XML 44 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Subsequent Events | 6 Months Ended
--- | ---
Jun. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events | 8. SUBSEQUENT EVENTS In August 2014, the Company acquired The Union Terrace Office building for the purchase price of approximately $9.4 million plus closing costs. The Property is a four-story office building with approximately 84,000 rentable square feet located in Lakewood, Colorado. The Company acquired the property with a cash payment of approximately $2.8 million and fixed rate mortgage note $6.6 million that bears interest 4.5% per annum and is due in August 2024. In August 2014, the Company closed on a private placement transaction of up to $40 million. The investment will be made in a series of capital contributions to be used for investor approved property acquisitions. The initial investment of $15 million dollars was made at the close of the transaction and an additional investment of $25 million dollars will be made on or before the one year anniversary of the initial investment. The Company issued 15,000 shares of its Series B Preferred Stock at the close of the transaction. The preferred return on the funds invested is 14% (10% shall be paid on a monthly basis and the remaining 4% shall accrue and compound monthly). The preferred stock must be redeemed by the third anniversary closing date, however, the Company shall have the right to extend a redemption for up to two additional years. Certain specified management decisions must be approved in advance by the Series B Preferred Investor. In addition, upon the occurrence of an Event of Default, as defined in the Investor Agreement, the Investor has certain rights including electing a majority of the Board of Directors. In connection with the private placement, the Company redeemed the Series 6.3% preferred stock for approximately $1,649,000. As a result of the redemption, the Company now owns 100% of its Port of San Diego property.

X
- Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration