MORTGAGES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of mortgages payable

The following is a summary of mortgages payable as of December 31, 2015 and December 31, 2014.

		Interest Rate at	December 31			December 31,
(Amounts in thousands)	Maturity	December 31, 2015	2015			2014
Cross collateralized mortgage on 40 properties:
Fixed Rate	9/10/2020	4.33%	$	533,459		$	547,231
Variable Rate(1)	9/10/2020	2.36%	60,000			60,000
Total cross collateralized			593,459			607,231
First mortgages secured by:
Mount Kisco (A&P)(4)	2/11/2015	5.32%	—			12,076
North Bergen (Tonnelle Avenue)	1/9/2018	4.59%	75,000			75,000
Staten Island (Forest Plaza)(3)	7/6/2018	1.47%	—			17,000
Englewood(5)	10/1/2018	6.22%	11,537			11,571
Montehiedra Town Center, Senior Loan(2)(6)	7/6/2021	5.33%	86,984			120,000
Montehiedra Town Center, Junior Loan(2)	7/6/2021	3.00%	30,000			—
Bergen Town Center	4/8/2023	3.56%	300,000			300,000
Las Catalinas	8/6/2024	4.43%	130,000			130,000
Mount Kisco (Target)(7)	11/15/2034	6.40%	15,285			15,657
	Total mortgages payable		1,242,265			1,288,535
	Unamortized debt issuance costs		(8,282		)	(10,353		)
Total mortgages payable, net unamortized debt issuance costs			$	1,233,983		$	1,278,182

⁽¹⁾  Subject to a LIBOR floor of 1.00%, bears interest at LIBOR plus 136 bps.

⁽²⁾  On January 6, 2015, we completed the modification of the $120.0 million, 6.04% mortgage loan secured by Montehiedra Town Center. Refer to “Troubled Debt Restructuring” disclosure below.

⁽³⁾  The loan secured by Staten Island (Forest Plaza) was repaid on March 10, 2015.

⁽⁴⁾  The loan secured by Mount Kisco (A&P) was repaid on February 11, 2015.

⁽⁵⁾  On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow will be insufficient to pay the debt service; accordingly, at our request, the mortgage loan was transferred to the special servicer. As of December 31, 2015 we are in default and remain in discussions with the special servicer to restructure the terms of the loan including the possibility that the lender will take possession of the property.

⁽⁶⁾  The carrying value of the senior loan secured by Montehiedra is presented net of unamortized fees. Refer to “Troubled Debt Restructuring” disclosure below.

⁽⁷⁾  The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.1 million and $1.2 million of unamortized debt discount as of December 31, 2015 and December 31, 2014, respectively. The effective interest rate including amortization of the debt discount is 7.40%.

Schedule of principal repayments

As of December 31, 2015, the principal repayments for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,
2016	$	16,119
2017	16,784
2018	99,708
2019	17,320
2020	535,114
Thereafter	557,220