XML 55 R45.htm IDEA: XBRL DOCUMENT v3.23.3
Note 7 - Mortgage and Other Indebtedness - (Details Textual)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2023
USD ($)
Sep. 29, 2023
USD ($)
Jul. 20, 2023
USD ($)
Jun. 30, 2023
USD ($)
May 05, 2023
USD ($)
May 03, 2023
May 01, 2023
USD ($)
Jan. 01, 2023
Jun. 04, 2021
USD ($)
May 21, 2021
USD ($)
Dec. 27, 2019
USD ($)
Derivative
Dec. 31, 2019
USD ($)
Subsidiary
Sep. 30, 2023
USD ($)
$ / shares
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
$ / shares
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Jul. 03, 2023
Nov. 23, 2022
Aug. 01, 2022
Oct. 06, 2021
USD ($)
Debt Instrument [Line Items]                                          
Maturity date description                             the Basis Term Loan (as defined below) had an outstanding principal balance of $35.2 million as of September 30, 2023 and matures on January 1, 2024, subject to the remaining one-year extension option that is subject to certain conditions, including a material adverse change clause, and approval by the lender.            
Long-term debt outstanding                         $ 234,812   $ 234,812            
Interest expense                         4,585 $ 3,073 14,101 $ 8,346          
Balance outstanding                         234,812   234,812            
Principal balance of mortgage loan                         233,445   233,445   $ 267,616        
Mortgage loan                         233,445   233,445   267,616        
Income (expenses) related to fair value adjustments on derivatives                         300 1,200 100 3,800          
Net (loss) gain on fair value change of debt held under the fair value option                         (816) 0 1,288 0          
Change in fair value due to credit risk on debt held under the fair value option                         $ 287 $ 0 687 $ 0          
Highlandtown Village Shopping Center [Member]                                          
Debt Instrument [Line Items]                                          
Principal balance of mortgage loan         $ 8,700                                
Mortgage loan         $ 8,700                                
Mortgages [Member]                                          
Debt Instrument [Line Items]                                          
Outstanding mortgage indebtedness                             $ 183,200   180,300        
Mortgage Loan [Member] | Highlandtown Village Shopping Center [Member]                                          
Debt Instrument [Line Items]                                          
Mortgage loan maturity period         2028-05                                
Fortress Mezzanine Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate                         12.00%   12.00%            
Fair value of loans                         $ 16,700   $ 16,700   17,900        
Debt Instrument, common stock conversion price | $ / shares                         $ 2   $ 2            
Interest expense                         $ 500   $ 1,400            
Principal balance of mortgage loan                         $ 15,000   $ 15,000            
Long term debt maturity date                         Dec. 01, 2027   Dec. 01, 2027            
Mortgage loan                         $ 15,000   $ 15,000            
Net (loss) gain on fair value change of debt held under the fair value option                         800   1,300            
Change in fair value due to credit risk on debt held under the fair value option                         300   700            
Capitalized interest                         $ 300   $ 800            
SOFR [Member] | Highlandtown Village Shopping Center [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate         2.50%                                
Current Interest Rate [Member] | Fortress Mezzanine Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate                         5.00%   5.00%            
Capitalized Interest Rate [Member] | Fortress Mezzanine Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate                         7.00%   7.00%            
Debt Instrument, interest rate increase each year                             1.00%            
Interest Rate Cap [Member] | Other Assets, Net [Member]                                          
Debt Instrument [Line Items]                                          
Fair value of derivative assets                         $ 100   $ 100   200        
Interest Rate Swap [Member] | Other Assets, Net [Member]                                          
Debt Instrument [Line Items]                                          
Fair value of derivative assets                         1,900   1,900   3,200        
Interest Rate Swap [Member] | Highlandtown Village Shopping Center [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument, effective interest rate         6.085%                                
Interest Rate Swap [Member] | Mortgage Loan [Member] | Highlandtown Village Shopping Center [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument, effective interest rate         6.085%                                
Basis Term Loan [Member]                                          
Debt Instrument [Line Items]                                          
Number of subsidiaries as borrowers entered in loan agreement | Subsidiary                       6                  
Mortgage loans                         $ 35,200   $ 35,200            
Maturity date                             Jan. 01, 2024            
Maturity date description                             The Basis Term Loan initial maturity was January 1, 2023, subject to two one-year extension options, subject to certain conditions.            
Debt instrument variable rate                         8.62%   8.62%            
Long-term debt outstanding                         $ 35,200   $ 35,200            
Balance outstanding                         35,200   35,200            
Repayments of secured debt   $ 14,300 $ 17,400                                    
Debt instrument net of discount                         $ 11   $ 11   $ 79        
Debt instrument, effective interest rate                                   8.62%      
Basis Term Loan [Member] | Subsequent Event [Member]                                          
Debt Instrument [Line Items]                                          
Repayments of secured debt $ 12,800                                        
Basis Term Loan [Member] | SOFR [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate                       3.97%     3.97%            
Basis Term Loan [Member] | Interest Rate Cap [Member]                                          
Debt Instrument [Line Items]                                          
Mortgage loans                     $ 66,900                    
Debt instrument, effective interest rate                         8.62%   8.62%   6.125%        
Basis Term Loan [Member] | Interest Rate Cap [Member] | London Interbank Offered Rate [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate                         3.50%   3.50%            
Basis Term Loan [Member] | Interest Rate Cap [Member] | SOFR [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate               3.97%                          
Debt instrument variable rate                                     4.65% 3.50%  
Basis Term Loan [Member] | Maximum [Member]                                          
Debt Instrument [Line Items]                                          
Mortgage loans                       $ 66,900                  
Debt instrument variable rate                       6.125% 6.125%   6.125%            
Basis Term Loan [Member] | Maximum [Member] | Interest Rate Cap [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate               6.125%                          
Lamont Street Preferred Interest [Member]                                          
Debt Instrument [Line Items]                                          
Description on extended redemption date                             September 30, 2024 and September 30, 2025            
Payment fee percentage, first extension option                             0.25%            
Payment fee percentage, second extension option                             0.50%            
Preferred Investor payments, description                             Additionally, at the Lamont Street Redemption Date, Lamont Street was entitled to (i) a redemption fee of 0.50% of the capital contributions returned and (ii) an amount equal to (a) the product of (i) the aggregate amount of capital contributions made and (ii) 0.26 less (b) the aggregate amount of Lamont Street Class A Return payments made to Lamont Street (the “Lamont Street Minimum Multiple Amount”).            
Percentage of redemption fee of capital contribution returned                             0.50%            
Repayments of secured debt       $ 2,300                                  
Lamont Street Preferred Interest [Member] | Class A Units [Member]                                          
Debt Instrument [Line Items]                                          
Annual return percentage on initial capital contribution                             13.50%            
Cumulative annual return percentage, paid current                             10.00%            
Cumulative annual return percentage, accrued                             3.50%            
Lamont Street Preferred Interest [Member] | Class A Units [Member] | Highlandtown [Member]                                          
Debt Instrument [Line Items]                                          
Preferred investor, capital contribution                   $ 3,900                      
Interest percentage in exchange of capital contribution                   1.00%                      
Lamont Street Preferred Interest [Member] | Class A Units [Member] | Spotswood [Member]                                          
Debt Instrument [Line Items]                                          
Preferred investor, capital contribution                 $ 3,900                        
Interest percentage in exchange of capital contribution                 1.00%                        
Greenwood Village [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Mortgage loan maturity period                             2028-10            
Principal balance of mortgage loan                                         $ 23,500
Mortgage loan                                         $ 23,500
Debt instrument, effective interest rate             5.85%                            
Greenwood Village [Member] | Prime Rate [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate                                         0.35%
Greenwood Village [Member] | SOFR [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate             2.85%                            
Debt instrument, effective interest rate             5.85%                            
Greenwood Village [Member] | SOFR [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate             2.85%                            
Greenwood Village [Member] | Interest Rate Swap [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument, effective interest rate             5.85%                            
Amount recieved on termination             $ 2,200                            
Interest Rate                                         4.082%
Greenwood Village [Member] | Interest Rate Swap [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument, effective interest rate                                         4.082%
Highlandtown Mortgage [Member]                                          
Debt Instrument [Line Items]                                          
Repayments of secured debt         $ 1,900                                
Crestview Shopping Center Loan [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate   7.83%                                      
Mortgage loan maturity period   2026-09                                      
Principal balance of mortgage loan   $ 12,000                                      
Mortgage loan   $ 12,000                                      
Coral Hills Shopping Center [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate 6.95%                                        
Mortgage loan maturity period                             2033-10            
Coral Hills Shopping Center [Member] | Subsequent Event [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Principal balance of mortgage loan $ 12,800                                        
Mortgage loan $ 12,800                                        
Vista Shops at Golden Mile Loan [Member]                                          
Debt Instrument [Line Items]                                          
Maturity date [1]                             Jun. 24, 2024            
Debt instrument variable rate [1]                         3.83%   3.83%            
Debt instrument net of discount                         $ 0   $ 0   $ 12        
Hollinswood Loan [Member] | SOFR [Member] | Mortgage Loan [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate           2.36%                              
Hollinswood Loan [Member] | Interest Rate Cap [Member]                                          
Debt Instrument [Line Items]                                          
Debt instrument variable rate                     4.06%                    
Hollinswood Loan [Member] | Interest Rate Swap [Member]                                          
Debt Instrument [Line Items]                                          
Long-term debt outstanding                     $ 10,200                    
Debt instrument additional borrowing available                     3,000                    
Balance outstanding                     $ 10,200                    
Number of derivatives held | Derivative                     2                    
[1] On June 28, 2023, the Company entered into an agreement to extend the maturity date of this loan to June 24, 2024.