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 $2.1 million and $3.1 million for the three months ended June 30, 2024 and 2023, respectively, and $3.8 million and $5.3 million for the six months ended June 30, 2024 and 2023, respectively.

On June 26, 2024, the Company sold Oakland Commons, located in Bristol, Connecticut for $6.0 million, resulting in a $0.1 million loss, which is included in operating income in the accompanying condensed consolidated statements of operations.

At June 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.


	June 30,		December 31,
	2024		2023
Real estate, net	$	13,896,000	$	—
Receivables, net - unbilled straight-line rent	434,000		—
Deferred costs and other assets, net	756,000		—
Deferred financing costs, net	287,000		—
Total real estate held for sale	$	15,373,000	$	—