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Loans Payable, net
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Loans Payable, net Loans Payable, net
The Company's loans payable are composed of the following:
September 30, 2025
DescriptionMaturity
dates		Balance
outstanding 		Contractual
interest rates
weighted average
Variable-rate loans:
August 2025 Credit FacilityAug 2027$10,250,000 7.0%
April 2025 Bridge LoanFeb 202810,000,000 5.5%
Fixed-rate term loans (1):
Timpany PlazaSep 202811,444,000 7.3%
October 2022 Term Loan
Nov 2032100,441,000 5.3%
Patuxent Crossing/Coliseum MarketplaceJan 203325,000,000 6.4%
157,135,000 5.7%
Unamortized issuance costs(2,962,000)
Total loans payable, net$154,173,000 
(1)Collateralized by 12 properties.
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.
April 2025 Bridge Loan
On April 4, 2025, the Operating Partnership entered into a bridge loan agreement with KeyBank National Association for $10.0 million (the "April 2025 Bridge Loan"). The interest rate under the April 2025 Bridge Loan is the term SOFR rate plus the applicable margin of 1.30%. Interest payments are due monthly, and any outstanding principal is due at maturity. In August 2025, the maturity date was extended from January 4, 2026 to February 15, 2028, with no further extension options. The April 2025 Bridge Loan is guaranteed by the Company and WHLR, with the guarantee secured by $10.0 million of WHLR's cash pledged as collateral.
August 2025 Credit Facility
On August 15, 2025, the Operating Partnership entered into a credit facility agreement with KeyBank National Association to draw up to $20.0 million (the "August 2025 Credit Facility") pursuant to which the Operating Partnership may request a loan advance no more frequently than once per calendar month and which can only be used in conjunction with the 2025 Repurchase Program (as defined below). The interest rate under the August 2025 Credit Facility for each draw is at the Company's option of either a base rate, daily simple SOFR or term SOFR, plus an applicable margin. Interest payments are due monthly, and any outstanding principal is due at maturity on August 15, 2027. The total outstanding principal under the August 2025 Credit Facility must be reduced to no greater than $10.0 million by February 15, 2027. The August 2025 Credit Facility is collateralized by three properties, consisting of Carll's Corner, Fieldstone Marketplace, and the South Philadelphia parcels, and is guaranteed by the Company and WHLR.
Scheduled Principal Payments
Scheduled principal payments on indebtedness at September 30, 2025 are as follows:
Fixed-Rate Term LoansVariable-Rate LoansTotal
For the remaining three months ending December 31, 2025$29,000 $— $29,000 
2026121,000 — 121,000 
2027298,000 10,250,000 10,548,000 
202813,149,000 10,000,000 23,149,000 
20292,108,000 — 2,108,000 
20302,223,000 — 2,223,000 
Thereafter118,957,000 — 118,957,000 
$136,885,000 $20,250,000 $157,135,000