Loans Payable, net

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Loans Payable, net

Loans Payable, net

The Company's loans payable are collateralized by 12 properties and are composed of the following:

		March 31, 2025
Description	Maturity dates	Balance outstanding		Contractual interest rates weighted average
Fixed-rate secured term loans:
Timpany Plaza	Sep 2028	$	11,497,000	7.3%
October 2022 Term Loan	Nov 2032	100,441,000		5.3%
Patuxent Crossing/Coliseum Marketplace	Jan 2033	25,000,000		6.4%
		136,938,000		5.6%
Unamortized issuance costs		(2,832,000)
Total loans payable, net		$	134,106,000

October 2022 Term Loan

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 "October 2022 Term Loan"). Upon the 2025 disposition of Webster Commons, the Company paid down approximately $9.1 million to release the property from collateral and paid a $0.5 million loan prepayment premium.

Scheduled Principal Payments

Scheduled principal payments on indebtedness at March 31, 2025 are as follows:

For the remaining nine months ending December 31, 2025	$	82,000
2026	121,000
2027	298,000
2028	13,149,000
2029	2,108,000
2030	2,223,000
Thereafter	118,957,000
	$	136,938,000