Real Estate and Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2012

Assets Acquired

We acquired the following assets:

	2012		2011			2010
Assets Acquired		(in thousands)
Land	$	518	$	19,705		$	8,227
Building		8,942		220,769			119,626
Intangible lease assets — subject to amortization (weighted average useful life 15.0 years in 2012 and 13.9 years in 2011)		1,040		20,630			9,955
Net investments in direct financing leases		310,000		—			—
Mortgage loans		200,000		—			—
Other loans		95,690		27,283			—
Equity investments		5,300		5,168			—
Total assets acquired	$	621,490	$	293,555		$	137,808
Total liabilities assumed		—		(14,592	)		—
Net assets acquired	$	621,490	$	278,963		$	137,808

Unaudited Pro Forma Consolidated Financial Data

The following table sets forth certain unaudited pro forma consolidated financial data for 2012 and 2011, as if each acquisition was consummated on the same terms at the beginning of 2011 and 2010, respectively. Supplemental pro forma earnings were adjusted to exclude $5.1 million and $1.9 million of acquisition-related costs on these consummated deals incurred during 2012 and 2011, respectively (dollar amounts in thousands except per share/unit data).

	2012		2011
	(Amounts in thousands except per share/unit amounts)
Total revenues	$	224,796	$	213,642
Net income		113,450		81,744
Net income per share/unit	$	0.84	$	0.60

Amortization Expense from Lease Intangible Assets

We recorded amortization expense related to intangible lease assets of $3.9 million, $5.2 million, and $3.2 million in 2012, 2011, and 2010, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows: (amounts in thousands)

For the Year Ended December 31:
2013	$	3,351
2014		3,286
2015		3,097
2016		3,055
2017		3,046

Components of Net Investment in Direct Financing Leases

The components of our net investment in DFLs consisted of the following (dollars in thousands):

	As of December 31, 2012
Minimum lease payments receivable	$	1,277,923
Estimated residual values		201,283
Less unearned income		(1,164,794	)
Net investment in direct financing leases	$	314,412

Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms

Minimum rental payments due to us in future periods under operating leases and DFL, which have non-cancelable terms extending beyond one year at December 31, 2012, are as follows: (amounts in thousands)

	Total Under Operating Leases		Total Under DFL		Total
2013	$	119,602	$	30,071	$	149,673
2014		118,150		30,672		148,822
2015		115,535		31,285		146,820
2016		115,976		31,911		147,887
2017		115,523		32,549		148,072
Thereafter		811,528		393,545		1,205,073
	$	1,396,314	$	550,033	$	1,946,347

Summary of Loans

The following is a summary of our loans ($ amounts in thousands):

	As of December 31, 2012					As of December 31, 2011
	Balance		Weighted Average Interest Rate			Balance		Weighted Average Interest Rate
Mortgage loans	$	368,650		10.0	%	$	165,000		10.2	%
Other loans		159,243		13.2	%		74,839		10.5	%
	$	527,893				$	239,839