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SALES OF PROPERTIES

9 Months Ended

Sep. 30, 2021

SALES OF PROPERTIES

SALES OF PROPERTIES

NOTE 5 – SALES OF PROPERTIES

The following table details the Company’s sales of real estate during the nine months ended September 30, 2021 and 2020 (amounts in thousands):



				Gross			Gain on Sale of				Mortgage			Prepayment
Description of Property		Date Sold		Sales Price			Real Estate, Net				Prepaid on Sale			Costs on Debt
Whole Foods retail property & parking lot,
West Hartford, Connecticut		June 17, 2021		$	40,510		$	21,469	(a)		$	15,403		$	799
Vacant retail property,
Philadelphia, Pennsylvania (b)		July 1, 2021			8,300			1,299				3,574			26
Totals - nine months ended September 30, 2021				$	48,810		$	22,768			$	18,977		$	825

Hobby Lobby retail property,
Onalaska, Wisconsin		February 11, 2020		$	7,115		$	4,252	(c)		$	3,332		$	290
CarMax retail property,
Knoxville, Tennessee		July 1, 2020			18,000			10,316	(c)			8,483			833	(d)
Totals - nine months ended September 30, 2020				$	25,115		$	14,568			$	11,815		$	1,123

(a)	As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $1,148 of unbilled rent receivable and $967 of unamortized intangible lease assets.

(b)	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 $130.

(c)	As a result of the Wisconsin and Tennessee property sales, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, unbilled rent receivables of $170 and $122, respectively.

(d)	The Company recognized $775 and $58 of the prepayment cost on debt during the three months ended June 30, 2020 and September 30, 2020, respectively.