were not consummated.

Schedule of allocation of purchase price for the company's acquisitions of real estate

The following chart provides the allocation of the purchase price for the Company’s acquisitions of real estate during the six months ended June 30, 2016 (amounts in thousands):

					Building		Intangible Lease
Description of Property	Land		Building		Improvements		Asset		Liability			Total
Multi-tenant industrial facility, Greenville, South Carolina	$	693	$	6,718	$	175	$	514	$	—		$	8,100
Multi-tenant industrial facility, Greenville, South Carolina	528		7,893		181		441		(93		)	8,950
Toro distribution facility, El Paso, Texas (a)	3,691		17,525		379		2,100		—			23,695
4 Advanced Auto retail locations, Ohio (a)	653		5,012		189		912		(243		)	6,523

Totals	$	5,565	$	37,148	$	924	$	3,967	$	(336	)	$	47,268

(a)

The Company is in the process of finalizing the purchase price allocations for the properties acquired during the three months ended June 30, 2016; therefore the allocations are preliminary and subject to change.