XML 29 R14.htm IDEA: XBRL DOCUMENT

SALES OF PROPERTIES AND IMPAIRMENT LOSS

12 Months Ended

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.