Loans Payable (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations are composed of the following at September 30, 2023 and collateralized by 13 properties:

		September 30, 2023
Description	Maturity dates	Balance outstanding		Contractual interest rates weighted average
Fixed-rate secured term loans:
Timpany Plaza	Sep 2028	$	9,060,000	7.3%
Guggenheim (a)	Nov 2032	110,000,000		5.3%
Patuxent Crossing/Coliseum Marketplace	Jan 2033	25,000,000		6.4%
		144,060,000		5.6%
Unamortized issuance costs		(3,676,000)
		$	140,384,000

(a)Collateralized by 10 properties.

Schedule of scheduled principal payments on secured term loans

Scheduled principal payments on secured term loans at September 30, 2023, due on various dates from 2024 to 2033, are as follows:

For the three months ending December 31, 2023	$	—
December 31, 2024	74,000
December 31, 2025	306,000
December 31, 2026	329,000
December 31, 2027	481,000
December 31, 2028	9,456,000
Thereafter	133,414,000
	$	144,060,000

Schedule of effect of derivative financial instruments on condensed consolidated statements of operations

The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022:

	(Loss) recognized in other  comprehensive income reclassified into earnings (effective portion)
	Three months ended September 30,				Nine months ended September 30,
Classification	2023		2022		2023		2022
Continuing Operations	$	—	$	—	$	—	$	(2,320,000)