Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT PROPERTIES (Tables)

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INVESTMENT PROPERTIES (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2024:

Period from April 1 to December 31, 2024
 2025 2026 2027 2028 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 5,663  $ 7,550  $ 7,550  $ 7,550  $ 7,550  $ 90,606  $ 126,469 
In-place lease intangibles (a) 3,532  4,709  4,709  4,709  4,709  56,504  78,872 
Lease intangible assets, net (b) $ 9,195  $ 12,259  $ 12,259  $ 12,259  $ 12,259  $ 147,110  $ 205,341 
Below market lease intangibles (a) $ 3,934  $ 5,245  $ 5,245  $ 5,245  $ 5,245  $ 62,941  $ 87,855 
Lease intangible liabilities, net (b) $ 3,934  $ 5,245  $ 5,245  $ 5,245  $ 5,245  $ 62,941  $ 87,855 

(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 March 31, 2024, lease intangible assets, net and lease intangible liabilities, net are presented net of $38,821 and $16,609 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 months ended March 31, 2024 and 2023 were as follows:

Three Months Ended March 31,
2024 2023
Amortization of:
In-place lease intangibles $ 1,190  $ 1,214 
Above market lease intangibles $ 1,910  $ 1,957 
Below market lease intangibles $ 1,349  $ 1,406 
Dispositions
The following table summarizes the disposition activity for the three months ended March 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  $ 1,502 
302  $ 16,459  16,096  $ 1,502 

(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 three months ended March 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)
125  $ 6,000  5,869  $ (496)