REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Schedule of real estate properties by category

The following tables present additional detail related to our real estate portfolio ($ in thousands):

	June 30, 2016			December 31, 2015
Land	$	137,298		$	138,128
Building	631,963			640,206
In-place leases and other intangibles	140,777			139,501
Real estate	910,038			917,835
Less: Accumulated depreciation and amortization	(101,283		)	(83,056		)
Real estate and related lease intangibles, net	$	808,755		$	834,779

Schedule of depreciation and amortization expense recorded

The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Depreciation expense (1)	$	6,164	$	5,997	$	12,268	$	11,903
Amortization expense	3,038		3,911		6,732		7,722
Total real estate depreciation and amortization expense	$	9,202	$	9,908	$	19,000	$	19,625

(1) Depreciation expense on the combined consolidated statements of income also includes $51,798 and $46,224 of depreciation on corporate fixed assets for the three months endedJune 30, 2016 and 2015, respectively, and $56,924 and $51,411 of depreciation on corporate fixed assets for the six months endedJune 30, 2016 and 2015, respectively.

Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned

The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of June 30, 2016 ($ in thousands):

Period Ending December 31,	Amount
2016 (last 6 months)	$	6,799
2017	9,599
2018	7,474
2019	7,412
2020	7,412
Thereafter	61,014
Total	$	99,710

Schedule of contractual future minimum rent under leases

The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at June 30, 2016 ($ in thousands):

Period Ending December 31,	Amount
2016 (last 6 months)	$	33,811
2017	66,161
2018	61,944
2019	55,610
2020	52,226
Thereafter	496,274
Total	$	766,026

Schedule of real estate properties acquired

During the six months endedJune 30, 2016, the Company acquired the following properties ($ in thousands):

Acquisition Date	Type	Primary Location(s)	Purchase Price		Ownership Interest (1)
April 2016	Land	St. Paul, MN	$	200	100.0%
April 2016	Net Lease	Dimmitt, TX	1,319		100.0%
April 2016	Net Lease	Philo, IL	1,156		100.0%
April 2016	Net Lease	St.Charles, MN	1,198		100.0%
May 2016	Net Lease	San Antonio, TX	1,096		100.0%
May 2016	Net Lease	Borger, TX	978		100.0%
June 2016	Net Lease	Champaign, IL	1,324		100.0%
June 2016	Net Lease	Decatur, IL	1,181		100.0%
June 2016	Net Lease	Flora Vista, NM	1,305		100.0%
June 2016	Net Lease	Mountain Grove, MO	1,279		100.0%
June 2016	Net Lease	Rantoul, IL	1,204		100.0%
June 2016	Net Lease	Decatur, IL	1,365		100.0%
June 2016	Net Lease	Cape Girardeau, MO	1,281		100.0%
June 2016	Net Lease	Linn, MO	1,122		100.0%
Total real estate acquisitions			$	16,008

The purchase prices were allocated to the net assets acquired during the six months endedJune 30, 2016, as follows ($ in thousands):

	Purchase Price Allocation
Land	$	2,984
Building	11,639
Intangibles	1,385
Total purchase price	$	16,008

During the six months endedJune 30, 2015, the Company acquired the following properties ($ in thousands):

Acquisition Date	Type	Primary Location(s)	Purchase Price		Ownership Interest (1)
January 2015	Net Lease	Jacksonville, NC	$	7,877	100.0%
January 2015	Net Lease	Iberia, MO	1,328		100.0%
January 2015	Net Lease	Isle, MN	1,078		100.0%
January 2015	Net Lease	Pine Island, MN	1,142		100.0%
January 2015	Net Lease	Kings Mountain, NC	21,241		100.0%
February 2015	Net Lease	Village of Menomonee Falls, WI	17,050		100.0%
February 2015	Net Lease	Rockland, MA	7,316		100.0%
February 2015	Net Lease	Crawfordsville, IA	6,000		100.0%
February 2015	Net Lease	Boardman Township, OH	5,400		100.0%
March 2015	Net Lease	Hilliard, OH	6,384		100.0%
March 2015	Net Lease	Weathersfield Township, OH	5,200		100.0%
March 2015	Net Lease	Rotterdam, NY	12,000		100.0%
March 2015	Net Lease	Wheaton, MO	970		100.0%
March 2015	Net Lease	Paynesville, MN	1,254		100.0%
March 2015	Net Lease	Loveland, CO	5,600		100.0%
March 2015	Net Lease	Battle Lake, MN	1,098		100.0%
March 2015	Net Lease	Yorktown, TX	1,207		100.0%
March 2015	Net Lease	St. Francis, MN	1,117		100.0%
May 2015	Net Lease	Red Oak, IA	1,185		100.0%
May 2015	Net Lease	Zapata, TX	1,150		100.0%
June 2015	Net Lease	Aurora, MN	952		100.0%
June 2015	Net Lease	Canyon Lake, TX	1,377		100.0%
June 2015	Net Lease	Wheeler, TX	1,075		100.0%
June 2015	Other	Grand Rapids, MI	9,300		97.0%
June 2015	Other	Grand Rapids, MI	6,300		97.0%
June 2015	Net Lease	Bridgeport, IL	1,186		100.0%
June 2015	Net Lease	Peoria, IL	1,226		100.0%
June 2015	Net Lease	Pleasanton, TX	1,316		100.0%
June 2015	Other	Wayne, NJ	9,700		100.0%
June 2015	Net Lease	Warren, MN	1,055		100.0%
June 2015	Net Lease	Tremont, IL	1,150		100.0%
Total real estate acquisitions			$	140,234

(1) Properties were consolidated as of acquisition date.

The purchase prices were allocated to the net assets acquired during the six months endedJune 30, 2015, as follows ($ in thousands):

	Purchase Price Allocation
Land	$	16,713
Building	110,166
Intangibles	13,355
Total purchase price	$	140,234

Schedule of properties sold

The Company sold the following properties during the six months endedJune 30, 2016 ($ in thousands):

Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)		Properties	Units Sold	Units Remaining
Mar 2016	Net Lease	Rockland, MA	9,148		8,436		712		1	—	—
Various	Condominium	Las Vegas, NV	17,288		9,608		7,680		—	40	92
Various	Condominium	Miami, FL	11,178		8,602		2,576		—	38	115
Totals			$	37,614	$	26,646	$	10,968

The Company sold the following properties during the six months endedJune 30, 2015 ($ in thousands):

Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)		Properties	Units Sold	Units Remaining
May 2015	Net Lease	Plattsmouth, NE	$	8,440	$	7,983	$	457	1	—	—
May 2015	Net Lease	Worthington, MN	8,793		8,321		472		1	—	—
May 2015	Net Lease	Loveland, CO	6,249		5,600		649		1	—	—
Various	Condominium	Las Vegas, NV	22,939		13,517		9,422		—	50	170
Various	Condominium	Miami, FL	17,357		13,417		3,940		—	57	195
Totals			$	63,778	$	48,838	$	14,940

Schedule of unaudited pro forma information

The following unaudited pro forma information has been prepared based upon our historical combined consolidated financial statements and certain historical financial information of the acquired properties, which are accounted for as business combinations, and should be read in conjunction with the combined consolidated financial statements and notes thereto. The unaudited pro forma combined consolidated financial information reflects the 2016 acquisition adjustments made to present financial results as though the acquisition of such properties occurred on January 1, 2015 through the date of acquisition and the 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014 through the date of acquisition. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations ($ in thousands):

	Three Months Ended June 30, 2016									Six Months Ended June 30, 2016
	Company Historical			Acquisitions			Consolidated Pro Forma			Company Historical			Acquisitions			Consolidated Pro Forma
Operating lease income	$	19,085		$	182		$	19,267		$	38,379		$	464		$	38,843
Net income (loss)	3,945			124			4,069			(7,500		)	311			(7,189		)
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	(235		)	—			(235		)	(2		)	—			(2		)
Net (income) loss attributable to noncontrolling interest in operating partnership	(908		)	(53		)	(961		)	4,765			(132		)	4,633
Net income attributable to Class A common shareholders	2,802			72			2,874			(2,737		)	179			(2,558		)

The Company recorded $0.1 million in revenues from its 2016 acquisitions for the three andsix months endedJune 30, 2016, which are included in operating lease income on the combined consolidated statements of income.

	Three Months Ended June 30, 2015									Six Months Ended June 30, 2015
	Company Historical			Acquisitions			Consolidated Pro Forma			Company Historical			Acquisitions			Consolidated Pro Forma
Operating lease income	$	20,390		$	279		$	20,669		$	39,537		$	565		$	40,102
Net income	68,697			185			68,882			86,659			167			86,826
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	684			—			684			493			—			493
Net (income) loss attributable to noncontrolling interest in operating partnership	(35,171		)	(78		)	(35,249		)	(43,768		)	(71		)	(43,839		)
Net income attributable to Class A common shareholders	34,210			107			34,317			43,384			96			43,480