Mortgage notes payable at December 31, 2014 and 2013 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	2014				2013				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center	$	—	$	228,703	$	—	$	236,028	2.76	%	$	1,131	2018
Camelback Colonnade(5)	—		—		—		49,120		—		—		—
Chandler Fashion Center(6)	—		200,000		—		200,000		3.77	%	625		2019
Danbury Fair Mall	114,265		114,264		117,120		117,120		5.53	%	1,538		2020
Deptford Mall	—		197,815		—		201,622		3.76	%	947		2023
Deptford Mall	—		14,285		—		14,551		6.46	%	101		2016
Eastland Mall	—		168,000		—		168,000		5.79	%	811		2016
Fashion Outlets of Chicago(7)	—		119,329		—		91,383		2.97	%	259		2017
Fashion Outlets of Niagara Falls USA	—		121,376		—		124,030		4.89	%	727		2020
Flagstaff Mall	—		37,000		—		37,000		5.03	%	151		2015
FlatIron Crossing	—		261,494		—		268,000		3.90	%	1,393		2021
Freehold Raceway Mall(6)	—		229,244		—		232,900		4.20	%	1,132		2018
Fresno Fashion Fair(8)	—		—		79,391		79,390		—		—		—
Great Northern Mall(9)	—		34,494		—		35,484		6.54	%	234		2015
Green Acres Mall	—		313,514		—		319,850		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		480,761		—		490,548		3.67	%	2,229		2019
Lakewood Center(10)	—		253,708		—		—		1.80	%	1,127		2015
Los Cerritos Center(11)	103,274		103,274		—		—		1.65	%	1,009		2018
Northgate Mall(12)	—		64,000		—		64,000		3.05	%	128		2017
Oaks, The	—		210,197		—		214,239		4.14	%	1,064		2022
Pacific View	—		133,200		—		135,835		4.08	%	668		2022
Queens Center(13)	—		600,000		—		—		3.49	%	1,744		2025
Santa Monica Place	—		230,344		—		235,445		2.99	%	1,004		2018
SanTan Village Regional Center	—		133,807		—		136,629		3.14	%	589		2019
South Plains Mall(14)	—		—		—		99,833		—		—		—
Stonewood Center(15)	—		111,297		—		—		1.80	%	640		2017
Superstition Springs Center(16)	—		68,079		—		68,395		1.98	%	138		2016
Towne Mall	—		22,607		—		22,996		4.48	%	117		2022
Tucson La Encantada	71,500		—		72,870		—		4.23	%	368		2022
Valley Mall	—		41,368		—		42,155		5.85	%	280		2016
Valley River Center	—		120,000		—		120,000		5.59	%	558		2016
Victor Valley, Mall of(17)	—		115,000		—		90,000		4.00	%	380		2024
Vintage Faire Mall(18)	—		—		—		99,083		—		—		—
Washington Square(19)	—		238,696		—		—		1.65	%	1,499		2016
Westside Pavilion	—		149,626		—		152,173		4.49	%	783		2022
	$	289,039	$	5,115,482	$	269,381	$	4,145,809


(1)	The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.

The debt premiums (discounts) as of December 31, 2014 and 2013 consist of the following:



Property Pledged as Collateral	2014			2013
Arrowhead Towne Center	$	11,568		$	14,642
Camelback Colonnade	—			2,120
Deptford Mall	(8		)	(14		)
Fashion Outlets of Niagara Falls USA	5,414			6,342
Lakewood Center	3,708			—
Los Cerritos Center	17,965			—
Stonewood Center	7,980			—
Superstition Springs Center	579			895
Valley Mall	(132		)	(219		)
Washington Square	9,847			—
	$	56,921		$	23,766


(2)	The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.


(3)	The monthly debt service represents the payment of principal and interest.


(4)	The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.


(5)	On December 29, 2014, in connection with the sale of the Company's 67.5% ownership interest in the consolidated joint venture in Camelback Colonnade (See Note 14—Dispositions), a third party assumed the existing loan on the property. As a result, the Company has been discharged from this non-recourse loan.


(6)	A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).


(7)	The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2014 and 2013, the total interest rate was 2.97% and 2.96%, respectively.


(8)	On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $5,796 on the early extinguishment of debt.


(9)	On January 1, 2015, this nonrecourse loan went into maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver.


(10)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Lakewood Center with a fair value of $254,880 that bears interest at an effective rate of 1.80% and matures on June 1, 2015.


(11)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Los Cerritos Center with a fair value of $207,528 that bears interest at an effective rate of 1.65% and matures on July 1, 2018.


(12)	The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2014 and 2013, the total interest rate was 3.05% and 3.04%, respectively.


(13)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Queens Center with a fair value of $600,000 that bears interest at an effective rate of 3.49% and matures on January 1, 2025.


(14)	On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. On November 10, 2014, the Company paid off in full the remaining loan on the property, which resulted in a loss of $163 on the early extinguishment of debt.


(15)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Stonewood Center with a fair value of $111,910 that bears interest at an effective rate of 1.80% and matures on November 1, 2017.


(16)	The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2014 and 2013, the total interest rate was 1.98% and 2.00%, respectively.


(17)	On August 28, 2014, the Company replaced the existing loan on the property with a new $115,000 loan that bears interest at an effective rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $47 on the early extinguishment of debt.


(18)	On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $3,186 on the early extinguishment of debt.


(19)	On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Washington Square with a fair value of $240,341 that bears interest at an effective rate of 1.65% and matures on January 1, 2016.