Loans Payable, net

9 Months Ended

Sep. 30, 2024

The Company's loans payable are collateralized by 13 properties and are composed of the following:


		September 30, 2024
Description	Maturity dates	Balance outstanding		Contractual interest rates weighted average


Fixed-rate secured term loans:
Timpany Plaza	Sep 2028	$	11,560,000	7.3%
Term loan, 10 properties	Nov 2032	110,000,000		5.3%
Patuxent Crossing/Coliseum Marketplace	Jan 2033	25,000,000		6.4%
		146,560,000		5.6%
Unamortized issuance costs		(3,248,000)
Total loans payable, net		$	143,312,000

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 was the daily SOFR, plus applicable margins of 0.10% plus 2.75%. Interest payments were due monthly, and any outstanding principal was due at maturity on February 28, 2025. The Revolving Credit Agreement could have been extended, at the Company's option, for up to two additional three-month periods, subject to customary conditions. The Revolving Credit Agreement was collateralized by 6 properties, consisting of Carll's Corner, Fieldstone Marketplace, Oakland Commons, Kings Plaza, Oregon Avenue and South Philadelphia, and proceeds were used for capital expenditures and tenant improvements for such properties. Upon the dispositions of Oakland Commons and Kings Plaza, the properties were released from collateral, the outstanding borrowings were repaid and the Revolving Credit Agreement was closed on September 12, 2024.

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. On September 30, 2024, the Company received the remaining balance of $1.5 million following the Company's satisfaction of other lease-related contingencies.

Scheduled Principal Payments

Scheduled principal payments on indebtedness at September 30, 2024 are as follows:



For the remaining three months ending December 31, 2024	$	33,000
2025	112,000
2026	121,000
2027	256,000
2028	12,624,000
2029	1,556,000
Thereafter	131,858,000
	$	146,560,000