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Mortgages Payable | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Mortgages Payable | MORTGAGES PAYABLE On June 1, 2017, we completed a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% and matures in June 2020, with four one-year extension options. In connection therewith, we purchased an interest rate cap with a notional amount of $500,000,000 that caps LIBOR at a rate of 6.0%. The property was previously encumbered by a $300,000,000 interest-only mortgage at LIBOR plus 0.95% which was scheduled to mature in March 2021. The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.
|  |  |  |  | Interest Rate at December 31, 2017 |  | Balance at December 31,
(Amounts in thousands) | Maturity(1) |  |  | 2017 |  | 2016
First mortgages secured by: |  |  |  |  |  |  |
|  | Rego Park I shopping center (100% cash | Mar. 2018 |  | 0.35% |  | $ | 78,246 |  |  | $ | 78,246 |
|  | collateralized) |  |  |  |  |  |  |
|  | Paramus | Oct. 2018 |  | 2.90% |  | 68,000 |  |  | 68,000 |
|  | Rego Park II shopping center(2) | Nov. 2018 |  | 3.42% |  | 256,194 |  |  | 259,901 |
|  | 731 Lexington Avenue, retail space(3) | Aug. 2022 |  | 2.78% |  | 350,000 |  |  | 350,000 |
|  | 731 Lexington Avenue, office space(4) | Jun. 2024 |  | 2.38% |  | 500,000 |  |  | 300,000 |
|  | Total |  |  |  |  | 1,252,440 |  |  | 1,056,147 |
|  | Deferred debt issuance costs, net of accumulated |  |  |  |  |  |  |
|  | amortization of $6,315 and $6,824, respectively |  |  |  |  | (12,218 | ) |  | (3,788 | )
|  |  |  |  |  |  | $ | 1,240,222 |  |  | $ | 1,052,359 |
(1) |  | Represents the extended maturity where we have the unilateral right to extend.
(2) |  | This loan bears interest at LIBOR plus 1.85%. See page for details of our Rego Park II loan participation.
(3) |  | This loan bears interest at LIBOR plus 1.40%.
(4) |  | This loan bears interest at LIBOR plus 0.90%. |  |  |  |  |  |  |
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 $640,025,000 as of December 31, 2017. 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, 2017, the principal repayments for the next five years and thereafter are as follows:
(Amounts in thousands) |  |
Year Ending December 31, |  | Amount
2018 |  | $ | 402,440 |
2019 |  | — |
2020 |  | — |
2021 |  | — |
2022 |  | 350,000 |
Thereafter |  | 500,000 |

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