Notes and Mortgages Payable

12 Months Ended

Dec. 31, 2011

Notes and Mortgages Payable [Abstract]

Notes and Mortgages Payable [Text Block]

4. NOTES AND MORTGAGES PAYABLE

The following is a summary of outstanding notes and mortgages payable.

			Interest Rate at		Balance at December 31,
(Amounts in thousands)		Maturity	December 31, 2011		2011		2010
First mortgage, secured by the Rego Park I
	Shopping Center (100% cash collateralized)	Mar. 2012	0.75	%	$	78,246	$	78,246
First mortgage, secured by the office space
	at the Lexington Avenue property	Feb. 2014	5.33	%		339,890		351,751
First mortgage, secured by the retail space
	at the Lexington Avenue property⁽¹⁾	Jul. 2015	4.93	%		320,000		320,000
First mortgage, secured by the Kings Plaza
	Regional Shopping Center⁽²⁾	Jun. 2016	2.24	%		250,000		151,214
First mortgage, secured by the Paramus property⁽³⁾		Oct. 2018	2.90	%		68,000		68,000
First mortgage, secured by the
	Rego Park II Shopping Center⁽⁴⁾	Nov. 2018	2.15	%		274,796		277,200
					$	1,330,932	$	1,246,411
___________________

(1)	In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(2)	On June 10, 2011, we completed a $250,000 refinancing of this property. The five-year interest-only loan is at LIBOR plus 1.70%.
	We retained net proceeds of approximately $95,000 after repaying the existing loan and costs.
(3)	On October 5, 2011, this loan was refinanced for the same amount. The new seven-year interest-only loan has a fixed rate of 2.90%.
(4)	On November 30, 2011, we completed a $275,000 refinancing of this property. The seven-year loan bears interest at LIBOR plus
	1.85% and amortizes based on a 30-year schedule. The proceeds of the new loan were used to repay the existing loan on the property.

All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $873,911,000 at December 31, 2011. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, provide for lender approval of tenants' leases in certain circumstances, and provide for yield maintenance to prepay them. As of December 31, 2011, the principal repayments for the next five years and thereafter are as follows:

(Amounts in thousands)

Year Ending December 31,	Amount
2012	$	93,262
2013		15,957
2014		317,179
2015		323,192
2016		253,440
Thereafter		327,902

We may refinance our maturing debt as it comes due or choose to repay it at maturity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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