SUBSEQUENT EVENTS |
6 Months Ended |
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Jun. 30, 2025 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to June 30, 2025, we paid monthly distributions to Certificateholders of $6,889 or $0.09 per certificate in July 2025. On August 7, 2025, we announced a distribution of $7,054 or $0.09 per certificate to be paid on August 11, 2025 to Certificateholders.
On July 18, 2025, the Trust obtained written consent by holders of a majority of the Trust's total interests, approving an amendment to the Trust's Trust Agreement to extend the Targeted Disposal Period contained in the Trust Agreement to January 30, 2026 and to change a provision relating to the information policy of the Trust. The Amendment was entered into on July 18, 2025, but will not be effective until August 18, 2025. On July 23, 2025, the Trust, through its subsidiaries, entered into the Agreement with the Buyer binding for the sale of all remaining Retail Properties for a price of $947 million. As of July 25, 2025, the Buyer had completed its due diligence and paid a non-refundable deposit. The Trust expects the transaction to close during the second half of 2025, subject to customary real estate closing conditions. The Agreement provides certain limited termination rights on a property-by-property basis in connection with purchase rights in favor of ground lessors or purchase rights pursuant to reciprocal easement agreements, certain title defects, casualty events, or condemnation proceedings. Due to the various conditions to closing, the Trust cannot make any assurances that the disposition of the Properties is certain.
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