MORTGAGES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Mortgages Payable

The following is a summary of mortgages payable as of June 30, 2020 and December 31, 2019.

		Interest Rate at	June 30,			December 31,
(Amounts in thousands)	Maturity	June 30, 2020	2020			2019
First mortgages secured by:
Variable rate
Cherry Hill (Plaza at Cherry Hill)(1)	5/24/2022	1.77%	$	28,930		$	28,930
Westfield (One Lincoln Plaza)(1)	5/24/2022	1.77%	4,730			4,730
Woodbridge (Plaza at Woodbridge)(1)	5/25/2022	1.77%	55,340			55,340
Jersey City (Hudson Commons)(2)	11/15/2024	2.07%	28,816			29,000
Watchung(2)	11/15/2024	2.07%	26,828			27,000
Bronx (1750-1780 Gun Hill Road)(2)	12/1/2024	2.07%	25,377			24,500
Total variable rate debt			170,021			169,500
Fixed rate
Bergen Town Center - West, Paramus	4/8/2023	3.56%	300,000			300,000
Bronx (Shops at Bruckner)	5/1/2023	3.90%	10,668			10,978
Jersey City (Hudson Mall)(4)	12/1/2023	5.07%	23,264			23,625
Yonkers Gateway Center(5)	4/6/2024	4.16%	29,307			30,122
Las Catalinas(8)	8/6/2024	7.43%	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%	23,591			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%	72,136			—
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
Montehiedra(9)	6/1/2030	5.00%	82,000			83,202
Garfield	12/1/2030	4.14%	40,300			40,300
Mt Kisco(3)	11/15/2034	6.40%	13,226			13,488
Montehiedra (junior loan)(9)	—	—%	—			30,000
Total fixed rate debt			1,425,214			1,386,748
	Total mortgages payable		1,595,235			1,556,248
	Unamortized debt issuance costs		(10,511		)	(10,053		)
Total mortgages payable, net of unamortized debt issuance costs			1,584,724			1,546,195
Unsecured credit facilities:
Revolving credit agreement(7)	1/29/2024	1.22%	250,000			—
	Total unsecured credit facilities		250,000			—
Total debt outstanding			$	1,834,724		$	1,546,195

⁽¹⁾  Bears interest at one month LIBOR plus 160 bps. The mortgage loans encumbered by these properties were modified during the second quarter of 2020 to contain a payment deferral period from June 1, 2020 through August 1, 2020.

⁽²⁾  Bears interest at one month LIBOR plus 190 bps. The mortgage loans encumbered by these properties were modified during the second quarter of 2020 to contain an interest-only payment period from May 1, 2020 through July 1, 2020.

⁽³⁾  The mortgage payable balance on the loan secured by Mt Kisco includes $0.9 million of unamortized debt discount as of both June 30, 2020 and December 31, 2019. The effective interest rate including amortization of the debt discount is 7.31% as of June 30, 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 June 30, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.85% as of June 30, 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 June 30, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.70% as of June 30, 2020.

⁽⁶⁾  The mortgage payable balance on the loan secured by Kingswood Center includes $6.6 million of unamortized debt premium as of June 30, 2020. The effective interest rate including amortization of the debt premium is 3.43% as of June 30, 2020.

⁽⁷⁾  Bears interest at one month LIBOR plus 1.05% as of June 30, 2020.

⁽⁸⁾  In April 2020, the non-recourse mortgage loan on Las Catalinas Mall was defaulted on and became subject to incremental default interest of 3.00% while the outstanding balance remains unpaid. We currently remain in active negotiations with the special servicer and no determination has been made as to the timing or ultimate resolution of this matter.

⁽⁹⁾ 

On June 1, 2020, we refinanced the mortgage secured by The Outlets at Montehiedra in Puerto Rico, whereby the $30 million junior loan plus accrued interest of $5.4 million was forgiven and the senior loan was replaced by a new $82 million 10-year fixed rate mortgage, bearing interest at 5.0%.

Schedule of Principal Repayments

As of June 30, 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)	$	3,960
2021	12,626
2022	101,822
2023	347,158
2024	530,208
2025	35,321
Thereafter	814,140

⁽¹⁾ Remainder of 2020.