Real Estate Investments

3 Months Ended

Dec. 31, 2011

The Company owns and operates commercial properties. As of September 30, 2011, the Company owned 63 properties, all of which were contributed in conjunction with the completion of the IPO by the Contributor, an affiliate of the Sponsor, at amortized cost. As of September 30, 2011, the properties were 99.1% occupied on a weighted-average basis.

The Company’s portfolio of real estate properties is comprised of the following properties as of September 30, 2011 (dollar amounts in thousands):



Portfolio	Contribution Date	Number of Properties	Square Feet	Remaining Lease Term⁽¹⁾	Annualized Rental Income⁽²⁾		Base Purchase Price⁽³⁾		Capitalization Rate⁽⁴⁾	Annualized Rental Income per Square Foot
Home Depot	September 2011	1	465,600	18.2	$	2,258	$	23,398	9.7%	$	4.85
Citizens Bank	September 2011	59	291,920	6.2	6,729		95,241		7.1%	23.05
Community Bank	September 2011	1	4,410	4.8	36		705		5.1%	8.16
Vacant properties	September 2011	2	6,800	—	—		2,868		—	—
Total Portfolio		63	768,730	8.5	$	9,023	$	122,212	7.4%	$	11.74

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(1)	Remaining lease term as of September 30, 2011, in years. If the portfolio has multiple locations with varying lease expirations, remaining lease term is calculated on a weighted-average basis. Total remaining lease term is an average of the remaining lease term of the total portfolio.


(2)	Annualized rental income on a straight-line basis for the leases in place as of September 30, 2011, which includes the effect of tenant concessions such as free rent, as applicable.


(3)	Original purchase price of properties contributed excluding acquisition and transaction-related costs. Acquisition and transaction-related costs include legal costs and closing costs on property.


(4)	Annualized rental income on a straight-line basis divided by cost of properties contributed.

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter as of October 1, 2011. These amounts exclude contingent rent 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 (amounts in thousands):



	Future Minimum Base Rent Payments
October 1, 2011 – December 31, 2011	$	2,072
2012	8,384
2013	8,584
2014	8,789
2015	8,999
Thereafter	134,438
	$	171,266

The following table lists the tenants whose annualized rental income represented greater than 10% of consolidated revenues as of September 30, 2011:



Tenant		September 30, 2011
Citizens Bank		75%
Home Depot		25%

The termination, delinquency or non-renewal of one or more leases by any of the above tenants may have a material effect on revenues. No other tenant represents more than 10% of the rental income for the period presented.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

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