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Note 5 - Debt - Schedule of Debt Balance (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 27, 2019
Mar. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]      
Balance outstanding   $ 112,185 $ 113,780
Unamortized deferred financing costs   (1,227) (1,307)
Total Mortgage and Other Indebtedness   $ 110,958 $ 112,473
Basis Term Loan [Member]      
Debt Instrument [Line Items]      
Maturity date Jan. 01, 2023 Jan. 01, 2023 Jan. 01, 2023
Rate Type [1]   Floating Floating
Interest Rate 6.125% 6.125% [2] 6.125% [2]
Balance outstanding   $ 63,089 $ 62,996
Basis Preferred Interest [Member]      
Debt Instrument [Line Items]      
Maturity date [3],[4]   Jan. 01, 2023 Jan. 01, 2023
Rate Type [4]   Fixed Fixed
Interest Rate [2],[4],[5]   14.00% 14.00%
Balance outstanding [4]   $ 9,246 $ 9,471
MVB Term Loan [Member]      
Debt Instrument [Line Items]      
Maturity date   Dec. 27, 2022 Dec. 27, 2022
Rate Type   Fixed Fixed
Interest Rate [2]   6.75% 6.75%
Balance outstanding   $ 4,424 $ 4,500
Hollinswood Loan [Member]      
Debt Instrument [Line Items]      
Maturity date   Dec. 01, 2024 Dec. 01, 2024
Rate Type [6]   LIBOR + 2.25% LIBOR + 2.25%
Interest Rate [2]   4.06% 4.06%
Balance outstanding   $ 10,200 $ 10,200
Avondale Shops Loan [Member]      
Debt Instrument [Line Items]      
Maturity date   Jun. 01, 2025 Jun. 01, 2025
Rate Type   Fixed Fixed
Interest Rate [2]   4.00% 4.00%
Balance outstanding   $ 3,250 $ 3,275
Vista Shops at Golden Mile Loan [Member]      
Debt Instrument [Line Items]      
Maturity date [7]   Jan. 25, 2021 Jan. 25, 2021
Rate Type   LIBOR + 2.50% LIBOR + 2.50%
Interest Rate [2]   3.49% 3.49%
Balance outstanding   $ 8,950 $ 8,950
Brookhill Azalea Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity date   Jan. 31, 2025 Jan. 31, 2025
Rate Type   LIBOR + 2.75% LIBOR + 2.75%
Interest Rate [2]   3.74% 3.74%
Balance outstanding   $ 9,607 $ 9,650
Cromwell Land Loan [Member]      
Debt Instrument [Line Items]      
Maturity date   Jan. 10, 2023 Jan. 10, 2023
Rate Type   Fixed Fixed
Interest Rate [2]   6.75% 6.75%
Balance outstanding   $ 1,419  
Mezzanine Loan [Member]      
Debt Instrument [Line Items]      
Balance outstanding [8]     $ 2,738
MVB Revolver [Member]      
Debt Instrument [Line Items]      
Maturity date [9]   Dec. 27, 2021 Dec. 27, 2021
Rate Type [10]   Floating Floating
Interest Rate [2]   6.75% 6.75%
Balance outstanding   $ 2,000 $ 2,000
[1] 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%.
[2] For floating rate loans tied to LIBOR, based on the one-month LIBOR rate of 0.99%, as of March 31, 2020.
[3] If the Basis Term Loan is paid in full earlier than its maturity date, the Basis Preferred Interest in the Sub-OP will mature at that time.
[4] The outstanding balance includes approximately $2.5 million and $2.8 million of indebtedness as of March 31, 2020 and December 31, 2019, respectively, related to the Multiple Minimum Amount owed to the Preferred Investor as described below under the heading “—Basis Preferred Interest”.
[5] In June 2020, the Preferred Investor made additional capital contributions of approximately $2.9 million as described below under the heading “—Forbearance Agreements and Debt Amendments”. The Preferred Investor is entitled to a cumulative annual return of 13.0% on the additional contributions.
[6] The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.06%.
[7] The Company completed the refinance of this loan as described below under the heading “—2021 Debt Agreements and Modifications”.
[8] 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.
[9] In March 2021, the Company entered into a one-year extension on the MVB Revolver as described below under the heading “—Forbearance Agreements and Debt Amendments”.
[10] The interest rate on the MVB Revolver is the greater of (i) prime rate plus 1.5% and (ii) 6.75%.