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Loans Payable (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of debt obligations | 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.
Schedule of scheduled principal payments on secured term loans | 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 |  |  |
Schedule of effect of derivative financial instruments on condensed consolidated statements of operations | 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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