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SALES OF PROPERTIES AND IMPAIRMENT LOSS | 12 Months Ended
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Dec. 31, 2024
SALES OF PROPERTIES AND IMPAIRMENT LOSS |
SALES OF PROPERTIES AND IMPAIRMENT LOSS | NOTE 5 — SALES OF PROPERTIES AND IMPAIRMENT LOSS ​ The following tables detail the Company’s sales of real estate during 2024, 2023 and 2022 (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 | (a) | $ | 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 | ​
Advance Auto Parts retail property | ​ | Hilliard, Ohio | ​ | December 10, 2024 | ​ | ​ | 1,565 | ​ | ​ | 224 | ​
LA Fitness health and fitness property | ​ | Secaucus, New Jersey | ​ | December 27, 2024 | ​ | ​ | 21,428 | ​ | ​ | 6,436 | ​
Totals for 2024 | $ | 62,438 | (d) | $ | 18,007 | (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 | ​
Land (f) | ​ | Lakewood, Colorado | ​ | November 14, 2023 | ​ | ​ | 3,333 | (f) | ​ | 2,177 | (f)
Chuck E Cheese restaurant property | ​ | Indianapolis, Indiana | ​ | November 15, 2023 | ​ | ​ | 2,200 | ​ | ​ | 226 | ​
TGI Fridays restaurant property | ​ | Richmond, Virginia | ​ | November 17, 2023 | ​ | ​ | 3,200 | ​ | ​ | 265 | ​
Applebee's restaurants (2 properties) | ​ | Cartersville & Carrollton, Georgia | ​ | December 5, 2023 | ​ | ​ | 7,300 | ​ | ​ | 2,581 | ​
Applebee's restaurant property | ​ | Lawrenceville, Georgia | ​ | December 7, 2023 | ​ | ​ | 2,903 | (g) | ​ | 989 | ​
Havertys retail property | ​ | Virginia Beach, Virginia | ​ | December 15, 2023 | ​ | ​ | 5,500 | ​ | ​ | 1,727 | ​
Barnes & Noble retail property | ​ | Fort Myers, Florida | ​ | December 21, 2023 | ​ | ​ | 7,300 | ​ | ​ | 3,997 | ​
Totals for 2023 | $ | 45,186 | ​ | $ | 17,008 | (h)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gain on Sale of | ​
Description of Property | ​ | City, State | ​ | Date Sold | ​ | Sales Price | ​ | Real Estate, Net | ​
Wendy's restaurants (4 properties) | ​ | Various cities, Pennsylvania | ​ | March 22, 2022 | ​ | $ | 10,000 | ​ | $ | 4,649 | ​
Orlando Baking industrial property | ​ | Columbus, Ohio | ​ | May 2, 2022 | ​ | ​ | 8,500 | ​ | ​ | 6,925 | ​
Havertys retail property | ​ | Fayetteville, Georgia | ​ | June 17, 2022 | ​ | ​ | 4,800 | (i) | ​ | 1,125 | ​
Vacant retail property | ​ | Columbus, Ohio | ​ | August 8, 2022 | ​ | ​ | 8,300 | ​ | ​ | 4,063 | ​
Totals for 2022 | $ | 31,600 | ​ | $ | 16,762 | (j)
(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 $18,184.
(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 $1,045 of unbilled rent receivables, $108 of other assets and receivables and $83 of net unamortized intangible lease assets and liabilities.
(f) | A consolidated joint venture, in which the Company holds a 90% interest, sold a land parcel which was part of a multi-tenant shopping center. In connection with the sale of this parcel, the joint venture paid down $1,116 of the mortgage on this property. The non-controlling interest’s share of the gain was $218.
(g) | In connection with this sale, the Company provided seller-financing of $1,816, interest-only, which is included in Escrow, deposits and other assets and receivables on the consolidated balance sheets at December 31, 2024 and 2023. In December 2024, the loan receivable agreement was amended to extend the maturity from December 31, 2024 to July 1, 2025 and the interest rate increased from 8% to 10%.
NOTE 5 — SALES OF PROPERTIES AND IMPAIRMENT LOSS (CONTINUED) ​
(h) | As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $1,005 of unbilled/unearned rent, $982 of net unamortized intangible lease assets and liabilities and $223 of other assets and receivables.
(i) | In connection with this sale, the Company paid off the $1,563 mortgage on this property.
(j) | As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $519 of unbilled rent receivables and $4 of net unamortized intangible lease liabilities and assets.
​ Impairment Loss ​ The Company recognized a $1,086,000 impairment loss on the consolidated statement of income for the year ended December 31, 2024 as it re-measured the net book value of a former property located in Hamilton, Ohio to its fair value. The Company determined fair value based on an executed contract of sale for the property which was determined to be a Level 3 unobservable input in the fair value hierarchy (as discussed in Note 2). This property was subsequently sold in August 2024. ​ Sale subsequent to December 31, 2024 ​ On December 5, 2024, the Company entered into a contract to sell a restaurant property in Concord, North Carolina for $3,253,000. The buyer’s right to terminate the contract expired on January 6, 2025 and the property was sold on January 21, 2025. As a result of this transaction, the Company anticipates recognizing a gain on sale of real estate, net, of approximately $1,100,000 on its consolidated statement of income during the three months ending March 31, 2025.

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