Real Estate Investments - Notes

3 Months Ended

Mar. 31, 2013

The following table presents the allocation of the assets acquired during the periods presented (dollar amounts in thousands):



	Three Months Ended March 31,
	2013		2012
Real estate investments, at cost:
Land	$	48,739	$	27,107
Buildings, fixtures and improvements	184,279		153,064
Total tangible assets	233,018		180,171
Acquired intangibles:
In-place leases	29,278		24,248
Purchase price of acquired real estate investments ⁽¹⁾	$	262,296	$	204,419
Number of properties acquired	48		54

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⁽¹⁾ Excludes $0.5 million of tenant improvement allowance for a property acquired during the three months ended March 31, 2013, which was recorded in accrued expenses.

The following table presents unaudited pro forma information as if the acquisitions during the three months ended March 31, 2013, had been consummated on January 1, 2012. Additionally, the unaudited pro forma net income attributable to stockholders was adjusted to exclude acquisition related expenses of $5.6 million and $4.8 million from the three months ended March 31, 2013 and 2012, respectively, and merger and other transaction expenses of $137.8 million from the three months ended March 31, 2013.



	Three Months Ended March 31,
(Amounts in thousands)	2013		2012
Pro forma revenues	$	41,352	$	11,384
Pro forma net income attributable to stockholders	$	4,490	$	1,674

Tenant Concentration

The following table lists the tenants of the Company whose annualized rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of March 31, 2013 and 2012. Annualized rental income for net leases is rental income on a straight-line basis as of March 31, 2013, which includes the effect of tenant concessions such as free rent, as applicable.



	March 31,
Tenant	2013	2012
Dollar General	11.1%	17.3%
Citizens Bank	10.4%	20.4%
FedEx	*	17.8%
Walgreens	*	12.6%
Express Scripts	*	10.2%

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* The tenants' annualized rental income was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.

The termination, delinquency or non-renewal of one or more leases by any of the above tenants may have a material effect on revenues. No other tenant represents more than 10% of the annualized rental income for the periods presented.

Geographic Concentration

The following table lists the states where the Company has concentrations of properties where annual rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of March 31, 2013 and 2012:



	March 31,
State	2013	2012
Illinois	10.3%	*
Michigan	*	10.3%
Missouri	*	15.2%

_______________________________________________

* The tenants' annualized rental income was not greater than 10% of total annualized rental income for all portfolio properties as of the period specified.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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