Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

These Consolidated Financial Statements include a discussion of material events, if any, that have occurred subsequent to June 30, 2018 through the issuance of these Consolidated Financial Statements.

On July 20, 2018, the Company settled a legal dispute (see Note 13) for $7.4 million, with $5.2 million payable immediately and $2.2 million payable in six quarterly installments beginning in September 2018, with the final payment due in December 2019.

On July 31, 2018, the Company closed on the sale of a private golf property in Georgia for total proceeds of $3.5 million. The property had carrying value of $3.0 million resulting in an approximate gain on sale of $0.5 million, net of closing costs.

On August 2, 2018, the Company declared dividends of $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the period beginning August 1, 2018 and ending October 31, 2018. Dividends totaling $1.4 million will be paid on October 31, 2018 to stockholders of record on October 1, 2018.