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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables) | 12 Months Ended
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Dec. 31, 2016
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 2016 and 2015 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment(a) |  | Third Party Real Estate Acquisition Costs(b) |
Multi-tenant industrial facility, Greenville, South Carolina |  | March 30, 2016 |  | $ | 8,100 |  | All cash |  | $ | 80 |
Multi-tenant industrial facility, Greenville, South Carolina |  | March 30, 2016 |  |  | 8,950 |  | All cash |  |  | 81 |
Toro distribution facility, El Paso, Texas |  | June 3, 2016 |  |  | 23,695 |  | All cash |  |  | 72 |
4 Advanced Auto retail stores, Ohio |  | June 16, 2016 |  |  | 6,523 |  | Cash and $4,300 mortgage |  |  | 80 |
Land—The Briarbrook Village Apartments, Wheaton, Illinois |  | August 2, 2016 |  |  | 10,530 |  | All cash |  |  | — | (c)
Burlington Coat and Micro Center retail stores, St. Louis Park, Minnesota |  | August 12, 2016 |  |  | 14,150 |  | All cash |  |  | 74 |
Land—The Vue Apartments, Beachwood, Ohio |  | August 16, 2016 |  |  | 13,896 |  | All cash |  |  | — | (d)
Famous Footwear distribution facility, Lebanon, Tennessee |  | September 1, 2016 |  |  | 32,734 |  | Cash and $21,288 mortgage |  |  | 195 |
Other costs(e) |  |  |  |  | — |  |  |  |  | 14 |
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Totals for 2016 |  |  |  | $ | 118,578 |  |  |  | $ | 596 |
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The following charts detail the Company's acquisitions of real estate and an interest in a joint venture during 2016 and 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, Littleton, Colorado(f) |  | February 25, 2015 |  | $ | 17,485 |  | Cash and $11,853 mortgage |  | $ | 184 |
Interline Brands distribution facility, Louisville, Kentucky |  | March 18, 2015 |  |  | 4,400 |  | Cash and $2,640 mortgage |  |  | 48 |
Land—The Meadows Apartments, Lakemoor, Illinois |  | March 24, 2015 |  |  | 9,300 |  | All cash |  |  | — | (g)
Joint venture interest—Shopko retail store, Lincoln, Nebraska(h) |  | March 31, 2015 |  |  | 6,300 |  | All cash |  |  | 12 |
Archway Roofing industrial facility, Louisville, Kentucky |  | 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 |  |  | 81 |
Other costs(e) |  |  |  |  | — |  |  |  |  | 64 |
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Totals for 2015 |  |  |  | $ | 73,453 |  |  |  | $ | 449 |
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(a) | All of the mortgages listed were obtained simultaneously with the acquisition of the applicable property.
(b) | Included as an expense in the accompanying consolidated statements of income.
(c) | Transaction costs aggregating $6 incurred with this asset acquisition were capitalized.
(d) | Transaction costs aggregating $5 incurred with this asset acquisition were capitalized.
(e) | Costs incurred for properties purchased in the previous year, potential acquisitions and transactions that were not consummated.
(f) | 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.
(g) | Transaction costs aggregating $292 incurred with this asset acquisition were capitalized.
(h) | The Company purchased its unconsolidated joint venture partner's interest. See "—Purchase of Partner's 50% Interest".
Schedule of allocation of purchase price for the company's acquisitions of real estate | 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 2016 and 2015 (amounts in thousands):
|  |  |  |  |  |  |  | Intangible Lease |  |  |
|  |  |  |  |  | Building Improvements |  |  |
Description of Property |  | Land |  | Building |  | 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 |  |  | 3,691 |  |  | 17,525 |  |  | 379 |  |  | 2,100 |  |  | — |  |  | 23,695 |
4 Advanced Auto retail stores, Ohio |  |  | 653 |  |  | 5,012 |  |  | 189 |  |  | 912 |  |  | (243 | ) |  | 6,523 |
Land—The Briarbrook Village Apartments, Wheaton, Illinois(a) |  |  | 10,536 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,536 |
Burlington Coat and Micro Center retail stores, St. Louis Park, Minnesota |  |  | 3,388 |  |  | 12,632 |  |  | 456 |  |  | 651 |  |  | (2,977 | ) |  | 14,150 |
Land—The Vue Apartments, Beachwood, Ohio(b) |  |  | 13,901 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,901 |
Famous Footwear distribution facility, Lebanon, Tennessee |  |  | 2,094 |  |  | 29,436 |  |  | 603 |  |  | 3,576 |  |  | (2,975 | ) |  | 32,734 |
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Totals for 2016 |  | $ | 35,484 |  | $ | 79,216 |  | $ | 1,983 |  | $ | 8,194 |  | $ | (6,288 | ) | $ | 118,589 |
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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(c) |  |  | 9,592 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,592 |
Joint venture interest—Shopko retail store, Lincoln, Nebraska(d) |  |  | 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, 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(e) |  |  | 12 |  |  | 19 |  |  | — |  |  | — |  |  | (31 | ) |  | — |
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Totals for 2015 |  | $ | 25,322 |  | $ | 52,192 |  | $ | 2,113 |  | $ | 5,776 |  | $ | (5,365 | ) | $ | 80,038 |
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(a) | Includes capitalized transaction costs of $6 incurred with this asset acquisition.
(b) | Includes capitalized transaction costs of $5 incurred with this asset acquisition.
(c) | Includes capitalized transaction costs of $292 incurred with this asset acquisition.
(d) | 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 the purchase of its partner's interest on March 31, 2015. See "—Purchase of Partner's 50% Interest".
(e) | Adjustments to finalize the purchase price allocation relating to a property purchased in October 2014.
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, 2016 will be deducted from rental income through 2032 as follows (amounts in thousands):
2017 |  | $ | 765 |
2018 |  |  | 688 |
2019 |  |  | 586 |
2020 |  |  | 560 |
2021 |  |  | 554 |
Thereafter |  |  | 1,534 |
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Total |  | $ | 4,687 |
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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, 2016 will be added to rental income through 2055 as follows (amounts in thousands):
2017 |  | $ | 1,763 |
2018 |  |  | 1,798 |
2019 |  |  | 1,785 |
2020 |  |  | 1,633 |
2021 |  |  | 1,598 |
Thereafter |  |  | 10,703 |
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Total |  | $ | 19,280 |
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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, 2016 will be charged to amortization expense through 2055 as follows (amounts in thousands):
2017 |  | $ | 3,910 |
2018 |  |  | 3,676 |
2019 |  |  | 3,288 |
2020 |  |  | 3,054 |
2021 |  |  | 2,765 |
Thereafter |  |  | 11,265 |
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Total |  | $ | 27,958 |
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Schedule of minimum future contractual rents to be received | The minimum future contractual rents to be received over the next five years and thereafter on non-cancellable operating leases in effect at December 31, 2016 are as follows (amounts in thousands):
2017 |  | $ | 61,749 |
2018 |  |  | 60,473 |
2019 |  |  | 58,200 |
2020 |  |  | 55,632 |
2021 |  |  | 52,465 |
Thereafter |  |  | 232,241 |
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Total |  | $ | 520,760 |
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Schedule of business acquisition pro forma information |
|  | Year Ended December 31, |
(Unaudited) (amounts in thousands, except per share data) |  | 2016 |  | 2015 |
Pro forma revenues |  | $ | 74,612 |  | $ | 73,210 |
Pro forma net income attributable to One Liberty Properties, Inc. |  |  | 25,620 |  |  | 21,571 |
Pro forma weighted average number of common shares outstanding: |  |  |  |  |  |  |
Basic |  |  | 16,768 |  |  | 15,971 |
Diluted |  |  | 16,882 |  |  | 16,079 |
Pro forma per common share attributable to common stockholders: |  |  |  |  |  |  |
Basic |  | $ | 1.47 |  | $ | 1.23 |
Diluted |  | $ | 1.46 |  | $ | 1.23 |

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