Investments in Real Estate and Real Estate Under Construction (Notes)

6 Months Ended

Jun. 30, 2011

Investments in Real Estate and Real Estate Under Construction [Abstract]

Investments in Real Estate and Intangibles

Investments in Real Estate and Real Estate Under Construction

The Company acquired the following operating properties in separate transactions during the six months ended June 30, 2011:

										Lease Intangibles
Property Type	Location	Acquisition Date	Initial Cost Basis		Lease Expiration	Land		Building and Improvements		Lease in-place Value		Customer Relationships Value
Industrial	Byhalia, MS	May 2011	$	27,492	03/2026	$	1,005	$	21,483	$	4,097	$	907
Office	Rock Hill, SC	May 2011	$	7,395	08/2021	$	551	$	4,313	$	1,853	$	678
Office (1)	Allen, TX	May 2011	$	36,304	03/2018	$	5,591	$	21,607	$	5,127	$	3,979
Industrial (2)	Shelby, NC	June 2011	$	23,470	05/2031	$	1,421	$	18,917	$	2,712	$	420
			$	94,661		$	8,568	$	66,320	$	13,789	$	5,984
(1) The Company acquired the property from Net Lease Strategic Assets Fund L.P. pursuant to a purchase option.
(2) The Company funded the construction of the property commencing in 2010.

The Company recognized aggregate acquisition expenses of $124 for the six months ended June 30, 2011, which are included as operating expenses within the Company's unaudited condensed consolidated statements of operations.

The Company, through a lender subsidiary and a property owner subsidiary, has entered into acquisition, development and construction arrangements whereby the lender subsidiaries lend funds to construct build-to-suit properties and the property owner subsidiaries agree to purchase the properties upon completion of construction and commencement of a tenant lease. When the Company anticipates that it will indirectly participate in residual profits through the loan provisions and other contracts, the Company records the loan as an investment in real estate under construction. As of June 30, 2011, the Company had the following acquisition, development and construction arrangements outstanding:

Location	Property Type	Square Feet	Maximum Loan Committment		Estimated Purchase Price		Lease Term (Years)	Estimated Completion Date
Saint Joseph, MO	Office	99,000	$	17,991	$	17,991	15	2Q 12
Huntington, WV	Office	70,000	$	11,826	$	13,000	15	4Q 11
Shreveport, LA	Industrial	257,000	$	2,520	$	13,064	10	2Q 12
		426,000	$	32,337	$	44,055

The Company has variable interests in the developer entities constructing the facilities but is not the primary beneficiary of the entities as the Company does not have a controlling financial interest. As of June 30, 2011, the Company's investment in these arrangements is $7,251, which includes $56 of interest capitalized during the six months ended June 30, 2011, and is presented as investment in real estate under construction in the accompanying unaudited condensed consolidated balance sheets.

In February 2010, the Company, through a property owner subsidiary, purchased an adjacent land parcel and parking lot in a sale/leaseback transaction with an existing tenant, Nevada Power Company, for $3,275. The Company's property owner subsidiary financed the purchase of the parking lot with a $2,450 non-recourse mortgage note that matures in September 2014 and bears interest at 7.5%. In connection with the transaction, the Nevada Power Company's lease on the existing property was extended from January 2014 to January 2029