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Gain on Settlement of Debt
9 Months Ended
Sep. 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.

 

The property was tested for impairment in June 2011 and it was determined that no charge was required. No additional indicators of impairment have been identified.