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Lease Termination Fee Income
3 Months Ended
Mar. 31, 2016
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.