XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.26.1

SALES OF PROPERTIES, PROPERTY HELD-FOR-SALE AND IMPAIRMENT LOSS | 6 Months Ended
--- | ---
Jun. 30, 2026
SALES OF PROPERTIES, PROPERTY HELD-FOR-SALE AND IMPAIRMENT LOSS |
SALES OF PROPERTIES, PROPERTY HELD-FOR-SALE AND IMPAIRMENT LOSS | NOTE 5 – SALES OF PROPERTIES, PROPERTY HELD-FOR-SALE AND IMPAIRMENT LOSS ​ Sales of Properties ​ The following table details the Company’s sales of real estate during the six months ended June 30, 2026 and 2025 (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gain on Sale of | ​
Description of Property | ​ | City, State | ​ | Date Sold | ​ | Sales Price | ​ | Real Estate, Net | ​
Vacant retail property | ​ | Cary, North Carolina | ​ | March 13, 2026 | ​ | $ | 6,000 | ​ | $ | 2,518 | ​
Havertys retail property | ​ | Newport News, Virginia | ​ | March 31, 2026 | ​ | ​ | 4,200 | ​ | ​ | 1,358 | ​
Advance Auto Parts retail property | ​ | South Euclid, Ohio | ​ | April 16, 2026 | ​ | ​ | 1,483 | ​ | ​ | 118 | ​
Multi-tenant retail property | ​ | Champaign, Illinois | ​ | May 5, 2026 | ​ | ​ | 7,498 | ​ | ​ | 3,326 | ​
Multi-tenant retail property | ​ | El Paso, Texas | ​ | June 1, 2026 | ​ | ​ | 17,500 | ​ | ​ | 9,989 | ​
Totals for the six months ended June 30, 2026 | $ | 36,681 | (a) | $ | 17,309 | (b)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land and improvements (c) | ​ | Lakewood, Colorado | ​ | January 16, 2025 | ​ | $ | 400 | ​ | $ | (44) | (c)
Hooters restaurant property | ​ | Concord, North Carolina | ​ | January 21, 2025 | ​ | ​ | 3,253 | ​ | ​ | 1,154 | ​
Multi-tenant retail stores (c) | ​ | Lakewood, Colorado | ​ | June 23, 2025 | ​ | ​ | 17,900 | ​ | ​ | 3,276 | (c)
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 | (d) | $ | 7,641 | (e)
(a) | In connection with these sales, the Company paid off mortgages in an aggregate of $9,066.
(b) | As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $414 of unbilled rent receivables, $172 of net unamortized intangible lease assets and liabilities and $276 of other assets and receivables.
(c) | These parcels were part of a property which was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of the net gain on these sales was $968.
(d) | In connection with these sales, the Company paid off a $5,808 mortgage.
(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 $620 of unbilled rent receivables, $16 of net unamortized intangible lease assets and liabilities and $527 of other assets and receivables.
​ Property Held-for-Sale ​ On May 12, 2026, the Company entered into a contract to sell a retail property located in Monroeville, Pennsylvania for $2,050,000. The buyer’s right to terminate the contract without penalty expired on June 22, 2026. At June 30, 2026, the Company classified the $1,054,000 net book value of the property’s land, building, improvements and the unamortized unbilled rent receivable balance as Property held-for-sale in the accompanying consolidated balance sheet. The property was sold on July 28, 2026, and the sale resulted in a gain of approximately $887,000, which will 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, 2026. ​ Impairment loss ​ On June 26, 2026, the Company entered into a contract to sell a retail property located in Chicago, Illinois for $5,700,000. The buyer’s right to terminate the contract without penalty expired July 21, 2026. At June 30, 2026, the Company re-measured the property’s net book value to its fair value based on the executed contract of sale (which was determined to be a Level 3 unobservable input in the fair value hierarchy, as discussed in Note 10). As a result, the Company recognized a $142,000 impairment loss on the consolidated statements of income for the three and six months ended June 30, 2026. The Company anticipates the property will be sold in August 2026 and the sale will result in a loss of approximately $280,000 which will be recognized as part of Gain on sale of real estate, net, in the consolidated statements of income for the three and nine months ending September 30, 2026.

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://www.xbrl.org/2003/role/disclosureRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration