SALES OF PROPERTIES

12 Months Ended

Dec. 31, 2019

NOTE 5—SALES OF PROPERTIES

The following chart details the Company’s sales of real estate during 2019, 2018 and 2017 (amounts in thousands):



		Gross		Gain (Loss) on Sale of
Description of Property	Date Sold	Sales Price		Real Estate, Net
Kmart retail property,
Clemmons, North Carolina	June 20, 2019	$	5,500	$	1,099	(a)
Multi-tenant retail property,
Athens, Georgia	August 23, 2019		6,050		1,045	(b)
Land - The Briarbrook Village Apartments,
Wheaton, Illinois	August 29, 2019		12,066		1,530
Aaron's retail property,
Houston, Texas	October 21, 2019		1,675		218
Assisted living facility,
Round Rock, Texas	December 10, 2019		16,600		435	(c)
Totals for 2019		$	41,891	$	4,327

Multi-tenant retail property,
Fort Bend, Texas	January 30, 2018	$	9,200	$	2,408	(d)
Land - The Meadows Apartments,
Lakemoor, Illinois	September 14, 2018		8,459		4,585	(e)
Shopko retail property,
Lincoln, Nebraska	December 13, 2018		10,000		(1,731)
Totals for 2018		$	27,659	$	5,262

Former Sports Authority retail property,
Greenwood Village, Colorado	May 8, 2017	$	9,500	$	6,568
Kohl's retail property,
Kansas City, Missouri	July 14, 2017		10,250		2,180	(f)
Former hhgregg retail property,
Niles, Illinois	August 31, 2017		5,000		1,089
Joe's Crab Shack restaurant property,
Ann Arbor, Michigan	November 14, 2017		2,300		—	(g)
Totals for 2017		$	27,050	$	9,837

(a)	This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the gain was $422. Gain on sale of real estate, net, excludes a swap termination fee of $41 which is included in prepayment costs on debt.

(b)	Excludes a swap termination fee of $161 included in prepayment costs on debt.

(c)	Excludes a swap termination fee of $625 included in prepayment costs on debt.

(d)	This property was owned by a consolidated joint venture in which the Company held an 85% interest. The non-controlling interest’s share of the gain was $776.

(e)	Includes $5,717, representing the unamortized balance of a $5,906 fixed rent payment which was received and recorded as deferred income in November 2017 and was to be included in rental income over the term of the lease.

(f)	Excludes a swap termination fee of $131 included in prepayment costs on debt.

(g)

As the sales price was less than the net book value, the Company recorded an impairment loss of $153, representing the difference between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statement of income for the year ended December 31, 2017. Excludes a swap termination fee of $70 which is included in prepayment costs on debt.

NOTE 5—SALES OF PROPERTIES (Continued)

Sale of Property Subsequent to December 31, 2019

On February 11, 2020, the Company sold a retail property located in Onalaska, Wisconsin for approximately $7,093,000, net of closing costs. In connection with the sale, the Company paid off the $3,332,000 mortgage and incurred a $290,000 debt prepayment cost. This property accounted for less than 1% of the Company’s rental income, net, during 2019, 2018 and 2017. The Company anticipates recognizing a gain of approximately $4,250,000 during the three months ending March 31, 2020.