Note 6 - Mortgage and Other Indebtedness (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance at June 30, 2022 and December 31, 2021:

(dollars in thousands)	Maturity Date	Rate Type	Interest Rate (1)	June 30, 2022			December 31, 2021
Basis Term Loan (net of discount of $187 and $373, respectively)	January 1, 2023	Floating (2)	6.125%	$	66,997		$	66,811
Basis Preferred Interest (net of discount of $37 and $75, respectively) (3)	January 1, 2023 (4)	Fixed	14.00% (5)		8,111			8,560
MVB Term Loan	June 27, 2023 (6)	Fixed	6.75%		3,755			3,934
MVB Second Term Loan	June 27, 2023	Fixed	6.75%		1,750			—
MVB Revolver	June 27, 2023 (6)	Floating (7)	6.75%		1,076			1,404
Hollinswood Shopping Center Loan	December 1, 2024	LIBOR + 2.25% (8)	4.06%		12,918			13,070
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		3,041			3,097
Vista Shops at Golden Mile Loan (net of discount of $25 and $39, respectively) (9)	June 24, 2023	Fixed	3.83%		11,606			11,661
Brookhill Azalea Shopping Center Loan	January 31, 2025	LIBOR + 2.75%	4.54%		8,840			9,034
Lamar Station Plaza East Loan (net of discount of $1 and $8, respectively)	October 17, 2022 (10)	WSJ Prime (11)	4.79%		3,515			3,507
Lamont Street Preferred Interest (net of discount of $48 and $67, respectively) (12)	September 30, 2023	Fixed	13.50%		4,256			4,498
Highlandtown Village Shopping Center Loan (net of discount of $29 and $46, respectively)	May 6, 2023	Fixed	4.13%		5,304			5,364
Cromwell Field Shopping Center Loan (net of discount of $62 and $144, respectively)	November 15, 2022	LIBOR + 5.40% (13)	7.19%		12,331			12,249
Cromwell Field Shopping Center Mezzanine Loan (net of discount of $8 and $18, respectively)	November 15, 2022	Fixed	10.00%		1,522			1,512
Spotswood Valley Square Shopping Center Loan (net of discount of $63 and $94, respectively)	July 6, 2023	Fixed	4.82%		11,975			12,100
The Shops at Greenwood Village (net of discount of $105 and $114, respectively)	October 10, 2028	Prime - 0.35% (14)	4.08%		23,035			23,296
				$	180,032		$	180,097
Unamortized deferred financing costs, net					(770	)		(1,115	)
Total Mortgage and Other Indebtedness				$	179,262		$	178,982

(1)At June 30, 2022, the floating rate loans tied to LIBOR were based on the one-month LIBOR rate of 1.79%.

(2)The interest rate for the Basis Term Loan is the greater of (i) SOFR (as defined below) plus 3.97% per annum and (ii) 6.125% per annum. As of June 30, 2022, the Company had entered into an interest rate cap that capped the prior-LIBOR rate on this loan at 3.5%. On August 1, 2022, the interest rate cap was modified to cap the SOFR rate on this loan at 3.5%.

(3)The outstanding balance includes approximately $0.3 million and $0.8 million of indebtedness as of June 30, 2022 and December 31, 2021, respectively, related to the Minimum Multiple Amount (as defined below) 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 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 approximately $0.9 million was outstanding at June 30, 2022. 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 the MVB Revolver 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)As of June 30, 2022, the maturity date of the Lamar Station Plaza East loan was July 17, 2022. In August 2022, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to October 17, 2022, effective July 17, 2022, as described below under the heading “—Mortgage Indebtedness”.

(11)As of June 30, 2022, the interest rate on the Lamar Station Plaza East loan was LIBOR plus 3.00% per annum with a minimum LIBOR rate of 1.00%. As a result of the loan modification the Company entered into in August 2022, the interest rate on the Lamar Station Plaza East loan is the Wall Street Journal Prime Rate, effective July 17, 2022.

(12)The outstanding balance includes approximately $0.4 million of indebtedness as of June 30, 2022 related to the Lamont Street Minimum Multiple Amount (as defined below) owed to Lamont Street (as defined below) as described below under the heading “—Lamont Street Preferred Interest”.

(13)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%.

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

Schedule of Minimum Debt Service Coverage

The Hollinswood mortgage, Vista Shops mortgage, Brookhill mortgage, Lamar Station Plaza East 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
Lamar Station Plaza East	1.25 to 1.00
Highlandtown Village Shopping Center	1.25 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 June 30, 2022:

(dollars in thousands)	Amount Due
Remainder of 2022	$	18,825
2023		115,976
2024		13,597
2025		11,111
2026		644
2027		672
Thereafter		19,772
		180,597
Unamortized debt discounts and issuance costs, net		(1,335	)
Total	$	179,262