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Lease Termination Fee Income
9 Months Ended
Sep. 30, 2015
Lease Termination Fee Income  
Lease Termination Fee Income

 

Note 8 — Lease Termination Fee Income

 

In March 2015, the Company received a $650,000 lease termination fee from an industrial tenant in a lease buy-out transaction.  In connection with the receipt of this fee, the Company wrote-off $226,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to the sole tenant at this property.  The Company re-leased this property simultaneously with the termination of the lease.

 

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 lease.

 

In October 2015, the Company received a $1,286,000 lease termination fee from a retail tenant in a lease buy-out transaction.  In connection with this transaction, the Company, during the three months ending December 31, 2015, will write off $179,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to this tenant at the property.  The Company re-leased substantially all of such space.