Annual report pursuant to Section 13 and 15(d)

INVESTMENT PROPERTIES

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INVESTMENT PROPERTIES
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of December 31, 2023, the Trust's real estate portfolio consisted of 130 Retail Properties across 35 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 December 31, 2023:
2024 2025 2026 2027 2028 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 7,687  $ 7,687  $ 7,687  $ 7,687  $ 7,687  $ 92,240  $ 130,675 
In-place lease intangibles (a) 4,784  4,784  4,784  4,784  4,784  57,406  81,326 
Lease intangible assets, net (b) $ 12,471  $ 12,471  $ 12,471  $ 12,471  $ 12,471  $ 149,646  $ 212,001 
Below market lease intangibles (a) $ 5,475  $ 5,475  $ 5,475  $ 5,475  $ 5,475  $ 65,703  $ 93,078 
Lease intangible liabilities, net (b) $ 5,475  $ 5,475  $ 5,475  $ 5,475  $ 5,475  $ 65,703  $ 93,078 

(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 December 31, 2023, lease intangible assets, net and lease intangible liabilities, net are presented net of $36,373 and $15,969 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 December 31, 2023 and 2022, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 17.0 years and 18.0 years, respectively.

Amortization expense for the years ended December 31, 2023 and 2022, and the period from the Effective Date to December 31, 2021 were as follows:
Year ended December 31, 2023 Year ended December 31, 2022 Period from the Effective Date to December 31, 2021
Amortization of:
In-place lease intangibles $ 4,827  $ 5,227  $ 6,397 
Above market lease intangibles $ 7,768  $ 7,975  $ 7,637 
Below market lease intangibles $ 5,561  $ 6,284  $ 7,232 
Dispositions

The following table summarizes the disposition activity during the year ended December 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)
8/9/23 Katy, TX Retail Fee Simple 100  $ 11,282  $ 11,029  $ 2,687 
12/6/23 South Jordan, UT Retail Fee Simple 99  $ 4,475  $ 4,385  $ (579)
324  $ 21,757  21,283  $ 1,612 
In December 2021, a Retail Property in Queens, NY 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 year ended December 31, 2023, net gain on sales of investment properties was $2,936, which includes a gain of $1,326 less $2 of selling expenses, from the release of escrow from the Retail Property in Queens, NY and a net gain of $1,612 from the dispositions of the Retail Properties in Temecula, CA, Katy, TX and South Jordan, UT.
The following table summarizes the disposition activity during the year ended December 31, 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  15,799  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  (416)
9/9/22 Five Property Portfolio (1) Retail Fee Simple 857  53,000  51,379  (1,232)
10/5/22 Westminster, CA Retail Ground Lease 153  23,000  22,613  7,528 
11/30/22 Austin, TX Retail Fee Simple 144  13,200  12,777  3,672 
12/6/22 Lafayette, LA Retail Fee Simple 105  8,100  7,939  2,034 
12/15/22 The Woodlands, TX Retail Fee Simple 146  7,760  7,219  449 
2,100  $ 160,910  $ 156,252  $ 21,726 
(1) Portfolio comprised of five Retail Properties located in Annapolis, MD, Springfield, VA, Fairfax, VA, Newark, DE and Columbia, MD.
The following table summarizes dispositions for the period from the Effective Date to December 31, 2021:

Sale Date Location Property Type Ownership Square Footage (unaudited) Gross Sales Proceeds Aggregate Proceeds, Net Gain (Loss)
7/9/21 San Diego, CA Retail Ground Lease 269  $ 14,750  $ 14,523  $ —  (3)
7/29/21 Lone Tree, CO Retail Fee Simple 151  7,000  6,773  466 
7/29/21 Frisco, TX Retail Fee Simple 164  10,500  10,300  291 
9/14/21 San Bruno, CA Retail Fee Simple 223  105,250  99,991  38,543 
9/30/21 Carson, CA Retail Fee Simple 201  19,000  18,310  2,675 
11/3/21 Houston, TX Retail Fee Simple 140  12,000  11,788  2,489 
11/5/21 San Antonio, TX Retail Fee Simple 104  12,500  12,057  3,148 
11/17/21 Phoenix, AZ Retail Fee Simple 159  7,000  6,896  1,236 
11/19/21 Texas Portfolio (1) Retail Fee Simple 325  20,600  20,192  936 
12/17/21 Distribution Center Portfolio (2) Warehouse Fee Simple 10,109  557,165  548,352  59,702 
12/23/21 Queens, NY Retail Fee Simple 204  40,500  38,785  —  (3)
12/29/21 Woodbury, MN Retail Fee Simple 82  5,750  5,680  210 
12,131  $ 812,015  $ 793,647  $ 109,696 
(1) Portfolio comprised of three Retail Properties located in Fairview, TX, Flower Mound, TX, and Round Rock, TX.
(2) Portfolio comprised of six Warehouses located in Statesville, NC, Columbus, OH, Lenexa, KS, Reno, NV, Haslet, TX, and Atlanta, GA.
(3) Prior to disposition, these Properties were remeasured to fair value and a provision for impairment of $1,951 was recognized (see Note 5).
The dispositions completed during the years ended December 31, 2023, 2022, and the period from the Effective Date to December 31, 2021 did not qualify for discontinued operations treatment and are not considered individually significant.