Note 3 - Real Estate

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Real Estate

Note 3 – Real Estate

2023 Disposal of Real Estate

On June 30, 2023, the Company completed the sale of the Spotswood Valley Square Shopping Center for a sales price of $23.0 million in cash and recognized a net gain of $11.6 million in its consolidated statements of operations. The Company used $11.8 million of the proceeds to repay the mortgage loan secured by the Spotswood Valley Square Shopping Center, $2.3 million to redeem the 1.0% preferred membership interest in BSV Highlandtown Investors LLC and BSV Spotswood Investors LLC (the “Lamont Street Preferred Interest”) and $0.6 million to pay transaction costs.

On July 20, 2023, the Company completed the sale of Dekalb Plaza for a sales price of $23.1 million in cash and recognized a net loss of $0.1 million in its consolidated statements of operations. The Company used $17.4 million of the proceeds to pay down a portion of the Basis Term Loan (as defined below) and $0.7 million to pay transaction costs. The Company recognized approximately $2.4 million of impairment expenses on assets held for sale for the year ended December 31, 2023 in its consolidated statements of operations.