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MORTGAGES AND OTHER NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract] |
Mortgages and Other Notes Payable | Mortgage and Other Notes Payable At December 31, 2013 and 2012, mortgage and other notes payable, excluding the net valuation premium on the assumption of debt, aggregated $1,037.7 million and $612.4 million respectively, and were collateralized by 32 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 2014 to April 2023. 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, 2013:
(dollars in thousands) |  |  |  |  |  |
Collateral | Activity | Month | Amount Borrowed or Assumed | Amount Repaid | Interest Rate | Maturity Date
28 Jericho Turnpike | New Loan | January | $ | 16,500 |  | $ | — |  | LIBOR + 1.90% | 1/23/2023
Nostrand Ave | New Loan | February | 13,000 |  | — |  | LIBOR + 2.65% | 2/1/2016
161st St | Refinance | March | 29,500 |  | 28,900 |  | LIBOR + 2.50% | 4/1/2018
City Point (1) | Amendment | March | 20,000 |  | — |  | LIBOR + 5.00% | 8/23/2015
60 Orange St | New Loan | April | 8,600 |  | — |  | LIBOR + 1.75% | 4/3/2023
210 Bowery | New Loan | June | 4,600 |  | — |  | LIBOR + 1.95% | 6/1/2014
Cortlandt Towne Center (2) | Amendment | August | 12,033 |  | — |  | LIBOR + 1.65% | 10/26/2015
Village Commons Shopping Center | Repayment | November | — |  | 9,084 |  |  |
Branch Plaza | Repayment | November | — |  | 12,311 |  |  |
West Diversey | Repayment | November | — |  | 14,905 |  |  |
Fordham Place (3) | Repayment | December |  |  | 81,422 |  |  |
Pelham Manor (3) | Repayment | December | — |  | 33,555 |  |  |
Lincoln Park Center | Refinance | December | 23,000 |  | 19,026 |  | LIBOR + 1.45% | 12/3/2016
A&P Shopping Plaza (3) | Repayment | December | — |  | 8,000 |  |  |
City Point | New Loan | December | 197,000 |  | — |  | 4.75% | 2019 (4)
Total |  |  | $ | 324,233 |  | $ | 207,203 |  |  |
Notes: (1) Loan was amended from $50.0 million to $20.0 million. (2) Loan was amended from $73.0 million to $85.0 million. (3) Loan was paid off in connection with the sale of the property. (4) The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued The following table sets forth certain information pertaining to our credit facilities as of December 31, 2013:
(dollars in thousands) Borrower |  | Total amount of credit facility |  | Amount borrowed as of December 31, 2012 |  | Net borrowings (repayments) during the year ended December 31, 2013 |  | Amount borrowed as of December 31, 2013 |  | Letters of credit outstanding as of December 31, 2013 |  | Amount available under credit facilities as of December 31, 2013
Acadia Realty, LP |  | $ | 150,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,500 |  |  | $ | 137,500 |
Fund IV |  | 150,000 |  |  | 93,050 |  |  | (24,300 | ) |  | 68,750 |  |  | — |  |  | 81,250 |
Total |  | $ | 300,000 |  |  | $ | 93,050 |  |  | $ | (24,300 | ) |  | $ | 68,750 |  |  | $ | 12,500 |  |  | $ | 218,750 |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2013 and December 31, 2012:
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2013 |  | 12/31/2012 |  | Interest Rate at December 31, 2013 |  | Maturity |  | Payment Terms
Mortgage notes payable – variable-rate |  |  |  |  |  |  |  |  |
161st Street |  | $ | — |  |  | $ | 28,900 |  |  | 5.67% (LIBOR+5.50%) |  | 4/1/2013 |  | Interest only monthly.
Liberty Avenue |  | 9,090 |  |  | 9,208 |  |  | 3.42% (LIBOR+3.25%) |  | 4/30/2014 |  | Monthly principal and interest.
210 Bowery |  | 4,600 |  |  | — |  |  | 2.12% (LIBOR+1.95%) |  | 6/1/2014 |  | Interest only monthly.
Branch Shopping Plaza |  | — |  |  | 12,526 |  |  | 2.42% (LIBOR+2.25%) |  | 9/30/2014 |  | Monthly principal and interest.
640 Broadway |  | 22,750 |  |  | 22,750 |  |  | 3.12% (LIBOR+2.95%) |  | 7/1/2015 |  | Interest only monthly.
Heritage Shops |  | 20,871 |  |  | 21,000 |  |  | 2.42% (LIBOR+2.25%) |  | 8/10/2015 |  | Interest only monthly.
CityPoint |  | 20,650 |  |  | 20,650 |  |  | 3.67% (LIBOR+3.50%) |  | 8/12/2015 |  | Interest only monthly.
CityPoint |  | 20,000 |  |  | — |  |  | 5.17% (LIBOR+5.00%) |  | 8/23/2015 |  | Interest only monthly.
Cortlandt Towne Center |  | 84,745 |  |  | 73,499 |  |  | 1.82% (LIBOR+1.65%) |  | 10/26/2015 |  | Monthly principal and interest.
New Hyde Park Shopping Center |  | 6,294 |  |  | 6,484 |  |  | 2.42% (LIBOR+2.25%) |  | 11/10/2015 |  | Monthly principal and interest.
Nostrand Ave |  | 12,567 |  |  | — |  |  | 2.82% (LIBOR+2.65%) |  | 2/1/2016 |  | Monthly principal and interest.
Village Commons Shopping Center |  | — |  |  | 9,192 |  |  | 1.57% (LIBOR+1.40%) |  | 6/30/2018 |  | Monthly principal and interest.
Lincoln Park Centre |  | 23,000 |  |  | — |  |  | 1.62% (LIBOR+1.45%) |  | 12/3/2016 |  | Interest only monthly.
Term Loan |  | 50,000 |  |  | — |  |  | 1.57% (LIBOR+140%) |  | 11/25/2018 |  | Interest only monthly.
161st Street |  | 29,500 |  |  | — |  |  | 2.67% (LIBOR+2.50%) |  | 4/1/2018 |  | Interest only monthly.
West Diversey |  | — |  |  | 15,273 |  |  | 2.07% (LIBOR+1.90%) |  | 4/27/2019 |  | Monthly principal and interest.
4401 N White Plains Road |  | 6,263 |  |  | 6,381 |  |  | 2.07% (LIBOR+1.90%) |  | 9/1/2022 |  | Monthly principal and interest.
28 Jericho Turnpike |  | 16,164 |  |  | — |  |  | 2.07% (LIBOR+1.90%) |  | 1/23/2023 |  | Monthly principal and interest.
60 Orange Street |  | 8,457 |  |  | — |  |  | 1.92% (LIBOR+1.75%) |  | 4/3/2023 |  | Monthly principal and interest.
Sub-total mortgage notes payable |  | 334,951 |  |  | 225,863 |  |  |  |  |  |  |
Credit facilities – variable-rate: |  |  |  |  |  |  |  |  |
Fund IV revolving subscription line of credit (2) |  | 68,750 |  |  | 93,050 |  |  | 1.82% (LIBOR+1.65%) |  | 11/20/2015 |  | Interest only monthly.
Interest rate swaps (1) |  | (179,660 | ) |  | (132,857 | ) |  |  |  |  |  |
Total variable-rate debt |  | 224,041 |  |  | 186,056 |  |  |  |  |  |  |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued
(dollars in thousands) |  |  |  |  |  |  |  |  |  |
Description of Debt and Collateral |  | 12/31/2013 |  | 12/31/2012 |  | Interest Rate at December 31, 2013 |  | Maturity |  | Payment Terms
Mortgage notes payable – fixed-rate |  |  |  |  |  |  |  |  |  |  |  |
Lincoln Park Centre |  | $ | — |  |  | $ | 19,478 |  |  | 5.85% |  | 12/1/2013 |  | Monthly principal and interest.
Clark Diversey |  | 4,192 |  |  | 4,345 |  |  | 6.35% |  | 7/1/2014 |  | Monthly principal and interest.
New Loudon Center |  | 13,369 |  |  | 13,634 |  |  | 5.64% |  | 9/6/2014 |  | Monthly principal and interest.
CityPoint |  | 20,000 |  |  | 20,000 |  |  | 7.25% |  | 11/1/2014 |  | Interest only quarterly.
Crescent Plaza |  | 16,747 |  |  | 17,025 |  |  | 4.98% |  | 9/6/2015 |  | Monthly principal and interest.
Pacesetter Park Shopping Center |  | 11,530 |  |  | 11,742 |  |  | 5.12% |  | 11/6/2015 |  | Monthly principal and interest.
Elmwood Park Shopping Center |  | 32,744 |  |  | 33,258 |  |  | 5.53% |  | 1/1/2016 |  | Monthly principal and interest.
Chicago Street Retail Portfolio |  | 15,558 |  |  | 15,835 |  |  | 5.61% |  | 2/1/2016 |  | Monthly principal and interest.
The Gateway Shopping Center |  | 19,746 |  |  | 20,036 |  |  | 5.44% |  | 3/1/2016 |  | Monthly principal and interest.
330-340 River Street |  | 10,904 |  |  | 11,128 |  |  | 5.29% |  | 5/1/2016 |  | Monthly principal and interest.
Brandywine Town Center |  | 166,200 |  |  | — |  |  | 5.99% |  | 7/1/2016 |  | Interest only monthly.
Walnut Hill Plaza |  | 22,910 |  |  | 23,194 |  |  | 6.06% |  | 10/1/2016 |  | Monthly principal and interest.
Rhode Island Place Shopping Center |  | 16,208 |  |  | 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 |  | 4,341 |  |  | 4,431 |  |  | 6.65% |  | 3/1/2017 |  | Monthly principal and interest.
Merrillville Plaza |  | 25,837 |  |  | 26,151 |  |  | 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 |  |  | 5,262 |  |  | 1.00% |  | 8/23/2019 |  | Interest only monthly.
CityPoint |  | 197,000 |  |  | — |  |  | 4.75% |  | 2019 (3) |  | Interest only monthly.
Interest rate swaps (1) |  | 179,660 |  |  | 132,857 |  |  | 2.15% |  |  |  |
Total fixed-rate debt |  | 813,708 |  |  | 426,302 |  |  |  |  |  |  |
Unamortized premium (discount) |  | 1,868 |  |  | (107 | ) |  |  |  |  |  |
Total |  | $ | 1,039,617 |  |  | $ | 612,251 |  |  |  |  |  |  |
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.
(3) | The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.
The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2013 are as follows (does not include $1,868 net valuation discount on assumption of debt):
(dollars in thousands)
2014 | $ | 57,083 |
2015 | 273,909 |
2016 | 316,540 |
2017 | 81,161 |
2018 | 80,382 |
Thereafter | 229,054 |
| $ | 1,038,129 |

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