INVESTMENT PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023:

	Period from April 1 to December 31, 2023		2024		2025		2026		2027		Thereafter		Total
Amortization of:
Above market lease intangibles (a)	$	5,870	$	7,827	$	7,827	$	7,827	$	7,827	$	101,748	$	138,926
In-place lease intangibles (a)	3,625		4,833		4,833		4,833		4,833		62,829		85,786
Lease intangible assets, net (b)	$	9,495	$	12,660	$	12,660	$	12,660	$	12,660	$	164,577	$	224,712
Below market lease intangibles (a)	$	4,161	$	5,548	$	5,548	$	5,548	$	5,548	$	72,127	$	98,480
Lease intangible liabilities, net	$	4,161	$	5,548	$	5,548	$	5,548	$	5,548	$	72,127	$	98,480

(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 $27,430 and $12,021 of accumulated amortization, respectively, as of March 31, 2023. Lease intangible assets, net and lease intangible liabilities, net are presented net of $24,334 and $10,853 of accumulated amortization, respectively, as of December 31, 2022.

Dispositions

The following table summarizes the disposition activity for the three months ended March 31, 2023:

Sale Date	Location	Property Type	Ownership	Square Footage	Gross Sales Proceeds		Aggregate Proceeds, Net		Gain (Loss)
3/22/23	Temecula, CA	Retail	Fee Simple	125	$	6,000	$	5,869	$	(496)
				125	$	6,000	$	5,869	$	(496)

The following table summarizes the disposition activity during the three months ended March 31, 2022:

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
				204	$	22,000	$	20,961	$	3,651