Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES (Tables)

v3.23.3
INVESTMENT PROPERTIES (Tables)
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023:
Period from October 1 to December 31, 2023
 2024 2025 2026 2027 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 1,922  $ 7,687  $ 7,687  $ 7,687  $ 7,687  $ 99,926  $ 132,596 
In-place lease intangibles (a) 1,203  4,810  4,810  4,810  4,810  62,534  82,977 
Lease intangible assets, net (b) $ 3,125  $ 12,497  $ 12,497  $ 12,497  $ 12,497  $ 162,460  $ 215,573 
Below market lease intangibles (a) $ 1,387  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 95,706 
Lease intangible liabilities, net (b) $ 1,387  $ 5,548  $ 5,548  $ 5,548  $ 5,548  $ 72,127  $ 95,706 

(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 September 30, 2023, lease intangible assets, net and lease intangible liabilities, net are presented net of $33,325 and $14,795 of accumulated amortization, respectively. As of December 31, 2022, lease intangible assets, net and lease intangible liabilities, net are presented net of $24,334 and $10,853 of accumulated amortization, respectively.
Amortization expense
Amortization expense for the three and nine months ended September 30, 2023 and 2022 were as follows:

Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Amortization of:
In-place lease intangibles $ 1,204  $ 1,299  $ 3,627  $ 3,999 
Above market lease intangibles $ 1,933  $ 2,000  $ 5,847  $ 6,001 
Below market lease intangibles $ 1,387  $ 1,524  $ 4,180  $ 4,860 
Dispositions
The following table summarizes the disposition activity for the nine months ended September 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)
8/9/23 Katy, TX Retail Fee Simple 100  $ 11,282  $ 11,029  $ 2,687 
225  $ 17,282  16,898  $ 2,191 
The following table summarizes the disposition activity during the nine months ended September 30, 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  $ 15,798  $ 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 (1) Retail Fee Simple 857  $ 53,000  $ 51,379  $ (1,225)
1,552  $ 108,850  $ 105,703  $ 8,053 
(1) Portfolio comprised of five Retail Properties located in Annapolis, MD, Springfield, VA, Fairfax, VA, Newark, DE and Columbia, MD.