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SALES OF PROPERTIES AND IMPAIRMENT LOSS | 6 Months Ended
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Jun. 30, 2024
SALES OF PROPERTIES AND IMPAIRMENT LOSS |
SALES OF PROPERTIES AND IMPAIRMENT LOSS | NOTE 5 – SALES OF PROPERTIES AND IMPAIRMENT LOSS Sales of Properties ​ The following table details the Company’s sales of real estate during the six months ended June 30, 2024 and 2023 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gain on Sale of | ​
Description of Property | ​ | City, State | ​ | Date Sold | ​ | Sales Price | ​ | Real Estate, Net | ​
Hacienda Colorado restaurant parcel (a) | ​ | Lakewood, Colorado | ​ | March 6, 2024 | ​ | $ | 2,900 | ​ | $ | 1,784 | (a)
Applebee's restaurant property | ​ | Kennesaw, Georgia | ​ | May 6, 2024 | ​ | ​ | 2,834 | ​ | ​ | 964 | ​
FedEx industrial property | ​ | Miamisburg, Ohio | ​ | May 9, 2024 | ​ | ​ | 2,793 | ​ | ​ | 1,507 | ​
Havertys retail property | ​ | Wichita, Kansas | ​ | June 6, 2024 | ​ | ​ | 6,600 | ​ | ​ | 1,884 | ​
Urban Outfitters retail property | ​ | Lawrence, Kansas | ​ | June 7, 2024 | ​ | ​ | 1,300 | ​ | ​ | 43 | ​
Walgreens retail property (b) | ​ | Cape Girardeau, Missouri | ​ | June 10, 2024 | ​ | ​ | 2,793 | ​ | ​ | 978 | (b)
Vacant retail property (c) | ​ | Kennesaw, Georgia | ​ | June 28, 2024 | ​ | ​ | 6,700 | ​ | ​ | 2,072 | ​
Totals for the six months ended June 30, 2024 | $ | 25,920 | ​ | $ | 9,232 | (d)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 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 | ​
Totals for the six months ended June 30, 2023 | $ | 10,200 | ​ | $ | 4,714 | (e)
(a) | A consolidated joint venture, in which the Company holds a 90% interest, sold a restaurant parcel which was part of a multi-tenant shopping center. In connection with the sale of this parcel, the joint venture paid down $1,885 of the mortgage on this property. The non-controlling interest’s share of the gain was $178.
(b) | This property was owned by a consolidated joint venture in which the Company held a 95% interest. The non-controlling interest’s share of the gain was $105.
(c) | In connection with this sale, the Company paid off the $4,412 mortgage on this property.
(d) | As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $275 of unbilled rent receivables, $439 of net unamortized intangible lease assets and liabilities and $108 of other assets and receivables.
(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 $190 of other assets and receivables and $32 of unearned rental income.
​ Sales Contracts subsequent to June 30, 2024 ​ On July 1, 2024, the Company entered into a contract to sell its vacant industrial property in Wauconda, Illinois for $4,500,000. The sale is subject to the buyer’s right to terminate, which expires on August 7, 2024. The Company anticipates this property will be sold during the three months ending September 30, 2024. ​ Impairment Loss ​ On July 11, 2024, the Company entered into a contract to sell its health and fitness property in Hamilton, Ohio for $4,350,000. The sale is subject to the buyer’s right to terminate, which expires on August 10, 2024. This property was formerly tenanted by LA Fitness whose lease expired in May 2024. As a result of the contract, the Company re-measured the property’s net book value to its fair value (as discussed in Note 12) and recognized a $1,086,000 impairment loss on the consolidated statements of income for the three and six months ended June 30, 2024. The adjusted net book value of the property was $4,161,000 at June 30, 2024. The Company anticipates this property will be sold during the three months ending September 30, 2024.

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