Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES

v3.23.3
INVESTMENT PROPERTIES
 9 Months Ended
Sep. 30, 2023
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIESAs of September 30, 2023, the Trust's real estate portfolio consisted of 131 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 September 30, 2023:
Period from October 1 to December 31, 2023
 2024 2025 2026 2027 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 1,922  $ 7,687  $ 7,687  $ 7,687  $ 7,687  $ 99,926  $ 132,596 
In-place lease intangibles (a) 1,203  4,810  4,810  4,810  4,810  62,534  82,977 
Lease intangible assets, net (b) $ 3,125  $ 12,497  $ 12,497  $ 12,497  $ 12,497  $ 162,460  $ 215,573 
Below market lease intangibles (a) $ 1,387  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 95,706 
Lease intangible liabilities, net (b) $ 1,387  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 95,706 

(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 September 30, 2023, lease intangible assets, net and lease intangible liabilities, net are presented net of $33,325 and $14,795 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 September 30, 2023 and December 31, 2022, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 17.3 years and 18.0 years, respectively.

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

Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Amortization of:
In-place lease intangibles $ 1,204  $ 1,299  $ 3,627  $ 3,999 
Above market lease intangibles $ 1,933  $ 2,000  $ 5,847  $ 6,001 
Below market lease intangibles $ 1,387  $ 1,524  $ 4,180  $ 4,860 
Dispositions

The following table summarizes the disposition activity for the nine months ended September 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)
8/9/23 Katy, TX Retail Fee Simple 100  $ 11,282  $ 11,029  $ 2,687 
225  $ 17,282  16,898  $ 2,191 
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 nine months ended September 30, 2023, net gain on sales of investment properties was $3,515, 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 net gain of $2,191 from the dispositions of the Retail Properties in Temecula, California and Katy, Texas.
The following table summarizes the disposition activity during the nine months ended September 30, 2022:
Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net
Gain (Loss)
1/6/22 Culver City, CA Retail Fee Simple 204  $ 22,000  $ 20,961  $ 3,651 
7/20/22 Pleasanton, CA Retail Fee Simple 156  $ 16,000  $ 15,798  $ 4,795 
7/25/22 Franklin, TN Retail Fee Simple 104  $ 5,650  $ 5,565  $ 273 
8/25/22 Nashua, NH Retail Fee Simple 105  $ 6,550  $ 6,454  $ 972 
8/29/22 Sterling, VA Retail Fee Simple 126  $ 5,650  $ 5,546  $ (413)
9/9/22 Martin Diamond Portfolio (1) Retail Fee Simple 857  $ 53,000  $ 51,379  $ (1,225)
1,552  $ 108,850  $ 105,703  $ 8,053 
(1) Portfolio comprised of five Retail Properties located in Annapolis, MD, Springfield, VA, Fairfax, VA, Newark, DE and Columbia, MD.
The dispositions completed during the nine months ended September 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 September 30, 2023 or December 31, 2022.