| Loans Payable |
Loans Payable
The Company’s loans payable consist of the following (in thousands, except monthly payment):
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Property/Description |
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Monthly Payment |
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Interest
Rate
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Maturity |
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March 31, 2020 |
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December 31,
2019
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KeyBank Credit Agreement (6)
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$ |
350,000 |
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LIBOR + 350 basis points |
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Various (6)
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$ |
9,300 |
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$ |
17,879 |
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Rivergate |
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$ |
127,267 |
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LIBOR + 295 basis points |
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March 2020 |
|
21,402 |
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|
21,545 |
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Columbia Fire Station (1)
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$ |
25,452 |
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|
4.00 |
% |
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May 2020 |
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4,015 |
|
|
4,051 |
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Tuckernuck |
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$ |
33,880 |
|
|
3.88 |
% |
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May 2020 |
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5,294 |
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|
5,344 |
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First National Bank Line of Credit (7)
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$ |
24,656 |
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LIBOR + 300 basis points |
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September 2020 |
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1,156 |
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|
1,214 |
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Lumber River |
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$ |
10,723 |
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LIBOR + 350 basis points |
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October 2020 |
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1,390 |
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|
1,404 |
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JANAF Bravo |
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$ |
36,935 |
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4.65 |
% |
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January 2021 |
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6,336 |
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6,372 |
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Walnut Hill Plaza |
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$ |
26,850 |
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5.50 |
% |
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September 2022 |
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3,730 |
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|
3,759 |
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Litchfield Market Village |
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$ |
46,057 |
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5.50 |
% |
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November 2022 |
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7,418 |
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|
7,452 |
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Twin City Commons |
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$ |
17,827 |
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|
4.86 |
% |
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January 2023 |
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2,966 |
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2,983 |
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New Market |
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$ |
48,747 |
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5.65 |
% |
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June 2023 |
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6,663 |
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6,713 |
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Benefit Street Note (3)
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$ |
53,185 |
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5.71 |
% |
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June 2023 |
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7,308 |
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7,361 |
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Deutsche Bank Note (2)
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$ |
33,340 |
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5.71 |
% |
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July 2023 |
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5,624 |
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5,642 |
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JANAF |
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$ |
333,159 |
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4.49 |
% |
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July 2023 |
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50,173 |
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50,599 |
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Tampa Festival |
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$ |
50,797 |
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5.56 |
% |
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September 2023 |
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8,038 |
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8,077 |
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Forrest Gallery |
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$ |
50,973 |
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5.40 |
% |
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September 2023 |
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8,342 |
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8,381 |
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Riversedge North |
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$ |
11,436 |
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5.77 |
% |
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December 2023 |
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1,758 |
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1,767 |
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South Carolina Food Lions Note (5)
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$ |
68,320 |
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5.25 |
% |
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January 2024 |
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11,624 |
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11,675 |
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Cypress Shopping Center |
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$ |
34,360 |
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4.70 |
% |
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July 2024 |
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6,239 |
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6,268 |
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Port Crossing |
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$ |
34,788 |
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4.84 |
% |
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August 2024 |
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6,002 |
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6,032 |
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Freeway Junction |
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$ |
41,798 |
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4.60 |
% |
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September 2024 |
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7,690 |
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7,725 |
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Harrodsburg Marketplace |
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$ |
19,112 |
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4.55 |
% |
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September 2024 |
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3,398 |
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3,416 |
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Bryan Station |
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$ |
23,489 |
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4.52 |
% |
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November 2024 |
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4,373 |
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4,394 |
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Crockett Square |
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Interest only |
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4.47 |
% |
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December 2024 |
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6,338 |
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6,338 |
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Pierpont Centre |
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$ |
39,435 |
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4.15 |
% |
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February 2025 |
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8,100 |
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8,113 |
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Shoppes at Myrtle Park |
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$ |
33,180 |
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4.45 |
% |
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February 2025 |
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5,988 |
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— |
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Folly Road |
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$ |
41,482 |
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4.65 |
% |
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March 2025 |
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7,350 |
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5,922 |
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Alex City Marketplace |
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Interest only |
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3.95 |
% |
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April 2025 |
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5,750 |
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5,750 |
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Butler Square |
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Interest only |
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3.90 |
% |
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May 2025 |
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5,640 |
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5,640 |
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Brook Run Shopping Center |
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Interest only |
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4.08 |
% |
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June 2025 |
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10,950 |
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10,950 |
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Beaver Ruin Village I and II |
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Interest only |
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4.73 |
% |
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July 2025 |
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9,400 |
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9,400 |
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Sunshine Shopping Plaza |
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Interest only |
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4.57 |
% |
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August 2025 |
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5,900 |
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5,900 |
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Barnett Portfolio (4)
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Interest only |
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4.30 |
% |
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September 2025 |
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8,770 |
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8,770 |
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Fort Howard Shopping Center |
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Interest only |
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4.57 |
% |
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October 2025 |
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7,100 |
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7,100 |
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Conyers Crossing |
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Interest only |
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4.67 |
% |
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October 2025 |
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5,960 |
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5,960 |
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Grove Park Shopping Center |
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Interest only |
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4.52 |
% |
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October 2025 |
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3,800 |
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3,800 |
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Parkway Plaza |
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Interest only |
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4.57 |
% |
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October 2025 |
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3,500 |
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3,500 |
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Winslow Plaza |
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$ |
41,482 |
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4.82 |
% |
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December 2025 |
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4,603 |
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4,620 |
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JANAF BJ's |
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$ |
29,964 |
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4.95 |
% |
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January 2026 |
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4,929 |
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|
4,957 |
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Chesapeake Square |
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$ |
23,857 |
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4.70 |
% |
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August 2026 |
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4,336 |
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4,354 |
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Berkley/Sangaree/Tri-County |
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Interest only |
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4.78 |
% |
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December 2026 |
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9,400 |
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9,400 |
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Riverbridge |
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Interest only |
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4.48 |
% |
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December 2026 |
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4,000 |
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4,000 |
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Franklin Village |
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$ |
45,336 |
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4.93 |
% |
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January 2027 |
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8,494 |
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8,516 |
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Village of Martinsville |
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$ |
89,664 |
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4.28 |
% |
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July 2029 |
|
16,258 |
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16,351 |
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Laburnum Square |
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Interest only |
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4.28 |
% |
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September 2029 |
|
7,665 |
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7,665 |
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Total Principal Balance (1)
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344,470 |
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347,059 |
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Unamortized debt issuance cost (1)
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(4,189 |
) |
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(4,172 |
) |
Total Loans Payable, including assets held for sale |
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340,281 |
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342,887 |
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Less loans payable on assets held for sale, net loan amortization costs |
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4,004 |
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|
1,974 |
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Total Loans Payable, net |
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$ |
336,277 |
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$ |
340,913 |
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(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. The various maturity dates are disclosed below within Note 5 under the KeyBank Credit Agreement.
(7) Collateralized by Surrey Plaza and Amscot Building.
KeyBank Credit Agreement
As of March 31, 2020, the Company has borrowed $9.30 million under the Amended and Restated Credit Agreement ("KeyBank Credit Agreement") with KeyBank National Association ("KeyBank"), which is collateralized by five properties. At March 31, 2020, the outstanding borrowings are accruing interest at 4.46%.
The KeyBank Credit Agreement had the following activity during the three months ended March 31, 2020:
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• |
Entered into the Second Amendment to the KeyBank Credit Agreement (the "Second Amendment") on January 24, 2020, effective December 21, 2019, and the Company began making monthly principal payments of $350 thousand on November 1, 2019. The Second Amendment, among other provisions, requires a pledge of additional collateral of $15.00 million in residual equity interests. Additionally, the Second Amendment provided that the outstanding balance on the KeyBank Credit Agreement shall be reduced to $10.00 million by January 31, 2020, $2.00 million by April 30, 2020 and fully matures on June 30, 2020. Although the Company has made and continues to make the required monthly principal payments, the Company did not meet the April 30, 2020 required outstanding balance paydown. The Company remains in negotiations with KeyBank to extend the maturity date to December 31, 2020. Additionally, KeyBank has agreed to allow the Company to retain the $1.26 million in proceeds received from the Folly Road refinance during negotiations. As of May 12, 2020, the balance on the KeyBank Credit Agreement is $8.60 million.
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• |
The following collateralized portions of the KeyBank Credit Agreement had principal paydowns associated with each property’s refinancing or sale as noted below: |
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• |
$1.78 million paydown from St. Matthews sale proceeds on January 21, 2020; and
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• |
$5.75 million paydown from Shoppes at Myrtle Park refinancing proceeds on January 23, 2020.
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Shoppes at Myrtle Park Refinance
On January 23, 2020, the Company refinanced the Shoppes at Myrtle Park collateralized portion of the KeyBank Credit Agreement for $6.00 million at a fixed interest rate of 4.45%, resulting in a paydown of $5.75 million on the KeyBank Credit Agreement. The loan matures in February 2025 with monthly principal and interest payments of $33 thousand.
Rivergate Extension
On January 30, 2020, effective December 21, 2019, the Company and Synovus Bank agreed to extend the loan maturity to March 20, 2020. Subsequent to March 31, 2020 the Company entered into a Second Amendment with Synovus Bank to the Rivergate Loan which extends the maturity date to June 20, 2020.
Folly Road Refinance
On March 23, 2020, the Company executed a promissory note for $7.35 million for the refinancing of Folly Road at a rate of 4.65%. The loan matures in March 2025 with monthly principal and interest payments of $41 thousand.
Debt Maturity
The Company’s scheduled principal repayments on indebtedness as of March 31, 2020, including assets held for sale, are as follows (in thousands, unaudited):
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For the remaining nine months ended December 31, 2020 |
$ |
46,171 |
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December 31, 2021 |
11,394 |
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December 31, 2022 |
15,848 |
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December 31, 2023 |
85,537 |
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December 31, 2024 |
44,240 |
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December 31, 2025 |
91,426 |
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Thereafter |
49,854 |
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Total principal repayments and debt maturities |
$ |
344,470 |
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The Company has considered its short-term (one year or less) liquidity needs and the adequacy of its estimated cash flows from operating activities and other expected financing sources to meet these needs. In particular, the Company has considered its scheduled debt maturities for the twelve months ending March 31, 2021 of $53.78 million. The Company plans to pay this obligation through a combination of refinancings, dispositions and operating cash. All loans due to mature are collateralized by properties within the portfolio. Additionally, the Company expects to meet the short-term liquidity requirements, through a combination of the following:
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• |
suspension of Series A Preferred, Series B Preferred and Series D Preferred dividends; |
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• |
available cash and cash equivalents; |
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• |
cash flows from operating activities; |
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• |
refinancing of maturing debt; |
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• |
possible sale of six undeveloped land parcels; and
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• |
sale of additional properties, if necessary. |
Management is currently working with lenders to refinance certain properties off of the KeyBank Credit Agreement in an effort to reduce the balance prior to maturity. The loans are expected to have customary interest rates similar to current loans. They are subject to formal lender commitment, definitive documentation and customary conditions.
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