Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events

Subsequent Events

12. Subsequent Events

On July 24, 2015, the Company sold its$25.0 million Preferred Equity Investment and settled its $3.7 million working capital loan provided to the buyer of the Rochester Portfolio for an aggregate payment of $16.0 million, plus accrued interest. Both the Preferred Equity Investment and the working capital loan were carried net of deferred gains, resulting in zero balances on the Company’s consolidated balance sheets as of both June 30, 2015 and December 31, 2014. As such, the Company will recognize a $16.0 million gain on the sale of the Rochester Portfolio in discontinued operations during the third quarter of 2015 in accordance with the Real Estate Sales Subtopic under the Property, Plant and Equipment Topic of the FASB ASC, as these additional sales proceeds could not be recognized until realized.