INVESTMENT PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024:

	Period from April 1 to December 31, 2024		2025		2026		2027		2028		Thereafter		Total
Amortization of:
Above market lease intangibles (a)	$	5,663	$	7,550	$	7,550	$	7,550	$	7,550	$	90,606	$	126,469
In-place lease intangibles (a)	3,532		4,709		4,709		4,709		4,709		56,504		78,872
Lease intangible assets, net (b)	$	9,195	$	12,259	$	12,259	$	12,259	$	12,259	$	147,110	$	205,341
Below market lease intangibles (a)	$	3,934	$	5,245	$	5,245	$	5,245	$	5,245	$	62,941	$	87,855
Lease intangible liabilities, net (b)	$	3,934	$	5,245	$	5,245	$	5,245	$	5,245	$	62,941	$	87,855

(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 March 31, 2024, lease intangible assets, net and lease intangible liabilities, net are presented net of $38,821 and $16,609 of accumulated amortization, respectively. 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.

Amortization expense

Amortization for the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024		2023
Amortization of:
In-place lease intangibles	$	1,190	$	1,214
Above market lease intangibles	$	1,910	$	1,957
Below market lease intangibles	$	1,349	$	1,406

Dispositions

The following table summarizes the disposition activity for the three months ended March 31, 2024:

Sale Date	Location	Property Type	Ownership	Square Footage	Gross Sales Proceeds		Aggregate Proceeds, Net		Gain (Loss)
3/15/24	Transnational Portfolio (1)	Retail	Fee Simple	302	$	16,459	$	16,096	$	1,502
				302	$	16,459	16,096		$	1,502

(1) Portfolio comprised of three Retail Properties located in Newnan, GA, Aurora, CO, and Kissimmee, FL.

The following table summarizes the disposition activity during 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)