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SALES OF PROPERTIES

3 Months Ended

Mar. 31, 2025

SALES OF PROPERTIES

SALE OF PROPERTIES

NOTE 5 – SALES OF PROPERTIES

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The following table details the Company’s sales of real estate during the three months ended March 31, 2025 and 2024 (amounts in thousands):

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	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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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Topic 205
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-Name Accounting Standards Codification
-Publisher FASB
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-Topic 360
-Name Accounting Standards Codification
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