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Lease Termination Fee Income
9 Months Ended
Sep. 30, 2014
Lease Termination Fee Income  
Lease Termination Fee Income

Note 6 — Lease Termination Fee Income

 

In June 2014, the Company received a $1,269,000 lease termination fee from a retail tenant in a lease buy-out transaction.  In connection with the receipt of this fee, the Company wrote-off $150,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable and the intangible lease asset related to this property.  The Company re-leased this property simultaneously with the termination of the existing tenant’s lease.