XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.22.2

Mortgage Loans Payable and Unsecured Credit Facility | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Mortgage Loans Payable and Unsecured Credit Facility | Note 5. Mortgage Loans Payable and Unsecured Credit Facility 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.
Unsecured Revolving Credit Facility and Term Loans On August 30, 2021, the Company amended its existing $300 million unsecured credit facility and $50 million term loan. After the amendment, the new unsecured revolving credit facility is $185 million with an expiration in August 2024. The new unsecured revolving credit facility may be extended, at the Company’s option for two additional one-year periods, subject to customary conditions. Interest on the borrowings under the new unsecured revolving credit facility component can range from LIBOR plus 135 bps to 195 bps (150 bps at June 30, 2022), based on the Company’s leverage ratio. The Company extended its $50 million term loan four years with an expiration in August 2026. The Company’s unsecured credit facility and term loans contain financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum fixed charge coverage, and minimum net worth. In addition, the facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Company’s failure to comply with the covenants or the occurrence of an event of default under the facilities could result in the acceleration of the related debt and exercise of other lender remedies. Although the credit facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income for the trailing twelve months, as defined in the agreements. As of June 30, 2022, the Company had $41.0 million outstanding under its revolving credit facility. The unsecured credit facility and term notes were paid off on July 11, 2022, in connection with the Grocery-Anchored Portfolio Sale. Mortgage Loans Payable On May 5, 2021, the Company closed a non-recourse mortgage for $114.0 million. The mortgage matures June 1, 2031, bears interest at a fixed-rate of 3.49% and requires payment of interest only for the first five years followed by payments of principal and interest based on thirty-year amortization for the remainder of the term. The loan is secured by five shopping centers consisting of Lawndale Plaza, The Shops at Suffolk Downs, Christina Crossing, Trexlertown Plaza, and The Point. These properties had no pre-existing debt and the proceeds from this new loan were used to reduce amounts outstanding under the Company’s revolving credit facility. The mortgage loans payable were assumed by the Grocery-Anchored Purchasers. Derivative Financial Instruments The fair values of the interest rate swaps applicable to the unsecured term loans discussed above are included in accounts payable and accrued liabilities on the consolidated balance sheet at June 30, 2022. Charges and/or credits relating to the changes in the fair value of the interest rate swaps are made to accumulated other comprehensive income (loss), limited partners’ interest, or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. 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
The notional values of the interest rate swaps held by the Company at June 30, 2022 and December 31, 2021 were $300.0 million in each period. The interest rate swaps were terminated as part of the Grocery-Anchored Portfolio Sale for a $3.4 million benefit. 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 | )
As of June 30, 2022 the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts.

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 The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration