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Gain on Settlement of Debt
6 Months Ended
Jun. 30, 2011
Gain on Settlement of Debt  
Gain on Settlement of Debt

Note 8 — Gain on Settlement of Debt

 

On June 27, 2011, the Company paid off the $8,893,000 principal balance of the mortgage secured by the property previously leased to Robb & Stucky with a payment of $7,634,000. The $1,240,000 gain on settlement of debt is net of a $19,000 write off of the remaining balance of related deferred mortgage costs.

 

This property was tested for impairment and it was determined that no charge was required.