XML 73 R55.htm IDEA: XBRL DOCUMENT v3.20.4
Note 7 - Mortgage and Other Indebtedness (Details Textual)
1 Months Ended 12 Months Ended
Jul. 02, 2020
USD ($)
Jun. 16, 2020
USD ($)
Capital
Apr. 20, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 27, 2019
USD ($)
Subsidiary
Derivative
Dec. 31, 2020
USD ($)
Oct. 31, 2015
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Debt Instrument [Line Items]                    
Long-term debt outstanding       $ 115,122,000       $ 115,122,000    
Interest Rate                 5.25%  
Preferred investor approval rights, Minimum amount of capital expenditure to be incurred         $ 250,000          
Deferred financing costs, gross       1,300,000       1,300,000    
Deferred financing costs, net       $ 1,300,000       1,300,000    
Expenses related to fair value adjustments on derivatives               $ 100,000    
Derivative financial instruments                 $ 0  
2020 Real Estate Acquisitions [Member] | Lamar Station Plaza East [Member] | Loan Agreement [Member]                    
Debt Instrument [Line Items]                    
Debt instrument payment terms               Upon assumption of the loan agreement, the Company was in default of the debt service coverage ratio (as defined in the loan agreement) as of December 31, 2019 and June 30, 2020 and had not cured the default by making a principal payment within sixty days in a manner sufficient to reduce the outstanding loan amount in order to satisfy the covenant test.    
Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
PPP loan, interest rate     1.00%              
PPP loan payment term     24 months              
PPP loan monthly payment     $ 32,032              
PPP loan maturity date     Oct. 20, 2022              
Subsequent Event [Member] | 2020 Real Estate Acquisitions [Member] | Lamar Station Plaza East [Member]                    
Debt Instrument [Line Items]                    
Assumption of debt $ 2,500,000                  
Subsequent Event [Member] | 2020 Real Estate Acquisitions [Member] | Lamar Station Plaza East [Member] | Loan Agreement [Member]                    
Debt Instrument [Line Items]                    
Maximum principal amount $ 4,100,000                  
MVB Revolver [Member]                    
Debt Instrument [Line Items]                    
Maturity Date [1]               Dec. 27, 2020    
Interest Rate [2]       6.75%       6.75%    
Mortgages [Member]                    
Debt Instrument [Line Items]                    
Outstanding mortgage indebtedness               $ 32,100,000    
PPP Loan [Member] | Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
Unsecured loan     $ 800,000              
Sub-OP [Member] | Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
Number of additional capital contribution from preferred investor | Capital   2                
Preferred investor, additional capital contribution, treated as debt   $ 2,900,000                
LIBOR [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate                 4.00%  
LIBOR [Member] | MVB Revolver [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate               1.76%    
Prime Rate [Member] | MVB Revolver [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate               1.50%    
Interest Rate Swap [Member]                    
Debt Instrument [Line Items]                    
Fair value of interest rate swap liability       $ 100,000       $ 100,000    
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member]                    
Debt Instrument [Line Items]                    
Fair value of interest rate swap liability       100,000       100,000    
Maximum [Member]                    
Debt Instrument [Line Items]                    
Deferred financing costs, amortization expense       100,000       100,000 $ 100,000  
Maximum [Member] | Interest Rate Cap [Member]                    
Debt Instrument [Line Items]                    
Fair value of interest rate cap assets       100,000       100,000    
Maximum [Member] | Interest Rate Cap [Member] | Other Assets, Net [Member]                    
Debt Instrument [Line Items]                    
Fair value of interest rate cap assets       100,000       100,000    
Basis Term Loan [Member]                    
Debt Instrument [Line Items]                    
Number of subsidiaries as borrowers entered in loan agreement | Subsidiary         6          
Long-term debt outstanding       $ 63,800,000       $ 63,800,000    
Maturity Date         Jan. 01, 2023     Jan. 01, 2023    
Maturity date description               The Basis Term Loan matures on January 1, 2023, subject to two one-year extension options, subject to certain conditions.    
Interest Rate       6.125% [2] 6.125%     6.125% [2]    
Preferred investor, additional capital contribution, treated as debt       $ 2,900,000       $ 2,900,000    
Basis Term Loan [Member] | Sub-OP [Member]                    
Debt Instrument [Line Items]                    
Preferred units remaining contributed capital       $ 1,200,000       $ 1,200,000    
Basis Term Loan [Member] | Sub-OP [Member] | Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
Preferred investor, additional capital contribution, treated as debt   2,400,000                
Basis Term Loan [Member] | LIBOR [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate         3.85%     3.85%    
Basis Term Loan [Member] | Interest Rate Cap [Member]                    
Debt Instrument [Line Items]                    
Long-term debt amount         $ 66,900,000          
Debt instrument variable rate         6.125%          
Basis Term Loan [Member] | Interest Rate Cap [Member] | LIBOR [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate         3.85%     3.50%    
Derivative variable rate         3.50%          
Debt instrument, effective interest rate         3.50%          
Basis Term Loan [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Long-term debt amount         $ 66,900,000          
Basis Preferred Interest [Member]                    
Debt Instrument [Line Items]                    
Maturity Date [3],[4]               Jan. 01, 2023    
Interest Rate [2],[4]       14.00%       14.00%    
Basis Preferred Interest [Member] | Sub-OP [Member]                    
Debt Instrument [Line Items]                    
Preferred investor investment commitment amount         $ 10,700,000          
Preferred investor, capital contribution               $ 6,900,000    
Annual return percentage on initial capital contribution         14.00%          
Interest percentage on excess of commitment amount         20.00%          
Description on extended redemption date               December 31, 2023 and December 31, 2024    
Payment fee percentage, first extension option         0.25%          
Payment fee percentage, second extension option         0.50%          
Preferred Investor payments, description               Additionally, at the Redemption Date, the Preferred Investor is entitled to an amount equal to (a) the product of (i) the aggregate amount of capital contributions made and (ii) 0.4, less (b) the aggregate amount of Class A return payments made to the Preferred Investor (the “Minimum Multiple Amount”).    
Basis Preferred Interest [Member] | Sub-OP [Member] | Class A Units [Member]                    
Debt Instrument [Line Items]                    
Interest percentage in exchange of capital contribution               1.00%    
Basis Preferred Interest [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Preferred investor investment commitment amount         $ 10,700,000          
Basis Preferred Interest Minimum Multiple Amount [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding       $ 2,800,000       $ 2,800,000    
Basis Preferred Interest Minimum Multiple Amount [Member] | Sub-OP [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding       $ 2,800,000       2,800,000    
MVB Loan Agreement [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding         6,500,000          
Loan agreement deposit requirement               $ 3,000,000    
Loan agreement deposit requirement default interest charges percentage               1.00%    
MVB Loan Agreement [Member] | MVB Revolver [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding         $ 2,000,000          
Maturity Date       Dec. 27, 2021 Dec. 27, 2020          
Interest Rate       6.75%       6.75%    
MVB Loan Agreement [Member] | MVB Term Loan [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding         $ 4,500,000          
Maturity Date         Dec. 27, 2022          
Interest Rate         6.75%          
MVB Loan Agreement [Member] | MVB Term Loan [Member] | Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
Line of credit facility, periodic payment required           $ 250,000,000        
MVB Loan Agreement [Member] | Prime Rate [Member] | MVB Revolver [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate         1.50%          
MVB Loan Agreement [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.30%       1.30%    
Consolidated funded debt ratio               8.00%    
MVB Loan Agreement [Member] | Maximum [Member] | MVB Term Loan [Member] | Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio           1.00%        
MVB Loan Agreement [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.00%       1.00%    
Funds available under other lines of credit               $ 5,000,000    
MVB Loan Agreement [Member] | Minimum [Member] | MVB Term Loan [Member] | Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio           1.00%        
Funds available under other lines of credit           $ 3,000,000        
Hollinswood Loan [Member]                    
Debt Instrument [Line Items]                    
Maturity date description               The deferred amounts for the Hollinswood mortgage loan are due in six equal monthly installments beginning in November 2020.    
Hollinswood Loan [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.40%       1.40%    
Hollinswood Loan [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.00%       1.00%    
Vista Mortgage [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.35%       1.35%    
Vista Mortgage [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.00%       1.00%    
Brookhill Mortgage [Member] | Maximum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.35%       1.35%    
Brookhill Mortgage [Member] | Minimum [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio       1.00%       1.00%    
Other Capital Contribution [Member] | Sub-OP [Member]                    
Debt Instrument [Line Items]                    
Preferred units remaining contributed capital       $ 200,000       $ 200,000    
Other Capital Contribution [Member] | Sub-OP [Member] | Subsequent Event [Member]                    
Debt Instrument [Line Items]                    
Preferred investor, additional capital contribution, treated as debt   $ 500,000                
Preferred units, cumulative annual return   13.00%                
Hollinswood Loan [Member]                    
Debt Instrument [Line Items]                    
Maturity Date               Dec. 01, 2024    
Interest Rate [2]       4.06%       4.06%    
Hollinswood Loan [Member] | LIBOR [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate               2.25%    
Hollinswood Loan [Member] | Interest Rate Cap [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate         4.06%          
Hollinswood Loan [Member] | Interest Rate Swap [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding         $ 10,200,000          
Interest Rate       4.06%       4.06%    
Number of derivatives held | Derivative         2          
Debt instrument additional borrowing available         $ 3,000,000          
EagleBank Loan Agreement [Member]                    
Debt Instrument [Line Items]                    
Long-term debt amount                   $ 3,250,000
EagleBank Loan Agreement [Member] | Michael Jacoby and Thomas Yockey [Member]                    
Debt Instrument [Line Items]                    
Line of credit facility, maturity period             1 year      
Line of credit facility, remaining borrowing capacity                 $ 0  
EagleBank Loan Agreement [Member] | Michael Jacoby and Thomas Yockey [Member] | Sub Note                    
Debt Instrument [Line Items]                    
Interest Rate                 7.00%  
Line of credit facility, maturity date                 Apr. 30, 2019  
Line of credit facility, maturity period             9 months      
Line of credit outstanding                 $ 700,000  
EagleBank Loan Agreement [Member] | Accounts Receivable Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Long-term debt amount                   $ 1,250,000
Interest Rate                 6.50% 5.25%
Maximum principal amount                   $ 1,250,000
Line of credit facility, maturity date                   Apr. 30, 2019
Line of credit advanced in full                 $ 1,250,000  
EagleBank Loan Agreement [Member] | Working Capital Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Long-term debt amount                   $ 750,000
Interest Rate                 6.50% 5.25%
Maximum principal amount                   $ 750,000
Line of credit facility, maturity date                   Apr. 01, 2019
Line of credit advanced in full                   $ 750,000
EagleBank Loan Agreement [Member] | Acquisition Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Long-term debt amount                   1,000,000
Long-term debt outstanding                   $ 1,000,000
Maturity Date                   Apr. 30, 2019
Interest Rate                 6.50% 5.25%
EagleBank Loan Agreement [Member] | Revolving Line of Credit [Member] | Michael Jacoby and Thomas Yockey [Member]                    
Debt Instrument [Line Items]                    
Maximum principal amount             $ 2,000,000      
EagleBank Loan Agreement [Member] | Term Loan [Member]                    
Debt Instrument [Line Items]                    
Long-term debt amount                   $ 1,250,000
EagleBank Loan Agreement [Member] | $1.25 million Term Loan [Member]                    
Debt Instrument [Line Items]                    
Maturity Date                   Dec. 31, 2022
Interest Rate                 5.25%  
Term loan advanced in full                   $ 1,250,000
Principal payments                   200,000
Single curtailment payment                   $ 500,000
Reduced percentage interest payment on loan due to curtailment                   5.00%
EagleBank Loan Agreement [Member] | LIBOR [Member] | Accounts Receivable Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate                   4.00%
EagleBank Loan Agreement [Member] | LIBOR [Member] | Working Capital Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate                   4.00%
EagleBank Loan Agreement [Member] | LIBOR [Member] | Acquisition Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Debt instrument variable rate                   4.00%
EagleBank Loan Agreement [Member] | 5.5% [Member] | $1.25 million Term Loan [Member]                    
Debt Instrument [Line Items]                    
Interest Rate                   5.50%
EagleBank Loan Agreement [Member] | 5.25% [Member] | $1.25 million Term Loan [Member]                    
Debt Instrument [Line Items]                    
Interest Rate                   5.25%
EagleBank Loan Agreement [Member] | Maximum [Member] | Accounts Receivable Line of Credit [Member]                    
Debt Instrument [Line Items]                    
Interest Rate                   80.00%
EagleBank Loan Agreement [Member] | Maximum [Member] | 5.25% [Member] | $1.25 million Term Loan [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding                   $ 101,000
EagleBank Loan Agreement [Member] | Minimum [Member] | 5.5% [Member] | $1.25 million Term Loan [Member]                    
Debt Instrument [Line Items]                    
Long-term debt outstanding                 $ 1,000,000 $ 1,010,000
[1] 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”.
[2] For floating rate loans tied to LIBOR, based on the one-month LIBOR rate of 1.76%, as of December 31, 2019.
[3] 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.
[4] 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”.