Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES (Tables)

v3.23.1
INVESTMENT PROPERTIES (Tables)
 3 Months Ended
Mar. 31, 2023
Real Estate [Abstract]  
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 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.
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)
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