SALE OF PROPERTIES

12 Months Ended

Dec. 31, 2022

NOTE 5—SALES OF PROPERTIES

The following chart details the Company’s sales of real estate during 2022, 2021 and 2020 (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
Wendy's restaurants - 4 properties
Various cities, Pennsylvania	March 22, 2022	$	10,000		$	4,649		$	—	$	—
Orlando Baking industrial property
Columbus, Ohio (a)	May 2, 2022		8,500			6,925			—		—
Havertys retail property
Fayetteville, Georgia	June 17, 2022		4,800			1,125			1,563		—
Vacant retail property
Columbus, Ohio	August 8, 2022		8,300			4,063			—		—
TOTALS FOR 2022		$	31,600		$	16,762	(b)	$	1,563	$	—

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	(c)		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	(d)	$	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	(e)		1,067			n/a		n/a
Guitar Center retail property
Houston, Texas	December 15, 2020		5,212	(e)		1,645			n/a		n/a
TOTALS FOR 2020		$	34,340		$	17,280	(f)	$	11,815	$	1,123

(a)	This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021.

(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 $519 of unbilled rent receivable and $4 of net unamortized intangible lease liabilities and assets.

(c)	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.

(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 $1,438 of unbilled rent receivables and $967 of unamortized intangible lease assets.

(e)	In 2020, in connection with these sales, the Company provided seller-financing of an aggregate of $4,613. The loan was repaid in full in 2021 (see Note 13).

(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 $365 of unbilled rent receivables and $367 of unamortized intangible lease liabilities.

In December 2022, the Company entered into a contract to sell a restaurant property in Hauppauge, New York for $4,200,000. The buyer's right to terminate the contract without penalty expired on January 23, 2023 and the property was sold on February 28, 2023. The Company anticipates recognizing a gain on sale of real estate, net, of approximately $1,500,000 on the consolidated statement of income during the three months ending March 31, 2023.