Note 9 - Mortgage and Other Indebtedness (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Eagle Sub-OP’s debt balance at June 30, 2025 and December 31, 2024. Prior to the deconsolidation of the Eagles Sub-OP, the Company consolidated the December 31, 2024 debt balance in its condensed consolidated balance sheet.

(dollars in thousands)	Maturity Date	Rate Type	Interest Rate (1)	June 30, 2025				December 31, 2024
Hollinswood Shopping Center Loan (2)	September 1, 2025	SOFR + 2.36%	4.06%	$	12,014			$	12,104
Avondale Shops Loan	December 1, 2025 (3)	Fixed	4.00%		2,682				2,745
Vista Shops at Golden Mile Loan (net of discount of $72 and $82, respectively) (4)	February 8, 2029	Fixed	6.90%		15,879				15,985
Brookhill Azalea Shopping Center Loan (5)	July 29, 2025	SOFR + 3.09%	7.41%		9,181				9,198
Crestview Shopping Center Loan (net of discount of $23 and $33, respectively)	September 29, 2026	Fixed	7.83%		11,782				11,856
Lamar Station Plaza West Loan (net of discount of $44 and $54, respectively)	December 10, 2027	Fixed	5.67%		18,404				18,585
Highlandtown Village Shopping Center Loan (net of discount of $25 and $29, respectively)	May 10, 2028	SOFR + 2.5% (6)	6.09%		8,714				8,721
Midtown Colonial and Midtown Lamonticello Shopping Center Loan (net of discount of $132 and $168, respectively) (7)	May 1, 2027	Fixed	7.92%		19,028				18,992
Midtown Row Loan (net of discount of $12 and $14, respectively)	December 1, 2027	Fixed	6.48%		75,988				75,986
Midtown Row/Fortress Mezzanine Loan (8)	December 1, 2027	Fixed	18% (9)		17,351				16,911
Cromwell Field Shopping Center Loan (net of discount of $37 and $45, respectively)	December 22, 2027	Fixed	6.71%		12,939		(10)		12,508		(10)
Coral Hills Shopping Center Loan (net of discount of $160 and $169, respectively)	October 31, 2033	Fixed	6.95%		12,287				12,385
West Broad Shopping Center Loan (net of discount of $75 and $79, respectively)	December 21, 2033	Fixed	7.00%		11,454				11,545
The Shops at Greenwood Village (net of discount of $55 and $63, respectively)	October 10, 2028	SOFR + 2.85% (11)	5.85%		21,344				21,643
				$	249,047			$	249,164
Unamortized deferred financing costs, net					(1,819	)			(2,114	)
Total Mortgage and Other Indebtedness				$	247,228			$	247,050

(1)Interest rates are as of June 30, 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. On May 6, 2025, the maturity date of this loan was further extended to September 1, 2025.

(3)On May 6, 2025, the maturity date of this loan was extended 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 lender further extend the maturity date of this loan to July 29, 2025 and amended the interest rate to SOFR plus 3.09%. This loan was paid off on July 25, 2025 with proceeds from the sale of the underlying property.

(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 effective April 8, 2025, the interest rate was increased by 4% as a result of the Trigger Event. As of June 30, 2025, the Capitalized Interest rate was 13%.

(10)At June 30, 2025 and December 31, 2024, there was additional borrowing capacity of $2.0 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%.