SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE

12 Months Ended

Dec. 31, 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

The following chart details the Company’s sales of real estate during 2021, 2020 and 2019 (amounts in thousands):


					Gain on sale			Mortgage		Prepayment
		Gross			of Real			Prepaid		Costs on
Description of Property	Date Sold	Sales Price			Estate, Net			on Sale		Debt
Whole Foods retail property & parking lot,
West Hartford, Connecticut	June 17, 2021	$	40,510		$	21,469		$	15,403	$	799
Vacant retail property,
Philadelphia, Pennsylvania	July 1, 2021		8,300			1,299	(a)		3,574		26
Wendys restaurant property,
Hanover, Pennsylvania	December 27, 2021		2,815			1,331			696		11
Wendys restaurant property,
Gettysburg, Pennsylvania	December 27, 2021		2,885			1,364			714		12
TOTALS FOR 2021		$	54,510		$	25,463	(b)	$	20,387	$	848

Hobby Lobby retail property,
Onalaska, Wisconsin	February 11, 2020	$	7,115		$	4,252		$	3,332	$	290
CarMax retail property,
Knoxville, Tennessee	July 1, 2020		18,000			10,316			8,483		833
PetSmart retail property
Houston, Texas	December 15, 2020		4,013	(c)		1,067			n/a		n/a
Guitar Center retail property,
Houston, Texas	December 15, 2020		5,212	(c)		1,645			n/a		n/a
TOTALS FOR 2020		$	34,340		$	17,280	(d)	$	11,815	$	1,123

Kmart retail property,
Clemmons, North Carolina	June 20, 2019	$	5,500		$	1,099	(e)	$	1,705	$	41
Multi-tenant retail property,
Athens, Georgia	August 23, 2019		6,050			1,045			2,645		161
Land - The Briarbrook Village Apartments,
Wheaton, Illinois	August 29, 2019		12,066			1,530			n/a		n/a
Aaron's retail property,
Houston, Texas	October 21, 2019		1,675			218			n/a		n/a
Assisted living facility,
Round Rock, Texas	December 10, 2019		16,600			435			13,157		625
TOTALS FOR 2019		$	41,891		$	4,327	(f)	$	17,507	$	827

(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 $130.

(b)	As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets.

(c)	In connection with these sales, the Company provided seller-financing of an aggregate of $4,613 which was included in other receivables on the consolidated balance sheet at December 31, 2020. The loan was repaid in full in 2021 (see Note 13).

(d)	As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $365 of unbilled rent receivables and $367 of unamortized intangible lease liabilities.

(e)	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.

(f)	As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $182 of unbilled rent receivables and $915 of unamortized intangible lease liabilities.

NOTE 5—SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (Continued)

In September 2021, the Company entered into a contract to sell an industrial property located in Columbus, Ohio for $8,500,000. The buyer’s right to terminate the contract without penalty expired on December 14, 2021. At December 31, 2021, the Company classified the $1,270,000 net book value of the property’s land, building and improvements as Property held-for-sale in the accompanying consolidated balance sheet. It is anticipated that this sale will be completed in April 2022 and will result in a gain which will be recognized in the three and six months ending June 30, 2022.

In January 2022, the Company entered into a contract to sell four restaurant properties located in Pennsylvania for $10,000,000. The buyer’s right to terminate the contract without penalty expired on February 28, 2022. It is anticipated the sale will be completed in April 2022.