Note 7 - Mortgage and Other Indebtedness (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance at September 30, 2023 and December 31, 2022:

(dollars in thousands)	Maturity Date	Rate Type (1)	Interest Rate	September 30, 2023				December 31, 2022
Basis Term Loan (net of discount of $11 and $79, respectively)	January 1, 2024	Floating (2)	8.62%	$	35,335		(3)	$	67,086		(3)
Hollinswood Shopping Center Loan	December 1, 2024	SOFR + 2.36% (4)	4.06%		12,519				12,760
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		2,897				2,985
Vista Shops at Golden Mile Loan (net of discount of $0 and $12, respectively) (5)	June 24, 2024	Fixed	3.83%		11,296				11,478
Brookhill Azalea Shopping Center Loan	January 31, 2025	SOFR + 2.75%	8.07%		8,747				8,762
Crestview Shopping Center Loan (net of discount of $60 and $0, respectively)	September 29, 2026	Fixed	7.83%		11,940				—
Lamar Station Plaza West Loan (net of discount of $78 and $95, respectively)	December 10, 2027	Fixed	5.67%		18,334				18,317
Lamont Street Preferred Interest (net of discount of $0 and $29, respectively) (6)	September 30, 2023	Fixed	13.50%		—				4,241
Highlandtown Village Shopping Center Loan (net of discount of $40 and $14, respectively) (7)	May 10, 2028	SOFR + 2.5%	6.085%		8,710				5,241
Cromwell Field Shopping Center Loan (net of discount of $64 and $77, respectively)	December 22, 2027	Fixed	6.71%		10,400				10,113
Midtown Row Loan (net of discount of $22 and $25, respectively)	December 1, 2027	Fixed	6.48%		75,978				75,975
Midtown Row/Fortress Mezzanine Loan (8)	December 1, 2027	Fixed	12.00%		16,741				17,895
Spotswood Valley Square Shopping Center Loan (net of discount of $0 and $31, respectively)	July 6, 2023	Fixed	4.82%		—				11,849
The Shops at Greenwood Village (net of discount of $85 and $94, respectively)	October 10, 2028	SOFR + 2.85% (9)	5.85%		22,358				22,772
				$	235,255			$	269,474
Unamortized deferred financing costs, net					(1,810	)			(1,858	)
Total Mortgage and Other Indebtedness				$	233,445			$	267,616

(1)Beginning July 1, 2023, one-month London Inter-Bank Offered Rate (“LIBOR”) is no longer published and all remaining debt referencing LIBOR was replaced with the Secured Overnight Financing Rate (“SOFR”).

(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)The outstanding balance includes $0.2 million and $0.3 million of exit fees at September 30, 2023 and December 31, 2022, respectively.

(4)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.

(5)On June 28, 2023, the Company entered into an agreement to extend the maturity date of this loan to June 24, 2024.

(6)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.”

(7)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%.

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

(9)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%.

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 September 30, 2023:

(dollars in thousands)	Amount Due
Remainder of 2023	$	410
2024		60,650
2025		12,462
2026		13,957
2027		119,223
2028		28,110
Thereafter		—
		234,812
Unamortized debt discounts and deferred financing costs, net and fair value option adjustment		(1,367	)
Total	$	233,445