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SALES OF PROPERTIES | 3 Months Ended
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Mar. 31, 2025
SALES OF PROPERTIES |
SALE OF PROPERTIES | NOTE 5 – SALES OF PROPERTIES ​ ​ The following table details the Company’s sales of real estate during the three months ended March 31, 2025 and 2024 (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | (Loss) Gain on Sale | ​
Description of Property | ​ | City, State | ​ | Date Sold | ​ | Sales Price | ​ | of Real Estate, Net | ​
Land and improvements (a) | ​ | Lakewood, Colorado | ​ | January 16, 2025 | ​ | $ | 400 | ​ | $ | (44) | (a)
Hooters restaurant property | ​ | Concord, North Carolina | ​ | January 21, 2025 | ​ | ​ | 3,253 | ​ | ​ | 1,154 | (b)
Totals for the three months ended March 31, 2025 | $ | 3,653 | ​ | $ | 1,110 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hacienda Colorado restaurant parcel (c) | ​ | Lakewood, Colorado | ​ | March 6, 2024 | ​ | $ | 2,900 | (c) | $ | 1,784 | (c)
Totals for the three months ended March 31, 2024 | $ | 2,900 | ​ | $ | 1,784 | ​
(a) | A consolidated joint venture, in which the Company holds a 90% interest, sold a land parcel and the related parking lot improvements which was part of the Hacienda Colorado restaurant parcel sold in March 2024 (see note (c) below). The non-controlling interest’s share of the loss was $4.
(b) | As a result of this sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $73 of unbilled rent receivables and $162 of net unamortized intangible lease assets.
(c) | 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. As a result of this sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $50 of unbilled rent receivables and $68 of other assets.

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