MORTGAGES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Mortgages Payable

The following is a summary of mortgages payable as of March 31, 2020 and December 31, 2019.

		Interest Rate at	March 31,			December 31,
(Amounts in thousands)	Maturity	March 31, 2020	2020			2019
First mortgages secured by:
Variable rate
Cherry Hill (Plaza at Cherry Hill)(1)	5/24/2022	3.18%	$	28,930		$	28,930
Westfield (One Lincoln Plaza)(1)	5/24/2022	3.18%	4,730			4,730
Woodbridge (Plaza at Woodbridge)(1)	5/25/2022	3.18%	55,340			55,340
Jersey City (Hudson Commons)(2)	11/15/2024	3.48%	28,862			29,000
Watchung(2)	11/15/2024	3.48%	26,871			27,000
Bronx (1750-1780 Gun Hill Road)(2)	12/1/2024	3.48%	24,418			24,500
Total variable rate debt			169,151			169,500
Fixed rate
Montehiedra (senior loan)	7/6/2021	5.33%	82,876			83,202
Montehiedra (junior loan)	7/6/2021	3.00%	30,000			30,000
Bergen Town Center - West, Paramus	4/8/2023	3.56%	300,000			300,000
Bronx (Shops at Bruckner)	5/1/2023	3.90%	10,823			10,978
Jersey City (Hudson Mall)(4)	12/1/2023	5.07%	23,445			23,625
Yonkers Gateway Center(5)	4/6/2024	4.16%	29,717			30,122
Las Catalinas	8/6/2024	4.43%	128,822			129,335
Brick	12/10/2024	3.87%	50,000			50,000
North Plainfield	12/10/2025	3.99%	25,100			25,100
Middletown	12/1/2026	3.78%	31,400			31,400
Rockaway	12/1/2026	3.78%	27,800			27,800
East Hanover (200 - 240 Route 10 West)	12/10/2026	4.03%	63,000			63,000
North Bergen (Tonnelle Ave)	4/1/2027	4.18%	100,000			100,000
Manchester	6/1/2027	4.32%	12,500			12,500
Millburn	6/1/2027	3.97%	23,694			23,798
Totowa	12/1/2027	4.33%	50,800			50,800
Woodbridge (Woodbridge Commons)	12/1/2027	4.36%	22,100			22,100
East Brunswick	12/6/2027	4.38%	63,000			63,000
East Rutherford	1/6/2028	4.49%	23,000			23,000
Brooklyn (Kingswood Center)(6)	2/6/2028	5.07%	72,356			—
Hackensack	3/1/2028	4.36%	66,400			66,400
Marlton	12/1/2028	3.86%	37,400			37,400
East Hanover Warehouses	12/1/2028	4.09%	40,700			40,700
Union (2445 Springfield Ave)	12/10/2028	4.01%	45,600			45,600
Freeport (Freeport Commons)	12/10/2029	4.07%	43,100			43,100
Garfield	12/1/2030	4.14%	40,300			40,300
Mt Kisco(3)	11/15/2034	6.40%	13,359			13,488
Total fixed rate debt			1,457,292			1,386,748
	Total mortgages payable		1,626,443			1,556,248
	Unamortized debt issuance costs		(9,590		)	(10,053		)
Total mortgages payable, net of unamortized debt issuance costs			1,616,853			1,546,195
Unsecured credit facilities:
Revolving credit agreement(7)	1/29/2024	2.00%	250,000			—
	Total unsecured credit facilities		250,000			—
Total debt outstanding			$	1,866,853		$	1,546,195

⁽¹⁾  Bears interest at one month LIBOR plus 160 bps.

⁽²⁾  Bears interest at one month LIBOR plus 190 bps.

⁽³⁾  The mortgage payable balance on the loan secured by Mt Kisco includes $0.9 million of unamortized debt discount as of both March 31, 2020 and December 31, 2019. The effective interest rate including amortization of the debt discount is 7.30% as of March 31, 2020.

⁽⁴⁾  The mortgage payable balance on the loan secured by Hudson Mall includes $0.9 million and $1.0 million of unamortized debt premium as of March 31, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.85% as of March 31, 2020.

⁽⁵⁾  The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.5 million and $0.6 million of unamortized debt premium as of March 31, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.70% as of March 31, 2020.

⁽⁶⁾  The mortgage payable balance on the loan secured by Kingswood Center includes $6.9 million of unamortized debt premium as of March 31, 2020. The effective interest rate including amortization of the debt premium is 3.44% as of March 31, 2020.

⁽⁷⁾  Bears interest at one month LIBOR plus 1.05% as of March 31, 2020.

Schedule of Principal Repayments

As of March 31, 2020, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,
2020(1)	$	6,335
2021	123,177
2022	100,586
2023	345,242
2024	525,191
2025	33,181
Thereafter	742,731

⁽¹⁾ Remainder of 2020.