13.	Mortgages and Construction Loan Payable :

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

-K), are generally due in monthly installments of principal and/or interest.

August 2018,

the Company closed on a construction loan commitment of

$67.0

million relating to

one

development property. This loan commitment is scheduled to mature in

August 2020,

with

six

additional

six

-month options to extend the maturity date to

August 2023,

bears interest at a rate of LIBOR plus

180

basis points (

4.23%

as of

December 31, 2018),

interest is paid monthly with a principal payment due at maturity. As of

December 30, 2018,

the construction loan had a balance of

$51.0

million outstanding.

As of

December 31, 2018

and

2017,

the Company’s Mortgages and construction loan payable, net consisted of the following (in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,								Maturity Date at
	201 8			2017			201 8				2017				December 31, 201 8
Mortgages payable	$	430.8		$	867.1			3.23%	-	9.75%		2.60%	-	9.75%		Jan-2020 – Aug-2031
Construction loan payable		51.0			-			4.23%				n/a				Aug-2020
Fair value debt adjustments, net		13.1			19.3			n/a				n/a				n/a
Deferred financing costs, net		(2.5	)		(3.6	)		n/a				n/a				n/a
	$	492.4		$	882.8			4.89%*				4.57%*

* Weighted-average interest rate

During

2018,

the Company (i) deconsolidated

$206.0

million of individual non-recourse mortgage debt relating to an operating property for which the Company

longer holds a controlling interest and (ii) repaid

$205.6

million of maturing mortgage debt (including fair market value adjustments of

$0.9

million) that encumbered

six

operating properties.

During

2018,

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

$12.4

million. In addition, the Company recognized a gain on forgiveness of debt of

$4.3

million and relief of accrued interest of

$3.4

million, both of which are included in Other income, net on the Company’s Consolidated Statements of Income.

During

2017,

the Company (i) assumed/consolidated

$257.5

million of individual non-recourse mortgage debt (including a fair market value adjustment of

$8.5

million) related to

two

operating properties, (ii) paid off

$692.9

million of mortgage debt (including fair market value adjustments of

$5.8

million) that encumbered

operating properties and (iii) obtained a

$206.0

million non-recourse mortgage relating to

one

operating property.

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

December 31, 2018,

were as follows (in millions):

		201 9				20 20				202 1				202 2				202 3				Thereafter				Total
Principal payments		$	12.7			$	160.3			$	144.9			$	140.1			$	15.5			$	8.3			$	481.8