XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.25.3

SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS | 9 Months Ended
--- | ---
Sep. 30, 2025
SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS |
SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS | NOTE 5 – SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS ​ Sales of Properties ​ 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) ​ Properties Held-for-Sale and Impairment Loss ​ On September 9, 2025, the Company entered into a contract to sell a retail property located in Port Clinton, Ohio for $1,330,000. The buyer’s right to terminate the contract without penalty expired on September 29, 2025. At September 30, 2025, the Company classified the $1,029,000 net book value of the property’s land, building, improvements and the unamortized balances of unbilled rent receivable and intangible lease assets as Properties held-for-sale in the accompanying consolidated balance sheet. It is anticipated that the (i) property will be sold during the fourth quarter of 2025 and (ii) sale will result in a gain of approximately $200,000, which will be recognized as Gain on sale of real estate, net, in the consolidated statement of income for the year-ending December 31, 2025. ​ On September 10, 2025, the Company and its ground lease tenant entered into a contract to sell the entire collective interest in The Vue Apartments, a multi-family property located in Beachwood, Ohio (see Note 7). At September 30, 2025, the Company re-measured the property’s net book value to its fair value based on the estimated net sales price (which was determined to be a Level 3 unobservable input in the fair value hierarchy, as discussed in Note 12). As a result, the Company recognized a $1,300,000 impairment loss on the consolidated statements of income for the three and nine months ended September 30, 2025. As the buyer’s right to terminate the contract without penalty expired on September 10, 2025, the Company classified the $16,200,000 adjusted net book value of the land as Properties held-for-sale in the accompanying consolidated balance sheet. The property was sold on November 4, 2025. See Note 15 regarding the settlement of a litigation in connection with this property. ​ The Company recognized a $1,086,000 impairment loss on the consolidated statements of income for the nine months ended September 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.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration