Note 14 - Mortgages Payable

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

14.  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, 2022 and 2021, the Company’s Mortgages payable, net consisted of the following (dollars in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,								Maturity Date at
	2022			2021			2022				2021				December 31, 2022
Mortgages payable	$	379.3		$	439.2			3.23%	-	7.23%		3.23%	-	7.23%		May-2023 – Jun-2031
Fair value debt adjustments, net		(0.7	)		10.8				n/a				n/a			n/a
Deferred financing costs, net		(1.7	)		(1.3	)			n/a				n/a			n/a
	$	376.9		$	448.7				4.16%*				4.12%*

* Weighted-average interest rate

During 2022, the Company (i) assumed $79.4 million of mortgage debt (including fair market value adjustment of $9.4 million) encumbering six operating properties acquired in 2022, (ii) obtained a $19.0 million mortgage relating to a consolidated joint venture operating property and (iii) repaid $158.4 million of mortgage debt (including fair market value adjustment of $0.5 million) that encumbered 11 operating properties.

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 encumbered 16 operating properties, which had scheduled maturity dates ranging from April 2022 to August 2038 and accrued interest at rates ranging from 3.50% to 6.95% per annum.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $0.7 million and unamortized debt issuance costs of $1.7 million, as of December 31, 2022, were as follows (in millions):

	2023		2024		2025		2026		2027		Thereafter		Total
Principal payments	$	23.4	$	21.5	$	73.0	$	7.4	$	39.0	$	215.0	$	379.3