Real Estate Investments

6 Months Ended

Jun. 30, 2014

Real Estate Investments, Net [Abstract]

Real Estate Investments

Real Estate Investments

The following table presents the allocation of the assets acquired during the six months ended June 30, 2014:

	Six Months Ended
(Dollar amounts in thousands)	June 30, 2014
Real estate investment, at cost:
Building, fixtures and improvements	$	7,184
Total tangible assets	7,184
Acquired intangibles:
In-place lease	1,020
Below-market lease liability	(955		)
Total assets acquired, net	7,249
Other liability assumed	(153		)
Cash paid for acquired real estate investment	$	7,096
Number of properties purchased	1

The allocation to building, fixtures and improvements have been provisionally assigned to each class, pending receipt of additional information. The following table presents unaudited pro forma information as if the acquisition during the six months ended June 30, 2014 had been consummated on January 1, 2014. Additionally, the unaudited pro forma net loss was adjusted to exclude acquisition and transaction related expense of $0.1 million from the six months ended June 30, 2014.

	Six Months Ended
(In thousands)	June 30, 2014
Pro forma revenues	$	430
Pro forma net loss	$	(187	)

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 based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.

(In thousands)	Future Minimum Base Rent Payments
July 1, 2014 — December 31, 2014	$	304
2015	608
2016	608
2017	608
2018	608
Thereafter	1,064
	$	3,800

The following table lists the tenant whose annualized rental income on a straight-line basis represented total annualized rental income for the Company on a straight-line basis as of June 30, 2014:

		June 30,
Property Portfolio	Tenant	2014
The Hit Factory	Gibson Guitar Corporation	100.0%

The termination, delinquency or non-renewal of this lease by the above tenant may have a material adverse effect on revenues.