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Schedule III - Real Estate and Accumulated Depreciation - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 269,474    
Initial Cost to Company, Land 66,075    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 326,943    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 15,934    
Gross Amount at Which Carried at Close of Period, Land 67,225    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 342,877    
Gross Amount at Which Carried at Close of Period, Total 410,102 [2] $ 253,125 $ 181,725
Accumulated Depreciation and Amortization (38,608) [2],[3] $ (21,620) $ (9,625)
Avondale Shops [Member] | Washington, D.C. [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] 2,985    
Initial Cost to Company, Land 1,776    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 6,593    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 53    
Gross Amount at Which Carried at Close of Period, Land 1,776    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 6,646    
Gross Amount at Which Carried at Close of Period, Total [2] 8,422    
Accumulated Depreciation and Amortization [2],[3] $ (920)    
Date of Construction/Renovation 2010    
Date Acquired 2019    
Brookhill Azalea Shopping Center [Member] | Richmond, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 8,762    
Initial Cost to Company, Land 1,344    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,554    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 476    
Gross Amount at Which Carried at Close of Period, Land 1,344    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 16,030    
Gross Amount at Which Carried at Close of Period, Total [2] 17,374    
Accumulated Depreciation and Amortization [2],[3] $ (2,976)    
Date of Construction/Renovation 2012    
Date Acquired 2019    
Coral Hills Shopping Center [Member] | Capitol Heights, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 10,689    
Initial Cost to Company, Land 2,186    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 14,317    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition (1)    
Gross Amount at Which Carried at Close of Period, Land 2,186    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 14,316    
Gross Amount at Which Carried at Close of Period, Total [2] 16,502    
Accumulated Depreciation and Amortization [2],[3] $ (3,365)    
Date of Construction/Renovation 2012    
Date Acquired 2019    
Crestview Square Shopping Center [Member] | Landover Hills, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 11,924    
Initial Cost to Company, Land 2,853    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,717    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 83    
Gross Amount at Which Carried at Close of Period, Land 2,853    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 15,800    
Gross Amount at Which Carried at Close of Period, Total [2] 18,653    
Accumulated Depreciation and Amortization [2],[3] $ (3,236)    
Date of Construction/Renovation 2012    
Date Acquired 2019    
Dekalb Plaza [Member] | East Norriton, PA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 14,558    
Initial Cost to Company, Land 7,573    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 17,479    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 2,148    
Gross Amount at Which Carried at Close of Period, Land 7,573    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 19,627    
Gross Amount at Which Carried at Close of Period, Total [2] 27,200    
Accumulated Depreciation and Amortization [2],[3] $ (3,210)    
Date of Construction/Renovation 2017    
Date Acquired 2019    
Hollinswood Shopping Center [Member] | Baltimore, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 12,760    
Initial Cost to Company, Land 5,907    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,050    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 3,953    
Gross Amount at Which Carried at Close of Period, Land 5,907    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 19,003    
Gross Amount at Which Carried at Close of Period, Total [2] 24,910    
Accumulated Depreciation and Amortization [2],[3] $ (3,273)    
Date of Construction/Renovation 2020    
Date Acquired 2019    
Midtown Colonial [Member] | Williamsburg, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 8,429    
Initial Cost to Company, Land 3,963    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 10,014    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 3,728    
Gross Amount at Which Carried at Close of Period, Land 3,963    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 13,742    
Gross Amount at Which Carried at Close of Period, Total [2] 17,705    
Accumulated Depreciation and Amortization [2],[3] $ (1,622)    
Date of Construction/Renovation 2018    
Date Acquired 2019    
Midtown Lamonticello [Member] | Williamsburg, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 9,839    
Initial Cost to Company, Land 3,108    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 12,659    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 276    
Gross Amount at Which Carried at Close of Period, Land 3,108    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 12,935    
Gross Amount at Which Carried at Close of Period, Total [2] 16,043    
Accumulated Depreciation and Amortization [2],[3] $ (1,374)    
Date of Construction/Renovation 2019    
Date Acquired 2019    
Vista Shops at Golden Mile [Member] | Fredrick, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 11,478    
Initial Cost to Company, Land 4,342    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 10,219    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 132    
Gross Amount at Which Carried at Close of Period, Land 4,342    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 10,351    
Gross Amount at Which Carried at Close of Period, Total [2] 14,693    
Accumulated Depreciation and Amortization [2],[3] $ (2,541)    
Date of Construction/Renovation 2009    
Date Acquired 2019    
West Broad Commons Shopping Center [Member] | Richmond, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 11,647    
Initial Cost to Company, Land 1,324    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 18,180    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 232    
Gross Amount at Which Carried at Close of Period, Land 1,324    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 18,412    
Gross Amount at Which Carried at Close of Period, Total [2] 19,736    
Accumulated Depreciation and Amortization [2],[3] $ (2,951)    
Date of Construction/Renovation 2017    
Date Acquired 2019    
Lamar Station Plaza East [Member] | Lakewood, CO [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 0    
Initial Cost to Company, Land 1,826    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 3,183    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 2,571    
Gross Amount at Which Carried at Close of Period, Land 2,904    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 5,754    
Gross Amount at Which Carried at Close of Period, Total [2] 8,658    
Accumulated Depreciation and Amortization [2],[3] $ (1,088)    
Date of Construction/Renovation 1984    
Date Acquired 2020    
Cromwell Field Shopping Center [Member] | Glen Burnie, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 10,113    
Initial Cost to Company, Land 2,256    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,618    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 355    
Gross Amount at Which Carried at Close of Period, Land 2,256    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 15,973    
Gross Amount at Which Carried at Close of Period, Total [2] 18,229    
Accumulated Depreciation and Amortization [2],[3] $ (2,517)    
Date of Construction/Renovation 2020    
Date Acquired 2021    
Highlandtown Village Shopping Center [Member] | Baltimore, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 7,090    
Initial Cost to Company, Land 2,998    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 4,341    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 10    
Gross Amount at Which Carried at Close of Period, Land 2,998    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 4,351    
Gross Amount at Which Carried at Close of Period, Total [2] 7,349    
Accumulated Depreciation and Amortization [2],[3] $ (1,314)    
Date of Construction/Renovation 1987    
Date Acquired 2021    
Spotswood Valley Square Shopping Center [Member] | Harrissonburg V A [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 14,241    
Initial Cost to Company, Land 4,715    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 9,685    
Gross Amount at Which Carried at Close of Period, Land 4,715    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 9,685    
Gross Amount at Which Carried at Close of Period, Total [2] 14,400    
Accumulated Depreciation and Amortization [2],[3] $ (3,141)    
Date of Construction/Renovation 1997    
Date Acquired 2021    
The Shops At Greenwood Village [Member] | Greenwood Village, CO [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 22,772    
Initial Cost to Company, Land 3,170    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 27,560    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 1,209    
Gross Amount at Which Carried at Close of Period, Land 3,242    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 28,769    
Gross Amount at Which Carried at Close of Period, Total [2] 32,011    
Accumulated Depreciation and Amortization [2],[3] $ (3,711)    
Date of Construction/Renovation 2019    
Date Acquired 2021    
Lamar Station Plaza West [Member] | Lakewood, CO [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 18,317    
Initial Cost to Company, Land 8,774    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 13,996    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 64    
Gross Amount at Which Carried at Close of Period, Land 8,774    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 14,060    
Gross Amount at Which Carried at Close of Period, Total [2] 22,834    
Accumulated Depreciation and Amortization [2],[3] $ (292)    
Date of Construction/Renovation 2016    
Date Acquired 2022    
Midtown Row [Member] | Williamsburg, VA [Member] | Mixed Use [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 93,870    
Initial Cost to Company, Land 7,960    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 116,778    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 645    
Gross Amount at Which Carried at Close of Period, Land 7,960    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 117,423    
Gross Amount at Which Carried at Close of Period, Total [2] 125,383    
Accumulated Depreciation and Amortization [2],[3] $ (1,077)    
Date of Construction/Renovation 2021    
Date Acquired 2022    
[1] Includes fair market value of debt adjustments and debt discount, net
[2] The changes in total real estate and accumulated depreciation and amortization for the years ended December 31, 2022 and 2021 is as follows:

 

 

 

For the year ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cost

 

 

 

 

 

 

Balance at beginning of period

 

$

253,125

 

 

$

181,725

 

Acquisitions

 

 

149,956

 

 

 

68,087

 

Capitalized costs

 

 

7,021

 

 

 

3,313

 

Balance at end of period

 

$

410,102

 

 

$

253,125

 

 

 

 

 

 

 

 

Accumulated depreciation and amortization

 

 

 

 

 

 

Balance at beginning of period

 

$

21,620

 

 

$

9,625

 

Depreciation and amortization

 

 

16,988

 

 

 

11,995

 

Balance at end of period

 

$

38,608

 

 

$

21,620

 

[3] The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 5 to 49 years. The cost of intangible lease assets and liabilities is amortized on a straight-line basis over the initial term of the related leases, ranging up to 19 years. See Note 2 to the consolidated financial statements for information on useful lives used for depreciation and amortization.