INVESTMENT PROPERTIES (Tables)

12 Months Ended

Dec. 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 December 31, 2023:

	2024		2025		2026		2027		2028		Thereafter		Total
Amortization of:
Above market lease intangibles (a)	$	7,687	$	7,687	$	7,687	$	7,687	$	7,687	$	92,240	$	130,675
In-place lease intangibles (a)	4,784		4,784		4,784		4,784		4,784		57,406		81,326
Lease intangible assets, net (b)	$	12,471	$	12,471	$	12,471	$	12,471	$	12,471	$	149,646	$	212,001
Below market lease intangibles (a)	$	5,475	$	5,475	$	5,475	$	5,475	$	5,475	$	65,703	$	93,078
Lease intangible liabilities, net (b)	$	5,475	$	5,475	$	5,475	$	5,475	$	5,475	$	65,703	$	93,078

(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 December 31, 2023, lease intangible assets, net and lease intangible liabilities, net are presented net of $36,373 and $15,969 of accumulated amortization, respectively. As of December 31, 2022, lease intangible assets, net and lease intangible liabilities, net are presented net of $24,334 and $10,853 of accumulated amortization, respectively.

Amortization expense

Amortization expense for the years ended December 31, 2023 and 2022, and the period from the Effective Date to December 31, 2021 were as follows:

	Year ended December 31, 2023		Year ended December 31, 2022		Period from the Effective Date to December 31, 2021
Amortization of:
In-place lease intangibles	$	4,827	$	5,227	$	6,397
Above market lease intangibles	$	7,768	$	7,975	$	7,637
Below market lease intangibles	$	5,561	$	6,284	$	7,232

Dispositions

The following table summarizes the disposition activity during the year ended December 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)
8/9/23	Katy, TX	Retail	Fee Simple	100	$	11,282	$	11,029	$	2,687
12/6/23	South Jordan, UT	Retail	Fee Simple	99	$	4,475	$	4,385	$	(579)
				324	$	21,757	21,283		$	1,612

The following table summarizes the disposition activity during the year ended December 31, 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		15,799		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		(416)
9/9/22	Five Property Portfolio (1)	Retail	Fee Simple	857	53,000		51,379		(1,232)
10/5/22	Westminster, CA	Retail	Ground Lease	153	23,000		22,613		7,528
11/30/22	Austin, TX	Retail	Fee Simple	144	13,200		12,777		3,672
12/6/22	Lafayette, LA	Retail	Fee Simple	105	8,100		7,939		2,034
12/15/22	The Woodlands, TX	Retail	Fee Simple	146	7,760		7,219		449
				2,100	$	160,910	$	156,252	$	21,726

(1) Portfolio comprised of five Retail Properties located in Annapolis, MD, Springfield, VA, Fairfax, VA, Newark, DE and Columbia, MD.

The following table summarizes dispositions for the period from the Effective Date to December 31, 2021:

Sale Date	Location		Property Type	Ownership	Square Footage (unaudited)	Gross Sales Proceeds		Aggregate Proceeds, Net		Gain (Loss)
7/9/21	San Diego, CA		Retail	Ground Lease	269	$	14,750	$	14,523	$	—	(3)
7/29/21	Lone Tree, CO		Retail	Fee Simple	151	7,000		6,773		466
7/29/21	Frisco, TX		Retail	Fee Simple	164	10,500		10,300		291
9/14/21	San Bruno, CA		Retail	Fee Simple	223	105,250		99,991		38,543
9/30/21	Carson, CA		Retail	Fee Simple	201	19,000		18,310		2,675
11/3/21	Houston, TX		Retail	Fee Simple	140	12,000		11,788		2,489
11/5/21	San Antonio, TX		Retail	Fee Simple	104	12,500		12,057		3,148
11/17/21	Phoenix, AZ		Retail	Fee Simple	159	7,000		6,896		1,236
11/19/21	Texas Portfolio	(1)	Retail	Fee Simple	325	20,600		20,192		936
12/17/21	Distribution Center Portfolio	(2)	Warehouse	Fee Simple	10,109	557,165		548,352		59,702
12/23/21	Queens, NY		Retail	Fee Simple	204	40,500		38,785		—		(3)
12/29/21	Woodbury, MN		Retail	Fee Simple	82	5,750		5,680		210
					12,131	$	812,015	$	793,647	$	109,696

(1) Portfolio comprised of three Retail Properties located in Fairview, TX, Flower Mound, TX, and Round Rock, TX.

(2) Portfolio comprised of six Warehouses located in Statesville, NC, Columbus, OH, Lenexa, KS, Reno, NV, Haslet, TX, and Atlanta, GA.

(3) Prior to disposition, these Properties were remeasured to fair value and a provision for impairment of $1,951 was recognized (see Note 5).