Annual report pursuant to Section 13 and 15(d)

INVESTMENT PROPERTIES (Tables)

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INVESTMENT PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Acquisition price by property type
The following table summarizes the recorded fair value by property type as of the Effective Date:

Property Type Ownership
Square Footage (unaudited)
Fair Value
Retail Fee Simple 18,326 $ 1,234,100 
Ground Leasehold 3,386 203,208 
Warehouse Fee Simple 10,109 497,900 
  31,821 $ 1,935,208 
Amortization related to the acquired lease intangible assets and liabilities
The following table presents the amortization during the next five years and thereafter related to the lease intangible assets and liabilities for properties owned as of December 31, 2021, excluding the Retail Property classified as held for sale:
2022 2023 2024 2025 2026 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 8,001  $ 8,001  $ 8,001  $ 8,001  $ 8,001  $ 112,013  $ 152,018 
In-place lease intangibles (a) 5,399  5,399  5,399  5,399  5,399  75,587  102,582 
Lease intangible assets, net $ 13,400  $ 13,400  $ 13,400  $ 13,400  $ 13,400  $ 187,600  $ 254,600 
Below market lease intangibles (a) $ 6,672  $ 6,672  $ 6,672  $ 6,672  $ 6,672  $ 93,409  $ 126,769 
Lease intangible liabilities, net $ 6,672  $ 6,672  $ 6,672  $ 6,672  $ 6,672  $ 93,409  $ 126,769 

(a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above and below market lease intangibles is recorded as an adjustment to lease income and the amortization of in-place lease intangibles is recorded to depreciation and amortization expense.
Dispositions and Held for Sale
The following table summarizes dispositions for the period from the Effective Date to December 31, 2021:

Sale Date Location Property Type Ownership Square Footage (unaudited) Gross Sales Proceeds Aggregate Proceeds, Net Gain (Loss)
7/9/21 San Diego, CA Retail Ground Lease 269  $ 14,750  $ 14,523  $ —  (3)
7/29/21 Lone Tree, CO Retail Fee Simple 151  7,000  6,773  466 
7/29/21 Frisco, TX Retail Fee Simple 164  10,500  10,300  291 
9/14/21 San Bruno, CA Retail Fee Simple 223  105,250  99,991  38,543 
9/30/21 Carson, CA Retail Fee Simple 201  19,000  18,310  2,675 
11/03/21 Houston, TX Retail Fee Simple 140  12,000  11,788  2,489 
11/05/21 San Antonio, TX Retail Fee Simple 104  12,500  12,057  3,148 
11/17/21 Phoenix, AZ Retail Fee Simple 159  7,000  6,896  1,236 
11/19/21 Texas Portfolio (1) Retail Fee Simple 325  20,600  20,192  936 
12/17/21 Distribution Center Portfolio (2) Warehouse Fee Simple 10,109  557,165  548,352  59,702 
12/23/21 Queens, NY Retail Fee Simple 204  40,500  38,785  —  (3)
12/29/21 Woodbury, MN Retail Fee Simple 82  5,750  5,680  210 
12,131  $ 812,015  $ 793,647  $ 109,696 
(1) Portfolio comprised of three Retail Properties located in Fairview, TX, Flower Mound, TX, and Round Rock, TX.
(2) Portfolio comprised of six Warehouses located in Statesville, NC, Columbus, OH, Lenexa, KS, Reno, NV, Haslet, TX, and Atlanta, GA.
(3) Prior to disposition, these Properties were remeasured to fair value and a provision for impairment of $1,951 was recognized (See Note 5).
The following Retail Property was classified as held for sale as of December 31, 2021:

Date of Sale Location Gross Sales Price
Carrying value at
December 31, 2021
1/6/2022 Culver City, CA $ 22,000  $ 17,091 
Real estate held for sale consisted of the following at December 31, 2021:
December 31, 2021
Land and improvements $ 10,250 
Building and other improvements 7,066
Less: accumulated depreciation (193)
Net investment properties 17,123
Accounts receivable 535
Lease intangible assets, net 1,391
Other assets 166
Assets associated with investment properties held for sale 19,215
Accounts payable and accrued expenses 43
Lease intangible liabilities, net 1,979
Other liabilities 102
Liabilities associated with investment properties held for sale $ 2,124