Annual report pursuant to Section 13 and 15(d)

Loans Payable (Tables)

v3.20.4
Loans Payable (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of loans payable
The Company’s loans payable consist of the following (in thousands except monthly payment):
Property/Description Monthly Payment Interest
Rate
Maturity December 31,
2020
December 31,
2019
 KeyBank Credit Agreement (6)
$ 350,000  LIBOR + 350 basis points December 2020 $ —  $ 17,879 
 Columbia Fire Station $ 45,580  14.00  % December 2020 3,893  4,051 
 Tuckernuck $ 33,880  3.88  % February 2021 5,193  5,344 
 First National Bank (7)
$ 24,656  LIBOR + 350 basis points March 2021 1,045  1,214 
 Lumber River $ 10,723  LIBOR + 350 basis points April 2021 1,367  1,404 
 Rivergate $ 104,178  LIBOR + 295 basis points April 2021 21,164  21,545 
 JANAF Bravo $ 36,935  4.65  % April 2021 6,263  6,372 
 Litchfield Market Village $ 46,057  5.50  % November 2022 7,418  7,452 
 Twin City Commons $ 17,827  4.86  % January 2023 2,915  2,983 
 Walnut Hill Plaza $ 26,850  5.50  % March 2023 3,287  3,759 
 Powerscourt Financing Agreement (6)
Interest only 13.50  % March 2023 25,000  — 
 New Market $ 48,747  5.65  % June 2023 6,508  6,713 
 Benefit Street Note (3)
$ 53,185  5.71  % June 2023 7,145  7,361 
 Deutsche Bank Note (2)
$ 33,340  5.71  % July 2023 5,567  5,642 
 JANAF $ 333,159  4.49  % July 2023 48,875  50,599 
 Tampa Festival $ 50,797  5.56  % September 2023 7,920  8,077 
 Forrest Gallery $ 50,973  5.40  % September 2023 8,226  8,381 
 Riversedge North $ 11,436  5.77  % December 2023 —  1,767 
 South Carolina Food Lions Note (5)
$ 68,320  5.25  % January 2024 11,473  11,675 
 Cypress Shopping Center $ 34,360  4.70  % July 2024 6,163  6,268 
 Port Crossing $ 34,788  4.84  % August 2024 5,909  6,032 
 Freeway Junction $ 41,798  4.60  % September 2024 7,582  7,725 
 Harrodsburg Marketplace $ 19,112  4.55  % September 2024 3,343  3,416 
 Bryan Station $ 23,489  4.52  % November 2024 4,312  4,394 
 Crockett Square Interest only 4.47  % December 2024 6,338  6,338 
 Pierpont Centre $ 39,435  4.15  % February 2025 8,001  8,113 
 Shoppes at Myrtle Park $ 33,180  4.45  % February 2025 5,892  — 
 Folly Road $ 41,482  4.65  % March 2025 7,223  5,922 
 Alex City Marketplace Interest only 3.95  % April 2025 5,750  5,750 
 Butler Square Interest only 3.90  % May 2025 5,640  5,640 
 Brook Run Shopping Center Interest only 4.08  % June 2025 10,950  10,950 
 Beaver Ruin Village I and II Interest only 4.73  % July 2025 9,400  9,400 
 Sunshine Shopping Plaza Interest only 4.57  % August 2025 5,900  5,900 
 Barnett Portfolio (4)
Interest only 4.30  % September 2025 8,770  8,770 
 Fort Howard Shopping Center Interest only 4.57  % October 2025 7,100  7,100 
 Conyers Crossing Interest only 4.67  % October 2025 5,960  5,960 
 Grove Park Shopping Center Interest only 4.52  % October 2025 3,800  3,800 
 Parkway Plaza Interest only 4.57  % October 2025 3,500  3,500 
 Winslow Plaza $ 24,295  4.82  % December 2025 4,553  4,620 
 JANAF BJ's $ 29,964  4.95  % January 2026 4,844  4,957 
 Chesapeake Square $ 23,857  4.70  % August 2026 4,279  4,354 
 Berkley/Sangaree/Tri-County Interest only 4.78  % December 2026 9,400  9,400 
 Riverbridge Interest only 4.48  % December 2026 4,000  4,000 
 Franklin Village $ 45,336  4.93  % January 2027 8,404  8,516 
 Village of Martinsville $ 89,664  4.28  % July 2029 15,979  16,351 
 Laburnum Square Interest only 4.28  % September 2029 7,665  7,665 
Total Principal Balance (1)
353,916  347,059 
Unamortized debt issuance cost (1)
(6,812) (4,172)
Total Loans Payable, including assets held for sale 347,104  342,887 
Less loans payable on assets held for sale, net loan amortization costs 12,838  1,974 
Total Loans Payable, net $ 334,266  $ 340,913 
(1) Includes loans payable on assets held for sale, see Note 3.
(2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown.
(3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.
(4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.
(5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square.
(6) Collateralized by Darien Shopping Center, Devine Street, Lake Murray, Moncks Corner and South Lake.
(7) Collateralized by Surrey Plaza and Amscot Building.
Fair Value of the Company's Warranty Liability
The fair value at the commitment date for the Company’s warranty liability was based upon the following assumptions as of December 31, 2020:
Exercise price $ 3.12 
Stock price $ 2.75 
Expected term 3.0 years
Expected volatility % 72.00  %
Risk free interest rate 0.17  %
Schedule of Company's scheduled principal repayments on indebtedness
The Company’s scheduled principal repayments on indebtedness as of December 31, 2020, including assets held for sale, are as follows (in thousands):
  For the Years Ended December 31,
2021 $ 43,933 
2022 12,586 
2023 111,875 
2024 44,240 
2025 91,426 
Thereafter 49,856 
     Total principal repayments and debt maturities $ 353,916