| 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, 2022, excluding the two Retail Properties classified as held for sale:
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Period from October 1 to December 31, 2022 |
|
2023 |
|
2024 |
|
2025 |
|
2026 |
|
Thereafter |
|
Total |
| Amortization of: |
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|
|
|
|
|
|
|
|
|
|
|
|
| Above market lease intangibles (a) |
$ |
1,974 |
|
|
$ |
7,894 |
|
|
$ |
7,894 |
|
|
$ |
7,894 |
|
|
$ |
7,894 |
|
|
$ |
110,521 |
|
|
$ |
144,071 |
|
| In-place lease intangibles (a) |
1,230 |
|
|
4,921 |
|
|
4,921 |
|
|
4,921 |
|
|
4,921 |
|
|
68,896 |
|
|
89,810 |
|
| Lease intangible assets, net (b) |
$ |
3,204 |
|
|
$ |
12,815 |
|
|
$ |
12,815 |
|
|
$ |
12,815 |
|
|
$ |
12,815 |
|
|
$ |
179,417 |
|
|
$ |
233,881 |
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|
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|
|
|
|
|
| Below market lease intangibles (a) |
$ |
1,428 |
|
|
$ |
5,711 |
|
|
$ |
5,711 |
|
|
$ |
5,711 |
|
|
$ |
5,711 |
|
|
$ |
79,961 |
|
|
$ |
104,233 |
|
| Lease intangible liabilities, net |
$ |
1,428 |
|
|
$ |
5,711 |
|
|
$ |
5,711 |
|
|
$ |
5,711 |
|
|
$ |
5,711 |
|
|
$ |
79,961 |
|
|
$ |
104,233 |
|
(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)
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| Dispositions |
The following table summarizes the disposition activity for the nine months ended September 30, 2022:
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| 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 |
|
|
15,798 |
|
|
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 |
|
|
(413) |
|
| 9/9/22 |
|
Martin Diamond Portfolio (a) |
|
Retail |
|
Fee Simple |
|
857 |
|
|
53,000 |
|
|
51,379 |
|
|
(1,225) |
|
|
|
|
|
|
|
|
|
1,552
|
|
|
$ |
108,850
|
|
|
$ |
105,703
|
|
|
$ |
8,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Date of Sale |
|
Location |
|
Carrying value at
September 30, 2022
|
| 10/5/22 |
|
Westminster, CA
|
|
$ |
14,246 |
|
| Q4 2022 |
|
Austin, TX
|
|
$ |
9,217 |
|
Real estate held for sale consisted of the following at September 30, 2022:
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|
|
|
|
|
|
September 30, 2022 |
| Land and improvements |
$ |
6,143 |
|
| Building and other improvements |
1,912 |
| Less: accumulated depreciation |
(110) |
|
| Net investment properties |
7,945 |
| Accounts receivable |
587 |
| Lease intangible assets, net |
3,427 |
| Right-of-use lease assets |
11,508 |
| Other assets |
143 |
| Assets associated with investment properties held for sale |
23,610 |
|
|
| Accounts payable and accrued expenses |
31 |
| Other liabilities |
116 |
| Liabilities associated with investment properties held for sale |
$ |
147 |
|
|