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Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract]  
Mortgage Loans on Real Estate

SCHEDULE IV

SITE Centers Corp.  

Mortgage Loans on Real Estate

December 31, 2018

(In thousands)

 

Description

 

Interest

Rate

 

 

Final

Maturity

Date

 

Periodic

Payment

Terms(A)

 

Prior Liens(B)

 

 

Face Amount

of Mortgages

 

 

Carrying

Amount of

Mortgages(C)

 

 

Principal

Amount of

Loans Subject

to Delinquent

Principal or

Interest

 

Mezzanine Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower A

 

9.0%

 

 

Jun-23

 

I

 

$

20,004

 

 

$

7,500

 

 

$

7,541

 

 

$

—

 

Borrower B

 

9.0%

 

 

Jun-19

 

I

 

 

43,544

 

 

 

12,040

 

 

 

12,134

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

63,548

 

 

 

19,540

 

 

 

19,675

 

 

 

—

 

Investments in and Advances to Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower C

 

8.5%

 

 

Oct-21

 

QI

 

 

390,417

 

 

 

300,000

 

 

 

135,759

 

 

 

—

 

Borrower D

 

8.5%

 

 

Dec-22

 

QI

 

 

163,387

 

 

 

82,634

 

 

 

54,132

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

$

617,352

 

 

$

402,174

 

 

$

209,566

 

 

$

—

 

(A)

I = Interest only; QI = Quarterly partial payment Interest only.  

(B)

The first mortgage loans on certain properties are not held by the Company.  Accordingly, the amounts of the prior liens for those properties at December 31, 2018, are estimated.  

(C)

The aggregate cost for federal income tax purposes is $294.2 million.  Carrying amount is net of applicable valuation allowance.

 

Changes in mortgage loans are summarized below (in thousands):

 

 

For the Year Ended December 31,

 

 

2018

 

 

2017

 

 

2016

 

Balance at beginning of period

$

297,451

 

 

$

442,826

 

 

$

437,144

 

Additions during period:

 

 

 

 

 

 

 

 

 

 

 

New mortgage loans

 

—

 

 

 

—

 

 

 

11,139

 

Interest

 

20,807

 

 

 

28,116

 

 

 

36,499

 

Accretion of discount

 

—

 

 

 

269

 

 

 

1,038

 

Deductions during period:

 

 

 

 

 

 

 

 

 

 

 

Provision for loan loss reserve

 

(11,422

)

 

 

(61,000

)

 

 

—

 

Collections of principal and interest

 

(97,270

)

 

 

(112,760

)

 

 

(42,994

)

Balance at close of period

$

209,566

 

 

$

297,451

 

 

$

442,826