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SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (Tables)

12 Months Ended

Dec. 31, 2021

SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE

Schedule of sales of real estate

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.