Note 6 - Mortgage and Other Indebtedness (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance as of December 31, 2021 and 2020:

				For the Year Ended December 31,
(dollars in thousands)	Maturity Date	Rate Type	Interest Rate (1)	2021			2020
Basis Term Loan (net of discount of $373 and $745, respectively)	January 1, 2023	Floating (2)	6.125%	$	66,811		$	66,439
Basis Preferred Interest (net of discount of $75 and $150, respectively) (3)	January 1, 2023 (4)	Fixed	14.00% (5)		8,560			11,434
MVB Term Loan	December 27, 2022 (6)	Fixed	6.75%		3,934			4,277
MVB Revolver	December 27, 2022 (6)	Floating (7)	6.75%		1,404			2,000
Hollinswood Shopping Center Loan	December 1, 2024	LIBOR + 2.25% (8)	4.06%		13,070			11,670
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		3,097			3,205
Vista Shops at Golden Mile Loan (net of discount of $39 and $0, respectively) (9)	June 24, 2023	Fixed	3.83%		11,661			8,902
Brookhill Azalea Shopping Center Loan	January 31, 2025	LIBOR + 2.75%	2.85%		9,034			9,432
Lamar Station Plaza East Loan (net of discount of $8 and $7, respectively)	July 17, 2022 (10)	LIBOR + 3.00% (11)	4.00%		3,507			3,446
Cromwell Field Land Loan (net of discount of $0 and $10, respectively) (12)	January 10, 2023	Fixed	6.75%		—			1,415
First Paycheck Protection Program Loan	April 20, 2022 (13)	Fixed	1.00%		—			757
Second Paycheck Protection Program Loan	March 18, 2026 (14)	Fixed	1.00%		—			—
Lamont Street Preferred Interest (net of discount of $67 and $0, respectively) (15)	September 30, 2023	Fixed	13.50%		4,498			—
Highlandtown Village Shopping Center Loan (net of discount of $46 and $0, respectively)	May 6, 2023	Fixed	4.13%		5,364			—
Cromwell Field Shopping Center Loan (net of discount of $144 and $0, respectively)	November 15, 2022	LIBOR + 5.40% (16)	5.90%		12,249			—
Cromwell Field Shopping Center Mezzanine Loan (net of discount of $18 and $0, respectively)	November 15, 2022	Fixed	10.00%		1,512			—
Spotswood Valley Square Shopping Center Loan (net of discount of $94 and $0, respectively)	July 6, 2023	Fixed	4.82%		12,100			—
The Shops at Greenwood Village (net of discount of $114 and $0, respectively)	October 10, 2028	Prime - 0.35% (17)	4.08%		23,296			—
				$	180,097		$	122,977
Unamortized deferred financing costs, net					(1,115	)		(917	)
Total Mortgage and Other Indebtedness				$	178,982		$	122,060

(1)At December 31, 2021, the floating rate loans tied to LIBOR were based on the one-month LIBOR rate of 0.1%.

(2)The interest rate for the Basis Term Loan is the greater of (i) LIBOR plus 3.850% per annum and (ii) 6.125% per annum. The Company has entered into an interest rate cap that caps the LIBOR rate on this loan at 3.5%.

(3)The outstanding balance includes approximately $0.8 million and $1.8 million of indebtedness as of December 31, 2021 and 2020, respectively, related to the Multiple Minimum Amount owed to the Preferred Investor as described below under the heading “—Basis Preferred Interest.”

(4)If the Basis Term Loan is paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) will mature at that time.

(5)In June 2020, the Preferred Investor made additional capital contributions of approximately $2.9 million as described below under the heading “—Basis Preferred Interest” of which $0.9 million was outstanding at

December 31, 2021. The Preferred Investor is entitled to a cumulative annual return of 13.0% on the additional contributions.

(6)In March 2022, the Company entered into a six-month extension on the MVB Term Loan and MVB Revolver (each as defined below) as described under the heading "—MVB Loans."

(7)The interest rate on the MVB Revolver is the greater of (i) prime rate plus 1.5% and (ii) 6.75%.

(8)The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.06%.

(9)The Company completed the refinance of this loan in March 2021 as described below under the heading “—Mortgage Indebtedness.” The prior loan matured on January 25, 2021 and carried an interest rate of LIBOR plus 2.5% per annum.

(10)In July 2021, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to July 2022 as described below under the heading "—Mortgage Indebtedness".

(11)The interest rate on the Lamar Station Plaza East Loan is LIBOR plus 3.00% per annum with a minimum LIBOR rate of 1.00%.

(12)The Company paid off the remaining principal balance of the Cromwell land loan during the second quarter of 2021.

(13)During the first quarter of 2021, the Company received forgiveness for its PPP Loan (as defined below) as described below under the heading “—PPP Loans.”

(14)During the third quarter of 2021, the Company received forgiveness for its Second PPP Loan (as defined below) as described below under the heading "—PPP Loans."

(15)The outstanding balance includes approximately $0.6 million of indebtedness as of December 31, 2021, related to the Lamont Street Minimum Multiple Amount owed to Lamont Street as described below under the heading "—Lamont Street Preferred Interest."

(16)The interest rate on the Cromwell Field Shopping Center Loan is LIBOR plus 5.40% per annum with a minimum LIBOR rate of 0.50%.

(17)The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.082%.

Schedule of Minimum Debt Service Coverage

The Hollinswood mortgage, Vista Shops mortgage, Brookhill mortgage, Highlandtown mortgage, Cromwell mortgage, Spotswood mortgage and Greenwood Village mortgage require the Company to maintain a minimum debt service coverage ratio (as such terms are defined in the respective loan agreements) as follows in the table below.

	Minimum Debt Service Coverage
Hollinswood Shopping Center	1.40 to 1.00
Vista Shops at Golden Mile	1.50 to 1.00
Brookhill Azalea Shopping Center	1.30 to 1.00
Highlandtown Village Shopping Center	1.30 to 1.00
Cromwell Field Shopping Center	1.00 to 1.00
Spotswood Valley Square Shopping Center	1.15 to 1.00
The Shops at Greenwood Village	1.40 to 1.00

Scheduled Principal Repayments and Maturities

The following table details the Company’s scheduled principal repayments and maturities during each of the next five years and thereafter as of December 31, 2021:

Year ending December 31,	(in thousands)
2022 (1)	$	24,851
2023		110,444
2024		13,597
2025		11,095
2026		644
Thereafter		20,444
		181,075
Unamortized debt discounts and issuance costs, net		(2,093	)
Total	$	178,982

(1)Includes the original maturity of the MVB Term Loan and the MVB Revolver that were extended in March 2022 to mature on June 27, 2023 as described above under the heading “—MVB Loans.”