Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES

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INVESTMENT PROPERTIES
 6 Months Ended
Jun. 30, 2022
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of June 30, 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 June 30, 2022, excluding the two Retail Properties classified as held for sale:
Period from July 1 to December 31, 2022 2023 2024 2025 2026 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 4,000  $ 8,001  $ 8,001  $ 8,001  $ 8,001  $ 112,013  $ 148,017 
In-place lease intangibles (a) 2,662  5,325  5,325  5,325  5,325  74,543  98,505 
Lease intangible assets, net (b) $ 6,662  $ 13,326  $ 13,326  $ 13,326  $ 13,326  $ 186,556  $ 246,522 
Below market lease intangibles (a) $ 3,192  $ 6,385  $ 6,385  $ 6,385  $ 6,385  $ 89,383  $ 118,115 
Lease intangible liabilities, net $ 3,192  $ 6,385  $— $ 6,385  $ 6,385  $ 6,385  $ 89,383  $— $ 118,115 

(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.

(b) Lease intangible assets, net and lease intangible liabilities, net are presented net of $18,878 and $9,045 of accumulated amortization, respectively, as of June 30, 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 June 30, 2022 and December 31, 2021, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 18.5 years and 19.0 years, respectively.

For the three months ended June 30, 2022 and 2021, amortization expense pertaining to in-place lease intangibles was $1,350 and $1,833, respectively. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization expense pertaining to in-place lease intangibles was $2,700 and $3,055, respectively.

For the three months ended June 30, 2022 and 2021, amortization pertaining to above market lease intangibles of $2,000 and $2,112, respectively, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization pertaining to above market lease intangibles of $4,000 and $3,519, respectively, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations.

For the three months ended June 30, 2022 and 2021, amortization pertaining to below market lease intangibles of $1,668 and $2,111, respectively, was recorded as an increase to “Lease income” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization pertaining to below market lease intangibles of $3,336 and $3,518, respectively, 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 six months ended June 30, 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 six months ended June 30, 2022 does not qualify for discontinued operations treatment and is not considered individually significant.
During the period from the Effective Date to June 30, 2021, there were no dispositions.
Investment Properties Held for Sale

The following Retail Properties were classified as held for sale as of June 30, 2022:

Date of Sale Location Gross Sales Price
Carrying value at
June 30, 2022
7/20/2022 Pleasanton, CA $ 16,000  $ 10,421 
7/25/2022 Franklin, TN $ 5,650  $ 5,231 
Real estate held for sale consisted of the following at June 30, 2022:
June 30, 2022
Land and improvements $ 16,362 
Building and other improvements 3,079
Less: accumulated depreciation (140)
Net investment properties 19,301
Accounts receivable 287
Lease intangible assets, net 1,379
Other assets 91
Assets associated with investment properties held for sale 21,058
Accounts payable and accrued expenses 32
Lease intangible liabilities, net 5,318
Other liabilities 56
Liabilities associated with investment properties held for sale $ 5,406