Note 8 - Mortgage and Other Indebtedness (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance at March 31, 2025 and December 31, 2024:

(dollars in thousands)	Maturity Date	Rate Type	Interest Rate (1)	March 31, 2025				December 31, 2024
Hollinswood Shopping Center Loan (2)	June 1, 2025	SOFR + 2.36%	6.68%	$	12,048			$	12,104
Avondale Shops Loan	June 1, 2025 (3)	Fixed	4.00%		2,714				2,745
Vista Shops at Golden Mile Loan (net of discount of $77 and $82, respectively) (4)	February 8, 2029	SOFR + 2.75%	6.90%		15,934				15,985
Brookhill Azalea Shopping Center Loan	April 30, 2025 (5)	SOFR + 2.75%	7.07%		9,198				9,198
Crestview Shopping Center Loan (net of discount of $28 and $33, respectively)	September 29, 2026	Fixed	7.83%		11,817				11,856
Lamar Station Plaza West Loan (net of discount of $49 and $54, respectively)	December 10, 2027	Fixed	5.67%		18,498				18,585
Highlandtown Village Shopping Center Loan (net of discount of $27 and $29, respectively)	May 10, 2028	SOFR + 2.5% (6)	6.09%		8,723				8,721
Midtown Colonial and Midtown Lamonticello Shopping Center Loan (net of discount of $150 and $168, respectively) (7)	May 1, 2027	Fixed	7.92%		19,010				18,992
Midtown Row Loan (net of discount of $13 and $14, respectively)	December 1, 2027	Fixed	6.48%		75,987				75,986
Midtown Row/Fortress Mezzanine Loan (8)	December 1, 2027	Fixed	14.00% (9)		16,688				16,911
Cromwell Field Shopping Center Loan (net of discount of $41 and $45, respectively)	December 22, 2027	Fixed	6.71%		12,897		(10)		12,508		(10)
Coral Hills Shopping Center Loan (net of discount of $165 and $169, respectively)	October 31, 2033	Fixed	6.95%		12,336				12,385
West Broad Shopping Center Loan (net of discount of $77 and $79, respectively)	December 21, 2033	Fixed	7.00%		11,498				11,545
The Shops at Greenwood Village (net of discount of $59 and $63, respectively)	October 10, 2028	SOFR + 2.85% (11)	5.85%		21,494				21,643
				$	248,842			$	249,164
Unamortized deferred financing costs, net					(1,978	)			(2,114	)
Total Mortgage and Other Indebtedness				$	246,864			$	247,050

(1)Interest rates are as of March 31, 2025.

(2)The Company entered into an interest rate swap which fixed the interest rate of this 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. In May 2025, the Company reached a verbal agreement from the lender to further extend the maturity date of this loan to September 1, 2025, with an option to extend the maturity date for an additional 90 days, but the Company can provide no assurance that the lender will enter into a definitive agreement to effect this extension.

(3)On May 6, 2025, the Company entered into an agreement to extend the maturity date of this loan to December 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. On May 20, 2025, the Company entered into another agreement to further extend the maturity date of this loan to July 29, 2025 and amend the interest rate to SOFR plus 3.09%.

(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 March 31, 2025, was 9%. Effective April 8, 2025, the interest rate was increased by 4% as a result of the Trigger Event.

(10)At March 31, 2025 and December 31, 2024, there was additional borrowing capacity of $2.1 million and $2.4 million, respectively, available for the Company to fund leasing costs and for the performance earnout.

(11)The Company has entered into an interest rate swap which fixes the interest rate of this loan 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, 2025:

(dollars in thousands)	Amount Due
Remainder of 2025 (1)	$	43,774
2026		14,790
2027		126,007
2028		28,880
2029		15,449
2030		542
Thereafter		21,432
		250,874
Unamortized debt discounts and deferred financing costs, net and fair value option adjustment		(4,010	)
Total	$	246,864