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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES | NOTE 13—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 $295,000, $275,000 and $273,000 for 2018, 2017 and 2016, respectively, and is included in General and administrative expense in the consolidated statements of income. As of December 31, 2018, the remaining amount the Company is contractually required to expend for building expansion and improvements at its property tenanted by L-3 Technologies, located in Hauppauge, New York, is approximately $791,000. The Company pays, with respect to one of its real estate properties, annual fixed leasehold rent of $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 renewal options and one seven month renewal option. As discussed in Note 7, the Company provided its land in Wheaton, Illinois, and Beachwood, Ohio as collateral for the respective owner/operator’s mortgage loans and accordingly, each land position is subordinated to the applicable 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.

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