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Real Estate
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Real Estate Real Estate
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 was $1.8 million and $2.0 million for the three months ended September 30, 2025 and 2024, respectively, and $5.3 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense related to deferred costs was $0.1 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, and $0.6 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.
Dispositions
The following properties were sold during the nine months ended September 30, 2025 and 2024:
Disposal DateProperty Contract Price Gain (Loss)Net Proceeds
March 13, 2025Oregon Avenue$3,000,000 $90,000 $2,765,000 
February 11, 2025Webster Commons14,500,000 2,332,000 13,907,000 
September 12, 2024Kings Plaza14,200,000 1,703,000 13,746,000 
June 26, 2024Oakland Commons6,000,000 (55,000)5,662,000 
Impairments
During the three and nine months ended September 30, 2025, the Company recorded impairment charges of approximately $4.4 million on Fieldstone Marketplace, located in New Bedford, Massachusetts. During the three and nine months ended September 30, 2024, the Company recorded impairment charges of approximately $1.1 million on Oregon Avenue, located in Philadelphia, Pennsylvania. These impairment charges are included in operating income in the accompanying condensed consolidated statements of operations.
Assets Held for Sale
As of September 30, 2025, Fieldstone Marketplace, located in New Bedford, Massachusetts, a South Philadelphia undeveloped land parcel, located in Philadelphia, Pennsylvania, and Carll's Corner, located in Bridgeton, New Jersey have been classified as "assets held for sale" in the accompanying condensed consolidated balance sheet, as the Company has committed to a plan to sell these properties within one year. There were no assets held for sale at December 31, 2024.
Assets held for sale consists of the following:
September 30,December 31,
20252024
Real estate, net$14,380,000 $— 
Receivables, net - unbilled straight-line rent716,000 — 
Deferred costs and other assets, net590,000 — 
Total assets held for sale$15,686,000 $—