Property, Net

From 2003 to June 19, 2014, MCREH owned a commercial building located in Milford, Connecticut. From January 1, 2012 to June 19, 2014, the property was leased to an unrelated entity (the “Tenant”).

On June 19, 2014, the property was sold to two individuals affiliated with the Tenant for $420,000 cash. The gain on sale of property was $192,931, as follows:

Sale Price	$	420,000
Selling Costs		(7,403)
Net proceeds		412,597

Cost of property, net of accumulated depreciation of $57,334		(219,666)

Gain on sale of property	$	192,931