Note 7 - Mortgage and Other Indebtedness (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance at March 31, 2024 and December 31, 2023:

(dollars in thousands)	Maturity Date	Rate Type	Interest Rate (1)	March 31, 2024				December 31, 2023
Basis Term Loan (net of discount of $0 and $21, respectively)	July 1, 2024	Floating (2)	8.62%	$	8,512		(3)	$	8,491		(3)
Hollinswood Shopping Center Loan	December 1, 2024	SOFR + 2.36% (4)	4.06%		12,354				12,437
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		2,838				2,868
Vista Shops at Golden Mile Loan (net of discount of $101 and $9, respectively) (5)	February 8, 2029	Fixed	6.90%		16,049				11,252
Brookhill Azalea Shopping Center Loan	January 31, 2025	SOFR + 2.75%	8.08%		9,197				9,198
Crestview Shopping Center Loan (net of discount of $48 and $53, respectively)	September 29, 2026	Fixed	7.83%		11,952				11,947
Lamar Station Plaza West Loan (net of discount of $90 and $73, respectively)	December 10, 2027	Fixed	5.67%		18,817				18,927
Highlandtown Village Shopping Center Loan (net of discount of $36 and $38, respectively)	May 10, 2028	SOFR + 2.5% (6)	6.085%		8,714				8,712
Cromwell Field Shopping Center Loan (net of discount of $56 and $60, respectively)	December 22, 2027	Fixed	6.71%		12,320				10,597
Midtown Row Loan (net of discount of $18 and $19, respectively)	December 1, 2027	Fixed	6.48%		75,982				75,981
Midtown Row/Fortress Mezzanine Loan (7)	December 1, 2027	Fixed	13.00% (8)		13,435				16,187
Coral Hills Shopping Center Loan (net of discount of $184 and $189, respectively)	October 31, 2033	Fixed	6.95%		12,517				12,560
West Broad Shopping Center Loan (net of discount of $86 and $88, respectively)	December 21, 2033	Fixed	7.00%		11,671				11,712
The Shops at Greenwood Village (net of discount of $76 and $80, respectively)	October 10, 2028	SOFR + 2.85% (9)	5.85%		22,075				22,218
				$	236,433			$	233,087
Unamortized deferred financing costs, net					(2,161	)			(2,038	)
Total Mortgage and Other Indebtedness				$	234,272			$	231,049

(1)Interest rates are as of March 31, 2024.

(2)The interest rate for the Basis Term Loan was the greater of (i) the Secured Overnight Financing Rate (“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 of exit fees at each of March 31, 2024 and December 31, 2023. On April 30, 2024, the Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan.

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

(5)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 Company has entered into an interest rate swap which fixes the interest rate of this loan at 6.085%.

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

(8)A portion of the interest on this loan is paid in cash (the “Current Interest”) and a portion of the interest is capitalized and added to the principal amount of the loan each month (the “Capitalized Interest” and, together with the Current Interest, the “Mezzanine Loan Interest”). The initial Mezzanine Loan Interest rate was 12% per annum, comprised of a 5% Current Interest rate and a 7% Capitalized Interest rate. The Capitalized Interest rate increases each year by 1%.

(9)On May 1, 2023, the Company terminated this loan’s prior 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 March 31, 2024:

(dollars in thousands)	Amount Due
Remainder of 2024 (1)	$	22,311
2025		14,115
2026		14,840
2027		122,705
2028		28,878
2029		15,424
Thereafter		21,994
		240,267
Unamortized debt discounts and deferred financing costs, net and fair value option adjustment		(5,995	)
Total	$	234,272

(1)Includes $8.5 million of debt that was repaid on April 30, 2024. The Company paid off the outstanding principal balance on the Basis Term Loan with a portion of the proceeds of a new loan secured by the properties that were collateral for the Basis Term Loan.