Mortgage Loans Payable and Unsecured Credit Facility (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021:

		June 30, 2021
					Contractual
	Maturity	Balance			interest rates
Description	dates	outstanding			weighted-average
Fixed-rate mortgage
Franklin Village	Jun 2026	$	45,113,000		3.9%
Shops at Suffolk Downs (a)	June 2031		15,600,000		3.5%
Trexlertown Plaza (a)	June 2031		36,100,000		3.5%
The Point (a)	June 2031		29,700,000		3.5%
Christina Crossing (a)	June 2031		17,000,000		3.5%
Lawndale Plaza (a)	June 2031		15,600,000		3.5%
Senator Square finance lease obligation	Sep 2050		5,615,000		5.3%
			164,728,000		3.6%
Unsecured credit facilities (b):
Variable-rate:
Revolving credit facility  (c)	Sep 2021		12,000,000		1.7%
Term loan	Sep 2022		50,000,000		1.8%
Fixed-rate (d):
Term loan	Sep 2022		50,000,000		3.5%
Term loan	Apr 2023		100,000,000		3.5%
Term loan	Sep 2024		75,000,000		3.9%
Term loan	Jul 2025		75,000,000		4.8%
			526,728,000		3.6%
Unamortized issuance costs			(3,208,000	)
		$	523,520,000

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

(b) During the third quarter of 2021, the weighted average interest rate for the Company’s unsecured credit facilities will decrease 15 basis points (“bps”) as a result of a decrease in the Company’s leverage ratio.

(c) The revolving credit facility is subject to a one-year extension at the Company’s option.

(d) The interest rates on these term loans consist of the London Interbank Offered Rate (“LIBOR”) plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. 

Summary of Derivative Financial Instruments Held

The following is a summary of the derivative financial instruments held by the Company at June 30, 2021 and December 31, 2020:

June 30, 2021
Designation/				Fair		Maturity	Balance sheet
Cash flow	Derivative	Count		value		dates	location
Qualifying	Interest rate swaps		5	$	13,208,000	2022-2025	Accounts payable and accrued liabilities
December 31, 2020
Designation/				Fair		Maturity	Balance sheet
Cash flow	Derivative	Count		value		dates	location
Qualifying	Interest rate swaps		7	$	18,927,000	2021-2025	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 three and six months ended June 30, 2021 and 2020, respectively:

		(Loss) gain recognized in other
		comprehensive (loss) income
		(effective portion)
Designation/		Three months ended June 30,						Six months ended June 30,
Cash flow	Derivative	2021			2020			2021			2020
Qualifying	Interest rate swaps	$	(637,000	)	$	(2,226,000	)	$	1,756,000		$	(17,590,000	)
		Gain (loss) recognized in other
		comprehensive (loss) income
		reclassified into earnings (effective portion)
		Three months ended June 30,						Six months ended June 30,
	Classification	2021			2020			2021			2020
	Continuing Operations	$	(1,656,000	)	$	(1,638,000	)	$	(3,460,000	)	$	(1,988,000	)