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SALE OF PROPERTIES

9 Months Ended

Sep. 30, 2022

SALE OF PROPERTIES

SALE OF PROPERTIES

NOTE 5 – SALES OF PROPERTIES

The following table details the Company’s sales of real estate during the nine months ended September 30, 2022 and 2021 (amounts in thousands):

​	​	​	​	​	​	​	​	​	​
​		​		​	​		​		​
​	​	​	​	Gross		​	Gain on Sale of		​
Description of Property	​	Date Sold	​	Sales Price		​	Real Estate, Net		​
Wendy's restaurant property,	​	​	​	​	​	​	​	​	​
Palmyra, Pennsylvania	​	March 22, 2022	​	$	2,555	​	$	1,200	(a)
Wendy's restaurant property,	​	​	​	​	​	​	​	​	​
Reading, Pennsylvania	​	March 22, 2022	​	​	2,525	​	​	1,184	(a)
Wendy's restaurant property,	​	​	​	​	​	​	​	​	​
Reading, Pennsylvania	​	March 22, 2022	​	​	2,485	​	​	1,175	(a)
Wendy's 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)
Vacant retail property,	​	​	​	​	​	​	​	​	​
Columbus, Ohio	​	August 8, 2022	​	​	8,300	​	​	4,063	​
Totals - Nine months ended September 30, 2022			​	$	31,600	​	$	16,762	​
​	​	​	​	​	​	​	​	​	​
Whole Foods retail property & parking lot,	​	​	​	​	​	​	​	​	​
West Hartford, Connecticut (d)	​	June 17, 2021	​	$	40,510	​	$	21,469	(e)
Vacant retail property,	​	​	​	​	​	​	​	​	​
Philadelphia, Pennsylvania (f)	​	July 1, 2021	​	​	8,300	​	​	1,299	(g)
Totals - Nine months ended September 30, 2021			​	$	48,810	​	$	22,768	​

_______________________

(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.

(f) In connection with the sale, the Company paid-off the $3,574 mortgage and incurred a $26 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt.

(g) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of gain was $130.

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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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