Annual report [Section 13 and 15(d), not S-K Item 405]

INVESTMENT PROPERTIES

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INVESTMENT PROPERTIES
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of December 31, 2024, the Trust's real estate portfolio consisted of 121 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, 2024:
2025 2026 2027 2028 2029 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 7,507  $ 7,507  $ 7,507  $ 7,507  $ 7,507  $ 82,572  $ 120,107 
In-place lease intangibles (a) 4,447  4,447  4,447  4,447  4,447  48,920  71,155 
Lease intangible assets, net (b) $ 11,954  $ 11,954  $ 11,954  $ 11,954  $ 11,954  $ 131,492  $ 191,262 
Below market lease intangibles (a) $ 4,575  $ 4,575  $ 4,575  $ 4,575  $ 4,575  $ 50,330  $ 73,205 
Lease intangible liabilities, net (b) $ 4,575  $ 4,575  $ 4,575  $ 4,575  $ 4,575  $ 50,330  $ 73,205 

(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, 2024, lease intangible assets, net and lease intangible liabilities, net are presented net of $46,819 and $17,920 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 December 31, 2024 and 2023, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 16.0 years and 17.0 years, respectively.

Amortization expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
Year ended December 31,
2024 2023 2022
Amortization of:
In-place lease intangibles $ 4,633  $ 4,827  $ 5,227 
Above market lease intangibles 7,555  7,768  7,975 
Below market lease intangibles 5,111  5,561  6,284 
Dispositions

The following table summarizes the disposition activity during the year ended December 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  $ 1,497 
6/10/24 Roseville, CA Retail Fee Simple 167  13,364 13,113 1,026
9/30/24 Miami, FL Retail Fee Simple 150  12,249 12,107 1,849
10/25/24 Cherry Hill, NJ Retail Fee Simple 181  4,804 4,710 — (2)
10/25/24 Lynnwood, WA Retail Fee Simple 160  12,894  12,604  554 
12/17/24 Thousand Oaks, CA Retail Fee Simple 145  14,642  13,976  5,506 
12/18/24 Overland Park, KS Retail Fee Simple 107  2,850  2,781  (751)
1,212  $ 77,262  $ 75,387  $ 9,681 
(1) Portfolio comprised of three Retail Properties located in Newnan, Georgia; Aurora, Colorado and Kissimmee, Florida.
(2) Prior to disposition, this property was reevaluated under the held for use model, and a provision for impairment of $2,081 was recognized (see Note 5).

During the year ended December 31, 2024, net gain on sales of investment properties was $9,605, which includes (i) a gain of $9,681 resulting from the dispositions of Retail Properties during the year (as summarized in the table above), (ii) a gain of $78 in proceeds released from escrow due to a disposition that occurred in December 2022 and (iii) $154 of selling expenses from prior period 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 
The following table summarizes dispositions for 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 dispositions completed during the years ended December 31, 2024, 2023 and 2022 did not qualify for discontinued operations treatment and are not considered individually significant.