Subsequent Events |
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events |
Subsequent Events
Fourth Amended and Restated Investment Advisory Agreement
On January 10, 2017 the Company amended and restated the Advisory Agreement by entering into the Fourth Amended and Restated Investment Advisory Agreement between the Company and the Adviser to revise the calculation of the capital gains fee. Based upon the amendment, the calculation of the capital gains fee is based on the all-in acquisition cost of disposed of properties. The impact of this amendment would have not resulted in a capital gains fee for the years ended December 31, 2016, 2015 and 2014. The Company’s entrance into the Fourth Amended and Restated Investment Advisory Agreement was approved unanimously by our Board of Directors.
Subsequent Amendment to Articles of Incorporation
On January 11, 2017, we filed with the Maryland State Department of Assessments and Taxation an Articles Supplementary reclassifying the remaining 160,000 authorized but unissued shares of our Series C Preferred Stock, as authorized but unissued shares of our common stock, and made a corresponding amendment to our Partnership Agreement with regard to corresponding units of partnership interest. As a result of the reclassification, there are zero authorized shares of Series C Preferred Stock and zero authorized corresponding units of partnership interest remaining. On the same date, we filed with the Maryland State Department of Assessments and Taxation an Articles of Restatement, restating and integrating into a single instrument all prior Articles Supplementary and amendments thereto.
Distributions
On January 12, 2017, our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2017:
Subsequent Sale Activity
On January 31, 2017, we completed the sale of our Franklin, New Jersey property for $12.8 million, recognizing a gain on sale of $5.9 million. This property was classified as held for sale on our consolidated balance sheet as of December 31, 2016.
Subsequent Financing Activity
On January 31, 2017 we paid down one of our variable rate mortgages collateralized by four properties by $8.2 million in conjunction with the sale of our Franklin, New Jersey property. The mortgage balance of $10.0 million is now collateralized by the remaining 3 properties.
On February 1, 2017, we repaid a $13.8 million mortgage, collateralized by 3 properties. This mortgage had a fixed interest rate of 6.0%.
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