XML 68 R16.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Mortgages Payable | 12 Months Ended
--- | ---
Dec. 31, 2014
Mortgages Payable [Abstract] |
Mortgages Payable [Text Block] | 6. MORTGAGES PAYABLE On February 28, 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with four one-year extension options. The proceeds of the new loan and existing cash were used to repay the existing loan and closing costs. In connect ion t herewith, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%. The following is a summary of outstanding mortgages payable.
|  |  |  | Interest Rate at |  | Balance at December 31, |
(Amounts in thousands) | Maturity(1) |  | December 31, 2014 |  | 2014 |  |  | 2013 |
First mortgages secured by: |  |  |  |  |  |  |  |  |  |  |  |
| Rego Park I shopping center (100% cash | Mar. 2015 |  | 0.40 | % |  | $ | 78,246 |  |  | $ | 78,246 |
| collateralized) |  |  |  |  |  |  |  |  |  |  |  |
| 731 Lexington Avenue, retail space(2) | Jul. 2015 |  | 4.93 | % |  |  | 320,000 |  |  |  | 320,000 |
| Paramus | Oct. 2018 |  | 2.90 | % |  |  | 68,000 |  |  |  | 68,000 |
| Rego Park II shopping center(3) | Nov. 2018 |  | 2.02 | % |  |  | 266,534 |  |  |  | 269,496 |
| 731 Lexington Avenue, office space(4) | Mar. 2021 |  | 1.11 | % |  |  | 300,000 |  |  |  | 314,217 |
|  |  |  |  |  |  | $ | 1,032,780 |  |  | $ | 1,049,959 |
___________________ |  |  |  |  |  |  |  |  |  |  |  |
(1) | Represents the extended maturity where we have the unilateral right to extend.
(2) | In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(3) | This loan bears interest at LIBOR plus 1.85%.
(4) | This loan bears interest at LIBOR plus 0.95%.
All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $706,791,000 at December 31, 2014. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants' leases and yield maintenance to prepay them. As of December 31, 2014, the principal repayments for the next five years and thereafter are as follows:
| (Amounts in thousands) |  |  |  |  |
| Year Ending December 31, |  | Amount |  |
| 2015 |  | $ | 401,439 |  |
| 2016 |  |  | 3,440 |  |
| 2017 |  |  | 3,707 |  |
| 2018 |  |  | 324,194 |  |
| 2019 |  |  | - |  |
| Thereafter |  |  | 300,000 |  |
We intend to refinance our maturing debt as it comes due

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for mortgage notes payable. + References No definition available. + Details
Name: | us-gaap_MortgageNotesPayableDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration