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MORTGAGES PAYABLE (Tables) | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Schedule of mortgages payable | The following is a summary of mortgages payable as of March 31, 2016 and December 31, 2015.
|  |  |  | Interest Rate at |  | March 31, |  | December 31,
(Amounts in thousands) |  | Maturity |  | March 31, 2016 |  | 2016 |  | 2015
Cross collateralized mortgage on 40 properties: |  |  |  |  |  |  |  |  |  |
Fixed Rate |  | 9/10/2020 |  | 4.34% |  | $ | 529,929 |  |  | $ | 533,459 |
Variable Rate(1) |  | 9/10/2020 |  | 2.36% |  | 60,000 |  |  | 60,000 |
Total cross collateralized |  |  |  |  |  | 589,929 |  |  | 593,459 |
First mortgages secured by: |  |  |  |  |  |  |  |
North Bergen (Tonnelle Avenue) |  | 1/9/2018 |  | 4.59% |  | 74,814 |  |  | 75,000 |
Englewood(3) |  | 10/1/2018 |  | 6.22% |  | 11,537 |  |  | 11,537 |
Montehiedra Town Center, Senior Loan(2)(4) |  | 7/6/2021 |  | 5.33% |  | 88,375 |  |  | 88,676 |
Montehiedra Town Center, Junior Loan(2) |  | 7/6/2021 |  | 3.00% |  | 30,000 |  |  | 30,000 |
Bergen Town Center |  | 4/8/2023 |  | 3.56% |  | 300,000 |  |  | 300,000 |
Las Catalinas |  | 8/6/2024 |  | 4.43% |  | 130,000 |  |  | 130,000 |
Mount Kisco (Target)(5) |  | 11/15/2034 |  | 6.40% |  | 15,187 |  |  | 15,285 |
|  | Total mortgages payable |  | 1,239,842 |  |  | 1,243,957 |
|  | Unamortized debt issuance costs |  | (9,493 | ) |  | (9,974 | )
Total mortgages payable, net unamortized debt issuance costs |  | $ | 1,230,349 |  |  | $ | 1,233,983 |
(1) | Subject to a LIBOR floor of 1.00%, bears interest at LIBOR plus 136 bps.
(2) | On January 6, 2015, we completed the modification of the $120.0 million, 6.04% mortgage loan secured by Montehiedra Town Center. Refer to “Troubled Debt Restructuring” disclosure below.
(3) | On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow will be insufficient to pay the debt service; accordingly, at our request, the mortgage loan was transferred to the special servicer. As of March 31, 2016 we are in default and remain in discussions with the special servicer to restructure the terms of the loan including the possibility that the lender will take possession of the property.
(4) | Montehiedra was presented net of unamortized fees of $1.7 million as of December 31, 2015. The net unamortized fees of $1.7 million were revised to be presented with the unamortized debt issuance costs.
(5) | The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.1 million of unamortized debt discount as of March 31, 2016 and December 31, 2015. The effective interest rate including amortization of the debt discount is 7.25% as of March 31, 2016.
Schedule of principal repayments | As of March 31, 2016, the principal repayments for the next five years and thereafter are as follows:
(Amounts in thousands) |  |
Year Ending December 31, |  |
2016(1) |  | $ | 12,307 |
2017 |  | 16,784 |
2018 |  | 99,708 |
2019 |  | 17,320 |
2020 |  | 535,113 |
2021 |  | 121,115 |
Thereafter |  | 437,495 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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