DEFERRED FINANCING COSTS

9 Months Ended

Sep. 30, 2014

Deferred Finance Costs [Abstract]

DEFERRED FINANCING COSTS

NOTE 4 - DEFERRED FINANCING COSTS

Deferred financing costs include unamortized costs incurred to obtain financing which are being amortized over the term of the related debt.  Accumulated amortization as of September 30, 2014 and December 31, 2013 was $1.7 million and $1.5 million, respectively.  Estimated amortization of the Properties’ existing deferred financing costs for the next four years ending September 30, is as follows (in thousands):

2015	$	190
2016	144
2017	83
2018	27
	$	444