Note 14 - Mortgages Payable

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

14.

  

Mortgages

Payable:

During

2016,

the Company (i) assumed

$289.0

million of individual non-recourse mortgage debt relating to the acquisition of

10

properties, including

$4.3

million associated with fair value debt adjustments and (ii) paid off

$703.0

million of mortgage debt (including fair market value adjustment of

$2.1

million) that encumbered

47

operating properties. In connection with the early prepayment of certain of these mortgage debts, the Company recorded an early extinguishment of debt charge of

$9.2

million.

Additionally, during

2016,

the Company disposed of an encumbered property through foreclosure. This transaction resulted in a net decrease in mortgage debt of

$25.6

million (including fair market value adjustment of

$0.4

million) and a gain on forgiveness of debt of

$3.1

million, which is included in Other income/(expense), net in the Company’s Consolidated Statements of Income.

During

2015,

the Company (i) assumed

$835.2

million of individual non-recourse mortgage debt relating to the acquisition of

38

operating properties, including an increase of

$27.6

million associated with fair value debt adjustments and (ii) repaid

$557.0

million of mortgage debt (including fair market value adjustment of

$1.4

million) that encumbered

27

operating properties.

Mortgages payable, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form

10

-K) and related

tenants'

leases, are generally due in monthly installments of principal and/or interest, which mature at various dates through

2031.

Interest rates range from LIBOR plus

135

basis points

(1.91%

as of

December

31,

2016)

to

9.75%

(weighted-average interest rate of

4.94%

as of

December

31,

2016).

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of

$27.7

million and unamortized debt issuance costs of

$3.0

million, as of

December

31,

2016,

were as follows (in millions):

2017,

$462.4;

2018,

$124.4;

2019,

$115.9;

2020,

$101.2;

2021,

$145.4

and thereafter,

$165.1.