SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2018

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 23.     SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions that have occurred after December 31, 2018, the date of the consolidated balance sheet.

On February 21, 2019, the Company completed the sale of the multi-tenant income property known as the Whole Foods Market Centre, located in Sarasota, Florida, for a sales price of approximately $24.6 million. The Whole Foods Market Centre was classified within Assets Held for Sale as of December 31, 2018 in the accompanying consolidated balance sheets. The estimated gain from the sale was approximately $6.9 million, or $0.96, per share, after tax.

The Company utilized the proceeds from the aforementioned sale of the multi-tenant property in Sarasota to complete the 1031 reverse exchange related to acquisition of the fee simple interest in the eight single-tenant ground lease properties in Jacksonville, Florida, acquired in October 2018. As a result of completing the 1031 exchange the Company paid down the outstanding balance on the Credit Facility in the amount of $23.0 million on February 28, 2019. Subsequent to the pay-down, the outstanding balance on the Credit Facility totaled approximately $97.7 million and the available  borrowing capacity, after removing the multi-tenant property sold in February 2019,  was approximately $46.3 million, based on the level of borrowing base assets.

On February 27, 2019, the Company completed the sale of approximately 9.9 acres for approximately $3.3 million, or approximately $333,000 per acre. The land parcel is located on the east side of Interstate 95 at the northeast corner of the intersection of LPGA Boulevard and Williamson Boulevard. The estimated gain on the land sale was approximately $2.3 million, or $0.32 per share, after tax. The Company does not intent to utilize the proceeds from this land sale in a 1031 like-kind exchange structure.

There were no other reportable subsequent events or transactions.