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Real Estate | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Real Estate | Real Estate A significant portion of the Company's land, buildings and improvements serve as collateral for the Company's secured term loans. Accordingly, restrictions exist as to the encumbered properties' transferability, use and other common rights typically associated with property ownership. The Company's depreciation expense on investment properties was $2.1 million and $2.5 million for the three months ended September 30, 2024 and 2023, respectively, and $5.8 million and $7.8 million for the nine months ended September 30, 2024 and 2023, respectively. During the three and nine months ended September 30, 2024, the Company recorded impairment charges of approximately $1.1 million on Oregon Avenue, located in Philadelphia, Pennsylvania. These impairment charges are included in operating income in the accompanying condensed consolidated statements of operations. Dispositions The following properties were sold during the nine months ended September 30, 2024 and 2023:
Disposal Date |  | Property |  | Contract Price |  | Gain (Loss) |  | Net Proceeds
9/12/2024 |  | Kings Plaza |  | $ | 14,200,000 |  |  | $ | 1,703,000 |  |  | $ | 13,746,000 |
6/26/2024 |  | Oakland Commons |  | 6,000,000 |  |  | (55,000) |  |  | 5,662,000 |
7/11/2023 |  | Carll's Corner outparcel building |  | 3,000,000 |  |  | 2,662,000 |  |  | 2,759,000 |
Real Estate Held for Sale At September 30, 2024, real estate held for sale includes South Philadelphia, as the Company has committed to a plan to sell components of the property. There was no real estate held for sale as of December 31, 2023. Real estate held for sale consists of the following:
| September 30, |  | December 31,
| 2024 |  | 2023
Real estate, net | $ | 14,520,000 |  |  | $ | — |
Receivables, net - unbilled straight-line rent | 434,000 |  |  | — |
Deferred costs and other assets, net | 799,000 |  |  | — |
Total real estate held for sale | $ | 15,753,000 |  |  | $ | — |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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