CNSREIT-AR-2024 Final - Flipbook - Page 130
Note 7: Mortgage Notes
The following is a summary of the non-recourse mortgage notes secured by the Company9s properties ($ in thousands):
Indebtedness
Marketplace at Highland Village
Des Peres Corners
Village on Pooler Parkway
Bridgepointe Shopping Center
Total loans secured by real estate
Deferred financing costs, net
Mortgage notes, net
Interest Rate - Fixed
6.13%
6.02%
6.14%
5.69%
Maturity Date
October 1, 2034
August 1, 2034
October 1, 2034
January 1, 2035
Balance as of December 31,
2024
2023
$
23,155 $
4
23,160
4
20,400
4
70,000
4
136,715
4
(1,819)
4
$
134,896 $
4
The following table details the future principal payments due under the mortgage notes as of December 31, 2024 ($ in
thousands):
Year
2025
2026
2027
2028
2029
Thereafter
Total future principal payments
Mortgage Notes
$
$
4
4
4
4
4
136,715
136,715
The Company is subject to various financial and operational covenants under certain of its mortgage notes. The Company
was in compliance with all of its loan covenants as of December 31, 2024.
Note 8: Leases
Lessor
Income from fixed lease payments for operating leases is recognized on a straight-line basis over the non-cancelable term
of the lease and is considered to be the fixed component of the operating leases. The variable components primarily consist
of the reimbursement of operating expenses such as real estate taxes, insurance and common area maintenance costs.
Lease income related to operating leases recognized and included in the consolidated statements of operations is as follows
($ in thousands):
Lease income 4 fixed
Lease income 4 variable
Total operating lease income (1)
$
$
For the Years Ended December 31,
2024
2023
5,794 $
2,224
8,018 $
4
4
4
___________
(1)
The table above does not include above- and below-market intangible lease amortization of $0.3 million for the
year ended December 31, 2024 (see Note 5).
The Company had no leases as of December 31, 2023.
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