| Acquisition price by property type |
The following table summarizes the allocated fair value by property type as of the Effective Date:
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| Property Type |
|
Ownership |
|
Square
Footage
|
|
Fair Value |
| Retail |
|
Fee Simple |
|
18,326 |
|
$ |
1,234,100 |
|
|
Ground Leasehold |
|
3,386 |
|
203,208 |
|
| Warehouse |
|
Fee Simple |
|
10,109 |
|
497,900 |
|
| |
|
|
|
31,821 |
|
$ |
1,935,208 |
|
|
| 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 September 30, 2021, excluding the Retail Property classified as held for sale:
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|
|
|
|
|
Period from October 1 to December 31, 2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
Thereafter |
|
Total |
| Amortization of: |
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|
|
|
|
|
|
|
|
|
|
|
|
| Above market lease intangibles (a) |
$ |
2,087 |
|
|
$ |
8,347 |
|
|
$ |
8,347 |
|
|
$ |
8,347 |
|
|
$ |
8,347 |
|
|
$ |
125,204 |
|
|
$ |
160,679 |
|
| In-place lease intangibles (a) |
1,696 |
|
|
6,787 |
|
|
6,787 |
|
|
6,787 |
|
|
6,787 |
|
|
101,801 |
|
|
130,645 |
|
| Lease intangible assets, net (b) |
$ |
3,783 |
|
|
$ |
15,134 |
|
|
$ |
15,134 |
|
|
$ |
15,134 |
|
|
$ |
15,134 |
|
|
$ |
227,005 |
|
|
$ |
291,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Below market lease intangibles (a) |
$ |
1,743 |
|
|
$ |
6,974 |
|
|
$ |
6,974 |
|
|
$ |
6,974 |
|
|
$ |
6,974 |
|
|
$ |
104,610 |
|
|
$ |
134,249 |
|
| Lease intangible liabilities, net (b) |
$ |
1,743 |
|
|
$ |
6,974 |
|
|
$ |
6,974 |
|
|
$ |
6,974 |
|
|
$ |
6,974 |
|
|
$ |
104,610 |
|
|
$ |
134,249 |
|
(a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above and below market lease intangibles is recorded as an adjustment to lease income and the amortization of in-place lease intangibles is recorded to depreciation and amortization expense. (b) Lease intangible assets, net and lease intangible liabilities, net are presented net of $10,219 and $5,246 of accumulated amortization, respectively, as of September 30, 2021.
|
| Dispositions |
The following Retail Property was classified as held for sale as of September 30, 2021:
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| Date of Sale |
|
Location |
|
Gross Sales Price |
|
Carrying value at
September 30, 2021
|
| December 2021 |
(a) |
Elmhurst, NY |
|
40,500 |
|
|
39,741 |
|
(a) Anticipated date of closing, which is subject to change.
Real estate held for sale consisted of the following at September 30, 2021:
|
|
|
|
|
|
|
September 30, 2021 |
| Land and improvements |
$ |
47,450 |
|
| Building and other improvements |
5,474 |
| Less: accumulated depreciation |
(105) |
|
| Net investment properties |
52,819 |
| Accounts receivable |
390 |
| Lease intangible assets, net |
3,760 |
| Other assets |
41 |
| Assets associated with investment properties held for sale |
57,010 |
|
|
|
|
| Lease intangible liabilities, net |
17,218 |
| Other liabilities |
51 |
| Liabilities associated with investment properties held for sale |
$ |
17,269 |
|
The following table summarizes the disposition activity from the Effective Date to September 30, 2021:
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| Sale Date |
|
Location |
|
Property Type |
|
Ownership |
|
Square Footage |
|
Gross Sales Proceeds |
|
Aggregate Proceeds, Net |
|
Gain |
| 7/9/21 |
|
San Diego, CA |
|
Retail |
|
Ground Leasehold |
|
269 |
|
|
14,750 |
|
|
14,523 |
|
|
— |
|
| 7/29/21 |
|
Lone Tree, CO |
|
Retail |
|
Fee Simple |
|
151 |
|
|
7,000 |
|
|
6,773 |
|
|
464 |
|
| 7/29/21 |
|
Frisco, TX |
|
Retail |
|
Fee Simple |
|
164 |
|
|
10,500 |
|
|
10,300 |
|
|
288 |
|
| 9/14/21 |
|
San Bruno, CA |
|
Retail |
|
Fee Simple |
|
223 |
|
|
105,250 |
|
|
99,991 |
|
|
38,544 |
|
| 9/30/21 |
|
Carson, CA |
|
Retail |
|
Fee Simple |
|
201 |
|
|
19,000 |
|
|
18,311 |
|
|
2,711 |
|
|
|
|
|
|
|
|
|
1,008
|
|
|
156,500
|
|
|
149,898
|
|
|
42,007
|
|
|