Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES (Tables)

v3.23.2
INVESTMENT PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 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 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.
Amortization expense
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)
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