XML 42 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
MORTGAGES PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of mortgages payable
The following is a summary of mortgages payable as of September 30, 2017 and December 31, 2016.
 
 
 
 
Interest Rate at
 
September 30,
 
December 31,
(Amounts in thousands)
 
Maturity
 
September 30, 2017
 
2017
 
2016
Cross-collateralized mortgage loan:
 
 
 
 
 
 

 
 

Fixed Rate
 
9/10/2020
 
4.39%
 
$
507,993

 
$
519,125

Variable Rate(1) 
 
9/10/2020
 
2.59%
 
38,756

 
38,756

Total cross collateralized
 
 
 
 
 
546,749

 
557,881

First mortgages secured by:
 
 
 
 
 
 
 
 
Englewood(3)
 
10/1/2018
 
6.22%
 
11,537

 
11,537

Montehiedra Town Center, Senior Loan(2)
 
7/6/2021
 
5.33%
 
86,383

 
87,308

Montehiedra Town Center, Junior Loan(2)
 
7/6/2021
 
3.00%
 
30,000

 
30,000

Plaza at Cherry Hill(8)
 
5/24/2022
 
2.84%
 
28,930

 
—

Westfield - One Lincoln(8)
 
5/24/2022
 
2.84%
 
4,730

 
—

Plaza at Woodbridge(8)
 
5/25/2022
 
2.84%
 
55,340

 
—

Bergen Town Center
 
4/8/2023
 
3.56%
 
300,000

 
300,000

Shops at Bruckner(6)
 
5/1/2023
 
3.90%
 
12,304

 
—

Hudson Mall(7)
 
12/1/2023
 
5.07%
 
25,170

 
—

Yonkers Gateway Center(9)
 
4/6/2024
 
4.16%
 
33,601

 
—

Las Catalinas
 
8/6/2024
 
4.43%
 
130,000

 
130,000

North Bergen (Tonnelle Avenue)(5)
 
4/1/2027
 
4.18%
 
100,000

 
73,951

Manchester Plaza
 
6/1/2027
 
4.32%
 
12,500

 
—

Millburn Gateway Center
 
6/1/2027
 
3.97%
 
24,000

 
—

Mount Kisco (Target)(4)
 
11/15/2034
 
6.40%
 
14,562

 
14,883

 
 
Total mortgages payable
 
1,415,806


1,205,560

 
 
Unamortized debt issuance costs
 
(7,740
)
 
(8,047
)
Total mortgages payable, net of unamortized debt issuance costs

 
$
1,408,066

 
$
1,197,513

(1) 
Subject to a LIBOR floor of 1.00%, bears interest at LIBOR plus 136 bps.
(2) 
As part of the planned redevelopment of Montehiedra Town Center, we committed to fund $20.0 million for leasing and capital expenditures which has been fully funded as of September 30, 2017.
(3) 
On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow would be insufficient to pay its debt service. As of September 30, 2017, we were in default and the property was transferred to receivership. Urban Edge no longer manages the property but will remain its title owner until the receiver disposes of the property. We have determined this property is held in a VIE for which we are the primary beneficiary. Accordingly, as of September 30, 2017, we consolidated Englewood and its operations. The consolidated balance sheet included total assets and liabilities of $12.4 million and $14.6 million, respectively.
(4) 
The mortgage payable balance on the loan secured by Mount Kisco (Target) includes $1.0 million and $1.1 million of unamortized debt discount as of September 30, 2017 and December 31, 2016, respectively. The effective interest rate including amortization of the debt discount is 7.26% as of September 30, 2017.
(5) 
On March 29, 2017, we refinanced the $74 million, 4.59% mortgage loan secured by our Tonnelle Commons property in North Bergen, NJ, increasing the principal balance to $100 million with a 10-year fixed rate mortgage, at 4.18%. As a result, we recognized a loss on extinguishment of debt of $1.3 million during the nine months ended September 30, 2017 comprised of a $1.2 million prepayment penalty and write-off of $0.1 million of unamortized deferred financing fees on the original loan.
(6) 
On January 17, 2017, we assumed the existing mortgage secured by the Shops at Bruckner in connection with our acquisition of the property’s leasehold interest.
(7) 
On February 2, 2017, we assumed the existing mortgage secured by Hudson Mall in connection with our acquisition of the property. The mortgage payable balance on the loan secured by Hudson Mall includes $1.6 million of unamortized debt premium as of September 30, 2017. The effective interest rate including amortization of the debt premium is 3.37% as of September 30, 2017.
(8) 
Bears interest at one month LIBOR plus 160 bps.
(9) 
Reflects the $33 million existing mortgage assumed in connection with the acquisition of Yonkers Gateway Center on May 24, 2017. The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.9 million of unamortized debt premium as of September 30, 2017. The effective interest rate including amortization of the debt premium is 1.77% as of September 30, 2017.

The
Schedule of principal repayments
f September 30, 2017, the principal repayments for the next five years and thereafter are as follows:
(Amounts in thousands)
 
 
Year Ending December 31,
 
 
2017(1)
 
$
5,126

2018
 
29,762

2019
 
20,398

2020
 
517,328

2021
 
122,727

2022
 
96,749

Thereafter
 
623,716

(1)