SALE OF PROPERTIES

9 Months Ended

Sep. 30, 2022

SALE OF PROPERTIES

SALE OF PROPERTIES

NOTE 5 – SALES OF PROPERTIES

The following table details the Company’s sales of real estate during the nine months ended September 30, 2022 and 2021 (amounts in thousands):

		Gross		Gain on Sale of
Description of Property	Date Sold	Sales Price		Real Estate, Net
Wendy's restaurant property,
Palmyra, Pennsylvania	March 22, 2022	$	2,555	$	1,200	(a)
Wendy's restaurant property,
Reading, Pennsylvania	March 22, 2022		2,525		1,184	(a)
Wendy's restaurant property,
Reading, Pennsylvania	March 22, 2022		2,485		1,175	(a)
Wendy's restaurant property,
Trexlertown, Pennsylvania	March 22, 2022		2,435		1,090	(a)
Orlando Baking industrial property,
Columbus, Ohio (b)	May 2, 2022		8,500		6,925
Havertys retail property,
Fayetteville, Georgia	June 17, 2022		4,800		1,125	(c)
Vacant retail property,
Columbus, Ohio	August 8, 2022		8,300		4,063
Totals - Nine months ended September 30, 2022		$	31,600	$	16,762
Whole Foods retail property & parking lot,
West Hartford, Connecticut (d)	June 17, 2021	$	40,510	$	21,469	(e)
Vacant retail property,
Philadelphia, Pennsylvania (f)	July 1, 2021		8,300		1,299	(g)
Totals - Nine months ended September 30, 2021		$	48,810	$	22,768

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(a) As a result of these sales, the Company wrote-off, as a reduction to Gain on sale of real estate, net, an aggregate of $512 of unbilled rent receivable.

(b) This property was classified as held-for-sale in the accompanying consolidated balance sheet at December 31, 2021.

(c) As a result of this sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, $7 of unbilled rent receivable, $1 of unamortized intangible lease assets and $5 of unamortized intangible lease liabilities. In connection with the sale, the Company paid off the $1,563 mortgage.

(d) In connection with the sale, the Company paid-off the $15,403 mortgage and incurred a $799 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt.

(e) As a result of the sale, the Company wrote-off, as a reduction to Gain on sale of real estate, net, $1,148 of unbilled rent receivable and $967 of unamortized intangible lease assets.

(f) In connection with the sale, the Company paid-off the $3,574 mortgage and incurred a $26 fee in connection with the early termination of the interest rate swap derivative (see Note 12), which was recorded as Prepayment costs on debt.

(g) This property was owned by a consolidated joint venture in which the Company held a 90% interest. The non-controlling interest’s share of gain was $130.