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SALES OF PROPERTIES AND PROPERTY HELD FOR SALE | 6 Months Ended
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Jun. 30, 2021
SALES OF PROPERTIES AND PROPERTY HELD FOR SALE |
SALES OF PROPERTIES AND PROPERTY HELD FOR SALE | NOTE 5 – SALES OF PROPERTIES AND PROPERTY HELD FOR SALE Sales of Properties On June 17, 2021, the Company sold a retail property and related parking lot located in West Hartford, Connecticut for approximately $39,491,000, net of closing costs. The sale resulted in a gain of $21,491,000 which was recorded as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ended June 30, 2021. In connection with the sale, the Company paid-off the $15,403,000 mortgage and incurred a $799,000 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt in the consolidated statements of income for the three and six months ended June 30, 2021. As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $1,148,000 of unbilled rent receivable and $967,000 of unamortized intangible lease assets. In 2020, the Company sold a retail property located in Onalaska, Wisconsin for approximately $7,093,000, net of closing costs. The sale resulted in a gain of $4,252,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the six months ended June 30, 2020. In connection with the sale, the Company paid-off the $3,332,000 mortgage and incurred a $290,000 debt prepayment cost which was recorded as Prepayment costs on debt in the consolidated statement of income for the six months ended June 30, 2020. As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $170,000 of unbilled rent receivable. Property Held-for-Sale In April 2021, the Company entered into a contract to sell a retail property located in Philadelphia, Pennsylvania for a gross sales price of $8,300,000; the property, which has been vacant since January 2020, is owned by a consolidated joint venture in which the Company holds a 90% interest. The buyer’s right to terminate the contract without penalty expired on June 7, 2021. At June 30, 2021, the Company classified the $6,446,000 net book value of the property’s land, building and improvements as Property held-for-sale in the accompanying balance sheet. The property was sold on July 1, 2021 and resulted in a gain of approximately $1,299,000; the non-controlling interest’s share of the gain was approximately $130,000. In connection with the sale, the Company paid-off the $3,574,000 mortgage.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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