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Mortgages Payable | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Mortgages Payable | MORTGAGES PAYABLE On October 3, 2018, we extended our mortgage loan on our Paramus property. The $68,000,000 interest-only loan has a fixed rate of 4.72% and matures in October 2021. Previously the loan bore interest at a fixed rate of 2.90%. On December 12, 2018, we completed a $252,544,000 refinancing of our Rego Park II shopping center. The interest-only loan is at LIBOR plus 1.35% (3.87% as of December 31, 2018) and matures in December 2025. The previous loan bore interest at LIBOR plus 1.85% and was scheduled to mature in January 2019. 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, 2018 |  | Balance at December 31,
(Amounts in thousands) | Maturity(1) |  |  | 2018 |  | 2017
First mortgages secured by: |  |  |  |  |  |  |
|  | Paramus | Oct. 2021 |  | 4.72% |  | $ | 68,000 |  |  | $ | 68,000 |
|  | 731 Lexington Avenue, retail space(2) | Aug. 2022 |  | 3.78% |  | 350,000 |  |  | 350,000 |
|  | 731 Lexington Avenue, office space(3) | Jun. 2024 |  | 3.36% |  | 500,000 |  |  | 500,000 |
|  | Rego Park II shopping center | Dec. 2025 |  | 3.87% |  | 252,544 |  | (4) | 256,194 |
|  | Rego Park I shopping center (100% cash |  |  |  |  |  |  |
|  | collateralized)(5) | — |  | — |  | — |  |  | 78,246 |
|  | Total |  |  |  |  | 1,170,544 |  |  | 1,252,440 |
|  | Deferred debt issuance costs, net of accumulated |  |  |  |  |  |  |
|  | amortization of $9,212 and $6,315, respectively |  |  |  |  | (9,010 | ) |  | (12,218 | )
|  |  |  |  |  |  | $ | 1,161,534 |  |  | $ | 1,240,222 |
(1) |  | Represents the extended maturity where we have the unilateral right to extend.
(2) |  | Interest at LIBOR plus 1.40%.
(3) |  | Interest at LIBOR plus 0.90%.
(4) |  | Interest at LIBOR plus 1.35%. See Note 8 for details of our Rego Park II loan participation.
(5) |  | Refinanced on May 11, 2018 and repaid on June 6, 2018.
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 $589,492,000 as of December 31, 2018. 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, 2018, the principal repayments for the next five years and thereafter are as follows:
(Amounts in thousands) |  |
Year Ending December 31, |  | Amount
2019 |  | $ | — |
2020 |  | — |
2021 |  | 68,000 |
2022 |  | 350,000 |
2023 |  | — |
Thereafter |  | 752,544 |

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