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MORTGAGES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Mortgages Payable

The following is a summary of mortgages payable as of December 31, 2018 and December 31, 2017.

				Interest Rate at		December 31,				December 31,
(Amounts in thousands)		Maturity		December 31, 2018		2018				2017
First mortgages secured by:
Variable rate
Cherry Hill (Plaza at Cherry Hill)(1)		5/24/2022		3.95%		$	28,930			$	28,930
Westfield (One Lincoln Plaza)(1)		5/24/2022		3.95%		4,730				4,730
Woodbridge (Plaza at Woodbridge)(1)		5/25/2022		3.95%		55,340				55,340
Jersey City (Hudson Commons)(2)		11/15/2024		4.25%		29,000				29,000
Watchung(2)		11/15/2024		4.25%		27,000				27,000
Bronx (1750-1780 Gun Hill Road)(2)		12/1/2024		4.25%		24,500				24,500
Total variable rate debt						169,500				169,500
Fixed rate
Montehiedra (senior loan)		7/6/2021		5.33%		84,860				86,236
Montehiedra (junior loan)		7/6/2021		3.00%		30,000				30,000
Bergen Town Center - West, Paramus		4/8/2023		3.56%		300,000				300,000
Bronx (Shops at Bruckner)		5/1/2023		3.90%		11,582				12,162
Jersey City (Hudson Mall)(5)		12/1/2023		5.07%		24,326				25,004
Yonkers Gateway Center(6)		4/6/2024		4.16%		31,704				33,227
Las Catalinas		8/6/2024		4.43%		130,000				130,000
Brick		12/10/2024		3.87%		50,000				50,000
North Plainfield		12/10/2025		3.99%		25,100				25,100
Middletown		12/1/2026		3.78%		31,400				31,400
Rockaway		12/1/2026		3.78%		27,800				27,800
East Hanover (200 - 240 Route 10 West)		12/10/2026		4.03%		63,000				63,000
North Bergen (Tonnelle Ave)(4)		4/1/2027		4.18%		100,000				100,000
Manchester		6/1/2027		4.32%		12,500				12,500
Millburn		6/1/2027		3.97%		24,000				24,000
Totowa		12/1/2027		4.33%		50,800				50,800
Woodbridge (Woodbridge Commons)		12/1/2027		4.36%		22,100				22,100
East Brunswick		12/6/2027		4.38%		63,000				63,000
East Rutherford		1/6/2028		4.49%		23,000				23,000
Hackensack		3/1/2028		4.36%		66,400				66,400
Marlton		12/1/2028		3.86%		37,400				37,400
East Hanover Warehouses		12/1/2028		4.09%		40,700				40,700
Union (2445 Springfield Ave)		12/10/2028		4.01%		45,600				45,600
Freeport (Freeport Commons)		12/10/2029		4.07%		43,100				43,100
Garfield		12/1/2030		4.14%		40,300				40,300
Mt Kisco(3)		11/15/2034		6.40%		13,987				14,451
Englewood(7)		—		—%		—				11,537
Total fixed rate debt						1,392,659				1,408,817
		Total mortgages payable				1,562,159				1,578,317
		Unamortized debt issuance costs				(11,917		)		(13,775		)
Total mortgages payable, net of unamortized debt issuance costs						$	1,550,242			$	1,564,542

⁽¹⁾  Bears interest at one month LIBOR plus 160 bps.

⁽²⁾  Bears interest at one month LIBOR plus 190 bps.

⁽³⁾  The mortgage payable balance on the loan secured by Mount Kisco (Target) includes $1.0 million of unamortized debt discount as of both December 31, 2018 and December 31, 2017, respectively. The effective interest rate including amortization of the debt discount is 7.30% as of December 31, 2018.

⁽⁴⁾  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 year ended December 31, 2017, comprised of a $1.1 million prepayment penalty and write-off of $0.2 million of unamortized deferred financing fees on the original loan.

⁽⁵⁾  The mortgage payable balance on the loan secured by Hudson Mall includes $1.2 million and $1.5 million of unamortized debt premium as of December 31, 2018 and December 31, 2017, respectively. The effective interest rate including amortization of the debt premium is 3.88% as of December 31, 2018.

⁽⁶⁾  The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.7 million and $0.8 million of unamortized debt premium as of both December 31, 2018 and December 31, 2017, respectively. The effective interest rate including amortization of the debt premium is 3.71% as of December 31, 2018.

⁽⁷⁾  On January 31, 2018, our property in Englewood, NJ was sold at a foreclosure sale and on February 23, 2018, the court order was received approving the sale and discharging the receiver of all assets and liabilities related to the property.

Schedule of Principal Repayments

As of December 31, 2018, the principal repayments for the next five years and thereafter are as follows:

(Amounts in thousands)
Year Ending December 31,
2019		$	4,239
2020		7,567
2021		123,211
2022		100,896
2023		344,423
2024		274,370
Thereafter		707,453

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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.

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