Real Estate Acquisitions
 6 Months Ended
Jun. 30, 2012
Real Estate [Abstract]  
REAL ESTATE ACQUISITIONS
REAL ESTATE ACQUISITIONS
2012 Property Acquisitions
The Company made no property acquisitions during the six months ended June 30, 2012.
 
2011 Property Acquisitions
During the six months ended June 30, 2011, the Company acquired a 100% interest in 24 commercial properties for an aggregate purchase price of $76.9 million (the “2011 Acquisitions”). The Company purchased the 2011 Acquisitions with a combination of proceeds from the DRIP Offering, cash flows from operations and net proceeds from borrowings. The Company allocated the purchase price of the 2011 Acquisitions to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):
 
 
June 30, 2011
Land
$
23,208

Building and improvements
41,879

Acquired in-place leases
11,450

Acquired above-market leases
805

Acquired below-market leases
(444
)
Total purchase price
$
76,898


The Company recorded revenue for the three and six months ended June 30, 2011 of $1.3 million and $1.4 million, respectively, and a net loss for the three and six months ended June 30, 2011 of $1.0 million and $1.2 million, respectively, related to the 2011 Acquisitions. In addition, the Company recorded $2.0 million and $2.3 million of acquisition related expenses for the three and six months ended June 30, 2011, respectively.
2011 Other Investment in Real Estate
During the six months ended June 30, 2011, the Company paid a tenant improvement allowance of $12.0 million for an expansion and improvements to an existing property, including the conversion of an existing warehouse into office space and the construction of a parking area, for which the Company will receive additional rents. Such costs were capitalized to buildings and improvements and will be depreciated over their estimated useful life.