Loans Payable
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Loans Payable
Loans Payable

The Company’s loans payable related to continuing operations consist of the following:
 
Monthly
 
Interest
 
 
 
December 31,
Property/Description
Payment
 
Rate
 
Maturity
 
2015
 
2014
Shoppes at Eagle Harbor
$
25,100

 
4.34
%
 
March 2018
 
$
3,634,085

 
$
3,773,319

Lumber River Plaza
$
18,414

 
5.65
%
 
May 2015
 
—

 
2,894,862

Monarch Bank Building
$
9,473

 
4.15
%
 
December 2017
 
1,376,452

 
1,430,961

Perimeter Square
$
28,089

 
6.38
%
 
June 2016
 
4,166,406

 
4,294,216

Riversedge North
$
8,802

 
6.00
%
 
January 2019
 
962,281

 
1,007,856

Walnut Hill Plaza
$
24,273

 
5.50
%
 
July 2017
 
3,535,606

 
3,626,945

Twin City Commons
$
17,827

 
4.86
%
 
January 2023
 
3,225,473

 
3,279,076

Shoppes at TJ Maxx
$
33,880

 
3.88
%
 
May 2020
 
6,081,272

 
6,248,349

Bank Line of Credit
Interest only

 
4.25
%
 
September 2016
 
—

 
2,074,432

Bank Line of Credit
Interest only

 
2.79
%
 
May 2018
 
6,873,750

 
—

Forrest Gallery
$
50,973

 
5.40
%
 
September 2023
 
8,926,712

 
9,045,880

Tampa Festival
$
50,797

 
5.56
%
 
September 2023
 
8,627,294

 
8,746,860

Winslow Plaza
Interest only

 
5.22
%
 
December 2015
 
—

 
5,000,000

Winslow Plaza
Interest only

 
4.82
%
 
December 2025
 
4,620,000

 
—

Cypress Shopping Center
Interest only

 
4.70
%
 
July 2024
 
6,625,000

 
6,625,000

Harrodsburg Marketplace
$
19,112

 
4.55
%
 
September 2024
 
3,677,501

 
3,735,739

Port Crossing
$
34,788

 
4.84
%
 
August 2024
 
6,471,636

 
6,568,918

LaGrange Marketplace
$
13,813

 
5.00
%
 
March 2020
 
2,418,212

 
2,463,909

Freeway Junction
Interest only

 
4.60
%
 
September 2024
 
8,150,000

 
8,150,000

DF I-Courtland
$
1,411

 
6.50
%
 
January 2019
 
—

 
115,728

DF I-Edenton
$
250,000

 
3.75
%
 
September 2016
 
650,000

 
1,650,000

DF I-Moyock
$
10,665

 
5.00
%
 
July 2019
 
418,538

 
522,430

Graystone Crossing
$
20,386

 
4.55
%
 
October 2024
 
4,000,000

 
4,000,000

Bryan Station
Interest only

 
4.52
%
 
November 2024
 
4,625,000

 
4,625,000

Crockett Square
Interest only

 
4.47
%
 
December 2024
 
6,337,500

 
6,337,500

Harbor Point
$
11,024

 
5.85
%
 
December 2016
 
732,685

 
1,544,567

Pierpont Centre
 Interest only

 
3.95
%
 
February 2025
 
8,450,000

 
—

Alex City Marketplace
 Interest only

 
3.90
%
 
April 2025
 
5,750,000

 
—

Butler Square
 Interest only

 
4.08
%
 
May 2025
 
5,640,000

 
—

Brook Run Shopping Center
 Interest only

 
3.90
%
 
June 2025
 
10,950,000

 
—

Beaver Ruin Village I and II
 Interest only

 
4.73
%
 
July 2025
 
9,400,000

 
—

Columbia Fire Station
 Interest only

 
8.00
%
 
December 2017
 
450,053

 
—

Sunshine Shopping Plaza
 Interest only

 
4.57
%
 
August 2025
 
5,900,000

 
—

Barnett Portfolio
 Interest only

 
4.30
%
 
September 2025
 
8,770,000

 
—

Grove Park Shopping Center
 Interest only

 
4.52
%
 
October 2025
 
3,800,000

 
—

Parkway Plaza
 Interest only

 
4.57
%
 
October 2025
 
3,500,000

 
—

Conyers Crossing
 Interest only

 
4.67
%
 
October 2025
 
5,960,000

 
—

Fort Howard Shopping Center
 Interest only

 
4.57
%
 
October 2025
 
7,100,000

 
—

Senior convertible notes
Interest only

 
9.00
%
 
December 2018
 
3,000,000

 
6,000,000

Senior non-convertible notes
Interest only

 
9.00
%
 
December 2015
 
—

 
4,000,000

Senior non-convertible notes
Interest only

 
9.00
%
 
January 2016
 
2,160,000

 
2,160,000

South Carolina Food Lions Note
Interest only

 
5.25
%
 
January 2024
 
12,375,000

 
12,375,000

Total Loans Payable
 
 
 
$
189,340,456

 
$
122,296,547


2013 Financing Activity
    
On March 11, 2013, the Company entered into a promissory note for $4.0 million to refinance the Shoppes at Eagle Harbor loan that matured in February 2013. The new loan matures on March 11, 2018 and requires monthly principal and interest payments based on a 20-year amortization and a 4.34% fixed interest rate.
    
The Riversedge North loan matured on April 16, 2013, and was extended until January 2014. On January 16, 2014, the loan was renewed until January 16, 2019. The loan requires monthly principal and interest payments based on a 15 year amortization with a fixed interest rate of 6.00%.
    
On April 19, 2013, we entered in a promissory note for $6.5 million to refinance the Shoppes at TJ Maxx loan that matured. The new loan matures on May 1, 2020 and requires monthly principal and interest payments based on a 25-year amortization and a 3.88% fixed interest rate.
    
On June 3, 2013, the Company entered into a promissory note with Monarch Bank for a $2,000,000 line of credit. The line of credit matured on May 12, 2014, provided for an interest rate of 4.5% per annum and was guaranteed by a Deed of Trust and Assignment of Rents on real property. This line of credit was paid off on September 16, 2014.
    
On December 16, 2013, the Company completed a $10.0 million private placement transaction with eight accredited investors (the “Buyers”). Pursuant to the securities purchase agreement, dated as of December 16, 2013 (the “December 2013 Securities Purchase Agreement”), the Company sold convertible and nonconvertible 9% senior notes and warrants to purchase shares of its common stock totaling $10.0 million dollars. The Company completed the financings in two concurrent tranches. The first tranche consisted of $6.0 million in convertible senior notes due December 15, 2018. During the first two years, the convertible notes will only be available for conversion upon the completion of a secondary offering of common stock in excess of $20 million at a conversion rate of the lesser of 95% of the secondary offering’s per share price or $5.50. After two years, holders of the convertible notes can convert at their discretion at a conversion rate of the lesser of 90% of the market price of the Company’s stock or $5.50. The maximum number of shares of stock issuable upon conversion of the convertible notes is 1,417,079 shares.
    
The second tranche consisted of $4.0 million in nonconvertible senior notes due December 15, 2015. In addition to the non-convertible notes, the Company issued 421,053 warrants with an exercise price of $4.75.

2014 Financing Activity
On January 31, 2014, the Company completed a second closing (“Second Closing”) consisting of the private placement of $2.16 million of non-convertible senior notes and warrants to purchase shares of the Company’s common stock. The non-convertible senior notes have an interest rate of 9.00% per annum (payable monthly) and mature on January 31, 2016. The warrants issued permit the purchase of an aggregate of 227,372 shares of the Company’s common stock, have an exercise price of $4.75 per share, expire on January 31, 2019 and, along with the warrants issued in the first closing on December 16, 2013, were not exercisable unless the Company obtained shareholder approval for this transaction and the issuance of the common stock underlying the warrants. The Company's shareholders approved the transaction and the issuance of the common stock underlying the warrants at its annual meeting in June 2014.

In connection with the private placement transaction, the Company and the Buyers entered into a Registration Rights Agreement, dated as of December 16, 2013 (the “December 2013 Registration Rights Agreement”). Pursuant to the December 2013 Registration Rights Agreement, the Company agreed to file and maintain a registration statement with the Securities and Exchange Commission for the resale of the shares of common stock underlying the convertible notes and the warrants. Interest on the convertible and nonconvertible senior notes of 9% per annum will be payable monthly.

On July 2, 2014, the Company entered into a promissory note for $660,000 to refinance the Starbucks/Verizon loan. The new loan matures on July 2, 2019 and requires monthly principal and interest payments of $4,383 based on a 20 year amortization and a 5.00% fixed interest rate.

The Walnut Hill loan matured on April 11, 2014, and was subsequently extended until July 31, 2014. On July 31, 2014, the Company entered into a promissory note for $3,650,000 to refinance the note that matured. The new loan matures on July 30, 2017 and requires monthly principal and interest payments of $24,273 based on a 20 year amortization and a 5.50% fixed interest rate.
    
On September 16, 2014, the Company entered into a promissory note for a $3,000,000 line of credit. The line of credit matures on September 16, 2016, provides for an interest rate of 4.25% per annum and is guaranteed by a Deed of Trust and Assignment of Rents on real property. Concurrently with this transaction, the Company paid off its $2,000,000 line of credit with Monarch Bank.

2015 Financing Activity

On May 1, 2015, the Lumber River Plaza note was paid in full from cash on hand.

On May 29, 2015, the Operating Partnership entered into a credit agreement (the "Credit Agreeement") with KeyBank National Association ("KeyBank"). Outstanding borrowings accrue monthly interest which is paid at a rate of the one-month London Interbank Offer Rate ("LIBOR") plus a margin ranging from 1.75% to 2.50% depending on the Company's consolidated leverage ratio. As of December 31, 2015, the Company has pledged Lumber River and Chesapeake Square as collateral towards the Credit Agreement with outstanding borrowings of $6,873,750 at an interest rate of 2.79%. The available borrowing capacity of approximately $38.1 million as of December 31, 2015 is available for the Company as long as such amounts are fully collateralized. The amounts available to the Company under the Credit Agreement that have not been borrowed accrue fees which are paid at a rate of 0.30% on a monthly basis. The Credit Agreement contains certain financial covenants that the Company must meet, including minimum leverage, fixed charge coverage and debt service coverage ratios as well as a minimum tangible net worth requirement. The Company was in compliance with the financial covenants as of December 31, 2015. The Credit Agreement also contains certain events of default that if they occur may cause KeyBank to terminate the Credit Agreement and declare amounts owed to become immediately payable. As of December 31, 2015, the Company has not incurred an event of default.

On November 24, 2015, the Company entered into a promissory note for $4,620,000 to refinance the Winslow Plaza loan. The new loan matures on December 1, 2025 with principal due at maturity and bears interest at 4.82%.        

Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of December 31, 2015, the Company believes it is in compliance with all applicable covenants.

On January 29, 2016, the Company paid off $2.16 million in senior subordinated debt from cash on hand.
 
Debt Maturity
    
The Company’s scheduled principal repayments on indebtedness as of December 31, 2015 are as follows:
 
For the Years Ended December 31,
2016
$
9,065,387

2017
7,035,351

2018
14,936,672

2019
2,505,641

2020
9,175,072

Thereafter
146,622,333

Total principal maturities
$
189,340,456