Real Estate

3 Months Ended

Mar. 31, 2024

All of the Company's land, buildings and improvements serve as collateral for the Company's secured term loans and revolving credit facility. 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 $1.7 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively.

At March 31, 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 and associated liabilities consist of the following:


	March 31,		December 31,
	2024		2023
Real estate, net	$	12,735,000	$	—
Receivables, net - unbilled straight-line rent	434,000		—
Deferred costs and other assets, net	721,000		—
Total real estate held for sale	$	13,890,000	$	—


	March 31,		December 31,
	2024		2023
Revolving Credit Agreement	$	1,387,000	$	—
Deferred financing costs, net	(394,000)		—
Total loans payable, net - real estate held for sale	$	993,000	$	—