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SALES OF PROPERTIES AND IMPAIRMENT LOSS

6 Months Ended

Jun. 30, 2025

SALES OF PROPERTIES AND IMPAIRMENT LOSS

SALE OF PROPERTIES

NOTE 5 – SALES OF PROPERTIES AND IMPAIRMENT LOSS

The following table details the Company’s sales of real estate during the six months ended June 30, 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
Multi-tenant retail stores (b)		Lakewood, Colorado		June 23, 2025			17,900	(b)		3,276	(b)
Total Wine retail property		Greensboro, North Carolina		June 25, 2025			4,709			2,232
La-Z-Boy retail property		Gurnee, Illinois		June 27, 2025			4,368			1,023
Totals for the six months ended June 30, 2025						$	30,630		$	7,641	(c)

Hacienda Colorado restaurant parcel (d)		Lakewood, Colorado		March 6, 2024		$	2,900	(d)	$	1,784	(d)
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 (e)		Cape Girardeau, Missouri		June 10, 2024			2,793			978	(e)
Vacant retail property (f)		Kennesaw, Georgia		June 28, 2024			6,700	(f)		2,072
Totals for the six months ended June 30, 2024						$	25,920		$	9,232	(g)

(a)

A consolidated joint venture, in which the Company holds a 90% interest (the “Colorado JV”), 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 (d) below). The non-controlling interest’s share of the loss was $4.

(b)	The Colorado JV sold its multi-tenant, in-line retail stores that were part of the shopping center at this property. In connection with this sale, the joint venture paid off the $5,808 mortgage on this property. The non-controlling interest’s share of the gain was $972.

(c)	As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $620 of unbilled rent receivables, $16 of net unamortized intangible lease assets and liabilities and $527 of other assets and receivables.

(d)	The Colorado JV sold a restaurant parcel which was part of the 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.

(e)	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.

(f)	In connection with this sale, the Company paid off the $4,412 mortgage on this property.

(g)	As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $275 of unbilled rent receivables, $439 of net unamortized intangible lease assets and liabilities and $108 of other assets and receivables.

NOTE 5 – SALES OF PROPERTIES AND IMPAIRMENT LOSS (CONTINUED)

Sales subsequent to June 30, 2025

The Company sold the following properties (amounts in thousands):


									Estimated Gain
						Gross			on Sale of Real
Description of Property		City, State		Date Sold		Sales Price			Estate, Net (a)
Chase land parcel (b)		Lakewood, Colorado		July 15, 2025		$	3,457		$	2,850
Office Depot retail property		Eugene, Oregon		August 1, 2025			6,000			2,500
						$	9,457		$	5,350

)

(a)	Such gain is anticipated to be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and nine months ending September 30, 2025.

(b)	The Colorado JV sold the last remaining land parcel at this property. The non-controlling interest’s share of the gain is expected to be approximately $641.

Impairment Loss

The Company recognized a $1,086,000 impairment loss on the consolidated statements of income for the three and six months ended June 30, 2024 as it re-measured the net book value of a former property located in Hamilton, Ohio to its fair value. The Company determined the 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 12). This property was subsequently sold in August 2024.