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Note 8 - Mortgage and Other Indebtedness (Tables)
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Balance

The table below details the Company’s debt balance as of December 31, 2024 and 2023, as well as the effective interest rates as of December 31, 2024:

(dollars in thousands)

 

Maturity Date

 

Rate Type

 

Interest Rate

 

December 31, 2024

 

 

December 31, 2023

 

 

Basis Term Loan (net of discount of $0 and $21, respectively)

 

July 1, 2024

 

Floating (1)

 

N/A

 

$

 

 

$

8,491

 

(2)

Hollinswood Shopping Center Loan (3)

 

March 1, 2025

 

SOFR + 2.36%

 

6.69%

 

 

12,104

 

 

 

12,437

 

 

Avondale Shops Loan

 

June 1, 2025

 

Fixed

 

4.00%

 

 

2,745

 

 

 

2,868

 

 

Vista Shops at Golden Mile Loan (net of discount of $82 and $9, respectively) (4)

 

February 8, 2029

 

Fixed

 

6.90%

 

 

15,985

 

 

 

11,252

 

 

Brookhill Azalea Shopping Center Loan

 

January 31, 2025 (5)

 

SOFR + 2.75%

 

7.08%

 

 

9,198

 

 

 

9,198

 

 

Crestview Shopping Center Loan (net of discount of $33 and $53, respectively)

 

September 29, 2026

 

Fixed

 

7.83%

 

 

11,856

 

 

 

11,947

 

 

Lamar Station Plaza West Loan (net of discount of $54 and $73, respectively)

 

December 10, 2027

 

Fixed

 

5.67%

 

 

18,585

 

 

 

18,927

 

 

Highlandtown Village Shopping Center Loan (net of discount of $29 and $38, respectively)

 

May 10, 2028

 

SOFR + 2.5% (6)

 

6.09%

 

 

8,721

 

 

 

8,712

 

 

Midtown Colonial and Midtown Lamonticello Shopping Center Loan (net of discount of $168 and $0, respectively) (7)

 

May 1, 2027

 

Fixed

 

7.92%

 

 

18,992

 

 

 

 

 

Midtown Row Loan (net of discount of $14 and $19, respectively)

 

December 1, 2027

 

Fixed

 

6.48%

 

 

75,986

 

 

 

75,981

 

 

Midtown Row/Fortress Mezzanine Loan (8)

 

December 1, 2027

 

Fixed

 

14.00%

(9)

 

16,911

 

 

 

16,187

 

 

Cromwell Field Shopping Center Loan (net of discount of $45 and $60, respectively)

 

December 22, 2027

 

Fixed

 

6.71%

 

 

12,508

 

(10)

 

10,597

 

(10)

Coral Hills Shopping Center Loan (net of discount of $169 and $189, respectively)

 

October 31, 2033

 

Fixed

 

6.95%

 

 

12,385

 

 

 

12,560

 

 

West Broad Shopping Center Loan (net of discount of $79 and $88, respectively)

 

December 21, 2033

 

Fixed

 

7.00%

 

 

11,545

 

 

 

11,712

 

 

The Shops at Greenwood Village Loan (net of discount of $63 and $80, respectively)

 

October 10, 2028

 

SOFR + 2.85% (11)

 

5.85%

 

 

21,643

 

 

 

22,218

 

 

 

 

 

 

 

 

 

$

249,164

 

 

$

233,087

 

 

Unamortized deferred financing costs, net

 

 

 

 

 

 

 

 

(2,114

)

 

 

(2,038

)

 

Total Mortgage and Other Indebtedness

 

 

 

 

 

 

 

$

247,050

 

 

$

231,049

 

 

 

 

(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)
The outstanding balance includes less than $0.1 million of exit fees at 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.
(3)
The Company entered into an interest rate swap which fixed the interest rate of the loan at 4.06% until December 1, 2024. On October 28, 2024, the Company entered into an agreement to extend the maturity date of this loan to March 1, 2025. On March 27, 2025, the Company entered into another agreement to further extend the maturity date of this loan to June 1, 2025.
(4)
On February 8, 2024, the Company refinanced the Vista Shops at Golden Mile Loan. The maturity date of the new loan is February 8, 2029. The Company entered into an interest rate swap which fixes the interest rate of the new loan at 6.90% for the term of the loan.
(5)
On January 31, 2025, the Company entered into an agreement to extend the maturity date of this loan to April 30, 2025.
(6)
The Company has entered into an interest rate swap which fixes the interest rate of this loan at 6.09%.
(7)
This loan was originated on April 30, 2024.
(8)
The outstanding balance reflects the fair value of the debt.
(9)
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% and, as of December 31, 2024, was 9%.
(10)
At December 31, 2024 and 2023, there was additional borrowing capacity of $2.4 million and $4.3 million, respectively, available to us to fund leasing costs and for the performance earnout.
(11)
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%.
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

 

1.25 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) 1.20 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, 2024:

 

Year ending December 31,

 

(in thousands)

 

2025

 

$

26,401

 

2026

 

 

14,817

 

2027

 

 

143,109

 

2028

 

 

28,880

 

2029

 

 

15,439

 

Thereafter

 

 

21,977

 

 

 

 

250,623

 

Unamortized debt discounts and deferred financing costs, net and fair value option adjustment

 

 

(3,573

)

Total

 

$

247,050