Mortgage Loans Payable And Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2016

Schedule Of Debt Related To Continuing Operations

Debt is composed of the following at December 31, 2016 and 2015:

	December 31, 2016						December 31, 2015
				Contractual interest rates						Contractual interest rates
	Balance			Weighted -			Balance			Weighted -
Description	outstanding			average		Range	outstanding			average		Range
Fixed-rate mortgages	$	138,288,000			4.6%	3.9% - 7.5%	$	298,779,000			5.4%	3.9% - 7.5%
Unsecured credit facilities:
Variable-rate:
Revolving credit facility		72,000,000			2.1%			78,000,000			1.7%
Term loan		50,000,000			2.1%			50,000,000			1.7%
Fixed-rate (a):
Term loan		75,000,000			2.9%			75,000,000			2.9%
Term loan		50,000,000			2.8%			50,000,000			2.8%
Term loan		75,000,000			4.0%			75,000,000			4.0%
Term loan		50,000,000			3.3%			50,000,000			3.3%
Term loan		100,000,000			3.2%			-		-
		610,288,000			3.3%			676,779,000			3.3%
Unamortized premium		667,000						243,000
Unamortized debt issuance costs		(3,210,000	)					(3,202,000	)
	$	607,745,000					$	673,820,000

(a)

The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.

Schedule Of Mortgage Loans Payable Repaid

During 2016 and 2015, the Company repaid the following mortgage loans payable:

		Principal payoff
Property	Repayment date	amount
Gold Star Plaza	March 10, 2016	$	953,000
West Bridgewater	June 6, 2016	$	10,037,000
Hamburg Square	July 1, 2016	$	4,569,000
Meadows Marketplace	August 1, 2016	$	9,089,000
Carman's Plaza	August 1, 2016	$	33,500,000
San Souci Plaza	September 1, 2016	$	27,200,000
Camp Hill	September 30, 2016	$	60,742,000
Swede Square	December 29, 2016	$	9,652,000
Golden Triangle	December 30, 2016	$	18,496,000

		Principal payoff
Property	Repayment date	amount
New London Mall	February 1, 2015	$	27,365,000
Oak Ridge Shopping Center	March 11, 2015	$	3,155,000
Pine Grove Plaza	June 1, 2015	$	5,139,000
Quartermaster Plaza	July 1, 2015	$	41,327,000
Groton Shopping Center	July 1, 2015	$	10,953,000
Jordan Lane	August 2, 2015	$	11,682,000
Southington Center	August 2, 2015	$	5,129,000
Oakland Mills	September 1, 2015	$	4,385,000

Schedule Of Principal Payments On Mortgage Loans Payable And Credit Facility

Scheduled principal payments on mortgage loans payable, unsecured term loans, and the unsecured credit facility at December 31, 2016, due on various dates from 2017 to 2029, are as follows:

	Secured Debt				Unsecured Debt									Unamortized
	Scheduled		Balloon		Revolving			Term				Unamortized		Debt
Year	Amortization		Payments		Credit Facility			Loans		Total		Premium		Issuance Costs			Total
2017	$	3,221,000	$	-	$	-		$	-	$	3,221,000	$	119,000	$	(759,000	)	$	2,581,000
2018		3,377,000		-		-			-		3,377,000		126,000		(759,000	)		2,744,000
2019		3,542,000		-		72,000,000	(a)		75,000,000		150,542,000		126,000		(607,000	)		150,061,000
2020		3,707,000		-		-			100,000,000		103,707,000		126,000		(391,000	)		103,442,000
2021		3,253,000		22,367,000		-			75,000,000		100,620,000		126,000		(259,000	)		100,487,000
Thereafter		11,561,000		87,260,000		-			150,000,000		248,821,000		44,000		(435,000	)		248,430,000
	$	28,661,000	$	109,627,000	$	72,000,000		$	400,000,000	$	610,288,000	$	667,000	$	(3,210,000	)	$	607,745,000

The revolving credit facility is subject to a one-year extension at the Company's option.

Summary Of The Derivative Financial Instruments Held

The following is a summary of the derivative financial instruments held by the Company at December 31, 2016 and December 31, 2015:

December 31, 2016

Designation/

Notional

Fair

Maturity

Balance sheet

Cash flow

Derivative

Count

value

dates

location

Qualifying

Interest rate swaps

200,000,000

3,074,000

2020 - 2023

Other assets and deferred charges, net

Qualifying

Interest rate swaps

150,000,000

2,321,000

2019 - 2021

Accounts payable and accrued liabilities

December 31, 2015

Designation/

Notional

Fair

Maturity

Balance sheet

Cash flow

Derivative

Count

value

dates

location

Qualifying

Interest rate swaps

250,000,000

3,945,000

2019 - 2022

Accounts payable and accrued liabilities

Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity

The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity 2016, 2015 and 2014, respectively:

		Gain (loss) recognized in other
		comprehensive income
		(effective portion)
Designation/		Years ended December 31,
Cash flow	Derivative	2016			2015			2014
Qualifying	Interest rate swaps	$	1,162,000		$	(4,539,000	)	$	(3,650,000	)

		(Loss) recognized in other
		comprehensive income
		reclassified into earnings (effective portion)
		Years ended December 31,
	Classification	2016			2015			2014
	Continuing Operations	$	(3,739,000	)	$	(3,621,000	)	$	(1,663,000	)
	Discontinued Operations	$	-		$	-		$	(129,000	)