Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES

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INVESTMENT PROPERTIES
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of June 30, 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 June 30, 2023:
Period from July 1 to December 31, 2023
 2024 2025 2026 2027 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 3,913  $ 7,827  $ 7,827  $ 7,827  $ 7,827  $ 101,747  $ 136,968 
In-place lease intangibles (a) 2,417  4,833  4,833  4,833  4,833  62,830  84,579 
Lease intangible assets, net (b) $ 6,330  $ 12,660  $ 12,660  $ 12,660  $ 12,660  $ 164,577  $ 221,547 
Below market lease intangibles (a) $ 2,774  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 97,093 
Lease intangible liabilities, net (b) $ 2,774  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 97,093 

(a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above market lease intangibles is recorded as a reduction to lease income, and the amortization of below market lease intangibles is recorded as an increase to lease income. The amortization of in-place lease intangibles is recorded to depreciation and amortization expense.

(b) As of June 30, 2023, lease intangible assets, net and lease intangible liabilities, net are presented net of $30,595 and $13,408 of accumulated amortization, respectively. As of December 31, 2022, lease intangible assets, net and lease intangible liabilities, net are presented net of $24,334 and $10,853 of accumulated amortization, respectively.

As of June 30, 2023 and December 31, 2022, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 17.5 years and 18.0 years, respectively.

Amortization expense for the three and six months ended June 30, 2023 and 2022 were as follows:

Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Amortization of:
In-place lease intangibles $ 1,208  $ 1,350  $ 2,423  $ 2,700 
Above market lease intangibles $ 1,957  $ 2,000  $ 3,913  $ 4,000 
Below market lease intangibles $ 1,387  $ 1,668  $ 2,793  $ 3,336 
Dispositions

The following table summarizes the disposition activity for the six months ended June 30, 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)
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. During the six months ended June 30, 2023, net gain on sales of investment properties was $828, which includes a gain of $1,326 less $2 of selling expenses, from the release of escrow from the Retail Property in Queens, New York and a loss of $(496) from the disposition of the Retail Property in Temecula, California.
The following table summarizes the disposition activity during 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 
204  $ 22,000  $ 20,961  $ 3,651 
The dispositions completed during the six months ended June 30, 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 June 30, 2023 or December 31, 2022.