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SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (Tables) | 6 Months Ended
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Jun. 30, 2022
SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE |
Schedule of sales of real estate | The following table details the Company’s sales of real estate during the six months ended June 30, 2022 and 2021 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gain on Sale of | ​
Description of Property | ​ | Date Sold | ​ | Sales Price | ​ | Real Estate, Net | ​
Wendys restaurant property, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Palmyra, Pennsylvania | ​ | March 22, 2022 | ​ | $ | 2,555 | ​ | $ | 1,200 | (a)
Wendys restaurant property, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reading, Pennsylvania | ​ | March 22, 2022 | ​ | ​ | 2,525 | ​ | ​ | 1,184 | (a)
Wendys restaurant property, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reading, Pennsylvania | ​ | March 22, 2022 | ​ | ​ | 2,485 | ​ | ​ | 1,175 | (a)
Wendys restaurant property, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trexlertown, Pennsylvania | ​ | March 22, 2022 | ​ | ​ | 2,435 | ​ | ​ | 1,090 | (a)
Orlando Baking industrial property, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Columbus, Ohio (b) | ​ | May 2, 2022 | ​ | ​ | 8,500 | ​ | ​ | 6,925 | ​
Havertys retail property, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fayetteville, Georgia | ​ | June 17, 2022 | ​ | ​ | 4,800 | ​ | ​ | 1,125 | (c)
Totals - Six months ended June 30, 2022 | ​ | $ | 23,300 | ​ | $ | 12,699 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Whole Foods retail property & parking lot, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Hartford, Connecticut (d) | ​ | June 17, 2021 | ​ | $ | 40,510 | ​ | $ | 21,491 | (e)
Totals - Six months ended June 30, 2021 | ​ | $ | 40,510 | ​ | $ | 21,491 | ​
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(a) | As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $512 of unbilled rent receivable.
(b) | This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021.
(c) | As a result of this sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, $7 of unbilled rent receivable, $1 of unamortized intangible lease assets and $5 of unamortized intangible lease liabilities. In connection with the sale, the Company paid off the $1,563 mortgage.
(d) | In connection with the sale, the Company paid-off the $15,403 mortgage and incurred a $799 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt.
(e) | As a result of the sale, the Company 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
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