Quarterly report pursuant to Section 13 or 15(d)

Loans Payable (Tables)

v3.21.1
Loans Payable (Tables)
3 Months Ended
Mar. 31, 2021
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 March 31,
2021
December 31,
 2020
 First National Bank (7)
$ 24,656 
LIBOR + 350 basis points
March 2021 $ 982  $ 1,045 
 Lumber River $ 10,723 
LIBOR + 350 basis points
April 2021 1,349  1,367 
 Rivergate $ 103,167 
LIBOR + 295 basis points
April 2021 21,021  21,164 
 JANAF Bravo $ 36,935  4.65  % April 2021 6,225  6,263 
 Columbia Fire Station Interest only 14.00  % July 2021 3,363  3,893 
 Litchfield Market Village $ 46,057  5.50  % November 2022 7,417  7,418 
 Twin City Commons $ 17,827  4.86  % January 2023 2,897  2,915 
 Walnut Hill Plaza $ 26,850  5.50  % March 2023 3,252  3,287 
 Powerscourt Financing Agreement (6)
Interest only 13.50  % March 2023 —  25,000 
 New Market $ 48,747  5.65  % June 2023 6,454  6,508 
 Benefit Street Note (3)
$ 53,185  5.71  % June 2023 7,088  7,145 
 Deutsche Bank Note (2)
$ 33,340  5.71  % July 2023 5,547  5,567 
 JANAF $ 333,159  4.49  % July 2023 48,423  48,875 
 Tampa Festival $ 50,797  5.56  % September 2023 7,878  7,920 
 Forrest Gallery $ 50,973  5.40  % September 2023 8,184  8,226 
 South Carolina Food Lions Note (5)
$ 68,320  5.25  % January 2024 11,418  11,473 
 Cypress Shopping Center $ 34,360  4.70  % July 2024 6,134  6,163 
 Port Crossing $ 34,788  4.84  % August 2024 5,876  5,909 
 Freeway Junction $ 41,798  4.60  % September 2024 7,544  7,582 
 Harrodsburg Marketplace $ 19,112  4.55  % September 2024 3,324  3,343 
 Bryan Station $ 23,489  4.52  % November 2024 4,290  4,312 
 Crockett Square Interest only 4.47  % December 2024 6,338  6,338 
 Pierpont Centre $ 39,435  4.15  % February 2025 7,965  8,001 
 Shoppes at Myrtle Park $ 33,180  4.45  % February 2025 5,858  5,892 
 Folly Road $ 41,482  4.65  % March 2025 7,183  7,223 
 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 4,535  4,553 
 JANAF BJ's $ 29,964  4.95  % January 2026 4,814  4,844 
 Tuckernuck $ 32,202  5.00  % March 2026 5,150  5,193 
 Wilmington Financing Agreement (6)
Interest only 8.00  % March 2026 35,000  — 
 Chesapeake Square $ 23,857  4.70  % August 2026 4,254  4,279 
 Berkley/Sangaree/Tri-County Interest only 4.78  % December 2026 6,176  9,400 
 Riverbridge Interest only 4.48  % December 2026 4,000  4,000 
 Franklin Village $ 45,336  4.93  % January 2027 8,372  8,404 
 Village of Martinsville $ 89,664  4.28  % July 2029 15,881  15,979 
 Laburnum Square Interest only 4.28  % September 2029 7,665  7,665 
Total Principal Balance (1)
358,627  353,916 
Unamortized debt issuance cost (1)
(9,349) (6,812)
Total Loans Payable, including assets held for sale 349,278  347,104 
Less loans payable on assets held for sale, net loan amortization costs 10,745  12,838 
Total Loans Payable, net $ 338,533  $ 334,266 
(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.
Schedule of Company's scheduled principal repayments on indebtedness
The Company’s scheduled principal repayments on indebtedness as of March 31, 2021, including assets held for sale, are as follows (in thousands, unaudited):
For the remaining nine months ended December 31, 2021 $ 36,815 
December 31, 2022 12,675 
December 31, 2023 86,970 
December 31, 2024 44,340 
December 31, 2025 91,530 
December 31, 2026 58,025 
Thereafter 28,272 
    Total principal repayments and debt maturities $ 358,627 
Fair Value Measurement Inputs and Valuation Techniques
In measuring the warrant liability at March 31, 2021, the Company used the following inputs in its Monte Carlo Model:

Range of exercise prices
$3.120 - $6.875
Common Stock price $3.75
Weighted average contractual term to maturity (years) 4.24
Range of expected market volatility %
54.72% - 73.00%
Range of risk free interest rate
0.29% - 0.91%
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
The following table sets forth a summary of the changes in fair value of the Company's warrant liabilities (in thousands):

March 31, 2021
(unaudited)
Balance December 31, 2020 $ 594 
   Issuance of warrants 2,018 
   Changes in fair value 347 
Balance March 31, 2021 $ 2,959