Schedule of Debt and Finance Lease Obligations Related to Continuing Operations |
Debt and finance lease obligations are composed of the following at March 31, 2022:
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March 31, 2022 |
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Contractual |
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Maturity |
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Balance |
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interest rates |
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Description |
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dates |
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outstanding |
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weighted-average |
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Fixed-rate mortgage |
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Franklin Village |
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Jun 2026 |
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$ |
44,296,000 |
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3.9% |
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Shops at Suffolk Downs (a) |
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Jun 2031 |
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15,600,000 |
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3.5% |
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Trexlertown Plaza (a) |
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Jun 2031 |
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36,100,000 |
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3.5% |
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The Point (a) |
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Jun 2031 |
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29,700,000 |
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3.5% |
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Christina Crossing (a) |
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Jun 2031 |
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17,000,000 |
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3.5% |
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Lawndale Plaza (a) |
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Jun 2031 |
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15,600,000 |
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3.5% |
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Senator Square finance lease obligation |
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Sep 2050 |
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5,587,000 |
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5.3% |
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163,883,000 |
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3.6% |
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Unsecured credit facilities: |
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Variable-rate: |
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Revolving credit facility (b) |
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Aug 2024 |
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70,000,000 |
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2.0% |
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Fixed-rate (c): |
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Term loan |
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Apr 2023 |
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100,000,000 |
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3.3% |
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Term loan |
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Sep 2024 |
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75,000,000 |
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3.8% |
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Term loan |
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Jul 2025 |
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75,000,000 |
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4.7% |
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Term loan |
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Aug 2026 |
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50,000,000 |
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3.3% |
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533,883,000 |
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3.5% |
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Unamortized issuance costs |
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(2,979,000 |
) |
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$ |
530,904,000 |
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(a) |
The mortgages for these properties are cross-collateralized. |
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(b) |
The revolving credit facility is subject to two one-year extensions at the Company’s option. |
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(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. |
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Summary of Derivative Financial Instruments Held |
The following is a summary of the derivative financial instruments held by the Company at March 31, 2022 and December 31, 2021:
March 31, 2022 |
Designation/ |
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Fair |
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Maturity |
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Balance sheet |
Cash flow |
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Derivative |
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Count |
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value |
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dates |
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location |
Qualifying |
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Interest rate swaps |
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2 |
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$ |
1,161,000 |
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2023-2025 |
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Other assets and deferred charges, net |
Qualifying |
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Interest rate swaps |
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3 |
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$ |
1,128,000 |
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2023-2025 |
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Accounts payable and accrued liabilities |
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December 31, 2021 |
Designation/ |
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Fair |
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Maturity |
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Balance sheet |
Cash flow |
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Derivative |
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Count |
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value |
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dates |
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location |
Qualifying |
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Interest rate swaps |
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5 |
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$ |
8,232,000 |
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2023-2025 |
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Accounts payable and accrued liabilities |
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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 months ended March 31, 2022 and 2021, respectively:
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Gain recognized in other |
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comprehensive (loss) income |
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(effective portion) |
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Designation/ |
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Three months ended March 31, |
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Cash flow |
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Derivative |
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2022 |
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2021 |
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Qualifying |
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Interest rate swaps |
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$ |
6,976,000 |
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$ |
2,394,000 |
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(Loss) recognized in other |
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comprehensive (loss) income |
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reclassified into earnings (effective portion) |
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Three months ended March 31, |
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Classification |
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2022 |
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2021 |
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Continuing Operations |
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$ |
(1,362,000 |
) |
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$ |
(1,803,000 |
) |
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