On May 21, 2021, the Company completed the Merger to acquire Highlandtown Village Shopping Center. Total consideration for the property included the issuance of 1,749,008 shares of common stock and approximately $0.2 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company assumed approximately $5.5 million of indebtedness secured by the property.

On May 26, 2021, the Company completed the Merger to acquire Cromwell Field Shopping Center. Total consideration for the property included the issuance of 2,092,657 shares of common stock, the payment of approximately $0.5 million in cash to the prior investors, and approximately $0.4 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company assumed approximately $13.65 million of indebtedness secured by the property. The Company previously acquired the fee-simple interest in the land that the Cromwell Field Shopping Center is located on under a leasehold interest and terminated the ground lease upon completion of the Merger.

On June 4, 2021, the Company completed the Merger to acquire Spotswood Valley Square Shopping Center. Total consideration for the property included the issuance of 2,489,497 shares of common stock, the payment of approximately $0.4 million in cash to the prior investors, and approximately $0.3 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company assumed approximately $12.4 million of mortgage secured by the property.

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

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

On October 6, 2021, the Company completed the Merger to acquire The Shops at Greenwood Village. Total consideration for the property included the issuance of 2,752,568 shares of common stock, the payoff of approximately $20.2 million of the prior owner’s debt and preferred equity, the payment of approximately $0.1 million in cash to the prior investors and approximately $0.4 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. In connection with the closing, the Company entered into a $23.5 million mortgage loan secured by the property, which is discussed further in Note 6 under the heading “—Mortgage Indebtedness”.

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