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SALES OF PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022

SALE OF PROPERTIES

Schedule of sales of real estate

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.