Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES

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INVESTMENT PROPERTIES
 3 Months Ended
Mar. 31, 2024
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of March 31, 2024, the Trust's real estate portfolio consisted of 127 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 March 31, 2024:

Period from April 1 to December 31, 2024
 2025 2026 2027 2028 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 5,663  $ 7,550  $ 7,550  $ 7,550  $ 7,550  $ 90,606  $ 126,469 
In-place lease intangibles (a) 3,532  4,709  4,709  4,709  4,709  56,504  78,872 
Lease intangible assets, net (b) $ 9,195  $ 12,259  $ 12,259  $ 12,259  $ 12,259  $ 147,110  $ 205,341 
Below market lease intangibles (a) $ 3,934  $ 5,245  $ 5,245  $ 5,245  $ 5,245  $ 62,941  $ 87,855 
Lease intangible liabilities, net (b) $ 3,934  $ 5,245  $ 5,245  $ 5,245  $ 5,245  $ 62,941  $ 87,855 

(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 March 31, 2024, lease intangible assets, net and lease intangible liabilities, net are presented net of $38,821 and $16,609 of accumulated amortization, respectively. 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 March 31, 2024 and December 31, 2023, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 16.8 years and 17.0 years, respectively.

Amortization for the three months ended March 31, 2024 and 2023 were as follows:

Three Months Ended March 31,
2024 2023
Amortization of:
In-place lease intangibles $ 1,190  $ 1,214 
Above market lease intangibles $ 1,910  $ 1,957 
Below market lease intangibles $ 1,349  $ 1,406 
Dispositions

The following table summarizes the disposition activity for the three months ended March 31, 2024:

Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net
Gain (Loss)
3/15/24 Transnational Portfolio (1) Retail Fee Simple 302  $ 16,459  $ 16,096  $ 1,502 
302  $ 16,459  16,096  $ 1,502 

(1) Portfolio comprised of three Retail Properties located in Newnan, GA, Aurora, CO, and Kissimmee, FL.

During the three months ended March 31, 2024, gain on sales of investment properties, net was $1,348, which includes $154 of selling expenses from prior period dispositions and a net gain of $1,502 from the disposition of Retail Properties in Newnan, GA, Aurora, CO and Kissimmee, FL.
The following table summarizes the disposition activity during 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)
During the three months ended March 31, 2023, gain on sales of investment properties, net was $828, which includes a gain of $1,326 less $2 of selling expenses from the release of escrow from a disposition that occurred in December 2021 and a loss of $496 from the disposition of the Retail Property in Temecula, California.

The dispositions completed during the three months ended March 31, 2024 and 2023 did not qualify for discontinued operations treatment and are not considered individually significant.

Impairment of Investment Properties

For the three months ended March 31, 2024 and 2023, no impairment charges were recorded.

Investment Properties Held for Sale

As of March 31, 2024 and December 31, 2023, there were no properties classified as held for sale.