Rego Park II Loan Participation

9 Months Ended

Sep. 30, 2017

4.	Rego Park II Loan Participation

On July 28, 2017, we entered into a participation and servicing agreement with the lender on our Rego Park II shopping center loan, which matures on November 30, 2018. We paid $200,000,000 to participate in the loan and are entitled to interest of LIBOR plus 1.60% (2.84% as of September 30, 2017). The investment is presented as “Rego Park II loan participation” on our consolidated balance sheet as of September 30, 2017 and interest earned is recognized as “interest and other income, net” in our consolidated statements of income for the three and nine months ended September 30, 2017.