SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 21. SUBSEQUENT EVENTS

On October 13, 2017, the Company completed the sale of approximately 5.1 acres located west of Interstate 95 for approximately $275,000, or approximately $54,000 per acre, resulting in an estimated gain of approximately $239,000, or $0.03 per share, after tax.

On October 23, 2017, the Company sold two of its commercial loan investments secured by hotel properties in Atlanta, Georgia and Dallas, Texas. The Company sold these investments at a premium to par for proceeds of approximately $15.1 million on an aggregate principal value of $15.0 million. These loans were classified as held for sale on the Company’s consolidated balance sheet as of September 30, 2017. The Company utilized these proceeds to pay down the Credit Facility.

On October 27, 2017, the Company acquired an approximately 212,000 square-foot building situated on approximately 18.9 acres in Hillsboro, Oregon which is approximately 100% leased to Wells Fargo Bank, N.A. under a triple-net lease. The purchase price was approximately $39.8 million, which was funded with the proceeds from certain 1031 transactions as well as cash from the Credit Facility. As of the acquisition date, the remaining term of the lease was approximately 8.2 years. As a result of this acquisition, the amount outstanding on the Credit Facility was approximately $60.5 million and the available borrowing capacity was approximately $39.5 million as of October 30, 2017.