SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2019

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 22. SUBSEQUENT EVENTS

On July 5, 2019, the Company acquired approximately 1.4 acres of land under the Carpenter Hotel in Austin, Texas for approximately $16.25 million (the “Carpenter Purchase”). Separately, the Company entered into a 99-year ground lease with the seller to lease back the land. The Carpenter Purchase was acquired through a 1031 like-kind exchange using proceeds from the Peterson Sale.

On July 5, 2019, the Company originated an $8.25 million leasehold loan secured by the Carpenter Hotel in Austin, Texas (the “Carpenter Loan”). The Carpenter Loan has a term of one-year, bears an interest rate of 11.5% and included an origination fee of 1%.

On July 12, 2019, the Company acquired an approximately 64,000 square-foot single-tenant property in Reston, Virginia leased to a s subsidiary of General Dynamics Corporation with a remaining lease term of approximately 10 years for a purchase price of approximately $18.6 million.