Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net

3 Months Ended

Mar. 31, 2020

Condensed Financial Statements Captions [Line Items]

Note 6 – Mortgage Notes Payable, Net

Mortgage notes payable, net, consisted of the following:

	Interest Rate ⁽¹⁾	Maturity Date	March 31, 2020			December 31, 2019
Property
Greenbrier Mall ⁽²⁾	5.41%	Dec-19	$	64,501		$	64,801
Park Plaza	5.28%	Apr-21		77,577			78,339
Arbor Place	5.10%	May-22		106,239			106,851
Total mortgage notes payable	5.23%			248,317			249,991
Unamortized deferred financing costs				( 94	)		( 112	)
Total mortgage notes payable, net			$	248,223		$	249,879

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

( 2 )

The non-recourse loan is in default. The default interest rate is an additional 3.00% above the stated interest rate.

Scheduled Principal Payments

As of March 31, 2020, the scheduled principal amortization and balloon payments of the Combined Guarantor Subsidiaries' mortgage notes payable, excluding extensions available at the Combined Guarantor Subsidiaries' option, are as follows:

2020 ⁽¹⁾	$	4,200
2021		77,844
2022		101,772
		183,816
Unamortized deferred financing costs		( 94	)
Principal balance of loan secured by Greenbrier Mall		64,501
Total mortgage notes payable, net	$	248,223

(1)	Reflects payments for the fiscal period April 1, 2020 through December 31, 2020.

The Combined Guarantor Subsidiaries' mortgage notes payable had a weighted-average maturity of 1.1 years as of March 31, 2020 and 1.4 years as of December 31, 2019.

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 March 31, 2020, except as it relates to Park Plaza and Greenbrier Mall. 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. Greenbrier Mall failed to retire its mortgage note payable at the scheduled maturity date and the lender has placed the loan in default.