Real Estate

12 Months Ended

Dec. 31, 2024

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 real estate assets was $7.7 million and $10.0 million for 2024 and 2023, respectively.

Dispositions

The Company sold the following properties during the years ended December 31, 2024 and 2023:


Disposal Date	Property	Contract Price		Gain (Loss)		Net Proceeds
12/26/2024	South Philadelphia retail center	$	21,000,000	$	3,187,000	$	16,736,000
11/27/2024	Brickyard Plaza land parcel	1,150,000		(363,000)		1,050,000
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

Impairments

During the year ended December 31, 2024, the Company recorded impairment charges of approximately $1.1 million on Oregon Avenue, located in Philadelphia, Pennsylvania. There were no impairment charges for the year ended December 31, 2023. These impairment charges are included in operating income in the accompanying consolidated statements of operations.