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MORTGAGES PAYABLE (Tables)
 3 Months Ended
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