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SALES OF PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2025

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.