Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Business Acquisitions, by Acquisition

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2013⁽¹⁾		2012			2013⁽¹⁾		2012
Real estate investments, at cost:
Land	$	206,282	$	57,161		$	256,463	$	84,268
Buildings, fixtures and improvements	521,765		219,869			709,374		372,933
Total tangible assets	728,047		277,030			965,837		457,201
Acquired intangibles:
In-place leases	76,986		36,927			107,213		61,175
Total assets acquired, net	805,033		313,957			1,073,050		518,376
OP Units issued to acquire real estate investments	—		(6,352		)	—		(6,352		)
Cash paid for acquired real estate investments	$	805,033	$	307,605		$	1,073,050	$	512,024
Number of properties acquired	433		116			481		170

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(1) Excludes 47 properties comprised of $67.5 million of net investments subject to direct financing leases.

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma information as if the acquisitions during the three and six months ended June 30, 2013 had been consummated on January 1, 2012. Additionally, the unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $15.1 million and $7.8 million for the three months ended June 30, 2013 and 2012, respectively, and merger and other transaction expenses of $4.7 million for the three months ended June 30, 2013. The unaudited pro forma net loss attributable to stockholders was adjusted to exclude acquisition related expenses of $20.7 million and $12.6 million for the six months ended June 30, 2013 and 2012, respectively, and merger and other transaction expenses of $142.4 million for the six months ended June 30, 2013.



	Three Months Ended June 30,						Six Months Ended June 30,
(Amounts in thousands)	2013			2012			2013			2012
Pro forma revenues	$	56,941		$	27,019		$	113,882		$	59,136
Pro forma net loss attributable to stockholders	$	(30,458	)	$	(2,393	)	$	(18,929	)	$	(2,782	)

Schedule of Future Minimum Rental Payments for Operating Leases

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items (amounts in thousands):



	Future Minimum Base Rent Payments		Future Minimum Direct Financing Lease Payments⁽¹⁾
July 1, 2013 - December 31, 2013	$	106,624	$	2,508
2014	210,551		5,105
2015	207,318		5,019
2016	202,300		4,971
2017	192,725		4,603
Thereafter	1,262,001		15,241
Total	$	2,181,519	$	37,447

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(1) 47 properties are subject to direct financing leases and, therefore, for accounting purposes, revenue is recognized as direct financing lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

Schedule of Future Minimum Lease Payments for Capital Leases

The components of the Company's net investment in direct financing leases are as follows (in thousands):



	June 30, 2013
Future minimum lease payments receivable	$	37,447
Unguaranteed residual value of property	48,751
Unearned income	(18,680		)
Net investment in direct financing leases	$	67,518

Schedule of Annualized Rental Income by Major Tenants

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 June 30, 2013 and 2012. Annualized rental income for net leases is rental income on a straight-line basis as of June 30, 2013, which includes the effect of tenant concessions such as free rent, as applicable.



	June 30,
Tenant	2013	2012
FedEx	*	19.9%
Citizens Bank	*	14.8%
Dollar General	*	14.4%
Walgreens	*	10.4%

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

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table lists the states where the Company has concentrations of properties where annual rental income for properties in that state, on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of June 30, 2013 and 2012:



	June 30,
State	2013	2012
Missouri	*	10.7%
New York	*	10.5%

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