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. |
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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 |
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