REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2018			December 31, 2017
Land	$	195,210		$	213,992
Building	858,503			789,622
In-place leases and other intangibles	182,905			189,490
Less: Accumulated depreciation and amortization	(176,375		)	(161,063		)
Real estate and related lease intangibles, net	$	1,060,243		$	1,032,041
Below market lease intangibles, net (other liabilities)	$	(42,416	)	$	(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 June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Depreciation expense (1)	$	8,208	$	7,126	$	15,995	$	12,846
Amortization expense	2,429		2,976		5,447		5,824
Total real estate depreciation and amortization expense	$	10,637	$	10,102	$	21,442	$	18,670

(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 ended June 30, 2018 and 2017, respectively, and $37 thousand and $47 thousand of depreciation on corporate fixed assets for the six months endedJune 30, 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 June 30, 2018 ($ in thousands):

Period Ending December 31,	Amount
2018 (last 6 months)	$	5,717
2019	10,675
2020	9,265
2021	8,662
2022	6,384
Thereafter	73,167
Total	$	113,870

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, 2018 ($ in thousands):

Period Ending December 31,	Amount
2018 (last 6 months)	$	52,721
2019	96,832
2020	86,086
2021	83,775
2022	82,779
Thereafter	644,216
Total	$	1,046,409

Schedule of real estate properties acquired

The purchase prices were allocated to the asset acquisitions during the six months endedJune 30, 2018, as follows ($ in thousands):

	Purchase Price Allocation
Land	$	24,466
Building	87,389
Intangibles	3,459
Below Market Lease Intangibles	(1,130		)
Total purchase price	$	114,184

The purchase prices were allocated to the asset acquisitions during the six months endedJune 30, 2017, as follows ($ in thousands):

	Purchase Price Allocation
Land	$	56,451
Building	120,567
Intangibles	31,322
Below Market Lease Intangibles	(26,302		)
Total purchase price	$	182,038

Acquisitions

During the six months endedJune 30, 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%
April 2018	Net Lease	Kirbyville, MO	1,156		100.0%
April 2018	Net Lease	Gladwin, MI	1,171		100.0%
April 2018	Net Lease	Foley, MN	1,176		100.0%
April 2018	Net Lease	Moscow Mills, MO	1,237		100.0%
April 2018	Net Lease	Wonder Lake, IL	1,255		100.0%
May 2018	Diversified	Isla Vista, CA	83,723		75.0%
Total			$	114,184

(1) Properties were consolidated as of acquisition date.

During the six months endedJune 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	Diversified(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	Net Lease	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%
Total			$	182,038

(1) Properties were consolidated as of acquisition date.

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

Schedule of properties sold

The Company sold the following properties during the six months endedJune 30, 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	$	4,509	$	1,939	$	2,570	—	6	7
Various	Condominium	Miami, FL	3,296		2,662		634		—	12	36
March 2018	Diversified	El Monte, CA	71,807		52,610		19,197		1	—	—
March 2018	Diversified	Richmond, VA	21,632		11,396		10,236		1	—	—
Totals			$	101,244	$	68,607	$	32,637

The Company sold the following properties during the six months endedJune 30, 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	$	7,935	$	4,371	$	3,564	—	21	38
Various	Condominium	Miami, FL	4,655		3,656		999		—	16	72
Totals			$	12,590	$	8,027	$	4,563