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SALES OF PROPERTIES AND IMPAIRMENT LOSS | 9 Months Ended
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Sep. 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 tables detail the Company’s sales of real estate during the nine months ended September 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 | ​ | Kennesaw, Georgia | ​ | June 28, 2024 | ​ | ​ | 6,700 | ​ | ​ | 2,072 | ​
Vacant health and fitness property | ​ | Hamilton, Ohio | ​ | August 15, 2024 | ​ | ​ | 4,350 | ​ | ​ | 17 | (c)
Vacant industrial property | ​ | Wauconda, Illinois | ​ | August 29, 2024 | ​ | ​ | 4,425 | ​ | ​ | 1,177 | ​
Hobby Lobby retail property | ​ | Woodbury, Minnesota | ​ | September 16, 2024 | ​ | ​ | 4,750 | ​ | ​ | 921 | ​
Totals - Nine months ended September 30, 2024 | $ | 39,445 | (d) | $ | 11,347 | (e)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 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 | ​
Totals - Nine months ended September 30, 2023 | $ | 13,450 | ​ | $ | 5,046 | (f)
(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) | See discussion below regarding a $1,086 impairment loss recognized at this property in connection with the sale.
(d) | In connection with these sales, the Company paid off mortgages in an aggregate of $10,714.
(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 $285 of unbilled rent receivables, $108 of other assets and receivables and $64 of net unamortized intangible lease assets and liabilities.
(f) | 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 $123 of unbilled rent receivables.
​ ​ Impairment Loss ​ In June 2024, due to a contract to sell its Hamilton, Ohio property (which was formerly tenanted by LA Fitness whose lease expired in May 2024), the Company re-measured the property’s net book value to its fair value (as discussed in Note 12). As a result, the Company recognized a $1,086,000 impairment loss on the consolidated statement of income for the nine months ended September 30, 2024. This property was sold in August 2024.

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