XML 28 R17.htm IDEA: XBRL DOCUMENT v3.25.1
DEBT OBLIGATIONS
 3 Months Ended
Mar. 31, 2025
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):

​

​

​

​

​

​

​

​

​

March 31, 

​

December 31, 

​

    

2025

    

2024

Mortgages payable, gross

​

$

470,763

​

$

424,978

Unamortized deferred financing costs

​

 

(4,159)

​

 

(3,756)

Unamortized mortgage intangible assets

​

​

(633)

​

​

(667)

Mortgages payable, net

​

$

465,971

​

$

420,555

​

​

The following table sets forth, as of March 31, 2025, scheduled principal repayments with respect to the Company’s mortgage debt during the nine months ending December 31, 2025 and for each of the subsequent twelve months through maturity (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2025

    

2026

    

2027

    

2028

    

2029

    

Thereafter

    

Total

Amortization payments

​

$

8,291

​

$

11,038

​

$

9,999

​

$

9,356

​

$

7,284

​

$

30,987

​

$

76,955

Principal due at maturity

​

 

13,129

​

 

18,461

​

 

44,332

​

 

30,155

​

 

79,386

​

 

208,345

​

 

393,808

Total

​

$

21,420

​

$

29,499

​

$

54,331

​

$

39,511

​

$

86,670

​

$

239,332

​

$

470,763

​

​

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 March 31, 2025 and 2024. An unused facility fee of 0.25% per annum applies to the facility. The Company had $5,000,000 and $12,500,000 outstanding on the facility at March 31, 2025 and May 1, 2025, respectively. The weighted average interest rate on the facility was approximately 6.07% for the three months ended March 31, 2025. There was no balance outstanding on the facility at March 31, 2024. The Company was in compliance with all covenants at each of March 31, 2025 and 2024.

​

At March 31, 2025 and May 1, 2025, $95,000,000 and $87,500,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $40,000,000 and $32,500,000, respectively, available for renovation and operating expense purposes. The interest rate on the facility was 6.07% on May 1, 2025.

​

At March 31, 2025 and December 31, 2024, the Company had unamortized deferred financing costs of $320,000 and $366,000, respectively, which are included in Escrow, deposits and other assets and receivables on the consolidated balance sheets.