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LEASE TERMINATION FEE INCOME | 12 Months Ended
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Dec. 31, 2015
LEASE TERMINATION FEE INCOME |
LEASE TERMINATION FEE INCOME | NOTE 7—LEASE TERMINATION FEE INCOME In November, October and March 2015, the Company received lease termination fees of $950,000, $1,286,000 and $650,000, respectively, from retail and industrial tenants in lease buy-out transactions. In connection with the receipt of these fees, the Company wrote-off an aggregate of $530,000 as offsets to rental income, representing the entire balance of the unbilled rent receivables and the intangible lease asset related to these tenants. The Company re-leased substantially all of such spaces simultaneously with the termination of the leases. 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.

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- Definition The entire disclosure for lease termination fee income. + References No definition available. + Details
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