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Note 3 - Real Estate (Tables)
 9 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Additional Information Regarding Total Consideration for Properties

The following table provides additional information regarding the total consideration paid for the three properties acquired during the second quarter of 2021 (dollars in thousands).

Cash paid to prior owners

 

$

840

 

Value of common shares issued

 

 

8,038

 

Prior owner debt and preferred equity paid off at closing

 

 

400

 

Settlement of notes payable owed to properties

 

 

(700

)

Transaction costs

 

 

905

 

Cash acquired in acquisitions

 

 

(1,334

)

Total Cost of Acquisitions

 

$

8,149

 
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 three properties acquired by the Company during the second quarter of 2021 (dollars in thousands).

Land

 

$

7,707

 

Building

 

 

15,162

 

Building and site improvements

 

 

6,381

 

Intangible lease assets

 

 

9,018

 

Total real estate assets acquired

 

 

38,268

 

Other assets

 

 

3,074

 

Deferred tax assets

 

 

1,117

 

Total assets acquired

 

 

42,459

 

Accounts payable and accrued expenses

 

 

(1,813

)

Intangible lease liabilities

 

 

(983

)

Assumed mortgage indebtedness

 

 

(31,514

)

Total liabilities assumed

 

 

(34,310

)

Assets acquired net of liabilities assumed

 

$

8,149

 
Summary of Geographic Concentration of Properties

The following table contains information regarding the geographic concentration of the properties in the Company’s portfolio as of September 30, 2021, which includes rental income for the nine months ended September 30, 2021 and 2020 (dollars in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

Rental income for the

nine months ended September 30,

 

Location

 

Number

of

Properties

 

Gross Real

Estate Assets

at September 30, 2021

 

 

Percentage of Total

Real Estate Assets

at September 30, 2021

 

 

2021

 

 

2020

 

Maryland(1)

 

6

 

$

101,455

 

 

 

45.0

%

 

$

7,342

 

 

$

6,072

 

Virginia

 

5

 

 

82,764

 

 

 

36.7

%

 

 

4,456

 

 

 

3,631

 

Pennsylvania

 

1

 

 

26,972

 

 

 

11.9

%

 

 

1,909

 

 

 

1,753

 

Washington D.C.

 

1

 

 

8,393

 

 

 

3.7

%

 

 

423

 

 

 

514

 

Colorado

 

1

 

 

6,101

 

 

 

2.7

%

 

 

499

 

 

 

112

 

 

 

14

 

$

225,685

 

 

 

100.0

%

 

$

14,629

 

 

$

12,082

 

 

 

(1)

Rental income for the nine months ended September 30, 2021 and 2020 includes less than $0.1 million and approximately $0.1 million, respectively, 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 Cromwell Field Shopping Center Merger on May 26, 2021.