Real Estate

6 Months Ended

Jun. 30, 2023

Note 3. Real Estate

A significant portion of the Company's land, buildings and improvements serve as collateral for the Company's term loans. Accordingly, restrictions exist as to the encumbered properties' transferability, use and other common rights typically associated with property ownership.

Real Estate Held for Sale

As of June 30, 2023, an outparcel building adjacent to Carll's Corner, located in Bridgeton, New Jersey has been classified as “real estate held for sale” in the accompanying condensed consolidated balance sheet.

Real estate held for sale consists of the following:


	June 30,		December 31,
	2023		2022
Real estate held for sale	$	113,000	$	—
Receivables, net		—		—
Deferred costs and other assets, net		—		—
Total real estate held for sale	$	113,000	$	—

Discontinued Operations

On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. The Grocery-Anchored Portfolio Sale represented a strategic shift and had a material effect on the Company’s operations and financial results, and, therefore, the Company determined that it was deemed a discontinued operation. Accordingly, the portfolio of 33 grocery-anchored shopping centers were classified as held for sale and the results of their operations were classified as discontinued operations in 2022. The following is a summary of loss from discontinued operations:


	Three months ended June 30,					Six months ended June 30,
	2023		2022			2023		2022
REVENUES
Rental revenues	$	—	$	20,824,000		$	—	$	42,472,000
Other revenues		—		102,000			—		157,000
Total revenues		—		20,926,000			—		42,629,000
EXPENSES
Operating, maintenance and management		—		4,386,000			—		9,236,000
Real estate and other property-related taxes		—		3,278,000			—		6,534,000
Corporate general and administrative		—		91,000			—		151,000
Depreciation and amortization		—		3,964,000			—		9,726,000
Total expenses		—		11,719,000			—		25,647,000


OPERATING INCOME		—		9,207,000			—		16,982,000

NON-OPERATING INCOME AND EXPENSES
Interest expense, net		—		(1,509,000	)		—		(3,036,000	)
Total non-operating income and expenses		—		(1,509,000	)		—		(3,036,000	)

INCOME FROM DISCONTINUED OPERATIONS		—		7,698,000			—		13,946,000

Impairment charges		—		(16,119,000	)		—		(16,630,000	)

TOTAL LOSS FROM DISCONTINUED OPERATIONS	$	—	$	(8,421,000	)	$	—	$	(2,684,000	)

Net cash provided by operations from discontinued operations was $0.0 million and $25.4 million for the six months ended June 30, 2023 and 2022, respectively. Net cash used in investing activities from discontinued operations was $0.0 million and $16.0 million for the six months ended June 30, 2023 and 2022, respectively.