XML 34 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Loans Payable, net
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Loans Payable, net Loans Payable, net
The Company's loans payable are collateralized by 13 properties at December 31, 2024 and 2023 and are composed of the following:
  December 31, 2024December 31, 2023
DescriptionMaturity
dates
Balance
outstanding
Contractual
interest rates
weighted-average
Balance
outstanding
Contractual
interest rates
weighted-average
Fixed-rate secured term loans:       
Timpany PlazaSep 2028$11,527,000 7.3%$9,060,000 7.3%
Term loan, 10 properties
Nov 2032109,571,000 5.3%110,000,000 5.3%
Patuxent Crossing/Coliseum MarketplaceJan 203325,000,000 6.4%25,000,000 6.4%
 146,098,000 5.6%144,060,000 5.6%
Unamortized issuance costs (3,137,000) (3,566,000) 
  $142,961,000  $140,494,000  
Term Loan Agreement, 10 properties
On October 28, 2022, the Company entered into a term loan agreement with Guggenheim Real Estate, LLC for $110.0 million at a fixed rate of 5.25% with interest-only payments due monthly (the "Term Loan Agreement, 10 properties"). Wheeler REIT, L.P. provided a limited recourse indemnity in connection with such loan and includes certain financial covenants. Commencing on December 10, 2027, until the maturity date of November 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. The Term Loan Agreement, 10 properties is collateralized by 10 properties, consisting of Brickyard Plaza, Fairview Commons, Gold Star Plaza, Golden Triangle, Hamburg Square, Pine Grove Plaza, Southington Center, Trexler Mall, Washington Center and Webster Commons. Upon the 2024 disposition of a vacant land parcel at Brickyard Plaza, the Company paid down approximately $0.4 million to release the land parcel from collateral.
Patuxent Crossing/Coliseum Marketplace Loan Agreement
On December 21, 2022, the Company entered into a term loan agreement with Citi Real Estate Funding Inc. for $25.0 million at a fixed rate of 6.35% with interest-only payments due monthly through maturity on January 6, 2033 (the "Patuxent Crossing/Coliseum Marketplace Loan Agreement"). The Patuxent Crossing/Coliseum Marketplace Loan Agreement is collateralized by 2 properties, consisting of Patuxent Crossing and Coliseum Marketplace.
Timpany Plaza Loan Agreement
On September 12, 2023, the Company entered into a term loan agreement with Cornerstone Bank for $11.56 million at a fixed rate of 7.27% with interest-only payments due monthly for the first twelve months (the "Timpany Plaza Loan Agreement"). Commencing on September 12, 2024, until the maturity date of September 12, 2028, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. On the closing date, the Company received $9.06 million of the $11.56 million and the remaining $2.5 million was received in 2024, upon the satisfaction of certain lease-related contingencies. The Timpany Plaza Loan Agreement is collateralized by the Timpany Plaza shopping center.
Revolving Credit Agreement
On February 29, 2024, the Company entered into 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 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.
Scheduled Principal Payments
Scheduled principal payments on secured term loans at December 31, 2024, due on various dates through 2033, are as follow:
2025$112,000 
2026121,000 
2027258,000 
202812,647,000 
20291,581,000 
Thereafter131,379,000 
 $146,098,000