Mortgages Payable

12 Months Ended

Dec. 31, 2013

6. MORTGAGES PAYABLE

The following is a summary of outstanding mortgages payable.

			Interest Rate at		Balance at December 31,
(Amounts in thousands)		Maturity	December 31, 2013		2013		2012
First mortgages secured by:
	731 Lexington Avenue, office space⁽¹⁾	Feb. 2014	5.33	%	$	314,217	$	327,425
	Rego Park I shopping center (100% cash
	collateralized)	Mar. 2015	0.40	%		78,246		78,246
	731 Lexington Avenue, retail space⁽²⁾	Jul. 2015	4.93	%		320,000		320,000
	Paramus	Oct. 2018	2.90	%		68,000		68,000
	Rego Park II shopping center⁽³⁾	Nov. 2018	2.02	%		269,496		272,245
					$	1,049,959	$	1,065,916
___________________

(1)	We are in the process of finalizing a $300,000 refinancing of this loan.
(2)	In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(3)	This loan bears interest at LIBOR plus 1.85%.

All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $728,007,000 at December 31, 2013. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants' leases and yield maintenance to prepay them. As of December 31, 2013, the principal repayments for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2014	$	317,179
2015		401,439
2016		3,440
2017		3,707
2018		324,194
Thereafter		-

We may refinance our maturing debt as it comes due or choose to repay it at maturity.