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Real Estate Investments
 12 Months Ended
Dec. 31, 2011
Real Estate Investments [Abstract]  
Real Estate Investments
Real Estate Investments
 The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2011 and 2010 (in thousands):  
 
 
Year Ended December 31,
 
 
2011
 
2010
Real estate investments, at cost:
 
 
 
 
Land
 
$
7,196

 
$
11,243

Buildings, fixtures and improvements
 
46,085

 
50,051

Total tangible assets
 
53,281

 
61,294

Acquired intangibles:
 
 

 
 

In-place leases
 
5,194

 
6,215

Above-market lease assets
 
—

 
106

Below-market lease liabilities
 
(549
)
 
(1,365
)
Total acquired intangibles
 
4,645

 
4,956

Total assets acquired, net
 
57,926

 
66,250

Mortgage notes payable
 
(32,650
)
 
(35,521
)
Cash paid for acquired real estate investments
 
$
25,276

 
$
30,729

Number of properties purchased
 
5

 
4

 The Company acquires and operates commercial properties. All such properties may be acquired and operated by the Company alone or jointly with another party.  The Company’s portfolio of real estate properties is comprised of the following properties as of December 31, 2011 (net operating income and base purchase price in thousands):
Portfolio Property
 
Acquisition
Date
 
Number of
Properties
 
Square
Feet
 
Occupancy
 
Remaining
Lease
Term (1)
 
Annualized Net
Operating
Income (2)
 
Base
Purchase
Price (3)
 
Capitalization
Rate (4)
 
Annualized
Rental
Income (5)
per Square
Foot
Interior Design Building
 
Jun. 2010
 
1
 
81,082

 
85.4%
 
4.4
 
$
2,009

 
$
32,250

 
6.2%
 
$
39.94

Bleecker Street (6)
 
Dec. 2010
 
3
 
9,724

 
100.0%
 
8.2
 
2,454

 
34,000

 
7.2%
 
262.65

Foot Locker
 
Apr. 2011
 
1
 
6,118

 
100.0%
 
14.1
 
455

 
6,167

 
7.4%
 
74.37

Regal Parking Garage
 
Jun. 2011
 
1
 
12,856

 
100.0%
 
22.6
 
399

 
5,400

 
7.4%
 
31.50

Duane Reed
 
Oct. 2011
 
1
 
9,767

 
100.0%
 
16.8
 
971

 
14,000

 
6.9%
 
98.29

Washington Street
 
Nov. 2011
 
1
 
22,306

 
100.0%
 
13.5
 
987

 
9,860

 
10.0%
 
47.34

One Jackson Square
 
Nov. 2011
 
1
 
7,080

 
77.8%
 
16.4
 
1,454

 
22,500

 
6.5%
 
259.35

 
 
 
 
9
 
148,933

 
91.0%
 
10.7
 
$
8,729

 
$
124,177

 
7.0%
 
$
71.02

______________________________
(1)
Remaining lease term in years as of December 31, 2011, calculated on a weighted-average basis.
(2)
Annualized net operating income for the quarter ended December 31, 2011 or since acquisition date.  Net operating income is rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses.  Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.
(3)
Contract purchase price, excluding acquisition related costs.
(4)
Net operating income divided by base purchase price.
(5)
Annualized rental income as of December 31, 2011 for the leases in the property portfolio on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
(6)
Non-controlling interest holders contributed $13.0 million to purchase this portfolio.

The following table presents unaudited pro forma information as if the acquisitions during the year ended December 31, 2011 had been consummated on October 6, 2009 (date of inception). Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to reclass acquisition and transaction related expenses of $1.6 million from the year ended December 31, 2011 to the period from October 6, 2009 (date of inception) to December 31, 2009. (in thousands)
 
 
Year Ended December 31,
 
Period from October 6, 2009 (date of inception) to December 31, 2009 (Unaudited)
 
 
2011 (Unaudited)
 
2010 (Unaudited)
 
Total pro forma revenues
 
$
10,805

 
$
6,166

 
$
1,059

Total pro forma net income (loss) attributable to stockholders
 
$
(1,608
)
 
$
(480
)
 
$
1,507

The following table presents future minimum base rent cash payments due to the Company subsequent to December 31, 2011.  These amounts exclude contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items (in thousands): 
 
Future Minimum
Base Rent Payments
2012
$
8,638

2013
8,787

2014
8,735

2015
8,499

2016
8,117

Thereafter
60,553

 
$
103,329


The following table lists the tenants whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis as of December 31, 2011 and 2010:
 
 
 
 
December 31,
Property Portfolio
 
Tenant
 
2011
 
2010
One Jackson Square
 
TD Bank
 
12.2
%
 
—
%
Bleecker Street
 
Burberry Limited
 
10.7
%
 
17.3
%
Duane Reed
 
Duane Reed
 
10.0
%
 
—
%
Interior Design Building
 
Rosselli 61st St., LLC
 
*

 
11.3
%
Bleecker Street
 
Michael Kors Stores, LLC
 
*

 
10.4
%
___________________________________
* Tenant’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.
The termination, delinquency or non-renewal of one of the above tenants may have a material adverse effect on revenues. No other tenant represents more than 10% of annualized rental income as of December 31, 2011 and 2010 .