Note 3 - Real Estate (Tables) - 2022 Real Estate Acquisitions [Member]

12 Months Ended

Dec. 31, 2023

Real Estate Properties [Line Items]

Additional Information Regarding Total Consideration for Properties

The following table provides additional information regarding total consideration for the properties acquired during 2022.

(in thousands)
Cash paid to prior owners using Preferred Equity Investment	$	28,426
Cash paid to prior owners		450
Fair value of Common OP units issued		807
Fair value of Preferred OP units issued		4,220
Fair value of warrants issued		391
Prior owner debt paid off at closing using Preferred Equity Investment		7,759
Cash paid to prior owners using net proceeds from mortgage and mezzanine debt		89,750
Transaction costs		1,750
Cash acquired in acquisition		(943	)
Total Cost of Acquisition	$	132,610

Relative Fair Value of Assets Acquired and Liabilities Assumed

The following table reflects the relative fair value of assets acquired and liabilities assumed related to the properties acquired during 2022.

(in thousands)
Land	$	16,734
Building		116,908
Building and site improvements		6,459
Intangible lease assets		5,939
Furniture and equipment		1,681
Total real estate assets acquired		147,721
Other assets		3,645
Total assets acquired		151,366
Accounts payable and accrued liabilities		(3,077	)
Intangible lease liabilities		(213	)
Assumed mortgage indebtedness		(15,466	)
Total liabilities assumed		(18,756	)
Assets acquired net of liabilities assumed	$	132,610