we pay the advisor fees for services related to the investment and management of our assets , and we will reimburse the advisor for certain expenses incurred on our behalf . to maintain our qualification as a reit , we engage in certain activities through taxable reit subsidiaries ( “ trss ” ) . as such , we may still be subject to u.s. federal and state income and franchise taxes from these activities . acquisitions and investment strategy we have , to date , acquired and or developed residential , commercial and hospitality properties principally , all of which are located in the united states and also made other real estate-related investments . our acquisitions have included both portfolios and individual properties . our current operating properties consist of one retail property ( the st. augustine outlet center ) and one multi-family residential property ( gantry park landing ) . we have also acquired various parcels of land and air rights related to the development and construction of real estate properties . additionally , we have made preferred investments in related parties and originated nonrecourse loans to unaffiliated third-party borrowers . investments in real estate are generally made through the purchase of all or part of a fee simple ownership , or all or part of a leasehold interest . we may also purchase limited partnership interests , limited liability company interests and other equity securities . we may also enter into joint ventures with related parties for the acquisition , development or improvement of properties as well as general partnerships , co-tenancies and other participations with real estate developers , owners and others for the purpose of developing , owning and operating real properties . we will not enter into a joint venture to make an investment that we would not be permitted to make on our own . not more than 10 % of our total assets will be invested in unimproved real property . for purposes of this paragraph , “ unimproved real properties ” does not include properties acquired for the purpose of producing rental or other operating income , properties under construction and properties for which development or construction is planned within one year . current environment our operating results are substantially impacted by the overall health of local , u.s. national and global economies and may be influenced by market and other challenges . additionally , our business and financial performance may be adversely affected by current and future economic and other conditions ; including , but not limited to , availability or terms of financings , financial markets volatility , political upheaval or uncertainty , natural and man-made disasters , terrorism and acts of war , unfavorable changes in laws and regulations , outbreaks of contagious diseases , cybercrime , loss of key relationships , and recession . covid-19 pandemic on march 11 , 2020 , the world health organization declared covid-19 a global pandemic leading many countries , including the united states , particularly at the individual state level , to subsequently impose various degrees of restrictions and other measures , including , but not limited to , mandatory temporary closures , quarantine guidelines , limitations on travel , and “ shelter in place ” rules in an effort to reduce its duration and the severity of its spread . although the covid-19 pandemic has continued to evolve , most of these previously imposed restrictions and other measures have now been reduced and or lifted . however , the covid-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval , mass production , administration and ultimate effectiveness of vaccines , as well as the timeline to achieve a level of sufficient herd immunity amongst the general population . accordingly , the covid-19 pandemic may continue to have negative effects on the overall health of the u.s. economy for the foreseeable future . as a result of previous restrictions , we closed our st. augustine outlet center from march 20 , 2020 through may 7 , 2020. primarily because of the impact of the covid-19 pandemic on the operating performance of the st. augustine outlet center 's tenancy , especially during the closure period , we have provided forbearance of certain rent payments to various tenants . additionally , we have seen some deterioration in both the occupancy and rental rates for gantry park landing , which is located on long island , new york , as the luxury rental market in the greater new york city metropolitan area has been negatively impacted by the covid-19 pandemic . however , none of these items have yet materially impacted our results from operations or financial condition . to-date , the covid-19 pandemic has not had any significant impact on our three development projects . furthermore , our other real estate-related investments ( both our preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers ) also relate to various development projects which are at different stages in their respective development process . these investments , which are subject to similar restrictions and other measures , have also not yet been significantly impacted by the covid-19 pandemic . the extent to which our business may be affected by the ongoing covid-19 pandemic will largely depend on both current and future developments , all of which are highly uncertain and can not be reasonably predicted . story_separator_special_tag to maintain our reit qualification under the internal revenue code of 1986 , as amended , or the code , we must meet a number of organizational and operational requirements , including a requirement that we annually distribute to our stockholders at least 90 % of our reit taxable income ( which does not equal net income , as calculated in accordance with generally accepted accounting principles in the united states of america , or gaap ) , determined without regard to the deduction for dividends paid and excluding any net capital gain . if we fail to remain qualified for taxation as a reit in any subsequent year and do not qualify for certain statutory relief provisions , our income for that year will be taxed at regular corporate rates , and we may be precluded from qualifying for treatment as a reit for the four-year period following our failure to qualify as a reit . such an event could materially adversely affect our net income and net cash available for distribution to our stockholders . to maintain our qualification as a reit , we engage in certain activities through taxable reit subsidiaries ( “ trss ” ) . as such , we may still be subject to u.s. federal and state income and franchise taxes from these activities . as of december 31 , 2020 and 2019 , we had no material uncertain income tax positions . additionally , even if we continue to qualify as a reit for u.s. federal income tax purposes , we may still be subject to some u.s. federal , state and local taxes on our income and property and to u.s. federal income taxes and excise taxes on our undistributed income . results of operations dispositions - continuing operations the following disposition did not represent a strategic shift that had a major effect on our operations and financial results and therefore did not qualify to be reported as discontinued operations and its operating results are reflected in our results from continuing operations in the consolidated statements of operations for all periods presented through the date of disposition : depaul plaza on september 20 , 2019 , we disposed of a retail center located in bridgeton , missouri ( “ depaul plaza ” ) , to an unrelated third party for aggregate consideration of approximately $ 19.8 million , excluding closing and other related costs . in connection with the disposition , we recorded a gain on the disposition of real estate of approximately $ 1.0 million during the year ended december 31 , 2019. dispositions - discontinued operations the following dispositions qualified to be reported as discontinued operations and their operating results are classified as discontinued operations in the consolidated statements of operations for all periods presented through their respective dates of disposition : disposition transactions related to gulf coast industrial portfolio we had an outstanding non-recourse mortgage loan ( the “ gulf coast industrial portfolio mortgage loan ” ) which was originated in february 2007 and subsequently transferred during the third quarter of 2012 to a special servicer that discontinued scheduled debt service payments and notified us that the loan was in default and due on demand . the gulf coast industrial portfolio mortgage loan was initially cross-collateralized by a portfolio of 14 industrial properties ( collectively , the “ gulf coast industrial portfolio ” ) including 10 properties located in louisiana ( seven properties located in new orleans and three properties located in baton rouge , and collectively , the “ louisiana assets ” ) and four properties located in san antonio , texas ( the “ san antonio assets ” ) . foreclosure of san antonio assets on june 5 , 2018 , the special servicer completed a partial foreclosure of the gulf coast industrial portfolio pursuant to which it foreclosed on the san antonio assets . the san antonio assets were sold in a foreclosure sale by the special servicer for an aggregate amount of approximately $ 20.7 million . assignment of ownership in louisiana assets to lender on february 12 , 2019 , we and the lender of the gulf coast industrial portfolio mortgage entered into an assignment agreement ( the “ assignment agreement ” ) pursuant to which we assigned our membership interests in the louisiana assets to the lender with an effective date of february 7 , 2019. under the terms of the assignment agreement , the lender assumed the significant risks and rewards of ownership and took legal title and physical possession of the louisiana assets and assumed all the other assets and related liabilities , including the gulf coast industrial mortgage and its accrued and unpaid interest , and released us of any claims against the liabilities assumed . 21 as a result of the assignment agreement , we have fully satisfied all of our obligations with respect to the gulf coast industrial portfolio mortgage and all amounts accrued but not paid for interest ( including default interest ) and no amounts are due to the lender . additionally , we have no continuing involvement with the louisiana assets . the aggregate carrying value of the assets transferred and the liabilities extinguished in connection with our assignment of our ownership interests in the louisiana assets to the lender was approximately $ 37.0 million and $ 49.6 million , respectively . since our performance obligations were met upon the assignment of our ownership interests in the louisiana assets to the lender and we have no continuing involvement with the louisiana assets , an aggregate gain on debt extinguishment of approximately $ 13.6 million was recognized during the first quarter of 2019. the disposition of the louisiana assets , which comprised all of our remaining industrial properties , represented a strategic shift that had a major effect on our operations and financial results . as a result , the operating results of the louisiana assets have been classified as discontinued operations in our consolidated statements

debt maturities the exterior street loan ( outstanding principal balance of $ 35.0 million as of december 31 , 2020 ) initially matures on april 9 , 2021. we currently intend to extend or refinance the exterior street loan on or before its maturity date . 31 the lower east side moxy mortgage ( outstanding principal balance of $ 35.2 million as of december 31 , 2020 ) matures on june 3 , 2021. we currently intend to seek to refinance the lower east side moxy mortgage with construction financing on or before its maturity date . on november 12 , 2019 , we , through lsc 1543 7th llc and lsc 1650 lincoln llc ( collectively , the “ santa monica joint ventures ” ) , entered into a $ 25.0 million loan ( the “ santa monica loan ” ) ( outstanding principal balance of $ 25.0 million as of december 31 , 2020 ) which bears interest at libor + 3.75 % , subject to a 5.50 % floor , and matures on august 12 , 2021. the santa monica loan requires monthly interest-only payments with the outstanding principal balance due at its maturity date and is cross-collateralized by two nonrecourse loans originated by the santa monica joint ventures . we currently intend to seek to refinance the santa monica loan on or before its maturity date .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt maturities the exterior street loan ( outstanding principal balance of $ 35.0 million as of december 31 , 2020 ) initially matures on april 9 , 2021. we currently intend to extend or refinance the exterior street loan on or before its maturity date . 31 the lower east side moxy mortgage ( outstanding principal balance of $ 35.2 million as of december 31 , 2020 ) matures on june 3 , 2021. we currently intend to seek to refinance the lower east side moxy mortgage with construction financing on or before its maturity date . on november 12 , 2019 , we , through lsc 1543 7th llc and lsc 1650 lincoln llc ( collectively , the “ santa monica joint ventures ” ) , entered into a $ 25.0 million loan ( the “ santa monica loan ” ) ( outstanding principal balance of $ 25.0 million as of december 31 , 2020 ) which bears interest at libor + 3.75 % , subject to a 5.50 % floor , and matures on august 12 , 2021. the santa monica loan requires monthly interest-only payments with the outstanding principal balance due at its maturity date and is cross-collateralized by two nonrecourse loans originated by the santa monica joint ventures . we currently intend to seek to refinance the santa monica loan on or before its maturity date .
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 Suspicious Activity Report : we pay the advisor fees for services related to the investment and management of our assets , and we will reimburse the advisor for certain expenses incurred on our behalf . to maintain our qualification as a reit , we engage in certain activities through taxable reit subsidiaries ( “ trss ” ) . as such , we may still be subject to u.s. federal and state income and franchise taxes from these activities . acquisitions and investment strategy we have , to date , acquired and or developed residential , commercial and hospitality properties principally , all of which are located in the united states and also made other real estate-related investments . our acquisitions have included both portfolios and individual properties . our current operating properties consist of one retail property ( the st. augustine outlet center ) and one multi-family residential property ( gantry park landing ) . we have also acquired various parcels of land and air rights related to the development and construction of real estate properties . additionally , we have made preferred investments in related parties and originated nonrecourse loans to unaffiliated third-party borrowers . investments in real estate are generally made through the purchase of all or part of a fee simple ownership , or all or part of a leasehold interest . we may also purchase limited partnership interests , limited liability company interests and other equity securities . we may also enter into joint ventures with related parties for the acquisition , development or improvement of properties as well as general partnerships , co-tenancies and other participations with real estate developers , owners and others for the purpose of developing , owning and operating real properties . we will not enter into a joint venture to make an investment that we would not be permitted to make on our own . not more than 10 % of our total assets will be invested in unimproved real property . for purposes of this paragraph , “ unimproved real properties ” does not include properties acquired for the purpose of producing rental or other operating income , properties under construction and properties for which development or construction is planned within one year . current environment our operating results are substantially impacted by the overall health of local , u.s. national and global economies and may be influenced by market and other challenges . additionally , our business and financial performance may be adversely affected by current and future economic and other conditions ; including , but not limited to , availability or terms of financings , financial markets volatility , political upheaval or uncertainty , natural and man-made disasters , terrorism and acts of war , unfavorable changes in laws and regulations , outbreaks of contagious diseases , cybercrime , loss of key relationships , and recession . covid-19 pandemic on march 11 , 2020 , the world health organization declared covid-19 a global pandemic leading many countries , including the united states , particularly at the individual state level , to subsequently impose various degrees of restrictions and other measures , including , but not limited to , mandatory temporary closures , quarantine guidelines , limitations on travel , and “ shelter in place ” rules in an effort to reduce its duration and the severity of its spread . although the covid-19 pandemic has continued to evolve , most of these previously imposed restrictions and other measures have now been reduced and or lifted . however , the covid-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval , mass production , administration and ultimate effectiveness of vaccines , as well as the timeline to achieve a level of sufficient herd immunity amongst the general population . accordingly , the covid-19 pandemic may continue to have negative effects on the overall health of the u.s. economy for the foreseeable future . as a result of previous restrictions , we closed our st. augustine outlet center from march 20 , 2020 through may 7 , 2020. primarily because of the impact of the covid-19 pandemic on the operating performance of the st. augustine outlet center 's tenancy , especially during the closure period , we have provided forbearance of certain rent payments to various tenants . additionally , we have seen some deterioration in both the occupancy and rental rates for gantry park landing , which is located on long island , new york , as the luxury rental market in the greater new york city metropolitan area has been negatively impacted by the covid-19 pandemic . however , none of these items have yet materially impacted our results from operations or financial condition . to-date , the covid-19 pandemic has not had any significant impact on our three development projects . furthermore , our other real estate-related investments ( both our preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers ) also relate to various development projects which are at different stages in their respective development process . these investments , which are subject to similar restrictions and other measures , have also not yet been significantly impacted by the covid-19 pandemic . the extent to which our business may be affected by the ongoing covid-19 pandemic will largely depend on both current and future developments , all of which are highly uncertain and can not be reasonably predicted . story_separator_special_tag to maintain our reit qualification under the internal revenue code of 1986 , as amended , or the code , we must meet a number of organizational and operational requirements , including a requirement that we annually distribute to our stockholders at least 90 % of our reit taxable income ( which does not equal net income , as calculated in accordance with generally accepted accounting principles in the united states of america , or gaap ) , determined without regard to the deduction for dividends paid and excluding any net capital gain . if we fail to remain qualified for taxation as a reit in any subsequent year and do not qualify for certain statutory relief provisions , our income for that year will be taxed at regular corporate rates , and we may be precluded from qualifying for treatment as a reit for the four-year period following our failure to qualify as a reit . such an event could materially adversely affect our net income and net cash available for distribution to our stockholders . to maintain our qualification as a reit , we engage in certain activities through taxable reit subsidiaries ( “ trss ” ) . as such , we may still be subject to u.s. federal and state income and franchise taxes from these activities . as of december 31 , 2020 and 2019 , we had no material uncertain income tax positions . additionally , even if we continue to qualify as a reit for u.s. federal income tax purposes , we may still be subject to some u.s. federal , state and local taxes on our income and property and to u.s. federal income taxes and excise taxes on our undistributed income . results of operations dispositions - continuing operations the following disposition did not represent a strategic shift that had a major effect on our operations and financial results and therefore did not qualify to be reported as discontinued operations and its operating results are reflected in our results from continuing operations in the consolidated statements of operations for all periods presented through the date of disposition : depaul plaza on september 20 , 2019 , we disposed of a retail center located in bridgeton , missouri ( “ depaul plaza ” ) , to an unrelated third party for aggregate consideration of approximately $ 19.8 million , excluding closing and other related costs . in connection with the disposition , we recorded a gain on the disposition of real estate of approximately $ 1.0 million during the year ended december 31 , 2019. dispositions - discontinued operations the following dispositions qualified to be reported as discontinued operations and their operating results are classified as discontinued operations in the consolidated statements of operations for all periods presented through their respective dates of disposition : disposition transactions related to gulf coast industrial portfolio we had an outstanding non-recourse mortgage loan ( the “ gulf coast industrial portfolio mortgage loan ” ) which was originated in february 2007 and subsequently transferred during the third quarter of 2012 to a special servicer that discontinued scheduled debt service payments and notified us that the loan was in default and due on demand . the gulf coast industrial portfolio mortgage loan was initially cross-collateralized by a portfolio of 14 industrial properties ( collectively , the “ gulf coast industrial portfolio ” ) including 10 properties located in louisiana ( seven properties located in new orleans and three properties located in baton rouge , and collectively , the “ louisiana assets ” ) and four properties located in san antonio , texas ( the “ san antonio assets ” ) . foreclosure of san antonio assets on june 5 , 2018 , the special servicer completed a partial foreclosure of the gulf coast industrial portfolio pursuant to which it foreclosed on the san antonio assets . the san antonio assets were sold in a foreclosure sale by the special servicer for an aggregate amount of approximately $ 20.7 million . assignment of ownership in louisiana assets to lender on february 12 , 2019 , we and the lender of the gulf coast industrial portfolio mortgage entered into an assignment agreement ( the “ assignment agreement ” ) pursuant to which we assigned our membership interests in the louisiana assets to the lender with an effective date of february 7 , 2019. under the terms of the assignment agreement , the lender assumed the significant risks and rewards of ownership and took legal title and physical possession of the louisiana assets and assumed all the other assets and related liabilities , including the gulf coast industrial mortgage and its accrued and unpaid interest , and released us of any claims against the liabilities assumed . 21 as a result of the assignment agreement , we have fully satisfied all of our obligations with respect to the gulf coast industrial portfolio mortgage and all amounts accrued but not paid for interest ( including default interest ) and no amounts are due to the lender . additionally , we have no continuing involvement with the louisiana assets . the aggregate carrying value of the assets transferred and the liabilities extinguished in connection with our assignment of our ownership interests in the louisiana assets to the lender was approximately $ 37.0 million and $ 49.6 million , respectively . since our performance obligations were met upon the assignment of our ownership interests in the louisiana assets to the lender and we have no continuing involvement with the louisiana assets , an aggregate gain on debt extinguishment of approximately $ 13.6 million was recognized during the first quarter of 2019. the disposition of the louisiana assets , which comprised all of our remaining industrial properties , represented a strategic shift that had a major effect on our operations and financial results . as a result , the operating results of the louisiana assets have been classified as discontinued operations in our consolidated statements

