Subsequent Events

3 Months Ended

Mar. 31, 2017

Note 13 – Subsequent Events

On April 5, 2017, we consummated our previously announced common stock rights offering (the “Rights Offering”) at a subscription price of $7.50 per share. The consummation of the Rights Offering resulted in the issuance of 1,884,564 shares of our common stock and we received gross proceeds of $14.1 million.

On April 10, 2017, we entered into a purchase and sale agreement, effective as of April 7, 2017, pursuant to which we will sell our property located at 695 Merrick Avenue, Westbury, New York for a total purchase price of $16.0 million. The purchaser has funded a hard deposit of $1.6 million. The sale is expected to close during the third quarter of 2017, subject to customary closing conditions. This property was formerly a Syms retail store.