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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, 2023
Dec. 31, 2022
Dec. 31, 2021
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 233,087    
Initial Cost to Company, Land 53,787    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 299,779    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 19,220    
Gross Amount at Which Carried at Close of Period, Land 54,936    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 318,999    
Gross Amount at Which Carried at Close of Period, Total 373,935 [2] $ 410,102 $ 253,125
Accumulated Depreciation and Amortization (49,377) [2],[3] $ (38,608) $ (21,620)
Avondale Shops [Member] | Washington, D.C. [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] 2,868    
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] $ (1,183)    
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] $ 9,198    
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 1,392    
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 16,946    
Gross Amount at Which Carried at Close of Period, Total [2] 18,290    
Accumulated Depreciation and Amortization [2],[3] $ (3,521)    
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] $ 12,560    
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 177    
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 14,494    
Gross Amount at Which Carried at Close of Period, Total [2] 16,680    
Accumulated Depreciation and Amortization [2],[3] $ (3,978)    
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] $ 11,947    
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 129    
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 15,846    
Gross Amount at Which Carried at Close of Period, Total [2] 18,699    
Accumulated Depreciation and Amortization [2],[3] $ (4,108)    
Date of Construction/Renovation 2012    
Date Acquired 2019    
Hollinswood Shopping Center [Member] | Baltimore, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 12,436    
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 3,630    
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 18,680    
Gross Amount at Which Carried at Close of Period, Total [2] 24,587    
Accumulated Depreciation and Amortization [2],[3] $ (4,179)    
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],[4] $ 4,440    
Initial Cost to Company, Land [4] 3,963    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments [4] 10,014    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 3,607    
Gross Amount at Which Carried at Close of Period, Land [4] 3,963    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments [4] 13,621    
Gross Amount at Which Carried at Close of Period, Total [2],[4] 17,584    
Accumulated Depreciation and Amortization [2],[3],[4] $ (2,108)    
Date of Construction/Renovation [4] 2018    
Date Acquired [4] 2019    
Midtown Lamonticello [Member] | Williamsburg, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1],[4] $ 4,051    
Initial Cost to Company, Land [4] 3,108    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments [4] 12,659    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 280    
Gross Amount at Which Carried at Close of Period, Land [4] 3,108    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments [4] 12,939    
Gross Amount at Which Carried at Close of Period, Total [2],[4] 16,047    
Accumulated Depreciation and Amortization [2],[3],[4] $ (1,854)    
Date of Construction/Renovation [4] 2019    
Date Acquired [4] 2019    
Vista Shops at Golden Mile [Member] | Fredrick, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 11,252    
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 460    
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 10,679    
Gross Amount at Which Carried at Close of Period, Total [2] 15,021    
Accumulated Depreciation and Amortization [2],[3] $ (3,308)    
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] $ 11,712    
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 439    
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 18,619    
Gross Amount at Which Carried at Close of Period, Total [2] 19,943    
Accumulated Depreciation and Amortization [2],[3] $ (3,886)    
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 2,650    
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 5,833    
Gross Amount at Which Carried at Close of Period, Total [2] 8,737    
Accumulated Depreciation and Amortization [2],[3] $ (1,587)    
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] $ 10,597    
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 2,413    
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 18,031    
Gross Amount at Which Carried at Close of Period, Total [2] 20,287    
Accumulated Depreciation and Amortization [2],[3] $ (3,631)    
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] $ 8,712    
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 111    
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 4,452    
Gross Amount at Which Carried at Close of Period, Total [2] 7,450    
Accumulated Depreciation and Amortization [2],[3] $ (2,112)    
Date of Construction/Renovation 1987    
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] $ 22,218    
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 809    
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 28,369    
Gross Amount at Which Carried at Close of Period, Total [2] 31,611    
Accumulated Depreciation and Amortization [2],[3] $ (6,182)    
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] $ 18,927    
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 993    
Gross Amount at Which Carried at Close of Period, Land 8,773    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 14,989    
Gross Amount at Which Carried at Close of Period, Total [2] 23,762    
Accumulated Depreciation and Amortization [2],[3] $ (1,963)    
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] $ 92,169    
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 2,077    
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 118,855    
Gross Amount at Which Carried at Close of Period, Total [2] 126,815    
Accumulated Depreciation and Amortization [2],[3] $ (5,777)    
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, 2023 and 2022 is as follows:

 

 

 

For the year ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

Cost

 

 

 

 

 

 

Balance at beginning of period

 

$

410,102

 

 

$

253,125

 

Acquisitions

 

 

 

 

 

149,956

 

Dispositions and write off

 

 

(44,774

)

 

 

 

Capitalized costs

 

 

8,607

 

 

 

7,021

 

Balance at end of period

 

$

373,935

 

 

$

410,102

 

 

 

 

 

 

 

 

Accumulated depreciation and amortization

 

 

 

 

 

 

Balance at beginning of period

 

$

38,608

 

 

$

21,620

 

Depreciation and amortization

 

 

18,967

 

 

 

16,988

 

Dispositions and write off

 

 

(8,198

)

 

 

 

Balance at end of period

 

$

49,377

 

 

$

38,608

 

[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.
[4] The loan is encumbered by the Basis Term Loan.