Real Estate Investments

Subsequent Disposition

In October 2017, the Company received notice that a tenant exercised a purchase option on seven properties, comprised of five single-tenant net leased buildings and two multi-tenanted buildings, covered by one purchase option. These properties were classified as held for sale upon receiving notice of the exercise of the purchase option. The Company's aggregate net book value for these properties was approximately $23.9 million at March 31, 2018. On April 26, 2018, these properties were sold with a stated purchase price of approximately $46.2 million, pursuant to the terms of the purchase option.

Assets Held for Sale

At March 31, 2018 and December 31, 2017, the Company had 13 and eight properties classified as held for sale, respectively. In March 2018, the Company reclassified five single-tenant net leased properties totaling 121,672 square feet and located in Michigan to held for sale in connection with management's decision to sell the properties. The Company expects to close the sale of these properties by the end of the second quarter of 2018. The table below reflects the assets and liabilities of the properties classified as held for sale as of March 31, 2018 and December 31, 2017:



(Dollars in thousands)	March 31, 2018			December 31, 2017
Balance Sheet data:
Land	$	4,829		$	4,636
Buildings, improvements and lease intangibles	76,387			63,654
Personal property	265			82
	81,481			68,372
Accumulated depreciation	(45,458		)	(35,790		)
Real estate assets held for sale, net	36,023			32,582
Other assets, net (including receivables)	95			565
Assets held for sale, net	$	36,118		$	33,147

Accounts payable and accrued liabilities	$	105		$	38
Other liabilities	96			55
Liabilities of properties held for sale	$	201		$	93