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Note 8 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Details) - USD ($)
$ in Thousands
12 Months Ended
Feb. 08, 2024
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Balance outstanding   $ 249,164 $ 233,087
Unamortized deferred financing costs, net   (2,114) (2,038)
Total Mortgage and Other Indebtedness   $ 247,050 231,049
Basis Term Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [1]   Jul. 01, 2024  
Rate Type [1],[2]   Floating (1)  
Balance outstanding [1]   $ 0 8,491
Hollinswood Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [3]   Mar. 01, 2025  
Rate Type [3]   SOFR + 2.36  
Debt instrument variable rate [3]   6.69%  
Balance outstanding [3]   $ 12,104 12,437
Avondale Shops Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Jun. 01, 2025  
Rate Type   Fixed  
Debt instrument variable rate   4.00%  
Balance outstanding   $ 2,745 2,868
Vista Shops at Golden Mile Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date Feb. 08, 2029 Feb. 08, 2029 [4]  
Rate Type [4]   Fixed  
Debt instrument variable rate [4]   6.90%  
Balance outstanding [4]   $ 15,985 11,252
Brookhill Azalea Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [5]   Jan. 31, 2025  
Rate Type   SOFR + 2.75%  
Debt instrument variable rate   7.08%  
Balance outstanding   $ 9,198 9,198
Crestview Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Sep. 29, 2026  
Rate Type   Fixed  
Debt instrument variable rate   7.83%  
Balance outstanding   $ 11,856 11,947
Lamar Station Plaza West Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 10, 2027  
Rate Type   Fixed  
Debt instrument variable rate   5.67%  
Balance outstanding   $ 18,585 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   6.09%  
Balance outstanding   $ 8,721 8,712
Midtown Colonial and Midtown Lamonticello Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [7]   May 01, 2027  
Rate Type [7]   Fixed  
Debt instrument variable rate [7]   7.92%  
Balance outstanding [7]   $ 18,992 0
Midtown Row Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 01, 2027  
Rate Type   Fixed  
Debt instrument variable rate   6.48%  
Balance outstanding   $ 75,986 75,981
Fortress Mezzanine Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [8]   Dec. 01, 2027  
Rate Type [8]   Fixed  
Debt instrument variable rate [8],[9]   14.00%  
Balance outstanding [8]   $ 16,911 16,187
Cromwell Field Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 22, 2027  
Rate Type   Fixed  
Debt instrument variable rate   6.71%  
Balance outstanding [10]   $ 12,508 10,597
Coral Hills Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Oct. 31, 2033  
Rate Type   Fixed  
Debt instrument variable rate   6.95%  
Balance outstanding   $ 12,385 12,560
West Broad Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 21, 2033  
Rate Type   Fixed  
Debt instrument variable rate   7.00%  
Balance outstanding   $ 11,545 11,712
The Shops at Greenwood Village Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Oct. 10, 2028  
Rate Type [11]   SOFR + 2.85  
Debt instrument variable rate   5.85%  
Balance outstanding   $ 21,643 $ 22,218
[1] 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.
[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 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%.