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MORTGAGES PAYABLE | 12 Months Ended
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Dec. 31, 2012
Mortgage Loans on Real Estate [Abstract] |
Mortgages Payable | Mortgages Payable At December 31, 2012 and 2011, mortgage notes payable, excluding the net valuation premium on the assumption of debt, aggregated $727.1 million and $647.7 million respectively, and were collateralized by 35 properties and related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.00% to 7.25% with maturities that ranged from April 2013 to September 2022. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The following table reflects mortgage loan activity for the year ended December 31, 2012:
(dollars in thousands) |  |  |  |  |
Property | Date | Amount Borrowed or Assumed | Interest Rate | Maturity Date | Amount Repaid
340 River Street | February | $ | 7,022 |  | 6.26% | 5/1/2016 | $ | — |
Chicago Street Retail Portfolio | March | 14,490 |  | 5.62% | 2/1/2016 | — |
Chicago Street Retail Portfolio | March | 1,538 |  | 5.55% | 2/1/2016 | — |
Lincoln Park Centre | April | 19,763 |  | 5.85% | 12/31/2013 | — |
West Diversey | April | 15,500 |  | LIBOR + 1.90% | 4/27/2019 | — |
Cortlandt Towne Center (1) | April | 24,005 |  | LIBOR + 1.90% | 10/26/2015 | — |
Canarsie Plaza (2) | April | 13,124 |  | LIBOR + 2.25% | 5/1/2015 | 68,644 |
330 River Street | May | 4,250 |  | 3.68% | 5/1/2016 | — |
Tarrytown Shopping Center | June | — |  |  |  | 8,260 |
Rhode Island Place Shopping Center | June | 16,510 |  | 6.35% | 12/1/2016 | — |
640 Broadway | June | 22,750 |  | LIBOR + 2.95% | 7/1/2015 | — |
Atlantic Avenue | July | 10,600 |  | LIBOR + 3.35% | 7/1/2015 | 22,100 |
125 Main Street | August | — |  |  |  | 12,500 |
CityPoint (3) | August | 5,262 |  | 1.00% | 8/23/2019 | — |
Heritage Shops | August | 21,000 |  | LIBOR + 2.25% | 8/10/2015 | — |
CityPoint (4) | August | 50,000 |  | LIBOR + 3.30% | 8/23/2015 | — |
Fordham Place | September | 83,261 |  | LIBOR + 3.00% | 9/25/2015 | 83,261 |
4401 White Plains Rd | September | 6,400 |  | LIBOR + 1.90% | 9/1/2022 | — |
A&P Shopping Plaza | September | 8,000 |  | 4.20% | 9/6/2022 | 7,763 |
New Hyde Park Shopping Center | October | 6,500 |  | LIBOR + 2.25% | 11/10/2015 | — |
Six self-storage properties | October | 120,000 |  | LIBOR + 2.15% | 10/24/2013 | 161,895 |
639 West Diversey | December | 4,400 |  | 6.65% | 3/1/2017 | — |
Total |  | $ | 454,375 |  |  |  | $ | 364,423 |
Notes: (1) - Loan was amended from $50.0 million to $74.0 million. (2) - Loan was amended from $56.5 million to $69.6 million. (3) - The Company entered into a $20.0 million loan under the New Markets Tax Credit program to finance the construction of this property. Of the total principal, $14.8 million is due to an affiliate included in the consolidated group which has been netted on the accompanying balance sheet and the resulting $5.2 million is included in Mortgages Payable in the accompanying consolidated balance sheet at December 31, 2012. (4) - As of December 31, 2012 no funds have been drawn down on this construction loan. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgages Payable, continued The following table sets forth certain information pertaining to our secured credit facilities as of December 31, 2012:
(dollars in thousands) Borrower |  | Total amount of credit facility |  | Amount borrowed as of December 31, 2011 |  | Net borrowings (repayments) during the year ended December 31, 2012 |  | Amount borrowed as of December 31, 2012 |  | Letters of credit outstanding as of December 31, 2012 |  | Amount available under credit facilities as of December 31, 2012
Acadia Realty, LP (1) |  | $ | 64,498 |  |  | $ | 1,000 |  |  | $ | (1,000 | ) |  | $ | — |  |  | $ | — |  |  | $ | 64,498 |
Fund II |  | — |  |  | 40,000 |  |  | (40,000 | ) |  | — |  |  | — |  |  | — |
Fund III |  | — |  |  | 136,079 |  |  | (136,079 | ) |  | — |  |  | — |  |  | — |
Fund IV |  | 150,000 |  |  | — |  |  | 93,050 |  |  | 93,050 |  |  | — |  |  | 56,950 |
Total |  | $ | 214,498 |  |  | $ | 177,079 |  |  | $ | (84,029 | ) |  | $ | 93,050 |  |  | $ | — |  |  | $ | 121,448 |
Note: (1) - Subsequent to December 31, 2012, the Company closed on a new $150.0 million unsecured credit facility, which replaced this maturing secured credit facility. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgages Payable, continued The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2012 and December 31, 2011:
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2012 |  | 12/31/2011 |  | Interest Rate at December 31, 2012 |  | Maturity |  | Payment Terms
Mortgage notes payable – variable-rate |  |  |  |  |  |  |  |  |
161st Street |  | $ | 28,900 |  |  | $ | 28,900 |  |  | 5.71% (LIBOR+5.50%) |  | 4/1/2013 |  | Interest only monthly.
CityPoint |  | 20,650 |  |  | 20,650 |  |  | 2.71% (LIBOR+2.50%) |  | 8/12/2013 |  | Interest only monthly.
Pelham Manor |  | 33,833 |  |  | 34,000 |  |  | 2.96% (LIBOR+2.75%) |  | 12/1/2013 |  | Monthly principal and interest.
Branch Shopping Plaza |  | 12,526 |  |  | 12,761 |  |  | 2.46% (LIBOR+2.25%) |  | 9/30/2014 |  | Monthly principal and interest.
640 Broadway |  | 22,750 |  |  | — |  |  | 3.16% (LIBOR+2.95%) |  | 7/1/2015 |  | Interest only monthly.
Heritage Shops |  | 21,000 |  |  | — |  |  | 2.46% (LIBOR+2.25%) |  | 8/10/2015 |  | Interest only monthly.
Fordham Place |  | 82,205 |  |  | 84,277 |  |  | 3.21% (LIBOR+3.00%) |  | 9/25/2015 |  | Monthly principal and interest.
Cortlandt Towne Center |  | 73,499 |  |  | 50,000 |  |  | 2.11% (LIBOR+1.90%) |  | 10/26/2015 |  | Monthly principal and interest.
New Hyde Park Shopping Center |  | 6,484 |  |  | — |  |  | 2.46% (LIBOR+2.25%) |  | 11/10/2015 |  | Monthly principal and interest.
Village Commons Shopping Center |  | 9,192 |  |  | 9,310 |  |  | 1.61% (LIBOR+1.40%) |  | 6/30/2018 |  | Monthly principal and interest.
West Diversey |  | 15,273 |  |  | — |  |  | 2.11% (LIBOR+1.90%) |  | 4/27/2019 |  | Monthly principal and interest.
4401 N White Plains Rd |  | 6,381 |  |  | — |  |  | 2.11% (LIBOR+1.90%) |  | 9/1/2022 |  | Monthly principal and interest.
Sub-total mortgage notes payable |  | 332,693 |  |  | 239,898 |  |  |  |  |  |  |
Secured credit facilities – variable-rate: |  |  |  |  |  |  |  |  |
Fund III revolving subscription line of credit |  | — |  |  | 136,079 |  |  | 2.46% (LIBOR+2.25%) |  | 10/10/2012 |  | Interest only monthly.
Six Core Portfolio properties |  | — |  |  | 1,000 |  |  | 1.46% (LIBOR+1.25%) |  | 12/1/2012 |  | Annual principal and monthly interest.
Fund II term loan |  | — |  |  | 40,000 |  |  | 3.11% (LIBOR+2.90%) |  | 12/22/2014 |  | Interest only monthly.
Fund IV revolving subscription line of credit (2) |  | 93,050 |  |  | — |  |  | 1.86% (LIBOR+1.65%) |  | 11/20/2015 |  | Interest only monthly.
Sub-total secured credit facilities |  | 93,050 |  |  | 177,079 |  |  |  |  |  |  |
Interest rate swaps (1) |  | (132,857 | ) |  | (57,027 | ) |  |  |  |  |  |
Total variable-rate debt |  | 292,886 |  |  | 359,950 |  |  |  |  |  |  |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgages Payable, continued
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2012 |  | 12/31/2011 |  | Interest Rate at December 31, 2012 |  | Maturity |  | Payment Terms
Mortgage notes payable – fixed-rate |  |  |  |  |  |  |  |  |  |  |  |
Lincoln Park Centre |  | $ | 19,478 |  |  | $ | — |  |  | 5.85% |  | 12/1/2013 |  | Monthly principal and interest.
Clark Diversey |  | 4,345 |  |  | 4,491 |  |  | 6.35% |  | 7/1/2014 |  | Monthly principal and interest.
New Loudon Center |  | 13,634 |  |  | 13,882 |  |  | 5.64% |  | 9/6/2014 |  | Monthly principal and interest.
CityPoint |  | 20,000 |  |  | 20,000 |  |  | 7.25% |  | 11/1/2014 |  | Interest only quarterly.
Crescent Plaza |  | 17,025 |  |  | 17,287 |  |  | 4.98% |  | 9/6/2015 |  | Monthly principal and interest.
Pacesetter Park Shopping Center |  | 11,742 |  |  | 11,941 |  |  | 5.12% |  | 11/6/2015 |  | Monthly principal and interest.
Elmwood Park Shopping Center |  | 33,258 |  |  | 33,738 |  |  | 5.53% |  | 1/1/2016 |  | Monthly principal and interest.
Chicago Street Retail Portfolio |  | 15,835 |  |  | — |  |  | 5.55% |  | 2/1/2016 |  | Monthly principal and interest.
The Gateway Shopping Center |  | 20,036 |  |  | 20,308 |  |  | 5.44% |  | 3/1/2016 |  | Monthly principal and interest.
Acadia Cambridge |  | 6,931 |  |  | — |  |  | 6.26% |  | 5/1/2016 |  | Monthly principal and interest.
Acadia 330 River Street |  | 4,197 |  |  | — |  |  | 3.68% |  | 5/1/2016 |  | Monthly principal and interest.
Walnut Hill Plaza |  | 23,194 |  |  | 23,458 |  |  | 6.06% |  | 10/1/2016 |  | Monthly principal and interest.
Rhode Island Place Shopping Center |  | 16,426 |  |  | — |  |  | 6.35% |  | 12/1/2016 |  | Monthly principal and interest.
239 Greenwich Avenue |  | 26,000 |  |  | 26,000 |  |  | 5.42% |  | 2/11/2017 |  | Interest only monthly.
639 West Diversey |  | 4,431 |  |  | — |  |  | 6.65% |  | 3/1/2017 |  | Monthly principal and interest.
Merrillville Plaza |  | 26,151 |  |  | 26,250 |  |  | 5.88% |  | 8/1/2017 |  | Monthly principal and interest.
216th Street |  | 25,500 |  |  | 25,500 |  |  | 5.80% |  | 10/1/2017 |  | Interest only monthly.
CityPoint |  | 5,262 |  |  | — |  |  | 1.00% |  | 8/23/2019 |  | Interest only monthly.
A&P Shopping Plaza |  | 7,967 |  |  | 7,874 |  |  | 4.20% |  | 9/6/2022 |  | Monthly principal and interest.
Interest rate swaps (1) |  | 132,857 |  |  | 57,027 |  |  | 5.41% |  |  |  |
Total fixed-rate debt |  | 434,269 |  |  | 287,756 |  |  |  |  |  |  |
Unamortized (discount) premium |  | (107 | ) |  | 33 |  |  |  |  |  |  |
Total |  | $ | 727,048 |  |  | $ | 647,739 |  |  |  |  |  |  |
Notes:
(1) | Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).
(2) | The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.
The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2012 are as follows (does not include $107,000 net valuation discount on assumption of debt):
(dollars in thousands)
2013 | $ | 108,974 |
2014 | 56,191 |
2015 | 325,388 |
2016 | 116,402 |
2017 | 81,192 |
Thereafter | 39,938 |
| $ | 728,085 |

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