Note 5 - Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance at March 31, 2021 and December 31, 2020 (dollars in thousands):

	Maturity Date	Rate Type	Interest Rate (1)	March 31, 2021			December 31, 2020
Basis Term Loan (net of discount of $653 and $745)	January 1, 2023	Floating (2)	6.125%	$	66,532		$	66,439
Basis Preferred Interest (net of discount of $131 and $150) (3)	January 1, 2023 (4)	Fixed	14.00% (5)		11,211			11,434
MVB Term Loan	December 27, 2022	Fixed	6.75%		4,193			4,277
MVB Revolver	December 27, 2022	Floating (6)	6.75%		1,750			2,000
Hollinswood Loan	December 1, 2024	LIBOR + 2.25% (7)	4.06%		12,619			11,670
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		3,179			3,205
Vista Shops at Golden Mile Loan (net of discount of $83)	June 24, 2023	Fixed	3.83%		11,617			8,902
Brookhill Azalea Shopping Center Loan	January 31, 2025	LIBOR + 2.75%	2.86%		9,329			9,432
Lamar Station Plaza East Loan (net of discount of $4 and $7)	July 17, 2021	LIBOR + 3.00% (8)	4.00%		3,497			3,446
Cromwell Land Loan (net of discount of $8 and $10)	January 10, 2023	Fixed	6.75%		1,411			1,415
First Paycheck Protection Program Loan	April 20, 2022 (9)	Fixed	1.00%		-			757
Second Paycheck Protection Program Loan	March 18, 2026	Fixed	1.00%		769			-
				$	126,107		$	122,977
Unamortized deferred financing costs					(1,070	)		(917	)
Total Mortgage and Other Indebtedness				$	125,037		$	122,060

⁽¹⁾ For floating rate loans tied to LIBOR, based on the one-month LIBOR rate of 0.11%, as of March 31, 2021.

⁽²⁾ 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%.

⁽³⁾ The outstanding balance includes approximately $1.5million and $1.8 million of indebtedness as of March 31, 2021 and December 31, 2020, respectively, related to the Multiple Minimum Amount owed to the Preferred Investor as described below under the heading “—Basis Preferred Interest”.

⁽⁴⁾ 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.

⁽⁵⁾ In June 2020, the Preferred Investor made additional capital contributions of approximately $2.9 million as described below under the heading “—Basis Preferred Interest”. The Preferred Investor is entitled to a cumulative annual return of 13.0% on the additional contributions.

⁽⁶⁾ The interest rate on the MVB Revolver is the greater of (i) prime rate plus 1.5% and (ii) 6.75%.

⁽⁷⁾ The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.06%.

⁽⁸⁾ The interest rate on the Lamar Station Plaza East Loan is LIBOR plus 3.00% per annum with a minimum LIBOR rate of 1.00%.

⁽⁹⁾ During the first quarter of 2021, the Company received forgiveness for its first Paycheck Protection Program Loan as described below under the heading “—PPP Loans”.

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, 2021 (dollars in thousands):

Year	Amount Due
Remainder of 2021	$	4,687
2022		6,546
2023		92,442
2024		12,607
2025		10,658
2026		46
Thereafter		-
		126,986
Unamortized debt discounts and issuance costs, net		(1,949	)
Total	$	125,037