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SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS (Tables) | 9 Months Ended
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Sep. 30, 2025
SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS |
Schedule of sales of real estate | The following table details the Company’s sales of real estate during the nine months ended September 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 | ​ | ​ | 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 | ​
Land parcel (c) | ​ | Lakewood, Colorado | ​ | July 15, 2025 | ​ | ​ | 3,457 | ​ | ​ | 2,849 | (c)
Office Depot retail property | ​ | Eugene, Oregon | ​ | August 1, 2025 | ​ | ​ | 6,000 | ​ | ​ | 2,497 | ​
Blue Pearl Veterinary hospital | ​ | Newark, Delaware | ​ | September 8, 2025 | ​ | ​ | 6,774 | ​ | ​ | 3,236 | ​
Vacant retail property | ​ | Bolingbrook, Illinois | ​ | September 25, 2025 | ​ | ​ | 2,600 | ​ | ​ | 489 | ​
Totals for the nine months ended September 30, 2025 | $ | 49,461 | (d) | $ | 16,712 | (e)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hacienda Colorado restaurant parcel (f) | ​ | Lakewood, Colorado | ​ | March 6, 2024 | ​ | $ | 2,900 | (f) | $ | 1,784 | (f)
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 (g) | ​ | Cape Girardeau, Missouri | ​ | June 10, 2024 | ​ | ​ | 2,793 | ​ | ​ | 978 | (g)
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 | (h)
Vacant industrial property | ​ | Wauconda, Illinois | ​ | August 29, 2024 | ​ | ​ | 4,425 | ​ | ​ | 1,177 | ​
Hobby Lobby retail property | ​ | Woodbury, Minnesota | ​ | September 16, 2024 | ​ | ​ | 4,750 | ​ | ​ | 921 | ​
Totals for the nine months ended September 30, 2024 | $ | 39,445 | (i) | $ | 11,347 | (j)
(a) | A consolidated joint venture, in which the Company held 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 (f) 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. The non-controlling interest’s share of the gain was $972.
(c) | The Colorado JV sold the last remaining land parcel at this property. The non-controlling interest’s share of the gain was $641.
(d) | In connection with these sales, the Company paid off mortgages in an aggregate of $6,773.
(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 $1,125 of unbilled rent receivables, $67 of net unamortized intangible lease assets and liabilities and $703 of other assets and receivables.
(f) | The Colorado JV sold a restaurant parcel which was part of the multi-tenant shopping center. The non-controlling interest’s share of the gain was $178.
(g) | 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.
(h) | See discussion below regarding a $1,086 impairment loss recognized at this property in connection with the sale.
(i) | In connection with these sales, the Company paid off mortgages in an aggregate of $10,714.
(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 $285 of unbilled rent receivables, $64 of net unamortized intangible lease assets and liabilities and $108 of other assets and receivables.
NOTE 5 – SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS (CONTINUED) ​

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