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SALES OF PROPERTIES AND IMPAIRMENT LOSS (Tables)

12 Months Ended

Dec. 31, 2024

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.