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Note 13 - Mortgages and Construction Loan Payable | 12 Months Ended
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Dec. 31, 2018
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 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 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. 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. 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 |

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