Note 6 - Mortgage and Other Indebtedness (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt Balance

The table below details the Company’s debt balance at September 30, 2021 and December 31, 2020 (dollars in thousands):

	Maturity Date	Rate Type	Interest Rate (1)	September 30, 2021			December 31, 2020
Basis Term Loan (net of discount of $466 and $745, respectively)	January 1, 2023	Floating (2)	6.125%	$	66,718		$	66,439
Basis Preferred Interest (net of discount of $94 and $150, respectively) (3)	January 1, 2023 (4)	Fixed	14.00% (5)		9,741			11,434
MVB Term Loan	December 27, 2022	Fixed	6.75%		4,022			4,277
MVB Revolver	December 27, 2022	Floating (6)	6.75%		1,439			2,000
Hollinswood Loan	December 1, 2024	LIBOR + 2.25% (7)	4.06%		13,146			11,670
Avondale Shops Loan	June 1, 2025	Fixed	4.00%		3,125			3,205
Vista Shops at Golden Mile Loan (net of discount of $45 and $0, respectively) (8)	June 24, 2023	Fixed	3.83%		11,655			8,902
Brookhill Azalea Shopping Center Loan	January 31, 2025	LIBOR + 2.75%	2.83%		9,136			9,432
Lamar Station Plaza East Loan (net of discount of $12 and $7, respectively)	July 17, 2022 (9)	LIBOR + 3.00% (10)	4.00%		3,504			3,446
Cromwell Land Loan (net of discount of $0 and $10, respectively) (11)	January 10, 2023	Fixed	6.75%		-			1,415
First Paycheck Protection Program Loan	April 20, 2022 (12)	Fixed	1.00%		-			757
Second Paycheck Protection Program Loan	March 18, 2026 (13)	Fixed	1.00%		-			-
Lamont Street Preferred Interest (net of discount of $76) (14)	September 30, 2023	Fixed	13.50%		4,621			-
Highlandtown Village Shopping Center Loan (net of discount of $54)	May 6, 2023	Fixed	4.13%		5,393			-
Cromwell Field Shopping Center Loan (net of discount of $185)	November 15, 2022	LIBOR + 5.40% (15)	5.90%		12,208			-
Cromwell Field Shopping Center Mezzanine Loan (net of discount of $23)	November 15, 2022	Fixed	10.00%		1,507			-
Spotswood Valley Square Shopping Center Loan (net of discount of $110)	July 6, 2023	Fixed	4.82%		12,161			-
				$	158,376		$	122,977
Unamortized deferred financing costs					(1,015	)		(917	)
Total Mortgage and Other Indebtedness				$	157,361		$	122,060

⁽¹⁾ For floating rate loans tied to LIBOR, based on the one-month LIBOR rate of 0.08%, as of September 30, 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 $1.0 million and $1.8 million of indebtedness as of September 30, 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” of which approximately $1.9 million was outstanding at September 30, 2021. 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 Company completed the refinance of this loan in March 2021 as described below under the heading “—Mortgage Indebtedness”. The prior loan matured on January 25, 2021 and carried an interest rate of LIBOR plus 2.5% per annum.

⁽⁹⁾ In July 2021, the Company entered into a modification to the Lamar Station Plaza East loan to extend the maturity date to July 2022 as described below under the heading “—Mortgage Indebtedness”.

⁽¹⁰⁾ 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%.

⁽¹¹⁾ The Company paid off the remaining principal balance of the Cromwell land loan during the second quarter of 2021.

⁽¹²⁾ During the first quarter of 2021, the Company received forgiveness for its PPP Loan (as defined below) as described below under the heading “—PPP Loans”.

^{(13) During the third quarter of 2021, the Company received forgiveness for its Second PPP Loan (as defined below) as described below under the heading “—PPP Loans”.}

^{(14) The outstanding balance includes approximately $0.8 million of indebtedness as of September 30, 2021 related to the Lamont Street Minimum Multiple Amount owed to Lamont Street as described below under the heading “—Lamont Street Preferred Interest”.}

⁽¹⁵⁾ The interest rate on the Cromwell Field Shopping Center Loan is LIBOR plus 5.40% per annum with a minimum LIBOR rate of 0.50%.

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 September 30, 2021 (dollars in thousands):

Year	Amount Due
Remainder of 2021	$	520
2022		24,268
2023		111,172
2024		13,004
2025		10,477
2026		-
Thereafter		-
		159,441
Unamortized debt discounts and issuance costs, net		(2,080	)
Total	$	157,361