Note 15 - Mortgages Payable

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

15.  Mortgages Payable:

Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.

As of December 31, 2021 and 2020, the Company’s Mortgages payable, net consisted of the following (in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,						Maturity Date at December 31,
	2021			2020			2021			2020			2021
Mortgages payable	$	439.2		$	308.4			3.23% - 7.23	%		3.23% - 7.23	%	Apr-2022 – Jul-2029
Fair value debt adjustments, net		10.8			3.5			n/a			n/a			n/a
Deferred financing costs, net		(1.3	)		(0.6	)		n/a			n/a			n/a
	$	448.7		$	311.3			4.12%*			4.73%*

* Weighted-average interest rate

During 2021, the Company (i) assumed $234.1 million of individual non-recourse mortgage debt through the consolidation of nine operating properties, (ii) repaid $230.5 million of mortgage debt (including fair market value adjustment of $1.2 million) that encumbered 28 operating properties and (iii) deconsolidated $170.0 million of individual non-recourse mortgage debt relating to six operating properties for which the Company no longer holds a controlling interest.

In addition, in connection with the Merger, the Company assumed mortgage debt of $317.7 million (including fair market value adjustment of $11.0 million) that encumber 16 operating properties, which have scheduled maturity dates ranging from April 2022 to August 2038 and accrue interest at rates ranging from 3.50% to 6.95% per annum.

During 2020, the Company repaid $92.0 million of mortgage debt (including fair market value adjustment of $0.4 million) that encumbered four operating properties.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $10.8 million and unamortized debt issuance costs of $1.3 million, as of December 31, 2021, were as follows (in millions):

	2022		2023		2024		2025		2026		Thereafter		Total
Principal payments	$	124.5	$	63.6	$	8.1	$	54.3	$	5.4	$	183.3	$	439.2