REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Schedule of real estate properties by category

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

	March 31, 2018			December 31, 2017
Land	$	173,811		$	213,992
Building	793,504			789,622
In-place leases and other intangibles	179,418			189,490
Less: Accumulated depreciation and amortization	(165,874		)	(161,063		)
Real estate and related lease intangibles, net	$	980,859		$	1,032,041
Below market lease intangibles, net (other liabilities)	$	(42,000	)	$	(42,607	)

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 March 31,
	2018		2017
Depreciation expense (1)	$	7,786	$	5,720
Amortization expense	3,018		2,849
Total real estate depreciation and amortization expense	$	10,804	$	8,569

(1) Depreciation expense on the consolidated statements of income also includes $19 thousand and $23 thousand of depreciation on corporate fixed assets for the three months endedMarch 31, 2018 and 2017, 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 March 31, 2018 ($ in thousands):

Period Ending December 31,	Amount
2018 (last 9 months)	$	7,049
2019	9,389
2020	9,249
2021	8,637
2022	6,359
Thereafter	72,296
Total	$	112,979

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 March 31, 2018 ($ in thousands):

Period Ending December 31,	Amount
2018 (last 9 months)	$	75,456
2019	95,873
2020	88,398
2021	86,142
2022	80,847
Thereafter	564,298
Total	$	991,014

Schedule of real estate properties acquired

Acquisitions

During the three months endedMarch 31, 2018, the Company acquired the following property ($ in thousands):

Acquisition Date	Type	Primary Location(s)	Purchase Price		Ownership Interest (1)
March 2018	Diversified	Lithia Springs, GA	$	24,466	70.6%
Total			$	24,466

(1) Property was consolidated as of acquisition date.

The purchase prices were allocated to the asset acquisitions during the three months endedMarch 31, 2017, as follows ($ in thousands):

	Purchase Price Allocation
Land	$	744
Building	2,777
Intangibles	559
Below Market Lease Intangibles	(188		)
Total purchase price	$	3,892

The purchase prices were allocated to the asset acquisitions during the three months endedMarch 31, 2018, as follows ($ in thousands):

	Purchase Price Allocation
Land	$	2,939
Building	21,527
Intangibles(1)	—
Below Market Lease Intangibles	—
Total purchase price	$	24,466

(1) No intangibles allocated to purchase price as property was acquired vacant.

During the three months endedMarch 31, 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%
Total			$	3,892

(1) Properties were consolidated as of acquisition date.

Schedule of properties sold

The Company sold the following properties during the three months endedMarch 31, 2018 ($ in thousands):

Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)		Properties	Units Sold	Units Remaining
Various	Condominium	Las Vegas, NV	$	1,811	$	732	$	1,079	—	2	11
Various	Condominium	Miami, FL	2,263		1,792		471		—	8	40
March 2018	Diversified	El Monte, CA	71,807		52,610		19,197		1	—	—
March 2018	Diversified	Richmond, VA	21,632		11,370		10,262		1	—	—
Totals			$	97,513	$	66,504	$	31,009

The Company sold the following properties during the three months endedMarch 31, 2017 ($ in thousands):

Sales Date	Type	Primary Location(s)	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)		Properties	Units Sold	Units Remaining
Various	Condominium	Las Vegas, NV	$	4,200	$	2,320	$	1,880	—	12	47
Various	Condominium	Miami, FL	2,125		1,674		451		—	6	82
Totals			$	6,325	$	3,994	$	2,331