MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Summary of Mortgages, notes and loans payable

Mortgages, notes and loans payable are summarized as follows:

	March 31, 2016			December 31, 2015			Interest Rate at March 31, 2016		Scheduled Maturity Date
Fixed-rate debt:	(in thousands)
The Centre at Salisbury (1)	$	—		$	115,000		—	%	—
Vista Ridge Mall	64,660			65,611			6.87		April 2016
The Mall at Turtle Creek	76,343			76,615			6.54		June 2016
NewPark Mall (1) (2)	125,000			—			3.22		September 2018
West Valley Mall (3)	59,000			59,000			3.24		September 2018
The Shoppes at Bel Air (1) (2)	110,450			—			3.34		November 2018
The Shoppes at Gateway (1) (3)	75,000			75,000			3.64		January 2020
Pierre Bossier Mall	45,672			45,875			4.94		May 2022
Pierre Bossier Anchor	3,528			3,550			4.85		May 2022
Southland Center (MI)	74,486			74,806			5.09		July 2022
Chesterfield Towne Center	105,933			106,379			4.75		October 2022
Animas Valley	48,924			49,156			4.41		November 2022
Lakeland Square	66,494			66,814			4.17		April 2023
Valley Hills Mall	65,070			65,362			4.47		July 2023
Chula Vista Center	70,000			70,000			4.18		July 2024
The Mall at Barnes Crossing	67,000			67,000			4.29		September 2024
Bayshore Mall	46,500			46,500			3.96		November 2024
Mt. Shasta Mall (1)	31,850			31,850			4.19		March 2025
Fig Garden Village (1)	74,200			74,200			4.14		June 2025
Greenville Mall (1)	45,263			45,440			4.46		November 2025
Total fixed-rate debt	$	1,255,373		$	1,138,158
Market rate adjustments	(760		)	(340		)
	$	1,254,613		$	1,137,818
Variable-rate debt:
NewPark Mall (1) (2)	$	—		$	114,245		—	%	—
The Shoppes at Bel Air (1) (2)	—			110,450			—		—
The Centre at Salisbury (1) (4)	97,500			—			3.04		March 2019
2013 Term Loan(5) (6)	285,000			285,000			2.79		November 2018
2013 Revolver (5) (6)	111,000			59,000			2.79		November 2017
Total variable-rate debt	$	493,500		$	568,695
Unamortized deferred financing costs (7)	(12,187		)	(11,672		)
Total mortgages, notes and loans payable, net	$	1,735,926		$	1,694,841

Explanatory Notes:

⁽¹⁾ See the significant property loan refinancings and acquisitions table below, under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property.

⁽²⁾ The Company entered into a forward interest rate swap transaction which fixed the interest rate on the loan, which is variable, for this property beginning January 2016. Therefore, the amounts are reflected in fixed-rate debt as of March 31, 2016 and variable-rate debt as of December 31 2015.

⁽³⁾ The Company entered into an interest swap transaction which fixed the interest rate on the loan, which is variable, for this property. Therefore, the amounts are reflected in fixed-rate debt as of March 31, 2016 and December 31, 2015.

⁽⁴⁾ LIBOR (30 day) plus 260 basis points.

⁽⁵⁾ LIBOR (30 day) plus 235 basis points.

The following is a summary of significant property loan refinancings and acquisitions that have occurred during the three months endedMarch 31, 2016 and the year ended December 31, 2015 (dollars in thousands):

Property	Refinancing Date	Balance at Date of Refinancing		Prior Interest Rate		Balance of New Loan		New Interest Rate		Initial Maturity
March 31, 2016:
The Centre at Salisbury (1) (2)	March 2016	$	115,574	5.79	%	$	97,500	3.04	%	March 2019
December 31, 2015:
The Shoppes at Gateway (3)	December 2015	$	—	—	%	$	75,000	3.64	%	January 2020
Greenville Mall (4)	October 2015	40,171		5.29	%	45,500		4.46	%	November 2025
The Shoppes at Bel Air (5)	October 2015	109,467		5.30	%	110,450		2.78	%	November 2018
NewPark Mall (2) (6)	September 2015	64,655		3.44	%	114,245		2.53	%	September 2018
Fig Garden Village (7)	June 2015	—		—	%	74,200		4.14	%	June 2025
Mt. Shasta Mall (2)	February 2015	—		—	%	31,850		4.19	%	March 2025

Explanatory Notes:

⁽¹⁾ In March 2016, the loan associated with The Centre at Salisbury was refinanced with a partial non-recourse mortgage loan for $105.0 million. The initial funding of $97.5 million was used to retire the outstanding mortgage loan. The loan bears interest at floating rate of LIBOR (30 day) plus 260 basis points, matures in March 2019 and has a one year extension option.

⁽²⁾ The loan is interest-only for the first three years.

⁽³⁾ During 2015, the Company removed the Shoppes at Gateway from the 2013 Senior Facility collateral pool and placed a new $75.0 million non-recourse mortgage loan on the property which has an initial maturity date of January 2020 with a one year extension option and is interest-only for the first four years. In connection with the removal of The Shoppes at Gateway Mall from the 2013 Senior Facility, The Shoppes at Carlsbad was added to the 2013 Senior Facility collateral pool with no change to the outstanding 2013 Senior Facility balance. In December 2015, the Company entered into an interest rate swap on the loan which fixed the interest rate at 3.64% through January 2020 (see Note 7 for further details).

⁽⁴⁾ In October 2015, the loan associated with Greenville Mall was refinanced with a new non-recourse mortgage loan for $45.5 million, which bears interest at a fixed rate of 4.46%, matures in November 2025, and amortizes over 30 years. This loan replaced a $40.2 million non-recourse mortgage loan which had a fixed interest rate of 5.29%.

⁽⁵⁾ In October 2015, the loan associated with The Shoppes at Bel Air was refinanced with a new non-recourse mortgage loan for $120.0 million. The initial funding of $110.5 million was used to retire the outstanding mortgage loan of $109.5 million, which had a fixed interest rate of 5.30%. The loan provides for an additional subsequent funding of $9.5 million upon achieving certain conditions. The Company entered into an interest rate swap on this loan which fixed the interest rate at 3.34% through November 2018 (see Note 7 for further details). The loan is interest-only for the first two years.

⁽⁶⁾