Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES (Tables)

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INVESTMENT PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024:

Period from July 1 to December 31, 2024
 2025 2026 2027 2028 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 3,775  $ 7,550  $ 7,550  $ 7,550  $ 7,550  $ 90,607  $ 124,582 
In-place lease intangibles (a) 2,326  4,653  4,653  4,653  4,653  55,831  76,769 
Lease intangible assets, net (b) $ 6,101  $ 12,203  $ 12,203  $ 12,203  $ 12,203  $ 146,438  $ 201,351 
Below market lease intangibles (a) $ 2,589  $ 5,177  $ 5,177  $ 5,177  $ 5,177  $ 62,127  $ 85,424 
Lease intangible liabilities, net (b) $ 2,589  $ 5,177  $ 5,177  $ 5,177  $ 5,177  $ 62,127  $ 85,424 

(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, 2024, lease intangible assets, net and lease intangible liabilities, net are presented net of $41,694 and $17,689 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.
Amortization expense
Amortization for the three and six months ended June 30, 2024 and 2023 were as follows:

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Amortization of:
In-place lease intangibles $ 1,173  $ 1,208  $ 2,362  $ 2,423 
Above market lease intangibles $ 1,888  $ 1,957  $ 3,798  $ 3,913 
Below market lease intangibles $ 1,306  $ 1,387  $ 2,655  $ 2,793 
Dispositions
The following table summarizes the disposition activity for the six months ended June 30, 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  $ 1,497 
6/10/24 Roseville, CA Retail Fee Simple 167  13,364  13,113  1,029 
469  $ 29,823  29,209  $ 2,526 

(1) Portfolio comprised of three Retail Properties located in Newnan, GA, Aurora, CO, and Kissimmee, FL.
The following table summarizes the disposition activity during 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)