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MORTGAGES PAYABLE (Tables)
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of mortgages payable
The following is a summary of mortgages payable as of December 31, 2016 and December 31, 2015.
 
 
 
 
Interest Rate at
 
December 31,
 
December 31,
(Amounts in thousands)
 
Maturity
 
December 31, 2016
 
2016
 
2015
Cross collateralized mortgage loan:
 
 
 
 
 
 

 
 

Fixed Rate
 
9/10/2020
 
4.36%
 
$
519,125

 
$
533,459

Variable Rate(1) 
 
9/10/2020
 
2.36%
 
38,756

 
60,000

Total cross collateralized
 
 
 
 
 
557,881

 
593,459

First mortgages secured by:
 
 
 
 
 
 
 
 
North Bergen (Tonnelle Avenue)
 
1/9/2018
 
4.59%
 
73,951

 
75,000

Englewood(3)
 
10/1/2018
 
6.22%
 
11,537

 
11,537

Montehiedra Town Center, Senior Loan(2)(4)
 
7/6/2021
 
5.33%
 
87,308

 
88,676

Montehiedra Town Center, Junior Loan(2)
 
7/6/2021
 
3.00%
 
30,000

 
30,000

Bergen Town Center
 
4/8/2023
 
3.56%
 
300,000

 
300,000

Las Catalinas
 
8/6/2024
 
4.43%
 
130,000

 
130,000

Mount Kisco (Target)(5)
 
11/15/2034
 
6.40%
 
14,883

 
15,285

 
 
Total mortgages payable
 
1,205,560

 
1,243,957

 
 
Unamortized debt issuance costs
 
(8,047
)
 
(9,974
)
Total mortgages payable, net of unamortized debt issuance costs

 
$
1,197,513

 
$
1,233,983

(1) 
Subject to a LIBOR floor of 1.00%, bears interest at LIBOR plus 136 bps. In June 2016, in connection with the sale of our property in Waterbury, CT, we prepaid $21.2 million of the variable rate portion of our cross collateralized mortgage loan to maintain compliance with covenant requirements.
(2) 
On January 6, 2015, we completed the modification of the $120.0 million, 6.04% mortgage loan secured by Montehiedra Town Center. Refer to “Troubled Debt Restructuring” disclosure below.
(3) 
On March 30, 2015, we notified the lender that due to tenants vacating, the property’s operating cash flow would be insufficient to pay its debt service. As of December 31, 2016 we were in default and the property was transferred to receivership. Urban Edge no longer manages the property but will remain its title owner until the receiver disposes of the property. We have determined this property is held in a VIE for which we are the primary beneficiary. Accordingly, as of December 31, 2016 we consolidated Englewood and its operations. The consolidated balance sheet included total assets and liabilities of $12.4 million and $14.2 million, respectively.
(4) 
The mortgage payable balance secured by Montehiedra was presented net of unamortized fees of $1.7 million as of December 31, 2015 in our Form 10-K as filed with SEC for Urban Edge Properties. The net unamortized fees of $1.7 million were revised to be presented with the unamortized debt issuance costs.
(5) 
The mortgage payable balance on the loan secured by Mt. Kisco (Target) includes $1.1 million of unamortized debt discount as of December 31, 2016 and December 31, 2015. The effective interest rate including amortization of the debt discount is 7.26% as of December 31, 2016.

Schedule of principal repayments
As of December 31, 2016, the principal repayments for the next five years and thereafter are as follows:
(Amounts in thousands)
 
 
Year Ending December 31,
 
 
2017
 
17,120

2018
 
99,708

2019
 
17,320

2020
 
513,870

2021
 
120,048

Thereafter
 
437,494