v3.25.2
MORTGAGES PAYABLE
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
MORTGAGES PAYABLE MORTGAGES PAYABLE
The following is a summary of mortgages payable as of June 30, 2025 and December 31, 2024.
(Amounts in thousands)Maturity
Interest Rate at June 30, 2025
June 30, 2025December 31, 2024
Mortgages secured by: 
Variable rate
Plaza at Woodbridge(1)
6/8/2027—%$— $50,905 
Total variable rate debt— 50,905 
Fixed rate
West End Commons12/10/20253.99%23,470 23,717 
Town Brook Commons12/1/20263.78%29,291 29,610 
Rockaway River Commons12/1/20263.78%25,933 26,215 
Hanover Commons12/10/20264.03%59,551 60,155 
Tonnelle Commons4/1/20274.18%94,342 95,286 
Manchester Plaza6/1/20274.32%12,500 12,500 
Millburn Gateway Center6/1/20273.97%21,270 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%35,663 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%20,769 20,958 
Shops at Bruckner7/1/20296.00%37,100 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%289,454 290,000 
The Outlets at Montehiedra6/1/20305.00%72,507 73,551 
Montclair(2)
8/15/20303.15%7,250 7,250 
Garfield Commons12/1/20304.14%38,513 38,886 
The Village at Waugh Chapel(3)
12/1/20313.76%55,427 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%15,613 15,719 
Shops at Caguas8/1/20336.60%80,760 81,504 
Briarcliff Commons10/1/20345.47%30,000 30,000 
Mount Kisco Commons(4)
11/15/20346.40%10,017 10,390 
Total fixed rate debt1,526,634 1,532,915 
Total mortgages payable1,526,634 1,583,820 
Total unamortized debt issuance costs(12,397)(14,067)
Total mortgages payable, net$1,514,237 $1,569,753 
(1)The Company paid off the loan prior to maturity on June 26, 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 $4.6 million.
(4)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.6 million.

The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.4 billion as of June 30, 2025. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and in certain circumstances require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of June 30, 2025, we were in compliance with all debt covenants.
As of June 30, 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)
$30,891 
2026126,997 
2027272,363 
2028225,168 
2029236,619 
2030378,147 
Thereafter346,449 
(1) Remainder of 2025.

Revolving Credit Agreement
On January 15, 2015, we entered into a $500 million revolving credit agreement (the “Revolving Credit Agreement”) with certain financial institutions. On March 7, 2017, we amended and extended the Revolving Credit Agreement. The amendment increased the credit facility size by $100 million to $600 million and extended the maturity date to March 7, 2021, with two six-month extension options. On July 29, 2019, we entered into a second amendment to the Revolving Credit Agreement to extend the maturity date to January 29, 2024, with two six-month extension options.
On June 3, 2020, we entered into a third amendment to the Revolving Credit Agreement which, among other things, modified certain definitions and the measurement period for certain financial covenants to a trailing four-quarter period instead of the most recent quarter period annualized.
On August 9, 2022, we amended and restated the Revolving Credit Agreement, in order to, among other things, increase the credit facility size by $200 million to $800 million and extend the maturity date to February 9, 2027, with two six-month extension options. Borrowings under the amended and restated Revolving Credit Agreement are subject to interest at SOFR plus 1.03% to 1.50% and an annual facility fee of 15 to 30 basis points. Both the spread over SOFR and the facility fee are based on our current leverage ratio and are subject to change. The Revolving Credit Agreement contains customary financial covenants including a maximum leverage ratio of 60% and a minimum fixed charge coverage ratio of 1.5x.
The Company has obtained seven letters of credit issued under the Revolving Credit Agreement, aggregating $32.1 million. The letters of credit were provided to mortgage lenders and other entities to secure the Company’s obligations in relation to certain reserves and capital requirements. The letters of credit issued under the Revolving Credit Agreement have reduced the amount available under the facility commensurate with their face values but remain undrawn as of June 30, 2025 and no separate liability has been recorded in association with them.
During the quarter, the Company repaid $35 million of the outstanding balance under the Revolving Credit Agreement and subsequently borrowed $50 million. The proceeds were used to pay off the mortgage secured by the Plaza at Woodbridge. As of June 30, 2025, $90 million was outstanding under the Revolving Credit Agreement which had an available remaining balance of $677.9 million, including undrawn letters of credit.
Financing costs associated with executing the Revolving Credit Agreement of $2.6 million and $3.4 million as of June 30, 2025 and December 31, 2024, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net.

Mortgage on Plaza at Woodbridge
On June 26, 2025, the Company paid off the variable rate mortgage loan secured by the Plaza at Woodbridge which had an outstanding balance of $50.2 million and a maturity date of June 8, 2027. The loan was repaid using proceeds from the Company’s line of credit.

Mortgage on Kingswood Center
In March 2023, an office tenant representing 50,000 sf (approximately 40% of the total gross leasable area) informed us that they intended to vacate in 2024, and a tenant representing 17,000 sf terminated their lease early, effective April 17, 2023. As a result of these events, the Company notified the servicer that the projected cash flows generated by the property would be insufficient to cover debt service and that it was unwilling to fund the shortfalls. In May 2023, the loan was transferred to special servicing at the Company’s request, and per the terms of the loan agreement, the Company began to accrue default
interest at a rate of 5% on the outstanding principal balance. On June 27, 2024, the foreclosure process was completed and the lender took possession of the property, eliminating the $68.6 million mortgage liability secured by the property and resulting in a $21.7 million gain on extinguishment of debt recognized in the second quarter of 2024. During the first quarter of 2025, the Company recognized a $0.5 million gain on extinguishment of debt related to the return of escrow funds from the foreclosure.

Mortgage on The Outlets at Montehiedra
In connection with the refinancing of the loan secured by The Outlets at Montehiedra in the second quarter of 2020, the Company provided a $12.5 million limited corporate guarantee. The guarantee is reduced commensurate with the loan amortization schedule and will reduce to zero in approximately 1.3 years. As of June 30, 2025, the remaining exposure under the guarantee is $3.0 million. There was no separate liability recorded related to this guarantee.