Broad Street Realty (BRST) 10-K 28 Apr 23 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Apr. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Entity Registrant Name	BROAD STREET REALTY, INC.
Entity Central Index Key	0000764897
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
ICFR Auditor Attestation Flag	false
Trading Symbol	N/A
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 36,595,349
Entity Common Stock, Shares Outstanding		33,119,639
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity File Number	001-09043
Entity Tax Identification Number	36-3361229
Entity Address, Address Line One	7250 Woodmont Ave
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	828-1200
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	None
Security Exchange Name	NONE
Auditor Name	BDO USA LLP
Auditor Location	Potomac, Maryland
Auditor Firm ID	243

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Real estate properties
Land	$ 67,225,000	$ 49,341,000
Building and improvements	300,699,000	171,894,000
Intangible lease assets	41,228,000	35,435,000
Construction in progress	4,231,000	1,247,000
Furniture and equipment	1,711,000	0
Less accumulated depreciation and amortization	(42,047,000)	(23,683,000)
Total real estate properties, net	373,047,000	234,234,000
Cash and cash equivalents	12,356,000	2,786,000
Restricted cash	4,675,000	8,238,000
Tenant and accounts receivable, net of allowance of $165 and $75, respectively	1,874,000	1,812,000
Other assets, net	10,334,000	4,599,000
Total Assets	402,286,000	251,669,000
Liabilities
Mortgage and other indebtedness, net (includes $17,895 and $0, respectively, at fair value under the fair value option)	267,616,000	178,982,000
Accounts payable and accrued liabilities	15,411,000	11,384,000
Unamortized intangible lease liabilities, net	1,553,000	2,729,000
Payables due to related parties	44,000	626,000
Deferred tax liabilities, net	3,968,000	8,964,000
Deferred revenue	1,252,000	860,000
Total liabilities	289,844,000	203,545,000
Commitments and contingencies	0
Temporary Equity
Redeemable noncontrolling preferred interest	73,697,000	0
Permanent Equity
Preferred Stock, $0.01 par value, 1,000,000 shares authorized: Series A preferred stock, 20,000 shares authorized, 500 shares issued and outstanding at December 31, 2022 and 2021, respectively	0	0
Common stock, $0.01 par value, 50,000,000 shares authorized, 32,256,974 and 31,873,428 issued and outstanding at December 31, 2022 and 2021, respectively	323,000	319,000
Additional paid in capital	72,097,000	70,022,000
Accumulated deficit	(33,294,000)	(19,543,000)
Accumulated other comprehensive income	56,000	0
Total Broad Street Realty, Inc. stockholders' equity	39,182,000	50,798,000
Noncontrolling interest	(437,000)	(2,674,000)
Total permanent equity	38,745,000	48,124,000
Total Liabilities, Temporary Equity and Permanent Equity	$ 402,286,000	$ 251,669,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Allowance for accounts receivables	$ 165	$ 75
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred Stock Shares Issued	500	500
Preferred stock, shares outstanding	500	500
Common stock, shares par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	32,256,974	31,873,428
Common stock, shares outstanding	32,256,974	31,873,428
Mezzanine Loan [Member]
Fair value option	$ 17,895	$ 0
Series A preferred stock
Preferred stock, par value	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares outstanding	500	500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues
Rental income	$ 29,871	$ 21,408
Total revenues	32,951	25,349
Operating Expenses
Cost of services	1,917	1,824
Depreciation and amortization	17,436	12,501
Property operating	8,672	5,694
Bad debt expense	235	34
General and administrative	13,513	11,360
Total operating expenses	41,773	31,413
Operating loss	(8,822)	(6,064)
Other income (expense)
Net interest and other income (expense)	26	(33)
Derivative fair value adjustment	2,638	353
Net loss on fair value change on debt held under the fair value option	(3,151)	0
Interest expense	(12,710)	(9,961)
(Loss) gain on extinguishment of debt	(59)	1,528
Other expense	(52)	(100)
Total other expense	(13,308)	(8,213)
Income tax benefit	5,857	3,533
Net loss	(16,273)	(10,744)
Less: Preferred equity return on Fortess preferred equity	(1,492)	0
Less: Preferred OP units return	(48)	0
Plus: Net loss attributable to noncontrolling interest	2,522	1,236
Net loss attributable to common stockholders	$ (15,291)	$ (9,508)
Net loss attributable to common stockholders per share
Net loss attributable to common stockholders per share, Basic	$ (0.47)	$ (0.35)
Net loss attributable to common stockholders per share, Diluted	$ (0.47)	$ (0.35)
Weighted average shares outstanding
Weighted average shares outstanding, Basic	32,378,526	26,928,510
Weighted average shares outstanding, Diluted	32,378,526	26,928,510
Commissions [Member]
Revenues
Revenues	$ 2,523	$ 2,836
Management and other income [Member]
Revenues
Revenues	$ 557	$ 1,105

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (16,273)	$ (10,744)
Other comprehensive income:
Change in fair value due to credit risk on debt held under the fair value option	56	0
Total other comprehensive income	56	0
Comprehensive loss	$ (16,217)	$ (10,744)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Non-controlling Interest [Member]
Beginning balance at Dec. 31, 2020	$ 43,484		$ 225	$ 54,622	$ (10,035)		$ (1,328)
Beginning balance (in shares) at Dec. 31, 2020		500	22,624,679
Issuance of Common Stock, shares			9,119,794
Issuance of Common Stock, values	14,794		$ 91	14,813			(110)
Grants of restricted stock			148,657
Forfeitures of restricted stock, shares			(7,785)
Shares surrendered for taxes upon vesting, shares			(11,917)
Shares surrendered for taxes upon vesting, values	(33)			(33)
Issuance of warrants	22			22
Stock-based compensation	642		$ 3	639
Tax effect of change in ownership percentage of OP	(41)			(41)
Other comprehensive income	(10,744)
Other comprehensive income	0
Net loss	(10,744)				(9,508)		(1,236)
Ending balance at Dec. 31, 2021	48,124		$ 319	70,022	(19,543)		(2,674)
Ending balance (in shares) at Dec. 31, 2021		500	31,873,428
Issuance of Common Stock, shares			96,170
Issuance of Common Stock, values			$ 2	294			(296)
Grants of restricted stock			138,262
Forfeitures of restricted stock, shares			(21,987)
Shares surrendered for taxes upon vesting, shares			(4,307)
Shares surrendered for taxes upon vesting, values	(5)			(5)
Issuance of warrants	2,397			2,397
Stock-based compensation	1,937		$ 2	1,935
Stock-based compensation, shares			175,408
Tax effect of change in ownership percentage of OP	(1,006)			(1,006)
Issuance of common OP units	807						807
Issuance of preferred OP units	4,220						4,220
Preferred equity return on Fortress preferred equity investment	(1,492)			(1,492)
Preferred OP units return	20			(48)			28
Other comprehensive income	(16,217)
Other comprehensive income	56					$ 56
Net loss	(16,273)				(13,751)		(2,522)
Ending balance at Dec. 31, 2022	$ 38,745		$ 323	$ 72,097	$ (33,294)	$ 56	$ (437)
Ending balance (in shares) at Dec. 31, 2022		500	32,256,974

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (16,273)	$ (10,744)
Adjustments to reconcile net loss to net cash used in operating activities
Deferred income tax benefit	(5,857)	(3,533)
Depreciation and amortization	18,559	13,343
Minimum return on basis preferred interest	(1,112)	(335)
Loss (gain) on extinguishment of debt	59	(1,528)
Straight-line rent receivable	(945)	(512)
Straight-line rent liability	(35)	(29)
Stock-based compensation	1,937	642
Change in fair value of derivatives	(2,638)	(353)
Change in fair value on debt held under the fair value option	3,151	0
Bad debt expense	235	34
Write-off of pre-acquisition costs	0	73
Write-off of related party receivables	8	0
Changes in operating assets and liabilities
Accounts receivable	(110)	822
Other assets	(838)	221
Receivables due from related parties	201	(185)
Accounts payable and accrued liabilities	(786)	(3,545)
Payables due to related parties	6	(14)
Deferred revenues	337	57
Net cash used in operating activities	(4,101)	(5,586)
Cash flows from investing activities
Acquisitions of real estate, net of cash and restricted cash received	(129,534)	(16,945)
Capitalized pre-acquisition costs, net of refunds	197	(196)
Capital expenditures for real estate	(6,154)	(3,094)
Net cash used in investing activities	(135,491)	(20,235)
Cash flows from financing activities
Borrowings under debt agreements	121,601	41,461
Preferred equity investment	80,000	0
Repayments under debt agreements	(49,995)	(14,221)
Taxes remitted upon vesting of restricted stock	(5)	(33)
Distributions to preferred noncontrolling interests	(20)	0
Preferred equity returns on preferred equity investment	(100)	0
Debt and temporary equity origination and discount fees	(7,382)	(1,123)
Proceeds from related parties	1,917	1,301
Payments to related parties	(417)	(523)
Net cash provided by financing activities	145,599	26,862
Increase in cash, cash equivalents, and restricted cash	6,007	1,041
Cash, cash equivalents and restricted cash at beginning of period	11,024	9,983
Cash, cash equivalents and restricted cash at end of period	17,031	11,024
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	12,356	2,786
Restricted cash	4,675	8,238
Cash, cash equivalents and restricted cash at end of period	17,031	11,024
Supplemental Cash Flow Information
Interest paid	11,297	8,473
Taxes paid (refunded) net	32	159
Supplemental disclosure of non-cash investing and financing activities
Acquisition of real estate	(20,884)	(46,406)
Common shares issued in Mergers	0	14,892
Common OP Units issued in acquisitions	807	0
Preferred OP Units issued in acquisition	4,220	0
Debt assumed in Mergers	15,466	31,514
Warrants issued in acquisition	391	0
Warrants issued with Preferred Equity Investment and Mezzanine Loan	2,006	0
Capitalized Preferred Return	(1,047)	0
Accrued Current Preferred Return	(445)	0
Accrued acquisition costs	46	870
Accrued offering costs	0	457
Accrued pre-acquisition costs	2	4
Accrued capital expenditures for real estate	$ 1,254	$ 229

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Business	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Note 1 - Organization and Nature of Business Broad Street Realty, Inc. (the “Company”) is focused on owning and managing essential grocery-anchored and mixed-use assets located in densely populated technology employment hubs and higher education centers within the Mid-Atlantic, Southeast, and Colorado markets. As of December 31, 2022, the Company had gross real estate assets of $ 410.1 million (gross real estate properties less gross real estate intangibles liabilities) in 17 real estate properties. In addition, the Company provides commercial real estate brokerage services for its own portfolio and third-party office, industrial and retail operators and tenants. (in thousands) Property Name City/State Total Gross Real Estate Assets at December 31, 2022 Avondale Shops Washington, D.C. $ 8,422 Brookhill Azalea Shopping Center Richmond, VA 17,374 Cromwell Field Shopping Center Glen Burnie, MD 18,229 Coral Hills Shopping Center Capitol Heights, MD 16,502 Crestview Square Shopping Center Landover Hills, MD 18,653 Dekalb Plaza East Norriton, PA 27,200 The Shops at Greenwood Village Greenwood Village, CO 32,011 Highlandtown Village Shopping Center Baltimore, MD 7,349 Hollinswood Shopping Center Baltimore, MD 24,910 Lamar Station Plaza East Lakewood, CO 8,658 Lamar Station Plaza West Lakewood, CO 22,834 Midtown Colonial Williamsburg, VA 17,705 Midtown Lamonticello Williamsburg, VA 16,043 Midtown Row Williamsburg, VA 125,383 Spotswood Valley Square Shopping Center Harrisonburg, VA 14,400 Vista Shops at Golden Mile Fredrick, MD 14,693 West Broad Commons Shopping Center Richmond, VA 19,736 $ 410,102 The Company is structured as an “Up-C” corporation with substantially all of its operations conducted through Broad Street Operating Partnership, LP (the “Operating Partnership”) and its direct and indirect subsidiaries. As of December 31, 2022, the Company owned 85.3 % of the Class A common units of limited partnership interest in its Operating Partnership (“Common OP units”) and Series A preferred units of limited partnership interest in its Operating Partnership (“Preferred OP units” and, together with the Common OP units, “OP units”) and is the sole member of the sole general partner of the Operating Partnership. The Company began operating in its current structure on December 27, 2019 upon the completion of the Initial Mergers (as defined below) and operates as a single reporting segment. Merger with MedAmerica Properties Inc. On May 28, 2019, MedAmerica Properties Inc. and certain of its subsidiaries (“MedAmerica”) entered into 19 separate agreements and plans of merger (collectively, the “Merger Agreements”) with each of Broad Street Realty, LLC (“BSR”), Broad Street Ventures, LLC (“BSV”) and each of the separate 17 separate entities (collectively with BSR and BSV, the “Broad Street Entities”) that owned the properties acquired by the Company in the Initial Mergers (as defined below) and the additional Mergers (as defined below). The Merger Agreements relate to a series of 19 mergers (“Mergers”) whereby BSR, BSV and each other Broad Street Entity became subsidiaries of the Company. On December 27, 2019 , the Company completed 11 of the Mergers (the “Initial Mergers”), including the Mergers with BSR and BSV and the Mergers with nine other Broad Street Entities. Upon completion of the Initial Mergers, MedAmerica’s name was changed to “Broad Street Realty, Inc.” On December 31, 2019, the Company completed one additional Merger whereby it acquired Brookhill Azalea Shopping Center. On July 2, 2020, the Company closed one Merger whereby it acquired Lamar Station Plaza East. During 2021, the Company closed four additional Mergers whereby it acquired Highlandtown Village Shopping Center, Cromwell Field Shopping Center, Spotswood Valley Square Shopping Center and The Shops at Greenwood Village on May 21, 2021, May 26, 2021, June 4, 2021, and October 6, 2021, respectively. On November 23, 2022, the Company completed the last Merger whereby it acquired Lamar Station Plaza West. The Company terminated the merger agreement related to the Cypress Point property due to the performance of the property. As consideration for the Mergers, the Company issued an aggregate 28,744,641 shares of common stock and 3,401,433 Common OP units to prior investors in the Broad Street Entities. In addition, certain prior investors in the Broad Street Entities received an aggregate of approximately $ 1.9 million in cash as a portion of the consideration for the Mergers. Liquidity, Management’s Plans and Going Concern The Company’s rental revenue and operating results depend significantly on the occupancy levels at its properties and the ability of its tenants to meet their rent and other obligations to the Company. The Company’s projected operating model reflects sufficient cash flow to cover its obligations over the next twelve months, except as noted below. The Company’s financing is generally comprised of mortgage loans secured by the Company’s properties that typically mature within three to five years of origination. The Company is currently in contact with lenders and brokers in the marketplace to restructure the Company’s debt. Specifically, as of December 31, 2022, the Company has three mortgage loans on three properties with a combined principal balance outstanding of approximately $ 28.6 mil lion that mature within twelve months of the date that these financial statements are issued. The Company projects that it will not have sufficient cash available to pay off the mortgage loans upon maturity and is currently seeking to refinance the loans prior to maturity in May 2023, June 2023 and July 2023. There can be no assurances that the Company will be successful in its efforts to refinance the mortgage loans on favorable terms or at all. If the Company is unable to refinance these mortgage loans, the lenders have the right to place the loans in default and ultimately foreclose on the properties. Under this circumstance, the Company would not have any further financial obligations to the lenders as the values of these properties are in excess of the outstanding loan balances. The Lamont Street Preferred Interest (as defined below) has an outstanding balance of $ 4.2 million as of December 31, 2022 and must be redeemed on or before September 30, 2023 . The Lamont Street Redemption Date (as defined below) can be extended by the Company to September 30, 2024 and September 30, 2025 , in each case subject to certain conditions and approval by Lamont Street (as defined below). There can be no assurance that the Company will be successful in exercising these extension options or refinancing the Lamont Street Preferred Interest prior to the Lamont Street Redemption Date. If the Company is unable to extend or refinance the Lamont Street Preferred Interest prior to the redemption date, Lamont Street (as defined below) may remove the Operating Partnership as the manager of the BSV Highlandtown and BSV Spotswood (each as defined below). In addition, the Basis Term Loan (as defined below), has an outstanding balance of $ 66.9 million and matures on January 1, 2024, subject to the remaining one-year extension option that is subject to certain conditions, including a material adverse change clause, and approval by the lender. The Company exercised one of the one-year extension options and is in discussions with other parties to refinance the Basis Term Loan with new loans or preferred equity. There can be no assurances, however, that the Company will be successful in exercising the remaining extension option or refinancing the Basis Term Loan prior to its maturity. If the Company is unable to extend or refinance the Basis Term Loan prior to maturity, the lender will have the right to place the loan in default and ultimately foreclose on the six properties securing the loan. If the Company fails to refinance the Basis Term Loan and the mortgage loans secured by Highlandtown Shopping Center and Spotswood Valley Square Shopping Center, redeem the Lamont Street Preferred Interest and contribute the applicable properties by the applicable outside dates (as described below), it would be considered a Trigger Event (as defined below) under the Eagles Sub-OP Operating Agreement (as defined below). See Note 8 below. Management is in discussions with various lenders to extend or refinance its debt prior to maturity, including the Basis Term Loan and the Lamont Street Preferred Interest. However, there is no assurance that the Company will be able to extend or refinance such debt, which creates substantial doubt about the Company’s ability to continue as a going concern for a period of one year after the date that these financial statements are issued. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. The Company's access to capital depends upon a number of factors over which the Company has little or no control, including general market conditions, the market's perception of the Company's current and potential future earnings and cash distributions, the Company's current debt levels and the market price of the shares of the Company's common stock. Although the Company's common stock is quoted on the OTCQX Best Market, an over-the-counter stock market, there is a very limited trading market for the Company's common stock, and if a more active trading market is not developed and sustained, the Company will be limited in its ability to issue equity to fund its capital needs. If the Company cannot obtain capital from third-party sources, the Company may not be able to meet the capital and operating needs of its properties, satisfy its debt service obligations or pay dividends to its stockholders. Under the Company's debt agreements, the Company is subject to certain covenants. In the event of a default, the lenders could accelerate the timing of payments under the applicable debt obligations and the Company may be required to repay such debt with capital from other sources, which may not be available on attractive terms, or at all, which would have a material adverse effect on the Company's liquidity, financial condition and results of operations. The Company was in compliance with all covenants under its debt agreements as of December 31, 2022.

Note 2 - Accounting Policies an

Note 2 - Accounting Policies and Related Matters	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Accounting Policies and Related Matters	Note 2 - Accounting Policies and Related Matters Use of Estimates The preparation of the consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the amounts of revenue and expense reported in the period. Significant estimates are made for the valuation of real estate and any related intangibles and fair value assessments with respect to purchase price allocations. Actual results may differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company’s wholly owned subsidiaries and subsidiaries in which the Company has a controlling interest. All intercompany transactions and balances have been eliminated in consolidation. There are no material differences between the Company and the Operating Partnership as of December 31, 2022. When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event that the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and the Company does not have a controlling financial interest, the Company accounts for its interest under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. The Company consolidates the Operating Partnership, the Sub-OP (as defined in Note 6 under the heading “ —Basis Preferred Interest” ), BSV Highlandtown (as defined in Note 6 under the heading “— Lamont Street Preferred Interest”), BSV Spotswood (as defined in Note 6 under the heading “— Lamont Street Preferred Interest” ), and the Eagles Sub-OP (as defined in Note 8), VIEs in which the Company is considered the primary beneficiary. Noncontrolling Interest The portion of equity not owned by the Company in entities controlled by the Company, and thus consolidated, is presented as noncontrolling interest and classified as a component of consolidated equity, separate from total stockholders’ equity on the Company’s consolidated balance sheets. The amount recorded will be based on the noncontrolling interest holder’s initial investment in the consolidated entity, adjusted to reflect the noncontrolling interest holder’s share of earnings or losses in the consolidated entity, any distributions received or additional contributions made by the noncontrolling interest holder and conversion of OP units into common stock. The earnings or losses from the entity attributable to noncontrolling interests are reflected in “net income (loss) attributable to noncontrolling interest” in the consolidated statements of operations. Segment Reporting The Company owns, operates, develops and redevelops primarily grocery-anchored shopping centers, street retail-based properties and mixed-use assets. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making. Therefore, the Company discloses its operating results in a single reportable segment. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The majority of the Company’s cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit. The Company has not experienced any losses to date on invested cash. As of December 31, 2022, the Company had no cash equivalents. Amounts included in restricted cash represents escrow deposits held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions. Revenue Recognition The Company earns revenue from the following: Leases of Real Estate Properties, Leasing Commissions, Property and Asset Management, Engineering Services, Development Services, and Capital Transactions. Leases of Real Estate Properties : At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. Currently, all of the Company’s lease arrangements are classified as operating leases. Rental revenue for operating leases is recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of a leased asset. If the Company determines that future lease payments are not probable of collection, the Company will account for these leases on a cash basis. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. The determination of ownership of the tenant improvements is subject to significant judgment. If the Company’s assessment of the owner of the tenant improvements for accounting purposes were different, the timing and amount of revenue recognized would be impacted. A majority of the Company’s leases require tenants to make estimated payments to the Company to cover their proportional share of operating expenses, including, but not limited to, real estate taxes, property insurance, routine maintenance and repairs, utilities and property management expenses. The Company collects these estimated expenses and is reimbursed by tenants for any actual expense in excess of estimates or reimburses tenants if collected estimates exceed actual operating results. The reimbursements are recorded in rental income and the expenses are recorded in property-related expenses. The Company adopted Accounting Standards Codification ("ASC") Topic 842, Leases effective January 1, 2019 under the modified retrospective approach and elected the optional transition method to apply the provisions of ASC 842 as of the effective date, rather than the earliest period presented. The Company elected the "package of practical expedients," which permits it not to reassess under the new standard the Company's prior conclusions about lease identification, lease classification and initial direct costs. The Company made an accounting policy election to exempt short-term leases of 12 months or less from balance sheet recognition requirements associated with the new standard. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being material to the Company. The Company also elected the practical expedient for lessors to combine the lease and non-lease components (primarily impacts common area maintenance reimbursements). Contractual rent increases of renewal options are often fixed at the time of the initial lease agreement which may result in tenants being able to exercise their renewal options at amounts that are less than the fair value of the rent at the date of the renewal. In addition to fixed base rents, certain rental income derived from the Company's tenant leases is variable and may be dependent on percentage rent. Variable lease payments from percentage rents are earned by the Company in the event the tenant's gross sales exceed certain amounts. Terms of percentage rent are agreed upon in the tenant’s lease and will vary based on the tenant's sales. Variable lease payments consisted of percentage rent and tenant expense reimbursements of operating expenses, common area maintenance expenses, real estate taxes and insurance of the respective properties amounted to $ 6.9 million and $ 4.9 million for the years ended December 31, 2022 and 2021, respectively. These amounts have been included in rental income on the consolidated statements of operations. Leasing Commissions : The Company earns leasing commissions as a result of providing strategic advice and connecting tenants to property owners in the leasing of retail space. The Company records commission revenue on real estate leases at the point in time when the performance obligation is satisfied, which is generally upon lease execution. Terms and conditions of a commission agreement may include, but are not limited to, execution of a signed lease agreement and future contingencies, including tenant’s occupancy, payment of a deposit or payment of first month’s rent (or a combination thereof). The Company’s performance obligation will typically be satisfied upon execution of a lease and the portion of the commission that is contingent on a future event will likely be recognized if deemed not subject to significant reversal, based on the Company’s estimates and judgments. The Company accounts for leasing commissions under ASC Topic 606, Revenue from Contracts with Customers. Property and Asset Management Fees : The Company provides real estate management services for owners of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts or some other variable metric. When accounting for reimbursements of third-party expenses incurred on a client’s behalf, the Company determines whether it is acting as a principal or an agent in the arrangement. When the Company is acting as a principal, the Company’s revenue is reported on a gross basis and comprises the entire amount billed to the client and reported cost of services includes all expenses associated with the client. When the Company is acting as an agent, the Company’s fee is reported on a net basis as revenue for reimbursed amounts is netted against the related expenses. The control of the service before transfer to the customer is the focal point of the principal versus agent assessments. The Company is a principal if it controls the services before they are transferred to the client. The presentation of revenues and expenses pursuant to these arrangements under either a gross or net basis has no impact on net loss or cash flows. The Company accounts for property and asset management fees under ASC Topic 606, Revenue from Contracts with Customers. Engineering Services: The Company provides engineering services to property owners on an as needed basis at the properties where the Company is the property or asset manager. The Company receives consideration at agreed upon fixed rates for the time incurred plus a reimbursement for costs incurred and revenue is recognized over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The Company accounts for performance obligations using the right to invoice practical expedient. The Company applies the right to invoice practical expedient to record revenue as the services are provided, given the nature of the services provided and the frequency of billing under the customer contract. Under this practical expedient, the Company recognizes revenue in an amount that corresponds directly with the value to the customer of performance completed to date and for which there is a right to invoice the customer. Engineering services fees are included in Management and other income on the consolidated statements of operations. The Company accounts for engineering services under ASC Topic 606, Revenue from Contracts with Customers. Development Services : The Company provides construction-related services ranging from general contracting to project management for owners and occupiers of real estate. Depending on the terms of the engagement, the Company’s performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. The Company’s obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, the Company recognizes revenue over time, generally using input measures (e.g., to-date costs incurred relative to total estimated costs at completion). Typically, the Company is entitled to consideration at distinct milestones over the term of an engagement. The Company may receive variable consideration which can include, but is not limited to, a fee paid upon return of an investor’s original investment in a project. The Company assesses variable consideration on a contract-by-contract basis, and when appropriate, recognizes revenue based on its assessment of the outcome and historical results. The Company recognizes revenue related to variable consideration if it is deemed probable there will not be a significant reversal in the future. Development services fees are included in management and other fee income on the consolidated statements of operations. The Company accounts for development services under ASC Topic 606, Revenue from Contracts with Customers. Capital Transactions : The Company provides brokerage and other services for capital transactions, such as real estate sales, real estate acquisitions or other financing. The Company’s performance obligation is to facilitate the execution of capital transactions, and the Company is generally entitled to the full consideration at the point in time upon which its performance obligation is satisfied, at which time the Company recognizes revenue. Capital transaction fees are included in management and other fee income on the consolidated statements of operations. Contract Assets and Contract Liabilities Contract assets include amounts recognized as revenue for which the Company is not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. As of December 31, 2022 and 2021, the Company did no t have any contract assets. Contract liabilities include advance payments related to performance obligations that have not yet been satisfied and are included in deferred revenue on its consolidated balance sheets. The Company recognizes the contract liability as revenue once it has transferred control of service to the customer and all revenue recognition criteria are met. As of December 31, 2022 and 2021, the Company had approximately $ 0.2 million of contract liabilities and de minimis contract liabilities, respectively. Accounts Receivable Under Contracts with Customers The Company records accounts receivable for its unconditional rights to consideration arising from its performance under contracts with customers. Additionally, the Company records other receivables, included in Other assets, net on the consolidated balance sheets, which represents commission advances to employees. Further, the Company records receivables from affiliated properties. The carrying value of such receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value. The Company estimates our allowance for doubtful accounts for specific accounts and other receivable balances based on historical collection trends, the age of the outstanding accounts and other receivables and existing economic conditions associated with the receivables. Past-due accounts receivable balances are written off to bad debt expense when the Company’s internal collection efforts have been unsuccessful or the advance has been forgiven. As a practical expedient, the Company does not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between its transfer of a promised service to a customer and when the customer pays for that service will be one year or less. The Company does not typically include extended payment terms in its contracts with customers. As of December 31, 2022 and 2021, the Company had approximately $ 2.1 million and $ 0.9 million, respectively, of accounts receivable under contracts with customers. At December 31, 2021, the Company recorded an allowance of $ 0.1 million against the receivable. There was no allowance at December 31, 2022. Tenant and Other Receivables and Lease Inducements Tenant receivables relate to the amounts currently owed to the Company under the terms of the Company’s lease agreements and is included in Tenant and accounts receivable, net of allowance on the consolidated balance sheets. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to the Company according to the contractual agreement. This is included in Other assets, net on the consolidated balance sheets. Lease inducements result from value provided by the Company to the lessee, at the inception, modification or renewal of the lease, and are amortized as a reduction of rental income over the non-cancellable lease term. The Company assesses the probability of collecting substantially all payments under the Company’s leases based on several factors, including, among other things, payment history of the lessee, the financial strength of the lessee and any guarantors, historical operations and operating trends and current and future economic conditions and expectations of performance. If the Company’s evaluation of these factors indicates it is probable that the Company will be unable to collect substantially all rents, the Company recognizes a charge to rental income and recognizes income when cash is collected. If the Company changes its conclusion regarding the probability of collecting rent payments required by a lessee, the Company may recognize an adjustment to rental income in the period the Company makes a change to its prior conclusion. Allocation of Purchase Price of Acquired Real Estate As part of the purchase price allocation process of acquisitions, management estimates the fair value of each component for asset acquisitions and business combinations by using judgments regarding market-based assumptions used in the estimated cash flow projections, including forecasts of future revenue and operating expense growth rates, market lease rates, comparable land values, lease-up periods, capitalization rates, discount rates and calculation and analysis of the income tax positions related to the purchase price allocation. We assess the relative fair value of acquired assets and acquired liabilities in accordance with the Financial Accounting Standards Board (the “FASB”) ASC Topic 805 Business Combinations and allocate the purchase price based on these assessments. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market and economic conditions that may affect the property. The Company records above-market and below-market lease values, if any, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding acquired leases, measured over a period equal to the remaining non-cancelable term of the lease, or, for below-market acquired leases, including any bargain renewal option terms. The Company amortizes any resulting capitalized above-market lease values as a reduction of rental income over the lease term. The Company amortizes any resulting capitalized below-market lease values as an increase to rental income over the lease term. As of December 31, 2022 and 2021, the Company had above-market leases with a gross value of approximately $ 5.2 million and $ 4.8 million, respectively, included in intangible lease assets on the consolidated balance sheets and below-market lease liabilities with a gross value of approximately $ 5.0 million and $ 4.8 million, respectively, included in unamortized intangible lease liabilities, net on the consolidated balance sheets. In-place lease intangibles are valued considering factors such as an estimate of carrying costs during the expected lease-up periods and estimates of lost rental revenue during the expected lease-up periods based on evaluation of current market demand. The Company amortizes the value of in-place leases to amortization expense over the initial term of the respective leases. If a lease is terminated, the unamortized portion of the in-place lease value is charged to amortization expense. As of December 31, 2022 and 2021, the Company had in-place leases with a gross value of approximately $ 36.1 million and $ 30.6 million, respectively, included in intangible lease assets on the consolidated balance sheets. Depreciation and amortization of real estate assets and liabilities is provided for on a straight-line basis over the estimated useful lives of the assets: Building 12.5 to 49 years Improvements 5 to 15 years Lease intangibles and tenant improvements Less than 1 month to 19 years Furniture and equipment 3 to 7 years Asset Impairment- Real Estate Properties Real estate asset impairment losses are recorded when events or changes in circumstances indicate the asset is impaired and the estimated undiscounted cash flows to be generated by the property are less than its carrying amount. Management assesses if there are triggering events including macroeconomic conditions, loss of an anchor tenant, changes in occupancy, and the ability to re-tenant the space, nature or real estate properties, significant and persistent delinquencies, operating and collections performance compared to historical data and government-mandated compliance with an adverse effect to the Company's cost basis or operating costs. If management concludes triggering events are present for any property, management then assesses the recoverability of the individual property’s carrying value. Management analyzes recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the property. If the analysis indicates that the carrying value of a property is not recoverable from its estimated undiscounted future cash flows, an impairment loss is recognized. Impairment l osses are calculated as the excess of the carrying amount over the fair value of assets to be held and used and carrying amount over the fair value less cost to sell in instances where management has determined that the Company will dispose of the property and the criteria are met for the property to be classified as held-for-sale. In determining the fair value, the Company uses current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. The determination of future cash flows requires significant estimates by management. In management’s estimate of cash flows, it considers factors such as expected future sale of an asset, capitalization rates, holding periods and estimated net operating income. Subsequent changes in estimated cash flows could affect the determination of whether an impairment exists. In 2022 and 2021, the Company did no t record any impairment and no properties were reclassified as held for sale at December 31, 2022 and 2021. Earnings Per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average common number of shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. Income Taxes The Company accounts for deferred income taxes using the asset and liability method and recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes the Company to change its judgment about expected future tax consequences of events, is included in the tax provision when such change occurs. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change its judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The estimate of the Company’s tax liabilities relating to uncertain tax positions requires management to assess uncertainties and to make judgments about the application of complex tax laws and regulations. The Company recognizes interest and penalties associated with uncertain tax positions as part of income tax expense. Generally, for federal and state purposes, the Company's 2019 through 2022 tax years remain open for examination by tax authorities. Deferred Costs Costs incurred prior to the completion of offerings of stock or other capital instruments that directly relate to the offering are deferred and netted against proceeds received from the offering. Following the issuance, these offering costs are reclassified to the equity section of the balance sheet as a reduction of proceeds raised. Additionally, deferred costs include costs incurred prior to the completion of asset acquisitions which, upon completion of the acquisition, are allocated to the various components of the acquisition based upon the relative fair value of each component. The Company will also incur costs relating to any new financing. These costs are deferred and netted against the proceeds. The Company incurs leasing commission costs relating to new leases. Leasing commission costs over $ 5,000 are deferred and amortized over the life of the lease as depreciation and amortization on the Company's consolidated statements of operations. Stock-Based Compensation The fair value of stock-based awards is calculated on the date of grant. Stock based compensation for restricted stock awards is measured based on the closing stock price of the Company’s common stock on the date of grant. We recognize compensation expense for awards with performance conditions based on an estimate of shares expected to vest using the closing price of the Company’s common stock as of the grant date. The Company amortizes the stock-based compensation expense on a straight-line basis over the period that the awards are expected to vest, net of any forfeitures. Forfeitures of stock-based awards are recognized as they occur. Fair Value Measurement and the Fair Value Option ("FVO") Fair value is defined as the price that would be received from selling an asset, or paid in transferring a liability, in an orderly transaction between market participants. In calculating fair value, a company must maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. A hierarchy of valuation techniques is defined to determine whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1 - quoted prices for identical instruments in active markets; • Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Valuation techniques used by the Company include the use of third-party valuations and internal valuations, which may include discounted cash flow models. For the years ended December 31, 2022 and 2021, the Company has recorded all acquisitions based on estimated fair values. The fair values were obtained from third-party appraisals based on comparable properties (using the market approach, which involved Level 3 inputs in the fair value hierarchy). The Company may choose to elect the FVO for certain eligible financial instruments, such as the Fortress Mezzanine Loan (as defined below), in order to simplify the accounting treatment. Items for which the FVO has been elected are presented at fair value in the consolidated balance sheets and any change in fair value unrelated to credit risk is recorded in net gains (losses) on debt in the consolidated statements of operations. Changes in fair value related to credit risk is recognized in other comprehensive income. Derivatives In the normal course of business, the Company is subject to risk from adverse fluctuations in interest rates. The Company has chosen to manage this risk through the use of derivative financial instruments, primarily interest rate swaps and interest rate caps. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to interest risk is to limit the impact of interest rate changes on cash flows. The Company recognizes all derivative instruments as assets or liabilities at their fair value in the consolidated balance sheets. Changes in the fair value of derivative instruments that are not designated as hedges or that do not meet the criteria of hedge accounting are recognized in earnings. For

Note 3 - Real Estate

Note 3 - Real Estate	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate	Note 3 – Real Estate 2022 Real Estate Acquisitions On November 23, 2022, the Company completed the acquisition of the mixed-use property known as Midtown Row. As consideration for Midtown Row, the Company paid $ 118.7 million in cash and the Operating Partnership issued 448,180 Common OP units and 1,842,917 Preferred OP units. The cash portion of the purchase price was funded with proceeds generated from a $ 76.0 million mortgage loan secured by the property, a $ 15.0 million mezzanine loan and $ 28.4 million from the Fortress Preferred Equity Investment (as defined below). The Company incurred approximately $ 1.4 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. In addition, on November 23, 2022, the Company completed the Merger to acquire Lamar Station Plaza West. Total consideration for the property included the issuance of 573,529 Common OP units and the repayment of approximately $ 7.8 million bonds and loans held by Lamont Street Partners, LLC (“Lamont Street”). In connection with the Merger, the Company incurred approximately $ 0.3 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company also assumed the $ 15.5 million mortgage loan secured by the property and issued Lamont Street warrants to purchase 500,000 shares of the Company's common stock. The following table provides additional information regarding total consideration for the properties acquired during 2022. (in thousands) Cash paid to prior owners using Preferred Equity Investment $ 28,426 Cash paid to prior owners 450 Fair value of Common OP units issued 807 Fair value of Preferred OP units issued 4,220 Fair value of warrants issued 391 Prior owner debt paid off at closing using Preferred Equity Investment 7,759 Cash paid to prior owners using net proceeds from mortgage and mezzanine debt 89,750 Transaction costs 1,750 Cash acquired in acquisition ( 943 ) Total Cost of Acquisition $ 132,610 The following table reflects the relative fair value of assets acquired and liabilities assumed related to the properties acquired during 2022. (in thousands) Land $ 16,734 Building 116,908 Building and site improvements 6,459 Intangible lease assets 5,939 Furniture and equipment 1,681 Total real estate assets acquired 147,721 Other assets 3,645 Total assets acquired 151,366 Accounts payable and accrued liabilities ( 3,077 ) Intangible lease liabilities ( 213 ) Assumed mortgage indebtedness ( 15,466 ) Total liabilities assumed ( 18,756 ) Assets acquired net of liabilities assumed $ 132,610 On February 8, 2022, the Company entered into a purchase and sale agreement (the “Initial Colfax Agreement”) to acquire a parcel for a purchase price of $ 2.5 million in cash. On July 1, 2022, the Initial Colfax Agreement automatically terminated in accordance with its terms as a result of the closing not occurring by June 30, 2022. In connection with the termination of the Initial Colfax Agreement, the Company forfeited its $ 0.3 million deposit. During the year ended December 31, 2022, the Company recognized approximately $ 0.3 million of real estate related acquisition costs within general and administrative in its consolidated statements of operations related to the forfeiture of the deposit. On September 29, 2022, the Company entered into a second purchase and sale agreement (the “Second Colfax Agreement”) to acquire the above land parcel for $ 2.3 million in cash (the “Colfax Parcel Acquisition”). Pursuant to the Second Colfax Agreement, the Company made a deposit of $ 0.1 million in October 2022. On November 23, 2022, the Company completed the Colfax Parcel Acquisition and recorded approximately $ 0.1 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. 2021 Real Estate Acquisitions On May 21, 2021, the Company completed the Merger to acquire Highlandtown Village Shopping Center. Total consideration for the property included the issuance of 1,749,008 shares of common stock and approximately $ 0.2 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company assumed approximately $ 5.5 million of indebtedness secured by the property. On May 26, 2021, the Company completed the Merger to acquire Cromwell Field Shopping Center. Total consideration for the property included the issuance of 2,092,657 shares of common stock, the payment of approximately $ 0.5 million in cash to the prior investors, and approximately $ 0.4 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company assumed approximately $ 13.65 million of indebtedness secured by the property. The Company previously acquired the fee-simple interest in the land that the Cromwell Field Shopping Center is located on under a leasehold interest. The Company terminated the ground lease upon completion of the Merger. On June 4, 2021, the Company completed the Merger to acquire Spotswood Valley Square Shopping Center. Total consideration for the property included the issuance of 2,489,497 shares of common stock, the payment of approximately $ 0.4 million in cash to the prior investors, and approximately $ 0.3 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company assumed approximately $ 12.4 million of mortgage secured by the property. On October 6, 2021, the Company completed the Merger to acquire The Shops at Greenwood Village. Total consideration for the property included the issuance of 2,752,568 shares of common stock, the repayment/redemption of approximately $ 20.2 million of the prior owner's debt and preferred equity, the payment of approximately $ 0.1 million in cash to the prior investors, and approximately $ 0.4 million of transaction costs that were capitalized since the transaction was accounted for as an asset acquisition. The Company entered into a $ 23.5 million mortgage loan secured by the property in connection with the Merger. The following table provides additional information regarding the total consideration for the properties acquired during 2021. (in thousands) Cash paid to prior owners $ 961 Value of common shares issued 14,892 Prior owner debt and preferred equity paid off at closing 20,649 Settlement of notes payable owed to properties ( 700 ) Transaction costs 1,323 Cash acquired in acquisitions ( 1,743 ) Total Cost of Acquisitions $ 35,382 The following table reflects the relative fair value of assets acquired and liabilities assumed related to the properties acquired by the Company during 2021. (in thousands) Land $ 10,884 Building 33,889 Building and site improvements 10,001 Intangible lease assets 14,816 Total real estate assets acquired 69,590 Other assets 3,977 Total assets acquired 73,567 Accounts payable and accrued expenses ( 4,674 ) Intangible lease liabilities ( 1,502 ) Deferred tax liabilities ( 495 ) Assumed mortgage and other indebtedness ( 31,514 ) Total liabilities assumed ( 38,185 ) Assets acquired net of liabilities assumed $ 35,382

Note 4 - Intangibles

Note 4 - Intangibles	12 Months Ended
	Dec. 31, 2022
Schedule Of Intangible Assets And Liabilities [Abstract]
Intangibles	Note 4 – Intangibles The following is a summary of the carrying amount of the Company’s intangible assets and liabilities as of December 31, 2022 and 2021. (in thousands) December 31, 2022 December 31, 2021 Assets: Above-market leases $ 5,150 $ 4,792 Above-market leases accumulated amortization ( 2,199 ) ( 1,210 ) In-place leases 36,078 30,643 In-place leases accumulated amortization ( 18,251 ) ( 10,368 ) Total net real estate intangible assets $ 20,778 $ 23,857 Liabilities Below-market leases 4,992 4,792 Below-market leases accumulated amortization ( 3,439 ) ( 2,063 ) Total net real estate intangible liabilities $ 1,553 $ 2,729 For the years ended December 31, 2022 and 2021, the Company recognized amortization related to in-place leases of approximately $ 7.9 million and $ 5.5 million, respectively, and net amortization related to above-market leases and below-market leases for each of the years ended December 31, 2022 and 2021 of approximately $( 0.4 ) m illion in its consolidated statements of operations. The following table represents expected amortization of existing real estate intangible assets and liabilities as of December 31, 2022. (in thousands) Amortization of Amortization of Amortization of Total amortization, net 2023 $ 6,980 $ 923 $ ( 708 ) $ 7,195 2024 3,636 703 ( 457 ) 3,882 2025 2,507 541 ( 200 ) 2,848 2026 1,751 313 ( 115 ) 1,949 2027 1,175 215 ( 58 ) 1,332 Thereafter 1,778 256 ( 15 ) 2,019 Total $ 17,827 $ 2,951 $ ( 1,553 ) $ 19,225 The Company amortizes the value of in-place leases to amortization expense, the value of above-market leases as a reduction of rental income and the value of below-market leases as an increase to rental income over the initial term of the respective leases. As of December 31, 2022, the weighted average remaining amortization period of in-place lease intangibles, above-market lease intangible assets and below-market lease intangibles is approximately 3.1 years, 3.8 years and 1.7 years, respectively.

Note 5 - Other Assets

Note 5 - Other Assets	12 Months Ended
	Dec. 31, 2022
Other Assets, Unclassified [Abstract]
Other Assets	Note 5 - Other Assets Items included in other assets, net on the Company’s consolidated balance sheets as of December 31, 2022 and 2021 are detailed in the table below. (in thousands) December 31, 2022 December 31, 2021 Prepaid assets and deposits $ 1,722 $ 1,619 Leasing commission costs 805 89 Right-of-use assets, net 695 852 Straight-line rent receivable 2,343 1,398 Pre-acquisition costs 8 280 Other receivables, net of allowance of $ 0 and $ 75 101 82 Corporate property, net 64 68 Receivables from related parties 1,170 208 Derivative assets 3,426 3 Total $ 10,334 $ 4,599 Receivables due from related parties as of December 31, 2022 and 2021, respectively, are described further in Note 16 “Related Party Transactions.”

Note 6 - Mortgage and Other Ind

Note 6 - Mortgage and Other Indebtedness	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgage and Other Indebtedness	Note 6 – Mortgage and Other Indebtedness The table below details the Company’s debt balance as of December 31, 2022 and 2021: (dollars in thousands) Maturity Date Rate Type Interest Rate (1) December 31, 2022 December 31, 2021 Basis Term Loan (net of discount of $ 79 and $ 373 , respectively) January 1, 2024 Floating (2) 6.125 % $ 67,086 (3) $ 66,811 Basis Preferred Interest (net of discount of $ 0 and $ 75 , respectively) (4) January 1, 2023 (5) Fixed 14.00 % (6) — 8,560 MVB Term Loan June 27, 2023 (7) Fixed 6.75 % — 3,934 MVB Revolver June 27, 2023 (7) Floating (8) 7.75 % — 1,404 Hollinswood Shopping Center Loan December 1, 2024 LIBOR + 2.25% (9) 4.06 % 12,760 13,070 Avondale Shops Loan June 1, 2025 Fixed 4.00 % 2,985 3,097 Vista Shops at Golden Mile Loan (net of discount of $ 12 and $ 39 , respectively) (10) June 24, 2023 Fixed 3.83 % 11,478 11,661 Brookhill Azalea Shopping Center Loan January 31, 2025 LIBOR + 2.75% 7.14 % 8,762 9,034 Lamar Station Plaza East Loan (net of discount of $ 0 and $ 8 , respectively) October 17, 2022 (11) WSJ Prime (12) 6.14 % — 3,507 Lamar Station Plaza West Loan (net of discount of $ 95 and $ 0 , respectively) December 10, 2027 Fixed 5.67 % 18,317 — Lamont Street Preferred Interest (net of discount of $ 29 and $ 67 , respectively) (13) September 30, 2023 Fixed 13.50 % 4,241 4,498 Highlandtown Village Shopping Center Loan (net of discount of $ 14 and $ 46 , respectively) May 6, 2023 Fixed 4.13 % 5,241 5,364 Cromwell Field Shopping Center Loan (net of discount of $ 77 and $ 144 , respectively) December 22, 2027 (14) Fixed (15) 6.71 % 10,113 12,249 Cromwell Field Shopping Center Mezzanine Loan (net of discount of $ 0 and $ 18 , respectively) December 31, 2022 (14), (16) Fixed 10.00 % — 1,512 Midtown Row Loan (net of discount of $ 25 and $ 0 , respectively) December 1, 2027 Fixed 6.48 % 75,975 — Midtown Row Mezzanine Loan December 1, 2027 Fixed 12.00 % 17,895 (17) — Spotswood Valley Square Shopping Center Loan (net of discount of $ 31 and $ 94 , respectively) July 6, 2023 Fixed 4.82 % 11,849 12,100 The Shops at Greenwood Village (net of discount of $ 94 and $ 114 , respectively) October 10, 2028 Prime - 0.35% (18) 4.08 % 22,772 23,296 $ 269,474 $ 180,097 Unamortized deferred financing costs, net ( 1,858 ) ( 1,115 ) Total Mortgage and Other Indebtedness $ 267,616 $ 178,982 (1) At December 31, 2022, the floating rate loans tied to LIBOR were based on the one-month LIBOR rate of 4.39 %. (2) The interest rate for the Basis Term Loan is the greater of (i) SOFR (as defined below) plus 3.97 % per annum and (ii) 6.125 % per annum. On August 1, 2022, the interest rate cap that capped the prior-LIBOR rate was modified to cap the SOFR rate on this loan at 3.5 %. This interest rate cap matured on January 1, 2023. On November 23, 2022, the Company entered into an interest rate cap agreement, effective January 1, 2023, to cap the SOFR interest rate at 4.65 %. (3) The outstanding balance includes $ 0.3 million of exit fees as of December 31, 2022. (4) The outstanding balance included approximately $ 0.8 million of indebtedness as of December 31, 2021 related to the Minimum Multiple Amount (as defined below) owed to the Preferred Investor as described below under the heading “ —Basis Preferred Interest .” The Basis Preferred Interest was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. (5) If the Basis Term Loan was paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) would have matured at that time. (6) In June 2020, the Preferred Investor made additional capital contributions of approximately $ 2.9 million as described below under the heading “ —Basis Preferred Interest ” of which approximately $ 0.9 million was outstanding at December 31, 2021. The Preferred Investor was entitled to a cumulative annual return of 13.0 % on the additional contributions. (7) In March 2022, the Company entered into a six-month extension on the MVB Term Loan and the MVB Revolver (each as defined below) as described under the heading "— MVB Loans ." The Company repaid the MVB Term Loan and MVB Revolver on November 23, 2022 with proceeds from the Preferred Equity Investment. (8) The interest rate on the MVB Revolver was the greater of (i) prime rate plus 1.5 % and (ii) 6.75 %. (9) The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.06 %. (10) The Company completed the refinance of this loan in March 2021 as described below under the heading “ —Mortgage Indebtedness .” The prior loan matured on January 25, 2021 and carried an interest rate of LIBOR plus 2.5 % per annum. (11) In August 2022, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to October 17, 2022 , effective July 17, 2022, as described below under the heading " — Mortgage Indebtedness ". The Lamar Station Plaza East loan was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. (12) As a result of the loan modification the Company entered into in August 2022, the interest rate on the Lamar Station Plaza East loan was the Wall Street Journal Prime Rate, effective July 17, 2022. (13) The outstanding balances include approximately $ 0.3 million and $ 0.6 million of indebtedness as of December 31, 2022 and 2021, respectively, related to the Lamont Street Minimum Multiple Amount (as defined below) owed to Lamont Street as described below under the heading "—Lamont Street Preferred Interest." (14) On November 9, 2022, the Company entered into a modification to the Cromwell Field Shopping Center mortgage and mezzanine loans to extend the maturity dates to December 31, 2022. In December 2022, the Company refinanced the Cromwell Field Shopping Center mortgage. (15) Prior to the refinancing of the Cromwell Field Shopping Center mortgage loan in December 2022, the interest rate on the loan was LIBOR plus 5.40 % per annum with a minimum LIBOR rate of 0.50 %. (16) On December 2022, the Company repaid the Cromwell Field Shopping Center Mezzanine loan. (17) The outstanding balance reflects the fair value of the debt. (18) The Company entered into an interest rate swap which fixes the interest rate of this loan at 4.082 %. Basis Term Loan In December 2019, six of the Company’s subsidiaries, as borrowers (collectively, the “Borrowers”), and Big Real Estate Finance I, LLC, a subsidiary of a real estate fund managed by Basis Management Group, LLC (“Basis”), as lender (the “Basis Lender”), entered into a loan agreement (the “Basis Loan Agreement”) pursuant to which the Basis Lender made a senior secured term loan of up to $ 66.9 million (the “Basis Term Loan”) to the Borrowers. Pursuant to the Basis Loan Agreement, the Basis Term Loan is secured by mortgages on the following properties: Coral Hills, Crestview, Dekalb, Midtown Colonial, Midtown Lamonticello and West Broad. The Basis Term Loan initial maturity was January 1, 2023, subject to two one-year extension options, subject to certain conditions. The Company exercised one of the one-year extension options and the maturity date was extended to January 1, 2024. T he Basis Loan Agreement was amended and restated on June 29, 2022 to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”). The Basis Term Loan bears interest at a rate equal to the greater of (i) SOFR plus 3.97 % per annum and (ii) 6.125 % per annum. The Borrowers entered into an interest rate cap that effectively capped the prior-LIBOR rate at 3.50 % per annum. On August 1, 2022, the interest rate cap was modified to cap the SOFR rate at 3.50 %. The interest rate cap matured on January 1, 2023. On November 23, 2022, the Company entered into an interest rate cap agreement, effective January 1, 2023, to cap the SOFR interest rate at 4.65 %. As of December 31, 2022, the interest rate of the Basis Term Loan was 6.125 % and the outstanding balance was $ 66.9 million. Certain of the Borrowers’ obligations under the Basis Loan Agreement are guaranteed by the Company and by Michael Z. Jacoby, the Company’s chairman and chief executive officer, and Thomas M. Yockey, a director of the Company. The Company has agreed to indemnify Mr. Yockey for any losses he incurs as a result of his guarantee of the Basis Term Loan. The Basis Loan Agreement contains certain customary representations and warranties and affirmative negative and restrictive covenants, including certain property related covenants for the properties securing the Basis Term Loan, including a requirement that certain capital improvements be made. The Basis Lender has certain approval rights over amendments or renewals of material leases (as defined in the Basis Loan Agreement) and property management agreements for the properties securing the Basis Term Loan. If (i) an event of default exists, (ii) BSR or any other subsidiary of the Company serving as property manager for one of the secured parties becomes bankrupt, insolvent or a debtor in an insolvency proceeding, or there is a change of control of BSR or such other subsidiary without approval by the Basis Lender, (iii) a default occurs under the applicable management agreement, or (iv) the property manager has engaged in fraud, willful misconduct, misappropriation of funds or is grossly negligent with regard to the applicable property, the Basis Lender may require a Borrower to replace BSR or such other subsidiary of the Company as the property manager and hire a third party manager approved by the Basis Lender to manage the applicable property. The Borrowers are generally prohibited from selling the properties securing the Basis Term Loan and the Company is prohibited from transferring any interest in any of the Borrowers, in each case without consent from the Basis Lender. The Company is prohibited from engaging in transactions that would result in a Change in Control (as defined in the Basis Loan Agreement) of the Company. Under the Basis Loan Agreement, among other things, it is deemed a Change in Control if Michael Z. Jacoby ceases to be the chairman and chief executive officer of the Company and actively involved in the daily activities and operations of the Company and the Borrowers and a competent and experienced person is not approved by the Basis Lender to replace Mr. Jacoby within 90 days of him ceasing to serve in such roles. The Basis Loan Agreement provides for standard events of default, including nonpayment of principal and other amounts when due, non-performance of covenants, breach of representations and warranties, certain bankruptcy or insolvency events and changes in control. If an event of default occurs and is continuing under the Basis Loan Agreement, the Basis Lender may, among other things, require the immediate payment of all amounts owed thereunder. In addition, if there is a default by Mr. Jacoby under a certain personal loan as long as he has pledged OP units as collateral for such loan, and such default has not been waived or cured, then the Basis Lender will have the right to sweep the Borrowers’ cash account in which they collect and retain rental payments from the properties securing the Basis Term Loan on a daily basis in order for the Basis Lender to create a cash reserve that will serve as collateral for the Basis Term Loan. The Basis Loan Agreement includes a debt service coverage calculation based on the trailing twelve month's results which includes an adjustment for tenants that are more than one-month delinquent in paying rent. A debt service coverage ratio below 1.10x is a Cash Trap Trigger Event (as defined in the Basis Loan Agreement), which gives the Basis Lender the right to institute a cash management period until the trigger is cured. A debt service coverage ratio below 1.05x for two consecutive calendar quarters gives the Basis Lender the right to remove the Company as manager of the properties. The Company was in compliance with the debt service coverage calculation for the twelve months ended December 31, 2022. Basis Preferred Interest In December 2019, the Operating Partnership and Big BSP Investments, LLC, a subsidiary of a real estate fund managed by Basis (the “Preferred Investor”), entered into an amended and restated operating agreement (the “Sub-OP Operating Agreement”) of Broad Street BIG First OP, LLC (the “Sub-OP”), a subsidiary of the Operating Partnership. Pursuant to the Sub-OP Operating Agreement, among other things, the Preferred Investor committed to make an investment of up to $ 10.7 million in the Sub-OP, of which $ 6.9 million had been funded, in exchange for a 1.0 % membership interest in the Sub-OP designated as Class A units (the “Basis Preferred Interest”). Pursuant to the Sub-OP Operating Agreement, the Preferred Investor was entitled to a cumulative annual return of 14.0 % on its initial capital contribution (the “Class A Return”), and the Preferred Investor was entitled to a 20 % return (the “Enhanced Class A Return”) on any capital contribution made to the Sub-OP in excess of the $ 10.7 million commitment. The Preferred Investor’s interests were required to be redeemed on or before the earlier of: (i) January 1, 2023 and (ii) the date on which the Basis Term Loan was paid in full (the “Redemption Date”). The Redemption Date was able to be extended to December 31, 2023 and December 31, 2024 , in each case subject to certain conditions, including the payment of a fee equal to 0.25 % of the Preferred Investor’s net invested capital for the first extension option and a fee of 0.50 % of the Preferred Investor’s net invested capital for the second extension option. If the redemption price was paid on or before the Redemption Date, then the redemption price was equal to (a) all unreturned capital contributions made by the Preferred Investor, (b) all accrued but unpaid Class A Return, (c) all accrued but unpaid Enhanced Class A Return and (d) all costs and other expenses incurred by the Preferred Investor in connection with the enforcement of its rights under the Sub-OP Operating Agreement. Additionally, at the Redemption Date, the Preferred Investor was entitled to an amount equal to (a) the product of (i) the aggregate amount of capital contributions made and (ii) 0.4, less (b) the aggregate amount of Class A Return payments made to the Preferred Investor (the “Minimum Multiple Amount”). As of December 31, 2021, the Minimum Multiple Amount was approximately $ 0.8 million, which is included as indebtedness on the consolidated balance sheets. The Preferred Investor’s interests in the Sub-OP under the Sub-OP Operating Agreement were mandatorily redeemable, and, as a result, are characterized as indebtedness in the accompanying consolidated financial statements. On June 16, 2020, the Preferred Investor made two additional capital contributions available to the Sub-OP in the aggregate amount of approximately $ 2.9 million, which is classified as debt. The two capital contributions consisted of: (i) a $ 2.4 million capital contribution to the Sub-OP that the Sub-OP contributed to the Borrowers for purposes of making debt service payments under the Basis Loan Agreement and (ii) a $ 0.5 million capital contribution to the Sub-OP that the Sub-OP contributed to certain of its other property owning subsidiaries for purposes of making debt service payments on mortgage debt secured by the properties owned by such subsidiaries and making payments of the Class A return due to the Preferred Investor pursuant to the Sub-OP Operating Agreement. The Preferred Investor was entitled to a cumulative annual return of 13.0 % on the additional capital contributions. As described below under the heading "—Mortgage Indebtedness ," the Company repaid approximately $ 0.75 million of these funds with the proceeds from the Vista Shops mortgage refinance. Additionally, approximately $ 0.3 million of availability under the capital contributions was returned to the Preferred Investor. On October 1, 2021, approximately $ 1.0 million of availability under the capital contributions was returned to the Preferred Investor. On November 23, 2022, the Company used a portion of the proceeds from the Preferred Equity Investment to redeem the Basis Preferred Interest in full for $ 8.5 million, including accrued Class A Return and the Minimum Multiple Amount. MVB Loan In December 2019, the Company, the Operating Partnership and BSR entered into a loan agreement (the “MVB Loan Agreement”) with MVB Bank, Inc. (“MVB”) with respect to a $ 6.5 million loan consisting of a $ 4.5 million term loan (the “MVB Term Loan”) and a $ 2.0 million revolving credit facility (the “MVB Revolver”). The MVB Term Loan had a maturity date of December 27, 2022 and the MVB Revolver had an original maturity date of December 27, 2020 , which was extended to June 27, 2023. On March 22, 2022, the Company entered into agreements (the "MVB Amendments") that provided for a $ 2.0 million term loan (the "Second MVB Term Loan"). The Second MVB Term Loan had a maturity date of June 27, 2023 . The MVB Term Loan and the Second MVB Term Loan had a fixed interest rate of 6.75 % per annum. The MVB Revolver carried an interest rate of the greater of (i) prime rate plus 1.5 % and (ii) 6.75 %. On November 23, 2022, the Company used a portion of the proceeds from the Preferred Equity Investment to pay off the MVB Term Loan, the Second MVB Term Loan and the MVB Revolver for an aggregate payment of $ 6.8 million. Lamont Street Preferred Interest In connection with the closing of the Highlandtown and Spotswood Mergers on May 21, 2021 and June 4, 2021, respectively, Lamont Street contributed an aggregate of $ 3.9 million in exchange for a 1.0 % preferred membership interest in BSV Highlandtown Investors LLC (“BSV Highlandtown”) and BSV Spotswood Investors LLC (“BSV Spotswood”) designated as Class A units (the “Lamont Street Preferred Interest”). Lamont Street is entitled to a cumulative annual return of 13.5 % (the “Lamont Street Class A Return”), of which 10.0 % is paid current and 3.5 % is accrued. Lamont Street’s interests are to be redeemed on or before September 30, 2023 (the “Lamont Street Redemption Date”). The Lamont Street Redemption Date may be extended by us to September 30, 2024 and September 30, 2025 , in each case subject to certain conditions, including the payment of a fee equal to 0.25 % of Lamont Street's net invested capital for the first extension option and a fee of 0.50 % of Lamont Street's net invested capital for the second extension option. If the redemption price is paid on or before the Lamont Street Redemption Date, then the redemption price will be equal to (a) all unreturned capital contributions made by Lamont Street, (b) all accrued but unpaid Lamont Street Class A Return and (c) all costs and other expenses incurred by Lamont Street in connection with the enforcement of its rights under the agreements. Additionally, at the Lamont Street Redemption Date, Lamont Street is entitled to (i) a redemption fee of 0.50 % of the capital contributions returned and (ii) an amount equal to (a) the product of (i) the aggregate amount of capital contributions made and (ii) 0.26 less (b) the aggregate amount of Lamont Street Class A Return payments made to Lamont Street (the "Lamont Street Minimum Multiple Amount"). The Lamont Street Minimum Multiple Amount of approximately $ 1.0 million was recorded as interest expense in the consolidated statements of operations during the second quarter of 2021. As of December 31, 2022, the remaining Lamont Street Minimum Multiple Amount was approximately $ 0.3 million, which is included in indebtedness on the consolidated balance sheet. The Operating Partnership serves as the managing member of BSV Highlandtown and BSV Spotswood. However, Lamont Street has approval rights over certain major decisions, including, but not limited to (i) the incurrence of new indebtedness or modification of existing indebtedness by BSV Highlandtown or BSV Spotswood, or their direct or indirect subsidiaries, (ii) capital expenditures over $ 100,000 , (iii) any proposed change to a property directly or indirectly owned by BSV Highlandtown or BSV Spotswood, (iv) direct or indirect acquisitions of new properties by BSV Highlandtown or BSV Spotswood, (v) the sale or other disposition of any property directly or indirectly owned by BSV Highlandtown or BSV Spotswood, (vi) the issuance of additional membership interests in BSV Highlandtown or BSV Spotswood, (vii) any amendment to an existing material lease related to the properties and (viii) decisions regarding the dissolution, winding up or liquidation of BSV Highlandtown or BSV Spotswood or the filing of any bankruptcy petition by BSV Highlandtown or BSV Spotswood or their subsidiaries. Under certain circumstances, including an event whereby Lamont Street’s interests are not redeemed on or prior to the Lamont Street Redemption Date (as it may be extended), Lamont Street may remove the Operating Partnership as the manager of BSV Highlandtown and BSV Spotswood. Mortgage Indebtedness In addition to the indebtedness described above, as of December 31, 2022 and 2021, the Company had approximately $ 180.3 million and $ 94.9 million, respectively, of outstanding mortgage indebtedness secured by individual properties. The Hollinswood mortgage, Vista Shops mortgage, Brookhill mortgage, Highlandtown mortgage, Cromwell mortgage, Spotswood mortgage, Greenwood Village mortgage, Lamar Station Plaza West mortgage and the Midtown Row mortgage require the Company to maintain a minimum debt service coverage ratio (as such terms are defined in the respective loan agreements) as follows in the table below. Minimum Debt Service Coverage Hollinswood Shopping Center 1.40 to 1.00 Vista Shops at Golden Mile 1.50 to 1.00 Brookhill Azalea Shopping Center 1.30 to 1.00 Highlandtown Village Shopping Center 1.25 to 1.00 Cromwell Field Shopping Center (1) 1.20 to 1.00 Lamar Station Plaza West (2) 1.30 to 1.00 Midtown Row (2) 1.15 to 1.00 Spotswood Valley Square Shopping Center 1.15 to 1.00 The Shops at Greenwood Village 1.40 to 1.00 (1) The debt service coverage ratio testing will commence December 31, 2023 with the following requirements: (i) 1.20 to 1.00 as of December 31, 2023; (ii) 1.55 to 1.00 as of December 31, 2024 and (iii) 1.35 to 1.00 as of December 31, 2025 and for the remaining term of the loan. (2) The Company was not required to perform the debt service coverage ratio at December 31, 2022. In March 2021, the Company completed the refinance of the Vista Shops mortgage loan. The new loan had a principal balance of $ 11.7 million, matures in June 2023 , and carries an interest rate of 3.83 % per annum. The Company deposited approximately $ 1.9 million of the proceeds from the refinance with the Basis Lender, which was applied as follows during 2021: (i) repaid approximately $ 0.75 million of the outstanding principal balance on the capital contributions, which are treated as debt, provided to the Company in June 2020 under the Basis Preferred Interest as described above under the heading “ —Basis Preferred Interest” , (ii) paid approximately $ 46,000 in accrued interest on these funds and (iii) contributed approximately $ 1.1 million into an escrow account with the Basis Lender which will be used to pay down the outstanding principal balance of the capital contributions upon satisfaction of certain conditions. At December 31, 2022, the principal balance for the Vista Shops mortgage loan was $ 11.5 million. In July 2021, the Company entered into a modification of the Lamar Station Plaza East mortgage loan, which extended the maturity date of the loan to July 2022 . The amendment also waived the debt service coverage ratio test for the period ending June 30, 2021 and required a debt service coverage ratio of (i) 1.05 to 1.0 for the three months ended September 30, 2021; (ii) 1.15 to 1.0 for the six months ended December 31, 2021; and (ii) 1.25 to 1.0 for the twelve months ended March 31, 2022. In August 2022, the Company entered into an additional loan modification of the Lamar Station Plaza East mortgage loan, which further extended the maturity date of the loan to October 17, 2022 and changed the interest rate to the Wall Street Journal Prime Rate, effective July 17, 2022. The modification also eliminated the debt service coverage ratio test and prevented the Company from receiving any additional construction advances under the loan. On November 23, 2022, the Company repaid the Lamar Station Plaza East mortgage loan with a portion of the proceeds from the Preferred Equity Investment. In connection with the closing of the Merger whereby the Company acquired The Shops at Greenwood Village as described in Note 3 under the heading “ —2021 Real Estate Acquisitions” , on October 6, 2021, the Company entered into a $ 23.5 million mortgage loan secured by the property, which bears interest at prime rate less 0.35 % per annum and matures on October 10, 2028 . The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.082 %. On November 9, 2022, the Company entered into a modification of the Cromwell Field Shopping Center mortgage and mezzanine loans, which extended the maturity dates of the loans to December 31, 2022. On December 22, 2022, the Company refinanced the C romwell Field Shopping Center mortgage loan and repaid the mezzanine loan. The new loan has a principal balance of $ 15.0 million, of which $ 10.2 million was funded at closing. This loan matures in December 2027 and carries an interest rate of 6.71 %. In connection with the closing of the Midtown Row acquisition as described in Note 3 under the heading “—2022 Real Estate Acquisitions” , in November 2022, the Company entered into a $ 76.0 million mortgage loan secured by the property, which bears interest of 6.48 % and matures on December 1, 2027 . Until December 1, 2025, payments made on the loan will be interest-only. On D ecember 9, 2022, the Company refinanced the Lamar Station Plaza West mortgage loan. The new loan has a principal capacity of $ 19.0 million of which $ 18.4 million was funded at closing. This loan matures in December 2027 and carries an interest rate of 5.67 %. As of December 31, 2022, the Company was in compliance with all covenants under its debt agreements. Fortress Mezzanine Loan In connection with the acquisition of Midtown Row, the Company also entered into a $ 15.0 million mezzanine loan (the “Fortress Mezzanine Loan”) secured by 100% of the membership interests in the entity that owns Midtown Row. The mezzanine loan matures on December 1, 2027 . Pursuant to the mezzanine loan agreement, a portion of the interest on the Fortress Mezzanine Loan will be paid in cash (the “Current Interest”) and a portion of the interest will be capitalized and added to the principal amount of the Fortress Mezzanine Loan each month (the “Capitalized Interest” and, together with the Current Interest, the "Mezzanine Loan Interest"). The initial Mezzanine Loan Interest rate is 12 % per annum, comprised of a 5 % Current Interest rate and a 7 % Capitalized Interest rate. The Capitalized Interest rate increases each year by 1 %. The Fortress Mezzanine Loan (including a prepayment penalty) will be due and payable in connection with an underwritten public offering by the Company meeting certain conditions (a “Qualified Public Offering”). However, i n connection with a Qualified Public Offering, the lender for the Fortress Mezzanine Loan has the right to convert all or a portion of the principal of the Fortress Mezzanine Loan and any prepayment penalty into shares of common stock at a price of $ 2.00 per share, subject to certain adjustments. The mezzanine loan agreement provides for cross-default in the event of a Trigger Event under the Eagles Sub-OP Operating Agreement or an event of default under the loan agreement for the Midtown Row mortgage. The Company elected to measure the Fortress Mezzanine Loan at fair value in accordance with the FVO. The fair value at November 22, 2022 and December 31, 2022 was $ 14.7 million and $ 17.9 million, respectively. The Company recognized $ 3.1 million in net loss on fair value change on debt held under the fair value option in the consolidated statements of operations and $ 0.1 million in Change in fair value due to credit risk on debt held under the fair value option in the consolidated statements of comprehensive loss. For the year ended December 31, 2022, the Company recognized $ 0.2 million of interest expense in the consolidated statements of operations, which includes $ 0.1 million of Capitalized Interest recorded in the consolidated balance sheets. PPP Loans On April 20, 2020, a wholly owned subsidiary of the Company entered into a promissory note with MVB with respect to an unsecured loan of approximately $ 0.8 million (the “PPP Loan”) pursuant to the Paycheck Protection Program (the "PPP"), which was established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and was administered by the U.S. Small Business Administration (the “SBA”). During the first quarter of 2021, the Company received forgiveness for its entire balance of the PPP Loan from the SBA, which is recognized as a gain on debt extinguishment in the Company’s statements of operations. On Marc h 18, 2021, a wholly owned subsidiary of the Company entered into a promissory note with MVB with respect to an unsecured loan of approximately $ 0.8 million (the “Second PPP Loan”) pursuant to the PPP. During the third quarter of 2021, the Company received forgiveness for its entire balance of the Second PPP Loan from the SBA, which is recognized as a gain on debt extinguishment in the Company's statements of operations. Deferred Financing Costs and Debt Discounts The total am ount of deferred financing costs associated with the Company’s debt as of December 31, 2022 and 2021 was $ 3.2 million, gross ($ 1.9 million, net) and $ 2.1 million, gross ($ 1.1 million, net), respectively. Debt discounts associated with the Company’s debt as of December 31, 2022 and 2021 was $ 2.1 million, gross ($ 0.4 million, net) and $ 2.1 million, gross ($ 1.0 million, net), respectively. Deferred financing costs and debt discounts are netted against the debt balance outstanding on the Company’s consolidated balance sheets and will be amortized to interest expense through the maturity date of the related debt. The Company recognized amortization expense of deferred financing costs and debt discounts, included in interest expense in the consolidated statements of operations, of approximately $ 1.5 million and $ 1.3 million for the years ended December 31, 2022 and 2021, respectively. Debt Maturities The following table details the Company’s scheduled principal repayments and maturities during each of the next five years and thereafter as of December 31, 2022: Year ending December 31, (in thousands) 2023 $ 34,318 2024 81,129 2025 11,910 2026 2,063 2027 117,960 Thereafter 19,772 267,152 Unamortized debt discounts and deferred financing costs, net and FVO adjustment 464 Total $ 267,616 Interest Rate Cap and Interest Rate Swap Agreements To mitigate exposure to interest rate risk, the Company entered into an interest rate cap agreement, effective December 27, 2019, on the full $ 66.9 million Basis Term Loan to cap the previously variable LIBOR interest rate at 3.5 %. On June 29, 2022, the Basis Loan Agreement was amended and restated to replace LIBOR with SOFR. The Basis Term Loan bears interest at a rate equal to the greater of (i) SOFR plus 3.97 % per annum and (ii) 6.125 % per annum. On August 1, 2022, the interest rate cap for the Basis Term Loan was modified to cap the SOFR rate at 3.5 %. On November 23, 2022, the Company entered into an interest rate cap agreement, effective January 1, 2023, on the full $ 66.9 million Basis Term Loan to cap the SOFR interest rate at 4.65 %. As of December 31, 2022 and 2021, the interest rate of the Basis Term Loan was 6.125 %. This interest rate cap matured January 1, 2023. The Company also entered into two interest rate swap agreements on the Hollinswood Loan to fix the interest rate at 4.06 %. The swap agreements are effective as of December 27, 2019 on the outstanding balance of $ 10.2 million and on July 1, 2021 for the additional availability of $ 3.0 million under the Hollinswood Loan. On October 6, 2021, the Company entered into an interest rate swap agreement on the Greenwood Village Loan to fix the interest rate at 4.082 %. The Company recognizes all derivative instruments as assets or liabilities at their fair value in the consolidated balance sheets. Changes in the fair value

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7 - Commitments and Contingencies Commitments The Company has no outstanding commitments as of December 31, 2022. Leases, as lessee At the inception of a lease and over its term, the Company evaluates each lease to determine the proper lease classification. Certain of these leases provide the Company with the contractual right to use and economically benefit from all of the space specified in the lease. Therefore, the Company has determined that they should be evaluated as lease arrangements. As of December 31, 2022, the Company was obligated under operating lease agreements consisting primarily of the Company’s office leases and equipment leases. The majority of the Company’s office leases contain provisions for specified annual increases over the rents of the prior year and are computed based on a specified annual increase over the prior year’s rent, generally 4.0 %. The Company’s office leases have initial terms ranging fro m 3 to 51 years. In accordance with the adoption of ASC 842 Leases, the Company recorded right-of-use assets (included in Other assets, net on the consolidated balance sheet) and related lease liabilities (included in Accounts payable and accrued expenses on the consolidated balance sheet) for these leases. As of December 31, 2022, the Company’s weighted average remaining lease term is approximately 22.5 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 5.8 %. The Company has not recognized a right-of-use asset and lease liability for leases with terms of 12 months or less and without an option to purchase the underlying asset. In calculating the right-of-use assets and related lease liabilities, the Company’s lease payments are typically discounted at its incremental borrowing rate because the interest rate implicit in the lease cannot be readily determined in the absence of key inputs which are typically not reported by our lessors. Judgment was used to estimate the secured borrowing rate associated with our leases and reflects the lease term specific to each lease. The Company remeasures its lease liabilities monthly at the present value of the future lease payments using the discount rate determined at lease commencement. Rent expense relating to the operating leases, including straight-line rent, was approximat ely $ 0.5 mil lion for each of the years ended December 31, 2022 and 2021, and is recorded in general and administrative in the statements of operations. The Company’s future minimum lease payments for its operating leases as of December 31, 2022 were as follows: (in thousands) For the year ending: 2023 $ 418 2024 25 2025 25 2026 24 2027 22 Thereafter 1,114 Total undiscounted future minimum lease payments 1,628 Discount ( 890 ) Operating lease liabilities $ 738 Contingencies Impact of COVID-19 The Company continues to monitor and address risks related to the COVID-19 pandemic. Certain tenants experiencing economic difficulties during the pandemic have previously sought rent relief, which had been provided on a case-by-case basis primarily in the form of rent deferrals and, in more limited cases, in the form of rent abatements. Since April 2020, the Company has entered into lease modifications that deferred approximately $ 0.6 million and waived approximately $ 0.3 million of contractual revenue for rent that pertained to April 2020 through December 2021; the Company had no lease modifications related to COVID-19 during 2022. Less than $ 0.1 million of the total deferred rent from all lease modifications since April 2020 remained outstanding as of December 31, 2022. Litigation From time to time, the Company or its properties may be subject to claims and suits in the ordinary course of business. The Company’s lessees and borrowers have indemnified, and are obligated to continue to indemnify, the Company against all liabilities arising from the operations of the properties and are further obligated to indemnify it against environmental or title problems affecting the real estate underlying such facilities. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on its consolidated financial condition, results of operations or cash flows.

Note 8 - Fortress Preferred Equ

Note 8 - Fortress Preferred Equity Investment	12 Months Ended
	Dec. 31, 2022
Disclosure Text Block [Abstract]
Fortress Preferred Equity Investment	Note 8 - Fortress Preferred Equity Investment On November 22, 2022, the Company, the Operating Partnership and Broad Street Eagles JV LLC, a newly formed subsidiary of the Operating Partnership (the “Eagles Sub-OP”), entered into a Preferred Equity Investment Agreement with CF Flyer PE Investor LLC (the “Fortress Member”), an affiliate of Fortress Investment Group LLC, pursuant to which the Fortress Member invested $ 80.0 million in the Eagles Sub-OP in exchange for a preferred membership interest (such interest, the “Fortress Preferred Interest” and such investment, the “Preferred Equity Investment”). We consolidate the Eagles Sub-OP under the guidance set forth in ASC 810 "Consolidation." We evaluated whether the Eagles Sub-OP met the criteria for classification as a VIE or, alternatively, as a voting interest entity and concluded that that the Eagles Sub-OP met the criteria of a VIE. The Company is considered to have a controlling financial interest in the Eagles Sub-OP because the Company determined that it is the primary beneficiary because it is most closely associated with the Eagles Sub-OP. In connection with the Preferred Equity Investment, the Operating Partnership and the Fortress Member entered into the Eagles Sub-OP Operating Agreement, and the Operating Partnership contributed to the Eagles Sub-OP its subsidiaries that, directly or indirectly, own Brookhill Azalea Shopping Center, Vista Shops, Hollinswood Shopping Center, Avondale Shops, Greenwood Village Shopping Center and Lamar Station Plaza East in November 2022, as well as Cromwell Field in December 2022. The subsidiaries of the Operating Partnership that indirectly own the following eight properties were not contributed to the Eagles Sub-OP in connection with the closing of the Preferred Equity Investment but are required to be contributed to the Eagles Sub-OP on or prior to the applicable outside dates: (i) Highlandtown, (ii) Spotswood and (iii) the six properties securing the Basis Term Loan (the “Portfolio Excluded Properties” and, collectively with Highlandtown and Spotswood the “Excluded Properties”). The outside dates for Highlandtown, the Portfolio Excluded Properties and Spotswood are May 6, 2023, June 30, 2023 and July 6, 2023, respectively. Pursuant to the Amended and Restated Limited Liability Company Agreement of the Eagles Sub-OP (the “Eagles Sub-OP Operating Agreement”), the Fortress Member is entitled to monthly distributions, a portion of which is paid in cash (the “Current Preferred Return”) and a portion that accrues on and is added to the Preferred Equity Investment each month (the “Capitalized Preferred Return” and, together with the Current Preferred Return, the “Preferred Return”). The initial Preferred Return is 12 % per annum, comprised of a 5 % Current Preferred Return and a 7 % Capitalized Preferred Return, provided that, until the Portfolio Excluded Properties are contributed to the Eagles Sub-OP, the Capitalized Preferred Return is increased by 4.75 %. The Capitalized Preferred Return increases each year by 1 %. Commencing on November 22, 2027, the Preferred Return will be 19 % per annum, all payable in cash, and will increase an additional 3 % each year thereafter. Upon (i) the occurrence of a Trigger Event, (ii) during a three-month period in which distributions on the Preferred Equity Investment are not made because such payments would cause a violation of Delaware law or (iii) if a Qualified Public Offering has not occurred on or prior to November 22, 2027, the entire Preferred Return shall accrue at the then-applicable Preferred Return plus 4 % and shall be payable monthly in cash. As of December 31, 2022, the Capitalized Preferred Return was approximately $ 1.0 million and is reflected within Preferred equity investment on the consolidated balance sheets. For the year ended December 31, 2022, the Company recognized $ 0.4 million and $ 1.1 million of Current Preferred Return and Capitalized Preferred Return, respectively, as a reduction to additional paid-in capital in the consolidated statements of equity. Upon the closing of a Qualified Public Offering, unless earlier redeemed, the Eagles Sub-OP must redeem the entire Fortress Preferred Interest by payment in cash to the Fortress Member of the full Redemption Amount (as defined below), provided that (i) the Eagles Sub-OP may elect, in its discretion, not to redeem $ 37.5 million of the Preferred Equity Investment and (ii) $ 25.0 million of the Preferred Equity Investment (less the amount of the Fortress Mezzanine Loan converted into common stock in connection with such Qualified Public Offering, if any) will be converted to shares of common stock at a price of $ 2.00 per share, subject to certain adjustments. The Operating Partnership may cause the Eagles Sub-OP to redeem the Fortress Preferred Interest in whole (but not in part), by payment in cash to the Fortress Member of the full Redemption Amount, as long as the Fortress Mezzanine Loan is repaid in full before or concurrently with such redemption. The “Redemption Amount” is equal to the sum of: (i) all outstanding loans advanced to the Eagles Sub-OP by the Fortress Member in accordance with the terms of the Eagles Sub-OP Operating Agreement, together with all accrued and unpaid return on such loans; (ii) the unredeemed balance of the Preferred Equity Investment; (iii) an amount equal to the greater of (x) all accrued and unpaid Preferred Return and (y) a 1.40x minimum multiple on the amount of all loans and capital contributions made by the Fortress Member to the Eagles Sub-OP in accordance with the terms of the Eagles Sub-OP Operating Agreement, which minimum multiple shall be reduced to 1.30x upon the consummation of a Qualified Public Offering; and (iv) all other payments, fees, costs and expenses due or payable to the Fortress Member under the Eagles Sub-OP Operating Agreement, including a $ 10.0 million exit fee unless the Redemption Amount is paid upon or following the completion of a Qualified Public Offering. The Operating Partnership serves as the managing member of the Eagles Sub-OP. However, the Fortress Member has approval rights over certain Major Actions (as defined in the Eagles Sub-OP Operating Agreement), including, but not limited to (i) the adoption and approval of annual corporate and property budgets, (ii) the amendment, renewal, termination or modification of material contracts, leases over 5,000 square feet and certain loan documents, (iii) the liquidation, dissolution, or winding-up of the Eagles Sub-OP, the Company or any of its subsidiaries, (iv) taking actions of bankruptcy or failing to defend an involuntary bankruptcy action of the Eagles Sub-OP, the Company or any of its subsidiaries, (v) effecting any reorganization or recapitalization of the Eagles Sub-OP, the Company or any of its subsidiaries, (vi) declaring or paying distributions on any equity security of the Eagles Sub-OP, the Company or any of its subsidiaries, subject to certain exceptions, (vii) issuing any equity securities in the Eagles Sub-OP, the Company or any of its subsidiaries, subject to certain exceptions, (viii) conducting a merger or consolidation of the Eagles Sub-OP, the Company or the Operating Partnership or selling substantially all the assets of the Company and its subsidiaries or the Eagles Sub-OP and its subsidiaries, (ix) amending, terminating or otherwise modifying the loans secured by the properties indirectly owned by the Eagles Sub-OP, subject to certain exceptions, (x) incurring additional indebtedness or making prepayments on indebtedness, subject to certain exceptions; (xi) acquiring any property outside the ordinary course of business of the Company and (xii) selling any property below the minimum release price for such property. Under the Eagles Sub-OP Operating Agreement, “Trigger Events” include, but are not limited to, the following: (i) fraud, gross negligence, willful misconduct, criminal acts or intentional misappropriation of funds with respect to a property owned by the Company or any of its subsidiaries; (ii) a bankruptcy event with respect to the Company or any of its subsidiaries, except for an involuntary bankruptcy that is dismissed within 90 days of commencement; (iii) a material breach of certain provisions of the Eagles Sub-OP Operating Agreement; (iv) monetary defaults or material non-monetary defaults under the Fortress Mezzanine Loan or the mortgage loans secured by properties owned directly or indirectly by the Eagles Sub-OP (including the Excluded Properties); (v) failure to meet the minimum Total Yield requirements under the Eagles Sub-OP Operating Agreement; (vi) failure to pay the Current Preferred Return (subject to a limited cure period) or failure to make distributions as required by the Eagles Sub-OP Operating Agreement; (vii) the occurrence of a Change of Control (as defined in the Eagles Sub-OP Operating Agreement); (viii) failure to contribute the Excluded Properties and consummate the related transactions by the applicable outside date; (ix) Mr. Jacoby (A) ceasing to be employed as the chief executive officer of the Company, (B) not being activity involved in the management of the Company or (C) failing to hold an aggregate of at least 3,802,594 shares of common stock and OP units, in each case subject to the Company’s right to appoint a replacement chief executive officer reasonably acceptable to the Fortress Member within 90 days; and (x) material breaches or material defaults of the Company, the Operating Partnership or their subsidiaries under certain other agreements related to the Preferred Equity Investment. Upon the occurrence of a Trigger Event, the Fortress Member has the right to cause the Eagles Sub-OP to redeem the Fortress Preferred Interest by payment to the Fortress Member of the full Redemption Amount upon not less than 90 days prior written notice to the Eagles Sub-OP, unless the Trigger Event is in connection with a Bankruptcy Event, in which case the redemption must occur as of the date of such Trigger Event. Under certain circumstances, including in the event of a Trigger Event or if a Qualified Public Offering has not occurred by November 22, 2027, the Fortress Member has the right (among other rights) to (i) remove the Operating Partnership as the managing member of the Eagles Sub-OP and to serve as the managing member until the Fortress Member is paid the Redemption Amount, (ii) cause the Eagles Sub-OP to sell one or more properties until the entire Fortress Preferred Interest has been redeemed for the Redemption Amount, (iii) cause the Eagles Sub-OP to use certain reserve accounts to pay the Fortress Member the full Redemption Amount, and (iv) terminate all property management and other service agreements with affiliates of the Company. The obligations of the Operating Partnership under the Eagles Sub-OP are guaranteed by the Company. In addition, Messrs. Jacoby and Yockey guaranteed the full payment of the Redemption Amount in the event of a bankruptcy event of the Company or its subsidiaries without the consent of the Fortress Member or certain other events that interfere with the rights of the Fortress Member under certain other agreements related to the Preferred Equity Investment. The Fortress Member’s interest in the Eagles Sub-OP under the Eagles Sub-OP Operating Agreement is a financial instrument with both equity and debt characteristics and is classified as mezzanine equity in our accompanying consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. As discussed above, the Preferred Equity Investment is redeemable at a determinable date (at year five (5), prior to year five if a Qualified Public Offering occurs or at any time so long as the Fortress Mezzanine Loan is repaid in full before or concurrently with such redemption) and therefore, at each subsequent reporting period we will accrete the carrying value to the Redemption Amount based on the effective interest method over the remaining term. All financial instruments that are classified as mezzanine equity are evaluated for embedded derivative features by evaluating each feature against the nature of the host instrument (e.g. more equity-like or debt-like). Features identified as embedded derivatives that are material are recognized separately as a derivative asset or liability in the consolidated financial statements. The Company has evaluated the Preferred Equity Investment and determined that its nature is that of a debt host and certain embedded derivatives exist that would require bifurcation on the Company’s consolidated balance sheets. The Company recognized a derivative liability of $ 0.4 million at November 22, 2022 in the consolidated balance sheets. The Company recognized subsequent measures of $ 0.8 million in derivative fair value adjustment in the consolidated statements of operations at December 31, 2022. The derivative liability was $ 1.2 million at December 31, 2022 and is reflected in accounts payable and accrued liabilities in the consolidated balance sheets. The following table summarizes the preferred equity investment activities for the year ended December 31, 2022. (thousands) Preferred Equity Investment Balance at December 31, 2021 $ — Investment in preferred equity 80,000 Financing costs ( 5,589 ) Discount on preferred equity ( 1,689 ) Bifurcation of embedded derivatives ( 417 ) Preferred equity return 1,392 Balance at December 31, 2022 $ 73,697

Note 9 - Equity

Note 9 - Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Equity	Note 9 - Equity Common Stock On Januar y 3, 2022 and April 1, 2022, the Company issued 165,700 and 9,708 shares of common stock, respectively, to its directors. Also, on April 1, 2022 and July 1, 2022, the Company issued 60,106 and 36,064 shares of common stock, respectively, in connection with the redemption of OP units. During 2021, the Company issued 9,083,730 shares of common stock in connection with the Mergers to acquire four properties (as discussed above in Note 3 under the heading “—2021 Real Estate Acquisitions") and 36,064 shares of common stock were issued in connection with the redemption of OP units. On January 3, 2023 and April 3, 2023, the Company issued 166,125 and 32,904 shares of common stock, respectively, to its directors. On April 3, 2023, the Company issued 254,839 shares of common stock to Mr. Jacoby in lieu of cash payment of 50 % of his bonus pursuant to the cash bonus plan approved by the compensation committee of the Company’s board of directors for the year ended December 31, 2022. Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock, in one or more series, with a $ 0.01 par value per share, of which 20,000 shares have been designated as Series A preferred stock, $ 0.01 par value per share (the “Series A preferred stock”). As of December 31, 2022 and 2021, the Company had 500 shares of Series A preferred stock outstanding, all of which were assumed from MedAmerica upon completion of the Initial Mergers. The holders of Series A preferred stock are entitled to receive, out of funds legally available for that purpose, cumulative, non-compounded cash dividends on each outstanding share of Series A preferred stock at the rate of 10.0 % of the $ 100 per share issuance price (“Series A preferred dividends”). The Series A preferred dividends are payable semiannually to the holders of Series A preferred stock, when and as declared by the Company’s board of directors, on June 30 and December 31 of each year, that shares of Series A preferred stock are outstanding; provided that due and unpaid Series A preferred dividends may be declared and paid on any date declared by the Company’s board of directors. As of December 31, 2022, less than $ 0.1 million of Series A preferred dividends were undeclared. In the event of any voluntary or involuntary liquidation, sale, merger, consolidation, dissolution or winding up of the Company, before any distribution of assets shall be made to the holders of the Company’s common stock, each holder of Series A preferred stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders an amount equal to the $ 100 issue price plus all Series A preferred dividends accrued and unpaid on such shares up to the date of distribution of the available assets (such amount, the “Liquidation Preference”). The amount deemed distributed for purposes of determining the Liquidation Preference shall be the cash or the fair market value of the property, rights or securities distributed to the holders of Series A preferred stock as determined in good faith by the Company’s board of directors. If, upon a liquidation event, the available assets are insufficient to pay the Liquidation Preference to the holders of Series A preferred stock in full, then the available assets shall be distributed ratably among the holders of Series A preferred stock in proportion to their respective ownership of shares of Series A preferred stock. Shares of Series A preferred stock, excluding accrued Series A preferred dividends, which will be paid as described above, may, in the sole discretion of the holder of such shares of Series A preferred stock and by written notice to the Company, be converted into shares of the Company’s common stock, at a conversion price of $ 0.20 per share, subject to certain adjustments, in whole or in part at any time. Holders of Series A preferred stock are generally not entitled to voting rights. Noncontrolling Interest As of December 31, 2022 and 2021, the Company owned an 85.3 % interest and a 91.9 % interest, respectively, in the Operating Partnership. On November 23, 2022, the Operating Partnership issued 448,180 Common OP units and 1,842,917 Preferred OP units in connection with the acquisition of Midtown Row, as well as 573,529 Common OP units in connection with the Merger related to Lamar Station Plaza West. Commencing on the 12-month anniversary of the date on which the Common OP units were issued, each limited partner of the Operating Partnership (other than the Company) has the right, subject to certain terms and conditions, to require the Operating Partnership to redeem all or a portion of the Common OP units held by such limited partner in exchange for cash based on the market price of the Company’s common stock or, at the Company’s option and sole discretion, for shares of the Company’s common stock on a one-for-one basis. Holders of Preferred OP units have the right to convert each Preferred OP unit into one Common OP unit, plus a cash payment for each Preferred OP unit so converted equal to (i) (A) the liquidation preference of the Preferred OP unit at such time, minus (B) $ 2.00 and (ii) all accrued and unpaid monthly distributions (to the extent not already added to the liquidation preference) (the “Conversion Liquidation Payment”). The liquidation preference means the sum of (i) $2.00 and (ii) the accrued Capitalized Preferred OP Unit Return (as defined below). On the date that the common stock is first listed on the New York Stock Exchange, the NYSE American or the Nasdaq Stock Market, each Preferred OP unit will automatically convert into one Common OP unit and the right to receive the Conversion Liquidation Payment. Pursuant to the amended Agreement of Limited Partnership of the Operating Partnership, a portion of the return on the Preferred OP units will be paid in cash (the “Current Preferred OP Unit Return”) and a portion of the return will accrue on and be added to the liquidation preference of the Preferred OP units each month (the “Capitalized Preferred OP Unit Return” and, together with the Current Preferred OP Unit Return, the "Preferred OP Unit Return"). The initial Preferred OP Unit Return is 12% per annum, comprised of a 5% Current Preferred OP Unit Return and a 7% Capitalized Preferred OP Unit Return. The Capitalized Preferred OP Unit Return increases each year by 1%. After November 23, 2027, the Preferred OP Unit Return will be 19% per annum, all payable in cash, and will increase an additional 3% each year thereafter. The Preferred OP units have no voting rights. On April 1, 2022 and July 1, 2022, the Company issued 60,106 and 36,064 shares of common stock, respectively, in connection with the redemption of Common OP units. On October 1, 2021, the Company converted 36,064 Common OP units to common stock. Amended and Restated 2020 Equity Incentive Plan On September 15, 2021, the Company’s board of directors approved the Company’s Amended and Restated 2020 Equity Incentive Plan (the “Plan”), which increased the number of shares of the Company’s common stock reserved for issuance under the Plan by 1,500,000 shares, from 3,620,000 shares to 5,120,000 shares. The Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock units), share appreciation rights, dividend equivalent rights, performance awards, annual cash incentive awards and other equity based awards, including LTIP units, which are convertible on a one-for-one basis into Common OP units. As of December 31, 2022, there were 871,455 shares available for future issuance, subject to certain adjustments set forth in the Plan. Each share subject to an award granted under the Plan will reduce the available shares under the Plan on a one-for-one basis. The Plan is administered by the compensation committee of the Company’s board of directors. Restricted Stock Awards of restricted stock are awards of the Company’s common stock that are subject to restrictions on transferability and other restrictions as established by the Company’s compensation committee on the date of grant that are generally subject to forfeiture if employment (or service as a director) terminates prior to vesting. Upon vesting, all restrictions would lapse. Except to the extent restricted under the award agreement, a participant awarded restricted stock will have all of the rights of a stockholder as to those shares, including, without limitation, the right to vote and the right to receive dividends on the shares. The value of the awards is determined based on the market value of the Company’s common stock on the date of grant. The Company expenses the cost of restricted stock ratably over the vesting period. The following table summarizes the stock-based award activity under the Plan for the years ended December 31, 2022 and 2021. Restricted Stock Awards Weighted-Average Grant Date Outstanding as of December 31, 2020 153,200 $ 0.55 Granted 148,657 2.72 Vested ( 56,451 ) 2.95 Forfeited ( 7,785 ) 2.95 Outstanding as of December 31, 2021 237,621 1.26 Granted 138,262 2.20 Vested ( 194,457 ) 1.00 Forfeited ( 21,987 ) 2.35 Outstanding as of December 31, 2022 159,439 $ 1.62 Of the restricted shares that vested during 2022 and 2021, 4,307 and 11,917 shares, respectively, were surrendered by certain employees to satisfy their tax obligations. Compensation expense related to these share-based payments for the year ended December 31, 2022 and 2021 was $ 0.2 million and $ 0.3 million, respectively, and was included in general and administrative expenses on the consolidated statements of operations. The remaining unrecognized costs from stock-based awards as of December 31, 2022 was approximately $ 0.1 million and will be recognized over a weighted-average period of 0.9 years. On October 1, 2021, the Company granted 58,140 restricted shares of common stock to certain employees, which will vest ratably on January 1, 2022, January 1, 2023, and January 1, 2024, subject to continued service through such dates. The total value of these awards is calculated to be approximately $ 0.1 million. On April 1, 2022, the Company granted 138,262 restricted shares of common stock to certain employees, which will vest ratably on January 1, 2023, January 1, 2024, and January 1, 2025, subject to continued service through such dates. The total value of these awards is calculated to be approximately $ 0.3 million. On April 3, 2023, the Company granted 419,618 restricted shares of common stock to certain employees, which will vest ratably on January 1, 2024, January 1, 2025, and January 1, 2026, subject to continued service through such dates. The total value of these awards is calculated to be approximately $ 0.3 million. Restricted Stock Units The Company’s restricted stock unit (“RSU”) awards represent the right to receive unrestricted shares of common stock based on the achievement of Company performance objectives as determined by the Company’s compensation committee. Grants of RSUs generally entitle recipients to shares of common stock equal to 0 % up to 300 % of the number of units granted on the vesting date. RSUs are not eligible to vote or to receive dividends prior to vesting. Dividend equivalents are credited to the recipient and are paid only to the extent that RSUs vest based on the achievement of the applicable performance objectives. On October 1, 2021, the Company granted certain employees RSUs with an aggregate target number of 1,220,930 RSUs, of which 0 % to 300 % will vest based on the Company’s Implied Equity Market Capitalization (defined as (i) the sum of (a) the number of shares of common stock of the Company outstanding and (b) the number of Common OP units outstanding (not including Common OP units held by the Company), in each case, as of the last day of the applicable performance period, multiplied by (ii) the value per share of common stock at the end of the performance period) on December 31, 2024, the end of the performance period, subject to the executive’s continued service on such date. If, however, the maximum amount of the award is not earned as of December 31, 2024, the remaining RSUs may be earned based on the Company’s Implied Equity Market Capitalization as of December 31, 2025. To the extent performance is between any two designated amounts, the percentage of the target award earned will be determined using a straight-line linear interpolation between the two designated amounts. The value of the awards is determined by using a Monte Carlo simulation model in estimating the market value of the RSUs as of the date of grant. The Company expenses the cost of RSUs ratably over the vesting period. The remaining unrecognized costs from RSU awards as of December 31, 2022 was approximately $ 3.7 million and will be recognized over 3.0 years. On February 28, 2023, 232,558 RSUs were forfeited as a result of an employee’s resignation. Option Awards In connection with the completion of the Initial Mergers, the Company assumed option awards previously issued to directors and officers of MedAmerica. Details of these options for the years ended December 31, 2022 and 2021, are presented in the table below: Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Fair Value at Grant Date Weighted Average Remaining Contractual Life Intrinsic Value Balance at December 31, 2020 70,000 $ 7.71 $ — 2.76 $ — Options granted — — — — — Options exercised — — — — — Options expired — — — — — Balance at December 31, 2021 70,000 $ 7.71 $ — 1.76 $ — Options granted — — — — — Options exercised — — — — — Options expired ( 60,000 ) ( 8.00 ) — — — Balance at December 31, 2022 10,000 $ 6.00 $ — 0.45 $ — The fair values of stock options are estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk-free interest rate. The risk-free interest rate is the five-year treasury rate at the date of grant. The expected life is based on the contractual life of the options at the date of grant. All 10,000 and 70,000 outstanding options at December 31, 2022 and 2021, respectively, were fully vested at grant date. The exercise price of the outstanding options exceeded the closing price of the Company’s common stock at December 31, 2022. The intrinsic value is not material. Warrants On June 4, 2021, the Company issued to Lamont Street warrants to purchase 200,000 shares of the Company’s common stock at an exercise price of $ 2.50 per share (the “Warrants”). The Warrants were issued in connection with the issuance of the Lamont Street Preferred Interest described in Note 6 under the heading “— Lamont Street Preferred Interest.” The fair value of these warrant liabilities is estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk-free interest rate. The risk-free interest rate is the U.S. Treasury rate at the date of grant. The expected life is based on the contractual life of the warrants at the date of grant, which is 4.3 years. The table below provides the input that was used in the Black-Scholes model at June 4, 2021: June 4, 2021 Expected dividend yield — Risk-free interest rate 0.7 % Expected volatility 38.6 % Expected Life 4.3 On November 22, 2022, the Company issued to the Fortress Member warrants to purchase 2,560,000 shares of common stock at an exercise price of $ 0.01 per share, subject to certain adjustments (the “Fortress Warrants”). The Fortress Warrants may be exercised on a cashless basis. The Fortress Warrants will automatically be deemed exercised in full on a cashless basis upon the occurrence of a Qualified Public Offering. The fair value of these warrant liabilities are estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk-free interest rate. The risk-free interest rate is the U.S. Treasury rate of the date of grant. The expected life is based on the contractual life of the warrants at the date of grant, which is 10 years. The fair value of the Fortress Warrants is allocated to the proceeds of the Preferred Equity Investment and the Fortress Mezzanine Loan on a relative fair market basis. The table below provides the input that was used in the Black-Scholes model at November 22, 2022: November 22, 2022 Expected dividend yield — Risk-free interest rate 3.8 % Expected volatility 69.3 % Expected Life 10.0 On November 23, 2022, the Company issued to Lamont Street warrants to purchase 500,000 shares of common stock at an exercise price of $ 0.01 per share, subject to certain adjustments (the “Lamont Warrants”). The Lamont Warrants may be exercised on a cashless basis. The fair value of these warrant liabilities are estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk-free interest rate. The risk-free interest rate is the U.S. Treasury rate of the date of grant. The expected life is based on the contractual life of the warrants at the date of grant, which is 5 years. The fair value of the Lamont Warrants is included as part of the purchase price for Lamar Station Plaza West and allocated on a relative fair market basis among the assets. The table below provides the input that was used in the Black-Scholes model at November 23, 2022: November 23, 2022 Expected dividend yield — Risk-free interest rate 3.9 % Expected volatility 87.7 % Expected Life 5.0

Note 10 - Revenues

Note 10 - Revenues	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Note 10 – Revenues Disaggregated Revenue The following tables represents a disaggregation of revenues from contracts with customers for the years ended December 31, 2022 and 2021 by type of service: Year Ended December 31, (in thousands) Topic 606 2022 2021 Topic 606 Revenues Leasing commissions Point in time $ 1,767 $ 2,406 Property and asset management fees Over time 299 591 Sales commissions Point in time 756 430 Development fees Over time — 264 Engineering services Over time 178 250 Topic 606 Revenue 3,000 3,941 Out of Scope of Topic 606 revenue Rental income 29,871 21,408 Sublease income 80 — Total Out of Scope of Topic 606 revenue 29,951 21,408 Total Revenue $ 32,951 $ 25,349 Leasing Operations Minimum cash rental payments due to the Company in future periods under executed non-cancelable operating leases in place for the Company’s properties as of December 31, 2022 are as follows: (in thousands) For the year ending December 31: 2023 $ 28,227 2024 23,298 2025 20,994 2026 17,706 2027 14,887 Thereafter 49,674 Total $ 154,786

Note 11 - Concentrations of Cre

Note 11 - Concentrations of Credit Risks	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations of Credit Risks	Note 11 – Concentrations of Credit Risks The following table contains information regarding the geographic concentration of the properties in the Company’s portfo lio as of December 31, 2022 and 2021. (dollars in thousands) Number of Properties at December 31, Gross Real Estate Assets at December 31, Percentage of Total Gross Real Estate Assets at December 31, Rental income for the year ended December 31, Location 2022 2021 2022 2021 2022 2021 2022 2021 Maryland (1) 6 6 $ 100,335 $ 101,608 24.5 % 39.4 % $ 12,896 $ 10,332 Virginia 6 5 210,641 82,909 51.4 % 32.1 % 8,614 6,418 Pennsylvania 1 1 27,201 27,628 6.6 % 10.7 % 2,325 2,457 Washington D.C. 1 1 8,422 8,393 2.0 % 3.3 % 706 608 Colorado 3 2 63,503 37,379 15.5 % 14.5 % 5,330 1,593 17 15 $ 410,102 $ 257,917 100.0 % 100.0 % $ 29,871 $ 21,408 (1) Rental income for the year ended December 31, 2021 includes less than $ 0.1 million of ground rental revenue under the ground lease for a parcel of land acquired in January 2020. The ground lease was terminated upon the completion of the Cromwell Field Shopping Center Merger on May 26, 2021.

Note 12 - Employee Benefit Plan

Note 12 - Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 12 – Employee Benefit Plan The Company has a 401(k) retirement plan (the “401(k) Plan”), which permits all eligible employees to defer a portion of their compensation under the Internal Revenue Code of 1986, as amended (the "Code"). Pursuant to the provisions of the 401(k) Plan, the Company may make discretionary contributions on behalf of the eligible employees. The Company made contributions to the 401(k) Plan of approximately $ 0.1 million for each of the years ended December 31, 2022 and 2021.

Note 13 - Earnings per Share

Note 13 - Earnings per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	Note 13 - Earnings per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of shares outstanding during the period combined with the incremental average shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. Potentially dilutive securities include stock options, convertible preferred stock, restricted stock, warrants, RSUs and OP units, which, subject to certain terms and conditions, may be tendered for redemption by the holder thereof for cash based on the market price of the Company’s common stock or, at the Company’s option and sole discretion, for shares of the Company’s common stock on a one-for-one basis . Stock options, convertible preferred stock, restricted stock, warrants, RSUs and OP units have been omitted from the Company’s denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the denominator would have no dilutive impact due to the net loss position. The weighted average number of anti-dilutive convertible preferred stock, restricted stock, RSUs and OP units outstanding for the year ended December 31, 2022 and 2021 was approximately 4.4 million and 3.3 million, respectively. The following table sets forth the computation of earnings per common share for the years ended December 31, 2022 and 2021: For the Year Ended December 31, (in thousands, except per share data) 2022 2021 Numerator: Net loss $ ( 16,273 ) $ ( 10,744 ) Less: Preferred equity return on Fortress preferred equity ( 1,492 ) — Less: Preferred OP units return ( 48 ) — Plus: Net loss attributable to noncontrolling interest 2,522 1,236 Net loss attributable to common stockholders $ ( 15,291 ) $ ( 9,508 ) Denominator Basic weighted-average common shares 32,379 26,929 Dilutive potential common shares — — Diluted weighted-average common shares 32,379 26,929 Net loss per common share- basic and diluted $ ( 0.47 ) $ ( 0.35 )

Note 14 - Fair Value of Financi

Note 14 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 14 - Fair Value of Financial Instruments Financial Assets and Liabilities Measured at Fair Value The Company’s financial assets and liabilities measured at fair value on a recurring basis currently include derivative financial instruments and the Fortress Mezzanine Loan. The derivative financial instruments are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate caps and interest rate swaps are observable in active markets and are classified as Level 2 in the hierarchy. The fair value of the Company’s derivative assets, which is included in Other assets, net on the consolidated balance sheets was $ 3.4 million as of December 31, 2022 and de minimis as of December 31, 2021. The fair value of the Company’s interest rate swap liabilities, which are included in Accounts payable and accrued liabilities on the consolidated balance sheets, was approximately $ 0.4 million at December 31, 2021. See Note 6 “—Interest Rate Cap and Interest Rate Swap Agreements” for further discussion regarding the Company’s interest rate cap and interest rate swap agreements. The Preferred Equity Investment contains embedded features that are required to be bifurcated from the temporary equity-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements under ASC 815, Derivatives and Hedging. The fair value of the embedded derivative liability was valued using a binomial lattice-based model which takes into account variables such as estimated volatility, expected holding period, stock price, the exit fee and the risk-free interest rate. The risk-free interest rate is the five-year treasury rate at the valuation date. This technique incorporates Level 1 and Level 2 inputs. The fair value of the embedded derivative liability was approximately $ 1.2 million at December 31, 2022. The Company elected to measure the Fortress Mezzanine Loan at fair value in accordance with the FVO. The Fortress Mezzanine Loan is a debt host financial instrument containing embedded features which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements under ASC 815, Derivatives and Hedging. The FVO election for the Fortress Mezzanine Loan is due to the number and complexity of features that would require separate bifurcation absent this election. The fair value of the Fortress Mezzanine Loan is valued using a binomial lattice-based model which takes into account variables such as estimated volatility, expected holding period, stock price, the exit fee and the risk-free interest rate. The risk-free interest rate is the five-year treasury rate at the valuation date. This technique incorporates Level 1 and Level 2 inputs. The fair value of the Fortress Mezzanine Loan was approximately $ 17.9 million at December 31, 2022. Financial Assets and Liabilities Not Carried at Fair Value The carrying amounts of cash and cash equivalents, restricted cash, receivables and payables are reasonable estimates of their fair value as of December 31, 2022 and 2021 due to the short-term nature of these instruments (Level 1). At December 31, 2022 and 2021, the Company’s indebtedness was comprised of borrowings that bear interest at variable and fixed rates. The fair value of the Company’s $ 111.4 million and $ 129.4 million in borrowings under variable rates as of December 31, 2022 and 2021, respectively, approximate their carrying values as the debt is at variable rates currently available and resets on a monthly basis (Level 2). The fair value of the Company’s fixed rate debt as of December 31, 2022 and 2021 is estimated by using Level 2 inputs such as discounting the estimated future cash flows using current market rates for similar loans that would be made to borrowers with similar credit ratings and for the same remaining maturities. As of December 31, 2022, the fair value of the Company’s $ 140.2 million fixed rate debt was estimated to be approximately $ 139.4 million. As of December 31, 2021, the fair value of the Company’s $ 50.7 million fixed rate debt was estimated to be approximately $5 0.6 million. Fair value estimates are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible.

Note 15 - Taxes

Note 15 - Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Taxes	Note 15- Taxes The income tax benefit consisted of the following for the years ended December 31, 2022 and 2021: For the Year Ended December 31, (in thousands) 2022 2021 Current: Federal $ — $ — State — — Total current tax expense (benefit) — — Deferred: Federal $ ( 4,214 ) $ ( 2,471 ) State ( 1,643 ) ( 1,062 ) Total deferred tax benefit ( 5,857 ) ( 3,533 ) Total income tax benefit $ ( 5,857 ) $ ( 3,533 ) The Company’s effective income tax rate for the years ended December 31, 2022 and 2021 reconciles with the federal statutory rate as follows: For the Year Ended December 31, 2022 2021 Federal statutory rate 21.0 % 21.0 % Loss attributable to partnership not subject to tax — ( 1.8 )% State income taxes, net of federal tax benefit 6.0 % 5.5 % Other ( 1.0 )% — Prior year adjustment 1.7 % 0.1 % Effective income tax rate on income before taxes 27.7 % 24.8 % The difference between the Company’s effective tax rate and federal statutory rate for the years ended December 31, 2022 and 2021 is 6.7 % and 3.8 %, respectively, which is primarily due to state taxes and permanent items. Deferred income tax liabilities are comprised of the following as of December 31, 2022 and 2021: For the Year Ended December 31, (in thousands) 2022 2021 Investment in the Operating Partnership $ ( 11,078 ) $ ( 12,349 ) NOL carryforwards 6,646 3,255 Equity compensation 461 130 Other 3 — Total deferred tax liabilities $ ( 3,968 ) $ ( 8,964 ) At December 31, 2022 and 2021, the Company had pre-tax federal and state income tax NOL carryforwards of approximately $ 24.6 million and $ 12.1 million, respectively, which will carry forward indefinitely for federal purposes and for most states. The Company had no uncertain tax positions as of December 31, 2022 and 2021. Generally, for federal and state purposes, the Company's 2019 through 2022 tax years remain open for examination by tax authorities. Additionally, any net operating losses that were generated in prior years and utilized in these years may also be subject to examination by the Internal Revenue Service. The Company’s policy is to recognize interest and penalties associated with uncertain tax positions as part of income tax expense.

Note 16 - Related Party Transac

Note 16 - Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 16 – Related Party Transactions Receivables and Payables As of December 31, 2022 and 2021, the Company had $ 1.2 million and $ 0.2 million, respectively, in receivables due from related parties, included in Other assets, net on the consolidated balance sheets. The $ 1.2 million at December 31, 2022 relates to the Merger pursuant to which the Company acquired Lamar Station Plaza West, including the note receivable due from a related party. The $ 0.2 million at December 31, 2021 relates to receivables due from properties managed by the Company which were provided to the properties for working capital. Additionally, as of December 31, 2022 and 2021, the Company had less than $ 0.1 million and $ 0.6 million, respectively, in payables due to properties managed by the Company related to amounts borrowed by the Company for working capital, which are reflected in Payables due to related parties on the consolidated balance sheets. On October 6, 2022, Lamar Station Plaza West, a property managed by the Company and acquired in November 2022, advanced the Company $ 1.1 million for deposits related to the Company's financing in November 2022. Approximately $ 0.4 million and $ 1.2 million of the Company’s total revenue for the years ended December 31, 2022 and 2021, respectively, was generated from related parties. Additionally, approximately $ 0.1 million of the Company’s accounts receivable, net balance at each of December 31, 2022 and 2021 was owed from related parties. Prior to the completion of the Initial Mergers in 2019, BSR agreed to purchase a percentage of Mr. Yockey's ownership interest in BSR for total consideration of $ 1.5 million. Approximately $ 1.0 million of this consideration was paid to Mr. Yockey in the first quarter of 2020 and the remaining $ 0.5 million was paid to Mr. Yockey in the second quarter of 2021. The Mergers As consideration in the Mergers, as a result of their interests in the Broad Street Entities party to such Mergers, (i) Mr. Jacoby received 2,533,650 shares of the Company’s common stock and 993,018 Common OP units, (ii) Mr. Yockey received 2,533,650 shares of the Company’s common stock and 556,736 Common OP units, (iii) Alexander Topchy, the Company’s Chief Financial Officer, received an aggregate of 137,345 shares of the Company’s common stock and 62,658 Common OP units, (iv) Daniel J.W. Neal, a member of the Company’s board of directors, received, directly or indirectly, 878,170 shares of the Company’s common stock and (v) Samuel M. Spiritos, a member of the Company’s board of directors, indirectly received 13,827 shares of the Company’s common stock. Management Fees During the years ended December 31, 2021 and 2022, the Company provided management services for Lamar Station Plaza West, which was acquired during 2022 in the remaining Merger, and the Cypress Point property. The Company received a management fee ranging from 3.0 % to 4.0 % of such properties’ gross income. Messrs. Jacoby, Yockey and Topchy had interests in the Broad Street Entity that owned Lamar Station Plaza West. Messrs. Jacoby, Yockey, Topchy and Neal had interests in the Broad Street Entity that owned the Cypress Point property. In 2022, the Company terminated the merger agreement related to the Cypress Point property due to the performance of the property. Messrs. Jacoby and Yockey along with Mr. Topchy, Mr. Neal, Jeffrey H. Foster, a member of the Company’s board of directors, and Aras Holden, the Company’s former Vice President of Asset Management and Acquisitions, had indirect ownership interests in BBL Current Owner, LLC (“BBL Current”), which owned Midtown Row. Mr. Jacoby also served as the chief executive officer and a director of BBL Current. On December 21, 2021, the Company entered into a purchase and sale agreement (the “MTR Agreement”) with BBL Current to acquire Midtown Row for a purchase price of $ 122.0 million in cash. On July 1, 2022, the MTR Agreement automatically terminated in accordance with its terms. On September 1, 2022, the Company and BBL Current entered into a third amendment and reinstatement of the MTR Agreement (the “MTR Amendment”), pursuant to which the MTR Agreement was fully reinstated, subject to the terms of the MTR Amendment. The MTR Amendment increased the purchase price for the Midtown Row Acquisition to $ 123.3 million, to be payable in paid in cash and not less than $ 5.0 million of Common OP units and Preferred OP Units. On November 23, 2022, the Company completed the acquisition of Midtown Row and paid $ 118.7 million in cash and the Operating Partnership issued 448,180 Common OP units and 1,842,917 Preferred OP units. As consideration in the acquisition of Midtown Row, as a result of their direct or indirect interests in BBL Current, (i) Mr. Jacoby received 97,086 Common OP units, (ii) Mr. Neal indirectly received 202,861 Common OP units, (iii) Mr. Foster received 33,810 Common OP units, (iv) Mr. Yockey received 97,086 Common OP units and (v) Mr. Topchy received 17,337 Common OP units. The Company served as the development manager for Midtown Row and serves as the property manager and the leasing broker for the retail portion of Midtown Row. Ground Lease The Company acquired the fee-simple interest in the land that the Cromwell Field Shopping Center, a property managed by the Company, is located on under a leasehold interest. The Company leased the land to the owner of the Cromwell Field Shopping Center pursuant to a ground lease and recognized less than $ 0.1 million of revenue under the ground lease for the years ended December 31, 2021. On May 26, 2021, the ground lease was terminated upon the acquisition of Cromwell Field Shopping Center. Tax Protection Agreements On December 27, 2019, pursuant to the Merger Agreements, the Company and the Operating Partnership entered into tax protection agreements (the “Initial Tax Protection Agreements”) with each of the prior investors in BSV Colonial Investor LLC, BSV Lamonticello Investors LLC and BSV Patrick Street Member LLC, including Messrs. Jacoby, Yockey and Topchy, in connection with their receipt of Common OP units in certain of the Initial Mergers. On April 4, 2023, pursuant to the applicable Merger Agreement, the Company and the Operating Partnership entered into a tax protection agreement (together with the Initial Tax Protection Agreements, the “Tax Protection Agreements”), with each of the prior investors in BSV Lamont Investors LLC, including Messrs. Jacoby, Yockey and Topchy, in connection with their receipt of Common OP units in the Merger whereby the Company acquired Lamar Station Plaza West. Pursuant to the Tax Protection Agreements, until the seventh anniversary of the completion of the applicable Merger, the Company and the Operating Partnership may be required to indemnify the other parties thereto for their tax liabilities related to built-in gain that exists with respect to the properties known as Midtown Colonial, Midtown Lamonticello, Vista Shops at Golden Mile and Lamar Station Plaza West (the “Protected Properties”). Furthermore, until the seventh anniversary of the completion of the applicable Merger, the Company and the Operating Partnership will be required to use commercially reasonable efforts to avoid any event, including a sale of the Protected Properties, that triggers built-in gain to the other parties to the Tax Protection Agreements, subject to certain exceptions, including like-kind exchanges under Section 1031 of the Code. Guarantees The Company’s subsidiaries’ obligations under the Eagles Sub-OP Operating Agreement, Basis Loan Agreement, the Sub-OP Operating Agreement, and the Brookhill mortgage loan are guaranteed by Messrs. Jacoby and Yockey. We have agreed to indemnify Mr. Yockey for any losses he incurs as a result of his guarantee of the Basis Term Loan, the Sub-OP Operating Agreement, and the Brookhill mortgage loan. Mr. Jacoby is also a guarantor under the Cromwell mortgage loan agreement. Consulting Agreement The Company had engaged Timbergate Ventures, LLC, an entity wholly owned by Mr. Yockey, as a consultant for a two-year term beginning December 27, 2019. Pursuant to this arrangement, the Company paid Timbergate Ventures, LLC a consulting fee of $ 0.2 million during 2021, which was recorded in general and administrative expenses. This agreement expired on December 26, 2021 . Legal Fees Mr. Spiritos is the managing partner of Shulman Rogers LLP, which represents the Company in certain real estate matters, including with matters related to the Mergers. During the years ended December 31, 2022 and 2021, the Company paid approximately $ 0.4 million and $ 0.5 million, respectively, in legal fees to Shulman Rogers LLP.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	BROAD STREET REALTY, INC. AND SUBSIDIARIES Schedu le III Real Estate and Accumulated Depreciation (dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period Property Name Location Property Type Encumbrances (1) Land Building and improvements, intangible lease assets and liabilities and furniture and equipment Cost Capitalized Subsequent to Acquisition Land Building and improvements, intangible lease assets and liabilities, furniture and equipment Total (2) Accumulated Depreciation and Amortization (2) (3) Date of Construction/ Date Acquired Avondale Shops Washington, D.C. Shopping Center $ 2,985 $ 1,776 $ 6,593 $ 53 $ 1,776 $ 6,646 $ 8,422 $ ( 920 ) 2010 2019 Brookhill Azalea Shopping Center Richmond, VA Shopping Center 8,762 1,344 15,554 476 1,344 16,030 17,374 ( 2,976 ) 2012 2019 Coral Hills Shopping Center (4) Capitol Heights, MD Shopping Center 10,689 2,186 14,317 ( 1 ) 2,186 14,316 16,502 ( 3,365 ) 2012 2019 Crestview Square Shopping Center (4) Landover Hills, MD Shopping Center 11,924 2,853 15,717 83 2,853 15,800 18,653 ( 3,236 ) 2012 2019 Dekalb Plaza (4) East Norriton, PA Shopping Center 14,558 7,573 17,479 2,148 7,573 19,627 27,200 ( 3,210 ) 2017 2019 Hollinswood Shopping Center Baltimore, MD Shopping Center 12,760 5,907 15,050 3,953 5,907 19,003 24,910 ( 3,273 ) 2020 2019 Midtown Colonial (4) Williamsburg, VA Shopping Center 8,429 3,963 10,014 3,728 3,963 13,742 17,705 ( 1,622 ) 2018 2019 Midtown Lamonticello (4) Williamsburg, VA Shopping Center 9,839 3,108 12,659 276 3,108 12,935 16,043 ( 1,374 ) 2019 2019 Vista Shops at Golden Mile Frederick, MD Shopping Center 11,478 4,342 10,219 132 4,342 10,351 14,693 ( 2,541 ) 2009 2019 West Broad Commons Shopping Center (4) Richmond, VA Shopping Center 11,647 1,324 18,180 232 1,324 18,412 19,736 ( 2,951 ) 2017 2019 Lamar Station Plaza East Lakewood, CO Shopping Center — 1,826 3,183 2,571 2,904 5,754 8,658 ( 1,088 ) 1984 2020 Cromwell Field Shopping Center Glen Burnie, MD Shopping Center 10,113 2,256 15,618 355 2,256 15,973 18,229 ( 2,517 ) 2020 2021 Highlandtown Village Shopping Center Baltimore, MD Shopping Center 7,090 2,998 4,341 10 2,998 4,351 7,349 ( 1,314 ) 1987 2021 Spotswood Valley Square Shopping Center Harrisonburg, VA Shopping Center 14,241 4,715 9,685 — 4,715 9,685 14,400 ( 3,141 ) 1997 2021 The Shops at Greenwood Village Greenwood Village, CO Shopping Center 22,772 3,170 27,560 1,209 3,242 28,769 32,011 ( 3,711 ) 2019 2021 Lamar Station Plaza West (5) Lakewood, CO Shopping Center 18,317 8,774 13,996 64 8,774 14,060 22,834 ( 292 ) 2016 2022 Midtown Row (5) Williamsburg, VA Mixed-Use 93,870 7,960 116,778 645 7,960 117,423 125,383 ( 1,077 ) 2021 2022 Total 269,474 66,075 326,943 15,934 67,225 342,877 410,102 ( 38,608 ) (1) Includes fair market value of debt adjustments and debt discount, net (2) The changes in total real estate and accumulated depreciation and amortization for the years ended December 31, 2022 and 2021 is as follows: For the year ended December 31, (in thousands) 2022 2021 Cost Balance at beginning of period $ 253,125 $ 181,725 Acquisitions 149,956 68,087 Capitalized costs 7,021 3,313 Balance at end of period $ 410,102 $ 253,125 Accumulated depreciation and amortization Balance at beginning of period $ 21,620 $ 9,625 Depreciation and amortization 16,988 11,995 Balance at end of period $ 38,608 $ 21,620 The unaudited aggregate tax value of real estate assets for federal income tax purposes as of December 31, 2022 is estimated to be $ 300.6 million. (3) The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 5 to 49 years . The cost of intangible lease assets and liabilities is amortized on a straight-line basis over the initial term of the related leases, ranging up to 19 years . See Note 2 to the consolidated financial statements for information on useful lives used for depreciation and amortization. (4) The loan is encumbered by the Basis Term Loan. (5) In November 2022, the Company completed the acquisition of these properties.

Accounting Policies and Related

Accounting Policies and Related Matters (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the amounts of revenue and expense reported in the period. Significant estimates are made for the valuation of real estate and any related intangibles and fair value assessments with respect to purchase price allocations. Actual results may differ from those estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company’s wholly owned subsidiaries and subsidiaries in which the Company has a controlling interest. All intercompany transactions and balances have been eliminated in consolidation. There are no material differences between the Company and the Operating Partnership as of December 31, 2022. When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event that the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and the Company does not have a controlling financial interest, the Company accounts for its interest under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. The Company consolidates the Operating Partnership, the Sub-OP (as defined in Note 6 under the heading “ —Basis Preferred Interest” ), BSV Highlandtown (as defined in Note 6 under the heading “— Lamont Street Preferred Interest”), BSV Spotswood (as defined in Note 6 under the heading “— Lamont Street Preferred Interest” ), and the Eagles Sub-OP (as defined in Note 8), VIEs in which the Company is considered the primary beneficiary.
Noncontrolling Interest	Noncontrolling Interest The portion of equity not owned by the Company in entities controlled by the Company, and thus consolidated, is presented as noncontrolling interest and classified as a component of consolidated equity, separate from total stockholders’ equity on the Company’s consolidated balance sheets. The amount recorded will be based on the noncontrolling interest holder’s initial investment in the consolidated entity, adjusted to reflect the noncontrolling interest holder’s share of earnings or losses in the consolidated entity, any distributions received or additional contributions made by the noncontrolling interest holder and conversion of OP units into common stock. The earnings or losses from the entity attributable to noncontrolling interests are reflected in “net income (loss) attributable to noncontrolling interest” in the consolidated statements of operations.
Segment Reporting	Segment Reporting The Company owns, operates, develops and redevelops primarily grocery-anchored shopping centers, street retail-based properties and mixed-use assets. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making. Therefore, the Company discloses its operating results in a single reportable segment.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The majority of the Company’s cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit. The Company has not experienced any losses to date on invested cash. As of December 31, 2022, the Company had no cash equivalents. Amounts included in restricted cash represents escrow deposits held for real estate taxes, property maintenance, insurance and other requirements at specific properties as required by lending institutions.
Revenue Recognition	Revenue Recognition The Company earns revenue from the following: Leases of Real Estate Properties, Leasing Commissions, Property and Asset Management, Engineering Services, Development Services, and Capital Transactions. Leases of Real Estate Properties : At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. Currently, all of the Company’s lease arrangements are classified as operating leases. Rental revenue for operating leases is recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of a leased asset. If the Company determines that future lease payments are not probable of collection, the Company will account for these leases on a cash basis. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. The determination of ownership of the tenant improvements is subject to significant judgment. If the Company’s assessment of the owner of the tenant improvements for accounting purposes were different, the timing and amount of revenue recognized would be impacted. A majority of the Company’s leases require tenants to make estimated payments to the Company to cover their proportional share of operating expenses, including, but not limited to, real estate taxes, property insurance, routine maintenance and repairs, utilities and property management expenses. The Company collects these estimated expenses and is reimbursed by tenants for any actual expense in excess of estimates or reimburses tenants if collected estimates exceed actual operating results. The reimbursements are recorded in rental income and the expenses are recorded in property-related expenses. The Company adopted Accounting Standards Codification ("ASC") Topic 842, Leases effective January 1, 2019 under the modified retrospective approach and elected the optional transition method to apply the provisions of ASC 842 as of the effective date, rather than the earliest period presented. The Company elected the "package of practical expedients," which permits it not to reassess under the new standard the Company's prior conclusions about lease identification, lease classification and initial direct costs. The Company made an accounting policy election to exempt short-term leases of 12 months or less from balance sheet recognition requirements associated with the new standard. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being material to the Company. The Company also elected the practical expedient for lessors to combine the lease and non-lease components (primarily impacts common area maintenance reimbursements). Contractual rent increases of renewal options are often fixed at the time of the initial lease agreement which may result in tenants being able to exercise their renewal options at amounts that are less than the fair value of the rent at the date of the renewal. In addition to fixed base rents, certain rental income derived from the Company's tenant leases is variable and may be dependent on percentage rent. Variable lease payments from percentage rents are earned by the Company in the event the tenant's gross sales exceed certain amounts. Terms of percentage rent are agreed upon in the tenant’s lease and will vary based on the tenant's sales. Variable lease payments consisted of percentage rent and tenant expense reimbursements of operating expenses, common area maintenance expenses, real estate taxes and insurance of the respective properties amounted to $ 6.9 million and $ 4.9 million for the years ended December 31, 2022 and 2021, respectively. These amounts have been included in rental income on the consolidated statements of operations. Leasing Commissions : The Company earns leasing commissions as a result of providing strategic advice and connecting tenants to property owners in the leasing of retail space. The Company records commission revenue on real estate leases at the point in time when the performance obligation is satisfied, which is generally upon lease execution. Terms and conditions of a commission agreement may include, but are not limited to, execution of a signed lease agreement and future contingencies, including tenant’s occupancy, payment of a deposit or payment of first month’s rent (or a combination thereof). The Company’s performance obligation will typically be satisfied upon execution of a lease and the portion of the commission that is contingent on a future event will likely be recognized if deemed not subject to significant reversal, based on the Company’s estimates and judgments. The Company accounts for leasing commissions under ASC Topic 606, Revenue from Contracts with Customers. Property and Asset Management Fees : The Company provides real estate management services for owners of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts or some other variable metric. When accounting for reimbursements of third-party expenses incurred on a client’s behalf, the Company determines whether it is acting as a principal or an agent in the arrangement. When the Company is acting as a principal, the Company’s revenue is reported on a gross basis and comprises the entire amount billed to the client and reported cost of services includes all expenses associated with the client. When the Company is acting as an agent, the Company’s fee is reported on a net basis as revenue for reimbursed amounts is netted against the related expenses. The control of the service before transfer to the customer is the focal point of the principal versus agent assessments. The Company is a principal if it controls the services before they are transferred to the client. The presentation of revenues and expenses pursuant to these arrangements under either a gross or net basis has no impact on net loss or cash flows. The Company accounts for property and asset management fees under ASC Topic 606, Revenue from Contracts with Customers. Engineering Services: The Company provides engineering services to property owners on an as needed basis at the properties where the Company is the property or asset manager. The Company receives consideration at agreed upon fixed rates for the time incurred plus a reimbursement for costs incurred and revenue is recognized over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The Company accounts for performance obligations using the right to invoice practical expedient. The Company applies the right to invoice practical expedient to record revenue as the services are provided, given the nature of the services provided and the frequency of billing under the customer contract. Under this practical expedient, the Company recognizes revenue in an amount that corresponds directly with the value to the customer of performance completed to date and for which there is a right to invoice the customer. Engineering services fees are included in Management and other income on the consolidated statements of operations. The Company accounts for engineering services under ASC Topic 606, Revenue from Contracts with Customers. Development Services : The Company provides construction-related services ranging from general contracting to project management for owners and occupiers of real estate. Depending on the terms of the engagement, the Company’s performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. The Company’s obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, the Company recognizes revenue over time, generally using input measures (e.g., to-date costs incurred relative to total estimated costs at completion). Typically, the Company is entitled to consideration at distinct milestones over the term of an engagement. The Company may receive variable consideration which can include, but is not limited to, a fee paid upon return of an investor’s original investment in a project. The Company assesses variable consideration on a contract-by-contract basis, and when appropriate, recognizes revenue based on its assessment of the outcome and historical results. The Company recognizes revenue related to variable consideration if it is deemed probable there will not be a significant reversal in the future. Development services fees are included in management and other fee income on the consolidated statements of operations. The Company accounts for development services under ASC Topic 606, Revenue from Contracts with Customers. Capital Transactions : The Company provides brokerage and other services for capital transactions, such as real estate sales, real estate acquisitions or other financing. The Company’s performance obligation is to facilitate the execution of capital transactions, and the Company is generally entitled to the full consideration at the point in time upon which its performance obligation is satisfied, at which time the Company recognizes revenue. Capital transaction fees are included in management and other fee income on the consolidated statements of operations. Contract Assets and Contract Liabilities Contract assets include amounts recognized as revenue for which the Company is not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. As of December 31, 2022 and 2021, the Company did no t have any contract assets. Contract liabilities include advance payments related to performance obligations that have not yet been satisfied and are included in deferred revenue on its consolidated balance sheets. The Company recognizes the contract liability as revenue once it has transferred control of service to the customer and all revenue recognition criteria are met. As of December 31, 2022 and 2021, the Company had approximately $ 0.2 million of contract liabilities and de minimis contract liabilities, respectively.
Accounts Receivable Under Contracts with Customers	Accounts Receivable Under Contracts with Customers The Company records accounts receivable for its unconditional rights to consideration arising from its performance under contracts with customers. Additionally, the Company records other receivables, included in Other assets, net on the consolidated balance sheets, which represents commission advances to employees. Further, the Company records receivables from affiliated properties. The carrying value of such receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value. The Company estimates our allowance for doubtful accounts for specific accounts and other receivable balances based on historical collection trends, the age of the outstanding accounts and other receivables and existing economic conditions associated with the receivables. Past-due accounts receivable balances are written off to bad debt expense when the Company’s internal collection efforts have been unsuccessful or the advance has been forgiven. As a practical expedient, the Company does not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between its transfer of a promised service to a customer and when the customer pays for that service will be one year or less. The Company does not typically include extended payment terms in its contracts with customers. As of December 31, 2022 and 2021, the Company had approximately $ 2.1 million and $ 0.9 million, respectively, of accounts receivable under contracts with customers. At December 31, 2021, the Company recorded an allowance of $ 0.1 million against the receivable. There was no allowance at December 31, 2022.
Tenant and Other Receivables and Lease Inducements	Tenant and Other Receivables and Lease Inducements Tenant receivables relate to the amounts currently owed to the Company under the terms of the Company’s lease agreements and is included in Tenant and accounts receivable, net of allowance on the consolidated balance sheets. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to the Company according to the contractual agreement. This is included in Other assets, net on the consolidated balance sheets. Lease inducements result from value provided by the Company to the lessee, at the inception, modification or renewal of the lease, and are amortized as a reduction of rental income over the non-cancellable lease term. The Company assesses the probability of collecting substantially all payments under the Company’s leases based on several factors, including, among other things, payment history of the lessee, the financial strength of the lessee and any guarantors, historical operations and operating trends and current and future economic conditions and expectations of performance. If the Company’s evaluation of these factors indicates it is probable that the Company will be unable to collect substantially all rents, the Company recognizes a charge to rental income and recognizes income when cash is collected. If the Company changes its conclusion regarding the probability of collecting rent payments required by a lessee, the Company may recognize an adjustment to rental income in the period the Company makes a change to its prior conclusion.
Allocation of Purchase Price of Acquired Real Estate	Allocation of Purchase Price of Acquired Real Estate As part of the purchase price allocation process of acquisitions, management estimates the fair value of each component for asset acquisitions and business combinations by using judgments regarding market-based assumptions used in the estimated cash flow projections, including forecasts of future revenue and operating expense growth rates, market lease rates, comparable land values, lease-up periods, capitalization rates, discount rates and calculation and analysis of the income tax positions related to the purchase price allocation. We assess the relative fair value of acquired assets and acquired liabilities in accordance with the Financial Accounting Standards Board (the “FASB”) ASC Topic 805 Business Combinations and allocate the purchase price based on these assessments. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market and economic conditions that may affect the property. The Company records above-market and below-market lease values, if any, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding acquired leases, measured over a period equal to the remaining non-cancelable term of the lease, or, for below-market acquired leases, including any bargain renewal option terms. The Company amortizes any resulting capitalized above-market lease values as a reduction of rental income over the lease term. The Company amortizes any resulting capitalized below-market lease values as an increase to rental income over the lease term. As of December 31, 2022 and 2021, the Company had above-market leases with a gross value of approximately $ 5.2 million and $ 4.8 million, respectively, included in intangible lease assets on the consolidated balance sheets and below-market lease liabilities with a gross value of approximately $ 5.0 million and $ 4.8 million, respectively, included in unamortized intangible lease liabilities, net on the consolidated balance sheets. In-place lease intangibles are valued considering factors such as an estimate of carrying costs during the expected lease-up periods and estimates of lost rental revenue during the expected lease-up periods based on evaluation of current market demand. The Company amortizes the value of in-place leases to amortization expense over the initial term of the respective leases. If a lease is terminated, the unamortized portion of the in-place lease value is charged to amortization expense. As of December 31, 2022 and 2021, the Company had in-place leases with a gross value of approximately $ 36.1 million and $ 30.6 million, respectively, included in intangible lease assets on the consolidated balance sheets. Depreciation and amortization of real estate assets and liabilities is provided for on a straight-line basis over the estimated useful lives of the assets: Building 12.5 to 49 years Improvements 5 to 15 years Lease intangibles and tenant improvements Less than 1 month to 19 years Furniture and equipment 3 to 7 years
Asset Impairment- Real Estate Properties	Asset Impairment- Real Estate Properties Real estate asset impairment losses are recorded when events or changes in circumstances indicate the asset is impaired and the estimated undiscounted cash flows to be generated by the property are less than its carrying amount. Management assesses if there are triggering events including macroeconomic conditions, loss of an anchor tenant, changes in occupancy, and the ability to re-tenant the space, nature or real estate properties, significant and persistent delinquencies, operating and collections performance compared to historical data and government-mandated compliance with an adverse effect to the Company's cost basis or operating costs. If management concludes triggering events are present for any property, management then assesses the recoverability of the individual property’s carrying value. Management analyzes recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the property. If the analysis indicates that the carrying value of a property is not recoverable from its estimated undiscounted future cash flows, an impairment loss is recognized. Impairment l osses are calculated as the excess of the carrying amount over the fair value of assets to be held and used and carrying amount over the fair value less cost to sell in instances where management has determined that the Company will dispose of the property and the criteria are met for the property to be classified as held-for-sale. In determining the fair value, the Company uses current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. The determination of future cash flows requires significant estimates by management. In management’s estimate of cash flows, it considers factors such as expected future sale of an asset, capitalization rates, holding periods and estimated net operating income. Subsequent changes in estimated cash flows could affect the determination of whether an impairment exists. In 2022 and 2021, the Company did no t record any impairment and no properties were reclassified as held for sale at December 31, 2022 and 2021.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average common number of shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible.
Income Taxes	Income Taxes The Company accounts for deferred income taxes using the asset and liability method and recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes the Company to change its judgment about expected future tax consequences of events, is included in the tax provision when such change occurs. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change its judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The estimate of the Company’s tax liabilities relating to uncertain tax positions requires management to assess uncertainties and to make judgments about the application of complex tax laws and regulations. The Company recognizes interest and penalties associated with uncertain tax positions as part of income tax expense. Generally, for federal and state purposes, the Company's 2019 through 2022 tax years remain open for examination by tax authorities.
Deferred Costs	Deferred Costs Costs incurred prior to the completion of offerings of stock or other capital instruments that directly relate to the offering are deferred and netted against proceeds received from the offering. Following the issuance, these offering costs are reclassified to the equity section of the balance sheet as a reduction of proceeds raised. Additionally, deferred costs include costs incurred prior to the completion of asset acquisitions which, upon completion of the acquisition, are allocated to the various components of the acquisition based upon the relative fair value of each component. The Company will also incur costs relating to any new financing. These costs are deferred and netted against the proceeds. The Company incurs leasing commission costs relating to new leases. Leasing commission costs over $ 5,000 are deferred and amortized over the life of the lease as depreciation and amortization on the Company's consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation The fair value of stock-based awards is calculated on the date of grant. Stock based compensation for restricted stock awards is measured based on the closing stock price of the Company’s common stock on the date of grant. We recognize compensation expense for awards with performance conditions based on an estimate of shares expected to vest using the closing price of the Company’s common stock as of the grant date. The Company amortizes the stock-based compensation expense on a straight-line basis over the period that the awards are expected to vest, net of any forfeitures. Forfeitures of stock-based awards are recognized as they occur.
Fair Value Measurement and the Fair Value Option ("FVO")	Fair Value Measurement and the Fair Value Option ("FVO") Fair value is defined as the price that would be received from selling an asset, or paid in transferring a liability, in an orderly transaction between market participants. In calculating fair value, a company must maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. A hierarchy of valuation techniques is defined to determine whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1 - quoted prices for identical instruments in active markets; • Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Valuation techniques used by the Company include the use of third-party valuations and internal valuations, which may include discounted cash flow models. For the years ended December 31, 2022 and 2021, the Company has recorded all acquisitions based on estimated fair values. The fair values were obtained from third-party appraisals based on comparable properties (using the market approach, which involved Level 3 inputs in the fair value hierarchy). The Company may choose to elect the FVO for certain eligible financial instruments, such as the Fortress Mezzanine Loan (as defined below), in order to simplify the accounting treatment. Items for which the FVO has been elected are presented at fair value in the consolidated balance sheets and any change in fair value unrelated to credit risk is recorded in net gains (losses) on debt in the consolidated statements of operations. Changes in fair value related to credit risk is recognized in other comprehensive income.
Derivatives	Derivatives In the normal course of business, the Company is subject to risk from adverse fluctuations in interest rates. The Company has chosen to manage this risk through the use of derivative financial instruments, primarily interest rate swaps and interest rate caps. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to interest risk is to limit the impact of interest rate changes on cash flows. The Company recognizes all derivative instruments as assets or liabilities at their fair value in the consolidated balance sheets. Changes in the fair value of derivative instruments that are not designated as hedges or that do not meet the criteria of hedge accounting are recognized in earnings. For the years ended December 31, 2022 and 2021, the Company recognized approximately $ 2.6 million and $ 0.4 million, respectively, as a component of "Derivative fair value adjustment" on the consolidated statements of operations.
Accounting Guidance	Accounting Guidance Adoption of Accounting Standards In December 2019, FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The ASU also clarifies and amends existing guidance to improve consistent application. The Company adopted this guidance on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. Reference rate reform has not had a material impact on any of the Company's existing contracts. The Company will assess future changes in its contracts and the impact of electing to apply the optional practical expedients and exceptions provided by Topic 848 as they occur, but the Company expects their application will not have a material effect on its consolidated financial statements. In August 2020, FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 740-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, that simplifies the accounting for convertible instruments and simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. The guidance also provides clarifications to improve the consistency of earnings per share calculations and requires new disclosures regarding convertible instruments. The Company early adopted this guidance on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In October 2021, FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU creates an exception to the general recognition and measurement principle for contract assets and contract liabilities from contracts with customers acquired in a business combination. Under this exception, an acquirer applies ASC 606, Revenue from Contracts with Customers, to recognize and measure contract asset and liabilities on the acquisition date. ASC 805 generally requires the acquirer in a business combination to recognize and measure the assets it acquires and the liabilities it assumes at fair value on the acquisition date. This guidance is effective for the Company for fiscal years, and interim periods within those years, beginning January 1, 2023, with early adoption permitted. The Company early adopted this guidance on January 1, 2022. The adoption of this guidance did not impact the Company's consolidated financial statements and related disclosures as it currently treats its property acquisitions as asset acquisitions. Issued Accounting Standards Not Yet Adopted In June 2016, FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The standard also requires additional disclosures related to significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. Operating lease receivables are excluded from the scope of this guidance. The amended guidance is effective for the Company for fiscal years, and interim periods within those years, beginning January 1, 2023. The adoption of this standard will not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2022, FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures, which eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Losses model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. The ASU also requires a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. This ASU is effective for the Company for fiscal years, and interim periods within those years, beginning January 1, 2023. The adoption of this standard will not have a material impact on the Company’s consolidated financial statements and related disclosures.

Note 1 - Organization and Nat_2

Note 1 - Organization and Nature of Business (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Property	(in thousands) Property Name City/State Total Gross Real Estate Assets at December 31, 2022 Avondale Shops Washington, D.C. $ 8,422 Brookhill Azalea Shopping Center Richmond, VA 17,374 Cromwell Field Shopping Center Glen Burnie, MD 18,229 Coral Hills Shopping Center Capitol Heights, MD 16,502 Crestview Square Shopping Center Landover Hills, MD 18,653 Dekalb Plaza East Norriton, PA 27,200 The Shops at Greenwood Village Greenwood Village, CO 32,011 Highlandtown Village Shopping Center Baltimore, MD 7,349 Hollinswood Shopping Center Baltimore, MD 24,910 Lamar Station Plaza East Lakewood, CO 8,658 Lamar Station Plaza West Lakewood, CO 22,834 Midtown Colonial Williamsburg, VA 17,705 Midtown Lamonticello Williamsburg, VA 16,043 Midtown Row Williamsburg, VA 125,383 Spotswood Valley Square Shopping Center Harrisonburg, VA 14,400 Vista Shops at Golden Mile Fredrick, MD 14,693 West Broad Commons Shopping Center Richmond, VA 19,736 $ 410,102

Note 2 - Accounting Policies _2

Note 2 - Accounting Policies and Related Matters (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Depreciation and Amortization of Real Estate Assets and Liabilities	Depreciation and amortization of real estate assets and liabilities is provided for on a straight-line basis over the estimated useful lives of the assets: Building 12.5 to 49 years Improvements 5 to 15 years Lease intangibles and tenant improvements Less than 1 month to 19 years Furniture and equipment 3 to 7 years

Note 3 - Real Estate (Tables)

Note 3 - Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
2022 Real Estate Acquisitions [Member]
Real Estate Properties [Line Items]
Additional Information Regarding Total Consideration for Properties	The following table provides additional information regarding total consideration for the properties acquired during 2022. (in thousands) Cash paid to prior owners using Preferred Equity Investment $ 28,426 Cash paid to prior owners 450 Fair value of Common OP units issued 807 Fair value of Preferred OP units issued 4,220 Fair value of warrants issued 391 Prior owner debt paid off at closing using Preferred Equity Investment 7,759 Cash paid to prior owners using net proceeds from mortgage and mezzanine debt 89,750 Transaction costs 1,750 Cash acquired in acquisition ( 943 ) Total Cost of Acquisition $ 132,610
Relative Fair Value of Assets Acquired and Liabilities Assumed	The following table reflects the relative fair value of assets acquired and liabilities assumed related to the properties acquired during 2022. (in thousands) Land $ 16,734 Building 116,908 Building and site improvements 6,459 Intangible lease assets 5,939 Furniture and equipment 1,681 Total real estate assets acquired 147,721 Other assets 3,645 Total assets acquired 151,366 Accounts payable and accrued liabilities ( 3,077 ) Intangible lease liabilities ( 213 ) Assumed mortgage indebtedness ( 15,466 ) Total liabilities assumed ( 18,756 ) Assets acquired net of liabilities assumed $ 132,610
2021 Real Estate Acquisitions [Member]
Real Estate Properties [Line Items]
Additional Information Regarding Total Consideration for Properties	The following table provides additional information regarding the total consideration for the properties acquired during 2021. (in thousands) Cash paid to prior owners $ 961 Value of common shares issued 14,892 Prior owner debt and preferred equity paid off at closing 20,649 Settlement of notes payable owed to properties ( 700 ) Transaction costs 1,323 Cash acquired in acquisitions ( 1,743 ) Total Cost of Acquisitions $ 35,382
Relative Fair Value of Assets Acquired and Liabilities Assumed	The following table reflects the relative fair value of assets acquired and liabilities assumed related to the properties acquired by the Company during 2021. (in thousands) Land $ 10,884 Building 33,889 Building and site improvements 10,001 Intangible lease assets 14,816 Total real estate assets acquired 69,590 Other assets 3,977 Total assets acquired 73,567 Accounts payable and accrued expenses ( 4,674 ) Intangible lease liabilities ( 1,502 ) Deferred tax liabilities ( 495 ) Assumed mortgage and other indebtedness ( 31,514 ) Total liabilities assumed ( 38,185 ) Assets acquired net of liabilities assumed $ 35,382

Note 4 - Intangibles (Tables)

Note 4 - Intangibles (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule Of Intangible Assets And Liabilities [Abstract]
Summary of Carrying Amount of Intangible Assets and Liabilities	The following is a summary of the carrying amount of the Company’s intangible assets and liabilities as of December 31, 2022 and 2021. (in thousands) December 31, 2022 December 31, 2021 Assets: Above-market leases $ 5,150 $ 4,792 Above-market leases accumulated amortization ( 2,199 ) ( 1,210 ) In-place leases 36,078 30,643 In-place leases accumulated amortization ( 18,251 ) ( 10,368 ) Total net real estate intangible assets $ 20,778 $ 23,857 Liabilities Below-market leases 4,992 4,792 Below-market leases accumulated amortization ( 3,439 ) ( 2,063 ) Total net real estate intangible liabilities $ 1,553 $ 2,729
Summary of Expected Amortization of Real Estate Intangible Assets Liabilities	The following table represents expected amortization of existing real estate intangible assets and liabilities as of December 31, 2022. (in thousands) Amortization of Amortization of Amortization of Total amortization, net 2023 $ 6,980 $ 923 $ ( 708 ) $ 7,195 2024 3,636 703 ( 457 ) 3,882 2025 2,507 541 ( 200 ) 2,848 2026 1,751 313 ( 115 ) 1,949 2027 1,175 215 ( 58 ) 1,332 Thereafter 1,778 256 ( 15 ) 2,019 Total $ 17,827 $ 2,951 $ ( 1,553 ) $ 19,225

Note 5 - Other Assets (Tables)

Note 5 - Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets, Unclassified [Abstract]
Schedule of Other Assets, Net	Items included in other assets, net on the Company’s consolidated balance sheets as of December 31, 2022 and 2021 are detailed in the table below. (in thousands) December 31, 2022 December 31, 2021 Prepaid assets and deposits $ 1,722 $ 1,619 Leasing commission costs 805 89 Right-of-use assets, net 695 852 Straight-line rent receivable 2,343 1,398 Pre-acquisition costs 8 280 Other receivables, net of allowance of $ 0 and $ 75 101 82 Corporate property, net 64 68 Receivables from related parties 1,170 208 Derivative assets 3,426 3 Total $ 10,334 $ 4,599

Note 6 - Mortgage and Other I_2

Note 6 - Mortgage and Other Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt Balance	The table below details the Company’s debt balance as of December 31, 2022 and 2021: (dollars in thousands) Maturity Date Rate Type Interest Rate (1) December 31, 2022 December 31, 2021 Basis Term Loan (net of discount of $ 79 and $ 373 , respectively) January 1, 2024 Floating (2) 6.125 % $ 67,086 (3) $ 66,811 Basis Preferred Interest (net of discount of $ 0 and $ 75 , respectively) (4) January 1, 2023 (5) Fixed 14.00 % (6) — 8,560 MVB Term Loan June 27, 2023 (7) Fixed 6.75 % — 3,934 MVB Revolver June 27, 2023 (7) Floating (8) 7.75 % — 1,404 Hollinswood Shopping Center Loan December 1, 2024 LIBOR + 2.25% (9) 4.06 % 12,760 13,070 Avondale Shops Loan June 1, 2025 Fixed 4.00 % 2,985 3,097 Vista Shops at Golden Mile Loan (net of discount of $ 12 and $ 39 , respectively) (10) June 24, 2023 Fixed 3.83 % 11,478 11,661 Brookhill Azalea Shopping Center Loan January 31, 2025 LIBOR + 2.75% 7.14 % 8,762 9,034 Lamar Station Plaza East Loan (net of discount of $ 0 and $ 8 , respectively) October 17, 2022 (11) WSJ Prime (12) 6.14 % — 3,507 Lamar Station Plaza West Loan (net of discount of $ 95 and $ 0 , respectively) December 10, 2027 Fixed 5.67 % 18,317 — Lamont Street Preferred Interest (net of discount of $ 29 and $ 67 , respectively) (13) September 30, 2023 Fixed 13.50 % 4,241 4,498 Highlandtown Village Shopping Center Loan (net of discount of $ 14 and $ 46 , respectively) May 6, 2023 Fixed 4.13 % 5,241 5,364 Cromwell Field Shopping Center Loan (net of discount of $ 77 and $ 144 , respectively) December 22, 2027 (14) Fixed (15) 6.71 % 10,113 12,249 Cromwell Field Shopping Center Mezzanine Loan (net of discount of $ 0 and $ 18 , respectively) December 31, 2022 (14), (16) Fixed 10.00 % — 1,512 Midtown Row Loan (net of discount of $ 25 and $ 0 , respectively) December 1, 2027 Fixed 6.48 % 75,975 — Midtown Row Mezzanine Loan December 1, 2027 Fixed 12.00 % 17,895 (17) — Spotswood Valley Square Shopping Center Loan (net of discount of $ 31 and $ 94 , respectively) July 6, 2023 Fixed 4.82 % 11,849 12,100 The Shops at Greenwood Village (net of discount of $ 94 and $ 114 , respectively) October 10, 2028 Prime - 0.35% (18) 4.08 % 22,772 23,296 $ 269,474 $ 180,097 Unamortized deferred financing costs, net ( 1,858 ) ( 1,115 ) Total Mortgage and Other Indebtedness $ 267,616 $ 178,982 (1) At December 31, 2022, the floating rate loans tied to LIBOR were based on the one-month LIBOR rate of 4.39 %. (2) The interest rate for the Basis Term Loan is the greater of (i) SOFR (as defined below) plus 3.97 % per annum and (ii) 6.125 % per annum. On August 1, 2022, the interest rate cap that capped the prior-LIBOR rate was modified to cap the SOFR rate on this loan at 3.5 %. This interest rate cap matured on January 1, 2023. On November 23, 2022, the Company entered into an interest rate cap agreement, effective January 1, 2023, to cap the SOFR interest rate at 4.65 %. (3) The outstanding balance includes $ 0.3 million of exit fees as of December 31, 2022. (4) The outstanding balance included approximately $ 0.8 million of indebtedness as of December 31, 2021 related to the Minimum Multiple Amount (as defined below) owed to the Preferred Investor as described below under the heading “ —Basis Preferred Interest .” The Basis Preferred Interest was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. (5) If the Basis Term Loan was paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) would have matured at that time. (6) In June 2020, the Preferred Investor made additional capital contributions of approximately $ 2.9 million as described below under the heading “ —Basis Preferred Interest ” of which approximately $ 0.9 million was outstanding at December 31, 2021. The Preferred Investor was entitled to a cumulative annual return of 13.0 % on the additional contributions. (7) In March 2022, the Company entered into a six-month extension on the MVB Term Loan and the MVB Revolver (each as defined below) as described under the heading "— MVB Loans ." The Company repaid the MVB Term Loan and MVB Revolver on November 23, 2022 with proceeds from the Preferred Equity Investment. (8) The interest rate on the MVB Revolver was the greater of (i) prime rate plus 1.5 % and (ii) 6.75 %. (9) The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.06 %. (10) The Company completed the refinance of this loan in March 2021 as described below under the heading “ —Mortgage Indebtedness .” The prior loan matured on January 25, 2021 and carried an interest rate of LIBOR plus 2.5 % per annum. (11) In August 2022, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to October 17, 2022 , effective July 17, 2022, as described below under the heading " — Mortgage Indebtedness ". The Lamar Station Plaza East loan was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. (12) As a result of the loan modification the Company entered into in August 2022, the interest rate on the Lamar Station Plaza East loan was the Wall Street Journal Prime Rate, effective July 17, 2022. (13) The outstanding balances include approximately $ 0.3 million and $ 0.6 million of indebtedness as of December 31, 2022 and 2021, respectively, related to the Lamont Street Minimum Multiple Amount (as defined below) owed to Lamont Street as described below under the heading "—Lamont Street Preferred Interest." (14) On November 9, 2022, the Company entered into a modification to the Cromwell Field Shopping Center mortgage and mezzanine loans to extend the maturity dates to December 31, 2022. In December 2022, the Company refinanced the Cromwell Field Shopping Center mortgage. (15) Prior to the refinancing of the Cromwell Field Shopping Center mortgage loan in December 2022, the interest rate on the loan was LIBOR plus 5.40 % per annum with a minimum LIBOR rate of 0.50 %. (16) On December 2022, the Company repaid the Cromwell Field Shopping Center Mezzanine loan. (17) The outstanding balance reflects the fair value of the debt. (18) The Company entered into an interest rate swap which fixes the interest rate of this loan at 4.082 %.
Schedule of Minimum Debt Service Coverage	The Hollinswood mortgage, Vista Shops mortgage, Brookhill mortgage, Highlandtown mortgage, Cromwell mortgage, Spotswood mortgage, Greenwood Village mortgage, Lamar Station Plaza West mortgage and the Midtown Row mortgage require the Company to maintain a minimum debt service coverage ratio (as such terms are defined in the respective loan agreements) as follows in the table below. Minimum Debt Service Coverage Hollinswood Shopping Center 1.40 to 1.00 Vista Shops at Golden Mile 1.50 to 1.00 Brookhill Azalea Shopping Center 1.30 to 1.00 Highlandtown Village Shopping Center 1.25 to 1.00 Cromwell Field Shopping Center (1) 1.20 to 1.00 Lamar Station Plaza West (2) 1.30 to 1.00 Midtown Row (2) 1.15 to 1.00 Spotswood Valley Square Shopping Center 1.15 to 1.00 The Shops at Greenwood Village 1.40 to 1.00 (1) The debt service coverage ratio testing will commence December 31, 2023 with the following requirements: (i) 1.20 to 1.00 as of December 31, 2023; (ii) 1.55 to 1.00 as of December 31, 2024 and (iii) 1.35 to 1.00 as of December 31, 2025 and for the remaining term of the loan. (2) The Company was not required to perform the debt service coverage ratio at December 31, 2022.
Scheduled Principal Repayments and Maturities	The following table details the Company’s scheduled principal repayments and maturities during each of the next five years and thereafter as of December 31, 2022: Year ending December 31, (in thousands) 2023 $ 34,318 2024 81,129 2025 11,910 2026 2,063 2027 117,960 Thereafter 19,772 267,152 Unamortized debt discounts and deferred financing costs, net and FVO adjustment 464 Total $ 267,616

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments for Operating Leases	The Company’s future minimum lease payments for its operating leases as of December 31, 2022 were as follows: (in thousands) For the year ending: 2023 $ 418 2024 25 2025 25 2026 24 2027 22 Thereafter 1,114 Total undiscounted future minimum lease payments 1,628 Discount ( 890 ) Operating lease liabilities $ 738

Note 8 - Fortress Preferred E_2

Note 8 - Fortress Preferred Equity Investment (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Text Block [Abstract]
Summary of Preferred Equity Investment Activities	The following table summarizes the preferred equity investment activities for the year ended December 31, 2022. (thousands) Preferred Equity Investment Balance at December 31, 2021 $ — Investment in preferred equity 80,000 Financing costs ( 5,589 ) Discount on preferred equity ( 1,689 ) Bifurcation of embedded derivatives ( 417 ) Preferred equity return 1,392 Balance at December 31, 2022 $ 73,697

Note 9 - Equity (Tables)

Note 9 - Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Summary of Stock-Based Award Activity	The following table summarizes the stock-based award activity under the Plan for the years ended December 31, 2022 and 2021. Restricted Stock Awards Weighted-Average Grant Date Outstanding as of December 31, 2020 153,200 $ 0.55 Granted 148,657 2.72 Vested ( 56,451 ) 2.95 Forfeited ( 7,785 ) 2.95 Outstanding as of December 31, 2021 237,621 1.26 Granted 138,262 2.20 Vested ( 194,457 ) 1.00 Forfeited ( 21,987 ) 2.35 Outstanding as of December 31, 2022 159,439 $ 1.62
Summary of Option Awards	In connection with the completion of the Initial Mergers, the Company assumed option awards previously issued to directors and officers of MedAmerica. Details of these options for the years ended December 31, 2022 and 2021, are presented in the table below: Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Fair Value at Grant Date Weighted Average Remaining Contractual Life Intrinsic Value Balance at December 31, 2020 70,000 $ 7.71 $ — 2.76 $ — Options granted — — — — — Options exercised — — — — — Options expired — — — — — Balance at December 31, 2021 70,000 $ 7.71 $ — 1.76 $ — Options granted — — — — — Options exercised — — — — — Options expired ( 60,000 ) ( 8.00 ) — — — Balance at December 31, 2022 10,000 $ 6.00 $ — 0.45 $ —
Summary of Valuation Assumptions	The table below provides the input that was used in the Black-Scholes model at June 4, 2021: June 4, 2021 Expected dividend yield — Risk-free interest rate 0.7 % Expected volatility 38.6 % Expected Life 4.3 The table below provides the input that was used in the Black-Scholes model at November 22, 2022: November 22, 2022 Expected dividend yield — Risk-free interest rate 3.8 % Expected volatility 69.3 % Expected Life 10.0 The table below provides the input that was used in the Black-Scholes model at November 23, 2022: November 23, 2022 Expected dividend yield — Risk-free interest rate 3.9 % Expected volatility 87.7 % Expected Life 5.0

Note 10 - Revenues (Tables)

Note 10 - Revenues (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenues	The following tables represents a disaggregation of revenues from contracts with customers for the years ended December 31, 2022 and 2021 by type of service: Year Ended December 31, (in thousands) Topic 606 2022 2021 Topic 606 Revenues Leasing commissions Point in time $ 1,767 $ 2,406 Property and asset management fees Over time 299 591 Sales commissions Point in time 756 430 Development fees Over time — 264 Engineering services Over time 178 250 Topic 606 Revenue 3,000 3,941 Out of Scope of Topic 606 revenue Rental income 29,871 21,408 Sublease income 80 — Total Out of Scope of Topic 606 revenue 29,951 21,408 Total Revenue $ 32,951 $ 25,349
Summary of Minimum Cash Rental Payments Due in Future Periods Under Executed Non-cancelable Operating Leases	Minimum cash rental payments due to the Company in future periods under executed non-cancelable operating leases in place for the Company’s properties as of December 31, 2022 are as follows: (in thousands) For the year ending December 31: 2023 $ 28,227 2024 23,298 2025 20,994 2026 17,706 2027 14,887 Thereafter 49,674 Total $ 154,786

Note 11 - Concentrations of C_2

Note 11 - Concentrations of Credit Risks (Tables)	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Summary of Geographic Concentration of Properties	The following table contains information regarding the geographic concentration of the properties in the Company’s portfo lio as of December 31, 2022 and 2021. (dollars in thousands) Number of Properties at December 31, Gross Real Estate Assets at December 31, Percentage of Total Gross Real Estate Assets at December 31, Rental income for the year ended December 31, Location 2022 2021 2022 2021 2022 2021 2022 2021 Maryland (1) 6 6 $ 100,335 $ 101,608 24.5 % 39.4 % $ 12,896 $ 10,332 Virginia 6 5 210,641 82,909 51.4 % 32.1 % 8,614 6,418 Pennsylvania 1 1 27,201 27,628 6.6 % 10.7 % 2,325 2,457 Washington D.C. 1 1 8,422 8,393 2.0 % 3.3 % 706 608 Colorado 3 2 63,503 37,379 15.5 % 14.5 % 5,330 1,593 17 15 $ 410,102 $ 257,917 100.0 % 100.0 % $ 29,871 $ 21,408 (1) Rental income for the year ended December 31, 2021 includes less than $ 0.1 million of ground rental revenue under the ground lease for a parcel of land acquired in January 2020. The ground lease was terminated upon the completion of the Cromwell Field Shopping Center Merger on May 26, 2021.

Note 13 - Earnings per Share (T

Note 13 - Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Earnings Per Common Share	The following table sets forth the computation of earnings per common share for the years ended December 31, 2022 and 2021: For the Year Ended December 31, (in thousands, except per share data) 2022 2021 Numerator: Net loss $ ( 16,273 ) $ ( 10,744 ) Less: Preferred equity return on Fortress preferred equity ( 1,492 ) — Less: Preferred OP units return ( 48 ) — Plus: Net loss attributable to noncontrolling interest 2,522 1,236 Net loss attributable to common stockholders $ ( 15,291 ) $ ( 9,508 ) Denominator Basic weighted-average common shares 32,379 26,929 Dilutive potential common shares — — Diluted weighted-average common shares 32,379 26,929 Net loss per common share- basic and diluted $ ( 0.47 ) $ ( 0.35 )

Note 15 - Taxes (Tables)

Note 15 - Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit	The income tax benefit consisted of the following for the years ended December 31, 2022 and 2021: For the Year Ended December 31, (in thousands) 2022 2021 Current: Federal $ — $ — State — — Total current tax expense (benefit) — — Deferred: Federal $ ( 4,214 ) $ ( 2,471 ) State ( 1,643 ) ( 1,062 ) Total deferred tax benefit ( 5,857 ) ( 3,533 ) Total income tax benefit $ ( 5,857 ) $ ( 3,533 )
Schedule of Effective Income Tax Rate Reconciliation	The Company’s effective income tax rate for the years ended December 31, 2022 and 2021 reconciles with the federal statutory rate as follows: For the Year Ended December 31, 2022 2021 Federal statutory rate 21.0 % 21.0 % Loss attributable to partnership not subject to tax — ( 1.8 )% State income taxes, net of federal tax benefit 6.0 % 5.5 % Other ( 1.0 )% — Prior year adjustment 1.7 % 0.1 % Effective income tax rate on income before taxes 27.7 % 24.8 %
Schedule of Deferred Income Tax Liabilities	Deferred income tax liabilities are comprised of the following as of December 31, 2022 and 2021: For the Year Ended December 31, (in thousands) 2022 2021 Investment in the Operating Partnership $ ( 11,078 ) $ ( 12,349 ) NOL carryforwards 6,646 3,255 Equity compensation 461 130 Other 3 — Total deferred tax liabilities $ ( 3,968 ) $ ( 8,964 )

Note 1 - Organization and Nat_3

Note 1 - Organization and Nature of Business (Details Textual) $ in Thousands			12 Months Ended
	Dec. 27, 2019 Merger	May 28, 2019 Merger Entity	Dec. 31, 2022 USD ($) Property MortgageLoan shares	Dec. 31, 2021	Oct. 06, 2021 Merger	Jun. 04, 2021 Merger	May 26, 2021 Merger	May 21, 2021 Merger	Jul. 02, 2020 Merger	Dec. 31, 2019 USD ($) Merger
Real Estate Properties [Line Items]
Real estate investments | $			$ 410,102
Number of real estate properties | Property			17
Number of entities that own properties acquired | Entity		17
Mortgages with principal balances outstanding | $			$ 28,600
Maturity date description			the Basis Term Loan (as defined below), has an outstanding balance of $66.9 million and matures on January 1, 2024, subject to the remaining one-year extension option that is subject to certain conditions, including a material adverse change clause, and approval by the lender.
Maximum [Member]
Real Estate Properties [Line Items]
Short-term mortgages maturity period			5 years
Minimum [Member]
Real Estate Properties [Line Items]
Short-term mortgages maturity period			3 years
Basis Term Loan [Member]
Real Estate Properties [Line Items]
Maturity date description			The Basis Term Loan initial maturity was January 1, 2023, subject to two one-year extension options, subject to certain conditions.
Balance outstanding | $			$ 66,900
Basis Term Loan [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Balance outstanding | $										$ 66,900
Lamont Street [Member]
Real Estate Properties [Line Items]
Debt Instrument, Redemption, Description			The Lamont Street Preferred Interest (as defined below) has an outstanding balance of $4.2 million as of December 31, 2022 and must be redeemed on or before September 30, 2023
Outstanding preferred capital interest | $			$ 4,200
Description on optional extended redemption date			September 30, 2024 and September 30, 2025
Highlandtown Village Shopping Center [Member]
Real Estate Properties [Line Items]
Number of additional merger closed								1
Cromwell Field Shopping Center [Member]
Real Estate Properties [Line Items]
Number of additional merger closed							1
Spotswood Valley Square Shopping Center [Member]
Real Estate Properties [Line Items]
Number of additional merger closed						1
The Shops At Greenwood Village [Member]
Real Estate Properties [Line Items]
Number of additional merger closed					1
MedAmerica [Member]
Real Estate Properties [Line Items]
Number of merger agreements		19
Date of merger	Dec. 27, 2019
Number of merger completed	11
MedAmerica [Member] | Mergers [Member]
Real Estate Properties [Line Items]
Purchase price | $			$ 1,900
MedAmerica [Member] | Mergers [Member] | Common Stock [Member]
Real Estate Properties [Line Items]
Equity interest issued as consideration for the mergers | shares			28,744,641
MedAmerica [Member] | Mergers [Member] | OP units [Member]
Real Estate Properties [Line Items]
Equity interest issued as consideration for the mergers | shares			3,401,433
MedAmerica [Member] | Brookhill Azalea Shopping Center [Member]
Real Estate Properties [Line Items]
Number of additional merger										1
MedAmerica [Member] | Lamar Station Plaza East [Member]
Real Estate Properties [Line Items]
Number of merger closed									1
Broad Street Entities [Member] | MedAmerica [Member]
Real Estate Properties [Line Items]
Number of merger completed	9
Operating Partnership [Member]
Real Estate Properties [Line Items]
Operating partnership percentage			85.30%	91.90%
Mortgage Loans Due Within Twelve Months [Member] | Mortgage Loan [Member]
Real Estate Properties [Line Items]
Number of mortgage loan | MortgageLoan			(3)
Number of mortgaged properties | Property			3

Note 1 - Organization and Nat_4

Note 1 - Organization and Nature of Business - Schedule of Real Estate Property (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	$ 410,102
Avondale Shops [Member] | Washington, D.C. [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	8,422
Brookhill Azalea Shopping Center [Member] | Richmond, VA [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	17,374
Cromwell Field Shopping Center [Member] | Glen Burnie, MD [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	18,229
Coral Hills Shopping Center [Member] | Capitol Heights, MD [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	16,502
Crestview Square Shopping Center [Member] | Landover Hills, MD [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	18,653
Dekalb Plaza [Member] | East Norriton, PA [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	27,200
The Shops At Greenwood Village [Member] | Greenwood Village, CO [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	32,011
Highlandtown Village Shopping Center [Member] | Baltimore, MD [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	7,349
Hollinswood Shopping Center [Member] | Baltimore, MD [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	24,910
Lamar Station Plaza East [Member] | Lakewood, CO [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	8,658
Lamar Station Plaza West [Member] | Lakewood, CO [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	22,834
Midtown Colonial [Member] | Williamsburg, VA [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	17,705
Midtown Lamonticello [Member] | Williamsburg, VA [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	16,043
Midtown Row [Member] | Williamsburg, VA [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	125,383
Spotswood Valley Square Shopping Center | Harrisonburg, VA [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	14,400
Vista Shops at Golden Mile [Member] | Fredrick, MD [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	14,693
West Broad Commons Shopping Center [Member] | Richmond, VA [Member]
Real Estate Properties [Line Items]
Total Gross Real Estate Assets	$ 19,736

Note 2 - Accounting Policies _3

Note 2 - Accounting Policies and Related Matters (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Contract assets	$ 0	$ 0
Contract liabilities	1,252,000	860,000
Accounts receivable	1,874,000	1,812,000
Allowance for accounts receivables	$ 165,000	$ 75,000
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Component of derivative fair value adjustment	Component of derivative fair value adjustment
Component of derivative fair value adjustment	$ 2,638,000	$ 353,000
Properties reclassified as held for sale	0	0
Leasing commission costs	5,000
Impairment charges	0	0
Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable	2,100,000	900,000
Allowance for accounts receivables	0	100,000
Deferred Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Contract liabilities	200,000	200,000
Intangible Lease Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Above -market lease gross value	5,200,000	4,800,000
In-place lease gross value	36,100,000	30,600,000
Unamortized Intangible Lease Liabilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Below -market lease liabilities gross value	5,000,000	4,800,000
Rental Income [Member]
Summary Of Significant Accounting Policies [Line Items]
Variable lease payments	$ 6,900,000	$ 4,900,000

Note 2 - Accounting Policies _4

Note 2 - Accounting Policies and Related Matters - Schedule of Depreciation and Amortization of Real Estate Assets and Liabilities (Details)	12 Months Ended
	Dec. 31, 2022
Building [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	12 years 6 months
Building [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	49 years
Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	5 years
Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	15 years
Lease Intangibles and Tenant Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	1 month
Lease Intangibles and Tenant Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	19 years
Furniture and Fixtures [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	7 years

Note 3 - Real Estate - (Details

Note 3 - Real Estate - (Details Textual) - USD ($) $ in Thousands								1 Months Ended	12 Months Ended
	Nov. 23, 2022	Sep. 29, 2022	Feb. 08, 2022	Oct. 06, 2021	Jun. 04, 2021	May 26, 2021	May 21, 2021	Oct. 31, 2022	Dec. 31, 2022
2022 Real Estate Acquisitions [Member] | Initial Colfax Agreement [Member]
Business Acquisition [Line Items]
Purchase price			$ 2,500
Amount of security deposit will be forfeited									$ 300
Real estate expense									$ 300
2022 Real Estate Acquisitions [Member] | Second Colfax Agreement [Member]
Business Acquisition [Line Items]
Transaction costs capitalized for asset acquisitions	$ 100
Purchase price		$ 2,300
Amount Of security deposit								$ 100
Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized for asset acquisitions	1,400
Repayment	28,400
Purchase price	118,700
Midtown Row [Member] | 2022 Real Estate Acquisitions [Member] | Midtown Row Mezzanine Loan [Member]
Business Acquisition [Line Items]
Indebtedness/mortgage secured by the property	15,000
Midtown Row [Member] | 2022 Real Estate Acquisitions [Member] | Mortgage Loan [Member]
Business Acquisition [Line Items]
Indebtedness/mortgage secured by the property	$ 76,000
Midtown Row [Member] | 2022 Real Estate Acquisitions [Member] | Common Class A [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers	448,180
Midtown Row [Member] | 2022 Real Estate Acquisitions [Member] | Preferred Op Units [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers	1,842,917
Lamar Station Plaza West [Member] | 2022 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized for asset acquisitions	$ 300
Indebtedness/mortgage secured by the property	15,500
Repayment Of Consideration	$ 7,800
Lamar Station Plaza West [Member] | Common Op Units [Member] | 2022 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers	573,529
Lamar Station Plaza West [Member] | Warrant [Member] | 2022 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers	500,000
Highlandtown Village Shopping Center [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized for asset acquisitions							$ 200
Indebtedness/mortgage secured by the property							$ 5,500
Highlandtown Village Shopping Center [Member] | Common Stock [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers							1,749,008
Cromwell Field Shopping Center [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized for asset acquisitions						$ 400
Indebtedness/mortgage secured by the property						$ 13,650
Cromwell Field Shopping Center [Member] | Common Stock [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers						2,092,657
Cash paid to prior investors						$ 500
Spotswood Valley Square Shopping Center [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized for asset acquisitions					$ 300
Indebtedness/mortgage secured by the property					12,400
Cash paid to prior investors					$ 400
Spotswood Valley Square Shopping Center [Member] | Common Stock [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers					2,489,497
Greenwood Village [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized for asset acquisitions				$ 400
Indebtedness/mortgage secured by the property				23,500
Cash paid to prior investors				100
Asset acquisition repayment or redemption				$ 20,200
Greenwood Village [Member] | Common Stock [Member] | 2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Equity interest issued as consideration for the mergers				2,752,568

Note 3 - Real Estate - Addition

Note 3 - Real Estate - Additional Information Regarding Total Consideration for Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
2022 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Cash paid to prior owners using Preferred Equity Investment	$ 28,426
Cash paid to prior owners	450
Prior owner debt and preferred equity paid off at closing	7,759
Cash paid to prior owners using net proceeds from mortgage and mezzanine debt	89,750
Transaction costs	1,750
Cash acquired in acquisition	(943)
Total Cost of Acquisition	132,610
2022 Real Estate Acquisitions [Member] | Common OP Units [Member]
Business Acquisition [Line Items]
Fair value of common shares issued	807
2022 Real Estate Acquisitions [Member] | Preferred OP Units [Member]
Business Acquisition [Line Items]
Fair value of common shares issued	4,220
2022 Real Estate Acquisitions [Member] | Warrants issued Member
Business Acquisition [Line Items]
Fair value of common shares issued	$ 391
2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Cash paid to prior owners		$ 961
Fair value of common shares issued		14,892
Prior owner debt and preferred equity paid off at closing		20,649
Settlement of notes payable owed to properties		(700)
Transaction costs		1,323
Cash acquired in acquisition		(1,743)
Total Cost of Acquisition		$ 35,382

Note 3 - Real Estate - Relative

Note 3 - Real Estate - Relative Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
2022 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Land	$ 16,734
Building	116,908
Building and site improvements	6,459
Intangible lease assets	5,939
Furniture and equipment	1,681
Total real estate assets acquired	147,721
Other assets	3,645
Total assets acquired	151,366
Accounts payable and accrued expenses	(3,077)
Intangible lease liabilities	(213)
Assumed mortgage indebtedness	(15,466)
Total liabilities assumed	(18,756)
Assets acquired net of liabilities assumed	$ 132,610
2021 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Land		$ 10,884
Building		33,889
Building and site improvements		10,001
Intangible lease assets		14,816
Total real estate assets acquired		69,590
Other assets		3,977
Total assets acquired		73,567
Accounts payable and accrued expenses		(4,674)
Intangible lease liabilities		(1,502)
Deferred tax liabilities		(495)
Assumed mortgage and other indebtedness		(31,514)
Total liabilities assumed		(38,185)
Assets acquired net of liabilities assumed		$ 35,382

Note 4 - Intangibles - Summary

Note 4 - Intangibles - Summary of Carrying Amount of Intangible Assets and Liabilities (Details) - Real Estate [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Above-market leases	$ 5,150	$ 4,792
In-place leases	36,078	30,643
Total net real estate intangible assets	20,778	23,857
Liabilities
Below-market leases	4,992	4,792
Below-market leases accumulated amortization	(3,439)	(2,063)
Total net real estate intangible liabilities	1,553	2,729
Above-Market Leases [Member]
Assets:
Accumulated amortization	(2,199)	(1,210)
Total net real estate intangible assets	2,951
In-Place Leases [Member]
Assets:
Accumulated amortization	(18,251)	$ (10,368)
Total net real estate intangible assets	$ 17,827

Note 4 - Intangibles (Details T

Note 4 - Intangibles (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Intangible Assets And Liabilities [Line Items]
Net amortization related to above market leases and below market leases	$ (0.4)	$ (0.4)
Weighted average remaining amortization period of below-market lease intangibles	1 year 8 months 12 days
Above-Market Leases [Member]
Schedule Of Intangible Assets And Liabilities [Line Items]
Weighted average remaining amortization period of above-market lease intangibles	3 years 9 months 18 days
In-Place Leases [Member]
Schedule Of Intangible Assets And Liabilities [Line Items]
Net amortization related to intangibles	$ 7.9	$ 5.5
Weighted average remaining amortization period of in-place lease intangibles	3 years 1 month 6 days

Note 4 - Intangibles - Summar_2

Note 4 - Intangibles - Summary of Expected Amortization of Real Estate Intangible Assets Liabilities (Details) - Real Estate [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Real Estate Intangible Assets Liabilities Amortization [Line Items]
Total net real estate intangible assets	$ 20,778	$ 23,857
Amortization of below-market leases, 2023	(708)
Amortization of below-market leases, 2024	(457)
Amortization of below-market leases, 2025	(200)
Amortization of below-market leases, 2026	(115)
Amortization of below-market leases, 2027	(58)
Amortization of below-market leases, Thereafter	(15)
Amortization of below-market leases, Total	(1,553)
Total amortization, net, 2023	7,195
Total amortization, net, 2024	3,882
Total amortization, net, 2025	2,848
Total amortization, net, 2026	1,949
Total amortization, net, 2027	1,332
Total amortization, net, Thereafter	2,019
Total amortization, net	19,225
In-Place Leases [Member]
Schedule Of Real Estate Intangible Assets Liabilities Amortization [Line Items]
2023	6,980
2024	3,636
2025	2,507
2026	1,751
2027	1,175
Thereafter	1,778
Total net real estate intangible assets	17,827
Above-Market Leases [Member]
Schedule Of Real Estate Intangible Assets Liabilities Amortization [Line Items]
2023	923
2024	703
2025	541
2026	313
2027	215
Thereafter	256
Total net real estate intangible assets	$ 2,951

Note 5 - Other Assets - Schedul

Note 5 - Other Assets - Schedule of Other Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Assets, Unclassified [Abstract]
Prepaid assets and deposits	$ 1,722	$ 1,619
Leasing commission costs	805	89
Right-of-use assets, net	$ 695	$ 852
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total
Straight-line rent receivable	$ 2,343	$ 1,398
Pre-acquisition costs	8	280
Other receivables, net of allowance of $0 and $75	101	82
Furniture and equipment	64	68
Receivables from related parties	$ 1,170	$ 208
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Derivative assets	$ 3,426	$ 3
Total	$ 10,334	$ 4,599

Note 5 - Other Assets - Sched_2

Note 5 - Other Assets - Schedule of Other Assets, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Assets, Unclassified [Abstract]
Other receivables, net of allowance	$ 0	$ 75

Note 6 - Mortgage and Other I_3

Note 6 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Oct. 17, 2022	Dec. 31, 2022		Dec. 22, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Balance outstanding			$ 269,474			$ 180,097
Unamortized deferred financing costs			(1,858)			(1,115)
Total Mortgage and Other Indebtedness			$ 267,616			178,982
Basis Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Jan. 01, 2024
Rate Type	[1]		Floating (2)
Interest Rate			6.125%
Balance outstanding			$ 67,086	[2]		66,811
Basis Preferred Interest [Member]
Debt Instrument [Line Items]
Maturity Date	[3],[4]		Jan. 01, 2023
Rate Type	[4]		Fixed
Interest Rate	[4],[5]		14%
Balance outstanding	[4]		$ 0			8,560
MVB Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date	[6]		Jun. 27, 2023
Rate Type			Fixed
Interest Rate			6.75%
Balance outstanding			$ 0			3,934
Hollinswood Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 01, 2024
Rate Type	[7]		LIBOR + 2.25%
Interest Rate			4.06%
Balance outstanding			$ 12,760			13,070
Avondale Shops Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Jun. 01, 2025
Rate Type			Fixed
Interest Rate			4%
Balance outstanding			$ 2,985			3,097
Vista Shops at Golden Mile Loan [Member]
Debt Instrument [Line Items]
Maturity Date	[8]		Jun. 24, 2023
Rate Type	[8]		Fixed
Interest Rate			3.83%	[8]			3.83%
Balance outstanding	[8]		$ 11,478			11,661
Total Mortgage and Other Indebtedness			$ 11,500				$ 11,700
Brookhill Azalea Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Jan. 31, 2025
Rate Type			LIBOR + 2.75%
Interest Rate			7.14%
Balance outstanding			$ 8,762			9,034
Lamar Station Plaza East Loan [Member]
Debt Instrument [Line Items]
Maturity Date		Oct. 17, 2022	Oct. 17, 2022	[9]
Rate Type	[10]		WSJ Prime
Interest Rate			6.14%
Balance outstanding			$ 0			3,507
Lamar Station Plaza West Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 10, 2027
Rate Type			Fixed
Interest Rate			5.67%
Balance outstanding			$ 18,317			0
Lamont Street Preferred Interest Loan [Member]
Debt Instrument [Line Items]
Maturity Date	[11]		Sep. 30, 2023
Rate Type	[11]		Fixed
Interest Rate	[11]		13.50%
Balance outstanding	[11]		$ 4,241			4,498
Highlandtown Village Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			May 06, 2023
Rate Type			Fixed
Interest Rate			4.13%
Balance outstanding			$ 5,241			5,364
Cromwell Field Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date	[12]		Dec. 22, 2027
Rate Type	[13]		Fixed
Interest Rate			6.71%		6.71%
Balance outstanding			$ 10,113			12,249
Total Mortgage and Other Indebtedness					$ 15,000
Cromwell Field Shopping Center Mezzanine Loan [Member]
Debt Instrument [Line Items]
Maturity Date	[12],[14]		Dec. 31, 2022
Rate Type			Fixed
Interest Rate			10%
Balance outstanding			$ 0			1,512
Midtown Row Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 01, 2027
Rate Type			Fixed
Interest Rate			6.48%
Balance outstanding			$ 75,975			0
Midtown Row Mezzanine Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 01, 2027
Rate Type			Fixed
Interest Rate			12%
Balance outstanding			$ 17,895	[15]		0
Spotswood Valley Square Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Jul. 06, 2023
Rate Type			Fixed
Interest Rate			4.82%
Balance outstanding			$ 11,849			12,100
The Shops at Greenwood Village [Member]
Debt Instrument [Line Items]
Maturity Date			Oct. 10, 2028
Rate Type	[16]		Prime - 0.35%
Interest Rate			4.08%
Balance outstanding			$ 22,772			23,296
MVB Revolver [Member]
Debt Instrument [Line Items]
Maturity Date	[6]		Jun. 27, 2023
Rate Type	[17]		Floating
Interest Rate			7.75%
Balance outstanding			$ 0			$ 1,404
[1] The interest rate for the Basis Term Loan is the greater of (i) SOFR (as defined below) plus 3.97 % per annum and (ii) 6.125 % per annum. On August 1, 2022, the interest rate cap that capped the prior-LIBOR rate was modified to cap the SOFR rate on this loan at 3.5 %. This interest rate cap matured on January 1, 2023. On November 23, 2022, the Company entered into an interest rate cap agreement, effective January 1, 2023, to cap the SOFR interest rate at 4.65 %. The outstanding balance includes $ 0.3 million of exit fees as of December 31, 2022. If the Basis Term Loan was paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) would have matured at that time. The outstanding balance included approximately $ 0.8 million of indebtedness as of December 31, 2021 related to the Minimum Multiple Amount (as defined below) owed to the Preferred Investor as described below under the heading “ —Basis Preferred Interest .” The Basis Preferred Interest was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. In June 2020, the Preferred Investor made additional capital contributions of approximately $ 2.9 million as described below under the heading “ —Basis Preferred Interest ” of which approximately $ 0.9 million was outstanding at December 31, 2021. The Preferred Investor was entitled to a cumulative annual return of 13.0 % on the additional contributions. In March 2022, the Company entered into a six-month extension on the MVB Term Loan and the MVB Revolver (each as defined below) as described under the heading "— MVB Loans ." The Company repaid the MVB Term Loan and MVB Revolver on November 23, 2022 with proceeds from the Preferred Equity Investment. The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.06 %. The Company completed the refinance of this loan in March 2021 as described below under the heading “ —Mortgage Indebtedness .” The prior loan matured on January 25, 2021 and carried an interest rate of LIBOR plus 2.5 % per annum. In August 2022, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to October 17, 2022 , effective July 17, 2022, as described below under the heading " — Mortgage Indebtedness ". The Lamar Station Plaza East loan was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. As a result of the loan modification the Company entered into in August 2022, the interest rate on the Lamar Station Plaza East loan was the Wall Street Journal Prime Rate, effective July 17, 2022. The outstanding balances include approximately $ 0.3 million and $ 0.6 million of indebtedness as of December 31, 2022 and 2021, respectively, related to the Lamont Street Minimum Multiple Amount (as defined below) owed to Lamont Street as described below under the heading "—Lamont Street Preferred Interest." On November 9, 2022, the Company entered into a modification to the Cromwell Field Shopping Center mortgage and mezzanine loans to extend the maturity dates to December 31, 2022. In December 2022, the Company refinanced the Cromwell Field Shopping Center mortgage. Prior to the refinancing of the Cromwell Field Shopping Center mortgage loan in December 2022, the interest rate on the loan was LIBOR plus 5.40 % per annum with a minimum LIBOR rate of 0.50 %. On December 2022, the Company repaid the Cromwell Field Shopping Center Mezzanine loan. The outstanding balance reflects the fair value of the debt. The Company entered into an interest rate swap which fixes the interest rate of this loan at 4.082 %. The interest rate on the MVB Revolver was the greater of (i) prime rate plus 1.5 % and (ii) 6.75 %.

Note 6 - Mortgage and Other I_4

Note 6 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Parenthetical) (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 23, 2022

Jun. 16, 2020

Dec. 27, 2019

Jun. 30, 2020

Dec. 31, 2019

Oct. 17, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 22, 2022

Aug. 01, 2022

Oct. 06, 2021

Mar. 31, 2021

Debt Instrument [Line Items]

Debt instrument net of discount

$ 400

$ 1,000

Exit fees outstanding

300

Balance outstanding

269,474

180,097

Balance outstanding

$ 267,152

MVB Revolver [Member]

Debt Instrument [Line Items]

Interest Rate

7.75%

Maturity date

[1]

Jun. 27, 2023

Balance outstanding

$ 0

1,404

MVB Revolver [Member] | Minimum [Member]

Debt Instrument [Line Items]

Interest Rate

6.75%

Sub-OP [Member]

Debt Instrument [Line Items]

Preferred investor, additional capital contribution

$ 2,900

$ 2,900

Preferred Units Contributed Capital Outstanding

900

LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

4.39%

Prime Rate [Member] | MVB Revolver [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

1.50%

Interest Rate Swap [Member] | Hollinswood Loan [Member]

Debt Instrument [Line Items]

Interest Rate

4.06%

Mortgage Loan [Member] | Prime Rate [Member]

Debt Instrument [Line Items]

Interest Rate

0.35%

Mortgage Loan [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Interest Rate

4.082%

Basis Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 79

373

Interest Rate

6.125%

Maturity date

Jan. 01, 2024

Balance outstanding

$ 67,086

[2]

$ 66,811

Balance outstanding

$ 66,900

Basis Term Loan [Member] | Sub-OP [Member]

Debt Instrument [Line Items]

Preferred investor, additional capital contribution

2,400

Basis Term Loan [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

Basis Term Loan [Member] | Interest Rate Cap [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

6.125%

6.125%

6.125%

Basis Term Loan [Member] | Interest Rate Cap [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Interest rate of loan

3.50%

Basis Term Loan [Member] | Interest Rate Cap [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

4.65%

3.97%

Debt instrument variable rate

4.65%

3.50%

Interest rate of loan

4.65%

Basis Preferred Interest [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 0

$ 75

Interest Rate

[3],[4]

14%

Maturity date

[4],[5]

Jan. 01, 2023

Balance outstanding

[4]

$ 0

8,560

Basis Preferred Interest [Member] | Sub-OP [Member]

Debt Instrument [Line Items]

Balance outstanding

800

Vista Shops at Golden Mile Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 12

39

Interest Rate

3.83%

[6]

3.83%

Maturity date

[6]

Jun. 24, 2023

Balance outstanding

[6]

$ 11,478

11,661

Vista Shops at Golden Mile Loan [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

2.50%

Vista Shops at Golden Mile Loan [Member] | Mortgage Loan [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 25, 2021

Lamar Station Plaza East Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 0

8

Interest Rate

6.14%

Maturity date

Oct. 17, 2022

Oct. 17, 2022

[7]

Balance outstanding

$ 0

3,507

Lamar Station Plaza East Loan [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

Lamar Station Plaza West Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 95

0

Interest Rate

5.67%

Maturity date

Dec. 10, 2027

Balance outstanding

$ 18,317

0

Lamont Street Preferred Interest [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 29

67

Interest Rate

[8]

13.50%

Maturity date

[8]

Sep. 30, 2023

Balance outstanding

[8]

$ 4,241

4,498

Highlandtown Village Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 14

46

Interest Rate

4.13%

Maturity date

May 06, 2023

Balance outstanding

$ 5,241

5,364

Cromwell Field Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 77

144

Interest Rate

6.71%

6.71%

Maturity date

[9]

Dec. 22, 2027

Balance outstanding

$ 10,113

12,249

Cromwell Field Shopping Center Loan [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

5.40%

Cromwell Field Shopping Center Loan [Member] | LIBOR [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

0.50%

Cromwell Field Shopping Center Mezzanine Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 0

18

Interest Rate

10%

Maturity date

[9],[10]

Dec. 31, 2022

Balance outstanding

$ 0

1,512

Midtown Row Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 25

0

Interest Rate

6.48%

Maturity date

Dec. 01, 2027

Balance outstanding

$ 75,975

0

Midtown Row Mezzanine Loan [Member]

Debt Instrument [Line Items]

Interest Rate

12%

Maturity date

Dec. 01, 2027

Balance outstanding

$ 17,895

[11]

0

Spotswood Valley Square Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 31

94

Interest Rate

4.82%

Maturity date

Jul. 06, 2023

Balance outstanding

$ 11,849

12,100

The Shops at Greenwood Village [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 94

114

Interest Rate

4.08%

Maturity date

Oct. 10, 2028

Balance outstanding

$ 22,772

23,296

Basis Preferred Interest Minimum Multiple Amount [Member]

Debt Instrument [Line Items]

Balance outstanding

800

Other Capital Contribution [Member] | Sub-OP [Member]

Debt Instrument [Line Items]

Preferred investor, additional capital contribution

$ 500

Preferred units, cumulative annual return

13%

13%

Lamont Street Minimum Multiple Amount [Member]

Debt Instrument [Line Items]

Balance outstanding

$ 300

$ 600

Greenwood Village [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Interest rate of loan

4.082%

[1] In March 2022, the Company entered into a six-month extension on the MVB Term Loan and the MVB Revolver (each as defined below) as described under the heading "— MVB Loans ." The Company repaid the MVB Term Loan and MVB Revolver on November 23, 2022 with proceeds from the Preferred Equity Investment. The outstanding balance includes $ 0.3 million of exit fees as of December 31, 2022. In June 2020, the Preferred Investor made additional capital contributions of approximately $ 2.9 million as described below under the heading “ —Basis Preferred Interest ” of which approximately $ 0.9 million was outstanding at December 31, 2021. The Preferred Investor was entitled to a cumulative annual return of 13.0 % on the additional contributions. The outstanding balance included approximately $ 0.8 million of indebtedness as of December 31, 2021 related to the Minimum Multiple Amount (as defined below) owed to the Preferred Investor as described below under the heading “ —Basis Preferred Interest .” The Basis Preferred Interest was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. If the Basis Term Loan was paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) would have matured at that time. The Company completed the refinance of this loan in March 2021 as described below under the heading “ —Mortgage Indebtedness .” The prior loan matured on January 25, 2021 and carried an interest rate of LIBOR plus 2.5 % per annum. In August 2022, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to October 17, 2022 , effective July 17, 2022, as described below under the heading " — Mortgage Indebtedness ". The Lamar Station Plaza East loan was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. The outstanding balances include approximately $ 0.3 million and $ 0.6 million of indebtedness as of December 31, 2022 and 2021, respectively, related to the Lamont Street Minimum Multiple Amount (as defined below) owed to Lamont Street as described below under the heading "—Lamont Street Preferred Interest." On November 9, 2022, the Company entered into a modification to the Cromwell Field Shopping Center mortgage and mezzanine loans to extend the maturity dates to December 31, 2022. In December 2022, the Company refinanced the Cromwell Field Shopping Center mortgage. On December 2022, the Company repaid the Cromwell Field Shopping Center Mezzanine loan. The outstanding balance reflects the fair value of the debt.

Note 6 - Mortgage and Other I_5

Note 6 - Mortgage and Other Indebtedness (Details Textual)

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 22, 2022 USD ($)

Dec. 09, 2022 USD ($)

Nov. 23, 2022 USD ($)

Mar. 22, 2022 USD ($)

Jun. 04, 2021 USD ($)

May 21, 2021 USD ($)

Jun. 16, 2020 USD ($) Capital

Dec. 27, 2019 USD ($) Derivative

Nov. 30, 2022 USD ($)

Jul. 31, 2021

Mar. 31, 2021 USD ($)

Jun. 30, 2020 USD ($)

Dec. 31, 2019 USD ($) Subsidiary

Oct. 17, 2022

Jun. 30, 2021 USD ($)

Dec. 31, 2022 USD ($) $ / shares

Dec. 31, 2021 USD ($)

Nov. 22, 2022 USD ($)

Aug. 01, 2022

Mar. 31, 2022

Oct. 06, 2021 USD ($)

Oct. 01, 2021 USD ($)

Sep. 30, 2021

Mar. 18, 2021 USD ($)

Apr. 20, 2020 USD ($)

Debt Instrument [Line Items]

Long-term debt outstanding

$ 267,152,000

Maturity date description

the Basis Term Loan (as defined below), has an outstanding balance of $66.9 million and matures on January 1, 2024, subject to the remaining one-year extension option that is subject to certain conditions, including a material adverse change clause, and approval by the lender.

Interest expense

$ 12,710,000

$ 9,961,000

Debt principal amount

267,616,000

178,982,000

Deferred financing costs, gross

3,200,000

2,100,000

Deferred financing costs, net

1,900,000

1,100,000

Debt discounts, gross

2,100,000

2,100,000

Debt instrument net of discount

400,000

1,000,000

Deferred financing costs, amortization expense

1,500,000

1,300,000

Income (expenses) related to fair value adjustments on derivatives

3,400,000

400,000

Net loss on fair value change on debt held under the fair value option

(3,151,000)

0

Change in fair value due to credit risk on debt held under the fair value option

$ 56,000

0

MVB Revolver [Member]

Debt Instrument [Line Items]

Maturity date

[1]

Jun. 27, 2023

Interest Rate

7.75%

MVB and Second MVB Term Loan [Member] | MVB Revolver [Member]

Debt Instrument [Line Items]

Repayment of Long Term Debt

$ 6,800,000

Mortgage Loan [Member]

Debt Instrument [Line Items]

Mortgage loan maturity period

2028-10

Debt principal amount

$ 76,000,000

Mortgage loan secured by the property

$ 23,500,000

Mortgage Loan [Member] | Midtown Row [Member]

Debt Instrument [Line Items]

Interest Rate

6.48%

Mortgage loan maturity period

2027-12

Mezzanine Loan [Member]

Debt Instrument [Line Items]

Fair value of loans

$ 17,895,000

0

Fortress Mezzanine Loan [Member]

Debt Instrument [Line Items]

Interest Rate

12%

Interest expense

$ 200,000

Capitalized interest

$ 100,000

Long term debt maturity date

Dec. 01, 2027

Debt principal amount

$ 15,000,000

Debt Instrument, common stock conversion price | $ / shares

$ 2

Fair value of loans

$ 17,900,000

$ 14,700,000

Net loss on fair value change on debt held under the fair value option

3,100,000

Change in fair value due to credit risk on debt held under the fair value option

100,000

Mortgages [Member]

Debt Instrument [Line Items]

Outstanding mortgage indebtedness

$ 180,300,000

94,900,000

Sub-OP [Member]

Debt Instrument [Line Items]

Number of additional capital contribution from preferred investor | Capital

2

Preferred investor, additional capital contribution

$ 2,900,000

$ 2,900,000

Proceeds from refinance to repayment

(750,000)

Preferred Units Available Contributed Capital

300,000

$ 1,000,000

LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

4.39%

Prime Rate [Member] | MVB Revolver [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

1.50%

Prime Rate [Member] | Mortgage Loan [Member]

Debt Instrument [Line Items]

Interest Rate

0.35%

Current Interest Rate [Member] | Fortress Mezzanine Loan [Member]

Debt Instrument [Line Items]

Interest Rate

5%

Capitalized Interest Rate [Member] | Fortress Mezzanine Loan [Member]

Debt Instrument [Line Items]

Interest Rate

7%

Debt Instrument, interest rate increase each year

1%

Interest Rate Cap [Member]

Debt Instrument [Line Items]

Fair value of interest rate cap assets

$ 3,400,000

Interest Rate Cap [Member] | Other Assets, Net [Member]

Debt Instrument [Line Items]

Fair value of interest rate cap assets

200,000

Interest Rate Swap [Member]

Debt Instrument [Line Items]

Fair value of interest rate swap liability

400,000

Interest Rate Swap [Member] | Other Assets, Net [Member]

Debt Instrument [Line Items]

Fair value of interest rate cap assets

$ 3,200,000

Fair value of interest rate swap liability

400,000

Interest Rate Swap [Member] | Mortgage Loan [Member]

Debt Instrument [Line Items]

Interest Rate

4.082%

Maximum [Member] | Interest Rate Cap [Member] | Other Assets, Net [Member]

Debt Instrument [Line Items]

Fair value of interest rate cap assets

100,000

Minimum [Member] | MVB Revolver [Member]

Debt Instrument [Line Items]

Interest Rate

6.75%

Basis Term Loan [Member]

Debt Instrument [Line Items]

Number of subsidiaries as borrowers entered in loan agreement | Subsidiary

6

Balance outstanding

$ 66,900,000

Long-term debt outstanding

$ 66,900,000

Maturity date

Jan. 01, 2024

Maturity date description

The Basis Term Loan initial maturity was January 1, 2023, subject to two one-year extension options, subject to certain conditions.

Interest Rate

6.125%

Interest Rate

6.125%

Debt instrument net of discount

$ 79,000

$ 373,000

Basis Term Loan [Member] | Sub-OP [Member]

Debt Instrument [Line Items]

Preferred investor, additional capital contribution

2,400,000

Basis Term Loan [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

Basis Term Loan [Member] | Interest Rate Cap [Member]

Debt Instrument [Line Items]

Balance outstanding

$ 66,900,000

Debt instrument variable rate

6.125%

6.125%

6.125%

Basis Term Loan [Member] | Interest Rate Cap [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Derivative variable rate

3.50%

Debt instrument, effective interest rate

3.50%

Basis Term Loan [Member] | Interest Rate Cap [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

4.65%

3.97%

Interest Rate

3.50%

Derivative variable rate

3.50%

Debt instrument, effective interest rate

4.65%

Basis Term Loan [Member] | Maximum [Member]

Debt Instrument [Line Items]

Balance outstanding

$ 66,900,000

Basis Preferred Interest [Member]

Debt Instrument [Line Items]

Maturity date

[2],[3]

Jan. 01, 2023

Interest Rate

[3],[4]

14%

Repayment of Long Term Debt

$ 8,500,000

Debt instrument net of discount

$ 0

$ 75,000

Basis Preferred Interest [Member] | Sub-OP [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

800,000

Preferred investor investment commitment amount

10,700,000

Preferred investor, capital contribution

$ 6,900,000

Annual return percentage on initial capital contribution

14%

Interest percentage on excess of commitment amount

20%

Description on extended redemption date

December 31, 2023 and December 31, 2024

Payment fee percentage, first extension option

0.25%

Payment fee percentage, second extension option

0.50%

Preferred Investor payments, description

Additionally, at the Redemption Date, the Preferred Investor was entitled to an amount equal to (a) the product of (i) the aggregate amount of capital contributions made and (ii) 0.4, less (b) the aggregate amount of Class A Return payments made to the Preferred Investor (the “Minimum Multiple Amount”). As of December 31, 2021, the Minimum Multiple Amount was approximately $0.8 million, which is included as indebtedness on the consolidated balance sheets.

Basis Preferred Interest [Member] | Sub-OP [Member] | Class A Units [Member]

Debt Instrument [Line Items]

Interest percentage in exchange of capital contribution

1%

Basis Preferred Interest [Member] | Maximum [Member]

Debt Instrument [Line Items]

Preferred investor investment commitment amount

$ 10,700,000

Basis Preferred Interest Minimum Multiple Amount [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

$ 800,000

Other Capital Contribution [Member] | Sub-OP [Member]

Debt Instrument [Line Items]

Preferred investor, additional capital contribution

$ 500,000

Preferred units, cumulative annual return

13%

13%

MVB Loan Agreement [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

6,500,000

MVB Loan Agreement [Member] | MVB Revolver [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

$ 2,000,000

Maturity date

Dec. 27, 2020

Interest Rate

6.75%

MVB Loan Agreement [Member] | MVB Term Loan [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

$ 4,500,000

Maturity date

Dec. 27, 2022

Interest Rate

6.75%

MVB Loan Agreement [Member] | PPP Loan [Member]

Debt Instrument [Line Items]

Unsecured loan

$ 800,000

MVB Loan Agreement [Member] | Second PPP Loan [Member]

Debt Instrument [Line Items]

Unsecured loan

$ 800,000

MVB Loan Agreement [Member] | Prime Rate [Member] | MVB Revolver [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

1.50%

MVB Amendments [Member] | Second MVB Term Loan [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

$ 2,000,000

Maturity date

Jun. 27, 2023

Lamont Street Preferred Interest [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

$ 300,000

Description on extended redemption date

September 30, 2024 and September 30, 2025

Payment fee percentage, first extension option

0.25%

Payment fee percentage, second extension option

0.50%

Percentage of redemption fee of capital contribution returned

0.50%

Preferred Investor payments, description

Additionally, at the Lamont Street Redemption Date, Lamont Street is entitled to (i) a redemption fee of 0.50% of the capital contributions returned and (ii) an amount equal to (a) the product of (i) the aggregate amount of capital contributions made and (ii) 0.26 less (b) the aggregate amount of Lamont Street Class A Return payments made to Lamont Street (the "Lamont Street Minimum Multiple Amount").

Interest expense

$ 1,000,000

Lamont Street Preferred Interest [Member] | Class A Units [Member]

Debt Instrument [Line Items]

Annual return percentage on initial capital contribution

13.50%

Cumulative annual return percentage, paid current

10%

Cumulative annual return percentage, accrued

3.50%

Lamont Street Preferred Interest [Member] | Class A Units [Member] | Highlandtown [Member]

Debt Instrument [Line Items]

Preferred investor, capital contribution

$ 3,900,000

Interest percentage in exchange of capital contribution

1%

Lamont Street Preferred Interest [Member] | Class A Units [Member] | Spotswood [Member]

Debt Instrument [Line Items]

Preferred investor, capital contribution

$ 3,900,000

Interest percentage in exchange of capital contribution

1%

Lamont Street Preferred Interest [Member] | Minimum [Member] | Highlandtown [Member]

Debt Instrument [Line Items]

Preferred investor approval rights, Minimum amount of capital expenditure to be incurred

$ 100,000

Lamont Street Preferred Interest [Member] | Minimum [Member] | Spotswood [Member]

Debt Instrument [Line Items]

Preferred investor approval rights, Minimum amount of capital expenditure to be incurred

$ 100,000

Hollinswood Loan [Member] | Interest Rate Cap [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

4.06%

Hollinswood Loan [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Long-term debt outstanding

$ 10,200,000

Debt instrument additional borrowing available

$ 3,000,000

Number of derivatives held | Derivative

2

Lamar Station Plaza East [Member]

Debt Instrument [Line Items]

Maturity date

Jul. 31, 2022

Oct. 17, 2022

Lamar Station Plaza East [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt service coverage ratio

1.15%

1.25%

1.05%

Lamar Station Plaza East [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt service coverage ratio

1%

1%

1%

Lamar Station Plaza West [Member]

Debt Instrument [Line Items]

Interest Rate

5.67%

Mortgage loan maturity period

2027-12

Debt principal amount

$ 19,000,000

Loan funded at closing

$ 18,400,000

Vista Shops at Golden Mile Loan [Member]

Debt Instrument [Line Items]

Maturity date

[5]

Jun. 24, 2023

Interest Rate

3.83%

3.83%

[5]

Mortgage loan maturity period

2023-06

Debt principal amount

$ 11,700,000

$ 11,500,000

Payment of basis preferred interest

$ 1,900,000

Payment of accrued interest

46,000

Payment to escrow account

1,100,000

Debt instrument net of discount

$ 12,000

$ 39,000

Vista Shops at Golden Mile Loan [Member] | Mortgage Loan [Member]

Debt Instrument [Line Items]

Maturity date

Jan. 25, 2021

Vista Shops at Golden Mile Loan [Member] | Sub-OP [Member]

Debt Instrument [Line Items]

Payment of basis preferred interest

$ 750,000

Vista Shops at Golden Mile Loan [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

2.50%

Lamar Station Plaza East Loan [Member]

Debt Instrument [Line Items]

Maturity date

Oct. 17, 2022

Oct. 17, 2022

[6]

Interest Rate

6.14%

Debt instrument net of discount

$ 0

8,000

Lamar Station Plaza East Loan [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

Cromwell Field Shopping Center Loan [Member]

Debt Instrument [Line Items]

Maturity date

[7]

Dec. 22, 2027

Interest Rate

6.71%

6.71%

Mortgage loan maturity period

2027-12

Debt principal amount

$ 15,000,000

Loan funded at closing

$ 10,200,000

Debt instrument net of discount

$ 77,000

$ 144,000

Cromwell Field Shopping Center Loan [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

5.40%

Cromwell Field Shopping Center Loan [Member] | Minimum [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

0.50%

Greenwood Village [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Interest Rate

4.082%

Debt instrument, effective interest rate

4.082%

[1] In March 2022, the Company entered into a six-month extension on the MVB Term Loan and the MVB Revolver (each as defined below) as described under the heading "— MVB Loans ." The Company repaid the MVB Term Loan and MVB Revolver on November 23, 2022 with proceeds from the Preferred Equity Investment. If the Basis Term Loan was paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) would have matured at that time. The outstanding balance included approximately $ 0.8 million of indebtedness as of December 31, 2021 related to the Minimum Multiple Amount (as defined below) owed to the Preferred Investor as described below under the heading “ —Basis Preferred Interest .” The Basis Preferred Interest was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. In June 2020, the Preferred Investor made additional capital contributions of approximately $ 2.9 million as described below under the heading “ —Basis Preferred Interest ” of which approximately $ 0.9 million was outstanding at December 31, 2021. The Preferred Investor was entitled to a cumulative annual return of 13.0 % on the additional contributions. The Company completed the refinance of this loan in March 2021 as described below under the heading “ —Mortgage Indebtedness .” The prior loan matured on January 25, 2021 and carried an interest rate of LIBOR plus 2.5 % per annum. In August 2022, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to October 17, 2022 , effective July 17, 2022, as described below under the heading " — Mortgage Indebtedness ". The Lamar Station Plaza East loan was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment. On November 9, 2022, the Company entered into a modification to the Cromwell Field Shopping Center mortgage and mezzanine loans to extend the maturity dates to December 31, 2022. In December 2022, the Company refinanced the Cromwell Field Shopping Center mortgage.

Note 6 - Mortgage and Other I_6

Note 6 - Mortgage and Other Indebtedness - Schedule of Minimum Debt Service Coverage (Details)	Dec. 31, 2022
Hollinswood Shopping Center [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.40
Vista Shops At Golden Mile [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.50
Brookhill Azalea Shopping Center [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.30
Highlandtown Village Shopping Center [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.25
Cromwell Field Shopping Center [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.20	[1]
Lamar Station Plaza West [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.30	[2]
Midtown Row [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.15	[2]
Spotswood Valley Square Shopping Center [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.15
The Shops At Greenwood Village [Member]
Debt Instrument [Line Items]
Minimum Debt Service Coverage Ratio	1.40
[1] The debt service coverage ratio testing will commence December 31, 2023 with the following requirements: (i) 1.20 to 1.00 as of December 31, 2023; (ii) 1.55 to 1.00 as of December 31, 2024 and (iii) 1.35 to 1.00 as of December 31, 2025 and for the remaining term of the loan. The Company was not required to perform the debt service coverage ratio at December 31, 2022.

Note 6 - Mortgage and Other I_7

Note 6 - Mortgage and Other Indebtedness - Schedule of Minimum Debt Service Coverage (Parenthetical) (Detail) - Cromwell Field Shopping Center [Member]		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Minimum debt service coverage ratio	[1]				1.20
Forecast [Member]
Debt Instrument [Line Items]
Minimum debt service coverage ratio		1.35	1.55	1.20
[1] The debt service coverage ratio testing will commence December 31, 2023 with the following requirements: (i) 1.20 to 1.00 as of December 31, 2023; (ii) 1.55 to 1.00 as of December 31, 2024 and (iii) 1.35 to 1.00 as of December 31, 2025 and for the remaining term of the loan.

Note 6 - Mortgage and Other I_8

Note 6 - Mortgage and Other Indebtedness - Scheduled Principal Repayments and Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 34,318
2024	81,129
2025	11,910
2026	2,063
2027	117,960
Thereafter	19,772
Total	267,152
Unamortized debt discounts and deferred financing costs, net and FVO adjustment	(464)
Total Mortgage and Other Indebtedness	$ 267,616	$ 178,982

Note 7 - Commitments and Cont_3

Note 7 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended		21 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2021	Apr. 01, 2020
Commitments and Contingencies [Line Items]
Weighted average remaining lease term	22 years 6 months
Weighted average discount rate	5.80%
Rent expense relating to operating leases, including straight-line rent	$ 500,000	$ 500,000
Annual percentage of changes in rent	4%
Deferred rent outstanding	$ 2,343,000	$ 1,398,000	$ 1,398,000
Outstanding commitments	$ 0
Minimum [Member]
Commitments and Contingencies [Line Items]
Office leases initial terms	3 years
Maximum [Member]
Commitments and Contingencies [Line Items]
Office leases initial terms	51 years
COVID-19 [Member]
Commitments and Contingencies [Line Items]
Deferred contractual revenue				$ 600,000
Deferred contractual revenue waived			$ 300,000
COVID-19 [Member] | Maximum [Member]
Commitments and Contingencies [Line Items]
Deferred rent outstanding	$ 100,000

Note 7 - Commitments and Cont_4

Note 7 - Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 418
2024	25
2025	25
2026	24
2027	22
Thereafter	1,114
Total undiscounted future minimum lease payments	1,628
Discount	(890)
Operating lease liabilities	$ 738
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:GeneralAndAdministrativeExpenseMember

Note 8 - Fortress Preferred E_3

Note 8 - Fortress Preferred Equity Investment - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 22, 2022 USD ($)	Dec. 31, 2022 USD ($) ft² $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)
Conversion of Stock [Line Items]
Capitalized preferred return		$ (1,047)	$ 0
Common stock, shares par value | $ / shares		$ 0.01	$ 0.01
Common stock, shares authorized | shares		50,000,000	50,000,000
Derivative fair value adjustment		$ 2,638	$ 353
Derivative liability		1,200
Maximum [Member] | Preferred Investor [Member]
Conversion of Stock [Line Items]
Preferred investor investment commitment amount				$ 10,700
Fortress [Member]
Conversion of Stock [Line Items]
Preferred investor investment commitment amount	$ 80,000
Annual return percentage on initial capital contribution	(12.00%)
Cumulative annual return percentage, paid current	5%
Initial capital contribution annual return percetage deferred	7%
Initial increase in interest rate percentage of capitalized preferred return	4.75%
Initial increase in interest rate percentage of capitalized preferred return each year	1%
Capitalized preferred return		1,000
Capitalized preferred return recognized		$ 1,100
Leases over 5K | ft²		5,000
Exit Fee		$ 10,000
Fortress [Member] | Preferred Investor [Member]
Conversion of Stock [Line Items]
Current Preferred Return		$ 400
Fortress [Member] | Preferred Interest After 22 November 2027 [Member]
Conversion of Stock [Line Items]
Increase in preferred return each year	3%
Fortress [Member] | Michael Jacoby [Member] | Trigger Event [Member]
Conversion of Stock [Line Items]
Common stock and OP units minimum aggregate | shares		3,802,594
Fortress [Member] | November 22, 2027 [Member]
Conversion of Stock [Line Items]
Interest Percentage of Preferred Return	19%
Fortress [Member] | No QPO [Member]
Conversion of Stock [Line Items]
Additional interest on the applicable preferred rate after November 22, 2027.	4%
Fortress [Member] | Redeemable Portion [Member]
Conversion of Stock [Line Items]
Preferred equity investment		$ 37,500
Fortress [Member] | ConvertibleIn Common Shares [Member]
Conversion of Stock [Line Items]
Common stock, shares par value | $ / shares		$ 2
Fortress [Member] | ConvertibleIn Common Shares [Member] | Fortress Mezzanine Loan Agreement [Member]
Conversion of Stock [Line Items]
Preferred equity investment		$ 25,000
Fortress Preferred Equity Investment [Member]
Conversion of Stock [Line Items]
Derivative fair value adjustment		800
Derivative liability	$ 400	$ 1,200

Note 8 - Fortress Preferred E_4

Note 8 - Fortress Preferred Equity Investment - Summary of preferred equity investment activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Conversion of Stock [Line Items]
Beginning balance	$ 0
Ending balance	73,697
Fortress Preferred Equity Investment [Member]
Conversion of Stock [Line Items]
Beginning balance	0
Investment in preferred equity	80,000
Preferred equity return	1,392
Ending balance	73,697
Fortress Preferred Equity Investment [Member] | Embedded Derivatives [Member]
Conversion of Stock [Line Items]
Preferred equity investment activity changes	(417)
Fortress Preferred Equity Investment [Member] | Discount on Preferred Equity [Member]
Conversion of Stock [Line Items]
Preferred equity investment activity changes	(1,689)
Fortress Preferred Equity Investment [Member] | Financing Costs [Member]
Conversion of Stock [Line Items]
Preferred equity investment activity changes	$ (5,589)

Note 9 - Equity (Details Textua

Note 9 - Equity (Details Textual) $ / shares in Units, $ in Millions

12 Months Ended

Apr. 03, 2023 shares

Feb. 28, 2023 shares

Apr. 01, 2022 shares

Oct. 01, 2021 shares

Oct. 01, 2021 shares

Dec. 31, 2022 USD ($) Property $ / shares shares

Dec. 31, 2021 USD ($) Property $ / shares shares

Jan. 03, 2023 shares

Nov. 23, 2022 $ / shares shares

Nov. 22, 2022 $ / shares shares

Jul. 01, 2022 shares

Jan. 03, 2022 shares

Sep. 15, 2021 shares

Jun. 04, 2021 $ / shares shares

Class of Stock [Line Items]

Common stock, shares issued

32,256,974

31,873,428

Number of real estate properties | Property

17

Preferred stock, shares authorized

1,000,000

1,000,000

Preferred stock, par value | $ / shares

$ 0.01

$ 0.01

Preferred stock, shares outstanding

500

500

Conversion price | $ / shares

$ 0.20

Common stock, shares par value | $ / shares

$ 0.01

$ 0.01

Noncontrolling interest, description

The initial Preferred OP Unit Return is 12% per annum, comprised of a 5% Current Preferred OP Unit Return and a 7% Capitalized Preferred OP Unit Return. The Capitalized Preferred OP Unit Return increases each year by 1%. After November 23, 2027, the Preferred OP Unit Return will be 19% per annum, all payable in cash, and will increase an additional 3% each year thereafter.

The Lamont Warrants [Member]

Class of Stock [Line Items]

Contractual life of warrants

5 years

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized

20,000

20,000

Preferred stock, par value | $ / shares

$ 0.01

Preferred stock, shares outstanding

500

500

Preferred stock, dividend rate percentage

10%

Preferred stock, per share issuance price | $ / shares

$ 100

2021 Real Estate Acquisitions [Member]

Class of Stock [Line Items]

Common stock, shares issued

9,083,730

Number of real estate properties | Property

4

Director [Member]

Class of Stock [Line Items]

Common stock, shares issued

9,708

165,700

Subsequent Event [Member]

Class of Stock [Line Items]

Common stock, shares issued

254,839

Percentage of bonus for cash payment

50%

Subsequent Event [Member] | Director [Member]

Class of Stock [Line Items]

Common stock, shares issued

32,904

166,125

Minimum [Member]

Class of Stock [Line Items]

Percentage of RSUs granted to executives

0%

Maximum [Member]

Class of Stock [Line Items]

Percentage of RSUs granted to executives

300%

Maximum [Member] | Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred dividends undeclared | $

$ 0.1

Restricted Stock Awards [Member]

Class of Stock [Line Items]

Shares surrendered to satisfy tax obligations

4,307

11,917

Compensation expense related to these share-based payments | $

$ 0.2

$ 0.3

Unrecognized costs from stock-based awards | $

$ 0.1

Unrecognized compensation cost recognition period

10 months 24 days

Granted to executives

138,262

148,657

Value of award | $

$ 0.3

Restricted Stock Units, Forfeited

21,987

7,785

Restricted Stock Awards [Member] | Employees [Member]

Class of Stock [Line Items]

Granted to executives

138,262

58,140

Restricted Stock Awards [Member] | Executives [Member]

Class of Stock [Line Items]

Value of award | $

$ 0.1

Restricted Stock Awards [Member] | Subsequent Event [Member] | Employees [Member]

Class of Stock [Line Items]

Granted to executives

419,618

Restricted Stock Units [Member]

Class of Stock [Line Items]

Unrecognized costs from stock-based awards | $

$ 3.7

Unrecognized compensation cost recognition period

3 years

Restricted Stock Units [Member] | Employees [Member]

Class of Stock [Line Items]

Granted to executives

1,220,930

Restricted Stock Units [Member] | Subsequent Event [Member]

Class of Stock [Line Items]

Restricted Stock Units, Forfeited

232,558

Restricted Stock Units [Member] | Minimum [Member]

Class of Stock [Line Items]

Percentage of number of units granted at vesting date that entitle recipients to shares of common stock

0%

Restricted Stock Units [Member] | Maximum [Member]

Class of Stock [Line Items]

Percentage of number of units granted at vesting date that entitle recipients to shares of common stock

300%

2020 Equity Incentive Plan [Member]

Class of Stock [Line Items]

Common stock shares available for issuance

1,500,000

Common stock remaining shares available for future issuance

871,455

2020 Equity Incentive Plan [Member] | Minimum [Member]

Class of Stock [Line Items]

Common stock shares available for issuance

3,620,000

2020 Equity Incentive Plan [Member] | Maximum [Member]

Class of Stock [Line Items]

Common stock shares available for issuance

5,120,000

Operating Partnership [Member]

Class of Stock [Line Items]

Operating partnership percentage

85.30%

91.90%

Operating Partnership [Member] | Midtown Row [Member]

Class of Stock [Line Items]

Common OP units issued

1

Operating Partnership [Member] | OP Unit Conversion [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, Conversion of Units

36,064

OP Unit Redemption [Member]

Class of Stock [Line Items]

Common stock, shares issued

60,106

36,064

36,064

OP Unit Redemption [Member] | Operating Partnership [Member]

Class of Stock [Line Items]

Common stock, shares issued

60,106

36,064

Preferred OP Units [Member]

Class of Stock [Line Items]

Preferred OP unit issuance amount per unit | $ / shares

$ 2

Preferred OP Units [Member] | Operating Partnership [Member] | Midtown Row [Member]

Class of Stock [Line Items]

Preferred OP units issued

1,842,917

Common OP Units [Member] | Operating Partnership [Member] | Midtown Row [Member]

Class of Stock [Line Items]

Common OP units issued

448,180

Common OP Units [Member] | Operating Partnership [Member] | Lamar Station Plaza West [Member]

Class of Stock [Line Items]

Common OP units issued

573,529

Lamont Street [Member]

Class of Stock [Line Items]

Warrants to purchase of common stock

500,000

200,000

Warrants to purchase of common stock, Exercise price | $ / shares

$ 0.01

$ 2.50

Contractual life of warrants

4 years 3 months 18 days

Fortress [Member]

Class of Stock [Line Items]

Warrants to purchase of common stock

2,560,000

Warrants to purchase of common stock, Exercise price | $ / shares

$ 0.01

Contractual life of warrants

10 years

Note 9 - Equity - Summary of St

Note 9 - Equity - Summary of Stock-Based Award Activity (Detail) - Restricted Stock Awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted Stock Awards, Beginning of the period	237,621	153,200
Restricted Stock Awards, Granted	138,262	148,657
Restricted Stock Awards, Vested	(194,457)	(56,451)
Restricted Stock Awards, Forfeited	(21,987)	(7,785)
Restricted Stock Awards, Ending of the period	159,439	237,621
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Beginning of the period	$ 1.26	$ 0.55
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Granted	2.20	2.72
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Vested	1	2.95
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Forfeited	2.35	2.95
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Ending of the period	$ 1.62	$ 1.26

Note 9 - Equity - Summary of Op

Note 9 - Equity - Summary of Option Awards (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Underlying Options	70,000
Number of Shares Underlying Options	10,000	70,000
MedAmerica [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Underlying Options	70,000	70,000
Number of Shares Underlying Options, Expired	(60,000)
Number of Shares Underlying Options	10,000	70,000	70,000
Weighted Average Exercise Price Per Share	$ 7.71	$ 7.71
Weighted Average Exercise Price Per Share, Options expired	(8)
Weighted Average Exercise Price Per Share	$ 6	$ 7.71	$ 7.71
Weighted Average Remaining Contractual Life	5 months 12 days	1 year 9 months 3 days	2 years 9 months 3 days

Note 9 - Equity - Summary of Va

Note 9 - Equity - Summary of Valuation Assumptions (Detail)	Nov. 23, 2022	Nov. 22, 2022	Jun. 04, 2021
Lamont Street [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield			0%
Risk-free interest rate			0.70%
Expected volatility			38.60%
Expected Life			4 years 3 months 18 days
Lamont Street [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0%
Risk-free interest rate	3.90%
Expected volatility	87.70%
Expected Life	5 years
Fortress [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield		0%
Risk-free interest rate		3.80%
Expected volatility		69.30%
Expected Life		10 years

Note 10 - Revenues - Summary of

Note 10 - Revenues - Summary of Disaggregation of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Rental income	$ 29,871	$ 21,408
Sublease income	80
Total Out of Scope of Topic 606 revenue	29,951	21,408
Total revenues	32,951	25,349
Accounting Standards Update 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	3,000	3,941
Leasing Commissions [Member] | Accounting Standards Update 2014-09 [Member] | Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	1,767	2,406
Property and Asset Management Fees [Member] | Accounting Standards Update 2014-09 [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	299	591
Sales Commissions [Member] | Accounting Standards Update 2014-09 [Member] | Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	756	430
Development Fees [Member] | Accounting Standards Update 2014-09 [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	0	264
Engineering Services [Member] | Accounting Standards Update 2014-09 [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	$ 178	$ 250

Note 10 - Revenues - Summary _2

Note 10 - Revenues - Summary of Minimum Cash Rental Payments Due in Future Periods Under Executed Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Operating Lease, Payments to be Received, Fiscal Year Maturity [Abstract]
2023	$ 28,227
2024	23,298
2025	20,994
2026	17,706
2027	14,887
Thereafter	49,674
Total	$ 154,786

Note 11 - Concentrations of C_3

Note 11 - Concentrations of Credit Risks - Summary of Geographic Concentration of Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property
Concentration Risk [Line Items]
Number of Properties | Property	17
Total Gross Real Estate Assets	$ 410,102
Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Number of Properties | Property	17	15
Total Gross Real Estate Assets	$ 410,102	$ 257,917
Percentage of Total Gross Real Estate Assets	100%	100%
Geographic Concentration Risk [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	$ 29,871	$ 21,408
Geographic Concentration Risk [Member] | Maryland [Member]
Concentration Risk [Line Items]
Number of Properties | Property	6	6
Total Gross Real Estate Assets	$ 100,335	$ 101,608
Percentage of Total Gross Real Estate Assets	24.50%	39.40%
Geographic Concentration Risk [Member] | Maryland [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	$ 12,896	$ 10,332
Geographic Concentration Risk [Member] | Virginia [Member]
Concentration Risk [Line Items]
Number of Properties | Property	6	5
Total Gross Real Estate Assets	$ 210,641	$ 82,909
Percentage of Total Gross Real Estate Assets	51.40%	32.10%
Geographic Concentration Risk [Member] | Virginia [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	$ 8,614	$ 6,418
Geographic Concentration Risk [Member] | Pennsylvania [Member]
Concentration Risk [Line Items]
Number of Properties | Property	1	1
Total Gross Real Estate Assets	$ 27,201	$ 27,628
Percentage of Total Gross Real Estate Assets	6.60%	10.70%
Geographic Concentration Risk [Member] | Pennsylvania [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	$ 2,325	$ 2,457
Geographic Concentration Risk [Member] | Washington, D.C. [Member]
Concentration Risk [Line Items]
Number of Properties | Property	1	1
Total Gross Real Estate Assets	$ 8,422	$ 8,393
Percentage of Total Gross Real Estate Assets	2%	3.30%
Geographic Concentration Risk [Member] | Washington, D.C. [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	$ 706	$ 608
Geographic Concentration Risk [Member] | Colorado [Member]
Concentration Risk [Line Items]
Number of Properties | Property	3	2
Total Gross Real Estate Assets	$ 63,503	$ 37,379
Percentage of Total Gross Real Estate Assets	15.50%	14.50%
Geographic Concentration Risk [Member] | Colorado [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	$ 5,330	$ 1,593

Note 11 - Concentrations of C_4

Note 11 - Concentrations of Credit Risks - Summary of Geographic Concentration of Properties (Parenthetical) (Details) - Geographic Concentration Risk [Member] - Rental Income [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Revenues	$ 29,871,000	$ 21,408,000
Maryland [Member]
Concentration Risk [Line Items]
Revenues	$ 12,896,000	10,332,000
Maximum [Member] | Maryland [Member] | Ground Lease [Member]
Concentration Risk [Line Items]
Revenues		$ 100,000

Note 12 - Employee Benefit Pl_2

Note 12 - Employee Benefit Plan (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
401(k) Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Discretionary contributions to defined contribution pension plan	$ 0.1	$ 0.1

Note 13 - Earnings Per Share (D

Note 13 - Earnings Per Share (Details Textual) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Common stock conversion basis	one-for-one basis
Weighted average number of antidilutive convertible preferred stock, restricted stock, RSUs and OP units outstanding	4.4	3.3

Note 13 - Earnings Per Share -

Note 13 - Earnings Per Share - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (16,273)	$ (10,744)
Plus: Net loss attributable to noncontrolling interest	2,522	1,236
Net loss attributable to common stockholders	(15,291)	(9,508)
Less: Preferred equity return on Fortess preferred equity	(1,492)	0
Less: Preferred OP units return	$ (48)	$ 0
Denominator
Basic weighted-average common shares	32,378,526	26,928,510
Dilutive potential common shares	0	0
Diluted weighted-average common shares	32,378,526	26,928,510
Net loss per common share- basic	$ (0.47)	$ (0.35)
Net loss per common share- diluted	$ (0.47)	$ (0.35)

Note 14 - Fair Value of Finan_2

Note 14 - Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of embedded derivative liability	$ 1.2
Variable Interest Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, fair value	111.4	$ 129.4
Fixed Interest Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, fair value	139.4	0.6
Debt Instrument Carrying value	140.2	50.7
Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Derivative Assets, at Fair Value	3.4
Fair value of interest rate cap assets	3.4
Interest Rate Swap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of interest rate swap liability		$ 0.4
Fortress Mezzanine Loan [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, fair value	$ 17.9

Note 15 - Taxes - Schedule of I

Note 15 - Taxes - Schedule of Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred:
Federal	$ (4,214)	$ (2,471)
State	(1,643)	(1,062)
Total deferred tax benefit	(5,857)	(3,533)
Total income tax benefit	$ (5,857)	$ (3,533)

Note 15 - Taxes - Schedule of E

Note 15 - Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%
Loss attributable to partnership not subject to tax	0%	(1.80%)
State income taxes, net of federal tax benefit	6%	5.50%
Other	(1.00%)	0%
Prior year adjustment	1.70%	0.10%
Effective income tax rate on income before taxes	27.70%	24.80%

Note 15 - Taxes (Details Textua

Note 15 - Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Effective income tax rate and federal statutory income tax rate, difference	6.70%	3.80%
Pre-tax federal and state income tax NOL carryforwards	$ 6,646,000	$ 3,255,000
Uncertain tax positions	$ 0	0
Open tax year	2019 2020 2021 2022
Federal and State [Member]
Income Tax Disclosure [Line Items]
Pre-tax federal and state income tax NOL carryforwards	$ 24,600,000	$ 12,100,000

Note 15 - Taxes - Schedule of D

Note 15 - Taxes - Schedule of Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Investment in the Operating Partnership	$ (11,078)	$ (12,349)
NOL carryforwards	6,646	3,255
Equity compensation	461	130
Other	3	0
Total deferred tax liabilities	$ (3,968)	$ (8,964)

Note 16 - Related Party Trans_2

Note 16 - Related Party Transactions - (Details Textual) - USD ($) $ in Thousands						12 Months Ended
	Nov. 23, 2022	Sep. 01, 2022	Dec. 21, 2021	Oct. 06, 2021	Dec. 27, 2020	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Receivables due from related parties						$ 100	$ 100
Revenue from related parties						400	1,200
Related party advances				$ 1,100
Ground lease revenues						$ 32,951	25,349
Midtown Row [Member]
Related Party Transaction [Line Items]
Purchase price	$ 118,700
BBL Property [Member] | Midtown Row [Member]
Related Party Transaction [Line Items]
Purchase price			$ 122,000
Revised Acquisition Amount To Be Paid		$ 123,300
Minimum [Member]
Related Party Transaction [Line Items]
Percentage of management fee						3%
Maximum [Member]
Related Party Transaction [Line Items]
Percentage of management fee						4%
Maximum [Member] | Cromwell Field Shopping Center [Member]
Related Party Transaction [Line Items]
Ground lease revenues							100
Common OP units [Member] | Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers	448,180
Preferred OP units [Member] | Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers	1,842,917
Common and Preferred OP Units [Member] | BBL Property [Member] | Midtown Row [Member]
Related Party Transaction [Line Items]
Purchase price		$ 5,000
Thomas M. Yockey [Member] | Common OP units [Member] | Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers	97,086
Thomas M. Yockey [Member] | Broad Street Entities [Member] | Common Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					2,533,650
Thomas M. Yockey [Member] | Broad Street Entities [Member] | Common OP units [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					556,736
Michael Z. Jacoby [Member] | Common OP units [Member] | Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers	97,086
Michael Z. Jacoby [Member] | Broad Street Entities [Member] | Common Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					2,533,650
Michael Z. Jacoby [Member] | Broad Street Entities [Member] | Common OP units [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					993,018
Alexander Topchy [Member] | Common OP units [Member] | Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers	17,337
Alexander Topchy [Member] | Broad Street Entities [Member] | Common Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					137,345
Alexander Topchy [Member] | Broad Street Entities [Member] | Common OP units [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					62,658
Daniel J.W. Neal [Member] | Common OP units [Member] | Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers	202,861
Daniel J.W. Neal [Member] | Broad Street Entities [Member] | Common Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					878,170
Spiritos [Member] | Broad Street Entities [Member] | Common Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers					13,827
Jeffrey H Foster [Member] | Common OP units [Member] | Midtown Row [Member] | 2022 Real Estate Acquisitions [Member]
Related Party Transaction [Line Items]
Equity interest issued as consideration for the mergers	33,810
BSR [Member] | Thomas M. Yockey [Member]
Related Party Transaction [Line Items]
Consideration to be paid in exchange for repurchasing ownership interest										$ 1,500
Consideration paid in exchange for repurchasing ownership interest								$ 500	$ 1,000
Timbergate Ventures, LLC [Member] | Thomas M. Yockey [Member]
Related Party Transaction [Line Items]
Related party consulting fees							$ 200
Related party consulting agreement term							2 years
Related party consulting agreement expiration term						Dec. 26, 2021
Shulman Rogers LLP [Member] | Spiritos [Member]
Related Party Transaction [Line Items]
Related party legal fees						$ 400	$ 500
Other Assets, Net [Member]
Related Party Transaction [Line Items]
Receivables due from related parties						1,200	200
Payables Due to Related Parties [Member] | Due to Properties Managed by Company [Member] | Borrowed by Company for Working Capital [Member]
Related Party Transaction [Line Items]
Payables due to related parties						$ 100	$ 600

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 269,474
Initial Cost to Company, Land		66,075
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		326,943
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		15,934
Gross Amount at Which Carried at Close of Period, Land		67,225
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		342,877
Gross Amount at Which Carried at Close of Period, Total		410,102	[2]	$ 253,125	$ 181,725
Accumulated Depreciation and Amortization		(38,608)	[2],[3]	$ (21,620)	$ (9,625)
Avondale Shops [Member] | Washington, D.C. [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	2,985
Initial Cost to Company, Land		1,776
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		6,593
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		53
Gross Amount at Which Carried at Close of Period, Land		1,776
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		6,646
Gross Amount at Which Carried at Close of Period, Total	[2]	8,422
Accumulated Depreciation and Amortization	[2],[3]	$ (920)
Date of Construction/Renovation		2010
Date Acquired		2019
Brookhill Azalea Shopping Center [Member] | Richmond, VA [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 8,762
Initial Cost to Company, Land		1,344
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		15,554
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		476
Gross Amount at Which Carried at Close of Period, Land		1,344
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		16,030
Gross Amount at Which Carried at Close of Period, Total	[2]	17,374
Accumulated Depreciation and Amortization	[2],[3]	$ (2,976)
Date of Construction/Renovation		2012
Date Acquired		2019
Coral Hills Shopping Center [Member] | Capitol Heights, MD [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 10,689
Initial Cost to Company, Land		2,186
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		14,317
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		(1)
Gross Amount at Which Carried at Close of Period, Land		2,186
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		14,316
Gross Amount at Which Carried at Close of Period, Total	[2]	16,502
Accumulated Depreciation and Amortization	[2],[3]	$ (3,365)
Date of Construction/Renovation		2012
Date Acquired		2019
Crestview Square Shopping Center [Member] | Landover Hills, MD [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 11,924
Initial Cost to Company, Land		2,853
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		15,717
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		83
Gross Amount at Which Carried at Close of Period, Land		2,853
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		15,800
Gross Amount at Which Carried at Close of Period, Total	[2]	18,653
Accumulated Depreciation and Amortization	[2],[3]	$ (3,236)
Date of Construction/Renovation		2012
Date Acquired		2019
Dekalb Plaza [Member] | East Norriton, PA [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 14,558
Initial Cost to Company, Land		7,573
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		17,479
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		2,148
Gross Amount at Which Carried at Close of Period, Land		7,573
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		19,627
Gross Amount at Which Carried at Close of Period, Total	[2]	27,200
Accumulated Depreciation and Amortization	[2],[3]	$ (3,210)
Date of Construction/Renovation		2017
Date Acquired		2019
Hollinswood Shopping Center [Member] | Baltimore, MD [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 12,760
Initial Cost to Company, Land		5,907
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		15,050
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		3,953
Gross Amount at Which Carried at Close of Period, Land		5,907
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		19,003
Gross Amount at Which Carried at Close of Period, Total	[2]	24,910
Accumulated Depreciation and Amortization	[2],[3]	$ (3,273)
Date of Construction/Renovation		2020
Date Acquired		2019
Midtown Colonial [Member] | Williamsburg, VA [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 8,429
Initial Cost to Company, Land		3,963
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		10,014
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		3,728
Gross Amount at Which Carried at Close of Period, Land		3,963
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		13,742
Gross Amount at Which Carried at Close of Period, Total	[2]	17,705
Accumulated Depreciation and Amortization	[2],[3]	$ (1,622)
Date of Construction/Renovation		2018
Date Acquired		2019
Midtown Lamonticello [Member] | Williamsburg, VA [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 9,839
Initial Cost to Company, Land		3,108
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		12,659
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		276
Gross Amount at Which Carried at Close of Period, Land		3,108
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		12,935
Gross Amount at Which Carried at Close of Period, Total	[2]	16,043
Accumulated Depreciation and Amortization	[2],[3]	$ (1,374)
Date of Construction/Renovation		2019
Date Acquired		2019
Vista Shops at Golden Mile [Member] | Fredrick, MD [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 11,478
Initial Cost to Company, Land		4,342
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		10,219
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		132
Gross Amount at Which Carried at Close of Period, Land		4,342
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		10,351
Gross Amount at Which Carried at Close of Period, Total	[2]	14,693
Accumulated Depreciation and Amortization	[2],[3]	$ (2,541)
Date of Construction/Renovation		2009
Date Acquired		2019
West Broad Commons Shopping Center [Member] | Richmond, VA [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 11,647
Initial Cost to Company, Land		1,324
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		18,180
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		232
Gross Amount at Which Carried at Close of Period, Land		1,324
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		18,412
Gross Amount at Which Carried at Close of Period, Total	[2]	19,736
Accumulated Depreciation and Amortization	[2],[3]	$ (2,951)
Date of Construction/Renovation		2017
Date Acquired		2019
Lamar Station Plaza East [Member] | Lakewood, CO [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 0
Initial Cost to Company, Land		1,826
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		3,183
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		2,571
Gross Amount at Which Carried at Close of Period, Land		2,904
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		5,754
Gross Amount at Which Carried at Close of Period, Total	[2]	8,658
Accumulated Depreciation and Amortization	[2],[3]	$ (1,088)
Date of Construction/Renovation		1984
Date Acquired		2020
Cromwell Field Shopping Center [Member] | Glen Burnie, MD [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 10,113
Initial Cost to Company, Land		2,256
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		15,618
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		355
Gross Amount at Which Carried at Close of Period, Land		2,256
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		15,973
Gross Amount at Which Carried at Close of Period, Total	[2]	18,229
Accumulated Depreciation and Amortization	[2],[3]	$ (2,517)
Date of Construction/Renovation		2020
Date Acquired		2021
Highlandtown Village Shopping Center [Member] | Baltimore, MD [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 7,090
Initial Cost to Company, Land		2,998
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		4,341
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		10
Gross Amount at Which Carried at Close of Period, Land		2,998
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		4,351
Gross Amount at Which Carried at Close of Period, Total	[2]	7,349
Accumulated Depreciation and Amortization	[2],[3]	$ (1,314)
Date of Construction/Renovation		1987
Date Acquired		2021
Spotswood Valley Square Shopping Center [Member] | Harrissonburg V A [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 14,241
Initial Cost to Company, Land		4,715
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		9,685
Gross Amount at Which Carried at Close of Period, Land		4,715
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		9,685
Gross Amount at Which Carried at Close of Period, Total	[2]	14,400
Accumulated Depreciation and Amortization	[2],[3]	$ (3,141)
Date of Construction/Renovation		1997
Date Acquired		2021
The Shops At Greenwood Village [Member] | Greenwood Village, CO [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 22,772
Initial Cost to Company, Land		3,170
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		27,560
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		1,209
Gross Amount at Which Carried at Close of Period, Land		3,242
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		28,769
Gross Amount at Which Carried at Close of Period, Total	[2]	32,011
Accumulated Depreciation and Amortization	[2],[3]	$ (3,711)
Date of Construction/Renovation		2019
Date Acquired		2021
Lamar Station Plaza West [Member] | Lakewood, CO [Member] | Shopping Center [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 18,317
Initial Cost to Company, Land		8,774
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		13,996
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		64
Gross Amount at Which Carried at Close of Period, Land		8,774
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		14,060
Gross Amount at Which Carried at Close of Period, Total	[2]	22,834
Accumulated Depreciation and Amortization	[2],[3]	$ (292)
Date of Construction/Renovation		2016
Date Acquired		2022
Midtown Row [Member] | Williamsburg, VA [Member] | Mixed Use [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	[1]	$ 93,870
Initial Cost to Company, Land		7,960
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments		116,778
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition		645
Gross Amount at Which Carried at Close of Period, Land		7,960
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments		117,423
Gross Amount at Which Carried at Close of Period, Total	[2]	125,383
Accumulated Depreciation and Amortization	[2],[3]	$ (1,077)
Date of Construction/Renovation		2021
Date Acquired		2022
[1] Includes fair market value of debt adjustments and debt discount, net The changes in total real estate and accumulated depreciation and amortization for the years ended December 31, 2022 and 2021 is as follows: For the year ended December 31, (in thousands) 2022 2021 Cost Balance at beginning of period $ 253,125 $ 181,725 Acquisitions 149,956 68,087 Capitalized costs 7,021 3,313 Balance at end of period $ 410,102 $ 253,125 Accumulated depreciation and amortization Balance at beginning of period $ 21,620 $ 9,625 Depreciation and amortization 16,988 11,995 Balance at end of period $ 38,608 $ 21,620 The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 5 to 49 years . The cost of intangible lease assets and liabilities is amortized on a straight-line basis over the initial term of the related leases, ranging up to 19 years . See Note 2 to the consolidated financial statements for information on useful lives used for depreciation and amortization.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Summary of Real Estate and Accumulated Depreciation (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Minimum [Member] | Buildings and Improvements [Member]
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives	5 years	5 years
Maximum [Member] | Buildings and Improvements [Member]
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives	49 years	49 years
Maximum [Member] | Lease Intangibles [Member]
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives	19 years	19 years

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Total Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021
Cost
Balance at beginning of period	$ 253,125		$ 181,725
Acquisitions	149,956		68,087
Capitalized costs	7,021		3,313
Balance at end of period	410,102	[1]	253,125
Accumulated Depreciation
Balance at beginning of period	21,620		9,625
Depreciation and amortization	16,988		11,995
Balance at end of period	$ 38,608	[1],[2]	$ 21,620
[1] The changes in total real estate and accumulated depreciation and amortization for the years ended December 31, 2022 and 2021 is as follows: For the year ended December 31, (in thousands) 2022 2021 Cost Balance at beginning of period $ 253,125 $ 181,725 Acquisitions 149,956 68,087 Capitalized costs 7,021 3,313 Balance at end of period $ 410,102 $ 253,125 Accumulated depreciation and amortization Balance at beginning of period $ 21,620 $ 9,625 Depreciation and amortization 16,988 11,995 Balance at end of period $ 38,608 $ 21,620 The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 5 to 49 years . The cost of intangible lease assets and liabilities is amortized on a straight-line basis over the initial term of the related leases, ranging up to 19 years . See Note 2 to the consolidated financial statements for information on useful lives used for depreciation and amortization.

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation (Details Textual) $ in Millions	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate tax value of real estate assets for federal income tax purposes	$ 300.6