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Loans Payable, net
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Loans Payable, net Loans Payable, net
The Company's loans payable are collateralized by all of the Company's properties and are composed of the following:
June 30, 2024
DescriptionMaturity
dates		Balance
outstanding 		Contractual
interest rates
weighted average
Variable-rate secured revolving credit facility:
Revolving Credit AgreementFeb 2025$— 8.2%
Fixed-rate secured term loans:
Timpany PlazaSep 202810,060,000 7.3%
Term loan, 10 properties
Nov 2032110,000,000 5.3%
Patuxent Crossing/Coliseum MarketplaceJan 203325,000,000 6.4%
145,060,000 5.6%
Unamortized issuance costs(3,359,000)
Total loans payable, net$141,701,000 
Revolving Credit Agreement
On February 29, 2024, the Company entered into a revolving credit agreement with KeyBank National Association to draw up to $9.5 million (the "Revolving Credit Agreement"). The interest rate under the Revolving Credit Agreement is the daily SOFR, plus applicable margins of 0.10% plus 2.75%. Interest payments are due monthly, and any outstanding principal is due at maturity on February 28, 2025. The Revolving Credit Agreement may be extended, at the Company's option, for up to two additional three-month periods, subject to customary conditions. The Revolving Credit Agreement is collateralized by 6 properties, consisting of Carll's Corner, Fieldstone Marketplace, Oakland Commons, Kings Plaza, Oregon Avenue and South Philadelphia, and proceeds will be used for capital expenditures and tenant improvements for such properties. Upon the disposition of Oakland Commons, the property was released from collateral and the outstanding borrowings were repaid.
Timpany Plaza Loan Agreement
On March 28, 2024, the Company received $1.0 million of $2.5 million in deferred loan proceeds under the Timpany Plaza Loan Agreement following the Company's satisfaction of certain lease-related contingencies. The Company anticipates receiving the $1.5 million balance of the deferred loan proceeds upon the satisfaction of certain other lease-related contingencies.
Scheduled Principal Payments
Scheduled principal payments on indebtedness at June 30, 2024 are as follows:
Secured Term LoansRevolving Credit AgreementTotal
For the remaining six months ending December 31, 2024$55,000 $— $55,000 
2025228,000 — 228,000 
2026246,000 — 246,000 
2027391,000 — 391,000 
202810,726,000 — 10,726,000 
20291,556,000 — 1,556,000 
Thereafter131,858,000 — 131,858,000 
$145,060,000 $— $145,060,000