Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events:

In January 2017, the Company extended the maturity dates of two of its mortgage loans from April 5, 2017 to October 5, 2017. All other terms remained the same.

On March 24, 2017, the stockholders approved the sale of the Company’s remaining 36 properties pursuant to the Sale Agreement. The stockholders also approved the Plan of Dissolution, including the complete liquidation and dissolution of the Company following the closing of the sale of its remaining assets. As a result of the approval of the Plan of Dissolution, the Company will adopt the liquidation basis of accounting as of March 31, 2017 and for the periods subsequent to March 31, 2017 in accordance with GAAP. Accordingly, on March 31, 2017, the Company's assets will be adjusted to their estimated liquidation value, which will represent the estimated amount of cash and stock that it will collect on disposal of assets as it carries out its Plan of Dissolution. Additionally, the Company will accrue costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation.