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MORTGAGES PAYABLE
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
MORTGAGES PAYABLE MORTGAGES PAYABLE
The following is a summary of mortgages payable as of September 30, 2026 and December 31, 2025.
(Amounts in thousands)Maturity
Interest Rate at September 30, 2026
September 30, 2026December 31, 2025
Mortgages secured by:
Town Brook Commons12/1/20263.78%$28,468 $28,965 
Rockaway River Commons12/1/20263.78%25,204 25,645 
Hanover Commons12/10/20264.03%57,987 58,935 
Tonnelle Commons4/1/20274.18%91,893 93,377 
Manchester Plaza6/1/20274.32%12,500 12,500 
Millburn Gateway Center6/1/20273.97%20,614 21,013 
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%34,730 35,295 
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%20,281 20,577 
Shops at Bruckner7/1/20296.00%36,452 36,848 
Shoppers World(1)
8/15/20295.12%123,600 123,600 
Greenbrook Commons9/1/20296.03%31,000 31,000 
Huntington Commons12/5/20296.29%43,326 43,704 
Bergen Town Center4/10/20306.30%285,167 287,779 
The Outlets at Montehiedra6/1/20305.00%69,739 71,412 
Montclair(2)
8/15/20303.15%7,091 7,201 
Garfield Commons12/1/20304.14%37,548 38,134 
Shops at Caguas1/31/20316.15%78,784 79,983 
The Village at Waugh Chapel(3)
12/1/20313.76%56,318 55,784 
Brick Commons12/10/20315.20%50,000 50,000 
Woodmore Towne Centre1/6/20323.39%117,200 117,200 
Plaza at Woodbridge(4)
3/18/20335.03%62,500 — 
Newington Commons7/1/20336.00%15,335 15,505 
Briarcliff Commons(5)
10/1/2034—%— 30,000 
Mount Kisco Commons(6)
11/15/20346.40%9,027 9,631 
Total mortgages payable1,640,064 1,619,388 
Total unamortized debt issuance costs(10,197)(12,614)
Total mortgages payable, net$1,629,867 $1,606,774 
(1)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.
(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 $3.7 million.
(4)Bears interest at SOFR plus 155 bps. The variable component of the debt is hedged with an interest rate swap agreement, fixing the rate at 5.03%, which expires on March 18, 2031.
(5)On September 2, 2026, the Company sold the property and the outstanding $30 million mortgage was assumed by the buyer at closing.
(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 September 30, 2026. 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 September 30, 2026, we were in compliance with all debt covenants.
As of September 30, 2026, the principal repayments of the Company’s total outstanding debt for the remainder of 2026, the five succeeding years, and thereafter are as follows:
(Amounts in thousands)
Year Ending December 31,
2026(1)
$115,174 
2027272,360 
2028135,165 
2029360,269 
2030378,147 
2031256,530 
Thereafter197,419 
(1) Remainder of 2026.

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 included modifications to 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 to 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.
On January 22, 2026, we entered into a second amendment and restatement of the credit agreement for our unsecured line of credit to reduce the facility size by $100 million to $700 million, and extend the maturity date to June 28, 2030, with two six-month extension options. Borrowings under the 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 Company has obtained seven letters of credit issued under the unsecured line of credit, aggregating $20.5 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 and have reduced the amount available under the facility commensurate with their face values. As of September 30, 2026, the letters of credit remain undrawn and no separate liability has been recorded in association with them.
As of September 30, 2026, there was $75 million outstanding under the unsecured line of credit which had an available capacity of $604.5 million under the facility, net of undrawn letters of credit. On October 9, 2026, the Company borrowed an additional $63 million under its unsecured line of credit, increasing the outstanding balance to $138 million.

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. As of September 30, 2026, there was no balance outstanding under either the 5-year or 7-year term loans.
Financing costs associated with executing the credit agreement for our unsecured line of credit and the term loan agreements of $7.4 million and $1.8 million as of September 30, 2026 and December 31, 2025, 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 March 18, 2026, the Company obtained a 7-year, $62.5 million interest-only mortgage loan secured by its property, Plaza at Woodbridge, located in Woodbridge, NJ. The loan bears interest at a rate of SOFR plus 1.55%, of which the variable component is hedged with an interest rate swap agreement, fixing the interest rate at 5.03%. The mortgage has a maturity date of March 18, 2033.
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 which was reduced commensurate with the loan amortization schedule and was terminated as of October 8, 2026.
On October 6, 2026, the Company modified its existing mortgage loan (the “A-note”) to obtain $17 million of additional proceeds through a new interest-only B-note and extend the maturity date from June 2030 to October 2033. The B-note bears interest at a fixed rate of 6.95% through maturity of October 2033. The A-note continues to bear interest at a fixed rate of 5.0% through June 2030, at which time the rate will reset to a fixed rate of the 3-year U.S. Treasury yield plus 250 bps for the remainder of the term. The Company accounted for the transaction as a debt modification in accordance with ASC 470 Debt Modifications and Extinguishments, and capitalized $0.4 million of lender fees which will be amortized to interest expense over the remaining term of the loan.