Note 7 - Mortgage and Other Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance at December 31, 2019 (dollars in thousands):

	Maturity Date	Rate Type	Interest Rate (6)	Balance Outstanding at December 31, 2019
Basis Term Loan (net of discount of $1,118)	January 1, 2023	Floating (3)	6.125%	$	62,996
Basis Preferred Interest (net of discount of $224) (1)	January 1, 2023 (2)	Fixed	14.0%		9,471
MVB Term Loan	December 27, 2022	Fixed	6.75%		4,500
MVB Revolver	December 27, 2020 (8)	Floating (4)	6.75%		2,000
Hollinswood Loan	December 1, 2024	LIBOR + 2.25% (5)	4.06%		10,200
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		3,275
Vista Shops at Golden Mile Loan	January 25, 2021	LIBOR + 2.50%	4.26%		8,950
Brookhill Azalea Shopping Center Loan	January 31, 2025	LIBOR + 2.75%	4.51%		9,650
Mezzanine Loans (7)	-	-	-		2,738
				$	113,780
Unamortized deferred financing costs					(1,307	)
Total Mortgage and Other Indebtedness				$	112,473

⁽¹⁾ The outstanding balance includes approximately $2.8 million of indebtedness related to the Multiple Minimum Amount owed to the Preferred Investor as described below under the heading “—Basis Preferred Interest”.

⁽²⁾ If the Basis Term Loan is paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP (as defined below) will mature at that time.

⁽³⁾ The interest rate for the Basis Term Loan is the greater of (i) LIBOR plus 3.850% per annum and (ii) 6.125% per annum. The Company has entered into an interest rate cap that caps the LIBOR rate on this loan at 3.5%.

⁽⁴⁾ The interest rate on the MVB Revolver is the greater of (i) prime rate plus 1.5% and (ii) 6.75%.

⁽⁵⁾ The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.06%.

⁽⁶⁾ For floating rate loans tied to LIBOR, based on the one-month LIBOR rate of 1.76%, as of December 31, 2019.

⁽⁷⁾ The Mezzanine loans represent loans on two of the properties included in the Initial Mergers (as described in Note 1 under the heading “—Merger with MedAmerica Properties, Inc.”). These loans were to be paid off in connection with the Mergers; however, due to the timing of the closing of the Mergers in late December 2019, the loans were not paid off by the Company until the first quarter of 2020.   

⁽⁸⁾ In December 2020, the Company entered into a one-year extension on the MVB Revolver as described below under the heading “—2020 Forbearance Agreements and Debt Amendments”.

The table below details the Company’s debt balance at December 31, 2018 (dollars in thousands):

	Maturity Date	Rate Type	Interest Rate at December 31, 2018			Balance Outstanding at December 31, 2018
Acquisition Line of Credit	April 1, 2019	Floating (1)		6.5	%	$	1,000
Accounts Receivable Based Line of Credit	April 1, 2019	Floating (1)		6.5	%		1,250
Working Capital Line of Credit	April 1, 2019	Floating (1)		6.5	%		750
Guidance Line of Credit	April 30, 2019	Fixed		7.00	%		658
Business Term Loan	December 7, 2022	Fixed		5.25	%		1,010
						$	4,668
Unamortized deferred financing costs							(30	)
Total Mortgage and Other Indebtedness						$	4,638

⁽¹⁾ The interest rate was the greater of (i) 5.25% and (ii) LIBOR plus 4.0%

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, 2019 (dollars in thousands):

Year	Amount Due
2020	$	3,387
2021		11,756
2022		4,443
2023		74,451
2024		10,020
Thereafter		11,065
Total	$	115,122