REVOCATION OF REIT STATUS AND LIQUIDATION

9 Months Ended

Sep. 30, 2021

Disclosure of Revocation of Reiit Status and Liquidations [Abstract]

Revocation Of Reiit Status And Liquidations

2. REVOCATION OF REIT STATUS AND LIQUIDATION

As previously reported in Form 8-K on June 14, 2021, management is considering revoking (the “Revocation”) the real estate investment trust (“REIT”) status of the Company, followed by the adoption of a plan of liquidation (the “Liquidation”) of the Company, subject to approval by the Board of Directors and majority vote of shareholders. The purpose of this Revocation and Liquidation is to liquidate the Company’s operations/assets in an orderly manner based upon market conditions permitting reasonable exit values for its existing portfolios. Because of the complexities associated with maintaining REIT status during this Liquidation and a two-year REIT liquidation constraint, if ultimately executed, the Company plans to revoke REIT status effective January 1, 2022, and undertake this Liquidation process over a multi-year period. Reference is made to footnote 7 Subsequent Event.