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Note 7 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Details) - USD ($)
$ in Thousands
3 Months Ended
Feb. 08, 2024
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Balance outstanding   $ 236,433 $ 233,087
Unamortized deferred financing costs, net   (2,161) (2,038)
Total Mortgage and Other Indebtedness   $ 234,272 231,049
Basis Term Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jul. 01, 2024  
Rate Type [1]   Floating  
Debt instrument variable rate [2]   8.62%  
Balance outstanding [3]   $ 8,512 8,491
Hollinswood Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 01, 2024  
Rate Type [4]   SOFR + 2.36%  
Debt instrument variable rate [2]   4.06%  
Balance outstanding   $ 12,354 12,437
Avondale Shops Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jun. 01, 2025  
Rate Type   Fixed  
Debt instrument variable rate [2]   4.00%  
Balance outstanding   $ 2,838 2,868
Vista Shops at Golden Mile Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date Feb. 08, 2029 Feb. 08, 2029 [5]  
Rate Type [5]   Fixed  
Debt instrument variable rate [2],[5]   6.90%  
Balance outstanding [5]   $ 16,049 11,252
Brookhill Azalea Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jan. 31, 2025  
Rate Type   SOFR + 2.75%  
Debt instrument variable rate [2]   8.08%  
Balance outstanding   $ 9,197 9,198
Crestview Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Sep. 29, 2026  
Rate Type   Fixed  
Debt instrument variable rate [2]   7.83%  
Balance outstanding   $ 11,952 11,947
Lamar Station Plaza West Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 10, 2027  
Rate Type   Fixed  
Debt instrument variable rate [2]   5.67%  
Balance outstanding   $ 18,817 18,927
Highlandtown Village Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   May 10, 2028  
Rate Type [6]   SOFR + 2.5% (6)  
Debt instrument variable rate [2]   6.085%  
Balance outstanding   $ 8,714 8,712
Cromwell Field Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 22, 2027  
Rate Type   Fixed  
Debt instrument variable rate [2]   6.71%  
Balance outstanding   $ 12,320 10,597
Midtown Row Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 01, 2027  
Rate Type   Fixed  
Debt instrument variable rate [2]   6.48%  
Balance outstanding   $ 75,982 75,981
Fortress Mezzanine Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [7]   Dec. 01, 2027  
Rate Type [7]   Fixed  
Debt instrument variable rate [2],[7],[8]   13.00%  
Balance outstanding [7]   $ 13,435 16,187
Coral Hills Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Oct. 31, 2033  
Rate Type   Fixed  
Debt instrument variable rate [2]   6.95%  
Balance outstanding   $ 12,517 12,560
West Broad Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 21, 2033  
Rate Type   Fixed  
Debt instrument variable rate [2]   7.00%  
Balance outstanding   $ 11,671 11,712
The Shops at Greenwood Village [Member]      
Debt Instrument [Line Items]      
Maturity Date   Oct. 10, 2028  
Rate Type [9]   SOFR + 2.85  
Debt instrument variable rate [2]   5.85%  
Balance outstanding   $ 22,075 $ 22,218
[1] 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%.
[2] Interest rates are as of March 31, 2024.
[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%.