SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE	3 Months Ended
Mar. 31, 2022
SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE
SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE	NOTE 5 – SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE Sale of Properties On March 22, 2022, the Company sold four restaurant properties located in Pennsylvania for approximately $9,555,000, net of closing costs. The sale resulted in a gain of $4,649,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2022. As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $512,000 of unbilled rent receivable. Property Held-for-Sale 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 in December 2021. At March 31, 2022 and 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 sheets. The property was sold on May 2, 2022 and will result in a gain of approximately $6,900,000, which will be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ending June 30, 2022.

SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE

3 Months Ended

Mar. 31, 2022

SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE

SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE

NOTE 5 – SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE

Sale of Properties

On March 22, 2022, the Company sold four restaurant properties located in Pennsylvania for approximately $9,555,000, net of closing costs. The sale resulted in a gain of $4,649,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2022. As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $512,000 of unbilled rent receivable.

Property Held-for-Sale

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 in December 2021. At March 31, 2022 and 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 sheets. The property was sold on May 2, 2022 and will result in a gain of approximately $6,900,000, which will be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ending June 30, 2022.