XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.22.2

Mortgage Loans Payable and Unsecured Credit Facility (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations | Debt and finance lease obligations are composed of the following at June 30, 2022:
|  |  |  | June 30, 2022 |
|  |  |  |  |  |  |  | Contractual |
|  | Maturity |  | Balance |  |  | interest rates |
Description |  | dates |  | outstanding |  |  | weighted-average |
Fixed-rate mortgage and finance lease obligation- held for sale |  |  |  |  |  |  |  |  |  |
Franklin Village |  | Jun 2026 |  | $ | 44,018,000 |  |  | 3.9% |
Shops at Suffolk Downs (a) |  | Jun 2031 |  |  | 15,600,000 |  |  | 3.5% |
Trexlertown Plaza (a) |  | Jun 2031 |  |  | 36,100,000 |  |  | 3.5% |
The Point (a) |  | Jun 2031 |  |  | 29,700,000 |  |  | 3.5% |
Christina Crossing (a) |  | Jun 2031 |  |  | 17,000,000 |  |  | 3.5% |
Lawndale Plaza (a) |  | Jun 2031 |  |  | 15,600,000 |  |  | 3.5% |
Senator Square finance lease obligation |  | Sep 2050 |  |  | 5,578,000 |  |  | 5.3% |
|  |  |  |  | 163,596,000 |  |  | 3.6% |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |
Variable-rate: |  |  |  |  |  |  |  |  |  |
Revolving credit facility (b) |  | Aug 2024 |  |  | 41,000,000 |  |  | 3.1% |
Fixed-rate (c): |  |  |  |  |  |  |  |  |  |
Term loan |  | Apr 2023 |  |  | 100,000,000 |  |  | 3.3% |
Term loan |  | Sep 2024 |  |  | 75,000,000 |  |  | 3.8% |
Term loan |  | Jul 2025 |  |  | 75,000,000 |  |  | 4.7% |
Term loan |  | Aug 2026 |  |  | 50,000,000 |  |  | 3.3% |
|  |  |  |  | 504,596,000 |  |  | 3.7% |
Unamortized issuance costs |  |  |  |  | (2,848,000 | ) |  |  |  |
|  |  |  | $ | 501,748,000 |  |  |  |  |
| (a) | The mortgages for these properties are cross-collateralized.
| (b) | The revolving credit facility is subject to two one-year extensions at the Company’s option.
| (c) | The interest rates on these term loans consist of the London Interbank Offered Rate (“LIBOR”) plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at June 30, 2022 and December 31, 2021:
June 30, 2022
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 4 |  |  | $ | 3,176,000 |  |  | 2023-2025 |  | Other assets and deferred charges, net
Qualifying |  | Interest rate swaps |  |  | 1 |  |  | $ | 20,000 |  |  | 2023-2025 |  | Accounts payable and accrued liabilities
December 31, 2021
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 5 |  |  | $ | 8,232,000 |  |  | 2023-2025 |  | Accounts payable and accrued liabilities
Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity | The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and six months ended June 30, 2022 and 2021, respectively:
|  |  |  | Gain (loss) recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | (effective portion) |
Designation/ |  |  |  | Three months ended June 30, |  |  | Six months ended June 30, |
Cash flow |  | Derivative |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Qualifying |  | Interest rate swaps |  | $ | 2,156,000 |  |  | $ | (637,000 | ) |  | $ | 9,132,000 |  |  | $ | 1,756,000 |
|  |  |  | (Loss) recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | reclassified into earnings (effective portion) |
|  |  |  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | Classification |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Continuing Operations |  | $ | (958,000 | ) |  | $ | (1,656,000 | ) |  | $ | (2,320,000 | ) |  | $ | (3,460,000 | )

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration