Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion.

Notes Receivable

On April 1, 2021, the Company entered into a $22.3 million preferred equity investment for the development of a multifamily property located in Summerville, South Carolina, adjacent to the Company's Nexton Square property. The investment has economic terms consistent with a note receivable, including a mandatory redemption or maturity on October 1, 2026, and it will be accounted for as a note receivable. The Company's investment bears interest at a rate of 11%, compounded annually. The Company funded $8.0 million of this investment in April 2021.

Indebtedness

On April 15, 2021, the Company refinanced the Southgate Square loan. The loan bears interest at a rate of LIBOR plus a spread of 2.25% (LIBOR has a 0.75% floor) and will mature on April 29, 2024. The loan term may be extended for an additional two years under the satisfaction of certain criteria.

In April 2021, the Company increased its borrowings under the revolving credit facility by $17.0 million, bringing the outstanding balance to $27.0 million.

On May 5, 2021 , the Company entered into a $35.1 million construction loan agreement for the Chronicle Mill development project. The loan bears interest rate at LIBOR plus a spread of 3.00% (LIBOR has a 0.25% floor). The loan matures on May 5, 2024 and has two 12-month extension options.

Equity

In April 2021, the Company issued and sold 417,454 shares of common stock at a weighted average price of $13.02 per share under the ATM Program, receiving net proceeds, after offering costs and commissions, of $5.4 million.

On May 3, 2021, the Company announced that its board of directors declared a cash dividend of $0.16 per common share for the second quarter of 2021. This represents a 6.7% increase over the prior quarter's dividend and a 45.5% cumulative increase year-to-date. The second quarter dividend will be payable in cash on July 8, 2021 to stockholders of record on June 30, 2021.

On May 3, 2021, the Company announced that its board of directors declared a cash dividend of $0.421875 per share of Series A Preferred Stock for the second quarter of 2021. The dividend will be payable in cash on July 15, 2021 to stockholders of record on July 1, 2021.