Broad Street Realty (BRST) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Entity Information [Line Items]
Entity Registrant Name	BROAD STREET REALTY, INC.
Entity Central Index Key	0000764897
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
No Trading Symbol Flag	true
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		34,325,565
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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	11911 Freedom Drive
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	301
Local Phone Number	828-1200
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	None
Security Exchange Name	NONE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate properties
Land	$ 54,936	$ 54,936
Building and improvements	284,660	281,598
Intangible lease assets	33,261	33,374
Construction in progress	3,324	5,462
Furniture and equipment	1,733	1,711
Less accumulated depreciation and amortization	(55,617)	(51,890)
Total real estate properties, net	322,297	325,191
Cash and cash equivalents	14,631	9,779
Restricted cash	2,650	4,018
Straight-line rent receivable	3,480	3,090
Tenant and accounts receivable, net of allowance of $328 and $194, respectively	1,825	1,918
Derivative assets	1,210	796
Other assets, net	5,964	6,327
Total Assets	352,057	351,119
Liabilities
Mortgage and other indebtedness, net (includes $13,435 and $16,187, respectively, at fair value under the fair value option)	234,272	231,049
Accounts payable and accrued liabilities	15,476	15,457
Unamortized intangible lease liabilities, net	552	633
Payables due to related parties	31	63
Deferred revenue	651	827
Total liabilities	250,982	248,029
Commitments and contingencies
Temporary Equity
Redeemable noncontrolling Fortress preferred interest	90,536	87,288
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 each of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 33,401,959 and 33,417,101 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	334	334
Additional paid in capital	50,982	55,186
Accumulated deficit	(37,486)	(36,387)
Accumulated other comprehensive income	1,287	547
Total Broad Street Realty, Inc. stockholders' equity	15,117	19,680
Noncontrolling interest	(4,578)	(3,878)
Total permanent equity	10,539	15,802
Total Liabilities, Temporary Equity and Permanent Equity	$ 352,057	$ 351,119

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for accounts receivables	$ 328	$ 194
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	300,000,000	300,000,000
Common stock, shares issued	33,401,959	33,417,101
Common stock, shares outstanding	33,401,959	33,417,101
Mezzanine Loan [Member]
Fair value option	$ 13,435	$ 16,187
Series A preferred stock
Preferred stock, par value	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares outstanding	500	500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Rental income	$ 9,511	$ 10,208
Total revenues	10,071	11,132
Operating Expenses
Cost of services	421	556
Property operating	3,006	3,061
Depreciation and amortization	3,819	5,568
Impairment of real estate assets	110	0
Bad debt expense	142	42
General and administrative	3,480	3,530
Total operating expenses	10,978	12,757
Operating loss	(907)	(1,625)
Other income (expense)
Interest and other income	217	13
Derivative fair value adjustment	889	(179)
Net gain on fair value change on debt held under the fair value option	2,343	3,235
Interest expense	(4,333)	(4,781)
Loss on extinguishment of debt	(7)	0
Other expense	(6)	(6)
Total other expense	(897)	(1,718)
Net loss before income taxes	(1,804)	(3,343)
Income tax (expense) benefit	(134)	1,683
Net loss	(1,938)	(1,660)
Less: Preferred equity return on Fortress preferred equity	(3,022)	(3,427)
Less: Preferred equity accretion to redemption value	(1,379)	(415)
Less: Preferred OP units return	(139)	(112)
Plus: Net loss attributable to noncontrolling interest	839	1,014
Net loss attributable to common stockholders	$ (5,639)	$ (4,600)
Net loss attributable to common stockholders per share
Net loss attributable to common stockholders per share, Basic	$ (0.16)	$ (0.13)
Net loss attributable to common stockholders per share, Diluted	$ (0.16)	$ (0.13)
Weighted average shares outstanding
Weighted average shares outstanding, Basic	35,875,326	35,374,216
Weighted average shares outstanding, Diluted	35,875,326	35,374,216
Commissions [Member]
Revenues
Revenues	$ 502	$ 856
Management Fees And Other Income [Member]
Revenues
Revenues	$ 58	$ 68

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,938)	$ (1,660)
Other comprehensive income:
Change in fair value due to credit risk on debt held under the fair value option	740	1,732
Total other comprehensive income	740	1,732
Comprehensive (loss) income	$ (1,198)	$ 72

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - 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, 2022	$ 38,745		$ 323	$ 72,097	$ (33,294)	$ 56	$ (437)
Beginning balance (in shares) at Dec. 31, 2022		500	32,256,974
Forfeiture of restricted stock, shares			(6,695)
Shares surrendered for taxes upon vesting, shares			(4,126)
Shares surrendered for taxes upon vesting, values	(6)			(6)
Stock-based compensation	214		$ 1	213
Stock-based compensation, shares			166,125
Preferred equity return on preferred equity investment	(3,427)			(3,427)
Preferred equity accretion	(415)			(415)
Preferred OP Units return	(46)			(112)			66
Other comprehensive income	1,732					1,732
Net loss	(1,660)				(646)		(1,014)
Ending balance at Mar. 31, 2023	35,137		$ 324	68,350	(33,940)	1,788	(1,385)
Ending balance (in shares) at Mar. 31, 2023		500	32,412,278
Beginning balance at Dec. 31, 2023	15,802		$ 334	55,186	(36,387)	547	(3,878)
Beginning balance (in shares) at Dec. 31, 2023		500	33,417,101
Shares surrendered for taxes upon vesting, shares			(27,087)
Shares surrendered for taxes upon vesting, values	(24)			(24)
Stock-based compensation	360			360
Stock-based compensation, shares			11,945
Preferred equity return on preferred equity investment	(3,022)			(3,022)
Preferred equity accretion	(1,379)			(1,379)
Preferred OP Units return				(139)			139
Other comprehensive income	740					740
Net loss	(1,938)				(1,099)		(839)
Ending balance at Mar. 31, 2024	$ 10,539		$ 334	$ 50,982	$ (37,486)	$ 1,287	$ (4,578)
Ending balance (in shares) at Mar. 31, 2024		500	33,401,959

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (1,938)	$ (1,660)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Deferred income taxes	0	(1,683)
Depreciation and amortization	3,819	5,568
Amortization of deferred financing costs and debt discounts	193	279
Amortization of above and below market lease intangibles, net	81	48
Minimum multiple on preferred interests	0	(77)
Loss on extinguishment of debt	7	0
Impairment of real estate assets	110	0
Straight-line rent revenue	(352)	(446)
Straight-line rent expense	66	(9)
Stock-based compensation	360	214
Change in fair value of derivatives	(889)	179
Change in fair value of debt held under the fair value option	(2,343)	(3,235)
Bad debt expense	142	42
Write-off related party receivables	4	0
Changes in operating assets and liabilities
Accounts receivable	(49)	(94)
Other assets	262	560
Accounts payable and accrued liabilities	2,031	(584)
Payables due to related parties	(32)	10
Deferred revenues	(176)	276
Net cash from operating activities	1,296	(612)
Cash flows from investing activities
Capitalized pre-acquisition costs, net of refunds	5	0
Insurance proceeds	516	0
Capital expenditures for real estate	(2,806)	(1,086)
Net cash from investing activities	(2,285)	(1,086)
Cash flows from financing activities
Borrowings under debt agreements	17,869	0
Repayments under debt agreements	(11,706)	(459)
Preferred equity return on preferred equity investment	(1,153)	(1,014)
Capitalized pre-refinancing costs	(125)	(8)
Taxes remitted upon vesting of restricted stock	(24)	(6)
Debt origination and discount fees	(388)	0
Net cash from financing activities	4,473	(1,487)
Increase (decrease) in cash, cash equivalents, and restricted cash	3,484	(3,185)
Cash, cash equivalents and restricted cash at beginning of period	13,797	17,031
Cash, cash equivalents and restricted cash at end of period	17,281	13,846
Supplemental Cash Flow Information
Interest paid	3,773	4,135
Taxes paid, net of refunds	8	0
Supplemental disclosure of non-cash investing and financing activities
Capitalized Preferred Return	(1,860)	(2,404)
Accrued Current Preferred Return	(399)	(356)
Capitalized interest on Mezzanine loan	(331)	0
Accrued capital expenditures for real estate	148	643
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	14,631	8,496
Restricted cash	2,650	5,350
Cash, cash equivalents and restricted cash at end of period	$ 17,281	$ 13,846

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Business	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company had gross real estate assets of $ 374.8 million (gross real estate properties less gross real estate intangibles liabilities) in 15 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. 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 March 31, 2024, the Company owned 85.7 % of the Class A common units of limited partnership interest in the Operating Partnership (“Common OP units”) and Series A preferred units of limited partnership interest in the 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. Liquidity, Management’s Plan 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 March 31, 2024, the Company had two mortgage loans with a combined principal balance outstanding of approximately $ 21.6 million that mature within twelve months of the date that these condensed consolidated financial statements are issued. The Company is seeking to refinance these loans prior to maturity in December 2024 and January 2025. Management is in discussions with the current lenders as well as various other lenders to extend or refinance these two mortgage loans prior to maturity. Although the Company has a history of demonstrating its ability to successfully refinance its loans as they come due, there can be no assurances that the Company will be successful in its efforts to refinance the loans on favorable terms or at all. While it is not the Company's current plan, the Company also has the option to sell properties securing the loans and use the proceeds to satisfy the outstanding loan obligations. If the Company is ultimately unable to repay or refinance these loans or sell the properties prior to maturity, the lender has the right to place the loans in default and ultimately foreclose on the properties securing the loans. Under this circumstance, the Company would not have any further financial obligations to the lenders as the current estimated market values of these properties are in excess of the outstanding loan balances. In addition, as of March 31, 2024, the Basis Term Loan (as defined below) had an outstanding principal balance of $ 8.5 million and had a maturity date of July 1, 2024. On April 30, 2024, the Company received a loan secured by the properties that were collateral for the Basis Term Loan and paid off the Basis Term Loan with proceeds from the new mortgage loan. 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 March 31, 2024.

Note 2 - Accounting Policies an

Note 2 - Accounting Policies and Related Matters	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Accounting Policies and Related Matters	Note 2 - Accounting Policies and Related Matters The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim reports. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of its financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for a full year. The unaudited condensed consolidated financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on April 1, 2024. The interim condensed 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. For information about significant accounting policies, refer to the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on April 1, 2024. During the three months ended March 31, 2024, there were no material changes to these policies. Change in Presentation The Company has made certain reclassifications to prior period financial statements in order to enhance the comparability with current period condensed consolidated financial statements. These reclassifications had no effect on net loss or cash flows from operations. Accounting Guidance Adoption of Accounting Standards There were no adopted pronouncements during the three months ended March 31, 2024 that impacted the Company. Issued Accounting Standards Not Yet Adopted In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU is effective for the Company for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of the guidance. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires entities to provide disclosures of significant segment expenses and other significant segment items, as well as provide in interim periods all disclosures about a reportable segments' profit or loss and assets that are currently required annually. Additionally, entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures. The ASU is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of this guidance.

Note 3 - Real Estate

Note 3 - Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate	Note 3 – Real Estate Concentrations of Credit Risks The following table contains information regarding the geographic concentration of the properties in the Company’s portfolio as of March 31, 2024, which includes rental income for the three months ended March 31, 2024 and 2023. (dollars in thousands) Number Gross Real Estate Assets Percentage of Total Real Estate Assets Rental income for the three months ended March 31, Location March 31, 2024 March 31, 2024 March 31, 2024 2024 2023 Maryland 6 $ 102,282 27.3 % $ 3,074 $ 3,150 Virginia (1) 5 198,900 53.1 % 3,965 4,222 Pennsylvania (2) ― — — — 683 Washington D.C. 1 8,422 2.2 % 183 182 Colorado 3 65,164 17.4 % 2,289 1,971 15 $ 374,768 100.0 % $ 9,511 $ 10,208 (1) Rental income includes Spotswood Valley Square Shopping Center, which was sold on June 30, 2023 and had rental income of $ 0.6 million for the three months ended March 31, 2023. Rental income related solely to Dekalb Plaza, which was sold on July 20, 2023 .

Note 4 - Intangibles

Note 4 - Intangibles	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. (in thousands) March 31, 2024 December 31, 2023 Assets: Above-market leases $ 4,153 $ 4,153 Above-market leases accumulated amortization ( 2,631 ) ( 2,469 ) In-place leases 29,108 29,221 In-place leases accumulated amortization ( 20,860 ) ( 20,094 ) Total real estate intangible assets, net $ 9,770 $ 10,811 Liabilities Below-market leases $ 3,146 $ 3,146 Below-market leases accumulated amortization ( 2,594 ) ( 2,513 ) Total real estate intangible liabilities, net $ 552 $ 633 For the three months ended March 31, 2024 and 2023, the Company recognized amortization related to in-place leases of approximately $ 0.9 million and $ 2.3 million, respectively, and net amortization related to above-market leases and below-market leases for the three months ended March 31, 2024 and 2023 of approximately $ 0.1 millio n in its condensed consolidated statements of operations. The following table represents expected amortization of existing real estate intangible assets and liabilities as of March 31, 2024: (in thousands) Amortization of Amortization of Amortization of Total amortization, net Remainder of 2024 $ 1,980 $ 396 $ ( 202 ) $ 2,174 2025 2,069 449 ( 161 ) 2,357 2026 1,479 253 ( 91 ) 1,641 2027 962 167 ( 47 ) 1,082 2028 520 112 ( 26 ) 606 2029 390 80 ( 14 ) 456 Thereafter 848 65 ( 11 ) 902 Total $ 8,248 $ 1,522 $ ( 552 ) $ 9,218 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.

Note 5 - Other Assets

Note 5 - Other Assets	3 Months Ended
	Mar. 31, 2024
Other Assets, Unclassified [Abstract]
Other Assets	Note 5 - Other Assets Items included in other assets, net on the Company’s condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below: (in thousands) March 31, 2024 December 31, 2023 Prepaid assets and deposits $ 952 $ 1,380 Leasing commission costs and incentives, net 2,256 2,141 Right-of-use assets, net 1,423 1,494 Pre-acquisition costs 126 6 Other receivables, net 20 35 Corporate property, net 64 144 Receivables from related parties 1,123 1,127 Total assets $ 5,964 $ 6,327 Receivables due from related parties as of March 31, 2024 and December 31, 2023 are described further in Note 15 “Related Party Transactions.”

Note 6 - Accounts Payable and A

Note 6 - Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Note 6 - Accounts Payable and Accrued Liabilities Items included in accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below: (in thousands) March 31, 2024 December 31, 2023 Trade payable $ 2,459 $ 2,372 Security deposit 2,384 2,340 Real estate tax payable 1,283 1,222 Interest payable 1,250 1,213 Derivative liability 193 668 Lease payable 1,516 1,521 Income tax payable 458 340 Other (1) 5,933 5,781 Accounts payable and accrued liabilities $ 15,476 $ 15,457 (1) Primarily includes accrued expenses relating to payroll related items, cost of services, property operating expenses, professional fees, amounts due to tenants for lease inducements and construction in progress.

Note 7 - Mortgage and Other Ind

Note 7 - Mortgage and Other Indebtedness	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Mortgage and Other Indebtedness	Note 7 – Mortgage and Other Indebtedness The table below details the Company’s debt balance at March 31, 2024 and December 31, 2023: (dollars in thousands) Maturity Date Rate Type Interest Rate (1) March 31, 2024 December 31, 2023 Basis Term Loan (net of discount of $ 0 and $ 21 , respectively) July 1, 2024 Floating (2) 8.62 % $ 8,512 (3) $ 8,491 (3) Hollinswood Shopping Center Loan December 1, 2024 SOFR + 2.36% (4) 4.06 % 12,354 12,437 Avondale Shops Loan June 1, 2025 Fixed 4.00 % 2,838 2,868 Vista Shops at Golden Mile Loan (net of discount of $ 101 and $ 9 , respectively) (5) February 8, 2029 Fixed 6.90 % 16,049 11,252 Brookhill Azalea Shopping Center Loan January 31, 2025 SOFR + 2.75% 8.08 % 9,197 9,198 Crestview Shopping Center Loan (net of discount of $ 48 and $ 53 , respectively) September 29, 2026 Fixed 7.83 % 11,952 11,947 Lamar Station Plaza West Loan (net of discount of $ 90 and $ 73 , respectively) December 10, 2027 Fixed 5.67 % 18,817 18,927 Highlandtown Village Shopping Center Loan (net of discount of $ 36 and $ 38 , respectively) May 10, 2028 SOFR + 2.5% (6) 6.085 % 8,714 8,712 Cromwell Field Shopping Center Loan (net of discount of $ 56 and $ 60 , respectively) December 22, 2027 Fixed 6.71 % 12,320 10,597 Midtown Row Loan (net of discount of $ 18 and $ 19 , respectively) December 1, 2027 Fixed 6.48 % 75,982 75,981 Midtown Row/Fortress Mezzanine Loan (7) December 1, 2027 Fixed 13.00 % (8) 13,435 16,187 Coral Hills Shopping Center Loan (net of discount of $ 184 and $ 189 , respectively) October 31, 2033 Fixed 6.95 % 12,517 12,560 West Broad Shopping Center Loan (net of discount of $ 86 and $ 88 , respectively) December 21, 2033 Fixed 7.00 % 11,671 11,712 The Shops at Greenwood Village (net of discount of $ 76 and $ 80 , respectively) October 10, 2028 SOFR + 2.85 % (9) 5.85 % 22,075 22,218 $ 236,433 $ 233,087 Unamortized deferred financing costs, net ( 2,161 ) ( 2,038 ) Total Mortgage and Other Indebtedness $ 234,272 $ 231,049 (1) Interest rates are as of March 31, 2024. (2) The interest rate for the Basis Term Loan was the greater of (i) the Secured Overnight Financing Rate (“SOFR”) plus 3.97 % per annum and (ii) 6.125 % per annum. On November 23, 2022, the Company entered into an interest rate cap agreement to cap the SOFR interest rate at 4.65 % effective January 1, 2023, which replaced the existing interest rate cap agreement that capped the SOFR interest rate at 3.5 %. (3) The outstanding balance includes less than $ 0.1 million of exit fees at each of March 31, 2024 and December 31, 2023. On April 30, 2024, the Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan. (4) The Company has entered into an interest rate swap which fixes the interest rate of this loan at 4.06 %. (5) On February 8, 2024, the Company refinanced the Vista Shops at Golden Mile Loan to extend the maturity date to February 8, 2029 and entered into an interest rate swap which fixes the interest rate of the new loan at 6.90 %. (6) The Company has entered into an interest rate swap which fixes the interest rate of this loan at 6.085 % . (7) The outstanding balance reflects the fair value of the debt. (8) A portion of the interest on this loan is paid in cash (the “Current Interest”) and a portion of the interest is capitalized and added to the principal amount of the loan each month (the “Capitalized Interest” and, together with the Current Interest, the “Mezzanine Loan Interest”). The initial Mezzanine Loan Interest rate was 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 %. (9) On May 1, 2023, the Company terminated this loan’s prior interest rate swap and entered into a new interest rate swap agreement to fix the interest rate at 5.85 %. 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 was originally secured by mortgages on the following properties: Coral Hills, Crestview, Dekalb, Midtown Colonial, Midtown Lamonticello and West Broad. As of March 31, 2024, the Basis Term Loan was secured by Midtown Colonial and Midtown Lamonticello. The Basis Term Loan initial maturity was January 1, 2023, subject to two one-year extension options, subject to certain conditions. On November 22, 2022, the Company exercised one of the one-year extension options and the maturity date was extended to January 1, 2024. On December 6, 2023, the Company exercised the remaining extension option and the maturity date was extended to July 1, 2024. The Basis Loan Agreement was amended and restated on June 29, 2022 to replace LIBOR with SOFR. The Basis Term Loan bore 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 agreement that effectively capped the prior-LIBOR rate at 3.50 % per annum. On August 1, 2022, the interest rate cap agreement was modified to cap the SOFR rate at 3.50 % per annum. The interest rate cap expired 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 March 31, 2024, the interest rate of the Basis Term Loan was 8.62 % and the outstanding principal balance was $ 8.5 million. On April 30, 2024, the Company received a loan secured by Midtown Colonial and Midtown Lamonticello and paid off the Basis Term Loan in full with a portion of the proceeds from the new mortgage loan. The Company was in compliance with the Basis Loan Agreement's debt service coverage calculation for the twelve months ended March 31, 2024. Mortgage Indebtedness In addition to the indebtedness described above, as of March 31, 2024 and December 31, 2023, the Company had approximately $ 214.5 million and $ 208.4 million, respectively, of outstanding mortgage indebtedness secured by individual properties. On May 1, 2023, the Company terminated the prior interest rate swap for the loan secured by The Shops at Greenwood Village and entered into a new interest rate swap agreement to fix the interest rate at 5.85 %. On June 28, 2023, the loan agreement for the Company’s mortgage loan secured by the Vista Shops at Golden Mile was amended to change the interest rate to 7.73 % per annum and extend the maturity date to June 24, 2024 . On February 8, 2024, the Company refinanced the mortgage loan. The new loan has a principal balance of $ 16.2 million, bears interest at SOFR plus a spread of 2.75 % per annum and matures on February 8, 2029 . The Company entered into an interest rate swap which fixes the interest rate of the loan at 6.90 %. On April 30, 2024, the Company received a $ 19.2 million loan secured by Midtown Colonial and Midtown Lamonticello, which bears interest at a rate of 7.92 % per annum and matures on May 1, 2027 . The Company used a portion of the proceeds from the new mortgage loan to pay off the Basis Term Loan. Fortress Mezzanine Loan In connection with the acquisition of Midtown Row, the Company 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 . The Company elected to measure the Fortress Mezzanine Loan at fair value in accordance with the fair value option. The fair value at March 31, 2024 and December 31, 2023 was $ 13.4 million and $ 16.2 million, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized a net gain of $ 2.3 million and $ 3.2 million, respectively, on fair value change of debt held under the fair value option in the condensed consolidated statements of operations and a net gain of $ 0.7 million and $ 1.7 million, respectively, in change in fair value due to credit risk on debt held under the fair value option in the condensed consolidated statements of comprehensive loss. For each of the three months ended March 31, 2024 and 2023, the Company recognized $ 0.5 million of interest expense in the condensed consolidated statements of operations, which includes $ 0.3 million of Capitalized Interest recorded in the condensed consolidated balance sheets. 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 March 31, 2024: (dollars in thousands) Amount Due Remainder of 2024 (1) $ 22,311 2025 14,115 2026 14,840 2027 122,705 2028 28,878 2029 15,424 Thereafter 21,994 240,267 Unamortized debt discounts and deferred financing costs, net and fair value option adjustment ( 5,995 ) Total $ 234,272 (1) Includes $ 8.5 million of debt that was repaid on April 30, 2024. The Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan. 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. The Basis Term Loan bore interest at a rate equal to the greater of (i) SOFR plus 3.97 % per annum and (ii) 6.125 % per annum. 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 March 31, 2024 and December 31, 2023, the effective interest rate of the Basis Term Loan was 8.62 %. 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 ar e 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 May 3, 2023, the Hollinswood loan agreement was amended to replace LIBOR with SOFR, effective July 1, 2023. On May 1, 2023, the Company terminated the prior interest rate swap agreement for the loan secured by The Shops at Greenwood Village and entered into a new interest rate swap agreement to fix the interest rate for the loan at 5.85 %. The Company also received $ 2.2 million upon the termination of the prior interest rate swap agreement. On May 5, 2023, the Company entered into an interest rate swap agreement on the Highlandtown Village Shopping Center mortgage loan to fix the interest rate at 6.085 %. The Company recognizes all derivative instruments as assets or liabilities at their fair value in the condensed consolidated balance sheets. Changes in the fair value of the Company’s derivatives that are not designated as hedges or do not meet the criteria of hedge accounting are recognized in earnings. For the three months ended March 31, 2024 and 2023, the Company recognized gains (losses) of approximately $ 0.4 million and $( 0.6 ) million, respectively, as a component of “Derivative fair value adjustment” on the condensed consolidated statements of operations. The fair value of the Company’s derivative financial instruments as of March 31, 2024 and December 31, 2023 was an interest rate swap asset of approximately $ 1.2 million and $ 0.8 million, respectively. The interest rate swap asset is included in Derivative assets. Covenants The Company’s loan agreements contain customary financial and operating covenants including debt service coverage ratios and aggregate minimum unencumbered cash covenants. As of March 31, 2024, the Company was in compliance with all covenants under its debt agreements.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies 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 condensed consolidated financial condition, results of operations or cash flows.

Note 9 - Fortress Preferred Equ

Note 9 - Fortress Preferred Equity Investment	3 Months Ended
	Mar. 31, 2024
Disclosure Text Block [Abstract]
Fortress Preferred Equity Investment	Note 9 – Fortress Preferred Equity Investment The Company consolidates Broad Street Eagles JV LLC (the “Eagles Sub-OP”) under the guidance set forth in Accounting Standards Codification (“ASC”) 810, Consolidation. The Company evaluated whether the Eagles Sub-OP met the criteria for classification as a variable interest entity (“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 CF Flyer PE Investor LLC, the only holder of a preferred membership interest in the Eagles Sub-OP (the “Fortress Member”), entered into the Amended and Restated Limited Liability Company Agreement of the Eagles Sub-OP (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. Pursuant to the Eagles Sub-OP Operating Agreement, the Operating Partnership had the obligation to contribute to the Eagles Sub-OP its direct or indirect subsidiaries owning eight properties. As of March 31, 2024, the Operating Partnership had contributed to the Eagles Sub-OP its subsidiaries that own Highlandtown, Crestview, Coral Hills and West Broad and, with the approval of the Fortress Member, sold Spotswood and Dekalb Plaza. On April 30, 2024, the Operating Partnership contributed to the Eagles Sub-OP its subsidiaries that own Midtown Colonial and Midtown Lamonticello, the last remaining properties required to be contributed to the Eagles Sub-OP. Pur suant to 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 was 12 % per annum, comprised of a 5 % Current Preferred Return and a 7 % Capitalized Preferred Return, provided that, until the Portfolio Excluded Properties were contributed to the Eagles Sub-OP, the Capitalized Preferred Return was increased by 4.75 %. The Capitalized Preferred Return increases each year by 1 %. As of March 31, 2024, the Capitalized Preferred Return was approximately $ 13.2 million and is reflected within Redeemable noncontrolling Fortress preferred interest on the condensed consolidated balance sheets. For the three months ended March 31, 2024 and 2023, the Company recognized $ 1.2 million and $ 1.0 million, respectively, of Current Preferred Return and $ 1.8 million and $ 2.4 million, respectively, of Capitalized Preferred Return, as a reduction to additional paid-in capital in the condensed consolidated statem ents of equity. As disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Fortress Member has approval rights over certain Major Actions (as defined in the Eagles Sub-OP Operating Agreement). In addition, the Company is required to maintain separate bank accounts for tenant improvement costs and leasing costs as well as the net proceeds from the Spotswood and Dekalb dispositions. Prior written consent of the Fortress Member is required for the disbursement and use of cash held in such accounts, which had a combined balance of $ 8.2 million as of March 31, 2024 and is reflected in cash and cash equivalents. 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 condensed consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. 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 amount due upon redemption of the Fortress Preferred Interest 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 condensed 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 condensed consolidated balance sheets. For the three months ended March 31, 2024 and 2023, the Company reco gnized a gain of $ 0.5 million and $ 0.4 million, resp ectively, in derivative fair value adjustment in the condensed consolidated statements of operations. The derivative liability was $ 0.2 million and $ 0.7 million at March 31, 2024 and December 31, 2023, respectively, and is reflected in accounts payable and accrued liabilities in the condensed consolidated balance sheets. The following table summarizes the preferred equity investment activities for the three months ended March 31, 2024 and 2023. (thousands) Preferred Equity Investment Balance at December 31, 2023 $ 87,288 Preferred equity return 1,869 Preferred equity accretion 1,379 Balance at March 31, 2024 $ 90,536 (thousands) Preferred Equity Investment Balance at December 31, 2022 $ 73,697 Preferred equity return 3,426 Preferred equity payment ( 1,013 ) Preferred equity accretion 415 Balance at March 31, 2023 $ 76,525

Note 10 - Equity

Note 10 - Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Equity	Note 10 – Equity Common Stock On Jan uary 2, 2024 and April 5, 2024, the Company issued 11,945 and 29,452 shares of common stock, respectively, to one of its directors in lieu of such director’s cash retainers. The foregoing shares were issued under the Company’s Amended and Restated 2020 Equity Incentive Plan (the “Plan”). 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 March 31, 2024 and December 31, 2 023, the Company had 500 shares of Series A preferred stock outstanding, all of which were assumed from MedAmerica Properties Inc. (“MedAmerica”) upon completion of the initial mergers on December 27, 2019 (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 March 31, 2024, less than $ 0.1 million of Series A preferred dividends were undeclared. Noncontrolling Interest As of each of March 31, 2024 and December 31, 2023, the Company owned an 85.7 % interest in the Operating Partnership. Amended and Restated 2020 Equity Incentive Plan On September 15, 2021, the Company’s board of directors approved 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. 392,931 shares available for future issuance under the Plan, 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. On April 9, 2024, the Company’s board of directors approved a further amendment and restatement of the Plan, which increased the number of shares of the Company's common stock reserved for issuance under the Plan by 1,400,000 shares, from 5,120,000 shares to 6,520,000 shares. 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 three months ended March 31, 2024 and 2023. Restricted Stock Awards Weighted-Average Grant Date Outstanding as of December 31, 2023 775,369 $ 0.99 Vested ( 190,665 ) 1.20 Outstanding as of March 31, 2024 584,704 $ 0.92 Restricted Stock Awards Weighted-Average Grant Date Outstanding as of December 31, 2022 159,439 $ 2.24 Vested ( 59,607 ) 2.25 Forfeitures ( 6,695 ) 2.95 Outstanding as of March 31, 2023 93,137 $ 2.23 Of the restricted shares that vested during the three months ended March 31, 2024, 27,087 shares were surrendered by certain employees to satisfy their tax obligations. Compensation expense related to these share-based payments for each of the three months ended March 31, 2024 and 2023 was approximately $ 0.1 million and less than $ 0.1 million, respectively, and was included in general and administrative expenses on the condensed consolidated statements of operations. The remaining unrecognized costs from stock-based awards as of March 31, 2024 was approximately $ 0.3 million and will be recognized over a weighted-average period of 0.9 years. On April 18, 2024, the Company granted 894,154 restricted shares of common stock to certain employees, which will vest ratably on January 2, 2025, January 2, 2026, and January 4, 2027, subject to continued service through such dates. The total value of these awards is calculated to be approximately $ 0.4 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 the 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. On February 28, 2023, 232,558 RSUs were forfeited as a result of an employee’s resignation. The remaining unrecognized costs from RSU awards as of March 31, 2024 was approximately $ 1.7 million and will be recognized over 1.8 years. 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 three months ended March 31, 2023 are presented in the tables below: Number Weighted Weighted Weighted Intrinsic Balance at December 31, 2022 10,000 $ 6.00 $ — 0.45 $ — Options granted — — — — — Options exercised — — — — — Options expired — — — — — Balance at March 31, 2023 10,000 $ 6.00 $ — 0.20 $ — 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 outstanding options at March 31, 2023 were fully vested at grant date. The intrinsic value was not material. There were no outstanding options at March 31, 2024.

Note 11 - Revenues

Note 11 - Revenues	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Note 11 – Revenues Disaggregated Revenue The following table represents a disaggregation of revenues from contracts with customers for the three months ended March 31, 2024 and 2023 by type of service: Topic 606 Three Months Ended March 31, (in thousands) Revenue Recognition 2024 2023 Topic 606 Revenues Leasing commissions Point in time $ 460 $ 818 Property and asset management fees Over time 36 33 Sales commissions Point in time 42 38 Development fees Over time 1 9 Engineering services Over time 21 14 Topic 606 Revenue 560 912 Out of Scope of Topic 606 revenue Rental income $ 9,511 $ 10,208 Sublease income — 12 Total Out of Scope of Topic 606 revenue 9,511 10,220 Total Revenue $ 10,071 $ 11,132 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 March 31, 2024 are reflected in the table below. (in thousands) Remainder of 2024 $ 22,679 2025 25,882 2026 17,923 2027 15,857 2028 13,071 2029 10,005 Thereafter 31,119 Total $ 136,536

Note 12 - Earnings per Share

Note 12 - Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Note 12 – 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 three months ended March 31, 2024 and 2023 was appro ximately 7.1 million a nd 6.8 million, respectively. The following table sets forth the computation of earnings per common share for the three months ended March 31, 2024 and 2023: (in thousands, except per share data) Three Months Ended March 31, Numerator: 2024 2023 Net loss $ ( 1,938 ) $ ( 1,660 ) Less: Preferred equity return on Fortress preferred equity ( 3,022 ) ( 3,427 ) Less: Preferred equity accretion to redemption value ( 1,379 ) ( 415 ) Less: Preferred OP units return ( 139 ) ( 112 ) Plus: Net loss attributable to noncontrolling interest 839 1,014 Net loss attributable to common stockholders $ ( 5,639 ) $ ( 4,600 ) Denominator Basic weighted-average common shares 35,875 35,374 Dilutive potential common shares — — Diluted weighted-average common shares 35,875 35,374 Net loss per common share- basic and diluted $ ( 0.16 ) $ ( 0.13 )

Note 13 - Fair Value of Financi

Note 13 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 13 – Fair Value of Financial Instruments The Company uses fair value measures to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. GAAP establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in the fair value measurements. • Level 1 — The valuation is based upon quoted prices in active markets for identical instruments. • Level 2 — The valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active or derived from a model in which significant inputs or significant value drivers are observable in active markets. • Level 3 — The valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the instrument. Level 3 valuations are typically performed using pricing models, discounted cash flow methodologies, or similar methodologies, which incorporates management's own estimates of assumptions that market participants would use in pricing the instrument or valuations that require significant management judgment or estimation. 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 following tables present the carrying amounts of these assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of the Company’s assets and liabilities are categorized: Fair Value Measurements (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Assets: Derivative instruments $ 1,210 $ — $ 1,210 $ — Liabilities: Derivative instruments (1) $ 193 $ — $ 193 $ — Fortress Mezzanine Loan 13,435 — 13,435 — (1) Derivative liabilities are included in Accounts payable and accrued liabilities on the condensed consolidated balance sheets . Fair Value Measurements (in thousands) December 31, 2023 Level 1 Level 2 Level 3 Assets: Derivative instruments $ 796 $ — $ 796 $ — Liabilities: Derivative instruments (1) $ 668 $ — $ 668 $ — Fortress Mezzanine Loan 16,187 — 16,187 — (1) Derivative liabilities are included in Accounts payable and accrued liabilities on the condensed consolidated balance sheets . 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. See Note 7 “—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 Company elected to measure the Fortress Mezzanine Loan at fair value in accordance with the fair value option. 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 fair value option 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. Financial Assets and Liabilities Not Carried at Fair Value The tables below provide information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes the information based upon the level of the fair value hierarchy within which fair value measurements are categorized. At March 31, 2024 Fair Value (in thousands) Carrying Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 14,631 $ 14,631 $ — $ — Restricted cash 2,650 2,650 — — Liabilities: Mortgage and other indebtedness, net - variable rate $ 60,852 $ — $ 60,852 $ — Mortgage and other indebtedness, net - fixed rate 162,146 — 162,293 — At December 31, 2023 Fair Value (in thousands) Carrying Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 9,779 $ 9,779 $ — $ — Restricted cash 4,018 4,018 — — Liabilities: Mortgage and other indebtedness, net - variable rate $ 61,056 $ — $ 61,056 $ — Mortgage and other indebtedness, net - fixed rate 155,844 — 159,065 — The carrying amounts of cash and cash equivalents, restricted cash, receivables and payables are reasonable estimates of their fair value as of March 31, 2024 and December 31, 2023 due to the short-term nature of these instruments (Level 1). At March 31, 2024 and December 31, 2023, the Company’s indebtedness was comprised of borrowings that bear interest at variable and fixed rates. The fair value of the Company’s borrowings under variable rates at March 31, 2024 and December 31, 2023 approximate their carrying values as the debt is at variable rates currently available and resets on a monthly basis. The fair value of the Company’s fixed rate debt as of March 31, 2024 and December 31, 2023 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. 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 14 - Taxes

Note 14 - Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Taxes	Note 14 – Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items, such as the net gain on change in fair value of debt held under the fair value option, which are recorded in the interim period. The provision for income taxes for the three months ended March 31, 2024 and 2023 reflects an income tax (expense) benefit of $( 0.1 ) million and approximately $ 1.7 million, respectively, at an estimated annual effective tax rate of ( 0.4 )% and 23.1 %, respectively. The difference between the Company’s effective tax rate and the federal statutory rate is primarily due to the loss attributable to the Operating Partnership and net gain on change in fair value of debt held under the fair value option, each of which is not subject to tax and state income taxes and the fact the Company had a full valuation as of March 31, 2024 and December 31, 2023. As of March 31, 2024, the Company maintained a full valuation allowance on its deferred tax assets as the timing of the utilization of its net operating losses is uncertain. For the three months ended March 31, 2024, the Company recorded a valuation allowance of $ 1.7 million against the deferred tax asset, respectively.

Note 15 - Related Party Transac

Note 15 - Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 15 – Related Party Transactions Receivables and Payables As of each of March 31, 2024 and December 31, 2023, the Company had $ 1.1 million in receivables due from related parties, included in Other assets, net on the condensed consolidated balance sheets. The $ 1.1 million at March 31, 2024 and December 31, 2023 relates to the merger pursuant to which the Company acquired Lamar Station Plaza West, including the note receivable due from a related party. Additionally, as of March 31, 2024 and December 31, 2023, the Company had less than $ 0.1 million and approximately $ 0.1 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 condensed consolidated balance sheets. Tax Protection Agreements On December 27, 2019, 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, 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 and the Brookhill mortgage loan are guaranteed by Messrs. Jacoby and Yockey. The Company has agreed to indemnify Mr. Yockey for any losses he incurs as a result of his guarantee of the Basis Term Loan and the Brookhill mortgage loan. Mr. Jacoby is also a guarantor under the mortgage loan agreements for Coral Hills Shopping Center, Cromwell Field Shopping Center, Highlandtown Village Shopping Center and West Broad Shopping Center. Legal Fees Samuel Spiritos, a director of the Company, is the managing partner of Shulman Rogers LLP, which represents the Company in certain real estate matters. During the three months ended March 31, 2024 and 2023, the Company paid less than $ 0.1 million and approximately $ 0.1 million, respectively, in legal fees to Shulman Rogers LLP.

Accounting Policies and Related

Accounting Policies and Related Matters (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Change in Presentation	Change in Presentation The Company has made certain reclassifications to prior period financial statements in order to enhance the comparability with current period condensed consolidated financial statements. These reclassifications had no effect on net loss or cash flows from operations.
Recent Accounting Pronouncements	Accounting Guidance Adoption of Accounting Standards There were no adopted pronouncements during the three months ended March 31, 2024 that impacted the Company. Issued Accounting Standards Not Yet Adopted In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU is effective for the Company for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of the guidance. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires entities to provide disclosures of significant segment expenses and other significant segment items, as well as provide in interim periods all disclosures about a reportable segments' profit or loss and assets that are currently required annually. Additionally, entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures. The ASU is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of this guidance.

Note 3 - Real Estate (Tables)

Note 3 - Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Summary of Geographic Concentration of Properties	The following table contains information regarding the geographic concentration of the properties in the Company’s portfolio as of March 31, 2024, which includes rental income for the three months ended March 31, 2024 and 2023. (dollars in thousands) Number Gross Real Estate Assets Percentage of Total Real Estate Assets Rental income for the three months ended March 31, Location March 31, 2024 March 31, 2024 March 31, 2024 2024 2023 Maryland 6 $ 102,282 27.3 % $ 3,074 $ 3,150 Virginia (1) 5 198,900 53.1 % 3,965 4,222 Pennsylvania (2) ― — — — 683 Washington D.C. 1 8,422 2.2 % 183 182 Colorado 3 65,164 17.4 % 2,289 1,971 15 $ 374,768 100.0 % $ 9,511 $ 10,208 (1) Rental income includes Spotswood Valley Square Shopping Center, which was sold on June 30, 2023 and had rental income of $ 0.6 million for the three months ended March 31, 2023. Rental income related solely to Dekalb Plaza, which was sold on July 20, 2023 .

Note 4 - Intangibles (Tables)

Note 4 - Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. (in thousands) March 31, 2024 December 31, 2023 Assets: Above-market leases $ 4,153 $ 4,153 Above-market leases accumulated amortization ( 2,631 ) ( 2,469 ) In-place leases 29,108 29,221 In-place leases accumulated amortization ( 20,860 ) ( 20,094 ) Total real estate intangible assets, net $ 9,770 $ 10,811 Liabilities Below-market leases $ 3,146 $ 3,146 Below-market leases accumulated amortization ( 2,594 ) ( 2,513 ) Total real estate intangible liabilities, net $ 552 $ 633
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 March 31, 2024: (in thousands) Amortization of Amortization of Amortization of Total amortization, net Remainder of 2024 $ 1,980 $ 396 $ ( 202 ) $ 2,174 2025 2,069 449 ( 161 ) 2,357 2026 1,479 253 ( 91 ) 1,641 2027 962 167 ( 47 ) 1,082 2028 520 112 ( 26 ) 606 2029 390 80 ( 14 ) 456 Thereafter 848 65 ( 11 ) 902 Total $ 8,248 $ 1,522 $ ( 552 ) $ 9,218

Note 5 - Other Assets (Tables)

Note 5 - Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Other Assets, Unclassified [Abstract]
Schedule of Other Assets, Net	Items included in other assets, net on the Company’s condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below: (in thousands) March 31, 2024 December 31, 2023 Prepaid assets and deposits $ 952 $ 1,380 Leasing commission costs and incentives, net 2,256 2,141 Right-of-use assets, net 1,423 1,494 Pre-acquisition costs 126 6 Other receivables, net 20 35 Corporate property, net 64 144 Receivables from related parties 1,123 1,127 Total assets $ 5,964 $ 6,327

Note 6 - Accounts Payable and_2

Note 6 - Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable And Accrued Liabilities	Items included in accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below: (in thousands) March 31, 2024 December 31, 2023 Trade payable $ 2,459 $ 2,372 Security deposit 2,384 2,340 Real estate tax payable 1,283 1,222 Interest payable 1,250 1,213 Derivative liability 193 668 Lease payable 1,516 1,521 Income tax payable 458 340 Other (1) 5,933 5,781 Accounts payable and accrued liabilities $ 15,476 $ 15,457 (1) Primarily includes accrued expenses relating to payroll related items, cost of services, property operating expenses, professional fees, amounts due to tenants for lease inducements and construction in progress.

Note 7 - Mortgage and Other I_2

Note 7 - Mortgage and Other Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Balance	The table below details the Company’s debt balance at March 31, 2024 and December 31, 2023: (dollars in thousands) Maturity Date Rate Type Interest Rate (1) March 31, 2024 December 31, 2023 Basis Term Loan (net of discount of $ 0 and $ 21 , respectively) July 1, 2024 Floating (2) 8.62 % $ 8,512 (3) $ 8,491 (3) Hollinswood Shopping Center Loan December 1, 2024 SOFR + 2.36% (4) 4.06 % 12,354 12,437 Avondale Shops Loan June 1, 2025 Fixed 4.00 % 2,838 2,868 Vista Shops at Golden Mile Loan (net of discount of $ 101 and $ 9 , respectively) (5) February 8, 2029 Fixed 6.90 % 16,049 11,252 Brookhill Azalea Shopping Center Loan January 31, 2025 SOFR + 2.75% 8.08 % 9,197 9,198 Crestview Shopping Center Loan (net of discount of $ 48 and $ 53 , respectively) September 29, 2026 Fixed 7.83 % 11,952 11,947 Lamar Station Plaza West Loan (net of discount of $ 90 and $ 73 , respectively) December 10, 2027 Fixed 5.67 % 18,817 18,927 Highlandtown Village Shopping Center Loan (net of discount of $ 36 and $ 38 , respectively) May 10, 2028 SOFR + 2.5% (6) 6.085 % 8,714 8,712 Cromwell Field Shopping Center Loan (net of discount of $ 56 and $ 60 , respectively) December 22, 2027 Fixed 6.71 % 12,320 10,597 Midtown Row Loan (net of discount of $ 18 and $ 19 , respectively) December 1, 2027 Fixed 6.48 % 75,982 75,981 Midtown Row/Fortress Mezzanine Loan (7) December 1, 2027 Fixed 13.00 % (8) 13,435 16,187 Coral Hills Shopping Center Loan (net of discount of $ 184 and $ 189 , respectively) October 31, 2033 Fixed 6.95 % 12,517 12,560 West Broad Shopping Center Loan (net of discount of $ 86 and $ 88 , respectively) December 21, 2033 Fixed 7.00 % 11,671 11,712 The Shops at Greenwood Village (net of discount of $ 76 and $ 80 , respectively) October 10, 2028 SOFR + 2.85 % (9) 5.85 % 22,075 22,218 $ 236,433 $ 233,087 Unamortized deferred financing costs, net ( 2,161 ) ( 2,038 ) Total Mortgage and Other Indebtedness $ 234,272 $ 231,049 (1) Interest rates are as of March 31, 2024. (2) The interest rate for the Basis Term Loan was the greater of (i) the Secured Overnight Financing Rate (“SOFR”) plus 3.97 % per annum and (ii) 6.125 % per annum. On November 23, 2022, the Company entered into an interest rate cap agreement to cap the SOFR interest rate at 4.65 % effective January 1, 2023, which replaced the existing interest rate cap agreement that capped the SOFR interest rate at 3.5 %. (3) The outstanding balance includes less than $ 0.1 million of exit fees at each of March 31, 2024 and December 31, 2023. On April 30, 2024, the Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan. (4) The Company has entered into an interest rate swap which fixes the interest rate of this loan at 4.06 %. (5) On February 8, 2024, the Company refinanced the Vista Shops at Golden Mile Loan to extend the maturity date to February 8, 2029 and entered into an interest rate swap which fixes the interest rate of the new loan at 6.90 %. (6) The Company has entered into an interest rate swap which fixes the interest rate of this loan at 6.085 % . (7) The outstanding balance reflects the fair value of the debt. (8) A portion of the interest on this loan is paid in cash (the “Current Interest”) and a portion of the interest is capitalized and added to the principal amount of the loan each month (the “Capitalized Interest” and, together with the Current Interest, the “Mezzanine Loan Interest”). The initial Mezzanine Loan Interest rate was 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 %. (9) On May 1, 2023, the Company terminated this loan’s prior interest rate swap and entered into a new interest rate swap agreement to fix the interest rate at 5.85 %.
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 March 31, 2024: (dollars in thousands) Amount Due Remainder of 2024 (1) $ 22,311 2025 14,115 2026 14,840 2027 122,705 2028 28,878 2029 15,424 Thereafter 21,994 240,267 Unamortized debt discounts and deferred financing costs, net and fair value option adjustment ( 5,995 ) Total $ 234,272 (1) Includes $ 8.5 million of debt that was repaid on April 30, 2024. The Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan.

Note 9 - Fortress Preferred E_2

Note 9 - Fortress Preferred Equity Investment (Tables)	3 Months Ended
	Mar. 31, 2024
Disclosure Text Block [Abstract]
Summary of Preferred Equity Investment Activities	The following table summarizes the preferred equity investment activities for the three months ended March 31, 2024 and 2023. (thousands) Preferred Equity Investment Balance at December 31, 2023 $ 87,288 Preferred equity return 1,869 Preferred equity accretion 1,379 Balance at March 31, 2024 $ 90,536 (thousands) Preferred Equity Investment Balance at December 31, 2022 $ 73,697 Preferred equity return 3,426 Preferred equity payment ( 1,013 ) Preferred equity accretion 415 Balance at March 31, 2023 $ 76,525

Note 10 - Equity (Tables)

Note 10 - Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Summary of Stock-Based Award Activity	The following table summarizes the stock-based award activity under the Plan for the three months ended March 31, 2024 and 2023. Restricted Stock Awards Weighted-Average Grant Date Outstanding as of December 31, 2023 775,369 $ 0.99 Vested ( 190,665 ) 1.20 Outstanding as of March 31, 2024 584,704 $ 0.92 Restricted Stock Awards Weighted-Average Grant Date Outstanding as of December 31, 2022 159,439 $ 2.24 Vested ( 59,607 ) 2.25 Forfeitures ( 6,695 ) 2.95 Outstanding as of March 31, 2023 93,137 $ 2.23
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 three months ended March 31, 2023 are presented in the tables below: Number Weighted Weighted Weighted Intrinsic Balance at December 31, 2022 10,000 $ 6.00 $ — 0.45 $ — Options granted — — — — — Options exercised — — — — — Options expired — — — — — Balance at March 31, 2023 10,000 $ 6.00 $ — 0.20 $ —

Note 11 - Revenues (Tables)

Note 11 - Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenues	The following table represents a disaggregation of revenues from contracts with customers for the three months ended March 31, 2024 and 2023 by type of service: Topic 606 Three Months Ended March 31, (in thousands) Revenue Recognition 2024 2023 Topic 606 Revenues Leasing commissions Point in time $ 460 $ 818 Property and asset management fees Over time 36 33 Sales commissions Point in time 42 38 Development fees Over time 1 9 Engineering services Over time 21 14 Topic 606 Revenue 560 912 Out of Scope of Topic 606 revenue Rental income $ 9,511 $ 10,208 Sublease income — 12 Total Out of Scope of Topic 606 revenue 9,511 10,220 Total Revenue $ 10,071 $ 11,132
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 March 31, 2024 are reflected in the table below. (in thousands) Remainder of 2024 $ 22,679 2025 25,882 2026 17,923 2027 15,857 2028 13,071 2029 10,005 Thereafter 31,119 Total $ 136,536

Note 12 - Earnings per Share (T

Note 12 - Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023: (in thousands, except per share data) Three Months Ended March 31, Numerator: 2024 2023 Net loss $ ( 1,938 ) $ ( 1,660 ) Less: Preferred equity return on Fortress preferred equity ( 3,022 ) ( 3,427 ) Less: Preferred equity accretion to redemption value ( 1,379 ) ( 415 ) Less: Preferred OP units return ( 139 ) ( 112 ) Plus: Net loss attributable to noncontrolling interest 839 1,014 Net loss attributable to common stockholders $ ( 5,639 ) $ ( 4,600 ) Denominator Basic weighted-average common shares 35,875 35,374 Dilutive potential common shares — — Diluted weighted-average common shares 35,875 35,374 Net loss per common share- basic and diluted $ ( 0.16 ) $ ( 0.13 )

Note 13 - Fair Value of Finan_2

Note 13 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Amounts and Fair value of Assets and Liabilities Measured at Fair Value on a Recurring and Non Recurring Basis	The following tables present the carrying amounts of these assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of the Company’s assets and liabilities are categorized: Fair Value Measurements (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Assets: Derivative instruments $ 1,210 $ — $ 1,210 $ — Liabilities: Derivative instruments (1) $ 193 $ — $ 193 $ — Fortress Mezzanine Loan 13,435 — 13,435 — (1) Derivative liabilities are included in Accounts payable and accrued liabilities on the condensed consolidated balance sheets . Fair Value Measurements (in thousands) December 31, 2023 Level 1 Level 2 Level 3 Assets: Derivative instruments $ 796 $ — $ 796 $ — Liabilities: Derivative instruments (1) $ 668 $ — $ 668 $ — Fortress Mezzanine Loan 16,187 — 16,187 — (1) Derivative liabilities are included in Accounts payable and accrued liabilities on the condensed consolidated balance sheets . The tables below provide information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes the information based upon the level of the fair value hierarchy within which fair value measurements are categorized. At March 31, 2024 Fair Value (in thousands) Carrying Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 14,631 $ 14,631 $ — $ — Restricted cash 2,650 2,650 — — Liabilities: Mortgage and other indebtedness, net - variable rate $ 60,852 $ — $ 60,852 $ — Mortgage and other indebtedness, net - fixed rate 162,146 — 162,293 — At December 31, 2023 Fair Value (in thousands) Carrying Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 9,779 $ 9,779 $ — $ — Restricted cash 4,018 4,018 — — Liabilities: Mortgage and other indebtedness, net - variable rate $ 61,056 $ — $ 61,056 $ — Mortgage and other indebtedness, net - fixed rate 155,844 — 159,065 —

Note 1 - Organization and Nat_2

Note 1 - Organization and Nature of Business (Details Textual)		3 Months Ended	12 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) Property MortgageLoan	Dec. 31, 2023	Dec. 31, 2019 USD ($)
Real Estate Properties [Line Items]
Total real estate properties held for investment, net		$ 374,800,000
Number of real estate properties | Property		15
Maturity date description		the Basis Term Loan (as defined below) had an outstanding principal balance of $8.5 million and had a maturity date of July 1, 2024.
Mortgages with principal balances outstanding		$ 21,600,000
Subsequent Event [Member]
Real Estate Properties [Line Items]
Repayments of secured debt	$ 8,500
Minimum [Member]
Real Estate Properties [Line Items]
Short-term mortgages maturity period		3 years
Maximum [Member]
Real Estate Properties [Line Items]
Short-term mortgages maturity period		5 years
Mortgage Loans Due Within Twelve Months | Mortgage Loan [Member]
Real Estate Properties [Line Items]
Number of mortgage loan | MortgageLoan		2
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.
Mortgage loans		$ 8,500,000
Basis Term Loan [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Mortgage loans				$ 66,900,000
Operating Partnership [Member]
Real Estate Properties [Line Items]
Operating partnership percentage		85.70%	85.70%

Note 3 - Real Estate (Details T

Note 3 - Real Estate (Details Textual)	Apr. 30, 2024 USD ($)
Subsequent Event [Member]
Business Acquisition [Line Items]
Repayments of secured debt	$ 8,500

Note 3 - Real Estate - Summary

Note 3 - Real Estate - Summary of Geographic Concentration of Properties (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($) Property	Mar. 31, 2023 USD ($)
Concentration Risk [Line Items]
Number of Properties | Property		15
Gross Real Estate Assets		$ 374,800
Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Number of Properties | Property		15
Gross Real Estate Assets		$ 374,768
Percentage of Total Real Estate Assets		100%
Geographic Concentration Risk [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues		$ 9,511	$ 10,208
Geographic Concentration Risk [Member] | Maryland [Member]
Concentration Risk [Line Items]
Number of Properties | Property		6
Gross Real Estate Assets		$ 102,282
Percentage of Total Real Estate Assets		27.30%
Geographic Concentration Risk [Member] | Maryland [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues		$ 3,074	3,150
Geographic Concentration Risk [Member] | Virginia [Member]
Concentration Risk [Line Items]
Number of Properties | Property	[1]	5
Gross Real Estate Assets	[1]	$ 198,900
Percentage of Total Real Estate Assets	[1]	53.10%
Geographic Concentration Risk [Member] | Virginia [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	[1]	$ 3,965	4,222
Geographic Concentration Risk [Member] | Pennsylvania [Member]
Concentration Risk [Line Items]
Number of Properties | Property	[2]	0
Gross Real Estate Assets	[2]	$ 0
Percentage of Total Real Estate Assets	[2]	0%
Geographic Concentration Risk [Member] | Pennsylvania [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues	[2]	$ 0	683
Geographic Concentration Risk [Member] | Washington, D.C. [Member]
Concentration Risk [Line Items]
Number of Properties | Property		1
Gross Real Estate Assets		$ 8,422
Percentage of Total Real Estate Assets		2.20%
Geographic Concentration Risk [Member] | Washington, D.C. [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues		$ 183	182
Geographic Concentration Risk [Member] | Colorado [Member]
Concentration Risk [Line Items]
Number of Properties | Property		3
Gross Real Estate Assets		$ 65,164
Percentage of Total Real Estate Assets		17.40%
Geographic Concentration Risk [Member] | Colorado [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Revenues		$ 2,289	$ 1,971
[1] Rental income includes Spotswood Valley Square Shopping Center, which was sold on June 30, 2023 and had rental income of $ 0.6 million for the three months ended March 31, 2023. Rental income related solely to Dekalb Plaza, which was sold on July 20, 2023

Note 3 - Real Estate - Summar_2

Note 3 - Real Estate - Summary of Geographic Concentration of Properties (Parenthetical) (Details) - Geographic Concentration Risk [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Spotswood Valley Square Shopping Center [Member]
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 600
Rental Income [Member]
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 9,511	$ 10,208

Note 4 - Intangibles - Summary

Note 4 - Intangibles - Summary of Carrying Amount of Intangible Assets and Liabilities (Details) - Real Estate [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Above-market leases	$ 4,153	$ 4,153
In-place leases	29,108	29,221
Total real estate intangible assets, net	9,770	10,811
Liabilities
Below-market leases	3,146	3,146
Below-market leases accumulated amortization	(2,594)	(2,513)
Total real estate intangible liabilities, net	552	633
Above-Market Leases [Member]
Assets:
Accumulated amortization	(2,631)	(2,469)
Total real estate intangible assets, net	1,522
In-Place Leases [Member]
Assets:
Accumulated amortization	(20,860)	$ (20,094)
Total real estate intangible assets, net	$ 8,248

Note 4 - Intangibles - (Details

Note 4 - Intangibles - (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Intangible Assets And Liabilities [Line Items]
Net amortization related to above market leases and below market leases	$ 0.1	$ 0.1
In-Place Leases [Member]
Schedule Of Intangible Assets And Liabilities [Line Items]
Net amortization related to intangibles	$ 0.9	$ 2.3

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	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Real Estate Intangible Assets Liabilities Amortization [Line Items]
Total real estate intangible assets, net	$ 9,770	$ 10,811
Amortization of below-market leases, Remainder of 2024	(202)
Amortization of below-market leases, 2025	(161)
Amortization of below-market leases, 2026	(91)
Amortization of below-market leases, 2027	(47)
Amortization of below-market leases, 2028	(26)
Amortization of below-market leases, 2029	(14)
Amortization of below-market leases, Thereafter	(11)
Amortization of below-market leases, Total	(552)
Total amortization, net, Remainder of 2024	2,174
Total amortization, net, 2025	2,357
Total amortization, net, 2026	1,641
Total amortization, net, 2027	1,082
Total amortization, net, 2028	606
Total amortization, net, 2029	456
Total amortization, net,Thereafter	902
Total amortization, net	9,218
In-Place Leases [Member]
Schedule Of Real Estate Intangible Assets Liabilities Amortization [Line Items]
Remainder of 2024	1,980
2025	2,069
2026	1,479
2027	962
2028	520
2029	390
Thereafter	848
Total real estate intangible assets, net	8,248
Above-Market Leases [Member]
Schedule Of Real Estate Intangible Assets Liabilities Amortization [Line Items]
Remainder of 2024	396
2025	449
2026	253
2027	167
2028	112
2029	80
Thereafter	65
Total real estate intangible assets, net	$ 1,522

Note 5 - Other Assets - Schedul

Note 5 - Other Assets - Schedule of Other Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Prepaid assets and deposits	$ 952	$ 1,380
Leasing commission costs and incentives, net	2,256	2,141
Right-of-use assets, net	$ 1,423	$ 1,494
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Pre-acquisition costs	$ 126	$ 6
Other receivables, net	20	35
Corporate property, net	64	144
Total assets	5,964	6,327
Related Party [Member]
Property, Plant and Equipment [Line Items]
Receivables from related parties	$ 1,123	$ 1,127

Note 6 - Accounts Payable and_3

Note 6 - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade payable		$ 2,459	$ 2,372
Security deposit		2,384	2,340
Real estate tax payable		1,283	1,222
Interest payable		1,250	1,213
Derivative liability		193	668
Lease payable		$ 1,516	$ 1,521
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		us-gaap:GeneralAndAdministrativeExpenseMember	us-gaap:GeneralAndAdministrativeExpenseMember
Income tax payable		$ 458	$ 340
Other	[1]	5,933	5,781
Accounts payable and accrued liabilities		$ 15,476	$ 15,457
[1] Primarily includes accrued expenses relating to payroll related items, cost of services, property operating expenses, professional fees, amounts due to tenants for lease inducements and construction in progress.

Note 7 - Mortgage and Other I_3

Note 7 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Details) - USD ($) $ in Thousands			3 Months Ended
		Feb. 08, 2024	Mar. 31, 2024		Dec. 31, 2023
Debt Instrument [Line Items]
Balance outstanding			$ 236,433		$ 233,087
Unamortized deferred financing costs, net			(2,161)		(2,038)
Total Mortgage and Other Indebtedness			$ 234,272		231,049
Basis Term Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Jul. 01, 2024
Rate Type	[1]		Floating
Debt instrument variable rate	[2]		8.62%
Balance outstanding	[3]		$ 8,512		8,491
Hollinswood Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 01, 2024
Rate Type	[4]		SOFR + 2.36%
Debt instrument variable rate	[2]		4.06%
Balance outstanding			$ 12,354		12,437
Avondale Shops Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Jun. 01, 2025
Rate Type			Fixed
Debt instrument variable rate	[2]		4%
Balance outstanding			$ 2,838		2,868
Vista Shops at Golden Mile Loan [Member]
Debt Instrument [Line Items]
Maturity Date		Feb. 08, 2029	Feb. 08, 2029	[5]
Rate Type	[5]		Fixed
Debt instrument variable rate	[2],[5]		6.90%
Balance outstanding	[5]		$ 16,049		11,252
Brookhill Azalea Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Jan. 31, 2025
Rate Type			SOFR + 2.75%
Debt instrument variable rate	[2]		8.08%
Balance outstanding			$ 9,197		9,198
Crestview Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Sep. 29, 2026
Rate Type			Fixed
Debt instrument variable rate	[2]		7.83%
Balance outstanding			$ 11,952		11,947
Lamar Station Plaza West Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 10, 2027
Rate Type			Fixed
Debt instrument variable rate	[2]		5.67%
Balance outstanding			$ 18,817		18,927
Highlandtown Village Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			May 10, 2028
Rate Type	[6]		SOFR + 2.5% (6)
Debt instrument variable rate	[2]		6.085%
Balance outstanding			$ 8,714		8,712
Cromwell Field Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 22, 2027
Rate Type			Fixed
Debt instrument variable rate	[2]		6.71%
Balance outstanding			$ 12,320		10,597
Midtown Row Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 01, 2027
Rate Type			Fixed
Debt instrument variable rate	[2]		6.48%
Balance outstanding			$ 75,982		75,981
Fortress Mezzanine Loan [Member]
Debt Instrument [Line Items]
Maturity Date	[7]		Dec. 01, 2027
Rate Type	[7]		Fixed
Debt instrument variable rate	[2],[7],[8]		13%
Balance outstanding	[7]		$ 13,435		16,187
Coral Hills Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Oct. 31, 2033
Rate Type			Fixed
Debt instrument variable rate	[2]		6.95%
Balance outstanding			$ 12,517		12,560
West Broad Shopping Center Loan [Member]
Debt Instrument [Line Items]
Maturity Date			Dec. 21, 2033
Rate Type			Fixed
Debt instrument variable rate	[2]		7%
Balance outstanding			$ 11,671		11,712
The Shops at Greenwood Village [Member]
Debt Instrument [Line Items]
Maturity Date			Oct. 10, 2028
Rate Type	[9]		SOFR + 2.85
Debt instrument variable rate	[2]		5.85%
Balance outstanding			$ 22,075		$ 22,218
[1] The interest rate for the Basis Term Loan was the greater of (i) the Secured Overnight Financing Rate (“SOFR”) plus 3.97 % per annum and (ii) 6.125 % per annum. On November 23, 2022, the Company entered into an interest rate cap agreement to cap the SOFR interest rate at 4.65 % effective January 1, 2023, which replaced the existing interest rate cap agreement that capped the SOFR interest rate at 3.5 %. Interest rates are as of March 31, 2024. The outstanding balance includes less than $ 0.1 million of exit fees at each of March 31, 2024 and December 31, 2023. On April 30, 2024, the Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan. The Company has entered into an interest rate swap which fixes the interest rate of this loan at 4.06 %. On February 8, 2024, the Company refinanced the Vista Shops at Golden Mile Loan to extend the maturity date to February 8, 2029 and entered into an interest rate swap which fixes the interest rate of the new loan at 6.90 %. The Company has entered into an interest rate swap which fixes the interest rate of this loan at 6.085 % . The outstanding balance reflects the fair value of the debt. A portion of the interest on this loan is paid in cash (the “Current Interest”) and a portion of the interest is capitalized and added to the principal amount of the loan each month (the “Capitalized Interest” and, together with the Current Interest, the “Mezzanine Loan Interest”). The initial Mezzanine Loan Interest rate was 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 %. On May 1, 2023, the Company terminated this loan’s prior interest rate swap and entered into a new interest rate swap agreement to fix the interest rate at 5.85 %.

Note 7 - Mortgage and Other I_4

Note 7 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Parenthetical) (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

Feb. 08, 2024

Dec. 27, 2019

Dec. 31, 2019

Mar. 31, 2024

Dec. 31, 2023

May 05, 2023

May 01, 2023

Mar. 31, 2023

Nov. 23, 2022

Aug. 01, 2022

Debt Instrument [Line Items]

Exit Fees Outstanding

$ 100

$ 100

Mezzanine Loan [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

12%

Debt Instrument, interest rate increase each year

1%

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

Debt Instrument [Line Items]

Debt instrument variable rate

4.06%

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

Debt Instrument [Line Items]

Debt instrument variable rate

5%

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

Debt Instrument [Line Items]

Debt instrument variable rate

7%

Basis Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 0

21

Debt instrument variable rate

[1]

8.62%

Maturity date

Jul. 01, 2024

Interest rate of loan

8.62%

Basis Term Loan [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

6.125%

6.125%

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

Debt Instrument [Line Items]

Interest rate of loan

8.62%

8.62%

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

Debt Instrument [Line Items]

Debt instrument variable rate

6.125%

Basis Term Loan [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

3.97%

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

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

Debt instrument variable rate

4.65%

3.50%

Vista Shops at Golden Mile Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 101

9

Debt instrument variable rate

[1],[2]

6.90%

Maturity date

Feb. 08, 2029

Feb. 08, 2029

[2]

Vista Shops at Golden Mile Loan [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

6.90%

Crestview Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 48

53

Debt instrument variable rate

[1]

7.83%

Maturity date

Sep. 29, 2026

Lamar Station Plaza West Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 90

73

Debt instrument variable rate

[1]

5.67%

Maturity date

Dec. 10, 2027

Highlandtown Village Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 36

38

Debt instrument variable rate

[1]

6.085%

Maturity date

May 10, 2028

Highlandtown Village Shopping Center Loan [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

6.085%

Cromwell Field Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 56

60

Debt instrument variable rate

[1]

6.71%

Maturity date

Dec. 22, 2027

Midtown Row Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 18

19

Debt instrument variable rate

[1]

6.48%

Maturity date

Dec. 01, 2027

Greenwood Village [Member]

Debt Instrument [Line Items]

Interest rate of loan

5.85%

Greenwood Village [Member] | SOFR [Member]

Debt Instrument [Line Items]

Interest rate of loan

5.85%

Coral Hills Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 184

189

Debt instrument variable rate

[1]

6.95%

Maturity date

Oct. 31, 2033

West Broad Shopping Center Loan [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 86

88

Debt instrument variable rate

[1]

7%

Maturity date

Dec. 21, 2033

The Shops at Greenwood Village [Member]

Debt Instrument [Line Items]

Debt instrument net of discount

$ 76

$ 80

Debt instrument variable rate

[1]

5.85%

Maturity date

Oct. 10, 2028

[1] Interest rates are as of March 31, 2024. On February 8, 2024, the Company refinanced the Vista Shops at Golden Mile Loan to extend the maturity date to February 8, 2029 and entered into an interest rate swap which fixes the interest rate of the new loan at 6.90 %.

Note 7 - Mortgage and Other I_5

Note 7 - Mortgage and Other Indebtedness - (Details Textual) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 30, 2024 USD ($)

Feb. 28, 2024

Feb. 08, 2024 USD ($)

Jun. 28, 2023

Dec. 27, 2019 USD ($) Derivative

Dec. 31, 2019 USD ($) Subsidiary

Mar. 31, 2024 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

May 05, 2023

May 01, 2023 USD ($)

Nov. 23, 2022 USD ($)

Aug. 01, 2022

Debt Instrument [Line Items]

Maturity date description

the Basis Term Loan (as defined below) had an outstanding principal balance of $8.5 million and had a maturity date of July 1, 2024.

Long-term debt outstanding

$ 240,267

Interest expense

4,333

$ 4,781

Balance outstanding

240,267

Mortgage loan

234,272

$ 231,049

Income (expenses) related to fair value adjustments on derivatives

400

(600)

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

2,343

3,235

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

740

1,732

Vista Shops at Golden Mile [Member]

Debt Instrument [Line Items]

Mortgage loans

$ 16,200

Mortgages [Member]

Debt Instrument [Line Items]

Outstanding mortgage indebtedness

214,500

208,400

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

Debt Instrument [Line Items]

Debt instrument variable rate

7.73%

Mortgage loan maturity period

2029-02

2024-06

Fortress Mezzanine Loan [Member]

Debt Instrument [Line Items]

Fair value of loans

13,400

16,200

Interest expense

$ 500

500

Long term debt maturity date

Dec. 01, 2027

Mortgage loan

$ 15,000

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

2,300

3,200

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

700

1,700

Capitalized interest

300

$ 300

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

Debt Instrument [Line Items]

Debt instrument variable rate

2.75%

Interest Rate Swap [Member] | Derivative Assets [Member]

Debt Instrument [Line Items]

Fair value of interest rate cap assets

1,200

$ 800

Interest Rate Swap [Member] | Highlandtown Village Shopping Center [Member]

Debt Instrument [Line Items]

Debt instrument, effective interest rate

6.085%

Interest Rate Swap [Member] | Mortgage Loan [Member] | Vista Shops at Golden Mile [Member]

Debt Instrument [Line Items]

Debt instrument, effective interest rate

6.90%

Basis Term Loan [Member]

Debt Instrument [Line Items]

Number of subsidiaries as borrowers entered in loan agreement | Subsidiary

6

Mortgage loans

$ 8,500

Maturity date description

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

Debt instrument variable rate

[1]

8.62%

Debt instrument, effective interest rate

8.62%

Basis Term Loan [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

3.97%

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

Debt Instrument [Line Items]

Mortgage loans

$ 66,900

$ 66,900

Debt instrument, effective interest rate

8.62%

8.62%

Basis Term Loan [Member] | Interest Rate Cap [Member] | London Interbank Offered Rate [Member]

Debt Instrument [Line Items]

Debt instrument variable rate

3.50%

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

Debt Instrument [Line Items]

Debt instrument variable rate

3.97%

Debt instrument variable rate

4.65%

3.50%

Basis Term Loan [Member] | Maximum [Member]

Debt Instrument [Line Items]

Mortgage loans

$ 66,900

Debt instrument variable rate

6.125%

6.125%

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

Debt Instrument [Line Items]

Debt instrument variable rate

6.125%

Greenwood Village [Member]

Debt Instrument [Line Items]

Debt instrument, effective interest rate

5.85%

Greenwood Village [Member] | SOFR [Member]

Debt Instrument [Line Items]

Debt instrument, effective interest rate

5.85%

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

Debt Instrument [Line Items]

Debt instrument, effective interest rate

5.85%

Amount recieved on termination

$ 2,200

Midtown Colonial and Midtown Lamonticello Properties [Member] | Subsequent Event [Member] | Mortgage Loan [Member]

Debt Instrument [Line Items]

Mortgage loans

$ 19,200

Debt instrument variable rate

7.92%

Mortgage loan maturity period

2027-05

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

Debt instrument additional borrowing available

3,000

Balance outstanding

$ 10,200

Number of derivatives held | Derivative

2

[1] Interest rates are as of March 31, 2024.

Note 7 - Mortgage and Other I_6

Note 7 - Mortgage and Other Indebtedness - Scheduled Principal Repayments and Maturities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	[1]	$ 22,311
2025		14,115
2026		14,840
2027		122,705
2028		28,878
2029		15,424
Thereafter		21,994
Total		240,267
Unamortized debt discounts and deferred financing costs, net and fair value option adjustment		(5,995)
Total Mortgage and Other Indebtedness		$ 234,272	$ 231,049
[1] Includes $ 8.5 million of debt that was repaid on April 30, 2024. The Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan.

Note 7 - Mortgage and Other I_7

Note 7 - Mortgage and Other Indebtedness - Scheduled Principal Repayments and Maturities (Parenthetical) (Details)	Apr. 30, 2024 USD ($)
Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of secured debt	$ 8,500

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies - (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Deferred rent outstanding	$ 3,480	$ 3,090

Note 9 - Fortress Preferred E_3

Note 9 - Fortress Preferred Equity Investment - (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 22, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Conversion of Stock [Line Items]
Capitalized Preferred Return		$ (1,860)	$ (2,404)
Combined balance of cash held in bank accounts		$ 14,631	8,496	$ 9,779
Common stock, shares par value		$ 0.01		$ 0.01
Derivative fair value adjustment		$ 889	(179)
Fortress [Member]
Conversion of Stock [Line Items]
Annual return percentage on initial capital contribution	12%
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		13,200
Current Preferred Return		1,200	1,000
Combined balance of cash held in bank accounts		8,200
Fortress [Member] | Additional Paid-In Capital [Member]
Conversion of Stock [Line Items]
Capitalized Preferred Return		1,800	2,400
Fortress Preferred Equity Investment [Member]
Conversion of Stock [Line Items]
Derivative fair value adjustment		500	$ 400
Derivative liability		$ 200		$ 700

Note 9 - Fortress Preferred E_4

Note 9 - Fortress Preferred Equity Investment - Summary of preferred equity investment activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Conversion of Stock [Line Items]
Beginning balance	$ 87,288
Ending balance	90,536
Fortress Preferred Equity Investment [Member]
Conversion of Stock [Line Items]
Beginning balance	87,288	$ 73,697
Preferred equity return	1,869	3,426
Preferred equity payment		(1,013)
Preferred equity accretion	1,379	415
Ending balance	$ 90,536	$ 76,525

Note 10 - Equity - (Details Tex

Note 10 - Equity - (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		12 Months Ended
	Apr. 18, 2024	Feb. 28, 2023	Oct. 01, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Apr. 09, 2024	Apr. 05, 2024	Jan. 02, 2024	Sep. 15, 2021
Class of Stock [Line Items]
Common stock, shares issued				33,401,959		33,417,101
Preferred stock, shares authorized				1,000,000		1,000,000
Preferred stock, par value				$ 0.01		$ 0.01
Preferred stock, shares outstanding				500		500
Restricted Stock Units, Forfeited					6,695
Options outstanding				0	10,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized				20,000		20,000
Preferred stock, par value				$ 0.01
Preferred stock, shares outstanding				500		500
Preferred stock, dividend rate percentage				10%
Preferred stock, per share issuance price				$ 100
Director [Member]
Class of Stock [Line Items]
Common stock, shares issued									11,945
Subsequent Event [Member] | Director [Member]
Class of Stock [Line Items]
Common stock, shares issued								29,452
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				$ 100
Restricted Stock Awards [Member]
Class of Stock [Line Items]
Shares surrendered to satisfy tax obligations				27,087
Compensation expense related to these share-based payments				$ 100	$ 100
Unrecognized costs from stock-based awards				$ 300
Unrecognized compensation cost recognition period				10 months 24 days
Restricted Stock Awards [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Value of award	$ 400
Restricted Stock Awards [Member] | Subsequent Event [Member] | Employees [Member]
Class of Stock [Line Items]
Granted to executives	894,154
Restricted Stock Units [Member]
Class of Stock [Line Items]
Unrecognized costs from stock-based awards				$ 1,700
Unrecognized compensation cost recognition period				1 year 9 months 18 days
Restricted Stock Units, Forfeited		232,558
Restricted Stock Units [Member] | Employees [Member]
Class of Stock [Line Items]
Granted to executives			1,220,930
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				392,931
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
Amended and Restated 2020 Equity Incentive Plan [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Common stock shares available for issuance							1,400,000
Amended and Restated 2020 Equity Incentive Plan [Member] | Minimum [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Common stock shares available for issuance							5,120,000
Amended and Restated 2020 Equity Incentive Plan [Member] | Maximum [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Common stock shares available for issuance							6,520,000
Operating Partnership [Member]
Class of Stock [Line Items]
Operating partnership percentage				85.70%		85.70%

Note 10 - Equity - Summary of S

Note 10 - Equity - Summary of Stock-Based Award Activity (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted Stock Awards, Beginning of the period	775,369	159,439
Restricted Stock Awards, Vested	(190,665)	(59,607)
Restricted Stock Awards, Forfeited		(6,695)
Restricted Stock Awards, Ending of the period	584,704	93,137
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Beginning of the period	$ 0.99	$ 2.24
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Vested	1.2	2.25
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Forfeited		2.95
Weighted-Average Grant Date Fair Value Per Restricted Stock Award, Ending of the period	$ 0.92	$ 2.23

Note 10 - Equity - Summary of O

Note 10 - Equity - Summary of Option Awards (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Underlying Options	10,000
MedAmerica [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Underlying Options	10,000
Number of Shares Underlying Options, Expired	0
Number of Shares Underlying Options	10,000	10,000
Weighted Average Exercise Price Per Share	$ 6
Weighted Average Exercise Price Per Share, Options expired	0
Weighted Average Exercise Price Per Share	$ 6	$ 6
Weighted Average Remaining Contractual Life	2 months 12 days	5 months 12 days

Note 11 - Revenues - Summary of

Note 11 - Revenues - Summary of Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Rental income	$ 9,511	$ 10,208
Sublease income	0	12
Total Out of Scope of Topic 606 revenue	9,511	10,220
Total revenues	10,071	11,132
Accounting Standards Update 2014-09 [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	560	912
Leasing Commissions [Member] | Accounting Standards Update 2014-09 [Member] | Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	460	818
Property and Asset Management Fees [Member] | Accounting Standards Update 2014-09 [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	36	33
Sales Commissions [Member] | Accounting Standards Update 2014-09 [Member] | Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	42	38
Development Fees [Member] | Accounting Standards Update 2014-09 [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	1	9
Engineering Services [Member] | Accounting Standards Update 2014-09 [Member] | Over Time [Member]
Disaggregation Of Revenue [Line Items]
Topic 606 Revenue	$ 21	$ 14

Note 11 - Revenues - Summary _2

Note 11 - Revenues - Summary of Minimum Cash Rental Payments Due in Future Periods Under Executed Non-cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 22,679
2025	25,882
2026	17,923
2027	15,857
2028	13,071
2029	10,005
Thereafter	31,119
Total	$ 136,536

Note 12 - Earnings Per Share -

Note 12 - Earnings Per Share - (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	7.1	6.8

Note 12 - Earnings Per Share _2

Note 12 - Earnings Per Share - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (1,938)	$ (1,660)
Less: Preferred equity return on Fortress preferred equity	(3,022)	(3,427)
Less: Preferred equity accretion to redemption value	(1,379)	(415)
Less: Preferred OP units return	(139)	(112)
Plus: Net loss attributable to noncontrolling interest	839	1,014
Net loss attributable to common stockholders	$ (5,639)	$ (4,600)
Denominator
Basic weighted-average common shares	35,875,326	35,374,216
Dilutive potential common shares	0	0
Diluted weighted-average common shares	35,875,326	35,374,216
Net loss per common share- basic	$ (0.16)	$ (0.13)
Net loss per common share- diluted	$ (0.16)	$ (0.13)

Note 13 - Fair Value of Finan_3

Note 13 - Fair Value of Financial Instruments - Schedule of Carrying Amounts of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Derivative assets	$ 1,210		$ 796
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	193		668
Fair Value, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Derivative assets	1,210		796
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	193	[1]	668	[2]
Fair value of loans	13,435		16,187
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Derivative assets	1,210		796
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	193	[1]	668	[2]
Fair value of loans	$ 13,435		$ 16,187
[1] Derivative liabilities are included in Accounts payable and accrued liabilities on the condensed consolidated balance sheets Derivative liabilities are included in Accounts payable and accrued liabilities on the condensed consolidated balance sheets

Note 13 - Fair Value of Finan_4

Note 13 - Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Assets and Liabilities Measured at Fair Value on a Non Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	$ 14,631	$ 9,779
Restricted cash	2,650	4,018
Reported Value Measurement [Member] | Variable Rate Debt [Member]
Liabilities, Fair Value Disclosure [Abstract]
Mortgage and other indebtedness, net - carrying amount	60,852	61,056
Reported Value Measurement [Member] | Fixed Rate Debt [Member]
Liabilities, Fair Value Disclosure [Abstract]
Mortgage and other indebtedness, net - carrying amount	162,146	155,844
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	14,631	9,779
Restricted cash	2,650	4,018
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Variable Rate Debt [Member]
Liabilities, Fair Value Disclosure [Abstract]
Mortgage and other indebtedness, net - fair value	60,852	61,056
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Fixed Rate Debt [Member]
Liabilities, Fair Value Disclosure [Abstract]
Mortgage and other indebtedness, net - fair value	$ 162,293	$ 159,065

Note 14 - Taxes - (Details Text

Note 14 - Taxes - (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Line Items]
Income tax (expense) benefit	$ (134)	$ 1,683
Effective tax rate	(0.40%)	23.10%
Deferred tax assets recorded valuation allowance	$ 1,700

Note 15 - Related Party Trans_2

Note 15 - Related Party Transactions - (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Receivables due from related parties	$ 1,825		$ 1,918
Revenue from related parties	10,071	$ 11,132
Ground lease revenues	10,071	11,132
Samuel M. Spiritos [Member] | Shulman Rogers L L P [Member]
Related Party Transaction [Line Items]
Related party legal fees		$ 100
Maximum [Member] | Samuel M. Spiritos [Member] | Shulman Rogers L L P [Member]
Related Party Transaction [Line Items]
Related party legal fees	100
Other Assets, Net [Member]
Related Party Transaction [Line Items]
Receivables due from related parties	1,100		1,100
Payables Due to Related Parties [Member] | Borrowed by Company for Working Capital [Member] | Due To Properties [Member]
Related Party Transaction [Line Items]
Payables due to related parties	$ 100		$ 100