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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables) | 12 Months Ended
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Dec. 31, 2017
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 during 2017 and 2016 (amounts in thousands):
Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment |  | Third Party Real Estate Acquisition Costs(a) |
Forbo industrial facility, Huntersville, North Carolina |  | May 25, 2017 |  | $ | 8,700 |  | Cash and $5,190 mortgage(b) |  | $ | 72 |
Saddle Creek Logistics industrial facility, Pittston, Pennsylvania |  | June 9, 2017 |  |  | 11,750 |  | All cash(c) |  |  | 199 |
Corporate Woods industrial facility, Ankeny, Iowa |  | June 20, 2017 |  |  | 14,700 |  | All cash(d) |  |  | 29 |
Dufresne Spencer Group industrial facility, Memphis, Tennessee |  | October 10, 2017 |  |  | 8,000 |  | All cash |  |  | 87 |
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Totals for 2017 |  |  |  | $ | 43,150 |  |  |  | $ | 387 |
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Description of Property |  | Date Acquired |  | Contract Purchase Price |  | Terms of Payment |  | Third Party Real Estate Acquisition Costs(e) |
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(b) |  |  | 80 |
Land—The Briarbrook Village Apartments, Wheaton, Illinois |  | August 2, 2016 |  |  | 10,530 |  | All cash |  |  | — | (f)
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 |  |  | — | (g)
Famous Footwear distribution facility, Lebanon, Tennessee |  | September 1, 2016 |  |  | 32,734 |  | Cash and $21,288 mortgage(b) |  |  | 195 |
Other costs(h) |  |  |  |  | — |  |  |  |  | 14 |
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Totals for 2016 |  |  |  | $ | 118,578 |  |  |  | $ | 596 |
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(a) | Transaction costs incurred with these asset acquisitions were capitalized.
(b) | The new mortgage debt was obtained simultaneously with the acquisition of the property.
(c) | In August 2017, the Company obtained new mortgage debt of $7,200.
(d) | In July 2017, the Company obtained new mortgage debt of $8,820.
(e) | Included as an expense in Real estate acquisition costs in the accompanying consolidated statement of income.
(f) | Transaction costs aggregating $6 incurred with this asset acquisition were capitalized.
(g) | Transaction costs aggregating $5 incurred with this asset acquisition were capitalized.
(h) | Costs incurred for properties purchased in the previous year.
Schedule of allocation of the 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 during 2017 and 2016 (amounts in thousands):
|  |  |  |  |  |  |  | Intangible Lease |  |  |
|  |  |  |  |  | Building Improvements |  |  |
Description of Property |  | Land |  | Building |  | Asset |  | Liability |  | Total |
Forbo industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Huntersville, North Carolina |  | $ | 1,046 |  | $ | 6,452 |  | $ | 222 |  | $ | 1,052 |  | $ | — |  | $ | 8,772 |
Saddle Creek Logistics industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pittston, Pennsylvania |  |  | 999 |  |  | 9,675 |  |  | 247 |  |  | 1,028 |  |  | — |  |  | 11,949 |
Corporate Woods industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ankeny, Iowa |  |  | 1,351 |  |  | 11,420 |  |  | 187 |  |  | 1,929 |  |  | (158 | ) |  | 14,729 |
Dufresne Spencer Group industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Memphis, Tennessee |  |  | 135 |  |  | 7,750 |  |  | 202 |  |  | — |  |  | — |  |  | 8,087 |
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Totals for 2017 |  | $ | 3,531 |  | $ | 35,297 |  | $ | 858 |  | $ | 4,009 |  | $ | (158 | ) | $ | 43,537 |
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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 |  |  | 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 |  |  | 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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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, 2017 will be deducted from rental income through 2032 as follows (amounts in thousands):
2018 |  | $ | 748 |
2019 |  |  | 646 |
2020 |  |  | 620 |
2021 |  |  | 614 |
2022 |  |  | 448 |
Thereafter |  |  | 1,217 |
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Total |  | $ | 4,293 |
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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, 2017 will be added to rental income through 2055 as follows (amounts in thousands):
2018 |  | $ | 1,794 |
2019 |  |  | 1,781 |
2020 |  |  | 1,629 |
2021 |  |  | 1,593 |
2022 |  |  | 1,468 |
Thereafter |  |  | 9,286 |
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Total |  | $ | 17,551 |
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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, 2017 will be charged to amortization expense through 2055 as follows (amounts in thousands):
2018 |  | $ | 4,056 |
2019 |  |  | 3,669 |
2020 |  |  | 3,435 |
2021 |  |  | 3,168 |
2022 |  |  | 2,672 |
Thereafter |  |  | 9,232 |
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Total |  | $ | 26,232 |
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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, 2017 are as follows (amounts in thousands):
2018 |  | $ | 64,412 |
2019 |  |  | 62,360 |
2020 |  |  | 60,035 |
2021 |  |  | 56,965 |
2022 |  |  | 47,434 |
Thereafter |  |  | 176,838 |
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Total |  | $ | 468,044 |
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