Note 6 - Mortgage and Other Indebtedness (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance as of December 31, 2022 and 2021:

(dollars in thousands)	Maturity Date	Rate Type	Interest Rate (1)	December 31, 2022				December 31, 2021
Basis Term Loan (net of discount of $79 and $373, respectively)	January 1, 2024	Floating (2)	6.125%	$	67,086		(3)	$	66,811
Basis Preferred Interest (net of discount of $0 and $75, respectively) (4)	January 1, 2023 (5)	Fixed	14.00% (6)		—				8,560
MVB Term Loan	June 27, 2023 (7)	Fixed	6.75%		—				3,934
MVB Revolver	June 27, 2023 (7)	Floating (8)	7.75%		—				1,404
Hollinswood Shopping Center Loan	December 1, 2024	LIBOR + 2.25% (9)	4.06%		12,760				13,070
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		2,985				3,097
Vista Shops at Golden Mile Loan (net of discount of $12 and $39, respectively) (10)	June 24, 2023	Fixed	3.83%		11,478				11,661
Brookhill Azalea Shopping Center Loan	January 31, 2025	LIBOR + 2.75%	7.14%		8,762				9,034
Lamar Station Plaza East Loan (net of discount of $0 and $8, respectively)	October 17, 2022 (11)	WSJ Prime (12)	6.14%		—				3,507
Lamar Station Plaza West Loan (net of discount of $95 and $0, respectively)	December 10, 2027	Fixed	5.67%		18,317				—
Lamont Street Preferred Interest (net of discount of $29 and $67, respectively) (13)	September 30, 2023	Fixed	13.50%		4,241				4,498
Highlandtown Village Shopping Center Loan (net of discount of $14 and $46, respectively)	May 6, 2023	Fixed	4.13%		5,241				5,364
Cromwell Field Shopping Center Loan (net of discount of $77 and $144, respectively)	December 22, 2027 (14)	Fixed (15)	6.71%		10,113				12,249
Cromwell Field Shopping Center Mezzanine Loan (net of discount of $0 and $18, respectively)	December 31, 2022 (14), (16)	Fixed	10.00%		—				1,512
Midtown Row Loan (net of discount of $25 and $0, respectively)	December 1, 2027	Fixed	6.48%		75,975				—
Midtown Row Mezzanine Loan	December 1, 2027	Fixed	12.00%		17,895		(17)		—
Spotswood Valley Square Shopping Center Loan (net of discount of $31 and $94, respectively)	July 6, 2023	Fixed	4.82%		11,849				12,100
The Shops at Greenwood Village (net of discount of $94 and $114, respectively)	October 10, 2028	Prime - 0.35% (18)	4.08%		22,772				23,296
				$	269,474			$	180,097
Unamortized deferred financing costs, net					(1,858	)			(1,115	)
Total Mortgage and Other Indebtedness				$	267,616			$	178,982

(1)At December 31, 2022, the floating rate loans tied to LIBOR were based on the one-month LIBOR rate of 4.39%.

(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. On August 1, 2022, the interest rate cap that capped the prior-LIBOR rate was modified to cap the SOFR rate on this loan at 3.5%. This interest rate cap matured on January 1, 2023. On November 23, 2022, the Company entered into an interest rate cap agreement, effective January 1, 2023, to cap the SOFR interest rate at 4.65%.

(3)The outstanding balance includes $0.3 million of exit fees as of December 31, 2022.

(4)The outstanding balance included approximately $0.8 million of indebtedness as of December 31, 2021 related to the Minimum Multiple Amount (as defined below) owed to the Preferred Investor as described below under the heading “—Basis Preferred Interest.” The Basis Preferred Interest was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment.

(5)If the Basis Term Loan was paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) would have matured at that time.

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

(7)In March 2022, the Company entered into a six-month extension on the MVB Term Loan and the MVB Revolver (each as defined below) as described under the heading "—MVB Loans." The Company repaid the MVB Term Loan and MVB Revolver on November 23, 2022 with proceeds from the Preferred Equity Investment.

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

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

(10)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.

(11)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". The Lamar Station Plaza East loan was repaid on November 23, 2022 with proceeds from the Preferred Equity Investment.

(12)As a result of the loan modification the Company entered into in August 2022, the interest rate on the Lamar Station Plaza East loan was the Wall Street Journal Prime Rate, effective July 17, 2022.

(13)The outstanding balances include approximately $0.3 million and $0.6 million of indebtedness as of December 31, 2022 and 2021, respectively, related to the Lamont Street Minimum Multiple Amount (as defined below) owed to Lamont Street as described below under the heading "—Lamont Street Preferred Interest."

(14)On November 9, 2022, the Company entered into a modification to the Cromwell Field Shopping Center mortgage and mezzanine loans to extend the maturity dates to December 31, 2022. In December 2022, the Company refinanced the Cromwell Field Shopping Center mortgage.

(15)Prior to the refinancing of the Cromwell Field Shopping Center mortgage loan in December 2022, the interest rate on the loan was LIBOR plus 5.40% per annum with a minimum LIBOR rate of 0.50%.

(16)On December 2022, the Company repaid the Cromwell Field Shopping Center Mezzanine loan.

(17)The outstanding balance reflects the fair value of the debt.

(18)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, Highlandtown mortgage, Cromwell mortgage, Spotswood mortgage, Greenwood Village mortgage, Lamar Station Plaza West mortgage and the Midtown Row 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	1.25 to 1.00
Cromwell Field Shopping Center (1)	1.20 to 1.00
Lamar Station Plaza West (2)	1.30 to 1.00
Midtown Row (2)	1.15 to 1.00
Spotswood Valley Square Shopping Center	1.15 to 1.00
The Shops at Greenwood Village	1.40 to 1.00

(1)The debt service coverage ratio testing will commence December 31, 2023 with the following requirements: (i) 1.20 to 1.00 as of December 31, 2023; (ii) 1.55 to 1.00 as of December 31, 2024 and (iii) 1.35 to 1.00 as of December 31, 2025 and for the remaining term of the loan.

(2)The Company was not required to perform the debt service coverage ratio at December 31, 2022.

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, 2022:

Year ending December 31,	(in thousands)
2023	$	34,318
2024		81,129
2025		11,910
2026		2,063
2027		117,960
Thereafter		19,772
		267,152
Unamortized debt discounts and deferred financing costs, net and FVO adjustment		464
Total	$	267,616