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SALES OF PROPERTIES

9 Months Ended

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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- 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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