Financing Activity (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate Properties [Line Items]

Schedule Of Credit Facility Interest Expense and Deferred Financing Fee Amortization

Interest expense and deferred financing fee amortization related to the Credit Agreements, 2018 Credit Agreement, 7-Year Term Loan and the Bridge Credit Agreement for the years ended December 31, 2021 and 2020 were as follows:

	For the Year Ended December 31,
(in thousands of dollars)	2021	2020
Revolving Facilities:
Interest expense (1)	$2,222	$10,713
Deferred financing amortization (2)	1,194	1,112
Term Loans:
Interest expense (3)	84,594	32,167
Deferred financing amortization (4)	7,130	1,907

Carrying and Fair Values of Mortgage Loans

The estimated fair values of our consolidated mortgage loans based on year-end interest rates and market conditions at December 31, 2021 and 2020 are as follows:

	2021				2020
(in millions of dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
Consolidated mortgage loans (1)	$	852.5	$	846.6	$	885.5	$	873.2

(1) The carrying value of consolidated mortgage loans has been reduced by unamortized debt issuance costs of $1.2 million and $1.0 million as of December 31, 2021 and 2020, respectively.

Consolidated Properties

Real Estate Properties [Line Items]

Timing of Principal Payments and Terms of Mortgage Loans

The following table outlines the timing of principal payments and balloon payments pursuant to the terms of our consolidated mortgage loans of our consolidated properties as of December 31, 2021:

(in thousands of dollars) For the Year Ending December 31,	Principal Amortization		Balloon Payments			Total
2022	$	12,474	$	430,290	(1) (2)	$	442,764
2023		6,587		53,299			59,886
2024		6,405		127,685			134,090
2025		4,376		211,346			215,722
2026 and thereafter		—		—			—
Total principal payments	$	29,842	$	822,620			852,462
Less: Unamortized debt issuance costs							1,209
Carrying value of mortgage notes payable						$	851,253

(1)Our mortgage secured by Valley View Mall was in default as of December 31, 2021. The property conveyance process is not complete as of December 31, 2021. The $27.2 million mortgage balance is included in our 2022 balloon payments.

(2)On December 10, 2021, we entered into an amendment to extend the maturity of our mortgage secured by Woodland Mall to December 2022. The $113.8 million mortgage balance is included in our 2022 balloon payments.

(3)We expect to refinance on similar terms or extend maturities for secured mortgage loans with balloon payments other than the Valley View Mall debt.