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Note 7 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Details) - USD ($)
$ in Thousands
6 Months Ended
May 05, 2023
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Balance outstanding   $ 254,333 $ 269,474
Unamortized deferred financing costs   (1,752) [1] (1,858)
Total Mortgage and Other Indebtedness   $ 252,581 267,616
Basis Term Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jan. 01, 2024  
Rate Type [2]   Floating  
Debt instrument variable rate [3]   8.62%  
Balance outstanding [4]   $ 67,147 [1] 67,086
Hollinswood Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 01, 2024  
Rate Type [5]   LIBOR + 2.25%  
Debt instrument variable rate [3]   4.06%  
Balance outstanding   $ 12,600 12,760
Avondale Shops Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jun. 01, 2025  
Rate Type   Fixed  
Debt instrument variable rate [3]   4.00%  
Balance outstanding   $ 2,927 2,985
Vista Shops at Golden Mile Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [6]   Jun. 24, 2024  
Rate Type [6]   Fixed  
Debt instrument variable rate [3],[6]   3.83%  
Balance outstanding [6]   $ 11,345 11,478
Brookhill Azalea Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jan. 31, 2025  
Rate Type   LIBOR + 2.75%  
Debt instrument variable rate [3]   7.97%  
Balance outstanding   $ 8,747 8,762
Lamar Station Plaza West Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 10, 2027  
Rate Type   Fixed  
Debt instrument variable rate [3]   5.67%  
Balance outstanding   $ 18,329 18,317
Lamont Street Preferred Interest [Member]      
Debt Instrument [Line Items]      
Maturity Date [7]   Sep. 30, 2023  
Rate Type [7]   Fixed  
Debt instrument variable rate [3],[7]   13.50%  
Balance outstanding [7]     4,241
Highlandtown Village Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date May 10, 2028 May 10, 2028 [8]  
Rate Type [8]   SOFR + 2.5%  
Debt instrument variable rate [3],[8]   6.085%  
Balance outstanding [8]   $ 8,708 5,241
Cromwell Field Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 22, 2027  
Rate Type   Fixed  
Debt instrument variable rate [3]   6.71%  
Balance outstanding   $ 10,122 10,113
Midtown Row Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 01, 2027  
Rate Type   Fixed  
Debt instrument variable rate [3]   6.48%  
Balance outstanding   $ 75,978 75,975
Fortress Mezzanine Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [9]   Dec. 01, 2027  
Rate Type [9]   Fixed  
Debt instrument variable rate [3],[9]   12.00%  
Balance outstanding [9]   $ 15,931 17,895
Spotswood Valley Square Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jul. 06, 2023  
Rate Type   Fixed  
Debt instrument variable rate [3]   4.82%  
Balance outstanding     11,849
The Shops at Greenwood Village [Member]      
Debt Instrument [Line Items]      
Maturity Date   Oct. 10, 2028  
Rate Type [10]   SOFR + 2.85%  
Debt instrument variable rate [3]   5.85%  
Balance outstanding   $ 22,499 $ 22,772
[1] The outstanding balances of $67.1 million and $(1.8) million include $14.6 million and less than $(0.1) million, respectively, that were reclassified to mortgages related to assets held for sale.
[2] The interest rate for the Basis Term Loan is the greater of (i) SOFR plus 3.97% per annum and (ii) 6.125% per annum. On November 23, 2022, the Company entered into an interest rate cap agreement to cap the SOFR interest rate at 4.65% effective January 1, 2023, which replaced the existing interest rate cap agreement that capped the SOFR interest rate at 3.5%.
[3] At June 30, 2023, the floating rate loans tied to the London Inter-Bank Offered Rate (“LIBOR”) were based on the one-month LIBOR rate of 5.22%. Beginning July 1, 2023, one-month LIBOR is no longer published and all remaining debt referencing LIBOR was replaced with SOFR (as defined below).
[4] The outstanding balance includes $0.3 million of exit fees.
[5] The Company has entered into an interest rate swap which fixes the interest rate of this loan at 4.06%. On May 3, 2023, the Hollinswood loan agreement was amended to replace LIBOR with SOFR, effective July 1, 2023.
[6] On June 28, 2023, the Company entered into an agreement to extend the maturity date of this loan to June 24, 2024.
[7] The outstanding balance includes approximately $0.3 million of indebtedness as of December 31, 2022 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.
[8] On May 5, 2023, the Company refinanced the Highlandtown Village Shopping Center Loan to extend the maturity date to May 10, 2028 and entered into an interest rate swap which fixes the interest rate of the new loan at 6.085% as described below under the heading “Mortgage Indebtedness”. The prior loan carried an interest rate of 4.13%.
[9] The outstanding balance reflects the fair value of the debt.
[10] On October 6, 2021, the Company entered into an interest rate swap which fixes the interest rate of this loan at 4.082%. On May 1, 2023, the interest rate was amended to replace Prime with SOFR plus a spread of 2.85%. The Company terminated the existing interest rate swap and entered into a new interest rate swap agreement to fix the interest rate at 5.85%.