Wheeler Real Estate Investment Trust (WHLR) 10-K 5 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-35713
Entity Registrant Name	WHEELER REAL ESTATE INVESTMENT TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-2681082
Entity Address, Address Line One	2529 Virginia Beach Blvd.
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23452
City Area Code	757
Local Phone Number	627-9088
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 5,301,111
Entity Common Stock, Shares Outstanding (in shares)		68,023,718
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its 2024 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the year covered by this Annual Report on Form 10-K, are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described herein.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001527541
Common Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	WHLR
Security Exchange Name	NASDAQ
Series B Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series B Convertible Preferred Stock
Trading Symbol	WHLRP
Security Exchange Name	NASDAQ
Series D Cumulative Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series D Cumulative Convertible Preferred Stock
Trading Symbol	WHLRD
Security Exchange Name	NASDAQ
7.00% Subordinated Convertible Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	7.00% Subordinated Convertible Notes due 2031
Trading Symbol	WHLRL
Security Exchange Name	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Cherry Bekaert LLP
Auditor Location	Virginia Beach, Virginia
Auditor Firm ID	677

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate:
Investment properties	$ 660,720	$ 639,205
Less accumulated depreciation	(95,598)	(78,225)
Real estate, net	565,122	560,980
Cash and cash equivalents	18,404	28,491
Restricted cash	21,403	27,374
Receivables, net	13,126	13,544
Investment securities - related party	10,685	0
Above market lease intangibles, net	2,114	3,134
Operating lease right-of-use assets	9,450	15,133
Deferred costs and other assets, net	28,028	35,880
Total Assets	668,332	684,536
LIABILITIES:
Loans payable, net	477,574	466,029
Below market lease intangible, net	17,814	23,968
Derivative liabilities	3,653	7,111
Operating lease liabilities	10,329	16,478
Series D Preferred Stock redemptions	369	0
Accounts payable, accrued expenses and other liabilities	17,065	18,398
Total Liabilities	526,804	531,984
Commitments and contingencies (Note 8)
EQUITY:
Common Stock ($0.01 par value, 200,000,000 shares authorized, 53,769,787 and 979,396 shares issued and outstanding, respectively)	538	10
Additional paid-in capital	257,572	235,081
Accumulated deficit	(324,854)	(295,617)
Total Stockholders’ Deficit	(21,293)	(15,162)
Noncontrolling interests	66,116	66,196
Total Equity	44,823	51,034
Total Liabilities and Equity	668,332	684,536
Series D Cumulative Convertible Preferred Stock
LIABILITIES:
Series D Preferred Stock redemptions	400
Series D Cumulative Convertible Preferred Stock	96,705	101,518
Series A Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 3,379,142 shares issued and outstanding; $84.5 million aggregate liquidation preference)	453	453
Series B Convertible Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 3,379,142 shares issued and outstanding; $84.5 million aggregate liquidation preference)	44,998	44,911
Land and land improvements
Real estate:
Investment properties	149,908	144,537
Buildings and improvements
Real estate:
Investment properties	$ 510,812	$ 494,668

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, shares authorized (in shares)	15,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	53,769,787	979,396
Common stock, shares outstanding (in shares)	53,769,787	979,396
Series A Preferred Stock
Preferred stock, shares authorized (in shares)	4,500	4,500
Preferred stock, shares issued (in shares)	562	562
Preferred stock, outstanding (in shares)	562	562
Preferred stock, aggregate liquidation preference	$ 0.6	$ 0.6
Series B Preferred Stock
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	3,379,142	3,379,142
Preferred stock, outstanding (in shares)	3,379,142	3,379,142
Preferred stock, aggregate liquidation preference	$ 84.5	$ 84.5

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE:
Rental revenues	$ 100,332,000	$ 75,195,000
Other revenues	1,993,000	1,450,000
Total Revenue	102,325,000	76,645,000
OPERATING EXPENSES:
Property operations	34,870,000	25,731,000
Depreciation and amortization	28,502,000	19,540,000
Impairment of assets held for sale	0	760,000
Corporate general & administrative	11,750,000	8,620,000
Total Operating Expenses	75,122,000	54,651,000
Gain on disposal of properties	2,204,000	2,604,000
Operating Income	29,407,000	24,598,000
Interest income	484,000	65,000
Gain on investment securities, net	685,000	0
Interest expense	(32,314,000)	(30,107,000)
Net changes in fair value of derivative liabilities	3,458,000	(2,335,000)
Gain on preferred stock redemptions	9,893,000	0
Other expense	(5,482,000)	(691,000)
Net Income (Loss) Before Income Taxes	6,131,000	(8,470,000)
Income tax expense	(48,000)	0
Net Income (Loss)	6,083,000	(8,470,000)
Less: Net income attributable to noncontrolling interests	10,770,000	3,984,000
Net Loss Attributable to Wheeler REIT	(4,687,000)	(12,454,000)
Preferred Stock dividends - undeclared	(9,262,000)	(9,056,000)
Deemed distribution related to preferred stock redemptions	(15,288,000)	0
Net Loss Attributable to Wheeler REIT Common Stockholders	$ (29,237,000)	$ (21,510,000)
Loss per share:
Basic (in dollars per share)	$ (4.57)	$ (22.04)
Diluted (in dollars per share)	$ (4.57)	$ (22.04)
Weighted-average number of shares:
Basic (in shares)	6,400,490	976,070
Diluted (in shares)	6,400,490	976,070

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands		Total	Total Stockholders’ (Deficit) Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Noncontrolling Interest, Operating Partnership	Noncontrolling Interest, Consolidated Subsidiary	Series A Preferred Stock Preferred Stock	Series B Preferred Stock	Series B Preferred Stock Total Stockholders’ (Deficit) Equity	Series B Preferred Stock Preferred Stock	Series B Preferred Stock Common Stock	Series B Preferred Stock Additional Paid-in Capital	Series D Preferred Stock	Series D Preferred Stock Total Stockholders’ (Deficit) Equity	Series D Preferred Stock Common Stock	Series D Preferred Stock Additional Paid-in Capital	Series D Preferred Stock Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021				972,053						562			1,872,448
Beginning balance at Dec. 31, 2021		$ 3,802	$ 1,861	$ 10	$ 234,316	$ (274,107)	$ 1,941	$ 1,941	$ 0	$ 453			$ 41,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount											$ 87	$ 87	$ 87
Conversion of Preferred Stock to Common Stock (in shares)													(4,847)	303
Conversion of Preferred Stock to Common Stock											0		$ (104)		$ 104
Conversion of Operating Partnership units to Common Stock (in shares)				7,040				(161,000)
Conversion of Operating Partnership units to Common Stock		0	161		161		(161)
Adjustment for noncontrolling interest in operating partnership		0	500		500		(500)	$ (500)
Paid-in-kind interest, Issuance of Series B Preferred Stock (in shares)													1,511,541
Paid-in-kind interest, Issuance of Series B Preferred Stock											3,739	3,739	$ 3,739
Noncontrolling interests assumed from the acquisition	[1]	64,845					64,845		64,845
Dividends and distributions		(12,969)	(9,056)			(9,056)
Dividends and distributions							(3,913)		(3,913)
Net (Loss) Income		(8,470)	(12,454)			(12,454)	3,984	71	3,913
Ending balance (in shares) at Dec. 31, 2022				979,396						562			3,379,142
Ending balance at Dec. 31, 2022		51,034	(15,162)	$ 10	235,081	(295,617)	66,196	$ 1,351	64,845	$ 453			$ 44,911
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount											$ 87	$ 87	$ 87
Conversion of Preferred Stock to Common Stock (in shares)																		625
Conversion of Preferred Stock to Common Stock																$ 140	$ 140		$ 140
Conversion of Operating Partnership units to Common Stock (in shares)				1,141				(57,000)
Conversion of Operating Partnership units to Common Stock		0	57		57		(57)
Adjustment for noncontrolling interest in operating partnership		0	41		41		(41)	$ (41)
Redemption of Series D Preferred Stock to Common Stock (in shares)																864,070		52,788,687
Redemption of Series D Preferred Stock to Common Stock																$ 22,781	22,781	$ 528	$ 22,253
Adjustment of Series D Preferred Stock to redemption value																$ (15,288)	$ (15,288)			$ (15,288)
Redemption of fractional units as a result of reverse stock split (in shares)				(62)
Dividends and distributions		(20,014)	(9,262)			(9,262)
Dividends and distributions							(10,752)		(10,752)
Net (Loss) Income		6,083	(4,687)			(4,687)	10,770	18	10,752
Ending balance (in shares) at Dec. 31, 2023				53,769,787						562			3,379,142
Ending balance at Dec. 31, 2023		$ 44,823	$ (21,293)	$ 538	$ 257,572	$ (324,854)	$ 66,116	$ 1,271	$ 64,845	$ 453			$ 44,998
[1] (1) See Notes 1, 2 and 3 of the Notes to the audited consolidated financial statements for further details.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ 6,083	$ (8,470)
Adjustments to reconcile consolidated net income (loss) to net cash from operating activities
Depreciation and amortization	28,502	19,540
Deferred financing cost amortization	2,860	6,098
Changes in fair value of derivative liabilities	(3,458)	2,335
Above (below) market lease amortization, net	(4,849)	(2,079)
Paid-in-kind interest	3,908	3,739
Loss on repurchase of debt securities	1,647	0
Gain on preferred stock redemptions	(9,893)	0
Unrealized gain on investment securities, net	(685)	0
Straight-line expense	(10)	32
Gain on disposal of properties	(2,204)	(2,604)
Credit losses on operating lease receivables	522	361
Impairment of assets held for sale	0	760
Net changes in assets and liabilities
Receivables, net	(103)	(1,961)
Deferred costs and other assets, net	(2,745)	4,381
Accounts payable, accrued expenses and other liabilities	1,359	8,626
Net cash provided by operating activities	20,934	30,758
INVESTING ACTIVITIES:
Investment property acquisitions	(4,259)	(135,510)
Expenditures for real estate improvements	(20,021)	(8,511)
Purchase of investment securities	(10,000)	0
Cash received from disposal of properties	2,759	10,509
Net cash used in investing activities	(31,521)	(133,512)
FINANCING ACTIVITIES:
Payments for deferred financing costs	(4,440)	(12,683)
Dividends and distributions paid on noncontrolling interests	(10,752)	(2,688)
Loan proceeds	123,230	400,000
Loan principal payments	(108,635)	(263,815)
Repurchase of debt securities	(3,116)	0
Loan payment penalty	(1,758)	(2,614)
Net cash (used in) provided by financing activities	(5,471)	118,200
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(16,058)	15,446
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	55,865	40,419
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of period	39,807	55,865
Supplemental Disclosure:
Cash and cash equivalents	18,404	28,491
Restricted cash	21,403	27,374
Cash, cash equivalents, and restricted cash	$ 39,807	$ 55,865

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation and Consolidation	Organization and Basis of Presentation and Consolidation Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of the Operating Partnership, which was formed as a Virginia limited partnership on April 5, 2012. At December 31, 2023, the Company owned 99.13% of the Operating Partnership. As of December 31, 2023, the Trust, through the Operating Partnership, owned and operated seventy-five centers and four undeveloped properties. Twenty-one of these properties are located in South Carolina, twelve in Georgia, ten in Virginia, eight in Pennsylvania, six in North Carolina, four in Massachusetts, four in New Jersey, three in Florida, three in Connecticut, two in Kentucky, two in Tennessee, one in Alabama, one in Maryland, one in West Virginia, and one in Oklahoma. Accordingly, the use of the word "Company", "we," "our" or "us" refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. The Company includes the Trust, the Operating Partnership, the entities included in the REIT formation and the entities acquired since November 2012. The Company prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP. All material balances and transactions between the consolidated entities of the Company have been eliminated. The Company owns, leases and operates income producing grocery-anchored centers, neighborhood centers, community centers and free-standing retail properties with a strategy to acquire high quality retail properties that generate attractive risk-adjusted returns. The Company targets properties in communities that have stable demographics. The Company considers properties that are generally located in the most prominent shopping districts in their respective markets, ideally situated at major “Main and Main” intersections. The Company generally leases its properties to national and regional supermarket chains and selects retailers that offer necessity and value-oriented services and items, and generate regular consumer traffic. The Company’s tenants carry goods and offer services that are less impacted by fluctuations in the broader U.S. economy and consumers’ disposable income, which it believes generates more predictable property-level cash flows. The Trust through the Operating Partnership owns Wheeler Interests, LLC ("WI") and Wheeler Real Estate, LLC ("WRE") (WRE and, together with WI, the "Operating Companies"). The Operating Companies are Taxable REIT Subsidiaries ("TRS") to accommodate serving the Non-REIT Properties since applicable REIT regulations consider the income derived from these services to be “bad” income subject to taxation. The regulations allow for costs incurred by the Company commensurate with the services performed for the Non-REIT Properties to be allocated to a TRS. Acquisition of Cedar Realty Trust On March 2, 2022, the Company entered into an Agreement and Plan of Merger (as amended, the "Merger Agreement") with Cedar, Cedar Realty Trust Partnership, L.P., ("Cedar OP"), WHLR Merger Sub Inc., a wholly owned subsidiary of the Company, and WHLR OP Merger Sub LLC, a wholly owned subsidiary of Merger Sub I ("Merger Sub II"), pursuant to which the Company agreed to acquire Cedar, including 19 of its shopping center assets, in an all-cash merger transaction consisting, in accordance with the terms of the Merger Agreement, of a payment to Cedar common shareholders of merger consideration of $9.48 per common share. On August 22, 2022, the Company completed the merger transaction with Cedar. As a result of the merger, the Company acquired all of the outstanding shares of the Cedar's common stock, which ceased to be publicly traded on the NYSE. Cedar’s outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock remain outstanding and continue to trade on the NYSE. Each outstanding share of common stock of Cedar and outstanding common unit of the Cedar OP held by persons other than Cedar immediately prior to the merger were cancelled and converted into the right to receive a cash payment of $9.48 per share or unit. As a result Cedar became a subsidiary of the REIT. During the year ended December 31, 2022 the Company incurred acquisition related costs of $5.51 million for the merger. These costs were capitalized as part of the acquisition and are primarily comprised of professional fees and legal fees, see Note 3 for further details. The consolidated financial statements included in this Form 10-K include Cedar starting from the date of acquisition. We have determined that this acquisition is not a variable interest entity, as defined under the consolidation topic of the FASB, Accounting Standards Codification ("ASC"), and we evaluated such entity under the voting model and concluded we should consolidate the entity. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting rights and that other equity holders do not have substantive participating rights.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Real Estate Investments The Company records investment properties and related intangibles at fair value upon acquisition. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded at fair value as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis or whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated undiscounted operating income before depreciation and amortization include renewal and renegotiations of current leases, estimates of new leases on vacant spaces, estimates of operating costs and fluctuating market conditions. The renewal and renegotiations of leases in some cases must be approved by additional third parties outside the control of the Company and the tenant. If such renewed or renegotiated leases are approved at amounts below current estimates, then impairment adjustments may be necessary in the future. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects for vacant spaces and local market information. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment expense is recognized. The Company estimates fair value, less estimated closing costs, based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2023 and 2022. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense. Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities as of December 31, 2023 and 2022. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250 thousand. The Company's loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. Tenant Receivables Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues. Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs, tenant relationships and ground lease sandwich interest intangibles associated with acquisitions. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Amortization of deferred costs and other assets represents a component of depreciation and amortization expense. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants and convertible notes, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations Debt Issuance Costs The Company may incur debt issuance costs in connection with raising funds through debt. These costs may be paid in the form of cash, or equity (such as warrants and convertible notes). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Series D Preferred Stock The Series D Preferred Stock was initially classified as mezzanine equity because the redemption provisions were conditional upon the occurrence of an event that was not certain. The Series D Preferred Stock was valued at net proceeds plus accrued and unpaid dividends. In 2023, this event became certain and in accordance with ASC 480, the Series D Preferred Stock was revalued at the redemption price which includes undeclared dividends, representing liquidation value. The adjustment to liquidation value was recognized in accumulated deficit as an adjustment to redemption value. Additionally, in accordance with ASC 480, as holders exercise their redemption rights the Series D Preferred Stock becomes mandatorily redeemable and the liquidation value of their exercise is classified as a liability. Operating Partnership Purchase of Stock The Operating Partnership purchased 71,343 shares of the Series D Preferred Stock on September 22, 2020 from an unaffiliated investor at $15.50 per share. The Company considers the purchase of the REIT's equity securities to be retired in the consolidated financial statements. Revenue Recognition Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements as variable lease income. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants' costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which are included in "other revenues" on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets. Segment Information The Company’s primary business is the ownership and operation of grocery-anchored shopping centers. The Company reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of rental income and other property income, less operating expenses and real estate taxes. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in similar markets, and have similar tenant mixes. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by generally accepted accounting principles on Accounting for Uncertainty of Income Taxes and has determined that the Company had no uncertain income tax positions. Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity. Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates. Other Expense Other expense represents expenses which are non-operating in nature. Other expenses were $5.5 million for the year ended December 31, 2023, which consists of capital structure transaction costs. Other expenses were $0.7 million for the year ended December 31, 2022, which consisted of legal settlement costs. Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use ("ROU") assets and operating lease liabilities on our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust and noncontrolling interest attributable to the acquisition of Cedar. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s $0.01 par value per share common stock ("Common Stock"). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. The noncontrolling interest attributable to the acquisition of Cedar represents the fair value of Cedar's outstanding 7.25% Series B Preferred Stock ("Cedar Series B Preferred") and 6.50% Series C Preferred Stock ("Cedar Series C Preferred") as of August 22, 2022, the date of acquisition. The valuation assumption was based on the three-level valuation hierarchy for fair value measurements and represents Level 1 inputs. Level 1 inputs represent observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. The total cumulative dividends for the Cedar Series B Preferred and Cedar Series C Preferred were $10.8 million and $3.9 million as of December 31, 2023 and 2022, respectively, and are included as an increase to net loss attributable to Wheeler REIT Common Stockholders on the consolidated statements of operations. Reclassifications The Company has reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net loss. All per share amounts, common units and shares outstanding, warrants, and conversion features of the Convertible Notes for all periods presented reflect our one-for-ten Reverse Stock Split, which was effective August 17, 2023. Supplemental Consolidated Statements of Cash Flows Information For the Years 2023 2022 (in thousands) Non-Cash Transactions: Conversion of common units to Common Stock $ 57 $ 160 Conversion of Series B Preferred Stock to Common Stock $ — $ 104 Conversion of Series D Preferred Stock to Common Stock $ 140 $ — Accretion of Preferred Stock discounts $ 460 $ 584 Accretion of Preferred stock to liquidation preference $ 15,288 $ — Redemption of Series D Preferred Stock to Common Stock $ (33,044) $ — Buildings and improvements included in accounts payable, accrued expenses and other liabilities $ 1,047 $ 238 Other Cash Transactions: Cash paid for taxes $ 48 $ — Cash paid for amounts included in the measurement of operating lease liabilities $ 1,001 $ 956 Cash paid for interest $ 25,216 $ 19,957 Recently Issued Accounting Pronouncements In November 2023, the FASB issued guidance which requires disclosure of incremental segment information on both an annual and interim basis. The guidance will require that the Company continue to disclose existing segment information required by FASB Accounting Standards Codification Topic 280, as well as significant segment expenses and other segment items that are regularly provided to the chief operating decision maker ("CODM"). The Company will also be required to disclose the title and position of the CODM and how the CODM uses reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The guidance will be effective for the Company's fiscal year beginning on January 1, 2024 and interim periods within the Company's fiscal year beginning on January 1, 2025. The Company is currently in the process of evaluating the guidance, but does not believe it will have a material effect on the Company's consolidated financial statements. Other accounting standards that have been recently issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	Real Estate A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans. Accordingly, restrictions exist as to the encumbered property’s transferability, use and other common rights typically associated with property ownership. The Company’s depreciation expense on investment properties was $18.1 million and $13.5 million for the years ended December 31, 2023 and 2022, respectively. St. George Plaza Land Acquisition On February 21, 2023, the Company purchased a 2.5 acre land parcel adjacent to St. George Plaza, located in St. George, South Carolina, for $0.2 million. Devine Street Land Acquisition On August 18, 2023, the Company purchased a 3.25 acre land parcel within Devine Street, located in Columbia, South Carolina, for $4.1 million. The Devine Street Land Acquisition terminated the Company's ground lease associated with this property. Assets Held for Sale, Impairment and Dispositions Impairment expenses on assets held for sale are a result of reducing the carrying value for the amount that exceeded the property's fair value less estimated selling costs. The valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. No impairment expense was recorded for the year ended December 31, 2023. Impairment expense was $0.8 million for the year ended December 31, 2022 resulting from reducing the carrying value of an approximately 5 acre land parcel held by Harbor Point Associates, LLC, a wholly-owned subsidiary of the Company (the "Harbor Point Land Parcel"). The Harbor Point Land Parcel did not meet the requirements to be classified as held for sale at December 31, 2023 or 2022. The following properties were sold during the years ended December 31, 2023 and 2022 (in thousands): Disposal Property Contract Price Gain (Loss) Net Proceeds July 11, 2023 Carll's Corner Outparcel $ 3,000 $ 2,204 $ 2,759 December 9, 2022 Butler Square 9,250 2,619 8,723 January 11, 2022 Walnut Hill Plaza 1,986 (15) 1,786 Cedar Acquisition On August 22, 2022, the Company acquired Cedar, a 2.9 million square foot shopping center portfolio consisting of 19 properties located primarily in the Northeast from Virginia to Massachusetts (the "Cedar Portfolio"). The Cedar Portfolio was acquired through the purchase of the issued and outstanding shares of Cedar’s common stock, par value $0.06 per share (the “Cedar Common Stock”), and the issued and outstanding common units of Cedar OP held by persons other than Cedar for an aggregate of $135.5 million of cash merger consideration and acquisition costs. The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with Accounting Standards Update ("ASU") 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market capitalization rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The following table summarizes the purchase price allocation based on the Company's initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands): Building and building improvements (a) $ 137,120 Land and land improvements (a) 47,899 Lease intangibles (b) 28,215 Above market lease (c) 1,718 Right of use asset adjustment, ground lease (d) 2,913 Cash, accounts receivable and other assets 14,242 Total assets acquired 232,107 Below market lease (c) (23,622) Lease Liabilities, ground lease (d) (3,552) Accounts payable and other liabilities (4,578) Total liabilities acquired (31,752) Noncontrolling interest (e) (64,845) Purchase price allocation of net assets acquired, excluding noncontrolling interests $ 135,510 Purchase consideration: (f) Cash merger consideration $ 130,000 Capitalized acquisition costs 5,510 $ 135,510 a. Represents the purchase price allocation of the net investment properties acquired, which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, "go dark" analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles include in place leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of above and below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. d. Represents the purchase price allocation of the lease liability and corresponding right of use asset associated with a ground lease expiring in 2071. The Company used an incremental borrowing rate of 5.25% for the purpose of calculating the lease liability. e. Represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock. f. Represents merger consideration and capitalized transaction costs.

Investments Securities - Relate

Investments Securities - Related Party	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments Securities - Related Party	Investments Securities - Related Party On June 1, 2023, the Company subscribed for an investment in the amount of $3.0 million for limited partnership interests in Stilwell Activist Investments, L.P., a Delaware limited partnership (“SAI”). On September 1, 2023, and November 30, 2023, the Company subscribed for additional investments each in the amount of $3.5 million for limited partnership interests in SAI. The investment objective of SAI is to seek long-term capital appreciation through investing primarily in publicly-traded undervalued financial institutions or businesses with a strong financial component, or the securities of any of them, and pursuing an activist shareholder agenda with respect to those institutions. Stilwell Value LLC ("Value") is the general partner of SAI. Joseph Stilwell, a member of the Company's Board of Directors, is the managing member of Value and a limited partner in funds advised by Value. Additionally, E.J. Borrack, a member of the Board of Directors, serves as the General Counsel to Value and its affiliated entities, including SAI and related funds, and is a limited partner in one of the funds advised by Value. Megan Parisi, a member of the Company’s Board of Directors, serves as the Director of Communications to Value and its affiliated entities, including SAI and related funds, is a non-managing member of Value and is a limited partner in one of the funds advised by Value. The Company’s initial subscription in SAI was approved by the disinterested directors of the Company, and, after the formation of the Related Person Transactions Committee, the further subscriptions in SAI were approved by that Committee. A portion of SAI's underlying investments are in the Company's own equity and debt securities. SAI records investment transactions based on trade date. Realized gains and losses from investment transactions are determined on a specific identification basis. Dividend income, net of withholding taxes, and dividend expense are recognized on the ex-dividend date, and interest income and expense are recognized on an accrual basis. Discounts and premiums to the face amount of debt securities are accreted and amortized using the effective interest rate method over the lives of the respective debt securities. The Company may not withdraw its capital from SAI for a period of one year measured from the date of the Company's initial investment, subject to certain exceptions. In consideration for management, administrative and operational services, limited partners of SAI pay a management fee to an affiliate of Value each calendar quarter, in advance, equal to 0.25% (an annualized rate of 1%) of each limited partner’s capital account balance on the first day of such calendar quarter. In addition, as of the last day of each specified performance period, an incentive allocation of 20% of the amount by which the “positive performance change,” if any, that has been credited to the capital account of a limited partner during such period exceeds any positive balance in such limited partner’s “carryforward account,” is debited from the limited partner’s capital account and is simultaneously credited to the capital account of Value. The Company’s SAI investment is accounted for under the equity method and measured at net asset value as a practical expedient and has not been classified within the fair value hierarchy. All gains and losses, realized and unrealized, and fees are recorded through "gain on investment securities, net" on the consolidated statements of operations. As of December 31, 2023, the fair value of the Company’s SAI investment was $10.7 million, which includes $10.0 million from subscriptions and $0.2 million in fees. Unrealized gains on investment securities , net of fees wer

Deferred Costs and Other Assets

Deferred Costs and Other Assets, net	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Assets, net	Deferred Costs and Other Assets, net Deferred costs and other assets, net of accumulated amortization are as follows (in thousands): December 31, 2023 2022 Leases in place, net $ 16,663 $ 24,956 Lease origination costs, net 7,461 7,165 Ground lease sandwich interest, net 1,119 1,393 Tenant relationships, net 280 500 Legal and marketing costs, net 278 389 Prepaid expenses 2,224 1,456 Other 3 21 Total deferred costs and other assets, net $ 28,028 $ 35,880 As of December 31, 2023 and 2022, the Company’s intangible accumulated amortization totaled $69.9 million and $62.4 million, respectively. During the years ended December 31, 2023 and 2022, the Company’s intangible amortization expense totaled $10.4 million and $6.1 million, respectively. Future amortization of leases in place, lease origination costs, ground lease sandwich interest, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases in Lease Ground lease sandwich interest, net Tenant Legal & Total 2024 $ 5,045 $ 1,293 $ 274 $ 124 $ 82 $ 6,818 2025 3,522 1,161 274 62 60 5,079 2026 2,214 1,017 274 11 45 3,561 2027 1,782 908 274 11 31 3,006 2028 1,192 732 23 11 20 1,978 Thereafter 2,908 2,350 — 61 40 5,359 $ 16,663 $ 7,461 $ 1,119 $ 280 $ 278 $ 25,801

Loans Payable, net

Loans Payable, net	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Loans Payable, net	Loans Payable, net The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Maturity December 31, 2023 December 31, Cypress Shopping Center $ 34,360 4.70% July 2024 $ 5,769 $ 5,903 Conyers Crossing Interest only 4.67% October 2025 5,960 5,960 Winslow Plaza $ 24,295 4.82% December 2025 4,331 4,409 Tuckernuck $ 32,202 5.00% March 2026 4,771 4,915 Chesapeake Square $ 23,857 4.70% August 2026 4,014 4,106 Sangaree/Tri-County $ 32,329 4.78% December 2026 5,990 6,086 Timpany Plaza Interest only 7.27% September 2028 9,060 — Village of Martinsville $ 89,664 4.28% July 2029 14,755 15,181 Laburnum Square Interest only 4.28% September 2029 7,665 7,665 Rivergate (1) $ 100,222 4.25% September 2031 17,557 18,003 Convertible Notes Interest only 7.00% December 2031 31,530 33,000 Term loan, 22 properties Interest only 4.25% July 2032 75,000 75,000 JANAF (2) Interest only 5.31% July 2032 60,000 60,000 Cedar term loan, 10 properties Interest only 5.25% November 2032 110,000 110,000 Patuxent Crossing/Coliseum Marketplace Interest only 6.35% January 2033 25,000 25,000 Term loan, 12 properties Interest only 6.19% June 2033 61,100 — Term loan, 8 properties Interest only 6.24% June 2033 53,070 — Term loans - fixed interest rate various 4.47% (3) various — 107,219 Total Principal Balance 495,572 482,447 Unamortized deferred financing cost (17,998) (16,418) Total Loans Payable, net $ 477,574 $ 466,029 (1) In October 2026, the interest rate under this loan changes to a variable interest rate equal to the 5 year U.S. Treasury Rate plus 2.70%, with a floor of 4.25%. (2) Collateralized by JANAF properties. (3) Contractual interest rate weighted average. Walnut Hill Plaza Payoff In conjunction with the Walnut Hill Plaza sale, as detailed in Note 3, the Company made a $1.8 million principal paydown on the Walnut Hill Plaza loan. On February 17, 2022 the Company paid the remaining loan balance of $1.3 million in full. Term Loan Agreement, 22 properties On June 17, 2022, the Company entered into a term loan agreement (the “Term Loan Agreement, 22 properties”) with Guggenheim Real Estate, LLC, for $75.0 million at a fixed rate of 4.25% with interest-only payments due monthly. Commencing on August 10, 2027, until the maturity date of July 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time . The Term Loan Agreement, 22 properties proceeds were used to refinance eleven other loans, including paying $1.5 million in defeasance. JANAF Loan Agreement On July 6, 2022, the Company entered into a loan agreement (the “JANAF Loan Agreement”) with CITI Real Estate Funding Inc. for $60.0 million at a fixed interest rate of 5.31% with interest-only payments due monthly through maturity, July 6, 2032. The JANAF Loan Agreement proceeds were used to refinance three other loans, including paying $1.2 million in defeasance. KeyBank-Cedar Loan Agreement On August 22, 2022, Cedar entered into a loan agreement with KeyBank National Association for $130.0 million (the “KeyBank-Cedar Loan Agreement”) and was collateralized by 19 properties. The obligations under the KeyBank-Cedar Loan Agreement were satisfied in full with the proceeds of the loans under the Cedar Term Loan Agreement, 10 properties (defined below) and the Patuxent Crossing/Coliseum Marketplace Loan Agreement (defined below). Cedar Term Loan Agreement, 10 properties On October 28, 2022, Cedar entered into a loan agreement (the “Cedar Term Loan Agreement, 10 properties”) with Guggenheim Real Estate, LLC, for $110.0 million at a fixed rate of 5.25% with interest-only payments due monthly. Wheeler REIT, L.P. provided a limited recourse indemnity in connection with the loan. Commencing on December 10, 2027, until the maturity date of November 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. The Cedar Term Loan Agreement, 10 properties proceeds were used to refinance a portion of Cedar’s property portfolio that were previously collateralized by the KeyBank-Cedar Loan Agreement. Butler Square Payoff On December 9, 2022, the Company made a $5.6 million principal payment on the Butler Square loan in conjunction with the sale of the Butler Square property, as detailed in Note 3. Patuxent Crossing/Coliseum Marketplace Loan Agreement On December 21, 2022, Cedar entered into a loan agreement (the "Patuxent Crossing/Coliseum Marketplace Loan Agreement”) with CITI Real Estate Funding, Inc. for $25.0 million at a fixed rate of 6.35% with interest-only payments due monthly through maturity, January 6, 2033. The Patuxent Crossing/Coliseum Marketplace Loan Agreement proceeds were used to satisfy the remaining obligations of the KeyBank-Cedar Loan Agreement and released the remaining collateral under that agreement. Term Loan Agreement, 12 properties On May 5, 2023, the Company entered into the Term Loan Agreement, 12 properties for $61.1 million at a fixed rate of 6.194% and interest-only payments due monthly through June 2025. Commencing in July 2025, until the maturity date of June 1, 2033, monthly principal and interest payments will be $0.4 million. Loan proceeds were used to refinance the loans on 12 properties, including $1.1 million in defeasance. Term Loan Agreement, 8 properties On May 18, 2023, the Company entered into the Term Loan Agreement, 8 properties for $53.1 million at a fixed rate of 6.24% and interest-only payments due monthly through June 2028. Commencing in July 2028, until the maturity date of June 10, 2033, monthly principal and interest payments will be $0.3 million. Loan proceeds were used to refinance the loans on 8 properties, including $0.7 million in defeasance. Timpany Plaza Loan Agreement On September 12, 2023, the Company entered into the Timpany Plaza Loan Agreement for $11.6 million at a fixed rate of 7.27% with interest-only payments due monthly for the first twelve months. Commencing on September 12, 2024, until the maturity date of September 12, 2028, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. On the closing date, the Company received $9.1 million of the $11.6 million, and the remaining $2.5 million will be received upon the satisfaction of certain lease-related contingencies within one year of the agreement date. The Timpany Plaza Loan Agreement is collateralized by the Timpany Plaza shopping center. Debt Maturities The Company’s scheduled principal repayments on indebtedness as of December 31, 2023, are as follows (in thousands): For the years ended December 31, 2024 $ 7,220 2025 12,313 2026 16,261 2027 3,048 2028 12,924 Thereafter 443,806 Total principal repayments and debt maturities $ 495,572 Convertible Notes The Company’s Convertible Notes bear interest at a rate of 7.00% per annum. Interest on the Convertible Notes is payable semi-annually in arrears on June 30 and December 31 of each year, at the Company's election: (a) in cash; (b) in shares of Series B Preferred; (c) in shares of Series D Preferred Stock; or (d) in any combination of (a), (b), and/or (c). For purposes of determining the value of Series B Preferred and Series D Preferred Stock paid as interest on the Convertible Notes, each share of Series B Preferred and Series D Preferred Stock shall be deemed to have a value equal to the product of (x) the average of the VWAPs (as defined in the Indenture) for the Series B Preferred or the Series D Preferred Stock, as the case may be, for the 15 consecutive trading days ending on the third business day immediately preceding the relevant interest payment date, and (y) 0.55. Interest expense on the Convertible Notes consists of the following (in thousands, except for shares): For the years ended December 31, Series B Preferred number of shares (1) Series D Preferred Stock number of shares (1) Convertible Note interest at 7% coupon Fair value adjustment Interest expense 2023 — 306,380 $ 2,259 $ 1,649 $ 3,908 2022 1,511,541 — $ 2,310 $ 1,429 $ 3,739 (1) Shares issued as interest payment on Convertible Notes. On June 8, 2023, the Company paid down $0.6 million of the Convertible Notes through an open market purchase of 23,784 units totaling $1.2 million. On September 11, 2023, the Company paid down $0.9 million of the Convertible Notes through an open market purchase of 35,000 units totaling $1.9 million. As a result of these transactions the Company recognized a $1.6 million loss for the year ended December 31, 2023 which represents the fair value of the purchase over principal pay down. The loss is included in "other expense" on the consolidated statements of operations. The Convertible Notes are convertible, in whole or in part, at any time, at the option of the holders of the Convertible Notes, into shares of the Company’s Common Stock at a conversion price of $62.50 per share of the Company’s Common Stock (the “Conversion Price”); provided, however, that if at any time after September 21, 2023, holders of the Series D Preferred Stock have required the Company to redeem (payable in cash or stock) in the aggregate at least 100,000 shares of Series D Preferred Stock, then the Conversion Price will be adjusted to the lower of (i) 55% of the Conversion Price or (ii) a 45% discount to the lowest price at which any Series D Preferred Stock was converted into the Common Stock. Upon a change of control, each Convertible Note will mandatorily convert into shares of the Company’s Common Stock equal to: (i) the principal amount of each Convertible Note divided by (ii) the product of (x) the average of the per share volume-weighted average prices for the Common Stock for the 15 consecutive trading days ending on the third business day immediately preceding the date of such change of control, and (y) 0.55. After January 1, 2024, the Company may redeem the Convertible Notes at any time (in whole or in part) at the Company's option at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest as of the redemption date (the "Note Redemption Price"). The Note Redemption Price may be paid: (a) in cash; (b) in shares of Common Stock; or (c) in any combination of (a) and (b). As of December 5, 2023, the Conversion Price for the Convertible Notes was approximately $0.21 per share of the Company’s Common Stock (approximately 116.46 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted). The Convertible Notes are subordinate and junior in right of payment to the Company's obligations to the holders of senior indebtedness, and that in the case of any insolvency, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar proceedings or any liquidation or winding-up of or relating to the Company as a whole, whether voluntary or involuntary, all obligations to holders of senior indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal or interest on the Convertible Notes. Fair Value Measurements The fair value of the Company’s fixed rate secured term loans was estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with a similar term and maturities. As of December 31, 2023 and December 31, 2022, the fair value of the Company’s fixed rate secured term loans, which were determined to be Level 3 within the valuation hierarchy, was $420.8 million and $429.1 million, respectively, and the carrying value of such loans, was $451.2 million and $440.2 million, respectively.

Derivative Liabilities

Derivative Liabilities	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	Derivative Liabilities Fair Value of Warrants The Company utilized the Black-Scholes valuation method to calculate the fair value of the warrants noted below. Significant observable and unobservable inputs include stock price, conversion price, risk-free rate, term, likelihood of an event of contractual conversion and expected volatility. The Black-Scholes valuation method simulation is a Level 3 valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. The warrants noted below contain terms and features that give rise to derivative liability classification. Warrants to purchase shares of common stock outstanding at December 31, 2023 and 2022 are as follows: Warrant Name Warrants Exercise Price Expiration Date Powerscourt Warrant 49,641 $31.20 12/22/2023 Wilmington Warrant Tranche A 51,020 $34.30 3/12/2026 Wilmington Warrant Tranche B 42,424 $41.25 3/12/2026 Wilmington Warrant Tranche C 12,727 $68.75 3/12/2026 In measuring the warrant liability, the Company used the following inputs: For the Years Ended December 31, 2023 2022 Common Stock price $0.31 $13.96 Weighted average contractual term to maturity 2.2 years 2.5 years Range of expected market volatility % 137.71% 66.00% - 72.88% Range of risk-free interest rate 4.23% 4.14% - 4.68% Fair Value of Conversion Features Related to Convertible Notes The Company identified certain embedded derivatives related to the conversion features of the Convertible Notes. In accordance with ASC 815-40, Derivatives and Hedging Activities , the embedded conversion options contained within the Convertible Notes were accounted for as derivative liabilities at the date of issuance and shall be adjusted to fair value through each reporting date. The Company utilized a binomial lattice model to calculate the fair value of the embedded derivatives. Significant observable and unobservable inputs include conversion price, stock price, dividend rate, expected volatility, risk-free rate, optional conversion price and term. The b inomial lattice model is a Level 3 valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. In measuring the embedded derivative liability, the Company used the following inputs: December 31, 2023 December 31, 2022 Conversion price $0.16 (1) $62.50 Common Stock price $0.31 $13.96 Contractual term to maturity 8.0 years 9.0 years Expected market volatility % 100.00% 205.00% Risk-free interest rate 3.90% 3.87% Traded WHLRL price % of par 240.00% 120.50% (1) Represents the volume weighted average of the Company's closing Common Stock price for the 10 trading days preceding the valuation date of December 31, 2023, less a discount of 45%. The following table sets forth a summary of the changes in fair value of the Company's derivative liabilities, which include both the warrant and embedded derivative liabilities (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Balance at the beginning of period $ 7,111 $ 4,776 Changes in fair value - Warrants (495) (753) Changes in fair value - Convertible Notes (2,963) 3,088 Balance at ending of period $ 3,653 $ 7,111

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments The Company is the lessee under several ground leases and for its corporate headquarters; all are accounted for as operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of December 31, 2023 and 2022, the weighted average remaining lease term of our leases was 36 and 34 years, respectively. Rent expense under the operating lease agreements were $1.1 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively. The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and corporate headquarters lease agreements applicable to lease liabilities as of December 31, 2023 (in thousands): For the years ended December 31, 2024 $ 815 2025 819 2026 823 2027 827 2028 829 Thereafter 19,591 Total undiscounted future minimum lease payments 23,704 Future minimum lease payments, discount (13,375) Operating lease liabilities $ 10,329 Insurance The Company carries comprehensive liability, property, fire, flood, wind, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under an insurance policy, in addition to other coverages, such as trademark and pollution coverage, that may be appropriate for certain of its properties. Additionally, the Company carries a directors’, officers’, entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover losses. Concentration of Credit Risk The Company is subject to risks incidental to the ownership and operation of commercial real estate. These risks include, among others, the risks normally associated with changes in the general economic climate, trends in the retail industry, creditworthiness of tenants, competition for tenants and customers, changes in tax laws, interest rates, the availability of financing and potential liability under environmental and other laws. The Company’s portfolio of properties is dependent upon regional and local economic conditions and is geographically located in the Mid-Atlantic, Southeast, and Northeast, which markets represented approximately 45%, 40% and 15%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2023. The Company’s geographic concentration may cause it to be more susceptible to adverse developments in those markets than if it owned a more geographically diverse portfolio. Additionally, the Company’s retail shopping center properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants. Regulatory and Environmental As the owner of the buildings on our properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company’s tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at our properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company’s operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist. Litigation The Company is involved in various legal proceedings arising in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated. In addition, the below legal proceedings are in process: On April 8, 2022, several purported holders of Cedar’s outstanding preferred stock filed a putative class action complaint against Cedar, Cedar's of Directors prior to the Merger, and WHLR in Montgomery County Circuit Court, Maryland entitled Sydney, et al. v. Cedar Realty Trust, Inc., et al., (Case No. C-15-CV-22-001527). On May 6, 2022, the Plaintiffs in Sydney filed a motion for a preliminary injunction. Also on May, 6, 2022, a purported holder of Cedar’s outstanding preferred stock filed a separate putative class action complaint against Cedar and Cedar's Board of Directors prior to the Cedar Acquisition in the United States District Court for the District of Maryland, entitled Kim v. Cedar Realty Trust, Inc., et al. , Civil Action No. 22-cv-01103. On May 11, 2022, Cedar, former Board of Directors of Cedar and the Company removed the Sydney action to the United States District Court for the District of Maryland, Case No. 8:22-cv-01142-GLR. On May 16, 2022, the court ordered that a hearing on the Sydney Plaintiffs’ motion for preliminary injunction be held on June 22, 2022. On June 2, 2022, the Plaintiffs in Kim also filed a motion for a preliminary injunction. The court consolidated the motions for preliminary injunction. On June 23, 2022, following a hearing, the court issued an order denying both motions for preliminary injunction, holding that the Plaintiffs in both cases were unlikely to succeed on the merits and that Plaintiffs had not established that they would suffer irreparable harm if the injunction was denied. By order dated July 11, 2022, the court consolidated the Sydney and Kim cases and set an August 24, 2022 deadline for the Plaintiffs in both cases to file a consolidated amended complaint. Plaintiffs filed their amended complaint on August 24, 2022. The amended complaint alleges on behalf of a putative class of holders of Cedar's preferred stock, among other things, claims for breach of contract against Cedar and Cedar's former Board of Directors with respect to the articles supplementary governing the terms of Cedar's preferred stock, breach of fiduciary duty against Cedar's former Board of Directors, and tortious interference and aiding and abetting breach of fiduciary duty against the Company. On October 7, 2022, Defendants moved to dismiss the amended complaint. Plaintiffs opposed the motion to dismiss and filed a motion to certify a question of law to Maryland’s Supreme Court. On August 1, 2023, the court issued a decision and order granting Defendants’ motions to dismiss, without leave to amend, and denying Plaintiffs’ motion to certify a question of law to the Maryland Supreme Court. The Plaintiffs appealed the dismissal to the United States Court of Appeals for the Fourth Circuit, Case No. 23-1905, docketed on August 30, 2023. The Court has set a briefing schedule. The appeal has been fully briefed. At this juncture, the outcome of the litigation remains uncertain. On July 11, 2022, a purported holder of Cedar's outstanding preferred stock filed a complaint against Cedar and Cedar's Board of Directors prior to the Merger in the United States District Court for the Eastern District of New York, entitled High Income Securities Fund v. Cedar Realty Trust, Inc., et al., No. 2:22-cv-4031. The complaint alleged that the Defendants violated Section 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions, and that Cedar's former Board of Directors are control persons under Section 20(a) of the Exchange Act. On September 25, 2023, the Court granted Defendants’ motion to dismiss the complaint with prejudice, and the time within which the Plaintiff could have appealed such decision has passed. On October 14, 2022, a purported holder of the Company's outstanding preferred stock filed a putative class action against Cedar, Cedar's Board of Directors prior to the Merger, and WHLR in Nassau County Supreme Court, New York entitled Krasner v. Cedar Realty Trust, Inc., et al. , Case No. 613985/2022. The complaint alleges on behalf of a putative class of holders of Cedar's preferred stock, among other things, claims for breach of contract against Cedar and Cedar's Board of Directors with respect to the articles supplementary governing the terms of Cedar's preferred stock, breach of fiduciary duty against Cedar's former Board of Directors, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. The complaint seeks, among other relief, an award of monetary damages, attorneys' fees, and expert fees. The Defendants filed motions in the Nassau County action to dismiss or stay the case based both on the pendency of the lawsuit in Maryland in which the same claims were asserted by other preferred stockholders and on the merits. The court held a hearing on the motions on October 27, 2023, and on December 4, 2023 granted the motions to dismiss based on the pendency of the lawsuit in Maryland without addressing the merits. Harbor Point Tax Increment Financing On September 1, 2011, the Grove Economic Development Authority issued the Grove Economic Development Authority Tax Increment Revenue Note, Taxable Series 2011 in the amount of $2.42 million, bearing a variable interest rate of 2.29%, not to exceed 14% and payable in 50 semi-annual installments. The proceeds of the bonds were to provide funding for the construction of public infrastructure and other site improvements and to be repaid by incremental additional property taxes generated by development. Harbor Point, then owned by an affiliate of former CEO, Jon Wheeler, entered into an Economic Development Agreement with the Grove Economic Development Authority for this infrastructure development and in the event the ad valorem taxes were insufficient to cover annual debt service, Harbor Point would reimburse the Grove Economic Development Authority (the “Harbor Point Agreement”). In 2014, Harbor Point was acquired by the Company. The total debt service shortfall over the life of the bond is uncertain as it is based on ad valorem taxes, assessed property values, property tax rates, LIBOR and future potential development ranging until 2036. The Company’s future total principal obligation under the Harbor Point Agreement will be no more than $2.0 million, the principal amount of the bonds, as of December 31, 2023. In addition, the Company may have an interest obligation on the note based on the principal balance and LIBOR rates in effect at future payment dates. The Company funded approximately $41 thousand and $42 thousand, during the years ended December 31, 2023 and 2022, respectively, in debt service shortfalls. As of December 31, 2023, $78 thousand was accrued for the December 2023 debt service payment shortfall. Future debt service shortfalls cannot be determined based on the variables noted above, as such have not been accrued.

Rental Revenue and Tenant Recei

Rental Revenue and Tenant Receivables	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Rental Revenue and Tenant Receivables	Rental Revenue and Tenant Receivables Tenant Receivables As of December 31, 2023 and 2022, the Company’s allowance for uncollectible tenant receivables totaled $0.9 million and $3.1 million, respectively. At December 31, 2023 and 2022, there were $7.9 million and $6.5 million, respectively, in unbilled straight-line rent, which is included in "receivables, net." Lease Contract Revenue The below table disaggregates the Company’s revenue by type of service (in thousands): Years ended December 31, 2023 2022 Base rent $ 72,621 $ 55,454 Tenant reimbursements - variable lease revenue 21,240 16,665 Above (below) market lease amortization, net 4,849 2,079 Straight-line rents 1,370 800 Percentage rent - variable lease revenue 774 558 Lease termination fees 325 134 Other 1,668 1,316 Total 102,847 77,006 Credit losses on operating lease receivables (522) (361) Total $ 102,325 $ 76,645 Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale, for each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2023 are as follows (in thousands): For the years ended December 31, 2024 $ 72,501 2025 67,049 2026 58,314 2027 49,013 2028 37,215 Thereafter 100,113 Total minimum rents $ 384,205

Equity and Mezzanine Equity

Equity and Mezzanine Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity The Company has authority to issue 215,000,000 shares of stock, consisting of 200,000,000 shares of $0.01 par value Common Stock and 15,000,000 shares of preferred stock of which 5,000,000 shares have been classified as no par value Series B Preferred, 6,000,000 shares as Series D Preferred Stock and 4,500 shares of Series A Preferred. Substantially all of our business is conducted through the Company’s Operating Partnership. The Trust is the sole general partner of the Operating Partnership and owned a 99.13% and 99.05% interest in the Operating Partnership as of December 31, 2023 and 2022, respectively. Limited partners in the Operating Partnership have the right to redeem their common units for cash or Common Stock, at our option. Distributions to common unit holders are paid at the same rate per unit as dividends per share to the Trust’s common stockholders. Common Stock One-for-Ten Reverse Stock Split On August 7, 2023, we announced that our Board of Directors had approved the Reverse Stock Split. The Reverse Stock Split took effect as of 5:00 p.m., Eastern Standard Time, on August 17, 2023 (the “Effective Time”). At the Effective Time, every ten issued and outstanding shares of Common Stock were converted into one share of Common Stock, and as a result, the number of outstanding shares of Common Stock was reduced from approximately 9,809,195 to approximately 980,919. The par value of each share of Common Stock remained unchanged. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would have otherwise been issued a fractional share of the Company’s Common Stock as a result of the Reverse Stock Split instead received a cash payment in lieu of such fractional share in an amount equal to the applicable fraction multiplied by the closing price of the Company’s Common Stock on the Nasdaq on August 17, 2023 (as adjusted for the Reverse Stock Split), without any interest. All share and share-related information presented in this Annual Report on Form 10-K, including our consolidated financial statements, has been retroactively adjusted to reflect the decreased number of shares resulting from the Reverse Stock Split. Series A Preferred Stock The Company has the right to redeem the 562 shares of Series A Preferred, on a pro rata basis, at any time at a price equal to 103% of the purchase price for the Series A Preferred. Series B Preferred Stock Holders of Series B Preferred shares have the right to receive, only when and as authorized by the Board of Directors and declared by the Company, out of funds legally available for the payment of dividends, cash dividends, at a rate of 9% per annum of the $25 liquidation preference per share. The Series B Preferred has no redemption rights. However, the Series B Preferred is subject to a mandatory conversion once the 20-trading day volume-weighted average closing price of our Common Stock, exceeds $580 per share; once this weighted average closing price is met, each share of our Series B Preferred will automatically convert into shares of our Common Stock at a conversion price equal to $400.00 per share of Common Stock. In addition, holders of our Series B Preferred also have the option, at any time, to convert shares of our Series B Preferred into shares of our Common Stock at a conversion price of $400.00 per share of Common Stock. Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, the holders of shares of our Series B Preferred shall be entitled to be paid out of our assets a liquidation preference of $25.00 per share. The Series B Preferred has no maturity date and will remain outstanding indefinitely unless subject to a mandatory or voluntary conversion as described above. Series D Preferred Stock - Redeemable Preferred Stock At December 31, 2023 and 2022, the Company had 2,590,458 and 3,152,392 issued shares, respectively and 6,000,000 authorized shares of Series D Preferred Stock, without par value with a $25.00 liquidation preference per share, or $97.1 million and $113.4 million in aggregate liquidation value, respectively. Until September 21, 2023, the holders of the Series D Preferred Stock were entitled to receive cumulative cash dividends at a rate of 8.75% per annum of the $25.00 liquidation preference per share (the “Initial Rate”). Commencing September 21, 2023, the holders were entitled to cumulative cash dividends at an annual dividend rate of the Initial Rate increased by 2% of the liquidation preference per annum on each subsequent anniversary thereafter, subject to a maximum annual dividend rate of 14%. Dividends are payable quarterly in arrears on or before January 15 th , April 15 th , July 15 th and October 15 th of each year. Dividends on the Series D Preferred Stock cumulate from the end of the most recent dividend period for which dividends have been paid. Dividends on the Series D Preferred Stock cumulate whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends and (iii) such dividends are authorized by our Board of Directors or declared by us. Dividends on the Series D Preferred Stock do not bear interest. If the Company fails to pay any dividend within three (3) business days after the payment date for such dividend, the then-current dividend rate increases following the payment date by an additional 2.0% of the $25.00 stated liquidation preference per share until we pay the dividend, subject to our ability to cure the failure. On December 20, 2018, the Company suspended the Series D Preferred dividend. As such, the Series D Preferred Stock shares began accumulating dividends at 10.75% beginning January 1, 2019 and will continue to accumulate dividends at this rate until all accumulated dividends have been paid. Commencing September 21, 2023, the Series D Preferred Stock holders were entitled to cumulative cash dividends at an annual dividend rate of 12.75%, subject to a maximum annual dividend rate of 16%, including the 2% default rate. Holders of shares of the Series D Preferred Stock have no voting rights. Pursuant to the Company's Articles Supplementary, if dividends on the Series D Preferred are in arrears for six or more consecutive quarterly periods (a "Preferred Dividend Default"), holders of shares of the Series D Preferred Stock and the holders of Series A Preferred and Series B Preferred upon which like voting rights have been conferred and are exercisable (such the Series A Preferred and Series B Preferred together, being the "Parity Preferred Stock"), shall be entitled to vote for the election of two additional directors to serve on the Board of Directors (the "Series D Preferred Directors"). A Preferred Dividend Default occurred on April 15, 2020. The election of the Series D Preferred Directors will take place upon the written request of the holders of record of at least 20% of the Series D Preferred Stock and Parity Preferred Stock. The Board of Directors is not permitted to fill the vacancies on the Board of Directors as a result of the failure of the holders of 20% of the Series D Preferred Stock and Parity Preferred Stock to deliver such written request for the election of the Series D Preferred Directors. The Series D Preferred Directors may serve on our Board of Directors, until all unpaid dividends on such Series D Preferred Stock and Parity Preferred Stock, if any, have been paid or declared and a sum sufficient for the payment thereof is set apart for payment. The Series D Preferred Stock requires the Company maintain asset coverage of at least 200%. If we fail to maintain asset coverage of at least 200% calculated by determining the percentage value of (i) our total assets plus accumulated depreciation and accumulated amortization minus our total liabilities and indebtedness as reported in our financial statements prepared in accordance with GAAP (exclusive of the book value of any Redeemable and Term Preferred Stock (defined below)) over (ii) the aggregate liquidation preference, plus an amount equal to all accrued and unpaid dividends, of outstanding shares of our Series D Preferred Stock and any outstanding shares of term preferred stock or preferred stock providing for a fixed mandatory redemption date or maturity date (collectively referred to as “Redeemable and Term Preferred Stock”) on the last business day of any calendar quarter (“Asset Coverage Ratio”), and such failure is not cured by the close of business on the date that is 30 calendar days following the filing date of our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, for that quarter, or the “Asset Coverage Cure Date,” then we will be required to redeem, within 90 calendar days of the Asset Coverage Cure Date, shares of Redeemable and Term Preferred Stock, which may include Series D Preferred Stock, at least equal to the lesser of (i) the minimum number of shares of Redeemable and Term Preferred Stock that will result in us having a coverage ratio of at least 200% and (ii) the maximum number of shares of Redeemable and Term Preferred Stock that can be redeemed solely out of funds legally available for such redemption. In connection with any redemption for failure to maintain the Asset Coverage Ratio, we may, in our sole option, redeem any shares of Redeemable and Term Preferred Stock we select, including on a non-pro rata basis. We may elect not to redeem any Series D Preferred Stock to cure such failure as long as we cure our failure to meet the Asset Coverage Ratio by or on the Asset Coverage Cure Date. If shares of Series D Preferred Stock are to be redeemed for failure to maintain the Asset Coverage Ratio, such shares will be redeemed solely in cash at a redemption price equal to $25.00 per share plus an amount equal to all accrued but unpaid dividends, if any, on such shares (whether or not declared) to and including the redemption date. On or after September 21, 2021, the Company may, at its option, redeem the Series D Preferred Stock, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date. The holder of the Series D Preferred Stock may convert shares at any time into shares of the Company’s Common Stock at an initial conversion rate of $169.60 per share of Common Stock. After September 21, 2023, each holder of the Series D Preferred Stock may, at their option, request that the Company redeem any or all of their shares on a monthly basis at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the Holder Redemption Date, payable in cash or in shares of Common Stock, or any combination thereof, at the Company's option. Redemptions commenced on September 22, 2023, and the first Holder Redemption Date was October 5, 2023. During the year ended December 31, 2023, the Company processed 175 redemption requests, collectively redeeming 864,070 shares of Series D Preferred Stock. Accordingly, the Company issued 52,788,687 shares of Common Stock in settlement of an aggregate Redemption Price of approximately $32.7 million. The value of the Common Stock issued to holders redeeming their Series D Preferred Stock is the volume weighted average price per share of our Common Stock for the ten consecutive trading days immediately preceding, but not including, the Holder Redemption Date as reported on Nasdaq (the "VWAP"). As of December 31, 2023, the Company has realized a gain of $9.9 million in the aggregate due to the closing price of the Common Stock on the last VWAP date differing from the VWAP used to calculate the shares issued in each redemption round. At December 31, 2023, the Company had received requests to redeem 9,843 shares of Series D Preferred Stock with respect to the January 2024 Holder Redemption Date. As such, the redemption of these Series D Preferred Stock is considered certain at December 31, 2023 and the liquidation value associated with these shares of $0.4 million is presented as a liability. The changes in the carrying value of the Series D Preferred Stock for the years ended December 31, 2023 and 2022 is as follows (in thousands, except per share data): Series D Preferred Stock Shares Value Balance December 31, 2021 3,152,392 $ 92,548 Accretion of Preferred Stock discount — 498 Undeclared dividends — 8,472 Balance December 31, 2022 3,152,392 101,518 Accretion of Preferred Stock discount — 373 Conversion of Series D Preferred Stock to Common Stock (4,244) (140) Paid-in-kind interest, issuance of Preferred Stock (2) 306,380 3,908 Accretion to liquidation preference (1) — 15,288 Series D Preferred Stock redemptions (3) (864,070) (33,044) Undeclared dividends — 8,802 Balance December 31, 2023 2,590,458 $ 96,705 (1) The Series D Preferred Stock was adjusted to $25.00 liquidation preference plus accrued and unpaid dividends, representing a $13.5 million adjustment to its carrying value at September 21, 2023, the commencement of the holder redemptions. (2) See Note 6 for additional details. (3) The value is net of the January 2024 Holder Redemption Date redemption liquidation value of $0.4 million, which is represented as a liability; however, the corresponding 9,843 shares has not been adjusted for as they remained outstanding at December 31, 2023. Earnings per share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The following table summarizes the potential dilution of conversion of Operating Partnership common units ("Common Units"), Series B Preferred, Series D Preferred Stock, warrants and Convertible Notes into the Company's Common Stock. These have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2023 December 31, 2022 Outstanding Shares Potential Dilutive Shares Outstanding Shares Potential Dilutive Shares Common units 13,323 13,323 14,494 14,494 Series B Preferred Stock 3,379,142 211,196 3,379,142 211,196 Series D Preferred Stock 2,590,458 248,750,708 3,152,392 668,890 Warrants to purchase Common Stock — 106,171 — 155,813 Convertible Notes — 146,876,617 — 3,856,259 Dividends The following table summarizes the Series D Preferred Stock dividends (in thousands, except for per share amounts): Series D Preferred Stock Arrears Date Undeclared Dividends Per Share For the year ended December 31, 2023 $ 8,802 $ 3.40 For the year ended December 31, 2022 $ 8,472 $ 2.69 The total cumulative dividends in arrears for Series D Preferred Stock is $32.3 million as of December 31, 2023 (per share $12.48). There were no dividends declared to holders of Common Stock, Series A Preferred, Series B Preferred or Series D Preferred Stock during years ended December 31, 2023 or 2022. 2015 Long-Term Incentive Plan On June 4, 2015, the Company's stockholders approved the 2015 Long-Term Incentive Plan (the "2015 Incentive Plan"). The 2015 Incentive Plan allows for issuance of up to 12,500 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. The 2015 Incentive Plan replaced the 2012 Stock Incentive Plan. As of December 31, 2023, there are 4,110 shares available for issuance under the Company’s 2015 Incentive Plan and there were no shares issued in 2023 or 2022. 2016 Long-Term Incentive Plan On June 15, 2016, the Company's stockholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 62,500 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. As of December 31, 2023, there are 12,770 shares available for issuance under the Company’s 2016 Incentive Plan and there were no shares issued in 2023 or 2022.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related Party Transactions with Cedar The Company performs property management and leasing services for Cedar, a subsidiary of the Company, pursuant to the Wheeler Real Estate Company Management Agreement. During the years ended December 31, 2023 and 2022, Cedar paid the Company $2.1 million and $1.0 million, respectively, for these services. The Operating Partnership and Cedar’s operating partnership, Cedar Realty Trust Partnership, L.P., are party to a cost sharing and reimbursement agreement, pursuant to which the parties agreed to share costs and expenses associated with certain employees, certain facilities and property, and certain arrangements with third parties (the “Cost Sharing Agreement”). Related party amounts due to the Company from Cedar as of December 31, 2023 and 2022 are comprised of (in thousands): December 31, 2023 December 31, 2022 (b) Financings and real estate taxes $ 7,166 $ 7,166 Management fees 225 110 Leasing commissions 161 85 Cost Sharing Agreement allocations (a) 548 — Other (6) (33) Total $ 8,094 $ 7,328 (a) Includes allocations for executive compensation and directors' liability insurance. In 2022, the were no allocations made to Cedar for these services due to certain limitations set forth in the Cost Sharing Agreement. (b) These related party amounts have been eliminated for consolidation purposes. Investment securities - related party The Company has investments held with SAI, a related party. See Note 4 for additional details.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Convertible Notes - open market purchase On January 17, 2024, the Company paid down $0.6 million of the Convertible Notes through an open market purchase of 23,280 units at a total purchase price of $1.3 million. Adjustment to Conversion Price of Convertible Notes For the February 2024 Series D Preferred Stock redemptions, the lowest price at which any Series D Preferred Stock was converted by a holder into Common Stock was approximately $0.22. Accordingly, pursuant to Section 14.02 (Optional Conversion) of the indenture governing the Convertible Notes, the Conversion Price for the Convertible Notes was further adjusted to approximately $0.12 per share of Common Stock (approximately 209.84 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted), representing a 45% discount to $0.22. Cumulative Series D Preferred Stock Redemption Information The Company has processed 84,561 shares of Series D Preferred Stock. Accordingly, the Company has issued 14,253,931 shares of Common Stock in settlement of an aggregate Redemption Price of approximately $3.2 million. Cedar Revolving Credit Agreement On February 29, 2024, the Company entered into a revolving credit agreement with KeyBank National Association to draw up to $9.5 million (the "Cedar Revolving Credit Agreement"). The interest rate under the Cedar Revolving Credit Agreement is the daily SOFR, plus applicable margins of 0.10% plus 2.75%. Interest payments are due monthly, and principal is due at maturity on February 28, 2025. The Cedar Revolving Credit Agreement may be extended, at the Company's option, for up to two additional three-month periods, subject to customary conditions. The Cedar Revolving Credit Agreement is collateralized by 6 properties, consisting of Carll's Corner, Fieldstone Marketplace, Oakland Commons, Kings Plaza, Oregon Avenue and South Philadelphia, and proceeds will be used for capital expenditures and tenant improvements for such properties.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule II-Valuation and Qualifying Accounts December 31, 2023 Description Balance at Charged to Deductions Balance at (in thousands) Allowance for doubtful accounts: Year Ended December 31, 2023 $ 3,146 $ 522 $ (2,765) $ 903 Year Ended December 31, 2022 $ 4,262 (1) $ 361 $ (1,477) $ 3,146 (1) The Cedar Acquisition purchase price allocation related to allowance for doubtful accounts of $3.63 million is included within the beginning year ended December 31, 2022 column.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation December 31, 2023 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amount at which Carried at end of Period Property Name Land Building and Improvements Carrying Land Building and Total WHLR (in thousands) Amscot Building $ — $ 462 $ 31 $ — $ — $ 493 $ 493 Lumber River Village 800 4,487 221 — 1,005 4,503 5,508 Surrey Plaza 381 1,857 451 — 701 1,988 2,689 Tuckernuck 2,115 6,719 1,338 — 2,171 8,001 10,172 Twin City Commons 800 3,041 143 — 809 3,175 3,984 Tampa Festival 4,653 6,691 1,756 — 4,713 8,387 13,100 Forrest Gallery 3,015 7,455 3,395 — 3,192 10,673 13,865 Winslow Plaza 1,325 3,684 468 — 1,566 3,911 5,477 Clover Plaza 356 1,197 25 — 356 1,222 1,578 St. George Plaza 897 1,264 2,549 — 1,389 3,321 4,710 South Square 353 1,911 328 — 480 2,112 2,592 Westland Square 887 1,710 216 — 901 1,912 2,813 Waterway Plaza 1,280 1,248 425 — 1,488 1,465 2,953 Cypress Shopping Center 2,064 4,579 1,506 — 2,064 6,085 8,149 Harrodsburg Marketplace 1,431 2,485 296 — 1,515 2,697 4,212 Port Crossing Shopping Center 792 6,921 220 — 800 7,133 7,933 LaGrange Marketplace 390 2,648 438 — 451 3,025 3,476 DF I-Courtland (2) 196 — — — 196 — 196 DF I-Edenton (2) 746 — — — 746 — 746 Freeway Junction 1,521 6,755 244 — 1,544 6,976 8,520 Bryan Station 1,658 2,756 329 — 1,807 2,936 4,743 Crockett Square 1,546 6,834 233 — 1,565 7,048 8,613 Harbor Point (2) 778 — (359) — 419 — 419 Pierpont Centre 484 9,221 521 — 905 9,321 10,226 Brook Run Properties 300 — 8 — 300 8 308 Alex City Marketplace 454 7,837 2,303 — 744 9,850 10,594 Brook Run Shopping Center 2,209 12,919 1,327 — 2,377 14,078 16,455 Beaver Ruin Village 2,604 8,284 258 — 2,619 8,527 11,146 Beaver Ruin Village II 1,153 2,809 5 — 1,153 2,814 3,967 Chesapeake Square 895 4,112 1,097 — 1,269 4,835 6,104 Sunshine Plaza 1,183 6,368 612 — 1,268 6,895 8,163 Cardinal Plaza 994 2,476 106 — 1,033 2,543 3,576 Frankilton Square LLC 1,022 2,933 345 — 1,126 3,174 4,300 Nashville Commons 1,091 3,503 220 — 1,150 3,664 4,814 Grove Park 722 4,590 605 — 1,084 4,833 5,917 Parkway Plaza 772 4,230 441 — 778 4,665 5,443 Fort Howard Square 1,890 7,350 848 — 2,157 7,931 10,088 Conyers Crossing 2,034 6,820 476 — 2,138 7,192 9,330 Darien Shopping Center 188 1,054 (17) — 188 1,037 1,225 Devine Street 3,895 1,941 (4) — 3,895 1,937 5,832 Folly Road 5,992 4,527 73 — 6,050 4,542 10,592 Georgetown 742 1,917 154 — 753 2,060 2,813 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amount at which Carried at end of Period Property Name Land Building and Improvements Carrying Land Building and Total Ladson Crossing $ 2,981 $ 3,920 $ 221 $ — $ 3,146 $ 3,976 $ 7,122 Lake Greenwood Crossing 550 2,499 17 — 550 2,516 3,066 Lake Murray 447 1,537 74 — 470 1,588 2,058 Litchfield I 568 929 84 — 572 1,009 1,581 Litchfield II 568 936 146 — 572 1,078 1,650 Litchfield Market Village 2,970 4,716 640 — 3,125 5,201 8,326 Moncks Corner — 1,109 9 — — 1,118 1,118 Ridgeland 203 376 79 — 282 376 658 Shoppes at Myrtle Park 3,182 5,360 1,119 — 3,182 6,479 9,661 South Lake 804 2,025 940 — 804 2,965 3,769 South Park 943 2,967 131 — 1,022 3,019 4,041 Sangaree 2,302 2,922 905 — 2,582 3,547 6,129 Tri-County 411 3,421 400 — 635 3,597 4,232 Riverbridge 774 5,384 283 — 820 5,621 6,441 Laburnum Square 3,735 5,929 848 — 4,050 6,462 10,512 Franklin Village 2,608 9,426 1,221 — 2,696 10,559 13,255 Village at Martinsville 5,208 12,879 2,174 — 5,228 15,033 20,261 New Market Crossing 993 5,216 1,040 — 1,324 5,925 7,249 Rivergate Shopping Center 1,537 29,177 1,206 — 1,732 30,188 31,920 JANAF 8,267 66,549 3,489 — 8,591 69,714 78,305 WHLR Total $ 95,659 $ 334,872 $ 38,657 $ — $ 102,248 $ 366,940 $ 469,188 CDR Brickyard Plaza $ 1,989 $ 13,119 $ — $ — $ 1,989 $ 13,119 $ 15,108 Carll's Corner 1,955 2,574 — — 1,955 2,574 4,529 Coliseum Marketplace 1,226 3,172 1,972 — 1,227 5,143 6,370 Fairview Commons 948 2,083 — — 948 2,083 3,031 Fieldstone Marketplace 2,359 2,279 133 — 2,359 2,412 4,771 Gold Star Plaza 1,403 3,223 24 — 1,403 3,247 4,650 Golden Triangle 3,322 13,388 (36) — 3,322 13,352 16,674 Hamburg Square 932 4,967 — — 932 4,967 5,899 Kings Plaza 2,192 3,961 709 — 2,192 4,670 6,862 Oakland Commons 825 3,080 — — 825 3,080 3,905 Oregon Avenue 3,158 — 674 3,158 674 3,832 Patuxent Crossing 2,999 15,145 493 — 2,999 15,638 18,637 Pine Grove Plaza 1,292 3,832 (7) — 1,292 3,825 5,117 South Philadelphia 11,996 11,137 937 — 11,996 12,074 24,070 Southington Center 358 8,429 — — 358 8,429 8,787 Timpany Plaza 1,778 5,754 1,045 — 1,778 6,799 8,577 Trexler Mall 3,746 22,979 19 — 3,746 22,998 26,744 Washington Center Shoppes 3,618 11,354 306 — 3,618 11,660 15,278 Webster Commons 1,565 6,207 113 — 1,565 6,320 7,885 CDR Total $ 47,661 $ 136,683 $ 6,382 $ — $ 47,662 $ 143,064 $ 190,726 Combined Total $ 143,320 $ 471,555 $ 45,039 $ — $ 149,910 $ 510,004 $ 659,914 (1) Negative amounts represent write-offs of fully depreciated assets. (2) Net of impairment. As of December 31, 2023, the aggregate cost for federal income tax purposes was approximately $926 million. Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation Property Name Encumbrances Accumulated Date of Date Depreciation WHLR (in thousands) Amscot Building $ 275 5/15/2004 5-40 years Lumber River Village (2) 1,556 11/16/2012 5-40 years Surrey Plaza (2) 664 12/21/2012 5-40 years Tuckernuck $ 4,771 2,963 11/16/2012 5-40 years Twin City Commons (2) 1,070 12/18/2012 5-40 years Tampa Festival (2) 2,670 8/26/2013 5-40 years Forrest Gallery (2) 3,307 8/29/2013 5-40 years Winslow Plaza 4,331 1,313 12/19/2013 5-40 years Clover Plaza (2) 340 12/23/2013 5-40 years St. George Plaza (2) 405 12/23/2013 5-40 years South Square (2) 542 12/23/2013 5-40 years Westland Square (2) 517 12/23/2013 5-40 years Waterway Plaza (2) 416 12/23/2013 5-40 years Cypress Shopping Center 5,769 1,350 7/1/2014 5-40 years Harrodsburg Marketplace (5) 707 7/1/2014 5-40 years Port Crossing Shopping Center (5) 2,431 7/3/2014 5-40 years LaGrange Marketplace (2) 818 7/25/2014 5-40 years DF I-Courtland (undeveloped land) — 8/15/2014 N/A Edenton Commons (undeveloped land) — 8/15/2014 N/A Freeway Junction (6) 1,830 9/4/2014 5-40 years Bryan Station (6) 945 10/2/2014 5-40 years Crockett Square (6) 1,982 11/5/2014 5-40 years Harbor Point (undeveloped land) — 11/21/2014 N/A Pierpont Centre (5) 2,441 1/14/2015 5-40 years Brook Run Properties (undeveloped land) — 3/27/2015 N/A Alex City Marketplace (5) 2,749 4/1/2015 5-40 years Brook Run Shopping Center (6) 3,792 6/2/2015 5-40 years Beaver Ruin Village (6) 1,963 7/1/2015 5-40 years Beaver Ruin Village II (6) 663 7/1/2015 5-40 years Chesapeake Square 4,014 1,504 7/10/2015 5-40 years Sunshine Plaza (5) 1,790 7/21/2015 5-40 years Cardinal Plaza (5) 658 8/21/2015 5-40 years Frankilton Square LLC (5) 816 8/21/2015 5-40 years Nashville Commons (5) 869 8/21/2015 5-40 years Grove Park (5) 1,179 9/9/2015 5-40 years Parkway Plaza (5) 1,062 9/15/2015 5-40 years Fort Howard Square (6) 1,846 9/30/2015 5-40 years Conyers Crossing 5,960 1,866 9/30/2015 5-40 years Darien Shopping Center (2) 206 4/12/2016 5-40 years Devine Street 404 4/12/2016 5-40 years Property Name Encumbrances Accumulated Date of Date Depreciation (in thousands) Folly Road (2) $ 980 4/12/2016 5-40 years Georgetown (2) 442 4/12/2016 5-40 years Ladson Crossing (2) 893 4/12/2016 5-40 years Lake Greenwood Crossing (2) 563 4/12/2016 5-40 years Lake Murray (2) 338 4/12/2016 5-40 years Litchfield I (2) 240 4/12/2016 5-40 years Litchfield II (2) 225 4/12/2016 5-40 years Litchfield Market Village (2) 1,108 4/12/2016 5-40 years Moncks Corner 253 4/12/2016 5-40 years Ridgeland (2) 106 4/12/2016 5-40 years Shoppes at Myrtle Park (6) 1,629 4/12/2016 5-40 years South Lake (2) 867 4/12/2016 5-40 years South Park (2) 655 4/12/2016 5-40 years Sangaree (1) 1,191 11/10/2016 5-40 years Tri-County (1) 867 11/10/2016 5-40 years Riverbridge (5) 1,095 11/15/2016 5-40 years Laburnum Square 7,665 1,353 12/7/2016 5-40 years Franklin Village (5) 1,909 12/12/2016 5-40 years Village at Martinsville 14,755 3,165 12/16/2016 5-40 years New Market Crossing (2) 1,215 12/20/2016 5-40 years Rivergate Shopping Center 17,557 5,893 12/21/2016 5-40 years JANAF Shopping Center 60,000 11,551 1/18/2018 5-40 years WHLR Totals $ 86,447 CDR Brickyard Plaza (3) $ 741 8/22/2022 5-40 years Carll's Corner 157 8/22/2022 5-40 years Coliseum Marketplace (4) 214 8/22/2022 5-40 years Fairview Commons (3) 169 8/22/2022 5-40 years Fieldstone Marketplace 285 8/22/2022 5-40 years Gold Star Plaza (3) 277 8/22/2022 5-40 years Golden Triangle (3) 819 8/22/2022 5-40 years Hamburg Square (3) 332 8/22/2022 5-40 years Kings Plaza 314 8/22/2022 5-40 years Oakland Commons 214 8/22/2022 5-40 years Oregon Avenue — 8/22/2022 N/A Patuxent Crossing (4) 973 8/22/2022 5-40 years Pine Grove Plaza (3) 251 8/22/2022 5-40 years South Philadelphia 623 8/22/2022 5-40 years Southington Center (3) 507 8/22/2022 5-40 years Timpany Plaza 9,060 409 8/22/2022 5-40 years Trexler Mall (3) 1,262 8/22/2022 5-40 years Washington Center Shoppes (3) 653 8/22/2022 5-40 years Webster Commons (3) 405 8/22/2022 5-40 years CDR Total $ 8,605 Combined Total $ 95,052 (1) Properties secure a $6.0 million mortgage note. (2) Properties secure a $75.0 million mortgage note. (3) Properties secure a $110.0 million mortgage note. (4) Properties secure a $25.0 million mortgage note. (5) Properties secure a $61.1 million mortgage note. (6) Properties secure a $53.1 million mortgage note. The changes in total real estate assets for the years ended December 31, 2023 and 2022 are as follows: 2023 2022 (in thousands) Balance at beginning of period $ 637,871 $ 458,214 Acquisitions 3,720 185,019 Improvements 18,999 6,777 Impairments — (760) Disposals (676) (11,379) Balance at end of period $ 659,914 $ 637,871

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (4,687)	$ (12,454)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Real Estate Investments	Real Estate Investments The Company records investment properties and related intangibles at fair value upon acquisition. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded at fair value as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles.
Assets Held for Sale and Discontinued Operations	Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment expense is recognized. The Company estimates fair value, less estimated closing costs, based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2023 and 2022. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense.
Conditional Asset Retirement Obligation	Conditional Asset Retirement Obligation
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250 thousand. The Company's loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk.
Tenant Receivables	Tenant Receivables Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease.
Above and Below Market Lease Intangibles, Net	Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues.
Deferred Costs and Other Assets, Net	Deferred Costs and Other Assets, net
Derivative Financial Instruments	Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants and convertible notes, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations
Debt Issuance Costs	Debt Issuance Costs
Series D Preferred Stock	Series D Preferred Stock
Lease Contract Revenue	Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements as variable lease income. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants' costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which are included in "other revenues" on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets.
Segment Information	Segment Information The Company’s primary business is the ownership and operation of grocery-anchored shopping centers. The Company reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of rental income and other property income, less operating expenses and real estate taxes. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in similar markets, and have similar tenant mixes.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by generally accepted accounting principles on Accounting for Uncertainty of Income Taxes
Financial Instruments	Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity.
Use of Estimates	Use of Estimates
Other Expense	Other Expense
Lease Commitments	Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use ("ROU") assets and operating lease liabilities on our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust and noncontrolling interest attributable to the acquisition of Cedar. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s $0.01 par value per share common stock ("Common Stock"). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.
Reclassifications	Reclassifications The Company has reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net loss. All per share amounts, common units and shares outstanding, warrants, and conversion features of the Convertible Notes for all periods presented reflect our one-for-ten Reverse Stock Split, which was effective August 17, 2023.
Recently Issued accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued guidance which requires disclosure of incremental segment information on both an annual and interim basis. The guidance will require that the Company continue to disclose existing segment information required by FASB Accounting Standards Codification Topic 280, as well as significant segment expenses and other segment items that are regularly provided to the chief operating decision maker ("CODM"). The Company will also be required to disclose the title and position of the CODM and how the CODM uses reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The guidance will be effective for the Company's fiscal year beginning on January 1, 2024 and interim periods within the Company's fiscal year beginning on January 1, 2025. The Company is currently in the process of evaluating the guidance, but does not believe it will have a material effect on the Company's consolidated financial statements. Other accounting standards that have been recently issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental Consolidated Statements of Cash Flows Information For the Years 2023 2022 (in thousands) Non-Cash Transactions: Conversion of common units to Common Stock $ 57 $ 160 Conversion of Series B Preferred Stock to Common Stock $ — $ 104 Conversion of Series D Preferred Stock to Common Stock $ 140 $ — Accretion of Preferred Stock discounts $ 460 $ 584 Accretion of Preferred stock to liquidation preference $ 15,288 $ — Redemption of Series D Preferred Stock to Common Stock $ (33,044) $ — Buildings and improvements included in accounts payable, accrued expenses and other liabilities $ 1,047 $ 238 Other Cash Transactions: Cash paid for taxes $ 48 $ — Cash paid for amounts included in the measurement of operating lease liabilities $ 1,001 $ 956 Cash paid for interest $ 25,216 $ 19,957

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Dispositions	The following properties were sold during the years ended December 31, 2023 and 2022 (in thousands): Disposal Property Contract Price Gain (Loss) Net Proceeds July 11, 2023 Carll's Corner Outparcel $ 3,000 $ 2,204 $ 2,759 December 9, 2022 Butler Square 9,250 2,619 8,723 January 11, 2022 Walnut Hill Plaza 1,986 (15) 1,786
Schedule of the Consideration Paid and the Purchase Allocation of Assets Acquired and Liabilities Assumed	The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with Accounting Standards Update ("ASU") 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market capitalization rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The following table summarizes the purchase price allocation based on the Company's initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands): Building and building improvements (a) $ 137,120 Land and land improvements (a) 47,899 Lease intangibles (b) 28,215 Above market lease (c) 1,718 Right of use asset adjustment, ground lease (d) 2,913 Cash, accounts receivable and other assets 14,242 Total assets acquired 232,107 Below market lease (c) (23,622) Lease Liabilities, ground lease (d) (3,552) Accounts payable and other liabilities (4,578) Total liabilities acquired (31,752) Noncontrolling interest (e) (64,845) Purchase price allocation of net assets acquired, excluding noncontrolling interests $ 135,510 Purchase consideration: (f) Cash merger consideration $ 130,000 Capitalized acquisition costs 5,510 $ 135,510 a. Represents the purchase price allocation of the net investment properties acquired, which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, "go dark" analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles include in place leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of above and below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. d. Represents the purchase price allocation of the lease liability and corresponding right of use asset associated with a ground lease expiring in 2071. The Company used an incremental borrowing rate of 5.25% for the purpose of calculating the lease liability. e. Represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock. f. Represents merger consideration and capitalized transaction costs.

Deferred Costs and Other Asse_2

Deferred Costs and Other Assets, net (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Details of Deferred Costs and Other Assets, Net of Amortization	Deferred costs and other assets, net of accumulated amortization are as follows (in thousands): December 31, 2023 2022 Leases in place, net $ 16,663 $ 24,956 Lease origination costs, net 7,461 7,165 Ground lease sandwich interest, net 1,119 1,393 Tenant relationships, net 280 500 Legal and marketing costs, net 278 389 Prepaid expenses 2,224 1,456 Other 3 21 Total deferred costs and other assets, net $ 28,028 $ 35,880
Schedule of Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases	Future amortization of leases in place, lease origination costs, ground lease sandwich interest, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases in Lease Ground lease sandwich interest, net Tenant Legal & Total 2024 $ 5,045 $ 1,293 $ 274 $ 124 $ 82 $ 6,818 2025 3,522 1,161 274 62 60 5,079 2026 2,214 1,017 274 11 45 3,561 2027 1,782 908 274 11 31 3,006 2028 1,192 732 23 11 20 1,978 Thereafter 2,908 2,350 — 61 40 5,359 $ 16,663 $ 7,461 $ 1,119 $ 280 $ 278 $ 25,801

Loans Payable, net (Tables)

Loans Payable, net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Loans Payable and Interest Expense	The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Maturity December 31, 2023 December 31, Cypress Shopping Center $ 34,360 4.70% July 2024 $ 5,769 $ 5,903 Conyers Crossing Interest only 4.67% October 2025 5,960 5,960 Winslow Plaza $ 24,295 4.82% December 2025 4,331 4,409 Tuckernuck $ 32,202 5.00% March 2026 4,771 4,915 Chesapeake Square $ 23,857 4.70% August 2026 4,014 4,106 Sangaree/Tri-County $ 32,329 4.78% December 2026 5,990 6,086 Timpany Plaza Interest only 7.27% September 2028 9,060 — Village of Martinsville $ 89,664 4.28% July 2029 14,755 15,181 Laburnum Square Interest only 4.28% September 2029 7,665 7,665 Rivergate (1) $ 100,222 4.25% September 2031 17,557 18,003 Convertible Notes Interest only 7.00% December 2031 31,530 33,000 Term loan, 22 properties Interest only 4.25% July 2032 75,000 75,000 JANAF (2) Interest only 5.31% July 2032 60,000 60,000 Cedar term loan, 10 properties Interest only 5.25% November 2032 110,000 110,000 Patuxent Crossing/Coliseum Marketplace Interest only 6.35% January 2033 25,000 25,000 Term loan, 12 properties Interest only 6.19% June 2033 61,100 — Term loan, 8 properties Interest only 6.24% June 2033 53,070 — Term loans - fixed interest rate various 4.47% (3) various — 107,219 Total Principal Balance 495,572 482,447 Unamortized deferred financing cost (17,998) (16,418) Total Loans Payable, net $ 477,574 $ 466,029 (1) In October 2026, the interest rate under this loan changes to a variable interest rate equal to the 5 year U.S. Treasury Rate plus 2.70%, with a floor of 4.25%. (2) Collateralized by JANAF properties. (3) Contractual interest rate weighted average. Interest expense on the Convertible Notes consists of the following (in thousands, except for shares): For the years ended December 31, Series B Preferred number of shares (1) Series D Preferred Stock number of shares (1) Convertible Note interest at 7% coupon Fair value adjustment Interest expense 2023 — 306,380 $ 2,259 $ 1,649 $ 3,908 2022 1,511,541 — $ 2,310 $ 1,429 $ 3,739 (1) Shares issued as interest payment on Convertible Notes.
Schedule of Company's Scheduled Principal Repayments on Indebtedness	The Company’s scheduled principal repayments on indebtedness as of December 31, 2023, are as follows (in thousands): For the years ended December 31, 2024 $ 7,220 2025 12,313 2026 16,261 2027 3,048 2028 12,924 Thereafter 443,806 Total principal repayments and debt maturities $ 495,572

Derivative Liabilities (Tables)

Derivative Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	Warrants to purchase shares of common stock outstanding at December 31, 2023 and 2022 are as follows: Warrant Name Warrants Exercise Price Expiration Date Powerscourt Warrant 49,641 $31.20 12/22/2023 Wilmington Warrant Tranche A 51,020 $34.30 3/12/2026 Wilmington Warrant Tranche B 42,424 $41.25 3/12/2026 Wilmington Warrant Tranche C 12,727 $68.75 3/12/2026
Schedule of Fair Value Measurement Inputs and Valuation Techniques	In measuring the warrant liability, the Company used the following inputs: For the Years Ended December 31, 2023 2022 Common Stock price $0.31 $13.96 Weighted average contractual term to maturity 2.2 years 2.5 years Range of expected market volatility % 137.71% 66.00% - 72.88% Range of risk-free interest rate 4.23% 4.14% - 4.68% In measuring the embedded derivative liability, the Company used the following inputs: December 31, 2023 December 31, 2022 Conversion price $0.16 (1) $62.50 Common Stock price $0.31 $13.96 Contractual term to maturity 8.0 years 9.0 years Expected market volatility % 100.00% 205.00% Risk-free interest rate 3.90% 3.87% Traded WHLRL price % of par 240.00% 120.50% (1) Represents the volume weighted average of the Company's closing Common Stock price for the 10 trading days preceding the valuation date of December 31, 2023, less a discount of 45%.
Schedule of the Changes in Fair Value of the Company's Derivative Liabilities	The following table sets forth a summary of the changes in fair value of the Company's derivative liabilities, which include both the warrant and embedded derivative liabilities (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Balance at the beginning of period $ 7,111 $ 4,776 Changes in fair value - Warrants (495) (753) Changes in fair value - Convertible Notes (2,963) 3,088 Balance at ending of period $ 3,653 $ 7,111

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Undiscounted Cash Flows of Scheduled Obligations for Under Operating Leases	The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and corporate headquarters lease agreements applicable to lease liabilities as of December 31, 2023 (in thousands): For the years ended December 31, 2024 $ 815 2025 819 2026 823 2027 827 2028 829 Thereafter 19,591 Total undiscounted future minimum lease payments 23,704 Future minimum lease payments, discount (13,375) Operating lease liabilities $ 10,329

Rental Revenue and Tenant Rec_2

Rental Revenue and Tenant Receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Disaggregation of Company's Revenue	The below table disaggregates the Company’s revenue by type of service (in thousands): Years ended December 31, 2023 2022 Base rent $ 72,621 $ 55,454 Tenant reimbursements - variable lease revenue 21,240 16,665 Above (below) market lease amortization, net 4,849 2,079 Straight-line rents 1,370 800 Percentage rent - variable lease revenue 774 558 Lease termination fees 325 134 Other 1,668 1,316 Total 102,847 77,006 Credit losses on operating lease receivables (522) (361) Total $ 102,325 $ 76,645
Schedule of Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases	Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale, for each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2023 are as follows (in thousands): For the years ended December 31, 2024 $ 72,501 2025 67,049 2026 58,314 2027 49,013 2028 37,215 Thereafter 100,113 Total minimum rents $ 384,205

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Changes in Carrying Value of Series D Preferred	The changes in the carrying value of the Series D Preferred Stock for the years ended December 31, 2023 and 2022 is as follows (in thousands, except per share data): Series D Preferred Stock Shares Value Balance December 31, 2021 3,152,392 $ 92,548 Accretion of Preferred Stock discount — 498 Undeclared dividends — 8,472 Balance December 31, 2022 3,152,392 101,518 Accretion of Preferred Stock discount — 373 Conversion of Series D Preferred Stock to Common Stock (4,244) (140) Paid-in-kind interest, issuance of Preferred Stock (2) 306,380 3,908 Accretion to liquidation preference (1) — 15,288 Series D Preferred Stock redemptions (3) (864,070) (33,044) Undeclared dividends — 8,802 Balance December 31, 2023 2,590,458 $ 96,705 (1) The Series D Preferred Stock was adjusted to $25.00 liquidation preference plus accrued and unpaid dividends, representing a $13.5 million adjustment to its carrying value at September 21, 2023, the commencement of the holder redemptions. (2) See Note 6 for additional details.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the potential dilution of conversion of Operating Partnership common units ("Common Units"), Series B Preferred, Series D Preferred Stock, warrants and Convertible Notes into the Company's Common Stock. These have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2023 December 31, 2022 Outstanding Shares Potential Dilutive Shares Outstanding Shares Potential Dilutive Shares Common units 13,323 13,323 14,494 14,494 Series B Preferred Stock 3,379,142 211,196 3,379,142 211,196 Series D Preferred Stock 2,590,458 248,750,708 3,152,392 668,890 Warrants to purchase Common Stock — 106,171 — 155,813 Convertible Notes — 146,876,617 — 3,856,259
Schedule of Dividends Declared	The following table summarizes the Series D Preferred Stock dividends (in thousands, except for per share amounts): Series D Preferred Stock Arrears Date Undeclared Dividends Per Share For the year ended December 31, 2023 $ 8,802 $ 3.40 For the year ended December 31, 2022 $ 8,472 $ 2.69

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Activity	Related party amounts due to the Company from Cedar as of December 31, 2023 and 2022 are comprised of (in thousands): December 31, 2023 December 31, 2022 (b) Financings and real estate taxes $ 7,166 $ 7,166 Management fees 225 110 Leasing commissions 161 85 Cost Sharing Agreement allocations (a) 548 — Other (6) (33) Total $ 8,094 $ 7,328 (a) Includes allocations for executive compensation and directors' liability insurance. In 2022, the were no allocations made to Cedar for these services due to certain limitations set forth in the Cost Sharing Agreement. (b) These related party amounts have been eliminated for consolidation purposes.

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation - Additional Information (Details)	Dec. 31, 2023 property center	Dec. 31, 2022
Real Estate Properties [Line Items]
Ownership interest of operating partnership (as a percent)	99.13%	99.05%
Number of properties | center	75
Number of undeveloped real estate properties	4
Sourth Carolina
Real Estate Properties [Line Items]
Number of properties	21
Georgia
Real Estate Properties [Line Items]
Number of properties	12
Virginia
Real Estate Properties [Line Items]
Number of properties	10
Pennsylvania
Real Estate Properties [Line Items]
Number of properties	8
North Carolina
Real Estate Properties [Line Items]
Number of properties	6
Massachusetts
Real Estate Properties [Line Items]
Number of properties	4
New Jersey
Real Estate Properties [Line Items]
Number of properties	4
Florida
Real Estate Properties [Line Items]
Number of properties	3
Connecticut
Real Estate Properties [Line Items]
Number of properties	3
Kentucky
Real Estate Properties [Line Items]
Number of properties	2
Tennessee
Real Estate Properties [Line Items]
Number of properties	2
Alabama
Real Estate Properties [Line Items]
Number of properties	1
Maryland
Real Estate Properties [Line Items]
Number of properties	1
West Virginia
Real Estate Properties [Line Items]
Number of properties	1
Oklahoma
Real Estate Properties [Line Items]
Number of properties	1

Organization and Basis of Pre_3

Organization and Basis of Presentation and Consolidation - Acquisition of Cedar Realty Trust (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 22, 2022 property $ / shares	Mar. 02, 2022 center $ / shares	Dec. 31, 2023	Dec. 31, 2022 USD ($)
Series B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, cumulative dividend rate per annum (as a percent)			9%
Cedar
Business Acquisition [Line Items]
Number of shopping center	19	19
Share price (in dollars per share) | $ / shares	$ 9.48	$ 9.48
Acquisition related costs | $				$ 5,510
Cedar | Series B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, cumulative dividend rate per annum (as a percent)	7.25%
Cedar | Series C Preferred Stock
Business Acquisition [Line Items]
Preferred stock, cumulative dividend rate per annum (as a percent)	6.50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)							12 Months Ended
	Sep. 21, 2023	Sep. 20, 2023	Aug. 17, 2023	Aug. 22, 2022	Sep. 22, 2020 $ / shares shares	Jan. 01, 2019	Dec. 31, 2023 USD ($) assetClass segment $ / shares	Dec. 31, 2022 USD ($) $ / shares
Property, Plant and Equipment [Line Items]
Asset retirement obligation							$ 0	$ 0
Maturity of highly liquid investments (in days)							90 days
Insurance coverage provided to a depositor's other deposit accounts held at an FDIC-insured institution							$ 250,000
Past due rent charge term (in days)							5 days
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]							Fair Value Adjustment of Warrants	Fair Value Adjustment of Warrants
Number of underlying asset classes | assetClass							2
Number of reportable segments | segment							1
Minimum percentage of taxable income to be distributed to stockholders (as a percent)							90%
Term of disqualification to be taxed as a REIT due to loss of REIT status (in years)							5 years
Other expense							$ 5,482,000	$ 691,000
Common stock, par value (in dollars per share) | $ / shares							$ 0.01	$ 0.01
Reverse stock split, conversion ratio			0.1
Series D Preferred Stock
Property, Plant and Equipment [Line Items]
Shares purchased and retired (in shares) | shares					71,343
Stock repurchased and retired (in dollars per share) | $ / shares					$ 15.50
Preferred stock, dividend rate (as a percent)	12.75%	8.75%				10.75%
Series B Preferred Stock
Property, Plant and Equipment [Line Items]
Preferred stock, dividend rate (as a percent)							9%
Cedar | Series B Preferred Stock
Property, Plant and Equipment [Line Items]
Preferred stock, dividend rate (as a percent)				7.25%
Cedar | Series C Preferred Stock
Property, Plant and Equipment [Line Items]
Preferred stock, dividend rate (as a percent)				6.50%
Cedar | Series B Preferred Stock and Series C Preferred Stock
Property, Plant and Equipment [Line Items]
Dividends payable							$ 10,800,000	$ 3,900,000
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of buildings and improvements (in years)							5 years
Maximum | Series D Preferred Stock
Property, Plant and Equipment [Line Items]
Preferred stock, dividend rate (as a percent)	16%
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of buildings and improvements (in years)							40 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Non-Cash Transactions:
Conversion of common units and preferred stock to common stock	$ 57	$ 160
Accretion of Preferred Stock discounts	460	584
Accretion of Preferred stock to liquidation preference	15,288	0
Redemption of Series D Preferred Stock to Common Stock	(33,044)	0
Buildings and improvements included in accounts payable, accrued expenses and other liabilities	1,047	238
Other Cash Transactions:
Cash paid for taxes	48	0
Cash paid for amounts included in the measurement of operating lease liabilities	1,001	956
Cash paid for interest	25,216	19,957
Series B Preferred Stock
Non-Cash Transactions:
Conversion of common units and preferred stock to common stock	0	104
Series D Preferred Stock
Non-Cash Transactions:
Conversion of common units and preferred stock to common stock	$ 140	$ 0

Real Estate - Additional Inform

Real Estate - Additional Information (Details) $ / shares in Units, ft² in Millions					12 Months Ended
	Aug. 18, 2023 USD ($) a	Feb. 21, 2023 USD ($) a	Aug. 22, 2022 USD ($) ft² property $ / shares	Mar. 02, 2022 center	Dec. 31, 2023 USD ($) a $ / shares	Dec. 31, 2022 USD ($) $ / shares
Real Estate [Line Items]
Depreciation					$ 18,100,000	$ 13,500,000
Impairment of assets held for sale					$ 0	$ 760,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Cedar
Real Estate [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.06
Cedar
Real Estate [Line Items]
Area of land | ft²			2.9
Number of shopping center			19	19
Consideration transferred			$ 135,510,000
Not Discontinued Operations | Harbor Pointe Associates, LLC
Real Estate [Line Items]
Area of land | a					5
St. George Plaza
Real Estate [Line Items]
Area of land | a		2.5
Purchase of land		$ 200,000
Devine Street Land
Real Estate [Line Items]
Area of land | a	3.25
Purchase of land	$ 4,100,000

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - USD ($) $ in Thousands				12 Months Ended
	Jul. 11, 2023	Dec. 09, 2022	Jan. 11, 2022	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]				Gain on disposal of properties	Gain on disposal of properties
Disposed of by Sale | Carll's Corner Outparcel
Real Estate [Line Items]
Contract Price	$ 3,000
Gain (Loss)	2,204
Net Proceeds	$ 2,759
Disposed of by Sale | Butler Square
Real Estate [Line Items]
Contract Price		$ 9,250
Gain (Loss)		2,619
Net Proceeds		$ 8,723
Disposed of by Sale | Walnut Hill Plaza
Real Estate [Line Items]
Contract Price			$ 1,986
Gain (Loss)			(15)
Net Proceeds			$ 1,786

Real Estate - Assets Acquired a

Real Estate - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 22, 2022	Dec. 31, 2023
Series B Preferred Stock
Purchase consideration
Preferred stock, cumulative dividend rate per annum (as a percent)		9%
Cedar
Assets Acquired
Lease intangibles	$ 28,215
Above market lease	1,718
Right of use asset adjustment, ground lease	2,913
Cash, accounts receivable and other assets	14,242
Total assets acquired	232,107
Liabilities Acquired
(Below) market lease	(23,622)
Lease Liabilities, ground lease	(3,552)
Accounts payable and other liabilities	(4,578)
Total liabilities acquired	(31,752)
Noncontrolling interest	(64,845)
Purchase price allocation of net assets acquired, excluding noncontrolling interests	135,510
Purchase consideration
Cash merger consideration	130,000
Cash merger consideration	5,510
Capitalized acquisition costs	$ 135,510
Incremental borrowing rate (as a percent)	5.25%
Cedar | Buildings and improvements
Assets Acquired
Property, plant, and equipment	$ 137,120
Cedar | Land and land improvements
Assets Acquired
Property, plant, and equipment	$ 47,899
Cedar | Series B Preferred Stock
Purchase consideration
Preferred stock, cumulative dividend rate per annum (as a percent)	7.25%
Cedar | Series C Preferred Stock
Purchase consideration
Preferred stock, cumulative dividend rate per annum (as a percent)	6.50%

Investments Securities - Rela_2

Investments Securities - Related Party (Details) - USD ($) $ in Thousands				12 Months Ended
	Nov. 30, 2023	Sep. 01, 2023	Jun. 01, 2023	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Payments to acquire limited partnership interest				$ 10,000	$ 0
Investment securities - related party				10,685	0
Unrealized gain on investments				685	$ 0
Related Party | Stilwell Activist Investments, L.P. | Stilwell Value, LLC
Schedule of Equity Method Investments [Line Items]
Management fees, quarterly rate (as a percent)			0.25%
Management fees, annual rate (as a percent)			1%
Incentive fee (as a percent)			20%
Stilwell Activist Investments, L.P. | Related Party
Schedule of Equity Method Investments [Line Items]
Payments to acquire limited partnership interest			$ 3,000
Payments to acquire additional limited partnership interest	$ 3,500	$ 3,500
Withdrawal blackout period (in years)			1 year
Investment securities - related party				10,700
Investment subscription amount				10,000
Investment fees (as a percent)				200
Unrealized gain on investments				$ 700

Deferred Costs and Other Asse_3

Deferred Costs and Other Assets, net - Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 28,028	$ 35,880
Lease origination costs, net	7,461	7,165
Tenant relationships, net	280	500
Prepaid expenses	2,224	1,456
Other	3	21
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	16,663	24,956
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	1,119	1,393
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 278	$ 389

Deferred Costs and Other Asse_4

Deferred Costs and Other Assets, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Finite-lived intangible assets, accumulated amortization	$ 69.9	$ 62.4
Amortization of intangible assets	$ 10.4	$ 6.1

Deferred Costs and Other Asse_5

Deferred Costs and Other Assets, net - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024	$ 6,818
2025	5,079
2026	3,561
2027	3,006
2028	1,978
Thereafter	5,359
Total	25,801
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
2024	5,045
2025	3,522
2026	2,214
2027	1,782
2028	1,192
Thereafter	2,908
Total	16,663
Lease origination costs, net
Finite-Lived Intangible Assets [Line Items]
2024	1,293
2025	1,161
2026	1,017
2027	908
2028	732
Thereafter	2,350
Total	7,461
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
2024	274
2025	274
2026	274
2027	274
2028	23
Thereafter	0
Total	1,119
Tenant relationships, net
Finite-Lived Intangible Assets [Line Items]
2024	124
2025	62
2026	11
2027	11
2028	11
Thereafter	61
Total	280
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
2024	82
2025	60
2026	45
2027	31
2028	20
Thereafter	40
Total	$ 278

Loans Payable, net - Schedule o

Loans Payable, net - Schedule of Loans Payable (Details)			12 Months Ended
	May 18, 2023 USD ($) property	May 05, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Sep. 12, 2023	Dec. 31, 2022 USD ($)	Dec. 21, 2022	Oct. 28, 2022 property	Jul. 06, 2022	Jun. 17, 2022 property
Debt Instrument [Line Items]
Loans payable, net			$ 477,574,000		$ 466,029,000
Total Principal Balance			495,572,000		482,447,000
Unamortized deferred financing cost			(17,998,000)		(16,418,000)
Total Loans Payable, net			$ 477,574,000		466,029,000
Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest Rate			7%
Loans payable, net			$ 31,530,000		33,000,000
Term loan, 22 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property			22						22
Interest Rate			4.25%						4.25%
Loans payable, net			$ 75,000,000		75,000,000
Cedar term loan, 10 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property			10				10
Interest Rate			5.25%				5.25%
Loans payable, net			$ 110,000,000		110,000,000
Term loan, 12 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property		12	12
Monthly Payment		$ 400,000
Interest Rate		6.194%	6.19%
Loans payable, net			$ 61,100,000		0
Term loan, 8 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property	8		8
Monthly Payment	$ 300,000
Interest Rate	6.24%		6.24%
Loans payable, net			$ 53,070,000		0
Term loans - fixed interest rate | Secured Debt
Debt Instrument [Line Items]
Interest Rate			4.47%
Loans payable, net			$ 0		107,219,000
Cypress Shopping Center
Debt Instrument [Line Items]
Monthly Payment			$ 34,360
Interest Rate			4.70%
Loans payable, net			$ 5,769,000		5,903,000
Conyers Crossing
Debt Instrument [Line Items]
Interest Rate			4.67%
Loans payable, net			$ 5,960,000		5,960,000
Winslow Plaza Shopping Center
Debt Instrument [Line Items]
Monthly Payment			$ 24,295
Interest Rate			4.82%
Loans payable, net			$ 4,331,000		4,409,000
Tuckernuck
Debt Instrument [Line Items]
Monthly Payment			$ 32,202
Interest Rate			5%
Loans payable, net			$ 4,771,000		4,915,000
Chesapeake Square
Debt Instrument [Line Items]
Monthly Payment			$ 23,857
Interest Rate			4.70%
Loans payable, net			$ 4,014,000		4,106,000
Sagaree/Tri-County
Debt Instrument [Line Items]
Monthly Payment			$ 32,329
Interest Rate			4.78%
Loans payable, net			$ 5,990,000		6,086,000
Sagaree/Tri-County | Secured Debt
Debt Instrument [Line Items]
Loans payable, net			$ 6,000,000
Timpany Plaza
Debt Instrument [Line Items]
Interest Rate			7.27%	7.27%
Loans payable, net			$ 9,060,000		0
Village of Martinsville
Debt Instrument [Line Items]
Monthly Payment			$ 89,664
Interest Rate			4.28%
Loans payable, net			$ 14,755,000		15,181,000
Laburnum Square
Debt Instrument [Line Items]
Interest Rate			4.28%
Loans payable, net			$ 7,665,000		7,665,000
Rivergate
Debt Instrument [Line Items]
Monthly Payment			$ 100,222
Interest Rate			4.25%
Loans payable, net			$ 17,557,000		18,003,000
Term of credit facility (in years)			5 years
Rivergate | Minimum
Debt Instrument [Line Items]
Interest Rate			4.25%
Rivergate | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Debt spread over variable basis percentage (as a percent)			2.70%
JANAF Loan Agreement
Debt Instrument [Line Items]
Interest Rate			5.31%					5.31%
Loans payable, net			$ 60,000,000		60,000,000
Patuxent Crossing/Coliseum Marketplace
Debt Instrument [Line Items]
Interest Rate			6.35%			6.35%
Loans payable, net			$ 25,000,000		$ 25,000,000
Patuxent Crossing/Coliseum Marketplace | Secured Debt
Debt Instrument [Line Items]
Loans payable, net			$ 25,000,000

Loans Payable, net - Additional

Loans Payable, net - Additional Information (Details)												12 Months Ended
	Sep. 12, 2023 USD ($)	Sep. 11, 2023 USD ($) shares	Jun. 08, 2023 USD ($) shares	May 18, 2023 USD ($) property	May 05, 2023 USD ($) property	Dec. 09, 2022 USD ($)	Oct. 28, 2022 USD ($) property	Jul. 06, 2022 USD ($) loan	Jun. 17, 2022 USD ($) property loan	Feb. 17, 2022 USD ($)	Jan. 11, 2022 USD ($)	Dec. 31, 2023 USD ($) property d $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 05, 2023 $ / shares shares	Dec. 21, 2022 USD ($)	Aug. 22, 2022 USD ($) property
Debt Instrument [Line Items]
Repayments of debt												$ 3,116,000	$ 0
Payments of loan prepayment penalties												1,758,000	2,614,000
Loss on repurchase of debt securities												1,647,000	0
Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Convertible debt, fair value												75,700,000	40,900,000
Reported Value Measurement
Debt Instrument [Line Items]
Convertible debt, fair value												26,400,000	25,800,000
Secured Debt | Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Long-term debt, fair value												420,800,000	429,100,000
Secured Debt | Reported Value Measurement
Debt Instrument [Line Items]
Long-term debt, fair value												$ 451,200,000	$ 440,200,000
Term loan, 22 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property									22			22
Debt issued									$ 75,000,000
Interest rate (as a percent)									4.25%			4.25%
Debt instrument, amortization term (in years)									30 years
Number loans refinanced | loan									11
Payments of loan prepayment penalties									$ 1,500,000
Cedar term loan, 10 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property							10					10
Debt issued							$ 110,000,000
Interest rate (as a percent)							5.25%					5.25%
Debt instrument, amortization term (in years)							30 years
Term loan, 12 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property					12							12
Debt issued					$ 61,100,000
Interest rate (as a percent)					6.194%							6.19%
Payments of loan prepayment penalties					$ 1,100,000
Monthly payment					$ 400,000
Term loan, 8 properties | Secured Debt
Debt Instrument [Line Items]
Number of refinanced real estate properties | property				8								8
Debt issued				$ 53,100,000
Interest rate (as a percent)				6.24%								6.24%
Payments of loan prepayment penalties				$ 700,000
Monthly payment				$ 300,000
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt
Debt Instrument [Line Items]
Repayments of debt		$ 900,000	$ 600,000
Interest rate (as a percent)												7%
Threshold consecutive trading days | d												15
Interest multiplier												0.55
Shares repurchased (in shares) | shares		35,000	23,784
Fair value of purchase over principal pay down		$ 1,900,000	$ 1,200,000
Loss on repurchase of debt securities												$ 1,600,000
Conversion price (in dollars per share) | $ / shares												$ 0.16	$ 62.50
Number of shares required to be redeemed in aggregate (in shares) | shares												100,000
Discount on conversion (as a percent)												55%
Conversion price discount (as a percent)												45%
Redemption price percentage (as a percent)												100%
Debt instrument, convertible, amount of share per principal right (in shares) | shares														116.46
Debt instrument, convertible, amount of principal right (in dollars per share) | $ / shares														$ 25
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt | Common Stock
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares												$ 62.50		$ 0.21
Walnut Hill Plaza
Debt Instrument [Line Items]
Repayments of debt										$ 1,300,000	$ 1,800,000
JANAF Loan Agreement
Debt Instrument [Line Items]
Debt issued								$ 60,000,000
Interest rate (as a percent)								5.31%				5.31%
Number loans refinanced | loan								3
Payments of loan prepayment penalties								$ 1,200,000
KeyBank-Cedar Agreement
Debt Instrument [Line Items]
Debt issued																$ 130,000,000
Number of collateral real estate properties | property																19
Butler Square
Debt Instrument [Line Items]
Repayments of debt						$ 5,600,000
Patuxent Crossing/Coliseum Marketplace
Debt Instrument [Line Items]
Debt issued															$ 25,000,000
Interest rate (as a percent)												6.35%			6.35%
Timpany Plaza
Debt Instrument [Line Items]
Debt issued	$ 11,600,000
Interest rate (as a percent)	7.27%											7.27%
Debt instrument, amortization term (in years)	30 years
Debt instrument, interest only payments, term (in months)	12 months
Proceeds from issuance of secured debt	$ 9,100,000
Debt proceeds receivable	$ 2,500,000
Debt proceeds receivable, term (in years)	1 year

Loans Payable, net - Schedule_2

Loans Payable, net - Schedule of Company's Scheduled Principal Repayments on Indebtedness (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 7,220
2025	12,313
2026	16,261
2027	3,048
2028	12,924
Thereafter	443,806
Total principal repayments and debt maturities	$ 495,572

Loans Payable, net - Schedule_3

Loans Payable, net - Schedule of Interest related to the Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fair value adjustment	$ 1,649	$ 1,429
Interest expense	$ 3,908	3,739
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	7%
Interest expense	$ 2,259	$ 2,310
Series B Preferred Stock
Debt Instrument [Line Items]
Payment of interest expense (in shares)	0	1,511,541
Series D Preferred Stock
Debt Instrument [Line Items]
Payment of interest expense (in shares)	306,380	0

Derivative Liabilities - Schedu

Derivative Liabilities - Schedule of Warrants to Purchase Common Stock (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Powerscourt Warrant | Exercise Price $31.20
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding (in shares)	49,641	49,641
Exercise price (in dollars per share)	$ 31.20	$ 31.20
Wilmington Warrant Tranche A | Wilmington Financing Agreement | Exercise Price $34.30
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding (in shares)	51,020	51,020
Exercise price (in dollars per share)	$ 34.30	$ 34.30
Wilmington Warrant Tranche B | Wilmington Financing Agreement | Exercise Price $41.25
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding (in shares)	42,424	42,424
Exercise price (in dollars per share)	$ 41.25	$ 41.25
Wilmington Warrant Tranche C | Wilmington Financing Agreement | Exercise Price $68.75
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding (in shares)	12,727	12,727
Exercise price (in dollars per share)	$ 68.75	$ 68.75

Derivative Liabilities - Monte

Derivative Liabilities - Monte Carlo Model (Details)	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.31	13.96
Weighted average contractual term to maturity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term (in years)	2 years 2 months 12 days	2 years 6 months
Range of expected market volatility % | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	1.3771	0.6600
Range of expected market volatility % | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input		0.7288
Range of risk-free interest rate | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.0423	0.0414
Range of risk-free interest rate | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input		0.0468

Derivative Liabilities - Multin

Derivative Liabilities - Multinomial Lattice Model (Details) - 7.00% Subordinated Convertible Notes due 2031 - Convertible Debt	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Conversion price (in dollars per share)	$ 0.16	$ 62.50
Conversion trading period (in days)	10 days
Conversion discount (as a percent)	45%
Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.31	13.96
Contractual term to maturity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	8	9
Expected market volatility %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	1	2.0500
Risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0390	0.0387
Traded WHLRL price % of par
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	2.4000	1.2050

Derivative Liabilities - Change

Derivative Liabilities - Changes in Fair Value of the Derivative Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at the beginning of period	$ 7,111	$ 4,776
Balance at ending of period	3,653	7,111
Warrant
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value	(495)	(753)
Convertible Debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value	$ (2,963)	$ 3,088

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) option	Dec. 31, 2022 USD ($)	Sep. 01, 2011 USD ($) semi-annualInstallment
Loss Contingencies [Line Items]
Weighted-average remaining lease term (in years)	36 years	34 years
Total rent expense	$ 1,100	$ 1,200
Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC
Loss Contingencies [Line Items]
Debt issued			$ 2,420
Number of semi-annual payment installments | semi-annualInstallment			50
Guarantor obligations, maximum exposure amount	2,000
Guarantor obligations, amount funded	41	$ 42
Amounts accrued for guarantor obligations	$ 78
Mid Atlantic | Revenue Benchmark | Geographic Concentration Risk
Loss Contingencies [Line Items]
Concentration risk (as a percent)	45%
Southeast | Revenue Benchmark | Geographic Concentration Risk
Loss Contingencies [Line Items]
Concentration risk (as a percent)	40%
Northeast | Revenue Benchmark | Geographic Concentration Risk
Loss Contingencies [Line Items]
Concentration risk (as a percent)	15%
Minimum
Loss Contingencies [Line Items]
Operating lease, number of renew options | option	1
Operating lease, renewal term (in years)	5 years
Minimum | Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC
Loss Contingencies [Line Items]
Interest rate (as a percent)			2.29%
Maximum
Loss Contingencies [Line Items]
Operating lease, renewal term (in years)	50 years
Maximum | Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC
Loss Contingencies [Line Items]
Interest rate (as a percent)			14%

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 815
2025	819
2026	823
2027	827
2028	829
Thereafter	19,591
Total undiscounted future minimum lease payments	23,704
Future minimum lease payments, discount	(13,375)
Operating lease liabilities	$ 10,329	$ 16,478

Rental Revenue and Tenant Rec_3

Rental Revenue and Tenant Receivables - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Allowance for uncollectible accounts	$ 0.9	$ 3.1
Accounts Receivable, after Allowance for Credit Loss
Disaggregation of Revenue [Line Items]
Unbilled rent asset, net	$ 7.9	$ 6.5

Rental Revenue and Tenant Rec_4

Rental Revenue and Tenant Receivables - Schedule of Disaggregation of Company's Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 1,993	$ 1,450
Above (below) market lease amortization, net	4,849	2,079
Straight-line rents	1,370	800
Subtotal	102,847	77,006
Credit losses on operating lease receivables	(522)	(361)
Total Revenue	102,325	76,645
Base rent
Disaggregation of Revenue [Line Items]
Revenues	72,621	55,454
Tenant reimbursements - variable lease revenue
Disaggregation of Revenue [Line Items]
Revenues	21,240	16,665
Percentage rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Percentage rent - variable lease revenue	774	558
Lease termination fees
Disaggregation of Revenue [Line Items]
Revenues	325	134
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 1,668	$ 1,316

Rental Revenue and Tenant Rec_5

Rental Revenue and Tenant Receivables - Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2024	$ 72,501
2025	67,049
2026	58,314
2027	49,013
2028	37,215
Thereafter	100,113
Total minimum rents	$ 384,205

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity [Line Items]
Authority to issue stock (in shares)	215,000,000
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000
Ownership interest of operating partnership (as a percent)	99.13%	99.05%
Series B Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)	6,000,000
Series A Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)	4,500	4,500

Equity and Mezzanine Equity - C

Equity and Mezzanine Equity - Common Stock Additional Information (Details)	Aug. 17, 2023	Dec. 31, 2023 shares	Aug. 07, 2023 shares	Aug. 06, 2023 shares	Dec. 31, 2022 shares
Equity [Abstract]
Reverse stock split, conversion ratio	0.1
Common stock, shares outstanding (in shares)		53,769,787	980,919	9,809,195	979,396

Equity and Mezzanine Equity - S

Equity and Mezzanine Equity - Series A and B Preferred Stock Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Series A Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares) | shares	562
Percentage of price at which common stock is sold in secondary offering (as a percent)	103%
Series B Preferred Stock
Equity [Line Items]
Preferred stock, cumulative dividend rate per annum (as a percent)	9%
Preferred stock, liquidation preference per share (in dollars per share)	$ 25
Terms of conversion (in days)	20 days
Adjusted conversion price of preferred to common (in dollars per share)	$ 580
Redemption price per share (in dollars per share)	$ 400

Equity and Mezzanine Equity -_2

Equity and Mezzanine Equity - Series D Preferred Stock Additional Information (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Sep. 21, 2023 $ / shares	Sep. 20, 2023 $ / shares	Sep. 21, 2021 $ / shares	Jan. 01, 2019	Dec. 31, 2023 USD ($) qtr holder director $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Equity [Line Items]
Conversion of common units and preferred stock to common stock					$ 57	$ 160
Gain on preferred stock redemptions					9,893	0
Series D Preferred Stock redemptions					$ 369	$ 0
Common Stock
Equity [Line Items]
Common stock shares issued in settlement (in shares) | shares					52,788,687
Conversion of common units and preferred stock to common stock					$ 32,700
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares issued (in shares) | shares					2,590,458	3,152,392
Temporary preferred stock, shares authorized (in shares) | shares					6,000,000	6,000,000
Temporary preferred stock, liquidation preference (in dollars per share) | $ / shares					$ 25	$ 25
Preferred stock, aggregate liquidation preference					$ 97,100	$ 113,400
Preferred stock, cumulative dividend rate per annum (as a percent)	12.75%	8.75%		10.75%
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares	$ 25	$ 25			$ 25
Dividend over initial rate (as a percent)	2%				2%
Preferred stock, default rate (as a percent)	2%
Minimum consecutive quarterly periods for dividends in arrears | qtr					6
Number of additional directors | director					2
Percentage of holders of shares outstanding (as a percent)					20%
Ratio of asset coverage to total debt (as a percent)					200%
Redemption price per share (in dollars per share) | $ / shares			$ 25
Secondary offering common (in dollars per share) | $ / shares			$ 169.60
Redemption request | holder					175
Shares redeemed by holders (in shares) | shares					864,070
Conversion of common units and preferred stock to common stock					$ 140	$ 0
Gain on preferred stock redemptions					$ 9,900
Stock requested to redemption during period, shares (in shares) | shares					9,843
Series D Preferred Stock redemptions					$ 400
Series D Preferred Stock | Maximum
Equity [Line Items]
Preferred stock, cumulative dividend rate per annum (as a percent)	16%
Dividend rate including rate increase (as a percent)	14%
Series D Preferred Stock | Common Stock
Equity [Line Items]
Shares redeemed by holders (in shares) | shares					52,788,687

Equity and Mezzanine Equity -_3

Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 21, 2023	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 20, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)		2,590,458	3,152,392	3,152,392
Beginning balance		$ 96,705	$ 101,518	$ 92,548
Accretion of Preferred Stock discount			373	498
Undeclared dividends			$ 8,802	$ 8,472
Conversion of Series D Preferred Stock to Common Stock (in shares)			(4,244)
Conversion of Series D Preferred Stock to Common Stock			$ (140)
Paid-in-kind interest, issuance of Preferred Stock (in shares)			306,380
Paid-in-kind interest, issuance of Preferred Stock			$ 3,908
Accretion to liquidation preference			$ 15,288
Series D Preferred Stock redemptions (in shares)			(864,070)
Series D Preferred Stock redemptions			$ 33,044
Ending balance (in shares)			2,590,458	3,152,392
Ending balance			$ 96,705	$ 101,518
Preferred stock, liquidation preference per share (in dollars per share)	$ 25		$ 25		$ 25
Preferred stock, accretion to redemption value, adjustment	$ 13,500		$ 15,288
Preferred stock, redemption liquidation, outstanding (in shares)			9,843
Subsequent Event
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock, redemption liquidation		$ 400

Equity and Mezzanine Equity -_4

Equity and Mezzanine Equity - Antidiluted Securities Excluded From Calculation of Earning Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, outstanding (in shares)	3,379,142	3,379,142
Potential dilutive shares (in shares)	211,196	211,196
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	2,590,458	3,152,392	3,152,392
Potential dilutive shares (in shares)	248,750,708	668,890
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units outstanding (in shares)	13,323	14,494
Potential dilutive shares (in shares)	13,323	14,494
Warrants to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	106,171	155,813
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	146,876,617	3,856,259

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Declared (Details) - Series D Cumulative Convertible Preferred Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Undeclared Dividends	$ 8,802	$ 8,472
Per Share (in dollars per share)	$ 3.40	$ 2.69

Equity and Mezzanine Equity -_5

Equity and Mezzanine Equity - Dividends and Long-Term Incentive Plan Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 15, 2016	Jun. 04, 2015
Equity [Line Items]
Dividends, common stock	$ 0	$ 0
Series D Preferred Stock
Equity [Line Items]
Preferred stock cumulative, amount of preferred dividends in arrears	$ 32,300,000
Preferred stock cumulative, per share amount of preferred dividends in arrears (in dollars per share)	$ 12.48
Dividends, preferred stock	$ 0	0
Series A Preferred Stock
Equity [Line Items]
Dividends, preferred stock	0	0
Series B Preferred Stock
Equity [Line Items]
Dividends, preferred stock	$ 0	$ 0
Common Stock | 2015 Incentive Plan
Equity [Line Items]
Number of shares authorized under share incentive plan (in shares)				12,500
Shares available for issuance under the share incentive plan (in shares)	4,110
Issuance of common stock under share incentive plan (in shares)	0	0
Common Stock | 2016 Incentive Plan
Equity [Line Items]
Number of shares authorized under share incentive plan (in shares)			62,500
Shares available for issuance under the share incentive plan (in shares)	12,770
Issuance of common stock under share incentive plan (in shares)	0	0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues	$ 102,325	$ 76,645
Cedar | Property Management and Leasing Services | Related Party
Related Party Transaction [Line Items]
Revenues	$ 2,100	$ 1,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - Related Party - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Amounts of transaction	$ 8,094	$ 7,328
Financings and real estate taxes
Related Party Transaction [Line Items]
Amounts of transaction	7,166	7,166
Management fees
Related Party Transaction [Line Items]
Amounts of transaction	225	110
Leasing commissions
Related Party Transaction [Line Items]
Amounts of transaction	161	85
Cost sharing agreement allocations
Related Party Transaction [Line Items]
Amounts of transaction	548	0
Other
Related Party Transaction [Line Items]
Amounts of transaction	$ (6)	$ (33)

Subsequent Events (Details)

Subsequent Events (Details)					2 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($) option property $ / shares shares	Jan. 17, 2024 USD ($) shares	Sep. 11, 2023 USD ($) shares	Jun. 08, 2023 USD ($) shares	Mar. 05, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 05, 2023 $ / shares shares	Sep. 21, 2021 $ / shares
Subsequent Event [Line Items]
Repayments of debt						$ 3,116,000	$ 0
Conversion of common units and preferred stock to common stock						$ 57,000	160,000
Common Stock
Subsequent Event [Line Items]
Common stock shares issued in settlement (in shares) | shares						52,788,687
Conversion of common units and preferred stock to common stock						$ 32,700,000
Series D Preferred Stock
Subsequent Event [Line Items]
Redemption price per share (in dollars per share) | $ / shares									$ 25
Shares redeemed by holders (in shares) | shares						864,070
Conversion of common units and preferred stock to common stock						$ 140,000	$ 0
Series D Preferred Stock | Common Stock
Subsequent Event [Line Items]
Shares redeemed by holders (in shares) | shares						52,788,687
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Common stock shares issued in settlement (in shares) | shares					14,253,931
Conversion of common units and preferred stock to common stock					$ 3,200,000
Subsequent Event | Series D Preferred Stock
Subsequent Event [Line Items]
Shares redeemed by holders (in shares) | shares					84,561
Subsequent Event | Minimum | Series D Preferred Stock
Subsequent Event [Line Items]
Redemption price per share (in dollars per share) | $ / shares	$ 0.22
KeyBank National Association | Line of Credit | Subsequent Event | Revolving Credit Agreement | Cedar
Subsequent Event [Line Items]
Line of credit facility	$ 9,500,000
Margin spread percentage (as a percent)	2.75%
Extension, number of options | option	2
Extension term (in months)	3 months
Number of collateral real estate properties | property	6
KeyBank National Association | Line of Credit | Subsequent Event | Revolving Credit Agreement | Cedar | Secured Overnight Financing Rate (SOFR), Daily Simple
Subsequent Event [Line Items]
Debt spread over variable basis percentage (as a percent)	0.10%
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt
Subsequent Event [Line Items]
Repayments of debt			$ 900,000	$ 600,000
Shares repurchased (in shares) | shares			35,000	23,784
Fair value of purchase over principal pay down			$ 1,900,000	$ 1,200,000
Conversion price (in dollars per share) | $ / shares						$ 0.16	$ 62.50
Debt instrument, convertible, amount of share per principal right (in shares) | shares								116.46
Debt instrument, convertible, amount of principal right (in dollars per share) | $ / shares								$ 25
Conversion discount (as a percent)						45%
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt | Common Stock
Subsequent Event [Line Items]
Conversion price (in dollars per share) | $ / shares						$ 62.50		$ 0.21
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt | Subsequent Event
Subsequent Event [Line Items]
Repayments of debt		$ 600,000
Shares repurchased (in shares) | shares		23,280
Fair value of purchase over principal pay down		$ 1,300,000
Debt instrument, convertible, amount of share per principal right (in shares) | shares	209.84
Debt instrument, convertible, amount of principal right (in dollars per share) | $ / shares	$ 25
Conversion discount (as a percent)	45%
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt | Subsequent Event | Common Stock
Subsequent Event [Line Items]
Conversion price (in dollars per share) | $ / shares	$ 0.12

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 3,146
Balance at Beginning of Year		$ 3,146	$ 4,262
Charged to Costs and Expense	522	361
Deductions from Reserves	(2,765)	(1,477)
Balance at End of Year	903	3,146
Balance at End of Year		3,146	$ 4,262
Cedar
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 3,630
Balance at End of Year		$ 3,630

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Initial Cost
Land	$ 143,320
Building and Improvements	471,555
Costs Capitalized Subsequent to Acquisition
Improvements (net)	45,039
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	149,910
Building and Improvements	510,004
Total	659,914	$ 637,871
Aggregate cost for federal income tax purposes	926,000
Accumulated Depreciation	95,052
Loans payable, net	477,574	466,029
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	637,871	458,214
Acquisitions	3,720	185,019
Improvements	18,999	6,777
Impairments	0	(760)
Disposals	(676)	(11,379)
Balance at end of period	659,914	637,871
Sagaree/Tri-County
Gross Amount at which Carried at end of Period
Loans payable, net	5,990	6,086
Patuxent Crossing/Coliseum Marketplace
Gross Amount at which Carried at end of Period
Loans payable, net	25,000	25,000
Secured Debt | Term loan, 22 properties
Gross Amount at which Carried at end of Period
Loans payable, net	75,000	75,000
Secured Debt | Cedar term loan, 10 properties
Gross Amount at which Carried at end of Period
Loans payable, net	110,000	110,000
Secured Debt | Term loan, 12 properties
Gross Amount at which Carried at end of Period
Loans payable, net	61,100	0
Secured Debt | Term loan, 8 properties
Gross Amount at which Carried at end of Period
Loans payable, net	53,070	$ 0
Secured Debt | Sagaree/Tri-County
Gross Amount at which Carried at end of Period
Loans payable, net	6,000
Secured Debt | Patuxent Crossing/Coliseum Marketplace
Gross Amount at which Carried at end of Period
Loans payable, net	25,000
Cedar
Initial Cost
Land	47,661
Building and Improvements	136,683
Costs Capitalized Subsequent to Acquisition
Improvements (net)	6,382
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	47,662
Building and Improvements	143,064
Total	190,726
Accumulated Depreciation	8,605
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	190,726
WHLR
Initial Cost
Land	95,659
Building and Improvements	334,872
Costs Capitalized Subsequent to Acquisition
Improvements (net)	38,657
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	102,248
Building and Improvements	366,940
Total	469,188
Accumulated Depreciation	86,447
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	469,188
Amscot Building
Initial Cost
Land	0
Building and Improvements	462
Costs Capitalized Subsequent to Acquisition
Improvements (net)	31
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	0
Building and Improvements	493
Total	493
Accumulated Depreciation	275
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 493
Amscot Building | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Amscot Building | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Lumber River Village
Initial Cost
Land	$ 800
Building and Improvements	4,487
Costs Capitalized Subsequent to Acquisition
Improvements (net)	221
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,005
Building and Improvements	4,503
Total	5,508
Accumulated Depreciation	1,556
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,508
Lumber River Village | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Lumber River Village | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Surrey Plaza
Initial Cost
Land	$ 381
Building and Improvements	1,857
Costs Capitalized Subsequent to Acquisition
Improvements (net)	451
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	701
Building and Improvements	1,988
Total	2,689
Accumulated Depreciation	664
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,689
Surrey Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Surrey Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Tuckernuck
Initial Cost
Land	$ 2,115
Building and Improvements	6,719
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,338
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,171
Building and Improvements	8,001
Total	10,172
Encumbrances	4,771
Accumulated Depreciation	2,963
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,172
Tuckernuck | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Tuckernuck | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Twin City Commons
Initial Cost
Land	$ 800
Building and Improvements	3,041
Costs Capitalized Subsequent to Acquisition
Improvements (net)	143
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	809
Building and Improvements	3,175
Total	3,984
Accumulated Depreciation	1,070
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,984
Twin City Commons | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Twin City Commons | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Tampa Festival
Initial Cost
Land	$ 4,653
Building and Improvements	6,691
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,756
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	4,713
Building and Improvements	8,387
Total	13,100
Accumulated Depreciation	2,670
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 13,100
Tampa Festival | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Tampa Festival | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Forrest Gallery
Initial Cost
Land	$ 3,015
Building and Improvements	7,455
Costs Capitalized Subsequent to Acquisition
Improvements (net)	3,395
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,192
Building and Improvements	10,673
Total	13,865
Accumulated Depreciation	3,307
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 13,865
Forrest Gallery | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Forrest Gallery | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Winslow Plaza
Initial Cost
Land	$ 1,325
Building and Improvements	3,684
Costs Capitalized Subsequent to Acquisition
Improvements (net)	468
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,566
Building and Improvements	3,911
Total	5,477
Encumbrances	4,331
Accumulated Depreciation	1,313
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,477
Winslow Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Winslow Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Clover Plaza
Initial Cost
Land	$ 356
Building and Improvements	1,197
Costs Capitalized Subsequent to Acquisition
Improvements (net)	25
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	356
Building and Improvements	1,222
Total	1,578
Accumulated Depreciation	340
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,578
Clover Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Clover Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
St. George Plaza
Initial Cost
Land	$ 897
Building and Improvements	1,264
Costs Capitalized Subsequent to Acquisition
Improvements (net)	2,549
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,389
Building and Improvements	3,321
Total	4,710
Accumulated Depreciation	405
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,710
St. George Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
St. George Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
South Square
Initial Cost
Land	$ 353
Building and Improvements	1,911
Costs Capitalized Subsequent to Acquisition
Improvements (net)	328
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	480
Building and Improvements	2,112
Total	2,592
Accumulated Depreciation	542
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,592
South Square | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
South Square | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Westland Square
Initial Cost
Land	$ 887
Building and Improvements	1,710
Costs Capitalized Subsequent to Acquisition
Improvements (net)	216
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	901
Building and Improvements	1,912
Total	2,813
Accumulated Depreciation	517
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,813
Westland Square | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Westland Square | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Waterway Plaza
Initial Cost
Land	$ 1,280
Building and Improvements	1,248
Costs Capitalized Subsequent to Acquisition
Improvements (net)	425
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,488
Building and Improvements	1,465
Total	2,953
Accumulated Depreciation	416
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,953
Waterway Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Waterway Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Cypress Shopping Center
Initial Cost
Land	$ 2,064
Building and Improvements	4,579
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,506
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,064
Building and Improvements	6,085
Total	8,149
Encumbrances	5,769
Accumulated Depreciation	1,350
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,149
Cypress Shopping Center | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Cypress Shopping Center | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Harrodsburg Marketplace
Initial Cost
Land	$ 1,431
Building and Improvements	2,485
Costs Capitalized Subsequent to Acquisition
Improvements (net)	296
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,515
Building and Improvements	2,697
Total	4,212
Accumulated Depreciation	707
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,212
Harrodsburg Marketplace | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Harrodsburg Marketplace | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Port Crossing Shopping Center
Initial Cost
Land	$ 792
Building and Improvements	6,921
Costs Capitalized Subsequent to Acquisition
Improvements (net)	220
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	800
Building and Improvements	7,133
Total	7,933
Accumulated Depreciation	2,431
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,933
Port Crossing Shopping Center | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Port Crossing Shopping Center | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
LaGrange Marketplace
Initial Cost
Land	$ 390
Building and Improvements	2,648
Costs Capitalized Subsequent to Acquisition
Improvements (net)	438
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	451
Building and Improvements	3,025
Total	3,476
Accumulated Depreciation	818
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,476
LaGrange Marketplace | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
LaGrange Marketplace | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
DF I-Courtland
Initial Cost
Land	$ 196
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	196
Building and Improvements	0
Total	196
Accumulated Depreciation	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	196
DF I-Edenton
Initial Cost
Land	746
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	746
Building and Improvements	0
Total	746
Accumulated Depreciation	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	746
Freeway Junction
Initial Cost
Land	1,521
Building and Improvements	6,755
Costs Capitalized Subsequent to Acquisition
Improvements (net)	244
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,544
Building and Improvements	6,976
Total	8,520
Accumulated Depreciation	1,830
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,520
Freeway Junction | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Freeway Junction | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Bryan Station
Initial Cost
Land	$ 1,658
Building and Improvements	2,756
Costs Capitalized Subsequent to Acquisition
Improvements (net)	329
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,807
Building and Improvements	2,936
Total	4,743
Accumulated Depreciation	945
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,743
Bryan Station | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Bryan Station | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Crockett Square
Initial Cost
Land	$ 1,546
Building and Improvements	6,834
Costs Capitalized Subsequent to Acquisition
Improvements (net)	233
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,565
Building and Improvements	7,048
Total	8,613
Accumulated Depreciation	1,982
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,613
Crockett Square | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Crockett Square | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Harbor Pointe
Initial Cost
Land	$ 778
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(359)
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	419
Building and Improvements	0
Total	419
Accumulated Depreciation	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	419
Pierpont Centre
Initial Cost
Land	484
Building and Improvements	9,221
Costs Capitalized Subsequent to Acquisition
Improvements (net)	521
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	905
Building and Improvements	9,321
Total	10,226
Accumulated Depreciation	2,441
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,226
Pierpont Centre | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Pierpont Centre | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Brook Run Properties
Initial Cost
Land	$ 300
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	8
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	300
Building and Improvements	8
Total	308
Accumulated Depreciation	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	308
Alex City Marketplace
Initial Cost
Land	454
Building and Improvements	7,837
Costs Capitalized Subsequent to Acquisition
Improvements (net)	2,303
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	744
Building and Improvements	9,850
Total	10,594
Accumulated Depreciation	2,749
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,594
Alex City Marketplace | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Alex City Marketplace | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Brook Run Shopping Center
Initial Cost
Land	$ 2,209
Building and Improvements	12,919
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,327
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,377
Building and Improvements	14,078
Total	16,455
Accumulated Depreciation	3,792
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 16,455
Brook Run Shopping Center | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Brook Run Shopping Center | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Beaver Ruin Village
Initial Cost
Land	$ 2,604
Building and Improvements	8,284
Costs Capitalized Subsequent to Acquisition
Improvements (net)	258
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,619
Building and Improvements	8,527
Total	11,146
Accumulated Depreciation	1,963
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 11,146
Beaver Ruin Village | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Beaver Ruin Village | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Beaver Ruin Village II
Initial Cost
Land	$ 1,153
Building and Improvements	2,809
Costs Capitalized Subsequent to Acquisition
Improvements (net)	5
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,153
Building and Improvements	2,814
Total	3,967
Accumulated Depreciation	663
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,967
Beaver Ruin Village II | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Beaver Ruin Village II | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Chesapeake Square
Initial Cost
Land	$ 895
Building and Improvements	4,112
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,097
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,269
Building and Improvements	4,835
Total	6,104
Encumbrances	4,014
Accumulated Depreciation	1,504
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,104
Chesapeake Square | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Chesapeake Square | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Sunshine Plaza
Initial Cost
Land	$ 1,183
Building and Improvements	6,368
Costs Capitalized Subsequent to Acquisition
Improvements (net)	612
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,268
Building and Improvements	6,895
Total	8,163
Accumulated Depreciation	1,790
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,163
Sunshine Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Sunshine Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Cardinal Plaza
Initial Cost
Land	$ 994
Building and Improvements	2,476
Costs Capitalized Subsequent to Acquisition
Improvements (net)	106
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,033
Building and Improvements	2,543
Total	3,576
Accumulated Depreciation	658
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,576
Cardinal Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Cardinal Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Frankilton Square LLC
Initial Cost
Land	$ 1,022
Building and Improvements	2,933
Costs Capitalized Subsequent to Acquisition
Improvements (net)	345
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,126
Building and Improvements	3,174
Total	4,300
Accumulated Depreciation	816
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,300
Frankilton Square LLC | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Frankilton Square LLC | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Nashville Commons
Initial Cost
Land	$ 1,091
Building and Improvements	3,503
Costs Capitalized Subsequent to Acquisition
Improvements (net)	220
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,150
Building and Improvements	3,664
Total	4,814
Accumulated Depreciation	869
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,814
Nashville Commons | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Nashville Commons | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Grove Park
Initial Cost
Land	$ 722
Building and Improvements	4,590
Costs Capitalized Subsequent to Acquisition
Improvements (net)	605
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,084
Building and Improvements	4,833
Total	5,917
Accumulated Depreciation	1,179
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,917
Grove Park | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Grove Park | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Parkway Plaza
Initial Cost
Land	$ 772
Building and Improvements	4,230
Costs Capitalized Subsequent to Acquisition
Improvements (net)	441
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	778
Building and Improvements	4,665
Total	5,443
Accumulated Depreciation	1,062
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,443
Parkway Plaza | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Parkway Plaza | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Fort Howard Square
Initial Cost
Land	$ 1,890
Building and Improvements	7,350
Costs Capitalized Subsequent to Acquisition
Improvements (net)	848
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,157
Building and Improvements	7,931
Total	10,088
Accumulated Depreciation	1,846
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,088
Fort Howard Square | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Fort Howard Square | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Conyers Crossing
Initial Cost
Land	$ 2,034
Building and Improvements	6,820
Costs Capitalized Subsequent to Acquisition
Improvements (net)	476
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,138
Building and Improvements	7,192
Total	9,330
Encumbrances	5,960
Accumulated Depreciation	1,866
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,330
Conyers Crossing | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Conyers Crossing | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Darien Shopping Center
Initial Cost
Land	$ 188
Building and Improvements	1,054
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(17)
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	188
Building and Improvements	1,037
Total	1,225
Accumulated Depreciation	206
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,225
Darien Shopping Center | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Darien Shopping Center | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Devine Street
Initial Cost
Land	$ 3,895
Building and Improvements	1,941
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(4)
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,895
Building and Improvements	1,937
Total	5,832
Accumulated Depreciation	404
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,832
Devine Street | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Devine Street | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Folly Road
Initial Cost
Land	$ 5,992
Building and Improvements	4,527
Costs Capitalized Subsequent to Acquisition
Improvements (net)	73
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	6,050
Building and Improvements	4,542
Total	10,592
Accumulated Depreciation	980
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,592
Folly Road | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Folly Road | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Georgetown
Initial Cost
Land	$ 742
Building and Improvements	1,917
Costs Capitalized Subsequent to Acquisition
Improvements (net)	154
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	753
Building and Improvements	2,060
Total	2,813
Accumulated Depreciation	442
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,813
Georgetown | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Georgetown | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Ladson Crossing
Initial Cost
Land	$ 2,981
Building and Improvements	3,920
Costs Capitalized Subsequent to Acquisition
Improvements (net)	221
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,146
Building and Improvements	3,976
Total	7,122
Accumulated Depreciation	893
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,122
Ladson Crossing | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Ladson Crossing | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Lake Greenwood Crossing
Initial Cost
Land	$ 550
Building and Improvements	2,499
Costs Capitalized Subsequent to Acquisition
Improvements (net)	17
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	550
Building and Improvements	2,516
Total	3,066
Accumulated Depreciation	563
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,066
Lake Greenwood Crossing | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Lake Greenwood Crossing | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Lake Murray
Initial Cost
Land	$ 447
Building and Improvements	1,537
Costs Capitalized Subsequent to Acquisition
Improvements (net)	74
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	470
Building and Improvements	1,588
Total	2,058
Accumulated Depreciation	338
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,058
Lake Murray | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Lake Murray | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Litchfield I
Initial Cost
Land	$ 568
Building and Improvements	929
Costs Capitalized Subsequent to Acquisition
Improvements (net)	84
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	572
Building and Improvements	1,009
Total	1,581
Accumulated Depreciation	240
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,581
Litchfield I | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Litchfield I | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Litchfield II
Initial Cost
Land	$ 568
Building and Improvements	936
Costs Capitalized Subsequent to Acquisition
Improvements (net)	146
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	572
Building and Improvements	1,078
Total	1,650
Accumulated Depreciation	225
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,650
Litchfield II | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Litchfield II | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Litchfield Market Village
Initial Cost
Land	$ 2,970
Building and Improvements	4,716
Costs Capitalized Subsequent to Acquisition
Improvements (net)	640
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,125
Building and Improvements	5,201
Total	8,326
Accumulated Depreciation	1,108
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,326
Litchfield Market Village | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Litchfield Market Village | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Moncks Corner
Initial Cost
Land	$ 0
Building and Improvements	1,109
Costs Capitalized Subsequent to Acquisition
Improvements (net)	9
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	0
Building and Improvements	1,118
Total	1,118
Accumulated Depreciation	253
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,118
Moncks Corner | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Moncks Corner | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Ridgeland
Initial Cost
Land	$ 203
Building and Improvements	376
Costs Capitalized Subsequent to Acquisition
Improvements (net)	79
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	282
Building and Improvements	376
Total	658
Accumulated Depreciation	106
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 658
Ridgeland | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Ridgeland | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Shoppes at Myrtle Park
Initial Cost
Land	$ 3,182
Building and Improvements	5,360
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,119
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,182
Building and Improvements	6,479
Total	9,661
Accumulated Depreciation	1,629
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,661
Shoppes at Myrtle Park | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Shoppes at Myrtle Park | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
South Lake
Initial Cost
Land	$ 804
Building and Improvements	2,025
Costs Capitalized Subsequent to Acquisition
Improvements (net)	940
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	804
Building and Improvements	2,965
Total	3,769
Accumulated Depreciation	867
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,769
South Lake | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
South Lake | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
South Park
Initial Cost
Land	$ 943
Building and Improvements	2,967
Costs Capitalized Subsequent to Acquisition
Improvements (net)	131
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,022
Building and Improvements	3,019
Total	4,041
Accumulated Depreciation	655
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,041
South Park | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
South Park | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Sangaree
Initial Cost
Land	$ 2,302
Building and Improvements	2,922
Costs Capitalized Subsequent to Acquisition
Improvements (net)	905
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,582
Building and Improvements	3,547
Total	6,129
Accumulated Depreciation	1,191
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,129
Sangaree | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Sangaree | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Tri-County
Initial Cost
Land	$ 411
Building and Improvements	3,421
Costs Capitalized Subsequent to Acquisition
Improvements (net)	400
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	635
Building and Improvements	3,597
Total	4,232
Accumulated Depreciation	867
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,232
Tri-County | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Tri-County | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Riverbridge
Initial Cost
Land	$ 774
Building and Improvements	5,384
Costs Capitalized Subsequent to Acquisition
Improvements (net)	283
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	820
Building and Improvements	5,621
Total	6,441
Accumulated Depreciation	1,095
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,441
Riverbridge | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Riverbridge | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Laburnum Square
Initial Cost
Land	$ 3,735
Building and Improvements	5,929
Costs Capitalized Subsequent to Acquisition
Improvements (net)	848
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	4,050
Building and Improvements	6,462
Total	10,512
Encumbrances	7,665
Accumulated Depreciation	1,353
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,512
Laburnum Square | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Laburnum Square | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Franklin Village
Initial Cost
Land	$ 2,608
Building and Improvements	9,426
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,221
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,696
Building and Improvements	10,559
Total	13,255
Accumulated Depreciation	1,909
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 13,255
Franklin Village | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Franklin Village | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Village at Martinsville
Initial Cost
Land	$ 5,208
Building and Improvements	12,879
Costs Capitalized Subsequent to Acquisition
Improvements (net)	2,174
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	5,228
Building and Improvements	15,033
Total	20,261
Encumbrances	14,755
Accumulated Depreciation	3,165
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 20,261
Village at Martinsville | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Village at Martinsville | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
New Market Crossing
Initial Cost
Land	$ 993
Building and Improvements	5,216
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,040
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,324
Building and Improvements	5,925
Total	7,249
Accumulated Depreciation	1,215
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,249
New Market Crossing | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
New Market Crossing | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Rivergate Shopping Center
Initial Cost
Land	$ 1,537
Building and Improvements	29,177
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,206
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,732
Building and Improvements	30,188
Total	31,920
Encumbrances	17,557
Accumulated Depreciation	5,893
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 31,920
Rivergate Shopping Center | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Rivergate Shopping Center | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
JANAF Shopping Center
Initial Cost
Land	$ 8,267
Building and Improvements	66,549
Costs Capitalized Subsequent to Acquisition
Improvements (net)	3,489
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	8,591
Building and Improvements	69,714
Total	78,305
Encumbrances	60,000
Accumulated Depreciation	11,551
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 78,305
JANAF Shopping Center | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
JANAF Shopping Center | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Brickyard Plaza | Cedar
Initial Cost
Land	$ 1,989
Building and Improvements	13,119
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,989
Building and Improvements	13,119
Total	15,108
Accumulated Depreciation	741
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 15,108
Brickyard Plaza | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Brickyard Plaza | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Carll's Corner | Cedar
Initial Cost
Land	$ 1,955
Building and Improvements	2,574
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,955
Building and Improvements	2,574
Total	4,529
Accumulated Depreciation	157
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,529
Carll's Corner | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Carll's Corner | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Coliseum Marketplace | Cedar
Initial Cost
Land	$ 1,226
Building and Improvements	3,172
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,972
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,227
Building and Improvements	5,143
Total	6,370
Accumulated Depreciation	214
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,370
Coliseum Marketplace | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Coliseum Marketplace | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Fairview Commons | Cedar
Initial Cost
Land	$ 948
Building and Improvements	2,083
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	948
Building and Improvements	2,083
Total	3,031
Accumulated Depreciation	169
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,031
Fairview Commons | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Fairview Commons | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Fieldstone Marketplace | Cedar
Initial Cost
Land	$ 2,359
Building and Improvements	2,279
Costs Capitalized Subsequent to Acquisition
Improvements (net)	133
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,359
Building and Improvements	2,412
Total	4,771
Accumulated Depreciation	285
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,771
Fieldstone Marketplace | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Fieldstone Marketplace | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Gold Star Plaza | Cedar
Initial Cost
Land	$ 1,403
Building and Improvements	3,223
Costs Capitalized Subsequent to Acquisition
Improvements (net)	24
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,403
Building and Improvements	3,247
Total	4,650
Accumulated Depreciation	277
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,650
Gold Star Plaza | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Gold Star Plaza | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Golden Triangle | Cedar
Initial Cost
Land	$ 3,322
Building and Improvements	13,388
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(36)
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,322
Building and Improvements	13,352
Total	16,674
Accumulated Depreciation	819
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 16,674
Golden Triangle | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Golden Triangle | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Hamburg Square | Cedar
Initial Cost
Land	$ 932
Building and Improvements	4,967
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	932
Building and Improvements	4,967
Total	5,899
Accumulated Depreciation	332
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,899
Hamburg Square | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Hamburg Square | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Kings Plaza | Cedar
Initial Cost
Land	$ 2,192
Building and Improvements	3,961
Costs Capitalized Subsequent to Acquisition
Improvements (net)	709
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,192
Building and Improvements	4,670
Total	6,862
Accumulated Depreciation	314
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,862
Kings Plaza | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Kings Plaza | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Oakland Commons | Cedar
Initial Cost
Land	$ 825
Building and Improvements	3,080
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	825
Building and Improvements	3,080
Total	3,905
Accumulated Depreciation	214
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,905
Oakland Commons | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Oakland Commons | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Oregon Avenue | Cedar
Initial Cost
Land	$ 3,158
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	674
Carrying Costs
Gross Amount at which Carried at end of Period
Land	3,158
Building and Improvements	674
Total	3,832
Accumulated Depreciation	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	3,832
Patuxent Crossing | Cedar
Initial Cost
Land	2,999
Building and Improvements	15,145
Costs Capitalized Subsequent to Acquisition
Improvements (net)	493
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	2,999
Building and Improvements	15,638
Total	18,637
Accumulated Depreciation	973
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 18,637
Patuxent Crossing | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Patuxent Crossing | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Pine Grove Plaza | Cedar
Initial Cost
Land	$ 1,292
Building and Improvements	3,832
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(7)
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,292
Building and Improvements	3,825
Total	5,117
Accumulated Depreciation	251
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,117
Pine Grove Plaza | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Pine Grove Plaza | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
South Philadelphia | Cedar
Initial Cost
Land	$ 11,996
Building and Improvements	11,137
Costs Capitalized Subsequent to Acquisition
Improvements (net)	937
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	11,996
Building and Improvements	12,074
Total	24,070
Accumulated Depreciation	623
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 24,070
South Philadelphia | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
South Philadelphia | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Southington Center | Cedar
Initial Cost
Land	$ 358
Building and Improvements	8,429
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	358
Building and Improvements	8,429
Total	8,787
Accumulated Depreciation	507
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,787
Southington Center | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Southington Center | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Timpany Plaza
Gross Amount at which Carried at end of Period
Encumbrances	$ 9,060
Timpany Plaza | Cedar
Initial Cost
Land	1,778
Building and Improvements	5,754
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,045
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,778
Building and Improvements	6,799
Total	8,577
Accumulated Depreciation	409
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,577
Timpany Plaza | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Timpany Plaza | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Trexler Mall | Cedar
Initial Cost
Land	$ 3,746
Building and Improvements	22,979
Costs Capitalized Subsequent to Acquisition
Improvements (net)	19
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,746
Building and Improvements	22,998
Total	26,744
Accumulated Depreciation	1,262
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 26,744
Trexler Mall | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Trexler Mall | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Washington Center Shoppes | Cedar
Initial Cost
Land	$ 3,618
Building and Improvements	11,354
Costs Capitalized Subsequent to Acquisition
Improvements (net)	306
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	3,618
Building and Improvements	11,660
Total	15,278
Accumulated Depreciation	653
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 15,278
Washington Center Shoppes | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Washington Center Shoppes | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years
Webster Commons | Cedar
Initial Cost
Land	$ 1,565
Building and Improvements	6,207
Costs Capitalized Subsequent to Acquisition
Improvements (net)	113
Carrying Costs	0
Gross Amount at which Carried at end of Period
Land	1,565
Building and Improvements	6,320
Total	7,885
Accumulated Depreciation	405
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,885
Webster Commons | Cedar | Minimum
Gross Amount at which Carried at end of Period
Depreciation Life	5 years
Webster Commons | Cedar | Maximum
Gross Amount at which Carried at end of Period
Depreciation Life	40 years