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INCOME PROPERTIES | 3 Months Ended
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Mar. 31, 2023
INCOME PROPERTIES |
INCOME PROPERTIES | NOTE 3. INCOME PROPERTIES ​ Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The variable lease payments are comprised of percentage rent and reimbursements from tenants for common area maintenance, insurance, real estate taxes, and other operating expenses. The components of leasing revenue are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended
​ | March 31, 2023 | ​ | March 31, 2022
Leasing Revenue | ​ | ​ | ​ | ​ | ​
Lease Payments | $ | 18,038 | ​ | $ | 12,285
Variable Lease Payments | ​ | 4,394 | ​ | ​ | 2,883
Total Leasing Revenue | $ | 22,432 | ​ | $ | 15,168
​ Minimum future base rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to March 31, 2023, are summarized as follows (in thousands): ​
​ | ​ | ​ | ​
Year Ending December 31, |  | Amounts
Remainder of 2023 | ​ | $ | 55,722
2024 | ​ | ​ | 68,400
2025 | ​ | ​ | 63,643
2026 | ​ | ​ | 54,799
2027 | ​ | ​ | 44,594
2028 | ​ | ​ | 33,921
2029 and Thereafter (Cumulative) | ​ | ​ | 86,475
Total | ​ | $ | 407,554
​ ​ 2023 Acquisitions. On February 24, 2023, the Company acquired one 6,000 square foot property within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett located in Buford, Georgia (the “Gwinnett Property”), for a purchase price of $3.3 million. The 6,000 square foot building is leased to one tenant with 9.8 years remaining on the lease at acquisition. The Company is under contract to acquire the remaining properties that make up the retail portion of Phase II of The Exchange at Gwinnett for a purchase price of $13.8 million. The Company previously purchased the Sprouts-anchored Phase I portion of The Exchange at Gwinnett in December 2021. ​ 2023 Dispositions. There were no income property dispositions during the three months ended March 31, 2023. ​ 2022 Acquisitions. During the three months ended March 31, 2022, the Company acquired Price Plaza Shopping Center, a multi-tenant income property located in Katy, Texas for a purchase price of $39.1 million, or a total acquisition cost of $39.2 million including capitalized acquisition costs. Price Plaza Shopping Center comprises 205,813 square feet, was 95% leased at acquisition, and had a weighted average remaining lease term of 5.7 years at acquisition. In connection with the acquisition of Price Plaza Shopping Center, the company assumed a $17.8 million fixed-rate mortgage note, as further discussed in Note 15, “Long-Term Debt.” ​ Of the $39.2 million total acquisition cost, $15.6 million was allocated to land, $17.9 million was allocated to buildings and improvements, and $5.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $0.2 million was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities was 5.7 years at acquisition. ​ 2022 Dispositions. During the three months ended March 31, 2022, the Company sold two income properties, including (i) Party City, a single-tenant income property located in Oceanside, New York for $6.9 million resulting in a $0.06 million loss and (ii) the Carpenter Hotel ground lease, a single-tenant income property located in Austin, Texas for $17.1 million resulting in a $0.2 million loss. The lease with Carpenter Hotel included two tenant repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $16.25 million investment was recorded in the accompanying consolidated balance sheets as a commercial loan and investment prior to its disposition during the three months ended March 31, 2022. The sale of the properties reflect a total disposition volume of $24.0 million, resulting in aggregate losses of $0.2 million.

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