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Subsequent Events | 12 Months Ended
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Dec. 31, 2012
SubsequentEventsAbstract |
SubsequentEventsTextBlock | 10. SUBSEQUENT EVENTS Effective January 31, 2013, the Company entered into an Agreement and Plan of Merger to consummate the merger acquisition of CHG Properties, Inc. (“CHG”), a California corporation. The Company had the option to purchase CHG pursuant to a February 15, 2005, option agreement. The Company delivered the option exercise notice provided for in the option agreement to C I Holding Group, Inc. (“CIH”), the parent company of CHG, in November 2012. The President of CIH is Jack K. Heilbron and the Secretary of CIH is Mary Limoges. Mr. Heilbron is President and CEO of the Company, and Ms. Limoges is Mr. Heilbron's spouse. Pursuant to the terms and conditions of the Agreement and Plan of Merger, the Company formed NTR Property Management, Inc. (“NTR”), a California corporation. The Company is NTR's sole shareholder, and as such, owns one hundred percent (100%) of all of the issued and outstanding shares of NTR. The Agreement of Merger was executed by and among NTR, CIH, and the Company and provides that the outstanding shares of CIH will be cancelled upon the receipt by CIH shareholders of 200,000 shares of common stock of the Company using an agreed upon value of $9.50 per share fo r a total value of $1.9 million. NTR shall function as the sole in-house property manager for the Company after the merger, reducing the Company's property management expense by the marked-up ch arges previously paid to CHG. The Company is acquiring the existing infrastructure, experienced personnel, and computer systems which will be assigned to and assumed by NTR. In February 2013, the Company refinanced two of its mortgage notes payable with a cumulative balance at December 31, 2012 of $18.4 million. Each loan had a balance of approximately $9.2 million as of December 31, 2012. The loan secured by the Port of San Diego property had a monthly payment of approximately $87,000 with a variable interest rate that was 6.00% at payoff and a maturity date of June 2013. The new mortgage loan secured by the Port of San Diego property is $10.8 million, a fixed interest rate at 4.75%, a monthly payment of approximately $62,000 and a maturity date in March 2020. The loan secured by the Garden Gateway property had a monthly payment of approximately $71,000 with a fixed interest rate 6.08% at payoff and a maturity date of April 2014. The new mortgage loan secured by the Garden Gateway property is $7.5 million with a fixed interest rate at 5.00%, a monthly payment of approximately $43,000 and a maturity date in February 2020.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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