Real Estate

9 Months Ended

Sep. 30, 2023

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.

Dispositions

On July 11, 2023, the Company sold an outparcel building adjacent to Carll's Corner, located in Bridgeton, New Jersey for $3.0 million, resulting in a $2.7 million gain, which is included in operating income in the accompanying condensed consolidated statements of operations.

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 income from discontinued operations:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
REVENUES
Rental revenues	$	—	$	1,340,000	$	—	$	44,130,000
Other revenues	—		26,000		—		184,000
Total revenues	—		1,366,000		—		44,314,000
EXPENSES
Operating, maintenance and management	—		321,000		—		9,557,000
Real estate and other property-related taxes	—		216,000		—		6,750,000
Corporate general and administrative	—		—		—		468,000
Depreciation and amortization	—		—		—		9,726,000
Total expenses	—		537,000		—		26,501,000


OPERATING INCOME	—		829,000		—		17,813,000

NON-OPERATING INCOME AND EXPENSES
Interest expense, net	—		(473,000)		—		(3,511,000)
Total non-operating income and expenses	—		(473,000)		—		(3,511,000)

INCOME FROM DISCONTINUED OPERATIONS	—		356,000		—		14,302,000

Impairment charges	—		—		—		(16,629,000)
Gain on sales	—		125,500,000		—		125,500,000

TOTAL INCOME FROM DISCONTINUED OPERATIONS	$	—	$	125,856,000	$	—	$	123,173,000

Net cash provided by operating activities from discontinued operations was $0.0 million and $25.9 million for the nine months ended September 30, 2023 and 2022, respectively. Net cash provided by investing activities from discontinued operations was $0.0 million and $651.5 million for the nine months ended September 30, 2023 and 2022, respectively.