(5) MORTGAGE NOTES PAYABLE, BANK LINES OF CREDIT AND OTHER LOANS

At October 31, 2017, the Company has mortgage notes payable and other loans that are due in installments over various periods to fiscal 2031. The mortgage loans bear interest at rates ranging from 3.4% to 6.6% and are collateralized by real estate investments having a net carrying value of approximately $570.8 million.

Combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands):

	Principal Repayments		Scheduled Amortization		Total
2018	$	9,904	$	6,391	$	16,295
2019		26,880		6,197		33,077
2020		-		5,848		5,848
2021		-		6,200		6,200
2022		49,486		5,503		54,989
Thereafter		171,006		9,656		180,662
	$	257,276	$	39,795	$	297,071

The Company has a $100 million unsecured revolving credit facility with a syndicate of three banks led by The Bank of New York Mellon, as administrative agent. The syndicate also includes Wells Fargo Bank N.A. and Bank of Montreal (co-syndication agent). The Facility gives the Company the option, under certain conditions, to increase the Facility's borrowing capacity up to $150 million (subject to lender approval). The maturity date of the Facility is August 23, 2020 with a one-year extension at the Company's option. Borrowings under the Facility can be used for general corporate purposes and the issuance of letters of credit (up to $10 million). Borrowings will bear interest at the Company's option of Eurodollar rate plus 1.35% to 1.95% or The Bank of New York Mellon's prime lending rate plus 0.35% to 0.95% based on consolidated indebtedness, as defined. The Company pays a quarterly fee on the unused commitment amount of 0.15% to 0.25% per annum based on outstanding borrowings during the year. The Facility contains certain representations, financial and other covenants typical for this type of facility. The Company's ability to borrow under the Facility is subject to its compliance with the covenants and other restrictions on an ongoing basis. The principal financial covenants limit the Company's level of secured and unsecured indebtedness and additionally require the Company to maintain certain debt coverage ratios. The Company was in compliance with such covenants at October 31, 2017.

As of October 31, 2017, $95 million was available to be drawn on the Facility.

During the fiscal years ended October 31, 2017 and 2016, the Company borrowed $52 million and $52 million, respectively, on its Facility to fund capital improvements, the repayment of the Company's mortgage encumbering its Stamford Property (see below) and property acquisitions. During the fiscal years ended October 31, 2017 and 2016, the Company re-paid $56.0 million and $66.8 million, respectively, on its Facility with mortgage proceeds from refinancing the mortgage on the Company's Stamford property (see below) and available cash.

In October 2017, the Company, through a subsidiary (see note 6), refinanced its $6.1 million non-recourse first mortgage loan secured by our Orangeburg property with the existing lender. The new mortgage requires payments of interest only for the first five years at the rate of LIBOR plus 2.15%; in years six and seven of the term, the mortgage requires monthly principal payments of $10,000 per month and interest at the aforementioned rate. Concurrent with entering into the mortgage, the Company also entered into an interest rate swap contract with the lender as the counterparty, which will convert the variable interest rate (based on LIBOR) to a fixed rate of 4.48% per annum. The mortgage matures on October 1, 2024.

In August 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the Washington Commons Property (see note 6) with a balance of $10 million. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 3.87% per annum. The mortgage matures on April 1, 2018.

In July 2017, the Company, through a wholly-owned subsidiary, repaid at maturity the existing $44 million first mortgage loan encumbering its Ridgeway property, located in Stamford, CT, with available cash and a $33 million borrowing on its Facility. Subsequently in July, the Company placed a new $50 million non-recourse first mortgage loan encumbered by the subject property and used a portion of the proceeds to repay the $33 million borrowing on the Facility. The new loan has a term of 10 years and requires payments of principal and interest at the rate of LIBOR plus 1.90% based on a 30-year amortization. The Company entered into an interest rate swap agreement with the lender as the counterparty which converts the variable interest rate (based on LIBOR) to a fixed rate of 3.398% per annum.

In March 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the Passaic Property (see note 3) with a balance of $3.5 million. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 4.64% per annum. The mortgage matures on October 7, 2022.

In March 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the High Ridge Shopping Center (see note 6) with a balance of $10 million. The mortgage loan requires monthly payments of interest only at the fixed rate of 3.65% per annum. The mortgage matures on March 1, 2025.

In March 2017, the Company, through a wholly-owned subsidiary, assumed an existing non-recourse first mortgage loan encumbering the CVS Property (see note 6) with a balance of $1.2 million. The mortgage loan requires monthly payments of principal and interest at the fixed rate of 4.75% per annum. The mortgage matures on June 1, 2037.

In September 2016, the Company refinanced its $7.2 million mortgage secured by 2 properties with the existing lender. The new mortgage principal balance is $11 million and has a term of 10 years and requires payments of principal and interest at the rate of LIBOR plus 2.00%. Concurrent with entering into the mortgage, the Company also entered into an interest rate swap contract, with the lender as the counterparty, which converted the variable interest rate (based on LIBOR) to a fixed rate of 3.475% per annum.

In July 2016, the Company placed a $22.7 million mortgage secured by its Newfield Green shopping center located in Stamford, CT. The mortgage has a term of fifteen years and requires payments of principal and interest at the fixed rate of 3.89% per annum.

In May 2016, the Company repaid a $7.5 million mortgage that was secured by its Bloomfield, NJ property.

Interest paid in the years ended October 31, 2017, 2016, and 2015 was approximately $12.9 million, $13.1 million and $13.4 million, respectively.