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SALES OF PROPERTIES AND IMPAIRMENT LOSS (Tables)

9 Months Ended

Sep. 30, 2024

SALES OF PROPERTIES AND IMPAIRMENT LOSS

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.