Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements Captions [Line Items]

Note 8 – Mortgage Notes Payable, Net

Mortgage notes payable, net, consisted of the following:

	Interest Rate ⁽¹⁾	Maturity Date	December 31, 2019			December 31, 2018
Property
Acadiana Mall ⁽²⁾	5.67%	Apr-17	$	—		$	119,760
Greenbrier Mall ⁽³⁾	5.41%	Dec-19		64,801			68,101
Park Plaza	5.28%	Apr-21		78,339			81,287
Arbor Place	5.10%	May-22		106,851			109,209
Total mortgage notes payable	5.23%			249,991			378,357
Unamortized deferred financing costs				( 112	)		( 361	)
Total mortgage notes payable, net			$	249,879		$	377,996

(1)	Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.

(2)	See Note 7 related to the retirement of this loan.

(3) The non-recourse loan is in default.

2018 Loan Repayments

In January 2018, the Combined Guarantor Subsidiaries retired the outstanding balance of $ 37,295 on the fixed-rate loan secured by Kirkwood Mall with cash contributed by the Operating Partnership. The loan had a maturity date of April 2018 and bore interest at 5.75%.

Scheduled Principal Payments

As of December 31, 2019, the scheduled principal amortization and balloon payments of the Combined Guarantor Subsidiaries' mortgage notes payable are as follows:

2020	$	5,574
2021		77,844
2022		101,772
		185,190
Unamortized deferred financing costs		( 112	)
Principal balance of loan secured by Greenbrier Mall		64,801
Total mortgage notes payable, net	$	249,879

The Combined Guarantor Subsidiaries' mortgage notes payable had a weighted-average maturity of 1.4 years and 1.1 years as of December 31, 2019 and 2018, respectively.

Financial Covenants and Restrictions

Each of the mortgage notes payable are subject to certain financial covenants under the respective loan agreements. The applicable Guarantor Properties were in compliance with all financial covenants as of December 31, 2019, except as it relates to Park Plaza. Park Plaza has failed to meet the required minimum net operating income, as defined in the agreement, and as a result, the lender retains excess cash flow until such time the required minimum net operating income is met for two consecutive calendar quarters.