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MORTGAGES PAYABLE | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
MORTGAGES PAYABLE | MORTGAGES PAYABLE AND UNSECURED DEBT The following is a summary of mortgages payable as of March 31, 2020 and December 31, 2019.
|  |  |  | Interest Rate at |  | March 31, |  | December 31,
(Amounts in thousands) |  | Maturity |  | March 31, 2020 |  | 2020 |  | 2019
First mortgages secured by: |  |  |  |  |  |  |  |  |
Variable rate |  |  |  |  |  |  |  |
Cherry Hill (Plaza at Cherry Hill)(1) |  | 5/24/2022 |  | 3.18% |  | $ | 28,930 |  |  | $ | 28,930 |
Westfield (One Lincoln Plaza)(1) |  | 5/24/2022 |  | 3.18% |  | 4,730 |  |  | 4,730 |
Woodbridge (Plaza at Woodbridge)(1) |  | 5/25/2022 |  | 3.18% |  | 55,340 |  |  | 55,340 |
Jersey City (Hudson Commons)(2) |  | 11/15/2024 |  | 3.48% |  | 28,862 |  |  | 29,000 |
Watchung(2) |  | 11/15/2024 |  | 3.48% |  | 26,871 |  |  | 27,000 |
Bronx (1750-1780 Gun Hill Road)(2) |  | 12/1/2024 |  | 3.48% |  | 24,418 |  |  | 24,500 |
Total variable rate debt |  |  |  |  |  | 169,151 |  |  | 169,500 |
Fixed rate |  |  |  |  |  |  |  |
Montehiedra (senior loan) |  | 7/6/2021 |  | 5.33% |  | 82,876 |  |  | 83,202 |
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% |  | 10,823 |  |  | 10,978 |
Jersey City (Hudson Mall)(4) |  | 12/1/2023 |  | 5.07% |  | 23,445 |  |  | 23,625 |
Yonkers Gateway Center(5) |  | 4/6/2024 |  | 4.16% |  | 29,717 |  |  | 30,122 |
Las Catalinas |  | 8/6/2024 |  | 4.43% |  | 128,822 |  |  | 129,335 |
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) |  | 4/1/2027 |  | 4.18% |  | 100,000 |  |  | 100,000 |
Manchester |  | 6/1/2027 |  | 4.32% |  | 12,500 |  |  | 12,500 |
Millburn |  | 6/1/2027 |  | 3.97% |  | 23,694 |  |  | 23,798 |
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 |
Brooklyn (Kingswood Center)(6) |  | 2/6/2028 |  | 5.07% |  | 72,356 |  |  | — |
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% |  | 13,359 |  |  | 13,488 |
Total fixed rate debt |  |  |  |  |  | 1,457,292 |  |  | 1,386,748 |
|  | Total mortgages payable |  | 1,626,443 |  |  | 1,556,248 |
|  | Unamortized debt issuance costs |  | (9,590 | ) |  | (10,053 | )
Total mortgages payable, net of unamortized debt issuance costs |  | 1,616,853 |  |  | 1,546,195 |
Unsecured credit facilities: |  |  |  |  |  |  |  |
Revolving credit agreement(7) |  | 1/29/2024 |  | 2.00% |  | 250,000 |  |  | — |
|  | Total unsecured credit facilities |  | 250,000 |  |  | — |
Total debt outstanding |  | $ | 1,866,853 |  |  | $ | 1,546,195 |
(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 Mt Kisco includes $0.9 million of unamortized debt discount as of both March 31, 2020 and December 31, 2019. The effective interest rate including amortization of the debt discount is 7.30% as of March 31, 2020.
(4) | The mortgage payable balance on the loan secured by Hudson Mall includes $0.9 million and $1.0 million of unamortized debt premium as of March 31, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.85% as of March 31, 2020.
(5) | The mortgage payable balance on the loan secured by Yonkers Gateway Center includes $0.5 million and $0.6 million of unamortized debt premium as of March 31, 2020 and December 31, 2019, respectively. The effective interest rate including amortization of the debt premium is 3.70% as of March 31, 2020.
(6) | The mortgage payable balance on the loan secured by Kingswood Center includes $6.9 million of unamortized debt premium as of March 31, 2020. The effective interest rate including amortization of the debt premium is 3.44% as of March 31, 2020.
(7) | Bears interest at one month LIBOR plus 1.05% as of March 31, 2020.
The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.3 billion as of March 31, 2020. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of March 31, 2020, we were in compliance with all debt covenants. As of March 31, 2020, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows:
(Amounts in thousands) |  |
Year Ending December 31, |  |
2020(1) |  | $ | 6,335 |
2021 |  | 123,177 |
2022 |  | 100,586 |
2023 |  | 345,242 |
2024 |  | 525,191 |
2025 |  | 33,181 |
Thereafter |  | 742,731 |
(1) Remainder of 2020. Revolving Credit Agreement On January 15, 2015, we entered into a $500 million Revolving Credit Agreement (the “Agreement”) with certain financial institutions. On March 7, 2017, we amended and extended the Agreement. The amendment increased the credit facility size by $100 million to $600 million and extended the maturity date to March 7, 2021 with two six-month extension options. On July 29, 2019, we entered into a second amendment to the Agreement to extend the maturity date to January 29, 2024 with two six-month extension options. Company borrowings under the Agreement are subject to interest at LIBOR plus 1.05% to 1.50% and an annual facility fee of 15 to 30 basis points. Both the spread over LIBOR and the facility fee are based on our current leverage ratio and are subject to increase if our leverage ratio increases above predefined thresholds. The Agreement contains customary financial covenants including a maximum leverage ratio of 60% and a minimum fixed charge coverage ratio of 1.5x. In March 2020, the Company borrowed $250 million under the Agreement. As of March 31, 2020, $350 million of credit remained available for withdrawal. Financing costs associated with executing the Agreement of $3.6 million and $3.9 million as of March 31, 2020 and December 31, 2019, respectively, are included in deferred financing costs, net in the consolidated balance sheets. Mortgage on Las Catalinas Mall In April 2020, we notified the servicer of the $129 million non-recourse mortgage loan on Las Catalinas Mall in Puerto Rico that cash flow would be insufficient to make the April debt service payment and that we were unwilling to fund the shortfalls. Pursuant to the loan agreement, the loan is in default, is subject to incremental default interest while the outstanding balance remains unpaid, and the lender has the ability to accelerate the full loan balance. We currently remain in active negotiations with the special servicer and no determination has been made as to the timing or ultimate resolution of this matter.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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