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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)

12 Months Ended

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
​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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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