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, 2024 | | December 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) | | 6/8/2027 | | 5.26% | | 51,253 | | | 52,278 | | Total variable rate debt | | | | | | 51,253 | | | 102,904 | | Fixed rate | | | | | | | | | Brick Commons | | 12/10/2024 | | 3.87% | | 46,941 | | | 47,683 | | West End Commons | | 12/10/2025 | | 3.99% | | 23,839 | | | 24,196 | | Town Brook Commons | | 12/1/2026 | | 3.78% | | 29,767 | | | 30,229 | | Rockaway River Commons | | 12/1/2026 | | 3.78% | | 26,354 | | | 26,763 | | Hanover Commons | | 12/10/2026 | | 4.03% | | 60,453 | | | 61,324 | | Tonnelle Commons | | 4/1/2027 | | 4.18% | | 95,750 | | | 97,115 | | Manchester Plaza | | 6/1/2027 | | 4.32% | | 12,500 | | | 12,500 | | Millburn Gateway Center | | 6/1/2027 | | 3.97% | | 21,651 | | | 22,015 | | Totowa Commons | | 12/1/2027 | | 4.33% | | 50,800 | | | 50,800 | | Woodbridge Commons | | 12/1/2027 | | 4.36% | | 22,100 | | | 22,100 | | Brunswick Commons | | 12/6/2027 | | 4.38% | | 63,000 | | | 63,000 | | Rutherford Commons | | 1/6/2028 | | 4.49% | | 23,000 | | | 23,000 | | Kingswood Center(3) | | 2/6/2028 | | —% | | — | | | 69,054 | | Hackensack Commons | | 3/1/2028 | | 4.36% | | 66,400 | | | 66,400 | | Marlton Commons | | 12/1/2028 | | 3.86% | | 36,202 | | | 36,725 | | Union (Vauxhall)(7) | | 12/10/2028 | | 4.01% | | 44,592 | | | 45,202 | | Yonkers Gateway Center(4) | | 4/10/2029 | | 6.30% | | 50,000 | | | 23,148 | | Ledgewood Commons | | 5/5/2029 | | 6.03% | | 50,000 | | | — | | The Shops at Riverwood | | 6/24/2029 | | 4.25% | | 21,051 | | | 21,326 | | Shops at Bruckner | | 7/1/2029 | | 6.00% | | 37,473 | | | 37,817 | | Greenbrook Commons(5) | | 9/1/2029 | | 6.03% | | 31,000 | | | 25,065 | | Huntington Commons | | 12/5/2029 | | 6.29% | | 43,704 | | | 43,704 | | Bergen Town Center | | 4/10/2030 | | 6.30% | | 290,000 | | | 290,000 | | The Outlets at Montehiedra | | 6/1/2030 | | 5.00% | | 74,073 | | | 75,590 | | Montclair(6) | | 8/15/2030 | | 3.15% | | 7,250 | | | 7,250 | | Garfield Commons | | 12/1/2030 | | 4.14% | | 39,069 | | | 39,607 | | Woodmore Towne Centre | | 1/6/2032 | | 3.39% | | 117,200 | | | 117,200 | | Newington Commons | | 7/1/2033 | | 6.00% | | 15,770 | | | 15,920 | | Shops at Caguas | | 8/1/2033 | | 6.60% | | 81,876 | | | 82,000 | | Briarcliff Commons | | 10/1/2034 | | 5.47% | | 30,000 | | | — | | Mount Kisco Commons | | 11/15/2034 | | 6.40% | | 10,571 | | | 11,098 | | Total fixed rate debt | | | | | | 1,522,386 | | | 1,487,831 | | Total mortgages payable | | 1,573,639 | | | 1,590,735 | | Less: Union (Vauxhall - held for sale)(7) | | 12/10/2028 | | (4.01)% | | (44,592) | | | — | | Total mortgages payable, excluding held for sale | | 1,529,047 | | | 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.
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