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SALES OF PROPERTIES

3 Months Ended

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):

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.

(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.

(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.