Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net

6 Months Ended

Jun. 30, 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	June 30, 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		105,634			106,851
Total mortgage notes payable	5.23%			247,712			249,991
Unamortized deferred financing costs				( 77	)		( 112	)
Total mortgage notes payable, net			$	247,635		$	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 June 30, 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⁾	$	2,803
2021		78,637
2022		101,771
		183,211
Unamortized deferred financing costs		( 77	)
Principal balance of loan with a maturity date prior to June 30, 2020 ⁽²⁾		64,501
Total mortgage notes payable, net	$	247,635

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

(2)	Represents the aggregate principal balance as of June 30, 2020 of the non-recourse loan secured by Greenbrier Mall, which was in default. The loan matured in December 2019 .

The Combined Guarantor Subsidiaries' mortgage notes payable had a weighted-average maturity of 0.9 year as of June 30, 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 June 30, 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.