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MORTGAGES PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable
The following is a summary of mortgages payable as of September 30, 2024 and December 31, 2023.
(Amounts in thousands)Maturity
Interest Rate at September 30, 2024
September 30, 2024December 31, 2023
Mortgages secured by: 
Variable rate
Hudson Commons(1)
11/15/2024—%$— $26,930 
Gun Hill Commons(1)
12/1/2024—%— 23,696 
Plaza at Woodbridge(2)
6/8/20275.26%51,253 52,278 
Total variable rate debt51,253 102,904 
Fixed rate
Brick Commons12/10/20243.87%46,941 47,683 
West End Commons12/10/20253.99%23,839 24,196 
Town Brook Commons12/1/20263.78%29,767 30,229 
Rockaway River Commons12/1/20263.78%26,354 26,763 
Hanover Commons12/10/20264.03%60,453 61,324 
Tonnelle Commons4/1/20274.18%95,750 97,115 
Manchester Plaza6/1/20274.32%12,500 12,500 
Millburn Gateway Center6/1/20273.97%21,651 22,015 
Totowa Commons12/1/20274.33%50,800 50,800 
Woodbridge Commons12/1/20274.36%22,100 22,100 
Brunswick Commons12/6/20274.38%63,000 63,000 
Rutherford Commons1/6/20284.49%23,000 23,000 
Kingswood Center(3)
2/6/2028—%— 69,054 
Hackensack Commons3/1/20284.36%66,400 66,400 
Marlton Commons12/1/20283.86%36,202 36,725 
Union (Vauxhall)(7)
12/10/20284.01%44,592 45,202 
Yonkers Gateway Center(4)
4/10/20296.30%50,000 23,148 
Ledgewood Commons5/5/20296.03%50,000 — 
The Shops at Riverwood6/24/20294.25%21,051 21,326 
Shops at Bruckner7/1/20296.00%37,473 37,817 
Greenbrook Commons(5)
9/1/20296.03%31,000 25,065 
Huntington Commons12/5/20296.29%43,704 43,704 
Bergen Town Center4/10/20306.30%290,000 290,000 
The Outlets at Montehiedra6/1/20305.00%74,073 75,590 
Montclair(6)
8/15/20303.15%7,250 7,250 
Garfield Commons12/1/20304.14%39,069 39,607 
Woodmore Towne Centre1/6/20323.39%117,200 117,200 
Newington Commons7/1/20336.00%15,770 15,920 
Shops at Caguas8/1/20336.60%81,876 82,000 
Briarcliff Commons10/1/20345.47%30,000 — 
Mount Kisco Commons11/15/20346.40%10,571 11,098 
Total fixed rate debt1,522,386 1,487,831 
Total mortgages payable1,573,639 1,590,735 
Less: Union (Vauxhall - held for sale)(7)
12/10/2028(4.01)%(44,592)— 
Total mortgages payable, excluding held for sale1,529,047 1,590,735 
Total unamortized debt issuance costs(13,858)(12,625)
Less: Union (Vauxhall - held for sale) unamortized debt issuance costs(7)
190 — 
Total mortgages payable, net excluding held for sale$1,515,379 $1,578,110 
(1)The Company paid off the loan prior to maturity on January 2, 2024.
(2)Bears interest at one month SOFR plus 226 bps. The variable component of the debt is hedged with an interest rate cap agreement to limit SOFR to a maximum of 3%, which expires July 1, 2025.
(3)On June 27, 2024, the property was foreclosed on and the lender took possession, discharging the Company of all assets and liabilities associated with it. As a result, the Company recognized a $21.7 million gain on extinguishment of debt in the second quarter of 2024.
(4)On March 28, 2024, the Company refinanced the mortgage secured by the property with a new 5-year, $50 million loan.
(5)The Company paid off the previous variable rate loan in January 2024. On August 29, 2024, the Company obtained a new 5-year, $31 million fixed rate loan.
(6)Bears interest at SOFR plus 257 bps. The fixed and variable components of the debt are hedged with an interest rate swap agreement, fixing the rate at 3.15%, which expires at the maturity of the loan.
(7)The mortgage is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets as of September 30, 2024 as the property securing it is classified as held for sale.
Schedule of Principal Repayments
As of September 30, 2024, the principal repayments of the Company’s total outstanding debt for the remainder of 2024 and the five succeeding years, and thereafter are as follows:
(Amounts in thousands) 
Year Ending December 31,
2024(1)
$50,302 
202537,082 
2026125,672 
2027317,348 
2028131,901 
2029233,092 
Thereafter633,650 
(1) Remainder of 2024.