Quarterly report pursuant to Section 13 or 15(d)

Loans Payable (Tables)

v3.5.0.2
Loans Payable (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Summary of Loans Payable
The Company’s loans payable consist of the following:
 
 
 
 
 
 
 
 
 
 
Property/Description
Monthly Payment
 
Interest
Rate
 
Maturity
 
September 30, 2016
 
December 31, 2015
 
 
 
 
 
 
 
(unaudited)
 
 
Shoppes at Eagle Harbor
$
25,100

 
4.34
%
 
March 2018
 
$
3,528,895

 
$
3,634,085

Monarch Bank Building
$
9,473

 
4.15
%
 
December 2017
 
1,334,241

 
1,376,452

Perimeter Square
Interest only

 
4.06
%
 
August 2026
 
4,500,000

 
4,166,406

Riversedge North
$
8,802

 
6.00
%
 
January 2019
 
926,444

 
962,281

Walnut Hill Plaza
$
24,273

 
5.50
%
 
July 2017
 
3,464,362

 
3,535,606

Twin City Commons
$
17,827

 
4.86
%
 
January 2023
 
3,184,056

 
3,225,473

Shoppes at TJ Maxx
$
33,880

 
3.88
%
 
May 2020
 
5,951,648

 
6,081,272

Bank Line of Credit
Interest only

 
4.25
%
 
September 2017
 
3,000,000

 

Bank Line of Credit
Interest only

 
3.01
%
 
May 2018
 
46,127,250

 
6,873,750

Forrest Gallery
$
50,973

 
5.40
%
 
September 2023
 
8,834,660

 
8,926,712

Tampa Festival
$
50,797

 
5.56
%
 
September 2023
 
8,534,790

 
8,627,294

Winslow Plaza
Interest only

 
4.82
%
 
December 2025
 
4,620,000

 
4,620,000

Cypress Shopping Center
$
34,360

 
4.70
%
 
July 2024
 
6,609,876

 
6,625,000

Harrodsburg Marketplace
$
19,112

 
4.55
%
 
September 2024
 
3,632,616

 
3,677,501

Port Crossing
$
34,788

 
4.84
%
 
August 2024
 
6,396,584

 
6,471,636

LaGrange Marketplace
$
15,065

 
5.50
%
 
February 2024
 
2,381,726

 
2,418,212

Freeway Junction
$
31,265

 
4.60
%
 
September 2024
 
8,150,000

 
8,150,000

DF I-Edenton
$
250,000

1 
3.75
%
 
September 2016
 

 
650,000

DF I-Moyock
$
10,665

 
5.00
%
 
July 2019
 
337,169

 
418,538

Graystone Crossing
$
15,672

 
4.55
%
 
October 2024
 
4,000,000

 
4,000,000

Bryan Station
Interest only

 
4.52
%
 
November 2024
 
4,625,000

 
4,625,000

Crockett Square
Interest only

 
4.47
%
 
December 2024
 
6,337,500

 
6,337,500

Harbor Point
$
11,024

 
5.85
%
 
December 2016
 
664,864

 
732,685

Pierpont Centre
Interest only

 
4.15
%
 
February 2025
 
8,450,000

 
8,450,000

Alex City Marketplace
Interest only

 
3.95
%
 
April 2025
 
5,750,000

 
5,750,000

Butler Square
Interest only

 
3.90
%
 
May 2025
 
5,640,000

 
5,640,000

Brook Run Shopping Center
Interest only

 
4.08
%
 
June 2025
 
10,950,000

 
10,950,000

Beaver Ruin Village I and II
Interest only

 
4.73
%
 
July 2025
 
9,400,000

 
9,400,000

Columbia Fire Station
Interest only

 
8.00
%
 
December 2017
 
477,788

 
450,053

Sunshine Shopping Plaza
Interest only

 
4.57
%
 
August 2025
 
5,900,000

 
5,900,000

Barnett Portfolio
Interest only

 
4.30
%
 
September 2025
 
8,770,000

 
8,770,000

Grove Park Shopping Center
Interest only

 
4.52
%
 
October 2025
 
3,800,000

 
3,800,000

Parkway Plaza
Interest only

 
4.57
%
 
October 2025
 
3,500,000

 
3,500,000

Conyers Crossing
Interest only

 
4.67
%
 
October 2025
 
5,960,000

 
5,960,000

Fort Howard Shopping Center
Interest only

 
4.57
%
 
October 2025
 
7,100,000

 
7,100,000

Chesapeake Square
$
23,857

 
4.70
%
 
August 2026
 
4,594,760

 

Revere Loan
Interest only

 
8.00
%
 
April 2017
 
7,450,000

 

Senior convertible notes
Interest only

 
9.00
%
 
December 2018
 
1,400,000

 
3,000,000

Senior non-convertible notes
Interest only

 
9.00
%
 
January 2016
 

 
2,160,000

South Carolina Food Lions note
$
68,320

 
5.25
%
 
January 2024
 
12,266,906

 
12,375,000

Total Principal Balance
 
 
 
 
 
 
238,551,135

 
189,340,456

Unamortized debt issuance cost
 
 
 
 
 
 
(6,783,873
)
 
(4,711,374
)
Total Loans Payable
 
 
 
 
 
 
$
231,767,262

 
$
184,629,082


(1)$250,000 plus accrued interest paid quarterly until maturity.
Summary of Company's Scheduled Principal Repayments on Indebtedness
The Company’s scheduled principal repayments on indebtedness as of September 30, 2016 are as follows:
 
For the Periods Ending September 30,
 
 
(unaudited)
2017
$
16,396,168

2018
53,068,183

2019
4,004,712

2020
9,217,251

2021
1,748,540

Thereafter
154,116,281

Total principal maturities
$
238,551,135