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Loans Payable | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Loans Payable | Loans Payable Debt obligations are composed of the following at September 30, 2023 and collateralized by 13 properties:
|  |  |  | September 30, 2023
Description |  | Maturity dates |  | Balance outstanding |  | Contractual interest rates weighted average
Fixed-rate secured term loans: |  |  |  |  |  |
Timpany Plaza |  | Sep 2028 |  | $ | 9,060,000 |  |  | 7.3%
Guggenheim (a) |  | Nov 2032 |  | 110,000,000 |  |  | 5.3%
Patuxent Crossing/Coliseum Marketplace |  | Jan 2033 |  | 25,000,000 |  |  | 6.4%
|  |  |  | 144,060,000 |  |  | 5.6%
Unamortized issuance costs |  |  |  | (3,676,000) |  |  |
|  |  |  | $ | 140,384,000 |  |  |
(a)Collateralized by 10 properties. Timpany Plaza Loan Agreement On September 12, 2023, the Company entered into a term loan agreement with Cornerstone Bank for $11.56 million at a fixed rate of 7.27% with interest-only payments due monthly for the first twelve months (the "Timpany Plaza Loan Agreement"). Commencing on September 12, 2024, until the maturity date of September 12, 2028, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. On the closing date, the Company received $9.06 million of the $11.56 million and the remaining $2.5 million will be received upon the satisfaction of certain lease-related contingencies. The Timpany Plaza Loan Agreement is collateralized by the Timpany Plaza shopping center. Scheduled Principal Payments Scheduled principal payments on secured term loans at September 30, 2023, due on various dates from 2024 to 2033, are as follows:
For the three months ending December 31, 2023 |  | $ | — |  |  |
December 31, 2024 |  | 74,000 |  |  |
December 31, 2025 |  | 306,000 |  |  |
December 31, 2026 |  | 329,000 |  |  |
December 31, 2027 |  | 481,000 |  |  |
December 31, 2028 |  | 9,456,000 |  |  |
Thereafter |  | 133,414,000 |  |  |
|  | $ | 144,060,000 |  |  |
Derivative Financial Instruments The interest rate swaps were terminated as part of the Grocery-Anchored Portfolio Sale. Charges and/or credits relating to the changes in the fair value of the interest rate swaps were made to accumulated other comprehensive 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 were reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affected earnings. The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022:
|  | (Loss) recognized in other comprehensive income reclassified into earnings (effective portion)
|  | Three months ended September 30, |  | Nine months ended September 30,
Classification |  | 2023 |  | 2022 |  | 2023 |  | 2022
Continuing Operations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,320,000) |

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