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SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE

6 Months Ended

Jun. 30, 2022

SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE

SALE OF PROPERTIES AND PROPERTY HELD-FOR-SALE

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

Sales of Properties

​

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	​

_______________________

(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

​

Property Held-for-Sale

​

In February 2022, the Company entered into a contract to sell a retail property located in Columbus, Ohio for a gross sales price of $8,300,000. The buyer’s right to terminate the contract without penalty expired on June 6, 2022. At June 30, 2022, the Company classified the $3,766,000 net book value of the property’s land, building and improvements as Property held-for-sale in the accompanying consolidated balance sheet. The property is scheduled to be sold in early August 2022 and it is anticipated the sale will result in a gain of approximately $4,000,000, which will be recognized as Gain on sale of real estate, net, on the consolidated statements of income for the three and nine months ending September 30, 2022.

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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-Publisher FASB
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