XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SALES OF PROPERTIES | 12 Months Ended
--- | ---
Dec. 31, 2023
SALES OF PROPERTIES |
SALES OF PROPERTIES | NOTE 5 — SALES OF PROPERTIES ​ The following table details the Company’s sales of real estate during 2023, 2022 and 2021 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gain on Sale of | ​
Description of Property | ​ | City, State | ​ | Date Sold | ​ | Sales Price | ​ | Real Estate, Net | ​
TGI Fridays restaurant property | ​ | 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 property | ​ | Greensboro, North Carolina | ​ | September 20, 2023 | ​ | ​ | 3,250 | ​ | ​ | 332 | ​
Land (a) | ​ | Lakewood, Colorado | ​ | November 14, 2023 | ​ | ​ | 3,333 | (a) | ​ | 2,177 | (a)
Chuck E Cheese restaurant property | ​ | Indianapolis, Indiana | ​ | November 15, 2023 | ​ | ​ | 2,200 | ​ | ​ | 226 | ​
TGI Fridays restaurant property | ​ | Richmond, Virginia | ​ | November 17, 2023 | ​ | ​ | 3,200 | ​ | ​ | 265 | ​
Applebee's restaurants (2 properties) | ​ | Cartersville & Carrollton, Georgia | ​ | December 5, 2023 | ​ | ​ | 7,300 | ​ | ​ | 2,581 | ​
Applebee's restaurant property | ​ | Lawrenceville, Georgia | ​ | December 7, 2023 | ​ | ​ | 2,903 | (b) | ​ | 989 | ​
Havertys retail property | ​ | Virginia Beach, Virginia | ​ | December 15, 2023 | ​ | ​ | 5,500 | ​ | ​ | 1,727 | ​
Barnes & Noble retail property | ​ | Fort Myers, Florida | ​ | December 21, 2023 | ​ | ​ | 7,300 | ​ | ​ | 3,997 | ​
Totals for 2023 | ​ | $ | 45,186 | ​ | $ | 17,008 | (c)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | June 17, 2022 | ​ | ​ | 4,800 | (d) | ​ | 1,125 | ​
Vacant retail property | ​ | Columbus, Ohio | ​ | August 8, 2022 | ​ | ​ | 8,300 | ​ | ​ | 4,063 | ​
Totals for 2022 | ​ | $ | 31,600 | ​ | $ | 16,762 | (e)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Whole Foods retail property & parking lot | ​ | West Hartford, Connecticut | ​ | June 17, 2021 | ​ | $ | 40,510 | ​ | $ | 21,469 | ​
Vacant retail property | ​ | Philadelphia, Pennsylvania | ​ | July 1, 2021 | ​ | ​ | 8,300 | ​ | ​ | 1,299 | (f)
Wendy's restaurants - 2 properties | ​ | Hanover & Gettysburg, Pennsylvania | ​ | December 27, 2021 | ​ | ​ | 5,700 | ​ | ​ | 2,695 | ​
Totals for 2021 | ​ | $ | 54,510 | (g) | $ | 25,463 | (h)
(a) | A consolidated joint venture, in which the Company holds a 90% interest, sold a land parcel which was part of a multi-tenant shopping center. In connection with the sale of this parcel, the joint venture paid down $1,116 of the mortgage on this property. The non-controlling interest’s share of the gain was $218.
(b) | In connection with this sale, the Company provided seller-financing of $1,816 which is included in other receivables on the consolidated balance sheet as of December 31, 2023. The loan receivable bears interest at 8.0% and matures on July 1, 2024, with a buyer’s option to extend the maturity an additional six months.
(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 $1,005 of unbilled/unearned rent, $982 of net unamortized intangible lease assets and liabilities and $223 of other assets and receivables.
(d) | In connection with this sale, the Company paid off the $1,563 mortgage on this property.
(e) | 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 receivables and $4 of net unamortized intangible lease liabilities and assets.
(f) | 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.
(g) | In connection with these sales, the Company paid off mortgages in an aggregate of $20,387 and incurred $848 of prepayment costs on debt.
(h) | 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.
NOTE 5 — SALES OF PROPERTIES (CONTINUED) ​ Sale subsequent to December 31, 2023 ​ On January 19, 2024, the Company entered into a contract to sell a pad site at a multi-tenant shopping center in Lakewood, Colorado, which is owned by a consolidated joint venture in which the Company holds a 90% interest, for $2,900,000. The buyer’s right to terminate the contract expired February 23, 2024 and the sale is anticipated to close during the quarter ending March 31, 2024. The Company anticipates recognizing a gain on sale of real estate, net on its consolidated statement of income of approximately $1,800,000 during the three months ending March 31, 2024, of which the non-controlling interest’s share will be approximately $180,000.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration