INCOME PROPERTIES AND LEASES (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of components of leasing revenue

The components of leasing revenue are as follows:

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	($000's)		($000's)		($000's)		($000's)
Leasing Revenue
Lease Payments	$	10,086	$	9,391	$	29,112	$	28,409
Variable Lease Payments		2,847		870		6,297		2,952
Total Leasing Revenue	$	12,933	$	10,261	$	35,409	$	31,361

Schedule of minimum future base rental revenue on non-cancelable leases

Minimum future base rental revenue on non-cancelable leases subsequent to September 30, 2020, for the next five years ended December 31 are summarized as follows:

Year Ending December 31,	Amounts ($000's)
Remainder of 2020	$	9,192
2021		40,087
2022		38,101
2023		35,736
2024		34,096
2025 and thereafter (cumulative)		226,539
Total	$	383,751

Schedule of properties disposed

	As of September 30, 2020
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Plant, Property, and Equipment—Net	$	—	$	26,296,202	$	26,296,202
Restricted Cash		834,044		—		834,044
Intangible Lease Assets—Net		—		2,716,968		2,716,968
Intangible Lease Liabilities—Net		—		(433,263)		(433,263)
Total Assets Held for Sale	$	834,044	$	28,579,907	$	29,413,951
Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)

	As of December 31, 2019
	Land JV		Single-Tenant Income Properties		Total Assets (Liabilities) Held for Sale
Restricted Cash	$	833,167	$	—	$	833,167
Total Assets Held for Sale	$	833,167	$	—	$	833,167
Deferred Revenue	$	(831,320)	$	—	$	(831,320)
Total Liabilities Held for Sale	$	(831,320)	$	—	$	(831,320)

2020 acquisitions of income property subject to lease

Schedule of properties acquired

The properties acquired during the nine months ended September 30, 2020 are described below:

Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Crossroads Towne Center	Multi-Tenant	Chandler, AZ	01/24/20	254,109	$	61,800,000	99%	5.0
Ashford Lane (fka Perimeter Place)	Multi-Tenant	Atlanta, GA	02/21/20	268,572		75,435,000	80%	3.6
Ford Motor Credit	Single-Tenant	Tampa, FL	08/21/20	120,500		26,900,000	100%	5.6
Master Tenant - Hialeah (1)	Single-Tenant	Hialeah, FL	09/25/20	108,029		21,000,000	100%	25.0
		Total / Weighted Average		751,210	$	185,135,000		6.5

⁽¹⁾ The lease with the Master Tenant – Hialeah (“Master Tenant – Hialeah Lease”) includes three tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $21.0 million investment has been recorded in the accompanying consolidated balance sheet as of September 30, 2020 as a commercial loan investment. See Note 4, “Commercial Loan and Master Lease Investments.”

2019 acquisitions of income property subject to lease

Schedule of properties acquired

Tenant Description	Tenant Type	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Percentage Leased at Acquisition	Remaining Lease Term at Acquisition Date (in years)
Hobby Lobby Stores, Inc.	Single-Tenant	Winston-Salem, NC	05/16/19	55,000	$	8,075,000	100%	10.9
24 Hour Fitness USA, Inc.	Single-Tenant	Falls Church, VA	05/23/19	46,000		21,250,000	100%	8.6
Walgreen Co.	Single-Tenant	Birmingham, AL	06/05/19	14,516		5,500,000	100%	9.8
Family Dollar Stores of Massachusetts, Inc.	Single-Tenant	Lynn, MA	06/07/19	9,228		2,100,000	100%	4.8
Walgreen Co.	Single-Tenant	Albany, GA	06/21/19	14,770		3,634,000	100%	13.6
Carpenter Hotel (1)	Single-Tenant	Austin, TX	07/05/19	N/A		16,250,000	100%	99.1
General Dynamics Corporation	Single-Tenant	Reston, VA	07/12/19	64,319		18,600,000	100%	9.9
Live Nation Entertainment, Inc.	Single-Tenant	East Troy, WI	08/30/19	N/A		7,500,000	100%	10.6
Party City Corporation	Single-Tenant	Oceanside, NY	09/24/19	15,500		7,120,000	100%	10.2
	Total / Weighted Average			219,333	$	90,029,000		25.9

⁽¹⁾ The ground lease with The Carpenter Hotel (the “Ground Lease”) includes two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $16.25 million investment has been recorded in the accompanying consolidated balance sheet as of September 30, 2020 and December 31, 2019 as a commercial loan investment. See Note 4, “Commercial Loan and Master Lease Investments.”

Disposal Group, Disposed of by Sale, Not Discontinued Operations

Schedule of properties disposed

Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain (Loss) on Sale		EPS, After Tax
CVS, Dallas, TX	Single-Tenant	04/24/20	$	15,222,000	$	854,336	$	0.14
Wawa, Daytona Beach, FL	Single-Tenant	04/29/20		6,002,400		1,768,603		0.29
JPMorgan Chase Bank, Jacksonville, FL	Single-Tenant	06/18/20		6,714,738		959,444		0.15
7-Eleven, Dallas, TX	Multi-Tenant	06/26/20		2,400,000		(45,615)		(0.01)
Bank of America, Monterey, CA	Single-Tenant	06/29/20		9,000,000		3,892,049		0.63
Wawa, Jacksonville, FL	Single-Tenant	07/23/20		7,143,000		245,696		0.04
Carrabbas, Austin, TX	Single-Tenant	08/05/20		2,554,772		(83,834)		(0.01)
PDQ, Jacksonville, FL	Single-Tenant	09/08/20		2,540,000		127,874		0.02
	Total / Weighted Average		$	51,576,910	$	7,718,553	$	1.25

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Multi-tenant

Schedule of properties disposed

Tenant Description	Tenant Type	Date of Disposition	Sales Price		Gain on Sale		EPS, After Tax
Whole Foods, Sarasota, FL	Multi-Tenant	02/21/19	$	24,620,000	$	6,869,957	$	0.96
The Grove, Winter Park, FL	Multi-Tenant	05/23/19		18,250,000		2,803,198		0.42
3600 Peterson, Santa Clara, CA	Multi-Tenant	06/24/19		37,000,000		9,008,709		1.36
Wawa, Winter Park, FL	Single-Tenant	08/07/19		2,777,778		2,123,955		0.33
		Total / Weighted Average	$	82,647,778	$	20,805,819	$	3.07