Cedar Realty Trust (CDR-PB) 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
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-31817
Entity Registrant Name	CEDAR REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	42-1241468
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 Common Stock, Shares Outstanding		13,718,169
Documents Incorporated by Reference	None.
Entity Central Index Key	0000761648
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 0
7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Document Information [Line Items]
Title of 12(b) Security	7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Trading Symbol	CDRpB
Security Exchange Name	NYSE
6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Document Information [Line Items]
Title of 12(b) Security	6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Trading Symbol	CDRpC
Security Exchange Name	NYSE

Audit Information

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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Real estate:
Investment properties	$ 368,165,000	$ 364,110,000
Less accumulated depreciation	(166,489,000)	(157,468,000)
Real estate, net	201,676,000	206,642,000
Cash and cash equivalents	6,518,000	3,899,000
Restricted cash	9,390,000	9,564,000
Receivables, net	6,357,000	6,135,000
Deferred costs and other assets, net	9,141,000	7,924,000
TOTAL ASSETS	233,082,000	234,164,000
LIABILITIES AND EQUITY
Loans payable, net	140,494,000	131,462,000
Accounts payable, accrued expenses, and other liabilities	8,382,000	10,094,000
Due to Wheeler Real Estate Investment Trust, Inc.	$ 8,094,000	$ 7,328,000
Due to Wheeler Real Estate Investment Trust, Inc. [Extensible Enumeration]	Related Party	Related Party
Below market lease intangibles, net	$ 2,655,000	$ 3,078,000
Total liabilities	159,625,000	151,962,000
Commitments and contingencies (Note 10)
Equity:
Preferred stock	159,541,000	159,541,000
Common stock ($0.06 par value, 150,000,000 shares authorized, 13,718,000 shares, issued and outstanding)	823,000	823,000
Additional paid-in capital	868,323,000	868,323,000
Cumulative distributions in excess of net income	(955,230,000)	(946,485,000)
Total equity	73,457,000	82,202,000
TOTAL LIABILITIES AND EQUITY	233,082,000	234,164,000
Land
Real estate:
Investment properties	69,085,000	69,111,000
Buildings and improvements
Real estate:
Investment properties	$ 299,080,000	$ 294,999,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.06	$ 0.06
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	13,718,000	13,718,000
Common stock, shares outstanding (in shares)	13,718,000	13,718,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Total revenues	$ 34,632,000	$ 34,297,000
EXPENSES
Operating, maintenance and management	7,728,000	8,411,000
Real estate and other property-related taxes	5,425,000	5,949,000
Corporate general and administrative	3,192,000	10,099,000
Depreciation and amortization	10,918,000	9,645,000
Total expenses	27,263,000	34,104,000
OTHER
Gain on sale	2,662,000	0
Transaction costs	0	(58,959,000)
Impairment charges	0	(9,350,000)
Total other	2,662,000	(68,309,000)
OPERATING INCOME (LOSS)	10,031,000	(68,116,000)
NON-OPERATING INCOME AND EXPENSES
Interest expense, net	(8,024,000)	(10,894,000)
Total non-operating income and expenses	(8,024,000)	(10,894,000)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	2,007,000	(79,010,000)
DISCONTINUED OPERATIONS
Income from discontinued operations	0	14,302,000
Impairment charges	0	(16,629,000)
Gain on sales	0	125,500,000
Total income from discontinued operations	0	123,173,000
NET INCOME	2,007,000	44,163,000
Net income attributable to noncontrolling interests:
Limited partners' interest in Operating Partnership	0	(132,000)
Total net income attributable to noncontrolling interests	0	(132,000)
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.	2,007,000	44,031,000
Preferred stock dividends	(10,752,000)	(10,752,000)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	(8,745,000)	33,279,000
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (8,745,000)	$ 33,279,000
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):
Continuing operations, basic (in dollars per share)	$ (0.64)	$ (6.64)
Continuing operations, diluted (in dollars per share)	(0.64)	(6.64)
Discontinued operations, basic (in dollars per share)	0	9.12
Discontinued operations, diluted (in dollars per share)	0	9.12
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, BASIC (in dollars per share)	(0.64)	2.48
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, DILUTED (in dollars per share)	$ (0.64)	$ 2.48
Weighted average number of common shares - basic (in shares)	13,718,000	13,448,000
Weighted average number of common shares - diluted (in shares)	13,718,000	13,448,000
Rental revenues
REVENUES
Total revenues	$ 33,987,000	$ 32,963,000
Other revenues
REVENUES
Total revenues	$ 645,000	$ 1,334,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 2,007,000	$ 44,163,000
Unrealized gain on change in fair value of cash flow hedges	0	8,321,000
Comprehensive income	2,007,000	52,484,000
Comprehensive income attributable to noncontrolling interests	0	(195,000)
Comprehensive income attributable to Cedar Realty Trust, Inc.	$ 2,007,000	$ 52,289,000

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Cedar Realty Trust, Inc.	Preferred stock	Common stock	Treasury stock, at cost	Additional paid-in capital	Cumulative distributions in excess of net income	Accumulated other comprehensive (income) loss	Minority interests in consolidated joint ventures	Noncontrolling Interests	Noncontrolling Interests Limited partners' interest in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2021			6,450,000
Beginning balance at Dec. 31, 2021	$ 439,968,000	$ 437,382,000	$ 159,541,000	$ 820,000	$ (13,266,000)	$ 881,009,000	$ (582,464,000)	$ (8,258,000)	$ 0	$ 2,586,000	$ 2,586,000
Beginning balance (in shares) at Dec. 31, 2021				13,658,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,163,000	44,031,000					44,031,000			132,000	132,000
Unrealized gain on change in fair value of cash flow hedges	8,321,000	8,258,000						8,258,000		63,000	63,000
Share-based compensation, net (in shares)				(103,000)
Share-based compensation, net	960,000	960,000		$ (6,000)	13,266,000	(12,300,000)
Purchase of OP Units	(726,000)									(726,000)	(726,000)
Preferred stock dividends	(10,752,000)	(10,752,000)					(10,752,000)
Acquisition of minority interests	(1,000,000)	(1,000,000)				(1,000,000)
Distributions to common shareholders/noncontrolling interests	(398,733,000)	(397,300,000)					(397,300,000)			(1,433,000)	(1,433,000)
Reallocation adjustment of limited partners' interest	0	622,000				622,000				(622,000)	(622,000)
Common stock sales, net of issuance expenses	1,000	1,000				1,000
Common stock issuance (in shares)				114,000
Common stock issuance	0			$ 7,000		(7,000)
Common stock repurchases (in shares)				(13,669,000)
Common stock repurchases	0			$ (821,000)		821,000
Common stock issued to Wheeler Real Estate Investment Trust, Inc. (in shares)				13,718,000
Common stock issued to Wheeler Real Estate Investment Trust, Inc.	0			$ 823,000		(823,000)
Ending balance (in shares) at Dec. 31, 2022			6,450,000
Ending balance at Dec. 31, 2022	$ 82,202,000	82,202,000	$ 159,541,000	$ 823,000	0	868,323,000	(946,485,000)	0	0	0	0
Ending balance (in shares) at Dec. 31, 2022	13,718,000			13,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 2,007,000	2,007,000					2,007,000
Unrealized gain on change in fair value of cash flow hedges	0
Preferred stock dividends	(10,752,000)	(10,752,000)					(10,752,000)
Ending balance (in shares) at Dec. 31, 2023			6,450,000
Ending balance at Dec. 31, 2023	$ 73,457,000	$ 73,457,000	$ 159,541,000	$ 823,000	$ 0	$ 868,323,000	$ (955,230,000)	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares) at Dec. 31, 2023	13,718,000			13,718,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 2,007,000	$ 44,163,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales	(2,662,000)	(125,500,000)
Impairment charges	0	25,979,000
Straight-line rents and expenses, net	(854,000)	(506,000)
Credit adjustments on operating lease receivables	(711,000)	968,000
Depreciation and amortization	10,918,000	19,372,000
Above (below) market lease amortization, net	(336,000)	(1,080,000)
Expense relating to share-based compensation, net	0	1,608,000
Amortization of deferred financing costs	386,000	6,105,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net	1,343,000	(15,575,000)
Deferred costs and other assets, net	(2,243,000)	(5,654,000)
Accounts payable, accrued expenses, and other liabilities	400,000	29,656,000
Net cash provided by (used in) operating activities	8,248,000	(20,464,000)
INVESTING ACTIVITIES
Expenditures for real estate improvements	(6,456,000)	(22,407,000)
Net proceeds from sales of real estate	2,759,000	699,337,000
Contributions to unconsolidated joint venture	0	(155,000)
Net cash (used in) provided by investing activities	(3,697,000)	676,775,000
FINANCING ACTIVITIES
Repayments under revolving credit facility	0	(70,000,000)
Advances under revolving credit facility	0	4,000,000
Repayment of term note	0	(300,000,000)
Proceeds (termination payment) related to interest rate swap	0	3,400,000
Mortgage proceeds	9,060,000	265,000,000
Mortgage repayments	0	(130,664,000)
Payments of deferred financing costs	(414,000)	(7,368,000)
Noncontrolling interests:
Distributions to limited partners	0	(966,000)
Acquisition of joint venture minority interest share	0	(1,000,000)
Redemption of OP units	0	(467,000)
Preferred stock dividends	(10,752,000)	(10,752,000)
Distributions to common shareholders	0	(397,300,000)
Net cash used in financing activities	(2,106,000)	(646,117,000)
Net increase in cash, cash equivalents and restricted cash	2,445,000	10,194,000
Cash, cash equivalents and restricted cash at beginning of year	13,463,000	3,269,000
Cash, cash equivalents and restricted cash at end of year	15,908,000	13,463,000
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	6,518,000	3,899,000
Restricted cash	9,390,000	9,564,000
Cash, cash equivalents and restricted cash	$ 15,908,000	$ 13,463,000

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization The Company is a REIT that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers primarily in the Northeast. At December 31, 2023, the Company owned a portfolio of 19 properties. Seven of these properties are located in Pennsylvania, four in Massachusetts, three in Connecticut, three in New Jersey, one in Maryland and one in Virginia. The Company, organized as a Maryland corporation, has established an umbrella partnership structure through the contribution of substantially all of its assets to the Operating Partnership, organized as a limited partnership under the laws of Delaware. The Operating Partnership is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2023, the Company, which is a subsidiary of WHLR, owned a 100.0% interest in, and was the sole general partner of, the Operating Partnership. As used herein, the "Company" refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only. Asset Sale and Merger On March 2, 2022, the Company entered into definitive agreements for the sale of the Company and its assets in a series of related all-cash transactions. Specifically, the Company and certain of its subsidiaries entered into the Asset Purchase Agreement with the Grocery-Anchored Purchasers for the sale of a portfolio of 33 grocery-anchored shopping centers for cash. In addition, the Company entered into the Merger Agreement with WHLR and certain of its affiliates pursuant to which, following closing of the Grocery-Anchored Portfolio Sale, WHLR acquired the balance of the Company's shopping center assets by way of an all-cash merger transaction. The Transactions were unanimously approved by the Company's former Board of Directors and were approved by the Company's common stockholders at a special meeting of stockholders held on May 27, 2022. On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. There were no material relationships among the Company, the Grocery-Anchored Purchasers, or any of their respective affiliates. On August 22, 2022, the Company completed the Merger. Each outstanding share of common stock of the Company and outstanding common unit of the Operating Partnership held by persons other than the Company immediately prior to the Merger were canceled and converted into the right to receive a cash payment of $9.48 per share or unit. As a result of the Merger, WHLR acquired all of the outstanding shares of the Company's common stock, which ceased to be publicly traded on the NYSE. The Company's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock remain outstanding and continue to trade on the NYSE. In addition, prior to consummation of the Merger, the Company's Board of Directors declared a special dividend on shares of the Company's outstanding common stock and OP Units of $19.52 per share, payable to holders of record of the Company's common stock and OP Units at the close of business on August 19, 2022.

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 Principles of Consolidation/Basis of Preparation The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities ("VIEs") for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity's activities that significantly impact the entity's performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (1) the power to direct the activities that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current values, performance of real estate held by these VIEs, and general market conditions. Limited partnerships and other similar entities are considered variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. Crossroads II, 60%-owned joint venture was consolidated as it was deemed to be a VIE and the Company was the primary beneficiary. The Company (1) guaranteed all related debt, (2) did not require its partners to fund additional capital requirements, (3) had an economic interest greater than its voting proportion and (4) directed the management activities that significantly impacted the performance of the joint venture. See Note 3, Real Estate, for additional details. The accompanying financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. Real Estate Investments Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years, with buildings being depreciated at the upper end of the range. Depreciation expense, net of discontinued operations, amounted to $10.0 million and $8.5 million for 2023 and 2022, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset's estimated useful life. A variety of costs are incurred in the development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity. The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management's determination of the fair values of these assets. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. The values of acquired above market and below market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Properties Held for Sale 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. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as "held for sale" on the Company's consolidated balance sheets at the time such determinations are made, on a prospective basis only. The Company, when applicable, conducts a continuing review of the values for all properties "held for sale" based on estimated sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts less costs to sell for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow analyses, if no contract amounts are being negotiated (see Note 4, Fair Value Measurements), or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Prior to the Company's determination to dispose of properties, which are subsequently reclassified to "held for sale", the Company performs recoverability analyses based on the estimated undiscounted cash flows that are expected to result from the real estate investments' use and eventual disposal. The projected undiscounted cash flows of each property reflects that the carrying value of each real estate investment would be recovered. Properties meeting the "held for sale" criteria, are written down to the lower of their carrying value and estimated fair values less costs to sell. The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in "discontinued operations" only if the disposal represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. The results of operations for those properties not meeting such criteria are reported in "continuing operations" in the consolidated statements of operations. Cash and Cash Equivalents / Restricted Cash Cash and cash equivalents consist of cash in banks and short-term investments with original maturities when purchased of less than ninety days. The terms of the secured term loans may require the Company to deposit certain replacement and other reserves with its lenders. Such "restricted cash" is generally available only for property-level requirements for which the reserves have been established. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. Fair Value Measurements The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value. Revenue Recognition and Receivables The Company's underlying assets relating to rental revenue activity is solely retail 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. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. 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 monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. The Company defers recognition of contingent rental income until those specified sales targets are met. Revenues also include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination fees, which are included in 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. 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. All amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company's consolidated statement of operations, are now recorded as a reduction of rental revenues. 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. 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 deferred costs and other assets, net, and accounts payable, accrued expenses, and other liabilities on the Company's consolidated balance sheets. Right-of-use ("ROU") assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the Company's 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 combines 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. Transaction Costs All costs associated with the Grocery-Anchored Portfolio Sale and the Merger, were expensed as incurred. Income Taxes The Company, organized in 1984, has elected to be taxed as a real estate investment trust ("REIT") under the Code. A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its stockholders and complies with certain other requirements. As of December 31, 2023, the Company was in compliance with all REIT requirements. The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual. Derivative Financial Instruments Prior to the Merger, the Company occasionally utilized derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company had established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments had to be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction were modified, or when the underlying hedged item ceased to exist, all changes in the fair value of the instrument were marked-to-market with changes in value included in net income for each period until the derivative financial instrument matured or was settled. Any derivative financial instrument used for risk management that did not meet the hedging criteria was marked-to-market with the changes in value included in net income. Share-Based Compensation During 2017, the Company's shareholders approved the 2017 Stock Incentive Plan (the "2017 Plan"), which replaced the Company's 2012 Stock Incentive Plan (the "2012 Plan"). As of the effective date of the 2017 Plan, the Company may not grant any further awards under the 2012 Plan. The 2017 Plan establishes the procedures for the granting of, among other things, restricted stock awards. On May 1, 2019, the Company's shareholders approved an amendment to the 2017 Plan, which increased the maximum number of shares of the Company's common stock that may be issued pursuant to the 2017 Plan by 303,000 shares, to a new total of 909,000 shares (see Note 14, Share-Based Compensation), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 76,000. All grants issued pursuant to the 2017 Plan generally vest (1) at the end of designated time periods for time-based grants, or (2) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time–based grants are valued according to the market price for the Company's common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants are being expensed on a straight-line basis over their respective vesting periods (irrespective of achievement of the market performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the terms of the 2017 Plan, those grants of restricted shares that are contributed to the Rabbi Trusts are classified as treasury stock on the Company's consolidated balance sheet. The 2017 Plan was terminated in connection with the Merger. Supplemental Consolidated Statements of Cash Flows Information Years ended December 31, 2023 2022 Supplemental disclosure of cash activities: Cash paid for interest $ 7,495,000 $ 14,344,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs — 1,035,000 Buildings and improvements included in accounts payable, accrued expenses, and other liabilities 136,000 1,463,000 Payoff of mortgages through mortgage assumptions — 157,925,000 Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("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 Investment in unconsolidated joint venture On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners (the "Joint Venture") for the construction of an approximately 258,000 square foot six-story commercial building in Washington, D.C. consisting of approximately 240,000 square feet of office space which is 100% leased to the Washington, D.C., Department of General Services for its headquarters and approximately 18,000 square feet of street-level retail. On August 5, 2022, the Joint Venture was sold in connection with the Grocery-Anchored Portfolio Sale. The Company contributed approximately $4.8 million of capital to the Joint Venture through its tenure. 2022 Acquisition On June 28, 2022, the Company acquired a 40% minority ownership percentage in the Crossroads II joint venture for $1.0 million. The Company's ownership interest in Crossroads II was included in the Grocery-Anchored Portfolio Sale that occurred on July 7, 2022. Dispositions Excluding the Grocery-Anchored Portfolio Sale, during 2023 and 2022, the Company sold the properties listed below: Property Location Date Sales Gain on Sale/ 2023 Carll's Corner outparcel building Bridgeton, NJ 7/11/2023 $ 3,000,000 $ 2,662,000 2022 Riverview Plaza Philadelphia, PA 5/16/2022 $ 34,000,000 $ (361,000) Impairments Impairments of $9.4 million for the year ended December 31, 2022 also include those related to the Company's then-investment in the unconsolidated joint venture and the then-note receivable associated with Senator Square. These impairments are included in operating loss in the accompanying consolidated statement of operations. Discontinued Operations On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. The assets sold in these transactions were: Property Name Location Property Name Location Academy Plaza Philadelphia, PA New London Mall New London, CT Bethel Shopping Center Bethel, CT Newport Plaza Newport, PA Carmans Plaza Massapequa, NY Northside Commons Campbelltown, PA Christina Crossing Wilmington, DE Norwood Shopping Center Norwood, MA Colonial Commons Harrisburg, PA Oak Ridge Shopping Center Suffolk, VA Crossroads II Bartonsville, PA Oakland Mills Columbia, MD East River Park Washington, DC Palmyra Shopping Center Palmyra, PA Elmhurst Square Portsmouth, VA Quartermaster Plaza Philadelphia, PA Fishtown Crossing Philadelphia, PA Senator Square Washington, DC Franklin Village Plaza Franklin, MA Shoppes at Arts District Hyattsville, MD General Booth Plaza Virginia Beach, VA Swede Square E. Norriton Township, PA Girard Plaza Philadelphia, PA The Point Harrisburg, PA Groton Shopping Center Groton, CT The Shops as Bloomfield Station Bloomfield, NJ Halifax Plaza Halifax, PA The Shops at Suffolk Downs Revere, MA Jordan Lane Wethersfield, PA Trexlertown Plaza Trexlertown, PA Kempsville Crossing Virginia Beach, VA Valley Plaza Hagerstown, MD Lawndale Plaza Philadelphia, PA Yorktowne Plaza Cockeysville, MD Meadows Marketplace Hummelstown, PA The Grocery-Anchored Portfolio Sale represented a strategic shift and had a material effect on the Company's operations and financial results, and, therefore, the Company determined that it was deemed a discontinued operation. Accordingly, the portfolio of 33 grocery-anchored shopping centers were classified as held for sale and the results of their operations were classified as discontinued operations in 2022. The following is a summary of income from discontinued operations: Years ended December 31, 2023 2022 REVENUES Rental revenues $ — $ 44,130,000 Other revenues — 184,000 Total revenues — 44,314,000 EXPENSES Operating, maintenance and management — 9,557,000 Real estate and other property-related taxes — 6,749,000 Corporate general and administrative — 469,000 Depreciation and amortization — 9,726,000 Total expenses — 26,501,000 OPERATING INCOME — 17,813,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net — (3,511,000) Total non-operating income and expenses — (3,511,000) INCOME FROM DISCONTINUED OPERATIONS — 14,302,000 Impairment charges — (16,629,000) Gain on sales — 125,500,000 TOTAL INCOME FROM DISCONTINUED OPERATIONS $ — $ 123,173,000 Net cash provided by operating activities from discontinued operations was $0.0 million and $25.9 million for the years ended December 31, 2023 and 2022, respectively. Net cash provided by investing activities from discontinued operations was $0.0 million and $651.5 million for the years ended December 31, 2023 and 2022, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable, accrued expenses and other liabilities, and variable-rate debt approximate their fair value due to their terms and/or short-term nature. The fair value of the Company's investments and liabilities related to deferred compensation were determined to be Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The fair value of the Company's fixed rate secured term loans were estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2023 and 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 $131.4 million and $131.8 million, respectively, and the carrying value of such loans, was $140.5 million and $131.5 million, respectively. Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for sale, which, if applicable, are measured on a nonrecurring basis, and have been determined to be (1) Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, income capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and income capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were composed of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach is utilized for certain land values and includes comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believes to be within a reasonable range of current market rates for the respective properties. As a result of the Grocery-Anchored Portfolio Sale, the Company has no interest rate swap and deferred compensation assets or liabilities as of December 31, 2023 and 2022. For the year ended December 31, 2022, the Company recorded impairments of $9.4 million related to Riverview Plaza, located in Philadelphia, Pennsylvania, which was sold that same year, and the Company's then-investment in the unconsolidated joint venture and the then-note receivable associated with Senator Square located in Washington D.C., both of which assets were sold in the Grocery-Anchored Portfolio Sale. These charges are included in impairment charges in the consolidated statement of operations. The fair value of the assets was determined to be Level 2. Such assets have an aggregate fair value of $0.0 million as of December 31, 2022.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents in excess of insured amounts and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions. Management performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits and/or suitable guarantees. Excluding properties included in discontinued operations, there were no tenants that accounted for an aggregate of more than 10% of the Company's total revenues during 2023 and 2022. For the year ended December 31, 2023, one property constitutes approximately 14.6% of the Company's revenues and five properties constitute approximately 90.4% of the Company's property operating income in the aggregate. The Company's properties are located largely in the Northeast, which exposes it to greater economic risks than if the properties it owned were located in a greater number of geographic regions (in particular, 7 of the Company's properties are located in Pennsylvania).

Receivables, net

Receivables, net	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Receivables, net	Receivables, net Receivables, net at December 31, 2023 and 2022 are composed of the following: December 31, 2023 2022 Rents and other receivables, net $ 1,894,000 $ 2,904,000 Straight-line rents, net 4,463,000 3,231,000 $ 6,357,000 $ 6,135,000 As of December 31, 2023 and 2022, the Company's allowance for uncollectible receivables totaled $0.5 million and $2.6 million, respectively.

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, at December 31, 2023 and 2022 are composed of the following: December 31, 2023 2022 Lease origination costs $ 5,501,000 $ 4,747,000 R ight-of-use assets 2,059,000 2,062,000 Prepaid expenses 1,504,000 1,029,000 Other 77,000 86,000 Total other assets and deferred charges, net $ 9,141,000 $ 7,924,000 Deferred costs are amortized over the terms of the related agreements. Amortization expense related to deferred costs, net of discontinued operations, amounted to $1.0 million and $1.1 million for 2023 and 2022, respectively. The unamortized balances of deferred lease origination costs is net of accumulated amortization of $10.7 million and $10.6 million at December 31, 2023 and 2022, respectively. Deferred lease origination costs will be charged to future operations as follows: Lease 2024 $ 874,000 2025 806,000 2026 747,000 2027 700,000 2028 568,000 Thereafter 1,806,000 $ 5,501,000

Loans Payable, net

Loans Payable, net	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Loans Payable, net	Loans Payable, net Debt is composed of the following at December 31, 2023 and 2022 and collateralized by 13 properties at December 31, 2023 and 12 properties at December 31, 2022: December 31, 2023 December 31, 2022 Description Maturity Balance outstanding Contractual Balance outstanding Contractual Fixed-rate secured term loans: Timpany Plaza Sep 2028 $ 9,060,000 7.3% $ — n/a Term loan, 10 properties Nov 2032 110,000,000 5.3% 110,000,000 5.3% Patuxent Crossing/Coliseum Marketplace Jan 2033 25,000,000 6.4% 25,000,000 6.4% 144,060,000 5.6% 135,000,000 5.5% Unamortized issuance costs (3,566,000) (3,538,000) $ 140,494,000 $ 131,462,000 On July 11, 2022, in connection with the Grocery-Anchored Portfolio Sale, the Company's then-existing unsecured credit facility and term loans were paid off and terminated, and the then-existing mortgage loans payable were assumed by the Grocery-Anchored Purchasers. KeyBank Credit Agreement On August 22, 2022, the Company entered into the KeyBank Credit Agreement for $130.0 million and was collateralized by all of the Company's remaining 19 properties following the Transactions. As of December 31, 2022, the KeyBank Credit Agreement was repaid with the proceeds from the Term Loan Agreement, 10 properties and Patuxent Crossing/Coliseum Marketplace Loan Agreement. Term Loan Agreement, 10 properties On October 28, 2022, the Company entered into the Term Loan Agreement, 10 properties 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 such 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 Term Loan Agreement, 10 properties is collateralized by 10 properties, consisting of Brickyard Plaza, Fairview Commons, Gold Star Plaza, Golden Triangle, Hamburg Square, Pine Grove Plaza, Southington Center, Trexler Mall, Washington Center and Webster Commons, and proceeds were used to paydown the Company's KeyBank Credit Agreement. Patuxent Crossing/Coliseum Marketplace Loan Agreement On December 21, 2022, the Company entered into the Patuxent Crossing/Coliseum Marketplace Loan Agreement for $25.0 million at a fixed rate of 6.35% with interest-only payments due monthly through maturity on January 6, 2033. The Patuxent Crossing/Coliseum Marketplace Loan Agreement is collateralized by 2 properties, consisting of Patuxent Crossing and Coliseum Marketplace, and proceeds were used to satisfy the remaining obligation of the KeyBank Credit Agreement and released the remaining collateral under that agreement. Timpany Plaza Loan Agreement On September 12, 2023, the Company entered into the Timpany Plaza Loan Agreement for $11.56 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 $9.06 million of the $11.56 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. Scheduled Principal Payments Scheduled principal payments on secured term loans at December 31, 2023, due on various dates from 2024 to 2033, are as follows: 2024 $ 74,000 2025 306,000 2026 329,000 2027 481,000 2028 9,456,000 Thereafter 133,414,000 $ 144,060,000 Derivative Financial Instruments The Company terminated its outstanding interest rate swaps as part of the Grocery-Anchored Portfolio Sale for a $3.4 million benefit, which is included in interest expense, net on the consolidated statement of operations for the year ended December 31, 2022. Charges and/or credits relating to the changes in the fair value of the interest rate swaps were made to accumulated other comprehensive loss, limited partners' interest, or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss were reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affected earnings. The following presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the years ended 2023 and 2022, respectively: Gain recognized in other Designation/ Derivative Years ended December 31, 2023 2022 Qualifying Interest rate swaps $ — $ 6,001,000 (Loss) recognized in other Years ended December 31, Classification 2023 2022 Continuing Operations $ — $ (2,320,000)

Intangible Lease Asset_Liabilit

Intangible Lease Asset/Liability	12 Months Ended
	Dec. 31, 2023
Intangible Lease Asset Liability [Abstract]
Intangible Lease Asset/Liability	Intangible Lease Asset/Liability Unamortized intangible lease liabilities that relate to below market leases amounted to $2.7 million and $3.1 million at December 31, 2023 and December 31, 2022, respectively. Unamortized intangible lease assets that relate to above market leases amounted to $0.0 million and $0.1 million at December 31, 2023 and December 31, 2022, respectively. The unamortized balance of intangible lease liabilities at December 31, 2023 is net of accumulated amortization of $43.3 million, and will be credited to future operations as follows: 2024 $ 257,000 2025 243,000 2026 243,000 2027 243,000 2028 243,000 Thereafter 1,426,000 $ 2,655,000

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is the lessee under several ground lease agreements and its executive office lease agreement. The executive office lease agreement was terminated during the third quarter of 2022. As of December 31, 2023, the Company's weighted average remaining lease term is approximately 47.8 years and the weighted average discount rate used to calculate the Company's lease liability is approximately 8.6%. Rent expense under the Company's ground lease and executive office lease agreements was approximately $0.2 million and $0.3 million for 2023 and 2022, respectively. The following table represents a reconciliation of the Company's undiscounted future minimum lease payments for its ground lease and executive office lease agreements applicable to lease liabilities as of December 31, 2023: 2024 $ 179,000 2025 179,000 2026 179,000 2027 179,000 2028 179,000 Thereafter 7,673,000 Total undiscounted future minimum lease payments 8,568,000 Future minimum lease payments, discount (6,509,000) L ease liabilities $ 2,059,000 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. 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 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: As described in Note 1, on March 2, 2022, the Company entered into definitive agreements for the Transactions, which provided for the sale of the Company and its assets in a series of related all-cash transactions. On April 8, 2022, several purported holders of the Company's outstanding preferred stock filed a putative class action complaint against the Company, the Board 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 the Company's outstanding preferred stock filed a separate putative class action complaint against the Company and the Board of Directors prior to the Merger 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, the Company, the former Board of Directors of the Company and WHLR 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 the Company's preferred stock, among other things, claims for breach of contract against the Company and the former Board of Directors with respect to the articles supplementary governing the terms of the Company's preferred stock, breach of fiduciary duty against the former Board of Directors, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. 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 appeal has been fully briefed. At this juncture, the outcome of the litigation remains uncertain. On July 11, 2022, a purported holder of the Company's outstanding preferred stock filed a complaint against the Company and the 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 the 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 the Company, the 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 the Company's preferred stock, among other things, claims for breach of contract against the Company and the former Board of Directors with respect to the articles supplementary governing the terms of the Company's preferred stock, breach of fiduciary duty against the

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Preferred Stock The Company's 7.25% Series B Cumulative Redeemable Preferred Stock "Series B Preferred Stock" has no stated maturity, is not convertible into any other security of the Company, and is redeemable, in whole or in part, at the Company's option beginning May 22, 2017 at a price of $25.00 per share plus accrued and unpaid distributions. The Company's 6.50% Series C Cumulative Redeemable Preferred Stock "Series C Preferred Stock" has no stated maturity, is not convertible into any other security of the Company, and is redeemable at the Company's option beginning August 24, 2022 at a price of $25.00 per share plus accrued and unpaid distributions. The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company's preferred stock: Series B Series C Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 December 31, 2023 December 31, 2022 Series B Series C Series B Series C Shares authorized 6,050,000 6,450,000 6,050,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000 Common Stock The Company had a Dividend Reinvestment and Direct Stock Purchase Plan ("DRIP") which offered a convenient method for shareholders to invest cash dividends and/or make optional cash payments to purchase shares of the Company's common stock. Such purchases were at 100% of market value. There were no significant transactions under the DRIP during 2022. At December 31, 2022, there were no shares authorized under the DRIP since the DRIP was terminated in connection with the Transactions. Dividends The following table provides a summary of dividends declared and paid per share: Years ended December 31, 2023 2022 Common stock $ — $ 19.586 7.25% Series B Preferred Stock $ 1.813 $ 1.813 6.50% Series C Preferred Stock $ 1.625 $ 1.625 On August 9, 2022, the Company's Board of Directors declared a special dividend on shares of the Company's outstanding common stock of $19.52 per share, payable to holders of record of the Company's common stock at the close of business on August 19, 2022. On August 26, 2022, the Company paid merger consideration of $9.48 per share on shares of the Company's outstanding common stock. At December 31, 2023 and 2022, there were $1.2 million and $1.2 million, respectively, of accrued preferred stock dividends.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2023
Revenues [Abstract]
Revenues	Revenues Rental revenues for 2023 and 2022, respectively, are comprised of the following: Years ended December 31, 2023 2022 Base rents $ 23,902,000 $ 23,997,000 Expense recoveries - variable lease revenue 7,705,000 8,001,000 Percentage rent - variable lease revenue 479,000 531,000 Straight-line rents 854,000 77,000 Above (below) market lease amortization, net 336,000 896,000 33,276,000 33,502,000 Credit adjustments on operating lease receivables 711,000 (539,000) Total rental revenues $ 33,987,000 $ 32,963,000 The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental income. The Company's review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2023 are approximately as follows: 2024 $ 24,680,000 2025 24,042,000 2026 22,237,000 2027 20,212,000 2028 15,329,000 Thereafter 51,420,000 $ 157,920,000

401(k) Retirement Plan

401(k) Retirement Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) Retirement Plan	401(k) Retirement Plan The Company had a 401(k) retirement plan (the "Plan"), which permitted all eligible employees to defer a portion of their compensation under the Code. Pursuant to the provisions of the Plan, the Company could make discretionary contributions on behalf of eligible employees. The Company made contributions to the Plan of $145,000 for 2022. The Plan was terminated as a result of the Company's merger with WHLR.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	Share-Based Compensation The following tables set forth certain share-based compensation information for 2023 and 2022, respectively: Years ended December 31, 2023 2022 Expense relating to share/unit grants $ — $ 1,662,000 Amounts capitalized — (54,000) Total charged to operations $ — $ 1,608,000 At December 31, 2023 and 2022, there were no shares available for grants pursuant to the Company's 2017 Stock Incentive Plan since this plan was terminated in connection with the Merger. During 2022, there were 7,000 time-based restricted shares issued with a weighted average grant date fair value of $26.31 per share. The total fair value of shares vested during 2022 was $11.9 million. Former President and CEO Employment Contract On June 15, 2018, the Company's then-President and CEO was granted a market performance-based equity award of 227,272 restricted stock units ("RSUs") and 227,272 dividend equivalent rights ("DERs") of the Company. Each RSU represents a contingent right to receive one share of common stock if certain market performance criteria are achieved. Each DER accrues and will be deemed to be reinvested into the Company's common stock for which payment will only be made for the portion of the market performance-based equity award that are earned and vest. During the three years ending June 15, 2021 (the "Interim Performance Period"), a maximum of 113,636 shares were earned. Any portion of the market performance-based equity award that was not earned as of the end of the Interim Performance Period was to be carried forward for calculation for the five years ending June 15, 2023 (the "Full Performance Period"). The percentage of the market performance-based equity award to be earned was to be determined based on the Company's annual return on an investment in the Company's common stock ("TSR") over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%. Linear interpolation was to be applied to determine the percentage of the market performance-based equity award that is earned where the average annual TSR over the performance period falls between the percentages set forth above. Based on market performance for the Interim Performance Period, it was determined the Company's then-President and CEO earned 113,636 shares. Accordingly, on July 20, 2021, the Company issued 113,636 common shares to the then-President and CEO and paid him $0.3 million for the related DERs. On August 22, 2022, due to a change in control of the Company in connection with the Transactions, the RSUs fully vested. On August 26, 2022, the Company's then-President and CEO received an aggregate cash payment of $3.3 million, representing the aggregate per share merger consideration and per share special dividend amount attributable to the vested RSUs, along with $0.5 million for the related DERs.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	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 (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company's share-based compensation program are considered participating securities). Unvested restricted shares that are participating securities are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For 2023 and 2022, the Company had 0.0 million and 0.2 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2023 and 2022, respectively: Years ended December 31, 2023 2022 Numerator Net income (loss) from continuing operations $ 2,007,000 $ (79,010,000) Preferred stock dividends (10,752,000) (10,752,000) Net loss attributable to noncontrolling interests — 355,000 Net earnings allocated to unvested shares — 58,000 Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares (8,745,000) (89,349,000) Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares — 122,686,000 Net (loss) income attributable to vested common shares $ (8,745,000) $ 33,337,000 Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,718,000 13,448,000 Net (loss) income per common share attributable to common shareholders (basic and diluted): Continuing operations $ (0.64) $ (6.64) Discontinued operations — 9.12 $ (0.64) $ 2.48 Fully-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. For 2023, there were no market performance-based equity awards issued or outstanding. For 2022, no RSUs would have been issuable under the Company's then-President and CEO's market performance-based equity award (see Note 14, Share-Based Compensation) had the measurement period ended on December 31, 2022, and therefore, this market performance-based equity award had no impact in calculating diluted EPS for this period. Net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no dilutive effect had such amounts been included. The weighted average number of OP Units outstanding was 0 and 44,000 for 2023 and 2022, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions With the completion of the Company's merger with WHLR, the Company became a subsidiary of WHLR. WHLR performs property management and leasing services for the Company pursuant to the Wheeler Real Estate Company Management Agreement. The management fee is 4% of gross operating income, and leasing commissions range from 3% to 6%. During the years ended December 31, 2023 and 2022, the Company paid WHLR $2.1 million and $1.0 million, respectively, for these services. The Operating Partnership and WHLR's operating partnership, Wheeler REIT, L.P., are party to the Cost Sharing Agreement. The related party amounts due to WHLR at December 31, 2023 and 2022 are comprised of: December 31, 2023 2022 Financings and real estate taxes $ 7,166,000 $ 7,166,000 Management fees 225,000 110,000 Leasing commissions 161,000 85,000 Cost Sharing Agreement allocations (a) 548,000 — Other (6,000) (33,000) Total $ 8,094,000 $ 7,328,000 (a)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 23, 2024, the Company's Board of Directors declared a dividend of $0.453125 and $0.406250 per share with respect to the Company's Series B Preferred Stock and Series C Preferred Stock, respectively. The dividends were paid on February 20, 2024 to shareholders of record on February 9, 2024. On February 29, 2024, the Company entered into a revolving credit agreement with KeyBank National Association to draw up to $9.5 million (the "Revolving Credit Agreement"). The interest rate under the 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 Revolving Credit Agreement may be extended, at the Company's option, for up to two additional three-month periods, subject to customary conditions. The 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 Qua

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	Cedar Realty Trust, Inc. Schedule II Valuation and Qualifying Accounts Balance at Charged to Deductions Balance at beginning costs and from end Description of year expense reserves of year Allowance for doubtful accounts: Year ended December 31, 2023 $ 2,565,000 $ (711,000) $ (1,385,000) $ 469,000 Year ended December 31, 2022 $ 4,971,000 $ 539,000 $ (2,945,000) $ 2,565,000

Schedule III - Real Estate and

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	Cedar Realty Trust, Inc. Schedule III Real Estate and Accumulated Depreciati on Property Encumbrances Gross Initial cost to the Company Subsequent Land Building and Brickyard Plaza (a) 227,598 $ 7,632,000 $ 29,308,000 $ (812,000) Carll's Corner 116,532 3,034,000 15,293,000 (12,541,000) Coliseum Marketplace (b) 106,648 2,924,000 14,416,000 (2,936,000) Fairview Commons (a) 50,119 858,000 3,568,000 462,000 Fieldstone Marketplace 193,970 5,229,000 21,440,000 (3,206,000) Gold Star Plaza (a) 71,720 1,644,000 6,519,000 (115,000) Golden Triangle (a) 202,790 2,320,000 9,713,000 12,162,000 Hamburg Square (a) 102,058 1,153,000 4,678,000 6,571,000 Kings Plaza 168,243 2,413,000 12,604,000 2,611,000 Oakland Commons 90,100 2,504,000 15,662,000 (4,668,000) Oregon Avenue — 2,247,000 18,616,000 (16,969,000) Patuxent Crossing (b) 264,068 14,849,000 18,445,000 1,916,000 Pine Grove Plaza (a) 79,306 2,010,000 6,489,000 652,000 South Philadelphia 221,511 8,222,000 36,314,000 (8,670,000) Southington Center (a) 155,842 — 11,834,000 1,464,000 Timpany Plaza $9,060,000 182,799 3,412,000 19,240,000 (3,801,000) Trexler Mall (a) 342,541 6,932,000 32,815,000 13,705,000 Washington Centers Shoppes (a) 157,300 2,061,000 7,314,000 7,617,000 Webster Commons (a) 98,984 3,551,000 18,412,000 (1,518,000) Other n/a — 1,965,000 — (1,399,000) Total Portfolio 2,832,129 $ 74,960,000 $ 302,680,000 $ (9,475,000) Gross amount at which carried at Accumulated Year built/ Year Depreciation (continued) Property Land Building and Total Brickyard Plaza $ 7,648,000 $ 28,480,000 $ 36,128,000 $ 14,894,000 1990/2012 2004 3 - 40 years Carll's Corner 220,000 5,566,000 5,786,000 4,756,000 1960s-1999 2007 3 - 40 years Coliseum Marketplace 3,586,000 10,818,000 14,404,000 7,182,000 1987/2012 2005 3 - 40 years Fairview Commons 858,000 4,030,000 4,888,000 1,964,000 1976/2003 2007 3 - 40 years Fieldstone Marketplace 5,167,000 18,296,000 23,463,000 12,593,000 1988/2003 2005/2012 3 - 40 years Gold Star Plaza 1,644,000 6,404,000 8,048,000 3,018,000 1988 2006 3 - 40 years Golden Triangle 2,320,000 21,875,000 24,195,000 12,063,000 1960/2005 2003 3 - 40 years Hamburg Square 1,153,000 11,249,000 12,402,000 5,263,000 1993/2010 2004 3 - 40 years Kings Plaza 2,408,000 15,220,000 17,628,000 5,970,000 1970/1994 2007 3 - 40 years Oakland Commons 2,504,000 10,994,000 13,498,000 6,654,000 1962/2013 2007 3 - 40 years Oregon Avenue 2,141,000 1,753,000 3,894,000 177,000 2011 2016 3 - 40 years Patuxent Crossing 13,211,000 21,999,000 35,210,000 11,563,000 1985-1997 2009 3 - 40 years Pine Grove Plaza 1,622,000 7,529,000 9,151,000 4,062,000 2001/2002 2003 3 - 40 years South Philadelphia 8,222,000 27,644,000 35,866,000 22,627,000 1950/2003 2003 3 - 40 years Southington Center — 13,298,000 13,298,000 6,591,000 1972/2000 2003 3 - 40 years Timpany Plaza 3,368,000 15,483,000 18,851,000 8,349,000 1970's-1989 2007 3 - 40 years Trexler Mall 6,932,000 46,520,000 53,452,000 21,946,000 1973/2013 2005 3 - 40 years Washington Centers Shoppes 2,000,000 14,992,000 16,992,000 7,719,000 1979/1995 2001 3 - 40 years Webster Commons 4,081,000 16,364,000 20,445,000 8,892,000 1960's-2004 2007 3 - 40 years Other — 566,000 566,000 206,000 n/a n/a n/a Total Portfolio $ 69,085,000 $ 299,080,000 $ 368,165,000 $ 166,489,000 Cedar Realty Trust, Inc. Schedule III Real Estate and Accumulated Depreciati on The changes in real estate and accumulated depreciation for the years ended December 31, 2023 and 2022, respectively, are as follows: Cost 2023 2022 Balance, beginning of the year $ 364,110,000 $ 369,827,000 Properties transferred to/from held for sale — (11,495,000) Disposals (2,401,000) — Property impairments — (16,629,000) Improvements and betterments 6,456,000 22,407,000 Balance, end of the year $ 368,165,000 (d) $ 364,110,000 Accumulated depreciation Balance, beginning of the year $ 157,468,000 $ 155,250,000 Properties transferred to/from held for sale — (15,339,000) Disposals (945,000) — Depreciation expense (e) 9,966,000 17,557,000 Balance, end of the year $ 166,489,000 $ 157,468,000 Net book value $ 201,676,000 $ 206,642,000 (a) Properties secure the Term Loan Agreement, 10 properties. (b) Properties secure the Patuxent Crossing/Coliseum Marketplace Loan Agreement. (c) Negative amounts represent write-offs of fully depreciated assets and (d) At December 31, 2023, the aggregate cost for federal income tax purposes was approximately $86.3 million greater than the Company's recorded values. (e) Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,007,000	$ 44,031,000

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]
Principles of Consolidation	The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities ("VIEs") for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity's activities that significantly impact the entity's performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (1) the power to direct the activities that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current values, performance of real estate held by these VIEs, and general market conditions. Limited partnerships and other similar entities are considered variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. Crossroads II, 60%-owned joint venture was consolidated as it was deemed to be a VIE and the Company was the primary beneficiary. The Company (1) guaranteed all related debt, (2) did not require its partners to fund additional capital requirements, (3) had an economic interest greater than its voting proportion and (4) directed the management activities that significantly impacted the performance of the joint venture. See Note 3, Real Estate, for additional details.
Basis of Preparation	The accompanying financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates.
Real Estate Investments	Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years, with buildings being depreciated at the upper end of the range. Depreciation expense, net of discontinued operations, amounted to $10.0 million and $8.5 million for 2023 and 2022, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset's estimated useful life. A variety of costs are incurred in the development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity. The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management's determination of the fair values of these assets. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. The values of acquired above market and below market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time.
Properties Held for Sale	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. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as "held for sale" on the Company's consolidated balance sheets at the time such determinations are made, on a prospective basis only. The Company, when applicable, conducts a continuing review of the values for all properties "held for sale" based on estimated sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts less costs to sell for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow analyses, if no contract amounts are being negotiated (see Note 4, Fair Value Measurements), or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Prior to the Company's determination to dispose of properties, which are subsequently reclassified to "held for sale", the Company performs recoverability analyses based on the estimated undiscounted cash flows that are expected to result from the real estate investments' use and eventual disposal. The projected undiscounted cash flows of each property reflects that the carrying value of each real estate investment would be recovered. Properties meeting the "held for sale" criteria, are written down to the lower of their carrying value and estimated fair values less costs to sell. The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in "discontinued operations" only if the disposal represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. The results of operations for those properties not meeting such criteria are reported in "continuing operations" in the consolidated statements of operations.
Cash and Cash Equivalents / Restricted Cash	Cash and cash equivalents consist of cash in banks and short-term investments with original maturities when purchased of less than ninety days. The terms of the secured term loans may require the Company to deposit certain replacement and other reserves with its lenders. Such "restricted cash" is generally available only for property-level requirements for which the reserves have been established. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits.
Fair Value Measurements	The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Revenue Recognition and Receivables	The Company's underlying assets relating to rental revenue activity is solely retail 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. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. 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 monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. The Company defers recognition of contingent rental income until those specified sales targets are met. Revenues also include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination fees, which are included in 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.
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 deferred costs and other assets, net, and accounts payable, accrued expenses, and other liabilities on the Company's consolidated balance sheets. Right-of-use ("ROU") assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the Company's 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 combines 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.
Transaction Costs	All costs associated with the Grocery-Anchored Portfolio Sale and the Merger, were expensed as incurred.
Income Taxes	The Company, organized in 1984, has elected to be taxed as a real estate investment trust ("REIT") under the Code. A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its stockholders and complies with certain other requirements. As of December 31, 2023, the Company was in compliance with all REIT requirements.
Derivative Financial Instruments	Prior to the Merger, the Company occasionally utilized derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company had established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments had to be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction were modified, or when the underlying hedged item ceased to exist, all changes in the fair value of the instrument were marked-to-market with changes in value included in net income for each period until the derivative financial instrument matured or was settled. Any derivative financial instrument used for risk management that did not meet the hedging criteria was marked-to-market with the changes in value included in net income.
Share-Based Compensation	During 2017, the Company's shareholders approved the 2017 Stock Incentive Plan (the "2017 Plan"), which replaced the Company's 2012 Stock Incentive Plan (the "2012 Plan"). As of the effective date of the 2017 Plan, the Company may not grant any further awards under the 2012 Plan. The 2017 Plan establishes the procedures for the granting of, among other things, restricted stock awards. On May 1, 2019, the Company's shareholders approved an amendment to the 2017 Plan, which increased the maximum number of shares of the Company's common stock that may be issued pursuant to the 2017 Plan by 303,000 shares, to a new total of 909,000 shares (see Note 14, Share-Based Compensation), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 76,000. All grants issued pursuant to the 2017 Plan generally vest (1) at the end of designated time periods for time-based grants, or (2) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time–based grants are valued according to the market price for the Company's common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants are being expensed on a straight-line basis over their respective vesting periods (irrespective of achievement of the market performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the terms of the 2017 Plan, those grants of restricted shares that are contributed to the Rabbi Trusts are classified as treasury stock on the Company's consolidated balance sheet. The 2017 Plan was terminated in connection with the Merger.
Recently Issued Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board ("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.

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 Years ended December 31, 2023 2022 Supplemental disclosure of cash activities: Cash paid for interest $ 7,495,000 $ 14,344,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs — 1,035,000 Buildings and improvements included in accounts payable, accrued expenses, and other liabilities 136,000 1,463,000 Payoff of mortgages through mortgage assumptions — 157,925,000

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of disposal groups and discontinued operations	Excluding the Grocery-Anchored Portfolio Sale, during 2023 and 2022, the Company sold the properties listed below: Property Location Date Sales Gain on Sale/ 2023 Carll's Corner outparcel building Bridgeton, NJ 7/11/2023 $ 3,000,000 $ 2,662,000 2022 Riverview Plaza Philadelphia, PA 5/16/2022 $ 34,000,000 $ (361,000) Property Name Location Property Name Location Academy Plaza Philadelphia, PA New London Mall New London, CT Bethel Shopping Center Bethel, CT Newport Plaza Newport, PA Carmans Plaza Massapequa, NY Northside Commons Campbelltown, PA Christina Crossing Wilmington, DE Norwood Shopping Center Norwood, MA Colonial Commons Harrisburg, PA Oak Ridge Shopping Center Suffolk, VA Crossroads II Bartonsville, PA Oakland Mills Columbia, MD East River Park Washington, DC Palmyra Shopping Center Palmyra, PA Elmhurst Square Portsmouth, VA Quartermaster Plaza Philadelphia, PA Fishtown Crossing Philadelphia, PA Senator Square Washington, DC Franklin Village Plaza Franklin, MA Shoppes at Arts District Hyattsville, MD General Booth Plaza Virginia Beach, VA Swede Square E. Norriton Township, PA Girard Plaza Philadelphia, PA The Point Harrisburg, PA Groton Shopping Center Groton, CT The Shops as Bloomfield Station Bloomfield, NJ Halifax Plaza Halifax, PA The Shops at Suffolk Downs Revere, MA Jordan Lane Wethersfield, PA Trexlertown Plaza Trexlertown, PA Kempsville Crossing Virginia Beach, VA Valley Plaza Hagerstown, MD Lawndale Plaza Philadelphia, PA Yorktowne Plaza Cockeysville, MD Meadows Marketplace Hummelstown, PA The following is a summary of income from discontinued operations: Years ended December 31, 2023 2022 REVENUES Rental revenues $ — $ 44,130,000 Other revenues — 184,000 Total revenues — 44,314,000 EXPENSES Operating, maintenance and management — 9,557,000 Real estate and other property-related taxes — 6,749,000 Corporate general and administrative — 469,000 Depreciation and amortization — 9,726,000 Total expenses — 26,501,000 OPERATING INCOME — 17,813,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net — (3,511,000) Total non-operating income and expenses — (3,511,000) INCOME FROM DISCONTINUED OPERATIONS — 14,302,000 Impairment charges — (16,629,000) Gain on sales — 125,500,000 TOTAL INCOME FROM DISCONTINUED OPERATIONS $ — $ 123,173,000

Receivables, net (Tables)

Receivables, net (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of components of receivables, net	Receivables, net at December 31, 2023 and 2022 are composed of the following: December 31, 2023 2022 Rents and other receivables, net $ 1,894,000 $ 2,904,000 Straight-line rents, net 4,463,000 3,231,000 $ 6,357,000 $ 6,135,000

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 components of other assets and deferred charges, net	Deferred costs and other assets, net, at December 31, 2023 and 2022 are composed of the following: December 31, 2023 2022 Lease origination costs $ 5,501,000 $ 4,747,000 R ight-of-use assets 2,059,000 2,062,000 Prepaid expenses 1,504,000 1,029,000 Other 77,000 86,000 Total other assets and deferred charges, net $ 9,141,000 $ 7,924,000
Schedule of future charges of unamortized balances of deferred lease origination costs	Deferred lease origination costs will be charged to future operations as follows: Lease 2024 $ 874,000 2025 806,000 2026 747,000 2027 700,000 2028 568,000 Thereafter 1,806,000 $ 5,501,000

Loans Payable, net (Tables)

Loans Payable, net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of debt	Debt is composed of the following at December 31, 2023 and 2022 and collateralized by 13 properties at December 31, 2023 and 12 properties at December 31, 2022: December 31, 2023 December 31, 2022 Description Maturity Balance outstanding Contractual Balance outstanding Contractual Fixed-rate secured term loans: Timpany Plaza Sep 2028 $ 9,060,000 7.3% $ — n/a Term loan, 10 properties Nov 2032 110,000,000 5.3% 110,000,000 5.3% Patuxent Crossing/Coliseum Marketplace Jan 2033 25,000,000 6.4% 25,000,000 6.4% 144,060,000 5.6% 135,000,000 5.5% Unamortized issuance costs (3,566,000) (3,538,000) $ 140,494,000 $ 131,462,000
Schedule of principal payments on secured term loans	Scheduled principal payments on secured term loans at December 31, 2023, due on various dates from 2024 to 2033, are as follows: 2024 $ 74,000 2025 306,000 2026 329,000 2027 481,000 2028 9,456,000 Thereafter 133,414,000 $ 144,060,000
Schedule of effect of derivative financial instruments on consolidated statements of operations and consolidated statements of equity	The following presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the years ended 2023 and 2022, respectively: Gain recognized in other Designation/ Derivative Years ended December 31, 2023 2022 Qualifying Interest rate swaps $ — $ 6,001,000 (Loss) recognized in other Years ended December 31, Classification 2023 2022 Continuing Operations $ — $ (2,320,000)

Intangible Lease Asset_Liabil_2

Intangible Lease Asset/Liability (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible Lease Asset Liability [Abstract]
Schedule of unamortized balance of intangible lease liabilities net	The unamortized balance of intangible lease liabilities at December 31, 2023 is net of accumulated amortization of $43.3 million, and will be credited to future operations as follows: 2024 $ 257,000 2025 243,000 2026 243,000 2027 243,000 2028 243,000 Thereafter 1,426,000 $ 2,655,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of reconciliation of undiscounted future minimum lease payments	The following table represents a reconciliation of the Company's undiscounted future minimum lease payments for its ground lease and executive office lease agreements applicable to lease liabilities as of December 31, 2023: 2024 $ 179,000 2025 179,000 2026 179,000 2027 179,000 2028 179,000 Thereafter 7,673,000 Total undiscounted future minimum lease payments 8,568,000 Future minimum lease payments, discount (6,509,000) L ease liabilities $ 2,059,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of preferred stock	The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company's preferred stock: Series B Series C Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 December 31, 2023 December 31, 2022 Series B Series C Series B Series C Shares authorized 6,050,000 6,450,000 6,050,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000
Schedule of dividends declared and paid	The following table provides a summary of dividends declared and paid per share: Years ended December 31, 2023 2022 Common stock $ — $ 19.586 7.25% Series B Preferred Stock $ 1.813 $ 1.813 6.50% Series C Preferred Stock $ 1.625 $ 1.625

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Revenues [Abstract]
Schedule of rent revenues	Rental revenues for 2023 and 2022, respectively, are comprised of the following: Years ended December 31, 2023 2022 Base rents $ 23,902,000 $ 23,997,000 Expense recoveries - variable lease revenue 7,705,000 8,001,000 Percentage rent - variable lease revenue 479,000 531,000 Straight-line rents 854,000 77,000 Above (below) market lease amortization, net 336,000 896,000 33,276,000 33,502,000 Credit adjustments on operating lease receivables 711,000 (539,000) Total rental revenues $ 33,987,000 $ 32,963,000
Schedule of annual future base rents due to be received	Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2023 are approximately as follows: 2024 $ 24,680,000 2025 24,042,000 2026 22,237,000 2027 20,212,000 2028 15,329,000 Thereafter 51,420,000 $ 157,920,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of share-based compensation information	The following tables set forth certain share-based compensation information for 2023 and 2022, respectively: Years ended December 31, 2023 2022 Expense relating to share/unit grants $ — $ 1,662,000 Amounts capitalized — (54,000) Total charged to operations $ — $ 1,608,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of calculation of numerator and denominator in earnings per share	The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2023 and 2022, respectively: Years ended December 31, 2023 2022 Numerator Net income (loss) from continuing operations $ 2,007,000 $ (79,010,000) Preferred stock dividends (10,752,000) (10,752,000) Net loss attributable to noncontrolling interests — 355,000 Net earnings allocated to unvested shares — 58,000 Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares (8,745,000) (89,349,000) Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares — 122,686,000 Net (loss) income attributable to vested common shares $ (8,745,000) $ 33,337,000 Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,718,000 13,448,000 Net (loss) income per common share attributable to common shareholders (basic and diluted): Continuing operations $ (0.64) $ (6.64) Discontinued operations — 9.12 $ (0.64) $ 2.48

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of related party transactions	The related party amounts due to WHLR at December 31, 2023 and 2022 are comprised of: December 31, 2023 2022 Financings and real estate taxes $ 7,166,000 $ 7,166,000 Management fees 225,000 110,000 Leasing commissions 161,000 85,000 Cost Sharing Agreement allocations (a) 548,000 — Other (6,000) (33,000) Total $ 8,094,000 $ 7,328,000 (a)

Business and Organization (Deta

Business and Organization (Details)				12 Months Ended
	Aug. 22, 2022 $ / shares	Aug. 19, 2022 $ / shares	Jul. 07, 2022 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Mar. 02, 2022 property
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties				19
Cash payment option (in dollars per share) | $ / shares	$ 9.48
Common stock dividends declared (in dollars per share) | $ / shares		$ 19.52
Transaction costs | $				$ 0	$ 58,959,000
7.25% Series B Preferred Stock
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Preferred stock, dividends rate (as a percent)	7.25%			7.25%	7.25%
6.50% Series C Preferred Stock
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Preferred stock, dividends rate (as a percent)	6.50%			6.50%	6.50%
Held-for-Sale | Grocery-Anchored Shopping Center
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties					33	33
Held-for-Sale | Grocery-Anchored Portfolio Sale, East River Park and Senator Square Redevelopment Assets
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Proceeds from sale of property | $			$ 879,000,000
Disposed of by Sale | Grocery-Anchored Portfolio Sale, East River Park and Senator Square Redevelopment Assets
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Proceeds from sale of property | $			$ 879,000,000
Discontinued Operations
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Transaction costs | $					$ 59,000,000
Employee severance costs | $					$ 33,500,000
Cedar Realty Trust Partnership L.P
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Company's interest in operating partnership (as a percent)				100%
Pennsylvania
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties				7
Massachusetts
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties				4
Connecticut
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties				3
New Jersey
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties				3
Maryland
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties				1
Virginia
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties				1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions		12 Months Ended
	May 01, 2019 shares	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense, net of discontinued operations | $		$ 10	$ 8.5
Number of reportable segment | segment		1
2017 Stock Incentive Plan
Summary Of Significant Accounting Policies [Line Items]
Additional number of shares issued under the plan (in shares)	303,000
Maximum number of shares may be issued under the plan (in shares)	909,000
Maximum number of shares to be granted per year to a participant (in shares)	76,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Real estate investments useful life (in years)		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Real estate investments useful life (in years)		40 years
Crossroads II | Variable Interest Entity, Primary Beneficiary | Other Ownership Interest
Summary Of Significant Accounting Policies [Line Items]
Ownership (as a percent)		60%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Supplemental Consolidated Statements of Cash Flows Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of cash activities:
Cash paid for interest	$ 7,495,000	$ 14,344,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and financing costs	0	1,035,000
Buildings and improvements included in accounts payable, accrued expenses, and other liabilities	136,000	1,463,000
Payoff of mortgages through mortgage assumptions	$ 0	$ 157,925,000

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)				12 Months Ended		15 Months Ended
	Jul. 07, 2022 USD ($)	Jun. 28, 2022 USD ($)	May 05, 2021 ft²	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Aug. 05, 2022 USD ($)	Mar. 02, 2022 property
Real Estate Properties [Line Items]
Contributed capital to joint venture				$ 0	$ 155,000	$ 4,800,000
Impairment charges				$ 0	9,350,000
Number of properties | property				19
Net cash provided by operations from discontinued operations				$ 0	25,900,000
Net cash provided by (used in) investing activities from discontinued operations				$ 0	$ 651,500,000
Held-for-Sale | Grocery-Anchored Portfolio Sale, East River Park and Senator Square Redevelopment Assets
Real Estate Properties [Line Items]
Gross proceeds from sale of real estate	$ 879,000,000
Held-for-Sale | Grocery-Anchored Shopping Center
Real Estate Properties [Line Items]
Number of properties | property					33		33
Crossroads II
Real Estate Properties [Line Items]
Minority ownership (as a percent)		40%
Purchase price		$ 1,000,000
Investment in Unconsolidated Joint Venture
Real Estate Properties [Line Items]
Area of commercial building | ft²			258,000
Area of commercial space leased (as a percent)			100%
Investment in Unconsolidated Joint Venture | Office Space
Real Estate Properties [Line Items]
Area of commercial building | ft²			240,000
Investment in Unconsolidated Joint Venture | Street-Level Retail
Real Estate Properties [Line Items]
Area of commercial building | ft²			18,000

Real Estate - Summary of Dispos

Real Estate - Summary of Dispositions (Details) - USD ($)			12 Months Ended
	Jul. 11, 2023	May 16, 2022	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Gain on Sale/ Impairment [Extensible Enumeration]			Gain on sale	Gain on sale
Disposal Group, Held-for-sale, Not Discontinued Operations | Carll's Corner Outparcel Building
Real Estate Properties [Line Items]
Sales Price	$ 3,000,000
Gain on Sale/ Impairment	$ 2,662,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Riverview Plaza
Real Estate Properties [Line Items]
Sales Price		$ 34,000,000
Gain on Sale/ Impairment		$ (361,000)

Real Estate - Summary of Income

Real Estate - Summary of Income from Discontinued Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NON-OPERATING INCOME AND EXPENSES
INCOME FROM DISCONTINUED OPERATIONS	$ 0	$ 14,302,000
Impairment charges	0	(16,629,000)
Gain on sales	0	125,500,000
Total income from discontinued operations	0	123,173,000
Held-for-Sale | Grocery-Anchored Shopping Center
REVENUES
Rental revenues	0	44,130,000
Other revenues	0	184,000
Total revenues	0	44,314,000
EXPENSES
Operating, maintenance and management	0	9,557,000
Real estate and other property-related taxes	0	6,749,000
Corporate general and administrative	0	469,000
Depreciation and amortization	0	9,726,000
Total expenses	0	26,501,000
OPERATING INCOME	0	17,813,000
NON-OPERATING INCOME AND EXPENSES
Interest expense, net	0	(3,511,000)
Total non-operating income and expenses	0	(3,511,000)
INCOME FROM DISCONTINUED OPERATIONS	0	14,302,000
Impairment charges	0	(16,629,000)
Gain on sales	0	125,500,000
Total income from discontinued operations	$ 0	$ 123,173,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 0	$ 9,350,000
Net book value	201,676,000	206,642,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net book value		0
Riverview Plaza
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges		9,400,000
Estimate of Fair Value Measurement | Fixed-rate secured term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	131,400,000	131,800,000
Reported Value Measurement | Fixed-rate secured term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 140,500,000	$ 131,500,000

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) - property	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Number of tenants	0	0
Number of properties	19
Pennsylvania
Concentration Risk [Line Items]
Number of properties	7
Property Concentration Risk | Revenue Benchmark | One Property
Concentration Risk [Line Items]
Percentage of concentration risk (as a percent)	14.60%
Property Concentration Risk | Operating Income Benchmark | Five Properties
Concentration Risk [Line Items]
Percentage of concentration risk (as a percent)	90.40%
Geographic Concentration Risk | Pennsylvania
Concentration Risk [Line Items]
Number of properties	7

Receivables, net (Details)

Receivables, net (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Rents and other receivables, net	$ 1,894,000	$ 2,904,000
Straight-line rents, net	4,463,000	3,231,000
Receivables	6,357,000	6,135,000
Allowance for uncollectible receivables	$ 500,000	$ 2,600,000

Deferred Costs and Other Asse_3

Deferred Costs and Other Assets, net - Summary of Other Assets and Deferred Charges, Net (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lease origination costs	$ 5,501,000	$ 4,747,000
Right-of-use assets	$ 2,059,000	$ 2,062,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets and deferred charges, net	Total other assets and deferred charges, net
Prepaid expenses	$ 1,504,000	$ 1,029,000
Other	77,000	86,000
Total other assets and deferred charges, net	9,141,000	7,924,000
Accumulated amortization of intangible lease assets	$ 10,700,000	$ 10,600,000

Deferred Costs and Other Asse_4

Deferred Costs and Other Assets, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense of deferred charges, net of discontinued operations	$ 1	$ 1.1
Accumulated amortization of deferred lease origination costs	$ 10.7	$ 10.6

Deferred Costs and Other Asse_5

Deferred Costs and Other Assets, net - Summary of Future Charges of Unamortized Balances of Deferred Lease Origination Costs and Deferred Financing Costs (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2024	$ 874,000
2025	806,000
2026	747,000
2027	700,000
2028	568,000
Thereafter	1,806,000
Lease origination costs	$ 5,501,000	$ 4,747,000

Loans Payable, net - Narrative

Loans Payable, net - Narrative (Details)					12 Months Ended
	Sep. 12, 2023 USD ($)	Dec. 21, 2022 USD ($) property	Oct. 28, 2022 USD ($) property	Aug. 22, 2022 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Line Of Credit Facility [Line Items]
Number of collateral real estate properties | property					13	12
Mortgage proceeds					$ 9,060,000	$ 265,000,000
Interest Rate Swap | Held-for-Sale | Grocery-Anchored Shopping Center
Line Of Credit Facility [Line Items]
Proceeds from termination of derivative instrument						$ 3,400,000
Fixed-rate secured term loans
Line Of Credit Facility [Line Items]
Debt instrument, amortization term (in years)			30 years
KeyBank Credit Agreement | Fixed-rate secured term loans
Line Of Credit Facility [Line Items]
Number of collateral real estate properties | property				19
Debt instrument, face amount				$ 130,000,000
Term loan, 10 properties | Fixed-rate secured term loans
Line Of Credit Facility [Line Items]
Number of collateral real estate properties | property			10		10	10
Debt instrument, face amount			$ 110,000,000
Interest at fixed-rate (as a percent)			5.25%
Patuxent Crossing/Coliseum Marketplace | Fixed-rate secured term loans
Line Of Credit Facility [Line Items]
Number of collateral real estate properties | property		2
Debt instrument, face amount		$ 25,000,000
Interest at fixed-rate (as a percent)		6.35%
Timpany Plaza
Line Of Credit Facility [Line Items]
Debt instruments, proceeds receivable, term (in years)	1 year
Timpany Plaza | Fixed-rate secured term loans
Line Of Credit Facility [Line Items]
Debt instrument, face amount	$ 11,560,000
Interest at fixed-rate (as a percent)	7.27%
Debt instrument, amortization term (in years)	30 years
Debt instrument, interest only payments, term (in years)	12 months
Mortgage proceeds	$ 9,060,000
Debt instruments, proceeds receivable	$ 2,500,000

Loans Payable, net - Summary of

Loans Payable, net - Summary of Debt and Finance Lease Obligations (Details)			12 Months Ended
	Dec. 21, 2022 property	Oct. 28, 2022 property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Debt Instrument [Line Items]
Total debt gross			$ 144,060,000	$ 135,000,000
Unamortized issuance costs			(3,566,000)	(3,538,000)
Long-Term Debt			$ 140,494,000	$ 131,462,000
Contractual interest rates weighted-average			5.60%	5.50%
Number of collateral real estate properties | property			13	12
Timpany Plaza | Fixed-rate secured term loans
Debt Instrument [Line Items]
Total debt gross			$ 9,060,000	$ 0
Contractual interest rates weighted-average			7.30%
Term loan, 10 properties | Fixed-rate secured term loans
Debt Instrument [Line Items]
Total debt gross			$ 110,000,000	$ 110,000,000
Contractual interest rates weighted-average			5.30%	5.30%
Number of collateral real estate properties | property		10	10	10
Patuxent Crossing/Coliseum Marketplace | Fixed-rate secured term loans
Debt Instrument [Line Items]
Total debt gross			$ 25,000,000	$ 25,000,000
Contractual interest rates weighted-average			6.40%	6.40%
Number of collateral real estate properties | property	2

Loans Payable, net - Summary _2

Loans Payable, net - Summary of Principal Payments on Secured Term Loans (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 74,000
2025	306,000
2026	329,000
2027	481,000
2028	9,456,000
Thereafter	133,414,000
Total	$ 144,060,000	$ 135,000,000

Loans Payable, net - Summary _3

Loans Payable, net - Summary of Effect of Derivative Financial Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Continuing Operations
Derivative Instruments Gain Loss [Line Items]
Gain (loss) recognized in other comprehensive income (loss) (effective portion)	$ 0	$ (2,320,000)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense, net	Interest expense, net
Qualifying | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Gain (loss) recognized in other comprehensive income (loss) (effective portion)	$ 0	$ 6,001,000

Intangible Lease Asset_Liabil_3

Intangible Lease Asset/Liability - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Intangible Lease Asset Liability [Abstract]
Below market lease intangibles, net	$ 2,655,000	$ 3,078,000
Unamortized intangible lease assets	0	$ 100,000
Accumulated amortization	$ 43,300,000

Intangible Lease Asset_Liabil_4

Intangible Lease Asset/Liability - Summary of Unamortized Balance of Intangible Lease Liabilities Net (Details)	Dec. 31, 2023 USD ($)
Intangible Lease Asset Liability [Abstract]
2024	$ 257,000
2025	243,000
2026	243,000
2027	243,000
2028	243,000
Thereafter	1,426,000
Unamortized intangible lease liabilities	$ 2,655,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	47 years 9 months 18 days
Weighted average discount rate (as a percent)	8.60%
Rent expense	$ 0.2	$ 0.3

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Reconciliation of Undiscounted Future Minimum Lease Payments (Details)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 179,000
2025	179,000
2026	179,000
2027	179,000
2028	179,000
Thereafter	7,673,000
Total undiscounted future minimum lease payments	8,568,000
Future minimum lease payments, discount	(6,509,000)
Lease liabilities	$ 2,059,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Aug. 26, 2022	Aug. 22, 2022	Dec. 31, 2023	Dec. 31, 2022	Aug. 09, 2022
Class Of Stock [Line Items]
Shares authorized (in shares)			12,500,000
Stock price as percentage of market value (as a percent)			100%
Special dividend paid (in dollars per share)					$ 19.52
Payments for merger consideration (in dollars per share)	$ 9.48
Accrued preferred stock dividends			$ 1.2	$ 1.2
Series B Preferred Stock
Class Of Stock [Line Items]
Preferred stock, dividends rate (as a percent)		7.25%	7.25%	7.25%
Redemption price per share (in dollars per share)			$ 25
Shares authorized (in shares)			6,050,000	6,050,000
Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, dividends rate (as a percent)		6.50%	6.50%	6.50%
Redemption price per share (in dollars per share)			$ 25
Shares authorized (in shares)			6,450,000	6,450,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Stock (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Shares authorized (in shares)	12,500,000
Balance	$ 159,541,000	$ 159,541,000
Series B Preferred Stock
Class Of Stock [Line Items]
Par value (in dollars per share)	$ 0.01
Liquidation value (in dollars per share)	$ 25
Shares authorized (in shares)	6,050,000	6,050,000
Shares issued (in shares)	1,450,000	1,450,000
Shares outstanding (in shares)	1,450,000	1,450,000
Balance	$ 34,767,000	$ 34,767,000
Series C Preferred Stock
Class Of Stock [Line Items]
Par value (in dollars per share)	$ 0.01
Liquidation value (in dollars per share)	$ 25
Shares authorized (in shares)	6,450,000	6,450,000
Shares issued (in shares)	5,000,000	5,000,000
Shares outstanding (in shares)	5,000,000	5,000,000
Balance	$ 124,774,000	$ 124,774,000

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Dividends (Details) - $ / shares		12 Months Ended
	Aug. 22, 2022	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, dividends (in dollars per share)		$ 0	$ 19.586
7.25% Series B Preferred Stock
Class Of Stock [Line Items]
Preferred stock, dividends (in dollars per share)		$ 1.813	$ 1.813
Preferred stock, dividends rate (as a percent)	7.25%	7.25%	7.25%
6.50% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, dividends (in dollars per share)		$ 1.625	$ 1.625
Preferred stock, dividends rate (as a percent)	6.50%	6.50%	6.50%

Revenues - Summary of Rent Reve

Revenues - Summary of Rent Revenues (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag	Base rents	Base rents
Above (below) market lease amortization, net	$ 336,000	$ 1,080,000
Credit adjustments on operating lease receivables	711,000	(539,000)
Total rental revenues	34,632,000	34,297,000
Base rents
Disaggregation of Revenue [Line Items]
Base Rents and revenue	23,902,000	23,997,000
Expense recoveries - variable lease revenue
Disaggregation of Revenue [Line Items]
Base Rents and revenue	7,705,000	8,001,000
Percentage rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Base Rents and revenue	479,000	531,000
Rental revenues
Disaggregation of Revenue [Line Items]
Straight-line rents	854,000	77,000
Above (below) market lease amortization, net	336,000	896,000
Total revenues	33,276,000	33,502,000
Total rental revenues	$ 33,987,000	$ 32,963,000

Revenues - Summary of Annual Fu

Revenues - Summary of Annual Future Base Rents Due to be Received Under Non-Cancelable Operating Leases (Details)	Dec. 31, 2023 USD ($)
Revenues [Abstract]
2024	$ 24,680,000
2025	24,042,000
2026	22,237,000
2027	20,212,000
2028	15,329,000
Thereafter	51,420,000
Future rents due to be received	$ 157,920,000

401(k) Retirement Plan (Details

401(k) Retirement Plan (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Retirement plan, employer contribution amount	$ 145,000

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Expense relating to share/unit grants	$ 0	$ 1,662,000
Amounts capitalized	0	(54,000)
Total charged to operations	$ 0	$ 1,608,000

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details)				12 Months Ended	36 Months Ended
	Aug. 26, 2022 USD ($)	Jul. 20, 2021 USD ($) shares	Jun. 15, 2018 shares	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 15, 2021 shares	Dec. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)				13,718,000		13,718,000
Common stock value | $				$ 823,000		$ 823,000
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted to company's president (in shares)					113,636
Common stock, shares issued (in shares)		113,636
Dividend equivalent rights paid | $		$ 300,000
Dividends equivalent rights paid | $	$ 500,000
Restricted Stock Units (RSUs), Market Performance Based | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under stock incentive plan (in shares)			227,272
Dividend equivalent rights (in shares)			227,272
Conversation ratio			1
Number of shares earned (in shares)					113,636
Service period (in years)			5 years
Common stock value | $	$ 3,300,000
Restricted Stock Units (RSUs), Market Performance Based | Chief Executive Officer | TSR, below 4%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return rate (as a percent)			4%
Percentage of grants earned (as a percent)			0%
Restricted Stock Units (RSUs), Market Performance Based | Chief Executive Officer | TSR, equals to 4%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return rate (as a percent)			4%
Percentage of grants earned (as a percent)			33.30%
Restricted Stock Units (RSUs), Market Performance Based | Chief Executive Officer | TSR, equals to 6.5%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return rate (as a percent)			6.50%
Percentage of grants earned (as a percent)			66.70%
Restricted Stock Units (RSUs), Market Performance Based | Chief Executive Officer | TSR, equals 10% or above
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return rate (as a percent)			10%
Percentage of grants earned (as a percent)			100%
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under stock incentive plan (in shares)				0		0
2017 Plan | Restricted Stock, Time Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)				7,000
Weighted-average grant date fair value per share (in dollars per share) | $ / shares				$ 26.31
Fair value of vested shares | $				$ 11,900,000

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average nonvested restricted shares outstanding (in shares)	0	200,000
Weighted average number of OP units outstanding (in shares)	0	44,000
Restricted Stock Units (RSUs), Market Performance Based | Chief Executive Officer
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity awards outstanding (in shares)	0
Shares issuable under stock incentive plan (in shares)		0

Earnings Per Share - Summary of

Earnings Per Share - Summary of Calculation of Numerator and Denominator in Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 2,007,000	$ (79,010,000)
Preferred stock dividends	(10,752,000)	(10,752,000)
Net loss attributable to noncontrolling interests	0	355,000
Net earnings allocated to unvested shares	0	58,000
Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares	(8,745,000)	(89,349,000)
Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares	0	122,686,000
Net (loss) income attributable to vested common shares	(8,745,000)	33,337,000
Net (loss) income attributable to vested common shares	$ (8,745,000)	$ 33,337,000
Weighted average number of vested common shares outstanding, basic (in shares)	13,718,000	13,448,000
Weighted average number of vested common shares outstanding, diluted (in shares)	13,718,000	13,448,000
Net (loss) income per common share attributable to common shareholders (basic and diluted):
Continuing operations, basic (in dollars per share)	$ (0.64)	$ (6.64)
Continuing operations, diluted (in dollars per share)	(0.64)	(6.64)
Discontinued operations, basic (in dollars per share)	0	9.12
Discontinued operations, diluted (in dollars per share)	0	9.12
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, BASIC (in dollars per share)	(0.64)	2.48
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, DILUTED (in dollars per share)	$ (0.64)	$ 2.48

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transaction expenses	$ 27,263,000	$ 34,104,000
Related Party | Management fees | WHLR
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)	4%
Related Party | Leasing commissions | WHLR | Minimum
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)	3%
Related Party | Leasing commissions | WHLR | Maximum
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)	6%
Related Party | Property Management and Leasing Services | WHLR
Related Party Transaction [Line Items]
Related party transaction expenses	$ 2,100,000	$ 1,000,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Amounts Due (Details) - Related Party - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Amounts of transaction	$ 8,094,000	$ 7,328,000
Financings and real estate taxes
Related Party Transaction [Line Items]
Amounts of transaction	7,166,000	7,166,000
Management fees
Related Party Transaction [Line Items]
Amounts of transaction	225,000	110,000
Leasing commissions
Related Party Transaction [Line Items]
Amounts of transaction	161,000	85,000
Cost Sharing Agreement Allocations
Related Party Transaction [Line Items]
Amounts of transaction	548,000	0
Other
Related Party Transaction [Line Items]
Amounts of transaction	$ (6,000)	$ (33,000)

Subsequent Events (Details)

Subsequent Events (Details)			12 Months Ended
	Feb. 29, 2024 USD ($) option	Jan. 23, 2024 $ / shares	Dec. 31, 2023 property	Dec. 31, 2022 property
Number of collateral real estate properties | property			13	12
Subsequent Event | Revolving Credit Agreement, 6 properties | Line of Credit | KeyBank National Association
Line of credit facility, maximum borrowing capacity | $	$ 9,500,000
Margin spread (as a percent)	2.75%
Extension, number of options | option	2
Extension term (in months)	3 months
Subsequent Event | Revolving Credit Agreement, 6 properties | Line of Credit | Secured Overnight Financing Rate (SOFR), Daily Simple | KeyBank National Association
Basis spread on borrowings variable rate (as a percent)	0.10%
Subsequent Event | 7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Preferred stock dividends declared (in dollars per share)		$ 0.453125
Subsequent Event | 6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Preferred stock dividends declared (in dollars per share)		$ 0.406250

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts: - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 2,565,000	$ 4,971,000
Charged to costs and expense	(711,000)	539,000
Deductions from reserves	(1,385,000)	(2,945,000)
Balance at end of year	$ 469,000	$ 2,565,000

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Summary of Properties (Details)	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	2,832,129
Land	$ 74,960,000
Building and Improvements	302,680,000
Subsequent cost capitalized	(9,475,000)
Land	69,085,000
Building and improvements	299,080,000
Total	368,165,000	$ 364,110,000	$ 369,827,000
Accumulated depreciation	$ 166,489,000	$ 157,468,000	$ 155,250,000
Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Brickyard Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	227,598
Land	$ 7,632,000
Building and Improvements	29,308,000
Subsequent cost capitalized	(812,000)
Land	7,648,000
Building and improvements	28,480,000
Total	36,128,000
Accumulated depreciation	$ 14,894,000
Brickyard Plaza | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Brickyard Plaza | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Carll's Corner
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	116,532
Land	$ 3,034,000
Building and Improvements	15,293,000
Subsequent cost capitalized	(12,541,000)
Land	220,000
Building and improvements	5,566,000
Total	5,786,000
Accumulated depreciation	$ 4,756,000
Carll's Corner | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Carll's Corner | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Coliseum Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	106,648
Land	$ 2,924,000
Building and Improvements	14,416,000
Subsequent cost capitalized	(2,936,000)
Land	3,586,000
Building and improvements	10,818,000
Total	14,404,000
Accumulated depreciation	$ 7,182,000
Coliseum Marketplace | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Coliseum Marketplace | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Fairview Commons
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	50,119
Land	$ 858,000
Building and Improvements	3,568,000
Subsequent cost capitalized	462,000
Land	858,000
Building and improvements	4,030,000
Total	4,888,000
Accumulated depreciation	$ 1,964,000
Fairview Commons | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Fairview Commons | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Fieldstone Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	193,970
Land	$ 5,229,000
Building and Improvements	21,440,000
Subsequent cost capitalized	(3,206,000)
Land	5,167,000
Building and improvements	18,296,000
Total	23,463,000
Accumulated depreciation	$ 12,593,000
Fieldstone Marketplace | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Fieldstone Marketplace | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Gold Star Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	71,720
Land	$ 1,644,000
Building and Improvements	6,519,000
Subsequent cost capitalized	(115,000)
Land	1,644,000
Building and improvements	6,404,000
Total	8,048,000
Accumulated depreciation	$ 3,018,000
Gold Star Plaza | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Gold Star Plaza | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Golden Triangle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	202,790
Land	$ 2,320,000
Building and Improvements	9,713,000
Subsequent cost capitalized	12,162,000
Land	2,320,000
Building and improvements	21,875,000
Total	24,195,000
Accumulated depreciation	$ 12,063,000
Golden Triangle | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Golden Triangle | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Hamburg Square
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	102,058
Land	$ 1,153,000
Building and Improvements	4,678,000
Subsequent cost capitalized	6,571,000
Land	1,153,000
Building and improvements	11,249,000
Total	12,402,000
Accumulated depreciation	$ 5,263,000
Hamburg Square | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Hamburg Square | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Kings Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	168,243
Land	$ 2,413,000
Building and Improvements	12,604,000
Subsequent cost capitalized	2,611,000
Land	2,408,000
Building and improvements	15,220,000
Total	17,628,000
Accumulated depreciation	$ 5,970,000
Kings Plaza | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Kings Plaza | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Oakland Commons
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	90,100
Land	$ 2,504,000
Building and Improvements	15,662,000
Subsequent cost capitalized	(4,668,000)
Land	2,504,000
Building and improvements	10,994,000
Total	13,498,000
Accumulated depreciation	$ 6,654,000
Oakland Commons | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Oakland Commons | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Oregon Avenue
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	0
Land	$ 2,247,000
Building and Improvements	18,616,000
Subsequent cost capitalized	(16,969,000)
Land	2,141,000
Building and improvements	1,753,000
Total	3,894,000
Accumulated depreciation	$ 177,000
Oregon Avenue | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Oregon Avenue | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Patuxent Crossing
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	264,068
Land	$ 14,849,000
Building and Improvements	18,445,000
Subsequent cost capitalized	1,916,000
Land	13,211,000
Building and improvements	21,999,000
Total	35,210,000
Accumulated depreciation	$ 11,563,000
Patuxent Crossing | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Patuxent Crossing | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Pine Grove Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	79,306
Land	$ 2,010,000
Building and Improvements	6,489,000
Subsequent cost capitalized	652,000
Land	1,622,000
Building and improvements	7,529,000
Total	9,151,000
Accumulated depreciation	$ 4,062,000
Pine Grove Plaza | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Pine Grove Plaza | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
South Philadelphia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	221,511
Land	$ 8,222,000
Building and Improvements	36,314,000
Subsequent cost capitalized	(8,670,000)
Land	8,222,000
Building and improvements	27,644,000
Total	35,866,000
Accumulated depreciation	$ 22,627,000
South Philadelphia | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
South Philadelphia | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Southington Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	155,842
Land	$ 0
Building and Improvements	11,834,000
Subsequent cost capitalized	1,464,000
Land	0
Building and improvements	13,298,000
Total	13,298,000
Accumulated depreciation	$ 6,591,000
Southington Center | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Southington Center | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Timpany Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,060,000
Gross leasable area | ft²	182,799
Land	$ 3,412,000
Building and Improvements	19,240,000
Subsequent cost capitalized	(3,801,000)
Land	3,368,000
Building and improvements	15,483,000
Total	18,851,000
Accumulated depreciation	$ 8,349,000
Timpany Plaza | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Timpany Plaza | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Trexler Mall
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	342,541
Land	$ 6,932,000
Building and Improvements	32,815,000
Subsequent cost capitalized	13,705,000
Land	6,932,000
Building and improvements	46,520,000
Total	53,452,000
Accumulated depreciation	$ 21,946,000
Trexler Mall | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Trexler Mall | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Washington Centers Shoppes
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	157,300
Land	$ 2,061,000
Building and Improvements	7,314,000
Subsequent cost capitalized	7,617,000
Land	2,000,000
Building and improvements	14,992,000
Total	16,992,000
Accumulated depreciation	$ 7,719,000
Washington Centers Shoppes | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Washington Centers Shoppes | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Webster Commons
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	98,984
Land	$ 3,551,000
Building and Improvements	18,412,000
Subsequent cost capitalized	(1,518,000)
Land	4,081,000
Building and improvements	16,364,000
Total	20,445,000
Accumulated depreciation	$ 8,892,000
Webster Commons | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	3 years
Webster Commons | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate investments useful life (in years)	40 years
Other
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Gross leasable area | ft²	0
Land	$ 1,965,000
Building and Improvements	0
Subsequent cost capitalized	(1,399,000)
Land	0
Building and improvements	566,000
Total	566,000
Accumulated depreciation	$ 206,000

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Real Estate and Accumulated Depreciation (Details)		12 Months Ended
	Oct. 28, 2022 property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Cost
Real estate balance, beginning of the year		$ 364,110,000	$ 369,827,000
Properties transferred to/from held for sale		0	(11,495,000)
Disposals		(2,401,000)	0
Property impairments		0	(16,629,000)
Improvements and betterments		6,456,000	22,407,000
Real estate balance, end of the year		368,165,000	364,110,000
Accumulated depreciation
Accumulated depreciation balance, beginning of the year		157,468,000	155,250,000
Properties transferred to/from held for sale		0	(15,339,000)
Disposals		(945,000)	0
Depreciation expense		9,966,000	17,557,000
Accumulated depreciation balance end of the year		166,489,000	157,468,000
Real estate, net		$ 201,676,000	$ 206,642,000
Number of collateral real estate properties | property		13	12
Real estate companies, investment in real estate, federal income tax basis, difference		$ 86,300,000
Term loan, 10 properties | Fixed-rate secured term loans
Accumulated depreciation
Number of collateral real estate properties | property	10	10	10
Minimum
Accumulated depreciation
Estimated useful life of buildings and improvements		3 years
Minimum | Buildings and improvements
Accumulated depreciation
Estimated useful life of buildings and improvements		3 years
Maximum
Accumulated depreciation
Estimated useful life of buildings and improvements		40 years
Maximum | Buildings and improvements
Accumulated depreciation
Estimated useful life of buildings and improvements		40 years