v3.25.1
MORTGAGES PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable
The following is a summary of mortgages payable as of March 31, 2025 and December 31, 2024.
(Amounts in thousands)Maturity
Interest Rate at March 31, 2025
March 31, 2025December 31, 2024
Mortgages secured by: 
Variable rate
Plaza at Woodbridge(1)
6/8/20275.26%$50,554 $50,905 
Total variable rate debt50,554 50,905 
Fixed rate
West End Commons12/10/20253.99%23,594 23,717 
Town Brook Commons12/1/20263.78%29,451 29,610 
Rockaway River Commons12/1/20263.78%26,075 26,215 
Hanover Commons12/10/20264.03%59,855 60,155 
Tonnelle Commons4/1/20274.18%94,816 95,286 
Manchester Plaza6/1/20274.32%12,500 12,500 
Millburn Gateway Center6/1/20273.97%21,396 21,525 
Totowa Commons12/1/20274.33%50,800 50,800 
Woodbridge Commons12/1/20274.36%22,100 22,100 
Brunswick Commons12/6/20274.38%63,000 63,000 
Rutherford Commons1/6/20284.49%23,000 23,000 
Hackensack Commons3/1/20284.36%66,400 66,400 
Marlton Commons12/1/20283.86%35,844 36,024 
Yonkers Gateway Center4/10/20296.30%50,000 50,000 
Ledgewood Commons5/5/20296.03%50,000 50,000 
The Shops at Riverwood6/24/20294.25%20,862 20,958 
Shops at Bruckner7/1/20296.00%37,220 37,350 
Greenbrook Commons9/1/20296.03%31,000 31,000 
Huntington Commons12/5/20296.29%43,704 43,704 
Bergen Town Center4/10/20306.30%290,000 290,000 
The Outlets at Montehiedra6/1/20305.00%73,029 73,551 
Montclair(2)
8/15/20303.15%7,250 7,250 
Garfield Commons12/1/20304.14%38,700 38,886 
The Village at Waugh Chapel(3)
12/1/20313.76%55,249 55,071 
Brick Commons12/10/20315.20%50,000 50,000 
Woodmore Towne Centre1/6/20323.39%117,200 117,200 
Newington Commons7/1/20336.00%15,666 15,719 
Shops at Caguas8/1/20336.60%81,132 81,504 
Briarcliff Commons10/1/20345.47%30,000 30,000 
Mount Kisco Commons(4)
11/15/20346.40%10,205 10,390 
Total fixed rate debt1,530,048 1,532,915 
Total mortgages payable1,580,602 1,583,820 
Total unamortized debt issuance costs(13,354)(14,067)
Total mortgages payable, net$1,567,248 $1,569,753 
(1)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.
(2)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.
(3)The mortgage payable balance includes unamortized debt mark-to-market discount of $4.8 million.
(4)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.6 million.
Schedule of Principal Repayments
As of March 31, 2025, the principal repayments of the Company’s total outstanding debt for the remainder of 2025, the five succeeding years, and thereafter are as follows:
(Amounts in thousands) 
Year Ending December 31,
2025(1)
$33,155 
2026124,959 
2027316,636 
2028206,188 
2029232,380 
2030395,835 
Thereafter346,449 
(1) Remainder of 2025.