Mortgages Payable

12 Months Ended

Dec. 31, 2016

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. MORTGAGES PAYABLE

The following is a summary of our outstanding mortgages payable. We intend to refinance our maturing debt as it comes due.

			Interest Rate at		Balance at December 31,
(Amounts in thousands)		Maturity⁽¹⁾	December 31, 2016		2016		2015
First mortgages secured by:
	Rego Park I shopping center (100% cash	Mar. 2018	0.35	%	$	78,246	$	78,246
	collateralized)⁽²⁾
	Paramus	Oct. 2018	2.90	%		68,000		68,000
	Rego Park II shopping center⁽³⁾	Nov. 2018	2.62	%		259,901		263,341
	731 Lexington Avenue, office space⁽⁴⁾	Mar. 2021	1.65	%		300,000		300,000
	731 Lexington Avenue, retail space⁽⁵⁾	Aug. 2022	2.05	%		350,000		350,000
	Total					1,056,147		1,059,587
	Deferred debt issuance costs, net of accumulated
	amortization of $6,824 and $4,267, respectively					(3,788)		(6,325)
					$	1,052,359	$	1,053,262

(1)	Represents the extended maturity where we have the unilateral right to extend.
(2)	Extended for two years from March 2016.
(3)	This loan bears interest at LIBOR plus 1.85%.
(4)	This loan bears interest at LIBOR plus 0.95%.
(5)	This loan bears interest at LIBOR plus 1.40%.

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 $663,274,000 as of December 31, 2016. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. 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,	Amount
2017	$	3,707
2018		402,440
2019		-
2020		-
2021		300,000
Thereafter		350,000