SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

21. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the issuance date of the financial statements and determined that the following disclosure is necessary:

Lease Prepayment by Lessor and Retirement of Related Mortgage Loan Financing

On January 10, 2019, the Company received $10.0 million prepayment of a lease on a single-tenant industrial two-story office building in Wayne, NJ. As of December 31, 2018, this property had a book value of $8.2 million, which is net of accumulated depreciation and amortization of $1.5 million. The Company intends to recognize the $10.0 million of operating lease income on a straight-line basis over the revised lease term, which ends on May 31, 2019. On February 6, 2019, the Company paid off $6.6 million of mortgage loan financing related to the property, recognizing a loss on defeasance of debt of $1.1 million.

Committed Loan Repurchase Facility

On February 26, 2019, the Company executed an amendment of one of its committed loan repurchase facilities with a major banking institution, providing for, among other things, the extension of the initial term of the facility to February 24, 2022 and continues to have two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.