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GAIN ON SETTLEMENT OF DEBT | 12 Months Ended
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Dec. 31, 2013
GAIN ON SETTLEMENT OF DEBT |
GAIN ON SETTLEMENT OF DEBT | NOTE 10—GAIN ON SETTLEMENT OF DEBT In June 2011, with a payment of $7,634,000, the Company paid off the $8,893,000 principal balance of the mortgage secured by a property previously leased to a tenant which vacated the property in June 2011 in the course of its liquidation after filing for bankruptcy protection in early 2011. 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. As described in Note 5, the Company contributed this property to an unconsolidated joint venture and then sold its equity interest in the venture for a gain of $1,898,000 in April 2013.

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- Definition This element represents the disclosure of the gain recognized as a result of the settlement of a mortgage payable net of deferred mortgage costs. + References No definition available. + Details
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