INVESTMENT PROPERTIES (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022, excluding the two Retail Properties classified as held for sale:

	Period from October 1 to December 31, 2022		2023		2024		2025		2026		Thereafter		Total
Amortization of:
Above market lease intangibles (a)	$	1,974	$	7,894	$	7,894	$	7,894	$	7,894	$	110,521	$	144,071
In-place lease intangibles (a)	1,230		4,921		4,921		4,921		4,921		68,896		89,810
Lease intangible assets, net (b)	$	3,204	$	12,815	$	12,815	$	12,815	$	12,815	$	179,417	$	233,881
Below market lease intangibles (a)	$	1,428	$	5,711	$	5,711	$	5,711	$	5,711	$	79,961	$	104,233
Lease intangible liabilities, net	$	1,428	$	5,711	$	5,711	$	5,711	$	5,711	$	79,961	$	104,233

(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)

Dispositions

The following table summarizes the disposition activity for the nine months ended September 30, 2022:

Sale Date	Location	Property Type	Ownership	Square Footage	Gross Sales Proceeds		Aggregate Proceeds, Net		Gain (Loss)
1/6/22	Culver City, CA	Retail	Fee Simple	204	$	22,000	$	20,961	$	3,651
7/20/22	Pleasanton, CA	Retail	Fee Simple	156	16,000		15,798		4,795
7/25/22	Franklin, TN	Retail	Fee Simple	104	5,650		5,565		273
8/25/22	Nashua, NH	Retail	Fee Simple	105	6,550		6,454		972
8/29/22	Sterling, VA	Retail	Fee Simple	126	5,650		5,546		(413)
9/9/22	Martin Diamond Portfolio (a)	Retail	Fee Simple	857	53,000		51,379		(1,225)
				1,552	$	108,850	$	105,703	$	8,053

he following Retail Properties were classified as held for sale as of September 30, 2022:

Date of Sale	Location	Carrying value at September 30, 2022
10/5/22	Westminster, CA	$	14,246
Q4 2022	Austin, TX	$	9,217

Real estate held for sale consisted of the following at September 30, 2022:

	September 30, 2022
Land and improvements	$	6,143
Building and other improvements	1,912
Less: accumulated depreciation	(110)
Net investment properties	7,945
Accounts receivable	587
Lease intangible assets, net	3,427
Right-of-use lease assets	11,508
Other assets	143
Assets associated with investment properties held for sale	23,610
Accounts payable and accrued expenses	31
Other liabilities	116
Liabilities associated with investment properties held for sale	$	147