Note 7 - Mortgage and Other Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance as of December 31, 2023 and 2022, as well as the effective interest rates as of December 31, 2023:

(dollars in thousands)	Maturity Date	Rate Type (1)	Interest Rate	December 31, 2023				December 31, 2022
Basis Term Loan (net of discount of $21 and $79, respectively)	July 1, 2024	Floating (2)	8.62%	$	8,491		(3)	$	67,086		(3)
Hollinswood Shopping Center Loan	December 1, 2024	SOFR + 2.36% (4)	4.06%		12,437				12,760
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		2,868				2,985
Vista Shops at Golden Mile Loan (net of discount of $9 and $12, respectively) (5)	June 24, 2024	Fixed	7.73%		11,252				11,478
Brookhill Azalea Shopping Center Loan	January 31, 2025	SOFR + 2.75%	8.10%		9,198				8,762
Crestview Shopping Center Loan (net of discount of $53 and $0, respectively)	September 29, 2026	Fixed	7.83%		11,947				—
Lamar Station Plaza West Loan (net of discount of $73 and $95, respectively)	December 10, 2027	Fixed	5.67%		18,927				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 $38 and $14, respectively) (7)	May 10, 2028	SOFR + 2.5%	6.09%		8,712				5,241
Cromwell Field Shopping Center Loan (net of discount of $60 and $77, respectively)	December 22, 2027	Fixed	6.71%		10,597				10,113
Midtown Row Loan (net of discount of $19 and $25, respectively)	December 1, 2027	Fixed	6.48%		75,981				75,975
Midtown Row/Fortress Mezzanine Loan (8)	December 1, 2027	Fixed	12.00%		16,187				17,895
Spotswood Valley Square Shopping Center Loan (net of discount of $0 and $31, respectively)	July 6, 2023	Fixed	4.82%		—				11,849
Coral Hills Shopping Center Loan (net of discount of $189 and $0, respectively)	October 31, 2033	Fixed	6.95%		12,560				—
West Broad Shopping Center Loan (net of discount of $88 and $0, respectively)	December 21, 2033	Fixed	7.00%		11,712				—
The Shops at Greenwood Village Loan (net of discount of $80 and $94, respectively)	October 10, 2028	SOFR + 2.85% (9)	5.85%		22,218				22,772
				$	233,087			$	269,474
Unamortized deferred financing costs, net					(2,038	)			(1,858	)
Total Mortgage and Other Indebtedness				$	231,049			$	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 less than $0.1 million and $0.3 million of exit fees at December 31, 2023 and 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 amend the interest rate to 7.73% and extend the maturity date of this loan to June 24, 2024. On February 8, 2024, the Company refinanced the Vista Shops at Golden Mile Loan to extend the maturity date to February 8, 2029 and entered into an interest rate swap which fixes the interest rate of the new loan at 6.90%.

(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%.

Schedule of Minimum Debt Service Coverage

The Hollinswood

mortgage, Vista Shops mortgage, Brookhill mortgage, Crestview mortgage, Highlandtown mortgage, Cromwell mortgage, Lamar Station Plaza West mortgage, Midtown Row mortgage, Coral Hills mortgage, West Broad 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
Crestview Shopping Center	1.25 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	1.30 to 1.00
Midtown Row	1.15 to 1.00
Coral Hills Shopping Center	1.20 to 1.00
West Broad Shopping Center	1.25 to 1.00
The Shops at Greenwood Village	1.40 to 1.00

(1)The debt service coverage ratio testing commenced 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.

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, 2023:

Year ending December 31,	(in thousands)
2024 (1)	$	33,883
2025		14,004
2026		14,695
2027		120,120
2028		28,567
Thereafter		22,503
		233,772
Unamortized debt discounts and deferred financing costs, net and fair value option adjustment		(2,723	)
Total	$	231,049

(1)Includes $11.2 million of debt that was repaid on February 8, 2024 in connection with the refinance of the mortgage loan secured by the Vista Shops at Golden Mile.