SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 21. SUBSEQUENT EVENTS

On July 17, 2014, the Company acquired a 52,665 square-foot building situated on approximately 7 acres leased to American Signature Furniture, in Daytona Beach, Florida. The lease has approximately 6 years remaining on an initial term of 15 years. The total purchase price was approximately $5.3 million, and is located within an approximately 250,000 square-foot retail shopping center anchored by Best Buy, PetSmart and Barnes & Noble. The Company also owns the property leased to Barnes & Noble.

On August 1, 2014 the Company executed the third amendment of our unsecured credit facility as follows: i) utilizing the accordion feature to increase the borrowing capacity to $75 million, ii) reducing the interest rate, which now ranges from 30-day LIBOR plus 135 basis points up to 30-day LIBOR plus 200 basis points, based on the Company’s debt level, iii) extending the maturity date more than two years to August 1, 2018, and iv) adjusting a number of our restrictive covenants and maintenance covenants primarily to provide us with greater flexibility in our investment activities. The Company paid a fee for increasing the borrowing commitment level pursuant to the credit facility terms.