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DISPOSITIONS | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS | DISPOSITIONS The Company did not sell any properties during the three months ended March 31, 2025 and 2024. As of March 31, 2025, the Company had entered into a contract to sell Stoney Creek Commons, an 84,094 square foot multi-tenant retail property located in the Indianapolis MSA. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria during the quarter ended March 31, 2025, at which time depreciation and amortization ceased. In addition, the assets and liabilities associated with this property are separately classified as held for sale in the accompanying consolidated balance sheet as of March 31, 2025. Stoney Creek Commons was sold on April 4, 2025 for a gross sales price of $9.5 million, the proceeds of which are restricted for 180 days related to a potential Internal Revenue Code Section 1031 tax-deferred exchange (“1031 Exchange”). We have also classified City Center, a 362,278 square foot multi-tenant retail property in the New York MSA, as held for sale since June 30, 2024 as the Company has committed to a plan to sell this asset and expects that the sale will be completed by June 30, 2025. This property qualified for held-for-sale accounting treatment upon meeting all applicable GAAP criteria as of June 30, 2024, at which time depreciation and amortization were ceased, and continues to meet the GAAP criteria for held-for-sale accounting treatment as of March 31, 2025. In addition, the assets and liabilities associated with this property remain separately classified as held for sale in the accompanying consolidated balance sheets as of March 31, 2025 and December 31, 2024. The following table presents the assets and liabilities associated with Stoney Creek Commons and City Center, the investment properties classified as held for sale as of March 31, 2025. In addition, City Center was classified as held for sale as of December 31, 2024 (in thousands):
| March 31, 2025 |  | December 31, 2024
Assets |  |  |
Net investment properties | $ | 73,317 |  |  | $ | 68,991 |
Tenant and other receivables | 2,654 |  |  | 1,760 |
Restricted cash and escrow deposits | 225 |  |  | 225 |
Deferred costs, net | 2,746 |  |  | 2,634 |
Prepaid and other assets | 741 |  |  | 181 |
Assets associated with investment properties held for sale | $ | 79,683 |  |  | $ | 73,791 |
Liabilities |  |  |
Accounts payable and accrued expenses | $ | 903 |  |  | $ | 544 |
Deferred revenue and other liabilities | 3,296 |  |  | 3,465 |
Liabilities associated with investment properties held for sale | $ | 4,199 |  |  | $ | 4,009 |
There were no discontinued operations for the three months ended March 31, 2025 and 2024 as none of the dispositions or planned dispositions represented a strategic shift that has had, or will have, a material effect on our operations or financial results.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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