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Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events  
Subsequent Events

Note 17 — Subsequent Events

 

Subsequent events have been evaluated and except as disclosed below, there were no other events relative to the Company’s consolidated financial statements that require additional disclosure.

 

The Company entered into a contract to sell a property in Killeen, Texas for approximately $3,000,000, net of closing costs, and the buyer’s right to terminate the contract without penalty expired on April 20, 2016.  At March 31, 2016 and December 31, 2015, the net book value of the property’s land, building and building improvements was $1,975,000 and $1,983,000, respectively, which is included in Real estate investments, net, on the consolidated balance sheets.  This tenant accounted for less than 0.4% of the Company’s rental income for each of the three months ended March 31, 2016 and 2015. The sale is expected to close in the three months ending June 30, 2016 and the Company anticipates recognizing a gain of approximately $1,000,000, net of the $33,000 write-off of unbilled rent receivable.