…And here’s how the same example looks in Airtable (using Airtable formula CONCATENATE({Territory}, " ex. ", {Excluded Territory}) ):
As you can see, the second row in Airtable example shows that Airtable likely joins or does something to the linked field values to treat them as single value.
In the third row of the Airtable example the same logic prevents empty “Excluded Territory” field from blanking the entire formula cell (as visible in Baserow).