v3.25.4
MORTGAGES PAYABLE
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
MORTGAGES PAYABLE MORTGAGES PAYABLE
The following is a summary of mortgages payable as of December 31, 2025 and December 31, 2024.
 Interest Rate atDecember 31,December 31,
(Amounts in thousands)MaturityDecember 31, 202520252024
Mortgages secured by: 
Variable rate
Plaza at Woodbridge(1)
6/8/2027—%$— $50,905 
Total variable rate debt— 50,905 
Fixed rate
West End Commons12/10/2025—%— 23,717 
Town Brook Commons12/1/20263.78%28,965 29,610 
Rockaway River Commons12/1/20263.78%25,645 26,215 
Hanover Commons12/10/20264.03%58,935 60,155 
Tonnelle Commons4/1/20274.18%93,377 95,286 
Manchester Plaza6/1/20274.32%12,500 12,500 
Millburn Gateway Center6/1/20273.97%21,013 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%35,295 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%20,577 20,958 
Shops at Bruckner7/1/20296.00%36,848 37,350 
Shoppers World(2)
8/15/20295.12%123,600 — 
Greenbrook Commons9/1/20296.03%31,000 31,000 
Huntington Commons12/5/20296.29%43,704 43,704 
Bergen Town Center4/10/20306.30%287,779 290,000 
The Outlets at Montehiedra6/1/20305.00%71,412 73,551 
Montclair(3)
8/15/20303.15%7,201 7,250 
Garfield Commons12/1/20304.14%38,134 38,886 
Shops at Caguas(4)
1/31/20316.15%79,983 81,504 
The Village at Waugh Chapel(5)
12/1/20313.76%55,784 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%15,505 15,719 
Briarcliff Commons10/1/20345.47%30,000 30,000 
Mount Kisco Commons(6)
11/15/20346.40%9,631 10,390 
Total fixed rate debt1,619,388 1,532,915 
 Total mortgages payable1,619,388 1,583,820 
Unamortized debt issuance costs(12,614)(14,067)
Total mortgages payable, net of unamortized debt issuance costs$1,606,774 $1,569,753 
(1)The Company paid off the loan prior to maturity on June 26, 2025.
(2)Bears interest at SOFR plus 170 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.12%, which expires at the maturity of the loan.
(3)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.
(4)The loan was modified on October 27, 2025, reducing the interest rate from 6.60% to 6.15% and shortening the maturity date to January 31, 2031.
(5)The mortgage payable balance includes unamortized debt mark-to-market discount of $4.2 million.
(6)The mortgage payable balance includes unamortized debt mark-to-market discount of $0.5 million.
The net carrying amount of real estate collateralizing the above indebtedness amounted to approximately $1.6 billion as of December 31, 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 December 31, 2025, we were in compliance with all debt covenants.
As of December 31, 2025, the principal repayments of the Company’s total outstanding debt for the next five years and thereafter are as follows:
(Amounts in thousands) 
Year Ending December 31,
2026$126,998 
2027272,360 
2028135,165 
2029360,269 
2030378,147 
Thereafter346,449 

Unsecured Line of Credit
On January 15, 2015, we entered into a $500 million credit agreement for an unsecured line of credit with certain financial institutions. On March 7, 2017, we amended and extended the agreement which 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 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 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 credit agreement, in order to, among other things, increase the 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 unsecured line of credit 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 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 obtained seven letters of credit issued under the unsecured line of credit, aggregating $30.2 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 unsecured line of credit have reduced the amount available under the facility commensurate with their face values but remain undrawn and no separate liability has been recorded in association with them.
As of December 31, 2025, there was no outstanding balance under the unsecured line of credit which had an available remaining balance of $769.8 million under the facility, including undrawn letters of credit.
Financing costs associated with executing the credit agreement of $1.8 million and $3.4 million as of December 31, 2025 and 2024, respectively, are included in the prepaid expenses and other assets line item of the consolidated balance sheets, as deferred financing costs, net.
On January 22, 2026, the Company amended and restated its credit agreement for its unsecured line of credit which reduced the facility size by $100 million to $700 million, and extended the maturity date to June 28, 2030, with two six-month extension options. Borrowings under the amended unsecured line of credit are subject to interest at SOFR plus 1.00% with an annual facility fee of 0.15% based on the Company's current leverage ratio as defined in the agreement. The previously issued letters of credit were migrated to the amended and restated unsecured line of credit and remain undrawn.

Term Loans
On January 22, 2026, the Company executed agreements for two term loans aggregating $250 million. The term loans are $125 million each consisting of a 5-year maturity and a 7-year maturity, both of which have a 12-month delayed draw feature, with rates of SOFR plus 1.15% and SOFR plus 1.50%, respectively, and a ticking fee of 0.15% for any amounts undrawn beginning 90 days after closing. The 5-year loan and 7-year loan have maturity dates of June 30, 2031 and January 22, 2033, respectively.
Shops at Caguas Loan Modification
On October 27, 2025, the Company completed the modification of its $80.2 million mortgage loan secured by the Shops at Caguas. The modification resulted in a reduced fixed interest rate of 6.15% and a shortened maturity date of January 2031, with a three-year extension option to January 2034. Prior to modification the loan was bearing interest at a fixed rate of 6.6% and maturing in August 2033. Based on our analysis, the terms of the modification were considered substantially different from the original loan. As such, this modification was accounted for as an extinguishment of debt, resulting in a $0.9 million loss on extinguishment of debt which is included in the consolidated statements of income and comprehensive income for the year ended December 31, 2025. There were no material costs incurred to execute the modification.

Financing Activity
On August 4, 2025, the Company obtained a 4-year, $123.6 million interest-only mortgage loan secured by its property, Shoppers World, located in Framingham, MA. The loan bears interest at a rate of one-month SOFR plus 170 bps, of which the variable component is hedged with an interest rate swap agreement, fixing the rate at 5.12%.

Mortgage Repayments
On December 10, 2025, the Company paid off the $23.3 million outstanding mortgage loan secured by West End Commons at maturity. The mortgage had a fixed interest rate of 3.99% and was repaid using cash on hand.
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. 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 less than one year. As of December 31, 2025, the remaining exposure under the guarantee is $1.9 million. There was no separate liability recorded related to this guarantee.