Note 13 - Mortgages and Construction Loan Payable

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

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

In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property. This loan commitment was scheduled to mature in August 2020, with six additional six-month options to extend the maturity date to August 2023, bore interest at a rate of LIBOR plus 180 basis points (3.56% as of December 31, 2019), interest was paid monthly with a principal payment due at maturity. As of December 31, 2019, the construction loan had a balance of $67.0 million outstanding.  Subsequent to December 31, 2019, this construction loan was fully repaid.

As of December 31, 2019 and 2018, 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
	2019			2018			2019				2018				December 31, 2019
Mortgages payable	$	410.6		$	430.8			3.23%	-	7.23%		3.23%	-	9.75%		May-2020 – Apr-2028
Construction loan payable		67.0			51.0			3.56%				4.23%				Aug-2020
Fair value debt adjustments, net		7.9			13.1			n/a				n/a				n/a
Deferred financing costs, net		(1.5	)		(2.5	)		n/a				n/a				n/a
	$	484.0		$	492.4			4.97%*				4.89%*

* Weighted-average interest rate

During 2019, the Company repaid $6.6 million of mortgage debt that encumbered three operating properties. Additionally, during 2019, the Company disposed of an encumbered property through a deed in lieu transaction. This transaction resulted in a net decrease in mortgage debt of $7.0 million (including a fair market value adjustment of $0.1 million) and a gain on forgiveness of debt of $2.8 million, which is included in Other income, net in the Company’s Consolidated Statements of Income.

During 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no 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.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages and construction loans payable, excluding unamortized fair value debt adjustments of $7.9 million and unamortized debt issuance costs of $1.5 million, as of December 31, 2019, were as follows (in millions):

	2020		2021		2022		2023		2024		Thereafter		Total
Principal payments	$	169.3	$	144.8	$	144.5	$	15.1	$	1.7	$	2.2	$	477.6