REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)

9 Months Ended

Sep. 30, 2017

Real Estate [Abstract]

Schedule of real estate properties by category

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

	September 30, 2017			December 31, 2016
Land	$	213,402		$	143,286
Building	790,454			646,372
In-place leases and other intangibles	188,666			154,687
Less: Accumulated depreciation and amortization	(150,621		)	(122,007		)
Real estate and related lease intangibles, net	$	1,041,901		$	822,338
Below market lease intangibles, net (other liabilities)	$	(42,984	)	$	(16,506	)

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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Depreciation expense (1)	$	7,624	$	6,272	$	20,470	$	18,540
Amortization expense	2,959		3,433		8,783		10,164
Total real estate depreciation and amortization expense	$	10,583	$	9,705	$	29,253	$	28,704

(1)

Depreciation expense on the consolidated statements of income also includes $23 thousand and $28 thousand of depreciation on corporate fixed assets for the three months ended September 30, 2017 and 2016, respectively, and $70 thousand and $85 thousand of depreciation on corporate fixed assets for the nine months ended September 30, 2017 and 2016, 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 September 30, 2017 ($ in thousands):

Period Ending December 31,	Amount
2017 (last 3 months)	$	4,272
2018	16,649
2019	16,323
2020	16,323
2021	16,120
Thereafter	89,619
Total	$	159,306

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 September 30, 2017 ($ in thousands):

Period Ending December 31,	Amount
2017 (last 3 months)	$	24,751
2018	88,129
2019	81,456
2020	79,628
2021	74,920
Thereafter	1,321,150
Total	$	1,670,034

Schedule of real estate properties acquired

The purchase prices were allocated to the net assets acquired, which also include asset acquisitions occurring after October 1, 2016, during the nine months ended September 30, 2017, as follows ($ in thousands):

	Purchase Price Allocation
Land	$	76,342
Building	151,396
Intangibles	30,686
Below Market Lease Intangibles	(27,747		)
Total purchase price	$	230,677

During the nine months ended September 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-Sunnyside, 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-Pershing, 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%
July 2016	Net Lease	Union, MO	1,227		100.0%
July 2016	Net Lease	Pawnee, IL	1,201		100.0%
July 2016	Net Lease	Lamar, MO	1,176		100.0%
August 2016	Other	Ewing, NJ	30,640		100.0%
Total			$	50,252

(1) Properties were consolidated as of acquisition date.

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

	Purchase Price Allocation
Land	$	6,407
Building	34,396
Intangibles	11,364
Below Market Lease Intangibles	(1,915		)
Total purchase price	$	50,252

TDuring the nine months ended September 30, 2017, the Company acquired the following properties ($ in thousands):

Acquisition Date	Type	Primary Location(s)	Purchase Price		Ownership Interest (1)
February 2017	Net Lease	Carmi, IL	$	1,411	100.0%
February 2017	Net Lease	Peoria, IL	1,183		100.0%
March 2017	Net Lease	Ridgedale, MO	1,298		100.0%
April 2017	Net Lease	Hanna City, IL	1,141		100.0%
April 2017	Other(2)	El Monte, CA	54,110		70.0%
May 2017	Net Lease	Jessup, IA	1,163		100.0%
May 2017	Net Lease	Shelbyville, IL	1,132		100.0%
May 2017	Other	Jacksonville, FL	115,641		100.0%
May 2017	Net Lease	Wabasha, MN	1,280		100.0%
May 2017	Net Lease	Port O'Connor, TX	1,255		100.0%
May 2017	Net Lease	Denver, IA	1,183		100.0%
June 2017	Net Lease	Jefferson City, MO	1,241		100.0%
August 2017	Other(3)	Miami, FL	38,145		80.0%
September 2017	Net Lease	Milford, IA	1,298		100.0%
September 2017	Other	Crum Lynne, PA	9,196		100.0%
Total			$	230,677

(1) Properties were consolidated as of acquisition date.

(2) Joint venture partner contributed $5.3 million to partnership.

(3) Joint venture partner contributed $1.6 million to the partnership.

Schedule of properties sold

The Company sold the following properties during the nine months ended September 30, 2017 ($ in thousands):

Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)(1)		Properties	Units Sold	Units Remaining
Various	Condominium	Las Vegas, NV	$	14,568	$	7,943	$	6,625	—	37	22
Various	Condominium	Miami, FL	6,104		4,789		1,315		—	21	67
Totals			$	20,672	$	12,732	$	7,940

(1) Realized gain on the sale of real estate, net on the consolidated statements of income also includes $150 thousand of realized loss on the disposal of fixed assets for the nine months ended September 30, 2017.

The Company sold the following properties during the nine months ended September 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	—	—
Sep 2016	Net Lease	Crawfordsville, IN	6,190		5,723		467		1	—	—
Various	Condominium	Las Vegas, NV	24,534		13,507		11,027		—	58	74
Various	Condominium	Miami, FL	14,162		10,752		3,410		—	49	104
Totals			$	54,034	$	38,418	$	15,616