Mortgage Loans Payable and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt and Finance Lease Obligations Related to Continuing Operations

Debt and finance lease obligations are composed of the following at December 31, 2022 and 2021 and collateralized by 12 properties at December 31, 2022:

		December 31, 2022				December 31, 2021
					Contractual				Contractual
	Maturity	Balance			interest rates	Balance			interest rates
Description	dates	outstanding			weighted-average	outstanding			weighted-average
Fixed-rate mortgage
Franklin Village	Jun 2026	$	—		n/a	$	44,571,000		3.9%
Shops at Suffolk Downs (a)	Jun 2031		—		n/a		15,600,000		3.5%
Trexlertown Plaza (a)	Jun 2031		—		n/a		36,100,000		3.5%
The Point (a)	Jun 2031		—		n/a		29,700,000		3.5%
Christina Crossing (a)	Jun 2031		—		n/a		17,000,000		3.5%
Lawndale Plaza (a)	Jun 2031		—		n/a		15,600,000		3.5%
Senator Square finance lease obligation	Sep 2050		—		n/a		5,596,000		5.3%
			—		n/a		164,167,000		3.6%
Credit facilities:
Variable-rate:
Revolving credit facility (b)	Aug 2024		—		n/a		66,000,000		1.6% (b)
Fixed-rate:
Term loan (c)	Apr 2023		—		n/a		100,000,000		3.3%
Term loan (c)	Sep 2024		—		n/a		75,000,000		3.8%
Term loan (c)	Jul 2025		—		n/a		75,000,000		4.7%
Term loan (c)	Aug 2026		—		n/a		50,000,000		3.3%
Term loan	Nov 2032		110,000,000		5.3%		—		n/a
Term loan	Jan 2033		25,000,000		6.4%		—		n/a
			135,000,000		5.5%		530,167,000		3.5%
Unamortized issuance costs			(3,538,000	)			(3,129,000	)
		$	131,462,000			$	527,038,000

(a)The mortgages for these properties were cross-collateralized.

(b)The revolving credit facility was subject to two one-year extensions at the Company’s option.

(c)The interest rates on these term loans consisted of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company had interest rate swap agreements which converted the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.

Schedule of Principal Payments on Secured Term Loans

Scheduled principal payments on secured term loans at December 31, 2022, due on various dates from 2032 to 2033, are as follows:

2023	$	—
2024		—
2025		—
2026		—
2027		126,000
Thereafter		134,874,000
	$	135,000,000

Summary of Derivative Financial Instruments Held

The following is a summary of the derivative financial instruments held by the Company at December 31, 2021:

December 31, 2021
Designation/				Fair		Maturity	Balance sheet
Cash flow	Derivative	Count		value		dates	location
Qualifying	Interest rate swaps		5	$	8,232,000	2023-2025	Accounts payable and accrued liabilities

Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity

The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the years ended 2022, 2021 and 2020, respectively:

		(Loss) gain recognized in other
		comprehensive income (loss)
		(effective portion)
Designation/		Years ended December 31,
Cash flow	Derivative	2022			2021			2020
Qualifying	Interest rate swaps	$	6,001,000		$	4,148,000		$	(17,940,000	)
		(Loss) recognized in other
		comprehensive income (loss)
		reclassified into earnings (effective portion)
		Years ended December 31,
	Classification	2022			2021			2020
	Continuing Operations	$	(2,320,000	)	$	(6,476,000	)	$	(6,062,000	)