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Note 14 - Mortgages Payable | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] | 14. Mortgages Payable: Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest. As of December 31, 2022 and 2021, the Company’s Mortgages payable, net consisted of the following (dollars in millions):
|  | Carrying Amount at December 31, |  |  | Interest Rate at December 31, |  |  | Maturity Date at |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | December 31, 2022 |
Mortgages payable |  | $ | 379.3 |  |  | $ | 439.2 |  |  |  | 3.23% | - | 7.23% |  |  |  | 3.23% | - | 7.23% |  |  |  | May-2023 – Jun-2031 |
Fair value debt adjustments, net |  |  | (0.7 | ) |  |  | 10.8 |  |  |  |  | n/a |  |  |  |  |  | n/a |  |  |  |  | n/a |
Deferred financing costs, net |  |  | (1.7 | ) |  |  | (1.3 | ) |  |  |  | n/a |  |  |  |  |  | n/a |  |  |  |  | n/a |
|  | $ | 376.9 |  |  | $ | 448.7 |  |  |  |  | 4.16%* |  |  |  |  |  | 4.12%* |  |  |  |  |  |
* Weighted-average interest rate During 2022, the Company (i) assumed $79.4 million of mortgage debt (including fair market value adjustment of $9.4 million) encumbering six operating properties acquired in 2022, (ii) obtained a $19.0 million mortgage relating to a consolidated joint venture operating property and (iii) repaid $158.4 million of mortgage debt (including fair market value adjustment of $0.5 million) that encumbered 11 operating properties. During 2021, the Company (i) assumed $234.1 million of individual non-recourse mortgage debt through the consolidation of nine operating properties, (ii) repaid $230.5 million of mortgage debt (including fair market value adjustment of $1.2 million) that encumbered 28 operating properties and (iii) deconsolidated $170.0 million of individual non-recourse mortgage debt relating to six operating properties, for which the Company no longer holds a controlling interest. In addition, in connection with the Merger, the Company assumed mortgage debt of $317.7 million (including fair market value adjustment of $11.0 million) that encumbered 16 operating properties, which had scheduled maturity dates ranging from April 2022 to August 2038 and accrued interest at rates ranging from 3.50% to 6.95% per annum. The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $0.7 million and unamortized debt issuance costs of $1.7 million, as of December 31, 2022, were as follows (in millions):
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | Thereafter |  |  | Total |
Principal payments |  | $ | 23.4 |  |  | $ | 21.5 |  |  | $ | 73.0 |  |  | $ | 7.4 |  |  | $ | 39.0 |  |  | $ | 215.0 |  |  | $ | 379.3 |

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