Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Note 19. Subsequent Events

On February 26, 2013, our board of directors elected Michael B. Nash, a current member of the board of directors, to the newly established position of Executive Chairman, in which capacity he acts both as chairman of the board of directors and as our Executive Chairman. In his capacity as our Executive Chairman, Mr. Nash will lead our investment strategy with Stephen D. Plavin, Chief Executive Officer and President. John G. Schreiber, who previously served as chairman of the board of directors, will continue to serve as a regular member of the board of directors.

To maintain its tax efficiency, on March 20, 2013, a majority of the stockholders CT Legacy REIT voted in favor of, and CT Legacy REIT executed, a plan of merger, or the Merger, into CT Legacy Partners, LLC, or CT Legacy Partners, LLC, or CT Legacy Partners, effective as of March 22, 2013. As a result of the Merger, all outstanding shares of class A-1 common, class A-2 common, class B common, and class A preferred stock of CT Legacy REIT were redeemed in exchange for limited liability company units or LLC Units, in CT Legacy Partners. These LLC units have economic and voting rights equivalent to the corresponding shares of stock of CT Legacy REIT. In addition, all outstanding shares of class B preferred stock of CT Legacy REIT were redeemed for an aggregate $147,000, which amount is comprised of the shares’ par value, liquidation preference, and accrued dividends thereon.