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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.