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DEBT OBLIGATIONS
 9 Months Ended
Sep. 30, 2023
DEBT OBLIGATIONS  
DEBT OBLIGATIONS

NOTE 8 – DEBT OBLIGATIONS

​

Mortgages Payable

​

The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2023

    

2022

Mortgages payable, gross

​

$

420,886

​

$

409,175

Unamortized deferred financing costs

​

 

(3,321)

​

 

(3,355)

Unamortized mortgage intangible assets (a)

​

​

(838)

​

​

(658)

Mortgages payable, net

​

$

416,727

​

$

405,162

(a)In connection with the assumption of below-market mortgages upon the acquisition of the Northwood, Ohio and Blythewood, South Carolina properties (see Note 4).

​

The following table sets forth, as of September 30, 2023, scheduled principal repayments with respect to the Company’s mortgage debt during the three months ending December 31, 2023 and for each of the subsequent twelve months through maturity (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2023

    

2024

    

2025

    

2026

    

2027

    

Thereafter

    

Total

Amortization payments

​

$

3,150

​

$

11,732

​

$

10,449

​

$

10,348

​

$

9,241

​

$

41,844

​

$

86,764

Principal due at maturity

​

 

6,238

​

 

50,695

​

 

32,063

​

 

19,179

​

 

38,524

​

 

187,423

​

 

334,122

Total

​

$

9,388

​

$

62,427

​

$

42,512

​

$

29,527

​

$

47,765

​

$

229,267

​

$

420,886

​

Line of Credit

​

The Company’s credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC, provides that it may borrow up to $100,000,000, subject to borrowing base requirements. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, the amount outstanding for such purposes will not exceed the lesser of $40,000,000 and 40% of the borrowing base. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company is required to pledge to the lenders the equity interests in such subsidiaries.

​

The facility, which matures December 31, 2026, provides for an interest rate equal to 30-day SOFR plus an applicable margin ranging from 175 basis points to 275 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at September 30, 2023 and 2022. An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately 6.60% and 2.74% for the nine months ended September 30, 2023 and 2022, respectively. The Company was in compliance with all covenants at September 30, 2023.

​

The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands):

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2023

    

2022

Line of credit, gross

​

$

12,500

​

$

21,800

Unamortized deferred financing costs

​

 

(594)

​

 

(732)

Line of credit, net

​

$

11,906

​

$

21,068

​

At September 30, 2023 and November 1, 2023, $87,500,000 and $77,500,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $36,000,000 and $26,000,000, respectively, available for renovation and operating expense purposes.