XML 71 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

 

NOTE 11—COMMITMENTS AND CONTINGENCIES

        The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees' total salary (subject to the maximum amount allowed by law). Pension expense approximated $191,000, $147,000 and $128,000 for the years ended December 31, 2014, 2013 and 2012, respectively, and is included in general and administrative expenses in the Company's consolidated statements of income.

        The Company pays, with respect to one of its real estate properties, annual fixed leasehold rent of $296,875 through July 2014, $371,094 through July 2019, and $463,867 through March 3, 2020. The Company has the right to extend the lease for up to five 5-year and one seven month renewal options.

        As discussed in Note 3, the Company provided its land in Sandy Springs, Georgia as collateral for the owner/operator's mortgage loan and accordingly, the land position is subordinate to the mortgage.

        In the ordinary course of business, the Company is party to various legal actions which management believes are routine in nature and incidental to the operation of the Company's business. Management believes that the outcome of the proceedings will not have a material adverse effect upon the Company's consolidated financial statements taken as a whole.