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Commitments And Contingencies
 12 Months Ended
Dec. 31, 2012
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

Note 13. Commitments and Contingencies

 

The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company's consolidated financial statements.

 

Under various federal, state, and local laws, ordinances, and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances, or petroleum product releases, at its properties. The owner may be liable to governmental entities or to third parties for property damage, and for investigation and cleanup costs incurred by such parties in connection with any contamination. Generally, the Company’s tenants must comply with environmental laws and meet any remediation requirements. In addition, leases typically impose obligations on tenants to indemnify the Company from any compliance costs the Company may incur as a result of environmental conditions on the property caused by the tenant. However, if a lease does not require compliance, or if a tenant fails to or cannot comply, the Company could be forced to pay these costs. Management is unaware of any environmental matters that would have a material impact on the Company's consolidated financial statements.

 

The Company’s executive offices are located at 44 South Bayles Avenue, Port Washington, New York, which it leased from a partnership owned in part by the Company’s former Chairman and Chief Executive Officer. The terms of the lease, which will expire in February 2020, provide for future minimum rents as follows: 2013 - $509,000, 2014 - $523,000, 2015 - $537,000, 2016 - $552,000, 2017 - $567,000, and thereafter -$1.3 million. In addition, several of the Company’s properties and portions of several others are owned subject to operating leases which provide for annual payments subject, in certain cases, to cost-of-living or fair market value adjustments, as follows: 2013 - $1.0 million, 2014 - $1.0 million, 2015 - $1.0 million, 2016 - $1.0 million, 2017 - $0.5 million, and thereafter - $8.7 million.

 

Rent expense was $1.4 million, $1.3 million and $1.0 million for 2012, 2011 and 2010, respectively.