Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES

v3.22.1
INVESTMENT PROPERTIES
 3 Months Ended
Mar. 31, 2022
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of March 31, 2022, the Trust's real estate portfolio consisted of 146 Retail Properties across 37 U.S. states and Puerto Rico.
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 March 31, 2022.
Period from April 1 to December 31, 2022 2023 2024 2025 2026 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 6,001  $ 8,001  $ 8,001  $ 8,001  $ 8,001  $ 112,013  $ 150,018 
In-place lease intangibles (a) 4,049  5,399  5,399  5,399  5,399  75,588  101,233 
Lease intangible assets, net (b) $ 10,050  $ 13,400  $ 13,400  $ 13,400  $ 13,400  $ 187,601  $ 251,251 
Below market lease intangibles (a) $ 5,004  $ 6,672  $ 6,672  $ 6,672  $ 6,672  $ 93,409  $ 125,101 
Lease intangible liabilities, net $ 5,004  $ 6,672  $— $ 6,672  $ 6,672  $ 6,672  $ 93,409  $— $ 125,101 

(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.

Lease intangible assets, net and lease intangible liabilities, net are presented net of $15,633 and $7,784 of accumulated amortization, respectively, as of March 31, 2022. Lease intangible assets, net and lease intangible liabilities, net are presented net of $12,283 and $6,116 of accumulated amortization, respectively, as of December 31, 2021.

As of the March 31, 2022 and December 31, 2021, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 18.8 years and 19.0 years, respectively.

Amortization expense pertaining to in-place lease intangibles was $1,350 for the three months ended March 31, 2022 and $1,222 from the Effective Date to March 31, 2021.

Amortization pertaining to above market lease intangibles of $2,000 for the three months ended March 31, 2022 and $1,408 from the Effective Date to March 31, 2021, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations.
Amortization pertaining to below market lease intangibles of $1,668 for the three months ended March 31, 2022 and $1,407 from the Effective Date to March 31, 2021, was recorded as an increase to “Lease income” in the accompanying consolidated statements of operations.

Dispositions

The following table summarizes the disposition activity for the three months ended March 31, 2022:

Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net Gain
1/6/22 Culver City, CA Retail Fee Simple 204  $ 22,000  $ 20,961  $ 3,651 
The disposition completed during the three months ended March 31, 2022 does not qualify for discontinued operations treatment and is not considered individually significant.
During the period from the Effective Date to March 31, 2021, there were no dispositions.