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Subsequent Events
3 Months Ended
Dec. 31, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

 

Material subsequent events have been evaluated and are disclosed herein.

 

In January 2014, the Company was notified by its tenant, H.E.P. Direct Inc. (HEP), which leases the Company’s 106,507 square foot building located in Winston-Salem, NC through December 31, 2017 at an annualized rent of $305,000 that they have filed for Chapter 11 bankruptcy and that they intend to vacate the Company’s building sometime after February 28, 2014. Therefore, the Company does not expect to receive any rental payments from the date HEP vacates the building though the remaining lease term. The Company holds a security deposit equal to one month’s base rent and as of January 31, 2014, HEP was current on its rental payments and therefore no amounts were due to the Company.

 

In January 2014, the Company entered into a fifteen and a half year lease agreement, which will become effective in June 2014, with a franchisee of Pla-Fit Franchise, LLC (Planet Fitness) for 22,682 square feet located at the Company’s two-thirds owned 64,138 square foot shopping center located in Somerset, NJ. Initial rent will commence in December 2014 at an annualized rate of $10.00 per square foot for the first five years, $11.00 per square foot for years six through ten and $12.00 per square foot for years eleven through fifteen, resulting in annualized rental revenue of $241,454 over the fifteen and a half year lease term.