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SALES OF PROPERTIES | 3 Months Ended
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Mar. 31, 2024
SALES OF PROPERTIES |
SALES OF PROPERTIES | NOTE 4 – SALES OF PROPERTIES On March 6, 2024, a consolidated joint venture, in which the Company holds a 90% interest, sold a restaurant parcel at its multi-tenant shopping center in Lakewood, Colorado for $2,670,000, net of closing costs. The sale resulted in a gain of $1,784,000 which was recorded as Gain on sale of real estate, net, in the consolidated statement of income for the three months ended March 31, 2024. In connection with this sale, the joint venture (i) wrote-off $50,000 of unbilled rent receivable and $68,000 of other assets as an adjustment to Gain on sale of real estate, net and (ii) paid down $1,885,000 of the mortgage on this property. The non-controlling interest’s share of the gain was $178,000. ​ 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 $128,000 of other assets and receivables as an adjustment to Gain on sale of real estate, net. ​ Sales subsequent to March 31, 2024 ​ During the quarter ended March 31, 2024, the Company entered into contracts to sell the following properties (amounts in thousands):
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Estimated Gain
​ | ​ | ​ | ​ | Held-for-sale | ​ | Date Sold/ | ​ | Gross | ​ | on Sale of Real
Description of Property | ​ | City, State | ​ | Date (a) | ​ | Estimated Sale | ​ | Sales Price | ​ | Estate Net (b)
Applebee's restaurant property | ​ | Kennesaw, Georgia | ​ | April 5, 2024 | ​ | May 6, 2024 | ​ | $ | 2,834 | ​ | $ | 1,000
Vacant retail property (c) | ​ | Kennesaw, Georgia | ​ | April 16, 2024 | ​ | June 28, 2024 | ​ | ​ | 6,700 | ​ | ​ | 1,900
FedEx industrial property | ​ | Miamisburg, Ohio | ​ | April 17, 2024 | ​ | May 8, 2024 | ​ | ​ | 2,793 | ​ | ​ | 1,500
Havertys retail property | ​ | Wichita, Kansas | ​ | April 21, 2024 | ​ | June 6, 2024 | ​ | ​ | 6,600 | ​ | ​ | 2,000
(a) | The Company has determined the held-for-sale criteria has been met as the buyers’ right to terminate the contracts without penalty expired on these dates.
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(b) | Such gain 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, 2024.
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(c) | In connection with this sale, the Company intends to payoff the mortgage on this property which had a balance of $4,434 as of March 31, 2024.

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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. + 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
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