Mortgages Payable

12 Months Ended

Dec. 31, 2024

14.

Mortgages Payable:

Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.

As of December 31, 2024 and 2023, the Company’s Mortgages payable, net consisted of the following (dollars in millions):


	Carrying Amount at December 31,						Interest Rate at December 31,		Maturity Date at
	2024			2023			2024	2023	December 31, 2024
Mortgages payable	$	498.1		$	355.7		3.33% - 7.08%	3.33% - 7.23%	Feb-2025 – Jun-2031
Fair value debt adjustments, net		(0.6	)		(0.6	)	n/a	n/a	n/a
Deferred financing costs, net		(1.1	)		(1.2	)	n/a	n/a	n/a
	$	496.4		$	353.9		4.39%*	4.22%*

* Weighted-average interest rate

During 2024, the Company (i) assumed $164.6 million of non-recourse mortgage debt through the acquisition of an operating property and (ii) repaid $11.8 million of mortgage debt that encumbered three operating properties.

During 2023, the Company (i) assumed $37.2 million of individual non-recourse mortgage debt through the acquisition of two operating properties, which it subsequently repaid in March 2023 and (ii) repaid $12.3 million of mortgage debt that encumbered two operating properties and a consolidated joint venture operating property.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $0.6 million and unamortized debt issuance costs of $1.1 million, as of December 31, 2024, were as follows (in millions):


	2025		2026		2027		2028		2029		Thereafter		Total
Principal payments	$	76.4	$	11.0	$	42.7	$	117.7	$	238.6	$	11.7	$	498.1