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Note 14 - Mortgages and Construction Loan Payable

12 Months Ended

Dec. 31, 2020

Mortgage Notes Payable Disclosure [Text Block]

14. 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.

As of December 31, 2020 and 2019, 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
	2020			2019			2020			2019			December 31, 2020
Mortgages payable	$	308.4		$	410.6			3.23% - 7.23	%		3.23% - 7.23	%	Apr-2021 – Apr-2028
Construction loan payable (1)		-			67.0			n/a			3.56	%	n/a
Fair value debt adjustments, net		3.5			7.9			n/a			n/a		n/a
Deferred financing costs, net		(0.6	)		(1.5	)		n/a			n/a		n/a
	$	311.3		$	484.0			4.73%*			4.97%*

* Weighted-average interest rate

(1)	Accrued interest at a rate of LIBOR plus 1.80% (3.56% as of December 31, 2019). In January 2020, the construction loan was fully repaid.

During 2020, the Company repaid $92.0 million of mortgage debt (including fair market value adjustment of $0.4 million) that encumbered four operating properties.

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.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $3.5 million and unamortized debt issuance costs of $0.6 million, as of December 31, 2020, were as follows (in millions):

		2021				2022				2023				2024				2025				Thereafter				Total
Principal payments		$	144.9			$	144.4			$	15.1			$	1.7			$	0.6			$	1.7			$	308.4