Quarterly report pursuant to Section 13 or 15(d)

Loans Payable (Tables)

v3.22.2.2
Loans Payable (Tables)
9 Months Ended
Sep. 30, 2022
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 September 30,
2022
December 31,
2021
KeyBank-Cedar Agreement(5) Interest only Variable August 2023 $ 130,000  $ — 
Cypress Shopping Center $ 34,360  4.70  % July 2024 5,936  6,031 
Port Crossing $ 34,788  4.84  % August 2024 5,677  5,778 
Freeway Junction $ 41,798  4.60  % September 2024 7,314  7,431 
Harrodsburg Marketplace $ 19,112  4.55  % September 2024 3,207  3,267 
Bryan Station $ 23,489  4.52  % November 2024 4,159  4,226 
Crockett Square Interest only 4.47  % December 2024 6,338  6,338 
Pierpont Centre $ 39,435  4.15  % February 2025 7,753  7,861 
Shoppes at Myrtle Park $ 33,180  4.45  % February 2025 5,651  5,757 
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 (2) 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 4,428  4,483 
Tuckernuck $ 32,202  5.00  % March 2026 4,950  5,052 
Chesapeake Square $ 23,857  4.70  % August 2026 4,129  4,192 
Sangaree/Tri-County $ 32,329  4.78  % December 2026 6,108  6,176 
Riverbridge Interest only 4.48  % December 2026 4,000  4,000 
Franklin Village $ 45,336  4.93  % January 2027 8,178  8,277 
Village of Martinsville $ 89,664  4.28  % July 2029 15,285  15,589 
Laburnum Square Interest only 4.28  % September 2029 7,665  7,665 
Rivergate (3) $ 100,222  4.25  % September 2031 18,111  18,430 
Convertible Notes Interest only 7.00  % December 2031 33,000  33,000 
Guggenheim Loan Agreement (4) Interest only 4.25  % July 2032 75,000  — 
JANAF Loan Agreement (6) Interest only 5.31  % July 2032 60,000  — 
Walnut Hill Plaza $ 26,850  5.50  % March 2023 —  3,145 
Litchfield Market Village $ 46,057  5.50  % November 2022 —  7,312 
Twin City Commons $ 17,827  4.86  % January 2023 —  2,843 
New Market $ 48,747  5.65  % June 2023 —  6,291 
Benefit Street Note $ 53,185  5.71  % June 2023 —  6,914 
Deutsche Bank Note $ 33,340  5.71  % July 2023 —  5,488 
First National Bank $ 24,656 
LIBOR + 350 basis points
August 2023 —  789 
Lumber River $ 10,723 
LIBOR + 350 basis points
September 2023 —  1,296 
Tampa Festival $ 50,797  5.56  % September 2023 —  7,753 
Forrest Gallery $ 50,973  5.40  % September 2023 —  8,060 
South Carolina Food Lions Note $ 68,320  5.25  % January 2024 —  11,259 
Folly Road $ 41,482  4.65  % March 2025 —  7,063 
JANAF $ 333,159  4.49  % July 2023 —  47,065 
JANAF Bravo $ 35,076  5.00  % May 2024 —  5,936 
JANAF BJ's $ 29,964  4.95  % January 2026 —  4,725 
Total Principal Balance (1)
483,659  346,262 
Unamortized debt issuance cost (1)
(16,429) (9,834)
Total Loans Payable, including assets held for sale 467,230  336,428 
Less loans payable on assets held for sale, net loan amortization costs —  3,145 
Total Loans Payable, net $ 467,230  $ 333,283 
(1) Includes loans payable on assets held for sale, see Note 3.
(2) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.
(3) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%.
(4) Collateralized by 22 properties.
(5) Interest rate on this term loan consists of the Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5%. Commencing in February 2023, the applicable margin increases to 4.0%. Collateralized by the Cedar Portfolio.
(6) Collateralized by JANAF properties.
Schedule of company's scheduled principal repayments on indebtedness
The Company’s scheduled principal repayments on indebtedness as of September 30, 2022, including assets held for sale, are as follows (in thousands, unaudited):
For the remaining three months ended December 31, 2022 $ 572 
December 31, 2023 132,343 
December 31, 2024 33,690 
December 31, 2025 85,337 
December 31, 2026 19,347 
December 31, 2027 9,313 
Thereafter 203,057 
    Total principal repayments and debt maturities $ 483,659