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SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS (Tables)

9 Months Ended

Sep. 30, 2025

SALES OF PROPERTIES, PROPERTIES HELD-FOR-SALE AND IMPAIRMENT LOSS

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)