Note 13 - Mortgages Payable

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

13.  Mortgages Payable:

Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.

As of December 31, 2023 and 2022, the Company’s Mortgages payable, net consisted of the following (dollars in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,				Maturity Date at
	2023			2022			2023		2022		December 31, 2023
Mortgages payable	$	355.7		$	379.3			3.33% - 7.23%		3.23% - 7.23%	May-2024 – Jun-2031
Fair value debt adjustments, net		(0.6	)		(0.7	)		n/a		n/a		n/a
Deferred financing costs, net		(1.2	)		(1.7	)		n/a		n/a		n/a
	$	353.9		$	376.9			4.22%*		4.16%*

* Weighted-average interest rate

During 2023, the Company (i) assumed $37.2 million of individual non-recourse mortgage debt through the acquisition of two operating properties, which it subsequently repaid in March 2023 and (ii) repaid $12.3 million of mortgage debt that encumbered two operating properties and a consolidated joint venture operating property.

During 2022, the Company (i) assumed $79.4 million of mortgage debt (including fair market value adjustment of $9.4 million) encumbering six operating properties acquired in 2022, (ii) obtained a $19.0 million mortgage relating to a consolidated joint venture operating property and (iii) repaid $158.4 million of mortgage debt (including fair market value adjustment of $0.5 million) that encumbered 11 operating properties.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $0.6 million and unamortized debt issuance costs of $1.2 million, as of December 31, 2023, were as follows (in millions):

	2024		2025		2026		2027		2028		Thereafter		Total
Principal payments	$	21.3	$	73.0	$	7.4	$	39.0	$	113.8	$	101.2	$	355.7