SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE	3 Months Ended
Mar. 31, 2023
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE
SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE	NOTE 4 – SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE Sales of Properties On February 28, 2023, the Company sold a restaurant property located in Hauppauge, New York for $4,076,000, net of closing costs. The sale resulted in a gain of $1,534,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2023. In connection with the sale, the Company wrote-off a net amount of $128,000 as an adjustment to Gain on sale of real estate, net, related to an $85,000 lease incentive and an $86,000 tenant-related receivable, offset by $43,000 of unearned rental income. In March 2022, the Company sold four restaurant properties located in Pennsylvania for approximately $9,555,000, net of closing costs. The sale resulted in a gain of $4,649,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2022. As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $512,000 of unbilled rent receivable. NOTE 4 – SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (CONTINUED) Property Held-for-Sale In August 2022, the Company entered into a contract to sell a retail property located in Duluth, Georgia for $6,000,000. The buyer’s right to terminate the contract without penalty expired on March 31, 2023. At March 31, 2023, the Company classified the $2,783,000 net book value of the property’s land, building and improvements as Property held-for-sale in the accompanying consolidated balance sheet. It is anticipated that (i) this property will be sold during the second quarter of 2023 and (ii) this sale will result in a gain of approximately $3,100,000, which will be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ending June 30, 2023.

SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE

3 Months Ended

Mar. 31, 2023

SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE

SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE

NOTE 4 – SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE

Sales of Properties

On February 28, 2023, the Company sold a restaurant property located in Hauppauge, New York for $4,076,000, net of closing costs. The sale resulted in a gain of $1,534,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2023. In connection with the sale, the Company wrote-off a net amount of $128,000 as an adjustment to Gain on sale of real estate, net, related to an $85,000 lease incentive and an $86,000 tenant-related receivable, offset by $43,000 of unearned rental income.

In March 2022, the Company sold four restaurant properties located in Pennsylvania for approximately $9,555,000, net of closing costs. The sale resulted in a gain of $4,649,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2022. As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $512,000 of unbilled rent receivable.

NOTE 4 – SALES OF PROPERTIES AND PROPERTY HELD-FOR-SALE (CONTINUED)

Property Held-for-Sale

In August 2022, the Company entered into a contract to sell a retail property located in Duluth, Georgia for $6,000,000. The buyer’s right to terminate the contract without penalty expired on March 31, 2023. At March 31, 2023, the Company classified the $2,783,000 net book value of the property’s land, building and improvements as Property held-for-sale in the accompanying consolidated balance sheet. It is anticipated that (i) this property will be sold during the second quarter of 2023 and (ii) this sale will result in a gain of approximately $3,100,000, which will be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ending June 30, 2023.