Mortgage notes payable at September 30, 2015 and December 31, 2014 consist of the following:



	Carrying Amount of Mortgage Notes(1)
	September 30, 2015				December 31, 2014
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center	$	—	$	223,089	$	—	$	228,703	2.76	%	$	1,131	2018
Chandler Fashion Center(5)	—		200,000		—		200,000		3.77	%	625		2019
Danbury Fair Mall	112,018		112,018		114,265		114,264		5.53	%	1,538		2020
Deptford Mall	—		194,869		—		197,815		3.76	%	947		2023
Deptford Mall	—		14,074		—		14,285		6.46	%	101		2016
Eastland Mall	—		168,000		—		168,000		5.79	%	811		2016
Fashion Outlets of Chicago(6)	—		200,000		—		119,329		1.84	%	278		2020
Fashion Outlets of Niagara Falls USA	—		119,320		—		121,376		4.89	%	727		2020
Flagstaff Mall(7)	—		37,000		—		37,000		5.03	%	153		2015
FlatIron Crossing	—		256,448		—		261,494		3.90	%	1,393		2021
Freehold Raceway Mall(5)	—		226,147		—		229,244		4.20	%	1,132		2018
Great Northern Mall(8)	—		—		—		34,494		—		—		—
Green Acres Mall	—		308,623		—		313,514		3.61	%	1,447		2021
Kings Plaza Shopping Center	—		473,205		—		480,761		3.67	%	2,229		2019
Lakewood Center(9)	—		408,114		—		253,708		3.46	%	1,825		2026
Los Cerritos Center(10)	99,962		99,963		103,274		103,274		1.65	%	1,009		2018
Northgate Mall(11)	—		64,000		—		64,000		3.07	%	130		2017
Oaks, The	—		207,055		—		210,197		4.14	%	1,064		2022
Pacific View	—		131,154		—		133,200		4.08	%	668		2022
Queens Center	—		600,000		—		600,000		3.49	%	1,744		2025
Santa Monica Place	—		226,422		—		230,344		2.99	%	1,004		2018
SanTan Village Regional Center	—		131,636		—		133,807		3.14	%	589		2019
Stonewood Center	—		106,963		—		111,297		1.80	%	640		2017
Superstition Springs Center(12)	—		67,842		—		68,079		2.03	%	139		2016
Towne Mall	—		22,304		—		22,607		4.48	%	117		2022
Tucson La Encantada	70,433		—		71,500		—		4.23	%	368		2022
Valley Mall	—		40,745		—		41,368		5.85	%	280		2016
Valley River Center(13)	—		—		—		120,000		—		—		—
Victor Valley, Mall of	—		115,000		—		115,000		4.00	%	380		2024
Vintage Faire Mall(14)	—		277,441		—		—		3.55	%	1,256		2026
Washington Square(15)	—		228,095		—		238,696		1.65	%	1,499		2016
Westside Pavilion	—		147,643		—		149,626		4.49	%	783		2022
	$	282,413	$	5,407,170	$	289,039	$	5,115,482

(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. Debt premiums (discounts) consist of the following:



Property Pledged as Collateral	September 30, 2015			December 31, 2014
Arrowhead Towne Center	$	9,263		$	11,568
Deptford Mall	(4		)	(8		)
Fashion Outlets of Niagara Falls USA	4,718			5,414
Lakewood Center	—			3,708
Los Cerritos Center	14,153			17,965
Stonewood Center	5,877			7,980
Superstition Springs Center	342			579
Valley Mall	(66		)	(132		)
Washington Square	2,502			9,847
	$	36,785		$	56,921


(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)	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).


(6)	On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At September 30, 2015 and December 31, 2014, the total interest rate was 1.84% and 2.97%, respectively.


(7)	The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver.


(8)	On June 30, 2015, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,627 on the extinguishment of debt (See Note 14—Dispositions).

(9)

On February 25, 2015, the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. On May 12, 2015, the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026. On October 30, 2015, in connection with the MAC GIC JV transaction, a 40% interest in the loan was assumed by a third party (See Note 19—Subsequent Events).


(10)	On October 30, 2015, the Company replaced the existing loan on the property with a new $525,000 loan that bears interest at 4.00% and matures on November 1, 2027. Concurrently, in connection with the MAC GIC JV transaction, a 40% interest in the loan was assumed by a third party (See Note 19—Subsequent Events).


(11)	The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2015 and December 31, 2014, the total interest rate was 3.07% and 3.05%, respectively.


(12)	The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At September 30, 2015 and December 31, 2014, the total interest rate was 2.03% and 1.98%, respectively.


(13)	On July 31, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $9 on the early extinguishment of debt.


(14)	On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026.


(15)	On October 5, 2015, the Company paid off in full the existing loan on the property. On October 29, 2015, the Company placed a new $550,000 loan on the property that bears interest at 3.65% and matures on November 1, 2022. On October 30, 2015, in connection with the MAC GIC JV transaction, a 40% interest in the loan was assumed by a third party (See Note 19—Subsequent Events).