Strategic Realty Trust (SGIC) 10-K 29 Mar 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-54376
Entity Registrant Name	STRATEGIC REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0413866
Entity Address, Address Line One	1 S. Wacker Dr, Suite 3210
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	878-4860
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001446371
Entity Common Stock, Shares Outstanding		10,752,966
Entity Public Float			$ 0
ICFR Auditor Attestation Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Document Financial Statement Error Correction [Flag]	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Moss Adams LLP
Auditor Location	Campbell, California
Auditor Firm ID	659

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Jul. 01, 2023	Dec. 31, 2022
Investments in real estate
Land				$ 12,374
Building and improvements				22,140
Tenant improvements				947
Real Estate Investment Property, at Cost				35,461
Accumulated depreciation				(4,838)
Real Estate Investment Property, Net, Total				30,623
Real Estate, Liquidation Value	$ 26,260	$ 26,260
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	1,569	1,569		3,471
Prepaid expenses and other assets				152
Accounts and Other Receivables, Net, Current	446	446
Tenant receivables, net of $19 bad debt reserve				841
Deferred Costs, Leasing, Net				353
Lease intangibles, net				308
Other Assets	29	29
Total assets	28,304	28,304		35,748	[1]
Net Assets	5,162	5,162	$ 5,257
LIABILITIES
Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation	4,718	4,718	$ 5,242
Notes payable, net				18,000
Notes Payable, Fair Value Disclosure	18,000	18,000
Accounts Payable and Accrued Liabilities	272	272		285
Other Liabilities	118	118		172
Below Market Lease, Net				108
Amounts due to affiliates	34	34		37
TOTAL LIABILITIES (1)	23,142	23,142		18,602	[1]
Commitments and contingencies (Note 12)
EQUITY
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding				0
Common stock, $0.01 par value; 400,000,000 shares authorized; 10,752,966 shares issued and outstanding at December 31, 2022				110
Additional paid-in capital				94,644
Accumulated deficit				(77,852)
Total stockholders’ equity				16,902
Non-controlling interests				244
TOTAL EQUITY	$ 15,764	$ 15,764		17,146
TOTAL LIABILITIES AND EQUITY				$ 35,748
Preferred Stock, Shares Outstanding				0
Preferred Stock, Shares Issued				0
Preferred Stock, Shares Authorized	50,000,000	50,000,000		50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01		$ 0.01
Common Stock, Shares, Outstanding				10,752,966
Common Stock, Shares, Issued				10,752,966
Common Stock, Shares Authorized				400,000,000
Common Stock, Par or Stated Value Per Share				$ 0.01
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset		$ (215)
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Accrued Costs to Dispose of Assets and Liabilities		(329)
Capital Expenditures Incurred but Not yet Paid		46
Other Noncash Expense		$ 403
Changes in net assets in liquidation	$ (95)
Bad Debt Reserve				$ 19
Variable Interest Entity, Primary Beneficiary [Member]
Investments in real estate
Total assets				$ 600
[1] As of December 31, 2022, includes approximately $0.6 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue:
Rental and reimbursements	$ 1,252	$ 2,787
Expense:
Operating and maintenance	651	1,689
General and administrative	785	1,509
Depreciation and amortization	506	1,098
Interest expense	735	2,418
Gain (Loss) on Termination of Lease	0	190
Loss on impairment of real estate	0	6,035
Total expense	2,677	12,939
Operating loss	(1,425)	(10,152)
Other income:
Net (loss) gain on disposal of real estate	0	(1,610)
Net loss	(1,425)	(11,762)
Net loss attributable to non-controlling interests	(26)	(217)
Net loss attributable to common shares	$ (1,399)	$ (11,545)
Earnings Per Share, Basic	$ (0.13)	$ (1.07)
Earnings Per Share, Diluted	$ (0.13)	$ (1.07)
Weighted average shares outstanding used to calculate loss per common share - basic and diluted	10,752,966	10,752,966
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	$ 43	$ 0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (1,356)	$ (11,545)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total Stockholders' Equity	Non-controlling Interests	AOCI Attributable to Parent
Stockholders' Equity Attributable to Parent							$ 0
BALANCE at Dec. 31, 2021	$ 28,908,000	$ 110,000	$ 94,644,000	$ (66,307,000)	$ 28,447,000	$ 461,000
BALANCE (in shares) at Dec. 31, 2021		10,752,966
Net loss	(11,762,000)	$ 0	0	(11,545,000)	(11,545,000)	(217,000)
BALANCE at Dec. 31, 2022	17,146,000	$ 110,000	94,644,000	(77,852,000)	16,902,000	244,000
BALANCE (in shares) at Dec. 31, 2022		10,752,966
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	0
Net loss attributable to common shares	(11,545,000)						0
Stockholders' Equity Attributable to Parent	16,902,000						0
Net loss	(1,425,000)	$ 0	0	(1,399,000)	(1,399,000)	(26,000)
BALANCE at Dec. 31, 2023	$ 15,764,000	$ 110,000	$ 94,644,000	$ (79,251,000)	$ 15,546,000	$ 218,000
BALANCE (in shares) at Dec. 31, 2023		10,752,966
Stockholders' Equity Attributable to Parent							$ 43,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (1,425)	$ (11,762)
Adjustments to reconcile net loss to net cash used in operating activities:
Net gain on disposal of real estate	0	1,610
Loss on impairment of real estate	0	6,035
Straight-line rent	(17)	(132)
Amortization of deferred financing costs	27	720
Depreciation and amortization	506	1,098
Amortization of above and below-market leases	(12)	(21)
Loss on early lease termination	93	19
Gain (Loss) on Termination of Lease	0	190
Other Noncash Expense	0	42
Changes in operating assets and liabilities:
Prepaid expenses and other assets	131	(23)
Tenant receivables	(136)	52
Accounts payable and accrued expenses	15	(567)
Amounts due to affiliates	(1)	(26)
Other liabilities	(41)	(68)
Net cash used in operating activities	(817)	(2,833)
Cash flows from investing activities:
Proceeds from the sale of real estate	0	28,003
Investment in properties under development and development costs	0	(847)
Improvements and capital expenditures	(35)	(408)
Payments for leasing costs	(4)	(276)
Net cash provided by investing activities	(39)	26,472
Cash flows from financing activities:
Proceeds from notes payable from investments in consolidated variable interest entities	0	152
Repayment of notes payable from investments in consolidated variable interest entities	0	(21,411)
Proceeds from Contributions from Affiliates	0	2,000
Repayments of Related Party Debt	0	3,000
Payment of loan fees from investments in consolidated variable interest entities	0	(301)
Payment of loan fees and financing costs from an affiliate	0	15
Payment of loan fees and financing costs from an affiliate	(313)	0
Net cash (used in) provided by financing activities	(313)	(22,575)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,169)	1,064
Cash, cash equivalents and restricted cash – beginning of year	3,471	2,407
Cash, cash equivalents and restricted cash – end of year	2,302	3,471
Supplemental disclosure of non-cash investing and financing activities and other cash flow information:
Change in accrued liabilities capitalized to investment in development	0	43
Change to accrued mortgage note payable interest capitalized to investment in development	0	(57)
Amortization of deferred loan fees capitalized to investment in development	0	87
Changes in capital improvements and leasing costs, accrued but not paid	29	62
Cash paid for interest, net of amounts capitalized	699	1,730
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge	$ 43	$ 0

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS Strategic Realty Trust, Inc. (the “Company”) was formed on September 18, 2008, as a Maryland corporation. Effective August 22, 2013, the Company changed its name from TNP Strategic Retail Trust, Inc. to Strategic Realty Trust, Inc. The Company believes it qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and has elected REIT status beginning with the taxable year ended December 31, 2009, the year in which the Company began material operations. Since the Company’s inception, its business has been managed by an external advisor. The Company has no direct employees and all management and administrative personnel responsible for conducting the Company’s business are employed by its advisor. As of December 31, 2023, the Company was externally managed and advised by SRT Advisor, LLC, a Delaware limited liability company (the “Advisor”) pursuant to an advisory agreement with the Advisor (the “Advisory Agreement”) initially executed on August 10, 2013, and subsequently renewed every year through 2023. The current term of the Advisory Agreement terminates on August 9, 2024. The advisor is an affiliate of PUR Management LLC (“PUR”), which is an affiliate of L3 Capital, LLC. L3 Capital, LLC is a real estate investment firm focused on institutional quality, value-add, prime urban retail and mixed-use investment within first tier U.S. metropolitan markets. The sole purpose of the Company is to wind up the Company’s affairs and the liquidation of the Company’s assets with no objective to continue or to engage in the conduct of a trade or business, except as necessary for the orderly liquidation of the Company’s assets. Substantially all of the Company’s business is conducted through Strategic Realty Operating Partnership, L.P. (the “OP”). During the Company’s initial public offering (“Offering”), as the Company accepted subscriptions for shares of its common stock, it transferred substantially all of the net proceeds of the Offering to the OP as a capital contribution. The Company is the sole general partner of the OP. As of December 31, 2023 and 2022, the Company owned 98.1%, respectively, of the limited partnership interests in the OP. On May 12, 2023, the board of directors unanimously approved the sale of all of the Company’s assets and the dissolution of the Company pursuant to the terms of a plan of complete liquidation and dissolution of the Company (the “Plan of Liquidation”). The principal purpose of the Plan of Liquidation is to maximize stockholder value by selling the Company’s assets, paying its debts and distributing the net proceeds from liquidation to the Company’s stockholders. On August 23, 2023 the Company’s stockholders approved the Plan of Liquidation. The Company expects any future liquidity to its stockholders will be provided in the form of liquidating distributions. The Company expects to distribute all of the net proceeds from liquidation to its stockholders within 24 months from August 23, 2023. The Company can give no assurance regarding the timing of asset dispositions in connection with the implementation of the Plan of Liquidation, the sale prices it will receive for its assets, and the amount or timing of any liquidating distributions to be received by its stockholders. The Company manages a portfolio of income-producing retail properties located in the California. As of December 31, 2023, the Company’s portfolio of wholly-owned properties was comprised of six properties, with approximately 27,000 rentable square feet of retail space located in one state, as well as an improved land parcel. As of December 31, 2023, the rentable space at the Company’s retail properties was 85% leased.

Accounting Changes and Error Co

Accounting Changes and Error Corrections	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Liquidation Basis of Accounting	2. PLAN OF LIQUIDATION The Plan of Liquidation authorizes the Company to undertake an orderly liquidation. In an orderly liquidation, the Company intends to sell or otherwise dispose of its remaining properties, pay or otherwise settle all of its known liabilities, provide for the payment of its unknown or contingent liabilities, distribute any remaining cash to its stockholders, wind up its operations and dissolve. The Company is authorized to provide for the payment of any unascertained or contingent liabilities and may do so by purchasing insurance, by establishing a reserve fund or in other ways. The Plan of Liquidation enables the Company to sell any and all of its assets without further approval of its stockholders and provides that the amounts and timing of liquidating distributions will be determined by the Company’s board of directors or, if a liquidating trust is formed, by the trustees of the liquidating trust, in their discretion. Pursuant to applicable REIT rules, liquidating distributions the Company pays pursuant to the Plan of Liquidation will qualify for the dividends paid deduction, provided that they are paid within 24 months of the August 23, 2023 approval of the plan by the Company’s stockholders. However, if the Company cannot sell its properties and pay its debts within such time period, or if the board of directors determines that it is otherwise advisable to do so, the Company may transfer and assign its remaining assets to a liquidating trust. Upon such transfer and assignment, the Company’s stockholders would receive beneficial interests in the liquidating trust. The liquidating trust would pay or provide for all of the Company’s liabilities and distribute any remaining net proceeds from liquidation to the holders of beneficial interests in the liquidating trust. If the Company is not able to sell its properties and pay its debt within the 24-month period and the remaining assets are not transferred to a liquidating trust, any distributions made during the 24 months may not qualify for the dividends paid deduction and may increase the Company’s tax liability. The Company’s expectations about the implementation of the Plan of Liquidation and the amount of any liquidating distributions that the Company pays to its stockholders and when the Company will pay them are subject to risks and uncertainties and are based on certain estimates and assumptions, one or more of which may prove to be incorrect. As a result, the actual amount of any liquidating distributions the Company pays to its stockholders may be more or less than the Company estimates and the liquidating distributions may be paid later than the Company predicts. There are many factors that may affect the amount of liquidating distributions the Company will ultimately pay to its stockholders. If the Company underestimates its existing obligations and liabilities or the amount of taxes, transaction fees and expenses relating to the liquidation and dissolution or if unanticipated or contingent liabilities arise, including with respect to debt service or default interest expense related to the SRT Loan, the amount of liquidating distributions ultimately paid to the Company’s stockholders could be less than estimated. Moreover, the liquidation value will fluctuate over time in response to developments related to individual assets in the Company’s portfolio and the management of those assets, in response to the real estate and finance markets, based on the amount of net proceeds received from the disposition of the remaining assets and due to other factors. Accordingly, it is not possible to precisely predict the timing of any liquidating distributions the Company pays to it stockholders or the aggregate amount of liquidating distributions that the Company will ultimately pay to its stockholders. No assurance can be given that any liquidating distributions the Company pays to its stockholders will equal or exceed the estimate of net assets in liquidation presented on the Consolidated Statement of Net Assets as of December 31, 2023. The Company expects to comply with the requirements necessary to continue to qualify as a REIT through the completion of the liquidation process, or until such time as any remaining assets are transferred into a liquidating trust. The board of directors shall use commercially reasonable efforts to continue to cause the Company to maintain its REIT status; provided, however, that the board of directors may elect to terminate the Company’s status as a REIT if it determines that such termination would be in the best interest of the stockholders.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”), including Subtopic 205-30, “Liquidation Basis of Accounting”, as indicated, and the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-K and Regulation S-X. Pursuant to the Company’s stockholders’ approval of the Plan of Liquidation, the Company adopted the liquidation basis of accounting as of and for the periods subsequent to July 1, 2023 (as the approval of the Plan of Liquidation by the Company’s stockholders became imminent during the month of July 2023 based on the results of the Company’s solicitation of proxies from its stockholders for their approval of the Plan of Liquidation). Accordingly, on July 1, 2023, assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash or other consideration that the Company expects to realize through the disposal of assets as it carries out the Plan of Liquidation. The liquidation values of the Company’s remaining real estate properties are presented on an net realizable value basis. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs and income that it expects to incur and earn through the completion of its liquidation, including the estimated amount of cash or other consideration that the Company expects to realize through the disposal of its assets and the estimated costs to dispose of its assets, to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 2, “Plan of Liquidation” and Note 4, “Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation” for further discussion. Actual costs incurred but unpaid as of December 31, 2023 are included in accounts payable and accrued expenses, due to affiliates and other liabilities on the Consolidated Statement of Net Assets. Net assets in liquidation represents the remaining estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the sale or transfer of the Company’s remaining real estate properties and the estimated cash flows from operations, actual liquidation costs and sale proceeds may differ materially from the amounts estimated. All financial results and disclosures through June 30, 2023, prior to the adoption of the liquidation basis of accounting, are presented on a GAAP historical basis, which contemplates the realization of assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2022, the statements of operations and comprehensive income, the statements of stockholders’ equity and the statements of cash flows for the six months ended June 30, 2023 and the comparative year ended December 31, 2022, are presented using the GAAP historical basis of accounting. The consolidated financial statements include the accounts of the Company, the OP, their direct and indirect owned subsidiaries, and the accounts of joint ventures that are determined to be variable interest entities for which the Company is the primary beneficiary. All significant intercompany balances and transactions are eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s condensed consolidated financial position, results of operations and cash flows have been included. The Company evaluates the need to consolidate joint ventures and variable interest entities based on standards set forth in ASC Topic 810, Consolidation (“ASC 810”). In determining whether the Company has a controlling interest in a joint venture or a variable interest entity and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the partners/members, as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. During the years ended December 31, 2023 and 2022, the Company held variable interests in two variable interest entities and consolidated those entities. Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. The Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations. Real Estate Liquidation Basis of Accounting As of July 1, 2023, the Company’s investments in real estate were adjusted to their estimated net realizable value, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash or other consideration the Company expects to realize through the disposal of its assets, including any residual value attributable to lease intangibles, as it carries out the Plan of Liquidation. The liquidation value of investments in real estate was based on a number of factors including discounted cash flow and direct capitalization analyses, detailed analysis of current market comparables and broker opinions of value. The liquidation values of the Company’s investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Subsequent to July 1, 2023, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to the Company’s net assets in liquidation. Going Concern Basis Prior to the adoption of liquidation basis of accounting the Company applied the provisions of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”) to account for property acquisitions. ASU No. 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Evaluation of business combination or asset acquisition: The Company evaluated each acquisition of real estate to determine if the integrated set of assets and activities acquired met the definition of a business and needed to be accounted for as a business combination. If either of the following criteria was met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, the Company expected that acquisitions of real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets), or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. In asset acquisitions, the purchase consideration, including acquisition costs, is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Depreciation and amortization was computed using a straight-line method over the estimated useful lives of the assets as follows: Years Buildings and improvements 5 - 30 years Tenant improvements 1 - 15 years Tenant improvement costs were recorded as capital assets and depreciated over the tenant’s remaining lease term, which the Company determined by approximating the useful life of the improvement. Expenditures for ordinary maintenance and repairs were expensed to operations as incurred. Significant renovations and improvements that improve or extend the useful lives of assets were capitalized. Acquisition costs related to asset acquisitions were capitalized in the consolidated balance sheets prior to the adoption of the liquidation basis of accounting. Impairment of Long-lived Assets - Going Concern Basis The Company continually monitored events and changes in circumstances that could indicate that the carrying amounts of its investments in real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assessed the recoverability by estimating whether the Company would recover the carrying value of the real estate and related intangible assets through its undiscounted future cash flows (excluding interest) and its eventual disposition. If, based on this analysis, the Company did not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company recorded an impairment loss to the extent that the carrying value exceeds the estimated fair value of the investments in real estate and related intangible assets. Key inputs that the Company estimated in this analysis include projected rental rates, capital expenditures, property sale capitalization rates, and expected holding period of the property. The Company evaluated its equity investments for impairment in accordance with ASC 320, Investments – Debt and Securities (“ASC 320”). ASC 320 provides guidance for determining when an investment is considered impaired, whether impairment is other-than-temporary, and measurement of an impairment loss. Rents and Other Receivables Liquidation Basis of Accounting In accordance with the liquidation basis of accounting, as of July 1, 2023, rents and other receivables were adjusted to their net realizable value. The Company periodically evaluates the collectibility of amounts due from tenants. Any changes in the collectibility of the receivables are reflected as a change to the Company’s net assets in liquidation. Going Concern Basis The Company estimated the collectability of its tenant receivables related to base rents, including deferred rents receivable, expense reimbursements and other revenue or income. The Company analyzed tenant receivables, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company made estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims could exceed one year. When a tenant is in bankruptcy, the Company recorded a bad debt reserve for the tenant’s receivable balance and generally did not recognize subsequent rental revenue until cash was received or until the tenant was no longer in bankruptcy and had the ability to make rental payments. Revenue Recognition Liquidation Basis of Accounting Under the liquidation basis of accounting, the Company has accrued all income that it expects to earn through the completion of its liquidation to the extent it has a reasonable basis for estimation. Revenue from tenants is estimated based on the contractual in-place leases and projected leases through the anticipated disposition date of the property. These amounts are presented net of estimated expenses and other liquidation costs and are classified in liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. Contingent rental income is not contemplated under liquidation accounting unless there is a reasonable basis to estimate future receipts. Going Concern Basis Revenues included minimum rents, expense recoveries and percentage rental payments on the Company’s consolidated statement of operations and comprehensive income beginning January 1, 2022 until the Company’s adoption of the liquidation basis of accounting as of and for the periods subsequent to July 1, 2023. Minimum rents were recognized on an accrual basis over the terms of the related leases on a straight-line basis when collectability was reasonably assured and the tenant had taken possession or controls the physical use of the leased property. If the lease provides for tenant improvements, the Company determined whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company was the owner of the tenant improvements, the tenant was not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements were substantially completed. When the tenant was the owner of the tenant improvements, any tenant improvement allowance that was funded was treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership was determined based on various factors including, but not limited to: • whether the lease stipulated how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance was in excess of market rates; • whether the tenant or landlord retained legal title to the improvements at the end of the lease term; • whether the tenant improvements were unique to the tenant or general-purpose in nature; and • whether the tenant improvements were expected to have any residual value at the end of the lease. For leases with minimum scheduled rent increases, the Company recognized income on a straight-line basis over the lease term when collectability was reasonably assured. Recognizing rental income on a straight-line basis for leases resulted in recognized revenue amounts which differ from those that are contractually due from tenants on a cash basis. If the Company determines the collectability of straight-line rents was not reasonably assured, the Company limited future recognition to amounts contractually owed and paid, and, when appropriate, established an allowance for estimated losses. The Company maintained an allowance for doubtful accounts, including an allowance for straight-line rent receivables, for estimated losses resulting from tenant defaults or the inability of tenants to make contractual rent and tenant recovery payments. The Company monitored the liquidity and creditworthiness of its tenants on an ongoing basis. For straight-line rent amounts, the Company’s assessment was based on amounts estimated to be recoverable over the term of the lease. Certain leases contained provisions that required the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent) and substantially all contained provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on percentage of tenants’ sales was recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of taxes, insurance and CAM was recognized in the period that the applicable costs were incurred in accordance with the lease agreement. The Company elected the lessor practical expedient to not separate common area maintenance and reimbursement of real estate taxes from the associated lease for all existing and new leases as the timing and pattern of payments and associated lease payments are the same. The timing of revenue recognition remained the same for the Company’s existing leases and new leases. Revenues related to the Company’s leases continued to be reported on one line in the presentation within the statement of operations and comprehensive income beginning January 1, 2022 until the Company’s adoption of the liquidation basis of accounting as of and for the periods subsequent to July 1, 2023, as a result of electing this lessor practical expedient. The Company continued to capitalize its direct leasing costs. These costs were incurred as a result of obtaining new leases, and renewing leases, and were paid to the Company’s Advisor. Additionally, the Company was not a lessee of real estate or equipment, as it is externally managed by its Advisor. Fair Value Measurements - Going Concern Basis Under GAAP, the Company was required to measure or disclose certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available for inputs that are significant to the fair value measurement. When available, the Company utilized quoted market prices or other observable inputs (Level 2 inputs), such as interest rates or yield curves, from independent third-party sources to determine fair value and classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to use significant judgment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third-party may rely more on models with inputs based on information available only to that independent third party. When the Company determined the market for an asset owned by it to be illiquid or when market transactions for similar instruments do not appear orderly, the Company used several valuation sources (including internal valuations, discounted cash flow analysis and external appraisals) and established a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measured fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets; or (ii) a present value technique that considers the future cash flows based on contractual obligations discounted by observed or estimated market rates of comparable liabilities. The use of contractual cash flows with regard to amount and timing significantly reduces the judgment applied in arriving at fair value. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considered the following factors to be indicators of an inactive market: (1) there are few recent transactions; (2) price quotations are not based on current information; (3) price quotations vary substantially either over time or among market makers (for example, some brokered markets); (4) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability; (5) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability; (6) there is a wide bid-ask spread or significant increase in the bid-ask spread; (7) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities; and (8) little information is released publicly (for example, a principal-to-principal market). The Company considered the following factors to be indicators of non-orderly transactions: (1) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions; (2) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant; (3) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced); and (4) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities. Accrued Liquidation Costs In accordance with the liquidation basis of accounting, the Company accrues for certain estimated liquidation costs to the extent it has a reasonable basis for estimation. These consist of legal fees, dissolution costs, final audit/tax costs, insurance, and transfer agent related costs. Deferred Financing Costs Prior to the adoption of the liquidation basis of accounting, deferred financing costs represented commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing. These costs were amortized over the terms of the respective financing agreements using the straight-line method which approximated the effective interest method. Unamortized deferred financing costs were expensed when the associated debt was refinanced or repaid before maturity. Costs incurred in seeking financings that did not close are expensed in the period in which it is determined that the financing would not close. The Company presented deferred financing costs, net of accumulated amortization, as a contra-liability that reduces the carrying amount of the associated note payable, rather than as a deferred asset. Deferred financing costs related to a line-of credit arrangement were presented on the balance sheet as a deferred asset, regardless of whether there were any outstanding borrowings at period-end. Derivative Instruments and Hedging Activities Liquidation Basis of Accounting The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in changes in net assets in liquidation on the condensed consolidated statement of changes in net assets. The ineffective portion of a derivative’s change in fair value is recognized in liabilities for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. The Company does not net its derivative fair values or any existing rights or obligations to cash collateral. The Company does not use derivatives for trading or speculative purposes. For the periods presented, the Company's derivative, comprised of an interest rate cap, qualified and was designated as a cash flow hedge, and was not deemed ineffective. Going Concern Basis The Company measured derivative instruments at fair value and recorded them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that were not designated as hedges were adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative was recognized in accumulated other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value was immediately recognized in earnings. The Company did not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets. The Company did not use derivatives for trading or speculative purposes. For the period beginning January 1, 2022 until the Company’s adoption of the liquidation basis of accounting as of and for the periods subsequent to July 1, 2023, the Company's derivative, comprised of an interest rate cap, qualified and was designated as a cash flow hedge, and was not deemed ineffective. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents represent current bank accounts and other bank deposits free of encumbrances and having maturity dates of three months or less from the respective dates of deposit. The Company limits cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk in cash. Restricted cash includes escrow accounts for real property taxes, insurance, capital expenditures and tenant improvements, debt service and leasing costs held by lenders. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated statement of net assets and consolidated balance sheet (amounts in thousands): December 31, 2023 December 31, 2022 Cash and cash equivalents $ 1,250 $ 3,089 Restricted cash 319 382 Total cash, cash equivalents, and restricted cash $ 1,569 $ 3,471 Reportable Segments ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has one reportable segment, income-producing retail properties, which consists of activities related to investing in real estate. The retail properties are all located in California, and the Company evaluates operating performance on an overall portfolio level. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially and adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes, and to U.S. federal income and excise taxes on its undistributed income. The Company evaluates tax positions taken in the consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. When necessary, deferred income taxes are recognized in certain taxable entities. Deferred income tax is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes). A valuation allowance for deferred income tax assets is provided if all or some portion of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance is generally included in deferred income tax expense. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions is subject to change. Recent Accounting Pronouncements There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting.

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Liquidation Liabilities	4. LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Liquidation. As of December 31, 2023, the Company estimated that it will have costs in excess of estimated receipts during the liquidation process. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs and capital expenditures, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Upon transition to the liquidation basis of accounting on July 1, 2023, the Company accrued the following revenues and expenses expected to be incurred during liquidation (amounts in thousands): As of July 1, 2023 Rental income $ 1,935 Other operating income 28 Operating, maintenance and management (473) Real estate taxes and insurance (337) General and administrative expenses (2,484) Interest expense (1,485) Tenant improvements (78) Return of escrow funds 162 Liquidating transaction costs (2,510) Liabilities for estimated costs in excess of estimated receipts during liquidation $ (5,242) The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of December 31, 2023 is as follows (amounts in thousands): July 1, 2023 Cash Payments (Receipts) Remeasurement of Assets and Liabilities December 31, 2023 Liabilities: Estimated net outflows from investments in real estate $ (248) $ 151 $ (346) $ (443) Liquidation transaction costs (2,510) — 20 (2,490) Corporate expenditures (2,484) 702 (3) (1,785) Capital expenditures — 46 (46) — (5,242) 899 (375) (4,718) Total liabilities for estimated costs in excess of estimated receipts during liquidation $ (5,242) $ 899 $ (375) $ (4,718)

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Net Assets in Liquidation Disclosure	5. NET ASSETS IN LIQUIDATION The net assets in liquidation as of December 31, 2023 would result in the payment of estimated liquidating distributions of approximately $0.47 per share of common stock to the Company’s stockholders of record as of December 31, 2023. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the estimated period required to complete the Plan of Liquidation. There is inherent uncertainty with these estimates and projections, and they could change materially based on the timing of the disposition or transfer of the Company’s remaining real estate properties, the performance of the Company’s remaining assets and any changes in the underlying assumptions of the projected cash flows from such properties. See Note 2,“Plan of Liquidation.”

REAL ESTATE INVESTMENTS REAL ES

REAL ESTATE INVESTMENTS REAL ESTATE INVESTMENTS	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	6. REAL ESTATE As of December 31, 2023 the Company’s portfolio was composed of six income-producing retail properties located in California with approximately 27,000 rentable square feet, as well as an improved land parcel. As of December 31, 2023, the rentable space at the Company’s retail properties was 85% leased. As of December 31, 2023, the Company’s liquidation value of real estate was approximately $26.3 million. As a result of adopting the liquidation basis of accounting in July 2023, as of December 31, 2023, real estate properties were recorded at their estimated liquidation value, which represents the estimated gross amount of cash or other consideration the Company expects to realize through the disposition or transfer of its real estate properties owned as of December 31, 2023 as it carries out its Plan of Liquidation.

NOTES PAYABLE, NET

NOTES PAYABLE, NET	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	7. NOTES PAYABLE, NET On December 24, 2019, the Company entered into a Loan Agreement (the “SRT Loan Agreement”) with PFP Holding Company, LLC (the “SRT Lender”) for a non-recourse secured loan (the “SRT Loan”). The SRT Loan is secured by first deeds of trust on the Company’s five San Francisco assets (Fulton Shops, 8 Octavia, 400 Grove, 450 Hayes and 388 Fulton Street) as well as the Company’s Silverlake Collection located in Los Angeles. The SRT Loan was scheduled to mature on January 9, 2023. On January 18, 2023, pursuant to the terms of the SRT Loan Agreement, the Company and the SRT Lender extended the maturity date of the SRT Loan for an additional twelve-month period under the same terms and conditions. The new maturity date was January 9, 2024. On January 18, 2024, the SRT Lender notified the Company that it was in maturity default on the SRT Loan following its failure to pay the amount of the debt outstanding and due to the SRT Lender on the January 9, 2024 maturity date. As a result of the default, the Company is paying interest at the default interest rate in effect of 5% above the rate that would otherwise be in effect (30-day SOFR, plus 2.8%). In addition, the SRT Lender could foreclose on the properties that secure the SRT Loan in satisfaction of the debt. The Company is working with the SRT Lender to secure an extension of the SRT Loan; however, no assurances can be provided that such negotiations will be successful. The Company had the right to prepay the SRT Loan in whole at any time or in part from time to time, subject to the payment of certain expenses, costs or liabilities potentially incurred by the SRT Lender as a result of the prepayment and subject to certain other conditions contained in the loan documents. Individual properties may be released from the SRT Loan collateral in connection with bona fide third-party sales, subject to compliance with certain covenants and conditions contained in the SRT Loan Agreement. As of December 31, 2023, the SRT Loan had a principal balance of approximately $18.0 million. The SRT Loan is a floating Secured Overnight Financing Rate (“SOFR”) rate loan which bears interest at 30-day SOFR (with a floor of 1.50%) plus 2.80%. The default rate is equal to 5% above the rate that otherwise would be in effect. Monthly payments are interest-only with the entire principal balance and all outstanding interest due at maturity. Effective January 9, 2023, the Company entered into a derivative transaction with a financial institution with a notional amount of $18.0 million, representing an interest rate cap. The Company will receive a payment from the counterparty if the rate on SOFR exceeds 3.5%. The instrument is measured at fair value which was determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and is classified as Level 2 in the fair value hierarchy. The Company paid $260 thousand for the derivative and it matured on January 9, 2024. The interest rate cap was included in other assets on the condensed consolidated statement of net assets. As of December 31, 2023 the fair value of the derivative was approximately $29 thousand. Pursuant to the SRT Loan, the Company must comply with certain matters contained in the loan documents including but not limited to, (i) requirements to deliver audited and unaudited financial statements, SEC filings, tax returns, pro forma budgets, and quarterly compliance certificates, and (ii) minimum limits on the Company’s liquidity and tangible net worth. The SRT Loan contains customary covenants, including, without limitation, covenants with respect to maintenance of properties and insurance, compliance with laws and environmental matters, covenants limiting or prohibiting the creation of liens, and transactions with affiliates. As of December 31, 2023, the Company was in compliance with the loan requirements. In connection with the SRT Loan, the Company executed customary non-recourse carveout and environmental guaranties, together with limited additional assurances with regard to the condominium structures of the San Francisco assets. The following is a schedule of future principal payments for all of the Company’s notes payable outstanding as of December 31, 2023 (amounts in thousands): 2024 (1) $ 18,000 Total future principal payments 18,000 Notes payable (2) $ 18,000 (1) As discussed above, on January 18, 2024, the Company was notified of its maturity default on the SRT Loan following its failure to pay the amount of the debt outstanding and due to the SRT Lender on the January 9, 2024 maturity date. (2) As described in Note 3, “Summary of Significant Accounting Policies” on July 1, 2023, the Company adopted the liquidation basis of accounting which requires the Company to record notes payable at their contractual amounts. The following table sets forth interest costs incurred by the Company for the periods presented (amounts in thousands): Year Ended 2022 Expensed Interest costs, net of amortization of deferred financing costs $ 1,698 Amortization of deferred financing costs 720 Total interest expensed $ 2,418 Capitalized Interest costs, net of amortization of deferred financing costs $ 779 Amortization of deferred financing costs 87 Total interest capitalized $ 866 As of December 31, 2023 and 2022, interest expense payable was approximately $0.1 million, respectively.

EQUITY_2

EQUITY	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
EQUITY	8. EQUITY Common Stock Under the Company’s Articles of Amendment and Restatement (the “Charter”), the Company has the authority to issue 400,000,000 shares of common stock. All shares of common stock have a par value of $0.01 per share. As of December 31, 2023 and 2022, 10,752,966 shares of common stock were issued and outstanding, respectively. On February 7, 2013, the Company terminated the Offering and ceased offering its securities. The Company sold 10,688,940 shares of common stock in its primary offering for gross operating proceeds of $104.7 million, 391,182 shares of common stock under the distribution reinvestment plan (“DRIP”) for gross offering proceeds of $3.6 million, granted 50,000 shares of restricted stock and issued 273,729 common shares to pay a portion of a special distribution on November 4, 2015. Cumulatively, through December 31, 2023, pursuant to the Original Share Redemption Program and the Amended and Restated Share Redemption Program (the “SRP”), the Company has redeemed 878,458 shares for $6.2 million. Common Units of the OP On May 26, 2011, in connection with the acquisition of Pinehurst Square East, a retail property located in Bismarck, North Dakota, the OP issued 287,472 Common Units to certain of the sellers of Pinehurst Square East who elected to receive Common Units for an aggregate value of approximately $2.6 million, or $9.00 per Common Unit. On March 12, 2012, in connection with the acquisition of Turkey Creek, a retail property located in Knoxville, Tennessee, the OP issued 144,324 Common Units to certain of the sellers of Turkey Creek who elected to receive Common Units for an aggregate value of approximately $1.4 million, or $9.50 per Common Unit. Pursuant to the Advisory Agreement, in April 2014 the Company caused the OP to issue to the Advisor a separate series of limited partnership interests of the OP in exchange for a capital contribution to the OP of $1 thousand (the “Special Units”). The terms of the Special Units entitle the Advisor to (i) 15% of the Company’s net sale proceeds upon disposition of its assets after the Company’s stockholders receive a return of their investment plus a 7% cumulative, non-compounded rate of return or (ii) an equivalent amount in the event that the Company lists its shares of common stock on a national securities exchange or upon certain terminations of the Advisory Agreement after the Company’s stockholders are deemed to have received a return of their investment plus a 7% cumulative, non-compounded rate of return. The holders of Common Units, other than the Company and the holder of the Special Units, generally have the right to cause the OP to redeem all or a portion of their Common Units for, at the Company’s sole discretion, shares of the Company’s common stock, cash or a combination of both. If the Company elects to redeem Common Units for shares of common stock, the Company will generally deliver one share of common stock for each Common Unit redeemed. Holders of Common Units, other than the Company and the holders of the Special Units, may exercise their redemption rights at any time after one year following the date of issuance of their Common Units; provided, however, that a holder of Common Units may not deliver more than two redemption notices in a single calendar year and may not exercise a redemption right for less than 1,000 Common Units, unless such holder holds less than 1,000 Common Units, in which case, it must exercise its redemption right for all of its Common Units. Preferred Stock The Charter authorizes the Company to issue 50,000,000 shares of $0.01 par value preferred stock. As of December 31, 2023 and 2022, no shares of preferred stock were issued and outstanding. Share Redemption Program As the Company’s stockholders have approved the Plan of Liquidation, the board of directors expects any future liquidity to be in the form of liquidating distributions and does not expect to resume the SRP. There were no share redemptions during the years ended December 31, 2023 and 2022. Cumulatively, through December 31, 2023, pursuant to the Original Share Redemption Program and the Amended and Restated SRP, the Company has redeemed 878,458 shares sold in the Offering and/or its dividend reinvestment plan for $6.2 million. Distributions In order to qualify as a REIT, the Company is required to distribute at least 90% of its annual REIT taxable income, subject to certain adjustments, to its stockholders. The Company’s board of directors regularly evaluates the amount and timing of distributions based on the Company’s operational cash needs. As the Company’s stockholders have approved the Plan of Liquidation, the Company’s board of directors expects any future distributions to be in the form of liquidating distributions and does not expect to consider regular distributions.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	. RELATED PARTY TRANSACTIONS On August 7, 2013, the Company entered into the Advisory Agreement with the Advisor, which has been renewed for successive terms with a current expiration date of August 9, 2024. The Advisor manages the Company’s business as the Company’s external advisor pursuant to the Advisory Agreement. Pursuant to the Advisory Agreement, the Company pays the Advisor specified fees for services related to the investment of funds in real estate and real estate-related investments, management of the Company’s investments and for other services. On August 12, 2022, the Company, the OP, and the Advisor, entered into the Tenth Amendment to the Advisory Agreement (the “Tenth Amendment”). The Tenth Amendment renewed the term of the Advisory Agreement for an additional twelve-month period, beginning on August 10, 2022 and amended certain provisions in the Advisory Agreement with respect to the payment of certain fees as follows. The disposition fee payable to the Advisor was reduced by half in connection with the sale of certain properties held by the Company during the renewed term of the agreement. The financing coordination fee payable to the Advisor was waived in connection with the refinancings of the Wilshire Joint Venture Property and Sunset & Gardner Joint Venture property. The asset management fee payable to the Advisor for the twelve-month period commencing August 2022 through July 2023 was reduced to $250,000 in the aggregate. In all other material respects, the terms of the Advisory Agreement remain unchanged. On August 9, 2023, the parties entered the Eleventh Amendment to the Advisory Agreement (the “Eleventh Amendment”). The Eleventh Amendment renewed the term of the Advisory Agreement for an additional one-year period and again set the asset management fee at $250,000 in the aggregate for the twelve-month period commencing August 2023 through July 2024. The Advisory Agreement remained unchanged in all other respects. The Company is party to property management agreements with respect to each of its properties pursuant to which PUR, and affiliate of the Advisor, was engaged to serve as property manager. The property management agreements expire August 10, 2024 and will automatically renew every year, unless expressly terminated. On December 30, 2021, the Company obtained a $4.0 million unsecured loan (the “Unsecured Loan”) from PUR Holdings Lender, LLC, an affiliate of the Advisor. The Unsecured Loan had a term of 12 months with an interest rate of 7.0% per annum, compounding monthly with the ability to pay-off during the term of the loan. The Unsecured Loan required draw downs in increments of no less than approximately $0.3 million. The Company had the right to prepay or repay the Unsecured Loan in whole or in part at any time without penalty. The Unsecured Loan was due and payable upon the earlier of 12 months or the termination of the Advisory Agreement by the Company. On March 15, 2022, the Company and PUR Holdings Lender, LLC, amended the loan agreement to allow for an extension of the maturity date of the Unsecured Loan by six months, from December 30, 2022 to June 30, 2023, if we provided PUR Holdings Lender, LLC, with notice, pay an extension fee, and no event of default has occurred. On August 2, 2022, PUR Holdings Lender, LLC agreed to an additional six month extension at the option of the Company to extend the maturity date until December 31, 2023. The Company declined both options to extend the maturity date of the Unsecured Loan. The Unsecured Loan is guaranteed by the Company. The Company paid $20 thousand in financing fees, at the close of the loan. On December 23, 2022 the Company paid off the outstanding balance of $3.0 million. Additionally the Company paid $154 thousand in accrued interest and an exit fee of $15 thousand. Summary of Related Party Fees The following table sets forth the Advisor related party costs incurred and payable by the Company for the periods presented (amounts in thousands): Incurred Payable as of Year Ended December 31, Expensed 2023 2022 2023 2022 Asset management fees 250 440 21 21 Reimbursement of operating expenses — 18 — — Property management fees 81 108 13 16 Disposition fees — 137 — — Total $ 331 $ 703 $ 34 $ 37 Asset Management Fees Under the Tenth Amendment and the Eleventh Amendment the asset management fee payable to the Advisor in each of the twelve-month periods commencing August 2022 through July 2023 and August 2023 through July 2024 is $250,000 in the aggregate. Reimbursement of Operating Expenses The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s total operating expenses (including the asset management fee described above) at the end of the four preceding fiscal quarters exceeded the greater of (1) 2% of its average invested assets (as defined in the Company’s Articles of Amendment and Restatement (the “Charter”)); or (2) 25% of its net income (as defined in the Charter) determined without reduction for any additions to depreciation, bad debts or other similar non-cash expenses and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Guideline”). The Advisor is required to reimburse the Company quarterly for any amounts by which total operating expenses exceed the 2%/25% Guideline in the previous expense year that the independent directors do not approve. The Company will not reimburse the Advisor for any of its personnel costs or other overhead costs except for customary reimbursements for personnel costs under property management agreements entered into between the OP and the Advisor or its affiliates. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of the 2%/25% Guideline if a majority of the independent directors determine that such excess expenses are justified based on unusual and non-recurring factors. Property Management Fees Under the property management agreements the Company pays property management fees calculated at a maximum of up to 4% of the properties’ gross revenue. Disposition Fees Under the Advisory Agreement, if the Advisor or its affiliates provide a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of a real property, the Advisor or its affiliates may be paid disposition fees up to 50% of a customary and competitive real estate commission, but not to exceed 3% of the contract sales price of each property sold. Pursuant to the Tenth Amendment the disposition fee payable to the Advisor was reduced by half in connection with the sale of certain properties held by the Company during the renewed term of the agreement (August 2022 through August 2023).

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the negotiation and disposition of real estate in connection with the implementation of the Plan of Liquidation, continued management of the daily operations of the Company’s real estate portfolio, and other general and administrative responsibilities. In the event that the Advisor is unable to provide such services to the Company, the Company will be required to obtain such services from other sources. Legal Matters From time to time, the Company may become party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its condensed consolidated financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.

SUBSEQUENT EVENTS SUBSEQUENT EV

SUBSEQUENT EVENTS SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	11. SUBSEQUENT EVENTS On January 18, 2024, the SRT Lender notified the Company that it was in maturity default on the SRT Loan following its failure to pay the amount of the debt outstanding and due to the lender on the January 9, 2024 maturity date. The SRT Loan is secured by all of the Company’s operating real estate assets. Although the Company is in discussions with the lender to extend the term of the SRT Loan while the Company completes its liquidation activities, no assurances can be provided that the Company will successfully extend the term of the SRT Loan. As a result of the default, the Company is paying an increased debt service payment due to the default interest rate in effect of 5% above the rate that would otherwise be in effect (30-day SOFR, plus 2.8%). In addition, the lender could foreclose on the properties that secure the SRT Loan in satisfaction of the debt.

SEC Schedule, Article 12-28, Re

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure	STRATEGIC REALTY TRUST, INC. AND SUBSIDIARIES SCHEDULE III — REAL ESTATE OPERATING PROPERTIES AND ACCUMULATED DEPRECIATION LIQUIDATION BASIS December 31, 2023 (amounts in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount of Which Carried at Encumbrances Land Building Land Building Accumulated Depreciation (4) Total (2) Acquisition Date Topaz Marketplace $ — $ 2,120 $ 10,724 $ (12,590) $ 254 $ — $ — $ 254 9/23/2011 400 Grove Street 1,450 1,009 1,813 — 1,009 1,813 (423) 2,399 6/14/2016 8 Octavia Street 1,500 728 1,847 801 728 2,648 (572) 2,804 6/14/2016 Fulton Shops 2,200 1,187 3,254 (50) 1,187 3,204 (736) 3,655 7/27/2016 450 Hayes 3,650 2,324 5,009 303 2,324 5,312 (1,214) 6,422 12/22/2016 388 Fulton 2,300 1,109 2,943 105 1,112 3,045 (704) 3,453 01/04/2017 Silver Lake 6,900 5,747 6,646 420 5,760 7,053 (1,630) 11,183 01/11/2017 Net liquidation adjustment — — — — — — — (3,910) Total $ 18,000 $ 14,224 $ 32,236 $ (11,011) $ 12,374 $ 23,075 $ (5,279) $ 26,260 (1) The cost capitalized subsequent to acquisition may include negative balances resulting from the write-off and impairment of real estate assets, and parcel sales. (2) Under the liquidation basis of accounting, our real estate holdings are now carried at their estimated value. As a result, the net liquidation adjustment is the net adjustment that we have made to the carrying value of the property in order to reflect its fair value. (3) The aggregate net tax basis of land and buildings for federal income tax purposes is $34.1 million. (4) Depreciation expense will not be recorded subsequent to June 30, 2023 as a result of the adoption of our plan of liquidation. (in thousands) Year Ended December 31, (Liquidation Basis) (Going Concern Basis) 2023 2022 Real Estate: Balance at the beginning of the year $ 35,461 $ 54,703 Improvements (12) 469 Dispositions — (17,159) Impairments — (2,552) Net liquidation adjustment (9,189) — Balance at the end of the year $ 26,260 $ 35,461 Accumulated Depreciation: Balance at the beginning of the year $ 4,838 $ 5,148 Depreciation expense (1) 441 963 Dispositions — (1,273) Balances associated with changes in reporting presentation (1) (5,279) — Balance at the end of the year $ — $ 4,838 (1) Depreciation expense recorded through July 1, 2023, the date the Company adopted the liquidation basis of accounting. See accompanying report of independent registered public accounting firm.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents represent current bank accounts and other bank deposits free of encumbrances and having maturity dates of three months or less from the respective dates of deposit. The Company limits cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk in cash. Restricted cash includes escrow accounts for real property taxes, insurance, capital expenditures and tenant improvements, debt service and leasing costs held by lenders. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated statement of net assets and consolidated balance sheet (amounts in thousands): December 31, 2023 December 31, 2022 Cash and cash equivalents $ 1,250 $ 3,089 Restricted cash 319 382 Total cash, cash equivalents, and restricted cash $ 1,569 $ 3,471
Recent Accounting Pronouncements	Recent Accounting Pronouncements There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting.
Use of Estimates, Policy	Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. The Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations.
Basis of Accounting, Policy	Principles of Consolidation and Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”), including Subtopic 205-30, “Liquidation Basis of Accounting”, as indicated, and the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-K and Regulation S-X. Pursuant to the Company’s stockholders’ approval of the Plan of Liquidation, the Company adopted the liquidation basis of accounting as of and for the periods subsequent to July 1, 2023 (as the approval of the Plan of Liquidation by the Company’s stockholders became imminent during the month of July 2023 based on the results of the Company’s solicitation of proxies from its stockholders for their approval of the Plan of Liquidation). Accordingly, on July 1, 2023, assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash or other consideration that the Company expects to realize through the disposal of assets as it carries out the Plan of Liquidation. The liquidation values of the Company’s remaining real estate properties are presented on an net realizable value basis. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs and income that it expects to incur and earn through the completion of its liquidation, including the estimated amount of cash or other consideration that the Company expects to realize through the disposal of its assets and the estimated costs to dispose of its assets, to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 2, “Plan of Liquidation” and Note 4, “Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation” for further discussion. Actual costs incurred but unpaid as of December 31, 2023 are included in accounts payable and accrued expenses, due to affiliates and other liabilities on the Consolidated Statement of Net Assets. Net assets in liquidation represents the remaining estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the sale or transfer of the Company’s remaining real estate properties and the estimated cash flows from operations, actual liquidation costs and sale proceeds may differ materially from the amounts estimated. All financial results and disclosures through June 30, 2023, prior to the adoption of the liquidation basis of accounting, are presented on a GAAP historical basis, which contemplates the realization of assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2022, the statements of operations and comprehensive income, the statements of stockholders’ equity and the statements of cash flows for the six months ended June 30, 2023 and the comparative year ended December 31, 2022, are presented using the GAAP historical basis of accounting. The consolidated financial statements include the accounts of the Company, the OP, their direct and indirect owned subsidiaries, and the accounts of joint ventures that are determined to be variable interest entities for which the Company is the primary beneficiary. All significant intercompany balances and transactions are eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s condensed consolidated financial position, results of operations and cash flows have been included. The Company evaluates the need to consolidate joint ventures and variable interest entities based on standards set forth in ASC Topic 810, Consolidation (“ASC 810”). In determining whether the Company has a controlling interest in a joint venture or a variable interest entity and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the partners/members, as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. During the years ended December 31, 2023 and 2022, the Company held variable interests in two variable interest entities and consolidated those entities.
Segment Reporting, Policy	Reportable Segments ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has one reportable segment, income-producing retail properties, which consists of activities related to investing in real estate. The retail properties are all located in California, and the Company evaluates operating performance on an overall portfolio level.
Income Tax, Policy	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially and adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes, and to U.S. federal income and excise taxes on its undistributed income. The Company evaluates tax positions taken in the consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. When necessary, deferred income taxes are recognized in certain taxable entities. Deferred income tax is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes). A valuation allowance for deferred income tax assets is provided if all or some portion of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance is generally included in deferred income tax expense. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions is subject to change.
Accounts Receivable	Rents and Other Receivables Liquidation Basis of Accounting In accordance with the liquidation basis of accounting, as of July 1, 2023, rents and other receivables were adjusted to their net realizable value. The Company periodically evaluates the collectibility of amounts due from tenants. Any changes in the collectibility of the receivables are reflected as a change to the Company’s net assets in liquidation. Going Concern Basis The Company estimated the collectability of its tenant receivables related to base rents, including deferred rents receivable, expense reimbursements and other revenue or income. The Company analyzed tenant receivables, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company made estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims could exceed one year. When a tenant is in bankruptcy, the Company recorded a bad debt reserve for the tenant’s receivable balance and generally did not recognize subsequent rental revenue until cash was received or until the tenant was no longer in bankruptcy and had the ability to make rental payments.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash [Table Text Block]	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated statement of net assets and consolidated balance sheet (amounts in thousands): December 31, 2023 December 31, 2022 Cash and cash equivalents $ 1,250 $ 3,089 Restricted cash 319 382 Total cash, cash equivalents, and restricted cash $ 1,569 $ 3,471

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Accrued Revenues and Expenses Expected During Liquidation	Upon transition to the liquidation basis of accounting on July 1, 2023, the Company accrued the following revenues and expenses expected to be incurred during liquidation (amounts in thousands): As of July 1, 2023 Rental income $ 1,935 Other operating income 28 Operating, maintenance and management (473) Real estate taxes and insurance (337) General and administrative expenses (2,484) Interest expense (1,485) Tenant improvements (78) Return of escrow funds 162 Liquidating transaction costs (2,510) Liabilities for estimated costs in excess of estimated receipts during liquidation $ (5,242)
Summary of Changes in Liquidation Accrual of Company	The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of December 31, 2023 is as follows (amounts in thousands): July 1, 2023 Cash Payments (Receipts) Remeasurement of Assets and Liabilities December 31, 2023 Liabilities: Estimated net outflows from investments in real estate $ (248) $ 151 $ (346) $ (443) Liquidation transaction costs (2,510) — 20 (2,490) Corporate expenditures (2,484) 702 (3) (1,785) Capital expenditures — 46 (46) — (5,242) 899 (375) (4,718) Total liabilities for estimated costs in excess of estimated receipts during liquidation $ (5,242) $ 899 $ (375) $ (4,718)

NOTES PAYABLE, NET (Tables)

NOTES PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of maturities for notes payable outstanding	The following is a schedule of future principal payments for all of the Company’s notes payable outstanding as of December 31, 2023 (amounts in thousands): 2024 (1) $ 18,000 Total future principal payments 18,000 Notes payable (2) $ 18,000 (1) As discussed above, on January 18, 2024, the Company was notified of its maturity default on the SRT Loan following its failure to pay the amount of the debt outstanding and due to the SRT Lender on the January 9, 2024 maturity date. (2) As described in Note 3, “Summary of Significant Accounting Policies” on July 1, 2023, the Company adopted the liquidation basis of accounting which requires the Company to record notes payable at their contractual amounts.
Interest Income and Interest Expense Disclosure	The following table sets forth interest costs incurred by the Company for the periods presented (amounts in thousands): Year Ended 2022 Expensed Interest costs, net of amortization of deferred financing costs $ 1,698 Amortization of deferred financing costs 720 Total interest expensed $ 2,418 Capitalized Interest costs, net of amortization of deferred financing costs $ 779 Amortization of deferred financing costs 87 Total interest capitalized $ 866

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	The following table sets forth the Advisor related party costs incurred and payable by the Company for the periods presented (amounts in thousands): Incurred Payable as of Year Ended December 31, Expensed 2023 2022 2023 2022 Asset management fees 250 440 21 21 Reimbursement of operating expenses — 18 — — Property management fees 81 108 13 16 Disposition fees — 137 — — Total $ 331 $ 703 $ 34 $ 37

SEC Schedule, Article 12-28, _2

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation (Tables)	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule of Real Estate Properties	(amounts in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount of Which Carried at Encumbrances Land Building Land Building Accumulated Depreciation (4) Total (2) Acquisition Date Topaz Marketplace $ — $ 2,120 $ 10,724 $ (12,590) $ 254 $ — $ — $ 254 9/23/2011 400 Grove Street 1,450 1,009 1,813 — 1,009 1,813 (423) 2,399 6/14/2016 8 Octavia Street 1,500 728 1,847 801 728 2,648 (572) 2,804 6/14/2016 Fulton Shops 2,200 1,187 3,254 (50) 1,187 3,204 (736) 3,655 7/27/2016 450 Hayes 3,650 2,324 5,009 303 2,324 5,312 (1,214) 6,422 12/22/2016 388 Fulton 2,300 1,109 2,943 105 1,112 3,045 (704) 3,453 01/04/2017 Silver Lake 6,900 5,747 6,646 420 5,760 7,053 (1,630) 11,183 01/11/2017 Net liquidation adjustment — — — — — — — (3,910) Total $ 18,000 $ 14,224 $ 32,236 $ (11,011) $ 12,374 $ 23,075 $ (5,279) $ 26,260 (1) The cost capitalized subsequent to acquisition may include negative balances resulting from the write-off and impairment of real estate assets, and parcel sales. (2) Under the liquidation basis of accounting, our real estate holdings are now carried at their estimated value. As a result, the net liquidation adjustment is the net adjustment that we have made to the carrying value of the property in order to reflect its fair value. (3) The aggregate net tax basis of land and buildings for federal income tax purposes is $34.1 million. (4) Depreciation expense will not be recorded subsequent to June 30, 2023 as a result of the adoption of our plan of liquidation.
Schedule III Real Estate and Accumulated Depreciation	(in thousands) Year Ended December 31, (Liquidation Basis) (Going Concern Basis) 2023 2022 Real Estate: Balance at the beginning of the year $ 35,461 $ 54,703 Improvements (12) 469 Dispositions — (17,159) Impairments — (2,552) Net liquidation adjustment (9,189) — Balance at the end of the year $ 26,260 $ 35,461 Accumulated Depreciation: Balance at the beginning of the year $ 4,838 $ 5,148 Depreciation expense (1) 441 963 Dispositions — (1,273) Balances associated with changes in reporting presentation (1) (5,279) — Balance at the end of the year $ — $ 4,838 (1) Depreciation expense recorded through July 1, 2023, the date the Company adopted the liquidation basis of accounting.

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Textual) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of Real Estate Properties	6
Net Rentable Area | ft²	27
Number of States in which Entity Operates	1
Percent of Real Estate Properties Leased	85%
Cash and Cash Equivalents	$ 1,250	$ 3,089
Restricted Cash	$ 319	$ 382
Strategic Realty Trust [Member]
Real Estate Properties [Line Items]
Partnership Interest Ownership Percentage	98.10%	98.10%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and Cash Equivalents	$ 1,250		$ 3,089
Restricted Cash	319		382
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 1,569	$ 2,302	$ 3,471	$ 2,407

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES IMPAIRMENTS OF LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Impairment, Long-Lived Asset, Held-for-Use [Abstract]
Loss on impairment of real estate	$ 0	$ 6,035

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jul. 01, 2023
Other Liabilities Disclosure [Abstract]
Liquidation Basis of Accounting, Revenues for Estimated Costs in Excess of Estimated Receipts during Liquidation, Rental Income		$ 1,935
Liquidation Basis of Accounting, Revenues for Estimated Costs in Excess of Estimated Receipts during Liquidation, Other Operating Income		28
Liquidation Basis of Accounting, Expenses for Estimated Costs in Excess of Estimated Receipts during Liquidation, Operating, Maintenance and management		(473)
Liquidation Basis of Accounting, Expenses for Estimated Costs in Excess of Estimated Receipts during Liquidation, Real Estate Taxes and Insurance		(337)
Liquidation Basis of Accounting, Expenses for Estimated Costs in Excess of Estimated Receipts during Liquidation, General & Administrative Expenses		(2,484)
Liquidation Basis of Accounting, Expenses for Estimated Costs in Excess of Estimated Receipts during Liquidation, Interest Expense		(1,485)
Liquidation Basis of Accounting, Expenses for Estimated Costs in Excess of Estimated Receipts during Liquidation, Tenant Improvements		(78)
Liquidation Basis of Accounting, Revenues for Estimated Costs in Excess of Estimated Receipts during Liquidation, Return of Escrow Funds		162
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities		(2,510)
Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation	$ (4,718)	(5,242)
Liquidation Basis of Accounting, Estimated Net Outflows from Investments in Real Estate	(443)	(248)
Liquidation Basis of Accounting, Payments for investments in real estate	151
Liquidation Basis of Accounting, Remeasurement, Increase (Decrease) in Estimated Net Outflows from Investments in Real Estate	(346)
Liquidation Basis of Accounting, Liqudation transaction costs	(2,490)	(2,510)
Liquidation Basis of Accounting, Payments for liquidation costs	0
Liquidation Basis of Accounting, Remeasurement, Increase (Decrease) in Liquidation transaction costs	20
Liquidation Basis of Accounting, Corporate Expenditures	(1,785)	(2,484)
Liquidation Basis of Accounting, Remeasurement, Increase (Decrease) in Corporate Expenditures	(3)
Liquidation Basis of Accounting, Remeasurement, Increase (Decrease) in Capital Expenditures	(46)
Liquidation Basis of Accounting, payments for capital expenditures	46
Liquidation Basis of Accounting, Capital Expenditures	0	0
Liquidation Basis of Accounting, Total Liabilities	(4,718)	$ (5,242)
Liquidation Basis of Accounting, Payments for Liabilities	899
Liquidation Basis of Accounting, Remeasurement, Increase (Decrease) in Liabilities	(375)
Liquidation Basis of Accounting, Payments for (Proceeds) from Liquidation	899
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Accrued Costs to Dispose of Assets and Liabilities	(375)
Liquidation Basis of Accounting, Payments for corporate expenditures	$ 702

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2023 USD ($) $ / shares
Equity [Abstract]
Common Stock, Additional Estimated Liquidation Distribution Per Share | $ / shares	$ 0.47
Real Estate, Liquidation Value | $	$ 26,260

REAL ESTATE INVESTMENTS (Detail

REAL ESTATE INVESTMENTS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) gain on disposal of real estate	$ 0	$ (1,610)
Operating Income (loss)	$ (1,425)	$ (10,152)

NOTES PAYABLE, NET NOTES PAYABL

NOTES PAYABLE, NET NOTES PAYABLE, NET (Multi-Property Secured Financing) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Jan. 09, 2024
Secured Debt	$ 18,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	30-day SOFR
Debt Instrument, Basis Spread on Variable Rate	2.80%
Derivative, Notional Amount	$ 18,000
Payments of Derivative Issuance Costs	260
Derivative, Fair Value, Net	$ 29
Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%

NOTES PAYABLE, NET (Loans Secur

NOTES PAYABLE, NET (Loans Secured by Properties Under Development) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Nov. 09, 2021
Short-term Debt [Line Items]
Interest Rate		7%
Debt Instrument, Maturity Date	Jan. 09, 2024
Secured Debt	$ 18,000
Secured Debt [Member]
Short-term Debt [Line Items]
Debt Instrument, Description of Variable Rate Basis	30-day SOFR
Debt Instrument, Basis Spread on Variable Rate	2.80%
Derivative, Notional Amount	$ 18,000
Payments of Derivative Issuance Costs	260
Derivative, Fair Value, Net	$ 29
Minimum [Member] | Secured Debt [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%

NOTES PAYABLE, NET (Future Prin

NOTES PAYABLE, NET (Future Principal Payments) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Schedule of maturities for notes payable outstanding
2024(1)	$ 18,000
Total (1)	18,000
Notes Payable, Fair Value Disclosure	$ 18,000

NOTES PAYABLE, NET NOTES PAYA_2

NOTES PAYABLE, NET NOTES PAYABLE, NET (Interest Expense) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Short-term Debt [Line Items]
Interest Income (Expense), Net		$ 1,698
Amortization of Deferred Financing Costs		720
Interest expense	$ 735	2,418
Interest Payable			$ 100
Variable Interest Entity, Primary Beneficiary [Member]
Short-term Debt [Line Items]
Interest Costs Incurred		779
Amortization of Deferred Financing Costs		87
Interest Costs Capitalized		$ 866

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on impairment of real estate	$ 0	$ 6,035

EQUITY (Common Stock) (Details)

EQUITY (Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 04, 2015	Feb. 07, 2013	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common Stock, Shares Authorized				400,000,000
Common Stock, Par or Stated Value Per Share				$ 0.01
Common Stock, Shares, Issued				10,752,966
Common Stock
Class of Stock [Line Items]
Common Stock, Shares Authorized			400,000,000
Common Stock, Par or Stated Value Per Share			$ 0.01
Common Stock, Shares, Issued		10,688,940
Proceeds from Issuance of Common Stock		$ 104.7
Stock Issued During Period, Shares, Dividend Reinvestment Plan		391,182
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan		$ 3.6
SpecialDistributionShaesIssuedtoStockholders	273,729
Cumulative stock redeemed to date, shares			878,458
Cumulative stock redeemed to date, value			$ 6.2
Restricted Stock
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		50,000

EQUITY Common Units of the OP (

EQUITY Common Units of the OP (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 30, 2014	Mar. 12, 2012	May 26, 2011
Affiliated Entity
Class of Stock [Line Items]
Proceeds from Contributed Capital	$ 1
Operating Partnership Interest	15%
Cumulative Rate of Return	7%
Common Stock
Class of Stock [Line Items]
AntidilutedConvertibleCommonUnitsOfRedemption	1,000
Pinehurst [Member]
Class of Stock [Line Items]
Common Unit, Issued			287,472
Common Unit, Issuance Value			$ 2,600
Common Unit, Issuance Value per Unit			$ 9
Shops at Turkey Creek
Class of Stock [Line Items]
Common Unit, Issued		144,324
Common Unit, Issuance Value		$ 1,400
Common Unit, Issuance Value per Unit		$ 9.50

EQUITY Preferred Stock (Details

EQUITY Preferred Stock (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Issued		0
Preferred Stock, Shares Outstanding		0

EQUITY (Share Redemption) (Deta

EQUITY (Share Redemption) (Details) - Common Stock $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Class of Stock [Line Items]
Stock Redeemed or Called During Period, Shares	0
Cumulative stock redeemed to date, shares	878,458
Cumulative stock redeemed to date, value | $	$ 6.2

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2021
Summarized below are the related-party transactions
Amounts due to affiliates		$ 34	$ 37
Line of Credit Facility, Maximum Borrowing Capacity				$ 4,000
Repayments of Related Party Debt	$ 0	3,000	3,000
Interest Expense, Related Party		154
Secured Line Of Credit [Member]
Summarized below are the related-party transactions
Payments of Debt Issuance Costs		20
Expensed Asset management Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred		250	440
Amounts due to affiliates		21	21
Expensed Reimbursement Of Operating Expenses [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred		0	18
Amounts due to affiliates		0	0
Expensed Property Management Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred		81	108
Amounts due to affiliates		13	16
Expensed Disposition Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred		0	137
Amounts due to affiliates		0	0
Expensed [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred		331	703
Amounts due to affiliates		$ 34	$ 37

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details) (Narrative) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2021	Nov. 09, 2021
Contractors [Abstract]
Payment for Debt Extinguishment or Debt Prepayment Cost		$ 15
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 4,000
Debt Instrument, Interest Rate, Stated Percentage					7%
Repayments of Related Party Debt	$ 0	3,000	$ 3,000
Interest Expense, Related Party		154
Payment for Debt Extinguishment or Debt Prepayment Cost		15
Secured Line Of Credit [Member]
Related Party Transaction [Line Items]
Payments of Debt Issuance Costs		$ 20
Minimum [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 300

SCHEDULE III - REAL ESTATE OPER

SCHEDULE III - REAL ESTATE OPERATING PROPERTIES AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,000
Land	14,224
Building & Improvements	32,236
Cost Capitalized Subsequent to Acquisition(1)	(11,011)
Land	12,374
Building & Improvements	23,075
Total(2)	26,260	$ 35,461	$ 54,703
Accumulated Depreciation(4)	0	(4,838)	$ (5,148)
Federal Income Tax Basis	34,100
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	26,260
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction	(3,910)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Liquidation	(5,279)
Net liquidation adjustment	(9,189)	0
Balances associated with changes in reporting presentation (1)	(5,279)	$ 0
Topaz Marketplace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,120
Building & Improvements	10,724
Cost Capitalized Subsequent to Acquisition(1)	(12,590)
Land	254
Building & Improvements	0
Accumulated Depreciation(4)	$ 0
Acquisition Date	Sep. 23, 2011
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	$ 254
400 Grove [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,450
Land	1,009
Building & Improvements	1,813
Cost Capitalized Subsequent to Acquisition(1)	0
Land	1,009
Building & Improvements	1,813
Accumulated Depreciation(4)	$ (423)
Acquisition Date	Jun. 14, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	$ 2,399
8 Octavia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,500
Land	728
Building & Improvements	1,847
Cost Capitalized Subsequent to Acquisition(1)	801
Land	728
Building & Improvements	2,648
Accumulated Depreciation(4)	$ (572)
Acquisition Date	Jun. 14, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	$ 2,804
Fulton Shops [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,200
Land	1,187
Building & Improvements	3,254
Cost Capitalized Subsequent to Acquisition(1)	(50)
Land	1,187
Building & Improvements	3,204
Accumulated Depreciation(4)	$ (736)
Acquisition Date	Jul. 27, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	$ 3,655
450 Hayes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,650
Land	2,324
Building & Improvements	5,009
Cost Capitalized Subsequent to Acquisition(1)	303
Land	2,324
Building & Improvements	5,312
Accumulated Depreciation(4)	$ (1,214)
Acquisition Date	Dec. 22, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	$ 6,422
388 Fulton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,300
Land	1,109
Building & Improvements	2,943
Cost Capitalized Subsequent to Acquisition(1)	105
Land	1,112
Building & Improvements	3,045
Accumulated Depreciation(4)	$ (704)
Acquisition Date	Jan. 04, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	$ 3,453
Silver Lake [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,900
Land	5,747
Building & Improvements	6,646
Cost Capitalized Subsequent to Acquisition(1)	420
Land	5,760
Building & Improvements	7,053
Accumulated Depreciation(4)	$ (1,630)
Acquisition Date	Jan. 11, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net	$ 11,183

SEC Schedule, Article 12-28, _3

SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the beginning of the year	$ 35,461	$ 54,703
Improvements	(12)	(469)
Dispositions	0	(17,159)
Impairments	0	(2,552)
Balance at the end of the year	26,260	35,461
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	4,838	5,148
Depreciation expense(1)	441	963
Dispositions	0	(1,273)
Balances associated with changes in reporting presentation (1)	(5,279)	$ 0
Federal Income Tax Basis	$ 34,100

Uncategorized Items - srtr-2023

Label	Element	Value
Parent [Member]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	us-gaap_IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1	$ 43,000
AOCI Attributable to Parent [Member]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	us-gaap_IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1	43,000
Net Income (Loss)	us-gaap_NetIncomeLoss	0
Noncontrolling Interest [Member]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	us-gaap_IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1	0
Additional Paid-in Capital [Member]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	us-gaap_IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1	0
Common Stock [Member]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	us-gaap_IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1	0
Retained Earnings [Member]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	us-gaap_IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1	$ 0