Note 3 - Real Estate

6 Months Ended

Jun. 30, 2022

Note 3 – Real Estate

Midtown Row Acquisition

On December 21, 2021, the Company entered into a purchase and sale agreement (the “MTR 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”). On July 1, 2022, the MTR Agreement automatically terminated in accordance with its terms (the “Termination”) as a result of the closing not occurring by June 30, 2022. In connection with the Termination, the Company forfeited its $0.2 million deposit under the MTR Agreement, which is BBL Current's sole remedy for the Termination and releases and discharges the Company from any and all further liability or obligation under the MTR Agreement. During the three months and six months ended June 30, 2022, the Company recognized $0.2 million of Real estate related acquisition costs in its consolidated statements of operations related to the forfeiture of the deposit.

Colfax Land Parcel Acquisition

On February 8, 2022, the Company entered into a purchase and sale agreement (the “Colfax Agreement”) to acquire a land parcel for a purchase price of $2.5 million in cash. On July 1, 2022, the Colfax Agreement automatically terminated in accordance with its terms as a result of the closing not occurring by June 30, 2022. In connection with the termination of the Colfax Agreement, the Company forfeited its $0.3 million deposit. During the three months and six months ended June 30, 2022, the Company recognized approximately $0.3 million of Real estate related acquisition costs in its consolidated statements of operations related to the forfeiture of the deposit.

Concentrations of Credit Risks

The following table contains information regarding the geographic concentration of the properties in the Company’s portfolio as of June 30, 2022, which includes rental income for the six months ended June 30, 2022 and 2021.


(dollars in thousands)	Number of Properties	Gross Real Estate Assets		Percentage of Total Real Estate Assets			Rental income for the six months ended June 30,
Location	June 30, 2022	June 30, 2022		June 30, 2022			2022		2021
Maryland(1)	6	$	101,768		39.3	%	$	6,061	$	4,298
Virginia	5		83,974		32.3	%		3,636		2,688
Pennsylvania	1		28,435		10.9	%		1,058		1,106
Washington D.C.	1		8,439		3.2	%		306		325
Colorado	2		37,281		14.3	%		2,604		337
	15	$	259,897		100.0	%	$	13,665	$	8,754

(1)

Rental income for the six months ended June 30, 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.