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Subsequent Events
9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 15 – Subsequent Events

In October 2023, the loans secured by The Outlet Shoppes at Atlanta was paid off using proceeds from a new $79,330, ten-year, non-recourse loan. The new loan bears a fixed interest rate of 7.85%.

In October 2023, the Company paid down $2,000 of the outstanding loan balance and exercised its option to extend the maturity date on the loan secured by Brookfield Square Anchor Redevelopment by one year to December 31, 2024.

In October 2023, the Company and its joint venture partner modified the loan secured by The Outlet Shoppes at Laredo. The principal balance was reduced to $33,980 and the interest rate remains unchanged at SOFR plus 325 basis points. Also, the modification added a one-year extension option, for a fully extended maturity date of June 2025.

On November 2, 2023, due to the debt yield ratio being greater than 15%, the limited guaranty provided by the Operating Partnership on the secured term loan was eliminated and the loan became fully non-recourse.

In November 2023, the Company closed on a loan modification with the existing lender to extend the loan secured by Volusia Mall. Escrow balances will be applied to pay down the principal amount by $1,682 and the loan will be extended two years to May 2026. As of September 30, 2023, the loan had an outstanding balance of $38,880.