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Note 13 - Mortgages Payable | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] |
13. | Mortgages Payable :
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. As of December 31, 2017 and 2016, the Company’s Mortgages payable, net consisted of the following (in millions):
|  | Carrying Amount a t December 31 , |  |  | Interest Rate a t December 31 , |  |  | Maturity Date at |
|  | 201 7 |  |  | 201 6 |  |  | 201 7 |  |  | 201 6 |  |  | December 31, 201 7 |
Mortgages payabl e |  | $ | 867.1 |  |  | $ | 1,114.4 |  |  | 2.60% | - | 9.75% |  |  | 1.91% | - | 9.41% |  |  | Jan-2018 | – | Aug-2031 |
Fair value debt adjustments, net |  |  | 19.3 |  |  |  | 27.7 |  |  |  | n/a |  |  |  |  | n/a |  |  |  |  | n/a |  |
Deferred financing costs, ne t |  |  | (3.6 | ) |  |  | (3.0 | ) |  |  | n/a |  |  |  |  | n/a |  |  |  |  | n/a |  |
|  | $ | 882.8 |  |  | $ | 1,139.1 |  |  |  | 4.57%* |  |  |  |  | 4.94%* |  |  |  |  |  |  |
* Weighted-average interest rate 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 27 operating properties and (iii) obtained a $206.0 million non-recourse mortgage relating to one operating property. 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 s, 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 (expense)/income, net in the Company’s Consolidated Statements of Income. The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments and unamortized debt issuance costs, as of December 31, 2017, were as follows (in millions):
|  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | Thereafter |  |  | Total |
Principal payments |  | $ | 98.4 |  |  | $ | 115.7 |  |  | $ | 136.4 |  |  | $ | 145.4 |  |  | $ | 140.6 |  |  | $ | 230.6 |  |  | $ | 867.1 |

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