Real Estate Acquired and Sold

3 Months Ended

Mar. 31, 2014

Banking and Thrift [Abstract]

Real Estate Acquired and Sold

Real Estate Acquired and Sold

Kentlands Pad

In August 2013, the Company purchased for $4.3 million, a retail pad with a 7,100 square foot restaurant located in Gaithersburg, Maryland, which is contiguous with and an expansion of the Company's other Kentlands assets, and incurred acquisition costs of $99,000.

Hunt Club Pad

In December 2013, the Company purchased for $0.8 million, including acquisition costs, a retail pad with a 5,500 square foot vacant building located in Apopka, Florida, which is contiguous with an expansion of the Company's other Hunt Club asset.

1580 Rockville Pike

In January 2014, the Company purchased for 8.0 million, a single-tenant retail property with a 12,100 square foot CVS Pharmacy located in Rockville, Maryland, which is contiguous with and an expansion of the Company's asset at 1500 Rockville Pike, and incurred acquisition costs of $163,000. Of the total purchase price, $4.3 million was allocated to a below market lease, which is included in deferred income on the accompanying consolidated balance sheet and is being accreted to income over the remaining life of the lease, or approximately 10 years. The impact on the Company's results of operations is not material. The acquisition was recorded as follows.

(in thousands)
Land	$	9,600
Building	2,200
In-place lease	513
Below-market rents	(4,313		)
	$	8,000