Quarterly report [Sections 13 or 15(d)]

INVESTMENT PROPERTIES (Tables)

v3.25.2
INVESTMENT PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025:

Period from July 1 to December 31, 2025
 2026 2027 2028 2029 Thereafter Total
Amortization of:
Above market lease intangibles (a) $ 3,667  $ 7,333  $ 7,333  $ 7,333  $ 7,333  $ 80,663  $ 113,662 
In-place lease intangibles (a) 2,179  4,358  4,358  4,358  4,358  47,931  67,542 
Lease intangible assets, net (b) $ 5,846  $ 11,691  $ 11,691  $ 11,691  $ 11,691  $ 128,594  $ 181,204 
Below market lease intangibles (a) $ 2,206  $ 4,412  $ 4,412  $ 4,412  $ 4,412  $ 48,537  $ 68,391 
Lease intangible liabilities, net (b) $ 2,206  $ 4,412  $ 4,412  $ 4,412  $ 4,412  $ 48,537  $ 68,391 

(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 June 30, 2025, lease intangible assets, net and lease intangible liabilities, net are presented net of $51,633 and $19,488 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.
Amortization expense
Amortization for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Amortization of:
In-place lease intangibles $ 1,089  $ 1,173  $ 2,199  $ 2,362 
Above market lease intangibles 1,833  1,888  $ 3,705  $ 3,798 
Below market lease intangibles 1,102  1,306  $ 2,242  $ 2,655 
Dispositions
The following table summarizes the disposition activity during the six months ended June 30, 2025:

Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net
Gain (Loss)
5/23/25 Miami, FL Retail Ground Leasehold 191  $ 15,576  $ 15,147  $ 6,234 
5/23/25 Pittsburgh, PA Retail Fee Simple 182  5,260  5,080  (110)
373  $ 20,836  $ 20,227  $ 6,124 

The following table summarizes the disposition activity during the six months ended June 30, 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  $ 1,497 
6/10/24 Roseville, CA Retail Fee Simple 167  13,364  13,113  1,029 
469  $ 29,823  $ 29,209  $ 2,526 
(1) Portfolio comprised of three Retail Properties located in Newnan, GA, Aurora, CO and Kissimmee, FL.