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SALES OF PROPERTIES | 9 Months Ended
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Sep. 30, 2023
SALES 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, 2023 and 2022 (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gain on Sale of | ​
Description of Property | ​ | Date Sold | ​ | Sales Price | ​ | Real Estate, Net | ​
TGI Fridays restaurant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hauppauge, New York | ​ | February 28, 2023 | ​ | $ | 4,200 | ​ | $ | 1,534 | ​
Havertys retail property | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Duluth, Georgia | ​ | May 31, 2023 | ​ | ​ | 6,000 | ​ | ​ | 3,180 | ​
TGI Fridays restaurant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Greensboro, North Carolina | ​ | September 20, 2023 | ​ | ​ | 3,250 | ​ | ​ | 332 | ​
TOTAL - Nine months ended September 30, 2023 | ​ | $ | 13,450 | ​ | $ | 5,046 | (a)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wendy's restaurants - 4 properties | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Various cities, Pennsylvania | ​ | March 22, 2022 | ​ | $ | 10,000 | ​ | $ | 4,649 | ​
Orlando Baking industrial property | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Columbus, Ohio | ​ | May 2, 2022 | ​ | ​ | 8,500 | ​ | ​ | 6,925 | ​
Havertys retail property | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fayetteville, Georgia (b) | ​ | June 17, 2022 | ​ | ​ | 4,800 | ​ | ​ | 1,125 | ​
Vacant retail property | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Columbus, Ohio | ​ | August 8, 2022 | ​ | ​ | 8,300 | ​ | ​ | 4,063 | ​
TOTAL - Nine months ended September 30, 2022 | ​ | $ | 31,600 | ​ | $ | 16,762 | (c)
(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 $190 of other assets and receivables and $123 of unbilled rent receivable.
(b) | In connection with this sale, the Company paid off the $1,563 mortgage.
(c) | 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.
​ ​ From August 2023 through October 2023, the Company entered into contracts to sell one restaurant and two retail properties for an aggregate sales price of approximately $13,800,000. The buyers’ rights to terminate the contracts without penalty expires by early November 2023. The Company anticipates recognizing an aggregate gain on sale of real estate, net, of approximately $6,000,000 to $7,000,000 on the consolidated statement of income during the three months ending December 31, 2023.

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