Mortgages Payable

12 Months Ended

Dec. 31, 2015

6. MORTGAGES PAYABLE

In February 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options. In connection therewith, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%.

In August 2015, we completed a $350,000,000 refinancing of the retail portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 1.40% and matures in August 2020, with two one-year extension options.

The following is a summary of our outstanding mortgages payable. We intend to refinance our maturing debt as it comes due.

			Interest Rate at		Balance at December 31,
(Amounts in thousands)		Maturity⁽¹⁾	December 31, 2015		2015			2014
First mortgages secured by:
	Rego Park I shopping center (100% cash	Mar. 2016	0.40	%	$	78,246		$	78,246
	collateralized)⁽²⁾
	Paramus	Oct. 2018	2.90	%		68,000			68,000
	Rego Park II shopping center⁽³⁾	Nov. 2018	2.27	%		263,341			266,534
	731 Lexington Avenue, office space⁽⁴⁾	Mar. 2021	1.28	%		300,000			300,000
	731 Lexington Avenue, retail space	Aug. 2022	1.67	%		350,000	⁽⁵⁾		320,000
	Total					1,059,587			1,032,780
	Deferred debt issuance costs, net of accumulated
	amortization of $4,267 and $11,295, respectively					(6,325)			(4,824)
					$	1,053,262		$	1,027,956
___________________
(1)	Represents the extended maturity where we have the unilateral right to extend.
(2)	Extended for one year from March 10, 2015.
(3)	This loan bears interest at LIBOR plus 1.85%.
(4)	This loan bears interest at LIBOR plus 0.95%.
(5)	This loan bears interest at LIBOR plus 1.40%.

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 $684,054,000 at December 31, 2015. 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, 2015, the principal repayments for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,	Amount
2016	$	81,686
2017		3,707
2018		324,194
2019		-
2020		-
Thereafter		650,000