As of June 30, 2022, the Trust's real estate portfolio consisted of 146 Retail Properties across 37 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 June 30, 2022, excluding the two Retail Properties classified as held for sale:


	Period from July 1 to December 31, 2022		2023			2024		2025		2026		Thereafter			Total
Amortization of:
Above market lease intangibles (a)	$	4,000	$	8,001		$	8,001	$	8,001	$	8,001	$	112,013		$	148,017
In-place lease intangibles (a)	2,662		5,325			5,325		5,325		5,325		74,543			98,505
Lease intangible assets, net (b)	$	6,662	$	13,326		$	13,326	$	13,326	$	13,326	$	186,556		$	246,522

Below market lease intangibles (a)	$	3,192	$	6,385		$	6,385	$	6,385	$	6,385	$	89,383		$	118,115
Lease intangible liabilities, net	$	3,192	$	6,385	$—	$	6,385	$	6,385	$	6,385	$	89,383	$—	$	118,115

(a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above and below market lease intangibles is recorded as an adjustment to lease income and the amortization of in-place lease intangibles is recorded to depreciation and amortization expense.

(b) Lease intangible assets, net and lease intangible liabilities, net are presented net of $18,878 and $9,045 of accumulated amortization, respectively, as of June 30, 2022. Lease intangible assets, net and lease intangible liabilities, net are presented net of $12,283 and $6,116 of accumulated amortization, respectively, as of December 31, 2021.

As of June 30, 2022 and December 31, 2021, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 18.5 years and 19.0 years, respectively.

For the three months ended June 30, 2022 and 2021, amortization expense pertaining to in-place lease intangibles was $1,350 and $1,833, respectively. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization expense pertaining to in-place lease intangibles was $2,700 and $3,055, respectively.

For the three months ended June 30, 2022 and 2021, amortization pertaining to above market lease intangibles of $2,000 and $2,112, respectively, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization pertaining to above market lease intangibles of $4,000 and $3,519, respectively, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations.

For the three months ended June 30, 2022 and 2021, amortization pertaining to below market lease intangibles of $1,668 and $2,111, respectively, was recorded as an increase to “Lease income” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization pertaining to below market lease intangibles of $3,336 and $3,518, respectively, was recorded as an increase to “Lease income” in the accompanying consolidated statements of operations.

Sale Date

Location

Property Type

Ownership

Square Footage

Gross Sales Proceeds

Aggregate Proceeds, Net

Gain

1/6/22

Culver City, CA

Retail

Fee Simple

204

22,000

20,961

3,651

The disposition completed during the six months ended June 30, 2022 does not qualify for discontinued operations treatment and is not considered individually significant.


Date of Sale	Location	Gross Sales Price		Carrying value at June 30, 2022
7/20/2022	Pleasanton, CA	$	16,000	$	10,421
7/25/2022	Franklin, TN	$	5,650	$	5,231


	June 30, 2022
Land and improvements	$	16,362
Building and other improvements	3,079
Less: accumulated depreciation	(140)
Net investment properties	19,301
Accounts receivable	287
Lease intangible assets, net	1,379
Other assets	91
Assets associated with investment properties held for sale	21,058

Accounts payable and accrued expenses	32
Lease intangible liabilities, net	5,318
Other liabilities	56
Liabilities associated with investment properties held for sale	$	5,406