v3.25.1
Note 8 - Mortgage and Other Indebtedness - Schedule of Debt Balance (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 08, 2024
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Balance outstanding   $ 248,842 $ 249,164
Unamortized deferred financing costs, net   (1,978) (2,114)
Total Mortgage and Other Indebtedness   $ 246,864 247,050
Hollinswood Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [1]   Jun. 01, 2025  
Rate Type [1]   SOFR + 2.36  
Debt instrument variable rate [1],[2]   6.68%  
Balance outstanding [1]   $ 12,048 12,104
Avondale Shops Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [3]   Jun. 01, 2025  
Rate Type   Fixed  
Debt instrument variable rate [2]   4.00%  
Balance outstanding   $ 2,714 2,745
Vista Shops at Golden Mile Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date Feb. 08, 2029 Feb. 08, 2029 [4]  
Rate Type [4]   SOFR + 2.75%  
Debt instrument variable rate [2],[4]   6.90%  
Balance outstanding [4]   $ 15,934 15,985
Brookhill Azalea Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [5]   Apr. 30, 2025  
Rate Type   SOFR + 2.75%  
Debt instrument variable rate [2]   7.07%  
Balance outstanding   $ 9,198 9,198
Crestview Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Sep. 29, 2026  
Rate Type   Fixed  
Debt instrument variable rate [2]   7.83%  
Balance outstanding   $ 11,817 11,856
Lamar Station Plaza West Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 10, 2027  
Rate Type   Fixed  
Debt instrument variable rate [2]   5.67%  
Balance outstanding   $ 18,498 18,585
Highlandtown Village Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   May 10, 2028  
Rate Type [6]   SOFR + 2.5  
Debt instrument variable rate [2]   6.09%  
Balance outstanding   $ 8,723 8,721
Midtown Colonial and Midtown Lamonticello Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [7]   May 01, 2027  
Rate Type [7]   Fixed  
Debt instrument variable rate [2],[7]   7.92%  
Balance outstanding [7]   $ 19,010 18,992
Midtown Row Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 01, 2027  
Rate Type   Fixed  
Debt instrument variable rate [2]   6.48%  
Balance outstanding   $ 75,987 75,986
Fortress Mezzanine Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date [8]   Dec. 01, 2027  
Rate Type [8]   Fixed  
Debt instrument variable rate [2],[8],[9]   14.00%  
Balance outstanding [8]   $ 16,688 16,911
Cromwell Field Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 22, 2027  
Rate Type   Fixed  
Debt instrument variable rate [2]   6.71%  
Balance outstanding [10]   $ 12,897 12,508
Coral Hills Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Oct. 31, 2033  
Rate Type   Fixed  
Debt instrument variable rate [2]   6.95%  
Balance outstanding   $ 12,336 12,385
West Broad Shopping Center Loan [Member]      
Debt Instrument [Line Items]      
Maturity Date   Dec. 21, 2033  
Rate Type   Fixed  
Debt instrument variable rate [2]   7.00%  
Balance outstanding   $ 11,498 11,545
The Shops at Greenwood Village [Member]      
Debt Instrument [Line Items]      
Maturity Date   Oct. 10, 2028  
Rate Type [11]   SOFR + 2.85  
Debt instrument variable rate [2]   5.85%  
Balance outstanding   $ 21,494 $ 21,643
[1] The Company entered into an interest rate swap which fixed the interest rate of this loan at 4.06% until December 1, 2024. On October 28, 2024, the Company entered into an agreement to extend the maturity date of this loan to March 1, 2025. On March 27, 2025, the Company entered into another agreement to further extend the maturity date of this loan to June 1, 2025. In May 2025, the Company reached a verbal agreement from the lender to further extend the maturity date of this loan to September 1, 2025, with an option to extend the maturity date for an additional 90 days, but the Company can provide no assurance that the lender will enter into a definitive agreement to effect this extension.
[2] Interest rates are as of March 31, 2025
[3] On May 6, 2025, the Company entered into an agreement to extend the maturity date of this loan to December 1, 2025.
[4] On February 8, 2024, the Company refinanced the Vista Shops at Golden Mile Loan. The maturity date of the new loan is February 8, 2029. The Company entered into an interest rate swap which fixes the interest rate of the new loan at 6.90% for the term of the loan.
[5] On January 31, 2025, the Company entered into an agreement to extend the maturity date of this loan to April 30, 2025. On May 20, 2025, the Company entered into another agreement to further extend the maturity date of this loan to July 29, 2025 and amend the interest rate to SOFR plus 3.09%.
[6] The Company has entered into an interest rate swap which fixes the interest rate of this loan at 6.09%
[7] This loan was originated on April 30, 2024.
[8] The outstanding balance reflects the fair value of the debt.
[9] A portion of the interest on this loan is paid in cash (the “Current Interest”) and a portion of the interest is capitalized and added to the principal amount of the loan each month (the “Capitalized Interest”) and, together with the Current Interest, the “Mezzanine Loan Interest”). The initial Mezzanine Loan Interest rate was 12% per annum, comprised of a 5% Current Interest rate and a 7% Capitalized Interest rate. The Capitalized Interest rate increases each year by 1% and, as of March 31, 2025, was 9%. Effective April 8, 2025, the interest rate was increased by 4% as a result of the Trigger Event.
[10] At March 31, 2025 and December 31, 2024, there was additional borrowing capacity of $2.1 million and $2.4 million, respectively, available for the Company to fund leasing costs and for the performance earnout
[11] The Company has entered into an interest rate swap which fixes the interest rate of this loan at 5.85%.