Note 3 - Real Estate

3 Months Ended

Mar. 31, 2022

Note 3 – Real Estate

Pending Midtown Row Acquisition

On December 21, 2021, the Company entered into a purchase and sale agreement with BBL Current Owner, LLC (“BBL Current”) to acquire a mixed-use property in Williamsburg, Virginia known as Midtown Row for a purchase price of $122.0 million in cash (the “Midtown Row Acquisition”). The Midtown Row Acquisition is subject to customary closing conditions. There can be no assurances that these conditions will be satisfied or that the Company will complete the Midtown Row Acquisition on the terms described herein or at all. In the event that the Company fails to complete the Midtown Row Acquisition by reason of not performing its obligations under the purchase and sale agreement, the Company's $0.2 million security deposit will be forfeited.

Concentrations of Credit Risks

The following table contains information regarding the geographic concentration of the properties in the Company’s portfolio as of March 31, 2022, which includes rental income for the three months ended March 31, 2022 and 2021.


(dollars in thousands)	Number of Properties	Gross Real Estate Assets		Percentage of Total Real Estate Assets			Rental income for the three months ended March 31,
Location	March 31, 2022	March 31, 2022		March 31, 2022			2022		2021
Maryland(1)	6	$	101,724		39.4	%	$	3,028	$	1,896
Virginia	5		83,058		32.1	%		1,757		1,227
Pennsylvania	1		28,199		10.9	%		475		511
Washington D.C.	1		8,393		3.2	%		134		173
Colorado	2		37,262		14.4	%		1,333		131
	15	$	258,636		100.0	%	$	6,727	$	3,938

(1)

Rental income for the three months ended March 31, 2021 includes less than $0.1 million of ground rental revenue under the ground lease for the parcel of land acquired in January 2020. The ground lease was terminated upon the completion of the Company's acquisition of Cromwell Field Shopping Center on May 26, 2021.