Quarterly report [Sections 13 or 15(d)]

INVESTMENT PROPERTIES

v3.25.1
INVESTMENT PROPERTIES
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of March 31, 2025, the Trust's real estate portfolio consisted of 121 Retail Properties, two of which were classified as held for sale, 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 March 31, 2025, excluding the two Retail Properties classified as held for sale:

Period from April 1 to December 31, 2025
 2026 2027 2028 2029 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 5,500  $ 7,333  $ 7,333  $ 7,333  $ 7,333  $ 80,663  $ 115,495 
In-place lease intangibles (a) 3,268  4,358  4,358  4,358  4,358  47,932  68,632 
Lease intangible assets, net (b) $ 8,768  $ 11,691  $ 11,691  $ 11,691  $ 11,691  $ 128,595  $ 184,127 
Below market lease intangibles (a) $ 3,309  $ 4,412  $ 4,412  $ 4,412  $ 4,412  $ 48,537  $ 69,494 
Lease intangible liabilities, net (b) $ 3,309  $ 4,412  $ 4,412  $ 4,412  $ 4,412  $ 48,537  $ 69,494 

(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, 2025, lease intangible assets, net and lease intangible liabilities, net are presented net of $48,711 and $18,385 of accumulated amortization, respectively. 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 March 31, 2025 and December 31, 2024, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 15.8 years and 16.0 years, respectively.

Amortization for the three months ended March 31, 2025 and 2024 were as follows:

Three Months Ended March 31,
2025 2024
Amortization of:
In-place lease intangibles $ 1,109  $ 1,190 
Above market lease intangibles 1,872  1,910 
Below market lease intangibles 1,139  1,349 
Dispositions

There was no disposition activity for the three months ended March 31, 2025.

The following table summarizes the disposition activity during the three months ended March 31, 2024:
Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net
Gain
3/15/24 Transnational Portfolio (1) Retail Fee Simple 302  $ 16,459  $ 16,096  $ 1,502 
(2)
302  $ 16,459  16,096  $ 1,502 
(1) Portfolio comprised of three Retail Properties located in Newnan, GA, Aurora, CO and Kissimmee, FL.
(2) Subsequent to March 31, 2024, the Trust incurred an additional $5 of selling costs related to the sale of the Transnational Portfolio, reducing the net gain to $1,497 for the year ended December 31, 2024.

During the three months ended March 31, 2024, gain on sales of investment properties, net was $1,348, which includes (i) $154 of selling expenses from prior period dispositions and (ii) a net gain of $1,502 from the disposition of Retail Properties in Newnan, GA, Aurora, CO and Kissimmee, FL.

The dispositions completed during the three months ended March 31, 2024 did not qualify for discontinued operations treatment and are not considered individually significant.
Held for Sale

The following Retail Properties were classified as held for sale as of March 31, 2025:

Location Carrying Value Date of Sale
Gross Sales Price
Miami, FL $ 8,820  May 23, 2025
(a)
 $ 15,576 
Pittsburgh, PA 5,138  May 23, 2025
(a)
 5,260 

(a) Anticipated date of closing, which is subject to change.

Real estate held for sale consisted of the following at March 31, 2025:
Land and improvements $ 2,500 
Building and other improvements 6,499 
Less: accumulated depreciation (834)
Net investment properties 8,165 
Accounts receivable 416 
Lease intangible assets, net 4,155 
Right-of-use lease assets 3,937 
Assets associated with investment properties held for sale $ 16,673 
Lease intangible liabilities, net 2,572 
Lease liabilities 12 
Other liabilities 131 
Liabilities associated with investment properties held for sale $ 2,715 

As of December 31, 2024, there were no properties classified as held for sale.

Impairment of Investment Properties

For the three months ended March 31, 2025 and 2024, no impairment charges were recorded.