Mortgage and Other Notes Payable

At December 31, 2014 and 2013, mortgage, convertible and other notes payable, excluding the net valuation premium on the assumption of debt, aggregated $1,127.6 million and $1,038.1 million respectively, and were collateralized by 40 properties and related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.00% to 6.65% with maturities that ranged from April 2015 to April 2023. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios.

The following table reflects mortgage loan activity for the year ended December 31, 2014:



(dollars in thousands)			Borrowings				Repayments
Property	Date	Description	Amount		Interest Rate	Maturity Date	Amount		Interest Rate
664 N. Michigan Avenue	January	New Borrowing	$	45,000	LIBOR + 1.65%	6/28/2018	$	—
New Hyde Park Shopping Center	January	Additional Draw	1,500		LIBOR + 2.25%	11/10/2015	—
Heritage Shops	February	Refinancing	24,500		LIBOR + 1.55%	2/28/2016	20,900		LIBOR + 2.25%
654 Broadway	March	New Borrowing	9,000		LIBOR + 1.88%	3/7/2017	—
Paramus Plaza	March	New Borrowing	12,600		LIBOR + 1.70%	2/20/2019	—
613-623 W. Diversey	April	Repayment	—			7/1/2014	4,200		6.35%
Lake Montclair Center	April	New Borrowing	15,500		LIBOR + 2.15%	5/1/2019	—
New Hyde Park Shopping Center	April	Refinancing	12,000		LIBOR + 1.85%	5/1/2017	7,700		LIBOR + 2.25%
938 W. North Avenue	May	New Borrowing	12,500		LIBOR + 2.35%	5/1/2017	—
1151 Third Ave	June	New Borrowing	12,500		LIBOR + 1.75%	6/3/2017	—
New Loudon Center	June	Repayment	—		5.64%	9/6/2014	13,300		5.64%
Bedford Green	July	Assumption	29,794		5.10%	9/5/2017	—
City Point	October	Refinancing	20,000		LIBOR + 2.00%	11/1/2021	20,000		7.25%
City Point	December	Refinancing	20,000		LIBOR + 1.70%	8/23/2015	20,000		LIBOR + 5.00%
Lincoln Park Center	December	Additional Draw	5,000
3104 M Street	December	New Borrowing	103		Prime + 0.50%	12/10/2021	—
City Point (1)	Various	Additional Draw	81,191
Total			$	301,188			$	86,100

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

Note:

(1) As of December 31, 2014, $199.0 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $168.4 million has been drawn to fund construction activities, with $30.6 million remaining in the restricted cash account at December 31, 2014.

Unsecured Credit Facilities:

During the year ended December 31, 2014, the Company borrowed $15.0 million on its unsecured credit facility and paid down $15.0 million. As of December 31, 2014, there was no outstanding balance under this facility. During September 2014, the Company amended its unsecured credit facility and its $50.0 million term loan. The amendment extended the maturity date of the unsecured credit facility to January 31, 2018, reduced the interest rate from LIBOR plus 155 basis points to LIBOR plus 140 basis points and reduced the unused fee from 35 basis points to 25 basis points. The amendment also extended the maturity date of the Company's $50.0 million term loan to November 25, 2019 and reduced the interest rate from LIBOR plus 140 basis points to LIBOR plus 130 basis points.

During the year ended December 31, 2014, the Company borrowed $112.2 million on its Fund IV subscription line and paid down $103.9 million. The outstanding balance under this facility is $77.1 million as of December 31, 2014.

The following table sets forth certain information pertaining to our credit facilities as of December 31, 2014:



(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2013		Net borrowings (repayments) during the year ended December 31, 2014		Amount borrowed as of December 31, 2014		Letters of credit outstanding as of December 31, 2014		Amount available under credit facilities as of December 31, 2014
Operating Partnership	$	150,000	$	—	$	—	$	—	$	12,500	$	137,500
Fund IV	150,000		68,750		8,350		77,100		—		72,900
Total	$	300,000	$	68,750	$	8,350	$	77,100	$	12,500	$	210,400

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2014 and December 31, 2013:

(dollars in thousands)

Description of Debt and Collateral

12/31/2014

12/31/2013

Interest Rate at December 31, 2014

Maturity

Payment
Terms

Mortgage notes payable – variable-rate

Liberty Avenue

8,973

9,090

2.92%
(LIBOR+2.75%)

4/30/2015

Monthly principal and interest.

210 Bowery

4,600

2.12%
(LIBOR+1.95%)

6/1/2015

Interest only monthly.

640 Broadway

22,564

22,750

3.12%
(LIBOR+2.95%)

7/1/2015

Monthly principal and interest.

Heritage Shops

—

20,871

2.42%
(LIBOR+2.25%)

8/10/2015

Interest only monthly.

CityPoint

20,650

4.17%
(LIBOR+4.00%)

8/12/2015

Interest only monthly.

CityPoint

20,000

1.87%
(LIBOR+1.70%)

8/23/2015

Interest only monthly.

Cortlandt Towne Center

83,936

84,745

1.82%
(LIBOR+1.65%)

10/26/2015

Monthly principal and interest.

New Hyde Park Shopping Center

—

6,294

2.40%
(LIBOR+1.85%)

11/10/2015

Monthly principal and interest.

3780-3858 Nostrand Avenue

12,046

12,567

2.82%
(LIBOR+2.65%)

2/1/2016

Monthly principal and interest.

Heritage Shops

24,500

—

1.72%
(LIBOR+1.55%)

2/28/2016

Interest only monthly.

Lincoln Park Centre

28,000

23,000

1.62%
(LIBOR+1.45%)

12/3/2016

Interest only monthly.

654 Broadway

9,000

—

2.05%
(LIBOR+1.88%)

3/1/2017

Interest only monthly.

New Hyde Park Shopping Center

11,720

—

2.02%
(LIBOR+1.85%)

5/1/2017

Monthly principal and interest.

938 W. North Avenue

12,500

—

2.52%
(LIBOR+2.35%)

5/1/2017

Interest only monthly.

1151 Third Avenue

12,481

—

1.92%
(LIBOR+1.75%)

6/3/2017

Interest only monthly.

161st Street

29,500

2.67%
(LIBOR+2.50%)

4/1/2018

Interest only monthly.

664 N. Michigan

44,369

—

1.82%
(LIBOR+1.65%)

6/28/2018

Monthly principal and interest.

Paramus Plaza

12,600

—

1.87%
(LIBOR+1.70%)

2/20/2019

Interest only monthly.

Lake Montclair Center

15,284

—

2.32%
(LIBOR+2.15%)

5/1/2019

Monthly principal and interest.

City Point

20,000

—

1.56%
(LIBOR+1.39%)

11/1/2021

Interest only monthly.

3104 M Street

103

—

3.75%
(Prime+0.5%)

12/10/2021

Interest only monthly.

4401 N. White Plains Road

6,141

6,263

2.07%
(LIBOR+1.90%)

9/1/2022

Monthly principal and interest.

28 Jericho Turnpike

15,747

16,164

2.07%
(LIBOR+1.90%)

1/23/2023

Monthly principal and interest.

60 Orange Street

8,236

8,457

1.92%
(LIBOR+1.75%)

4/3/2023

Monthly principal and interest.

Sub-total mortgage notes payable

422,950

284,951

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued



(dollars in thousands)
Description of Debt and Collateral	12/31/2014			12/31/2013			Interest Rate at December 31, 2014	Maturity	Payment Terms
Unsecured Debt
Fund IV revolving subscription line of credit (2)	$	77,100		$	68,750		1.82% (LIBOR+1.65%)	11/20/2015	Interest only monthly.
Unsecured Line of Credit	—			—			1.57% (LIBOR+1.40%)	1/31/2018	Interest only monthly.
Term Loan	50,000			50,000			1.47% (LIBOR+130%)	11/25/2019	Interest only monthly.
Interest rate swaps (1)	(223,829		)	(179,660		)
Total variable-rate debt	326,221			224,041

Mortgage notes payable – fixed-rate
613-623 W. Diversey	$	—		$	4,192		6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	—			13,369			5.64%	9/6/2014	Monthly principal and interest.
CityPoint	—			20,000			7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	16,455			16,747			4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,307			11,530			5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	32,201			32,744			5.53%	1/1/2016	Monthly principal and interest.
Chicago Street Retail Portfolio	15,265			15,558			5.61%	2/1/2016	Monthly principal and interest.
Gateway Shopping Center	19,440			19,746			5.44%	3/1/2016	Monthly principal and interest.
330-340 River Street	10,668			10,904			5.30%	5/1/2016	Monthly principal and interest.
Brandywine Town Center	166,200			166,200			5.99%	7/1/2016	Interest only monthly.
Walnut Hill Plaza	—			22,910			6.06%	10/1/2016	Monthly principal and interest.
Rhode Island Place Shopping Center	15,975			16,208			6.35%	12/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000			26,000			5.42%	2/11/2017	Interest only monthly.
639 West Diversey	4,245			4,341			6.65%	3/1/2017	Monthly principal and interest.
Merrillville Plaza	25,504			25,837			5.88%	8/1/2017	Monthly principal and interest.
Bedford Green	29,586			—			5.10%	9/5/2017	Monthly principal and interest.
216th Street	—			25,500			5.80%	10/1/2017	Interest only monthly.
CityPoint	5,262			5,262			1.00%	8/23/2019	Interest only monthly.
CityPoint	199,000			197,000			4.75%	2020 (3)	Interest only monthly.
Convertible Notes	380			380			3.75%	(4)	Interest only semi-annually.
Interest rate swaps (1)	223,829			179,660			2.15%
Total fixed-rate debt	801,317			814,088
Unamortized premium	2,943			1,868
Total	$	1,130,481		$	1,039,997

Notes:


(1)	Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).


(2)	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.


(3)	The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2015.


(4)	Holders of the Convertible Notes may require the Company to repurchase them at par on December 15, 2016 and December 15, 2021. The Company may redeem the Convertible Notes, in whole, or in part, at any time.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2014 are as follows (does not include $2,943 net valuation premium on assumption of debt):




(dollars in thousands)
2015	$	271,784
2016	326,767
2017	130,721
2018	71,790
2019	82,423
Thereafter	244,053
	$	1,127,538