Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES

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INVESTMENT PROPERTIES
 3 Months Ended
Mar. 31, 2023
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of March 31, 2023, the Trust's real estate portfolio consisted of 132 Retail Properties across 36 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, 2023:
Period from April 1 to December 31, 2023 2024 2025 2026 2027 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 5,870  $ 7,827  $ 7,827  $ 7,827  $ 7,827  $ 101,748  $ 138,926 
In-place lease intangibles (a) 3,625  4,833  4,833  4,833  4,833  62,829  85,786 
Lease intangible assets, net (b) $ 9,495  $ 12,660  $ 12,660  $ 12,660  $ 12,660  $ 164,577  $ 224,712 
Below market lease intangibles (a) $ 4,161  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 98,480 
Lease intangible liabilities, net $ 4,161  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 98,480 

(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 $27,430 and $12,021 of accumulated amortization, respectively, as of March 31, 2023. Lease intangible assets, net and lease intangible liabilities, net are presented net of $24,334 and $10,853 of accumulated amortization, respectively, as of December 31, 2022.

As of March 31, 2023 and December 31, 2022, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 17.8 years and 18.0 years, respectively.

For the three months ended March 31, 2023 and 2022, amortization expense pertaining to in-place lease intangibles was $1,214 and $1,350, respectively.

For the three months ended March 31, 2023 and 2022, amortization pertaining to above market lease intangibles of $1,957 and $2,000, respectively, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations.

For the three months ended March 31, 2023 and 2022, amortization pertaining to below market lease intangibles of $1,406 and $1,668, 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 three months ended March 31, 2023:
Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net Gain (Loss)
3/22/23 Temecula, CA Retail Fee Simple 125  $ 6,000  $ 5,869  $ (496)
125  $ 6,000  $ 5,869  $ (496)
During the three months ended March 31, 2023, gain on sales of investment properties, net also includes $1,326 of additional sales proceeds less $2 of selling expenses from prior year dispositions, offsetting the loss from the disposition of the Temecula, California Retail Property. In December 2021, a Retail Property in Queens, New York was sold for aggregate sales proceeds, net of $38,785, of which $1,326 was held in escrow after closing. In March 2023, the amounts held in escrow were released to the Trust and included in gain on sales of investment properties, net.
The following table summarizes the disposition activity during 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 
204  $ 22,000  $ 20,961  $ 3,651 
The dispositions completed during the three months ended March 31, 2023 and 2022 did not qualify for discontinued operations treatment and are not considered individually significant.
Investment Properties Held for Sale

No Retail Properties were classified as held for sale as of March 31, 2023 or December 31, 2022.