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Real Estate Investments
 12 Months Ended
Dec. 31, 2014
Real Estate [Abstract]  
Real Estate Investments
Real Estate Investments
The following table reflects the number and related base purchase prices of properties acquired as of December 31, 2013 and during the year ended December 31, 2014:
 
 
Number of Properties
 
Base Purchase Price(1)
 
 
 
 
(In thousands)
As of December 31, 2013
 
37
 
$
184,960

Twelve Months ended December 31, 2014
 
270
 
2,193,594

Portfolio as of December 31, 2014
 
307
 
$
2,378,554

________________________________________________
(1)
Contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase, where applicable.
The following table presents the allocation of the assets acquired during the years ended December 31, 2014, 2013 and 2012 based on contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase.
 
 
Year Ended December 31,
(Dollar amounts in thousands)
 
2014
 
2013
 
2012
Real estate investments, at cost:
 
 
 
 
 
 
Land
 
$
288,376

 
$
44,118

 
$
519

Buildings, fixtures and improvements
 
1,450,862

 
103,127

 
1,210

Total tangible assets
 
1,739,238

 
147,245

 
1,729

Intangibles acquired:
 
 
 
 
 
 
In-place leases
 
418,419

 
44,865

 
647

Above market lease asset
 
26,711

 
2,159

 
209

Below market lease liability
 
(17,513
)
 
(5,983
)
 
—

Below market ground lease liability
 
901

 
—

 
—

Goodwill
 
3,665

 
—

 
—

Total assets acquired, net
 
2,171,421

 
188,286

 
2,585

Mortgage notes payable used to acquire real estate investments
 
(217,791
)
 
(75,651
)
 
(1,228
)
Credit facility borrowings used to acquire real estate investments
 
(446,558
)
 
—

 
—

Other liabilities assumed
 
—

 
(1,664
)
 
—

Cash paid for acquired real estate investments
 
$
1,507,072

 
$
110,971

 
$
1,357

Number of properties purchased
 
270

 
36

 
1


The allocations in the table above of land, buildings, fixtures and improvements, and in-place lease intangibles have been provisionally assigned to each class of asset, pending receipt of information being prepared by a third-party specialist.
The following table presents unaudited pro forma information as if the acquisitions during the year ended December 31, 2014, had been consummated on January 1, 2013. Additionally, the unaudited pro forma net income attributable to stockholders was adjusted to exclude acquisition and transaction related expense of $83.5 million from the year ended December 31, 2014 to the year ended December 31, 2013.
 
 
Year Ended December 31,
(In thousands)
 
2014
 
2013
 
2012
Pro forma revenues
 
$
203,769

 
$
202,419

 
$
16,685

Pro forma net income
 
$
54,887

 
$
(55,524
)
 
$
(6,817
)
Pro forma earnings per share
 
0.44

 
(10.18
)
 
(106.10
)

The following presents future minimum base rental cash payments due to the Company during the next five years and thereafter as of December 31, 2014. 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 indices among other items.
(In thousands)
 
Future Minimum
Base Rent Payments
2015
 
$
175,154

2016
 
179,154

2017
 
182,643

2018
 
185,137

2019
 
187,586

Thereafter
 
1,220,434

 
 
$
2,130,108


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 properties on a straight-line basis as of December 31, 2014, 2013 and 2012. 
 
 
December 31,
Tenant
 
2014
 
2013
 
2012
Encanto Restaurants, Inc.
 
*
 
19.4%
 
—%
Western Digital Corporation
 
*
 
14.6%
 
—%
Thames Water Utilities Limited
 
*
 
11.7%
 
—%
McDonald's Property Company Limited
 
*
 
*
 
100%
_______________________________________________________________________
* 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 leases by any of the above tenants may have a material adverse effect on revenues.
The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2014, 2013 and 2012.
 
 
December 31,
Country
 
2014
 
2013
 
2012
United Kingdom
 
22.0%
 
38.4%
 
100%
Puerto Rico
 
*
 
19.4%
 
*
Germany
 
10.9%
 
*
 
*
United States:
 
 
 
 
 

California
 
*
 
14.6%
 
*
Texas
 
10.4%
 
*
 
*
_______________________________________________________________________
* Geography'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.