NOTE 4. INCOME PROPERTY PORTFOLIO

As of March 31, 2020, the Company’s income property portfolio consisted of 29 single-tenant properties with total square footage of approximately 1.1 million.

Leasing revenue consists of long-term rental revenue from retail and office income properties, which is recognized as earned, using the straight-line method over the life of each lease.

The components of leasing revenue are as follows:


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company ($000's)		Predecessor ($000's)
Leasing Revenue
Lease Payments	$	3,812	$	2,768
Variable Lease Payments		359		191
Total Leasing Revenue	$	4,171	$	2,959

Minimum Future Rental Receipts. Minimum future rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to March 31, 2020, are summarized as follows:


Year Ending December 31,	Amounts ($000's)
Remainder of 2020	$	11,942
2021		16,046
2022		16,229
2023		16,382
2024		15,899
2025 and thereafter (cumulative)		64,868
Total	$	141,366

See Note 15, “Subsequent Events” for the Company’s disclosure related to the potential cash flow impact as well as Note 3, “Summary of Significant Accounting Policies” for the accounting treatment of potential lease modifications associated with tenant rent relief requests due to the COVID-19 Pandemic.

2020 Activity. During the three months ended March 31, 2020, the Company acquired nine single-tenant income properties for a purchase price of approximately $46.8 million, or an acquisition cost of approximately $47.0 million including capitalized acquisition costs. Of the total acquisition cost, approximately $11.9 million was allocated to land, approximately $29.3 million was allocated to buildings and improvements, approximately $6.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and approximately $1.1 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 11.2 years at acquisition. No income properties were disposed of during the three months ended March 31, 2020.

The single-tenant net lease income properties acquired during the three months ended March 31, 2020 are described below:


Tenant Description	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Remaining Lease Term at Acquisition Date (in years)
7-Eleven (1)	Austin, TX	1/13/2020	6,400	$	5,762,416	15.0
7-Eleven (1)	Georgetown, TX	1/13/2020	7,726		4,300,474	15.0
Conn's HomePlus	Hurst, TX	1/10/2020	37,957		6,100,000	11.6
Lehigh Gas Wholesale Services, Inc.	Highland Heights, KY	2/03/2020	2,578		4,250,000	10.8
American Multi-Cinema, Inc.	Tyngsborough, MA	2/19/2020	39,474		7,055,000	10.1
Hobby Lobby	Tulsa, OK	2/28/2020	84,180		12,486,334	10.8
Long John Silver's	Tulsa, OK	2/28/2020	3,000		263,666	N/A
Old Time Pottery	Orange Park, FL	2/28/2020	84,180		6,311,702	10.4
Freddy's Frozen Custard	Orange Park, FL	2/28/2020	3,200		303,298	6.8
	Total / Weighted Average		268,695	$	46,832,890	11.5

⁽¹⁾

Cash rent has not yet commenced on the 7-Eleven tenant leases, although control of the properties have transferred during tenant improvement periods.

2019 Predecessor Activity. No income properties were acquired or disposed of during the three months ended March 31, 2019.