Mortgage Notes Payable (Tables)

9 Months Ended

Sep. 30, 2019

Mortgage notes payable at September 30, 2019 and December 31, 2018 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	September 30, 2019		December 31, 2018		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)(6)	$	255,086	$	199,972	4.18	%	$	875	2024
Danbury Fair Mall	196,616		202,158		5.53	%	1,538		2020
Fashion Outlets of Chicago(7)	299,092		199,622		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(8)	107,229		109,651		4.89	%	727		2020
Freehold Raceway Mall(5)	398,337		398,212		3.94	%	1,300		2029
Fresno Fashion Fair	323,609		323,460		3.67	%	971		2026
Green Acres Commons(9)	128,696		128,006		4.81	%	460		2021
Green Acres Mall	279,513		284,686		3.61	%	1,447		2021
Kings Plaza Shopping Center(10)	429,285		437,120		3.67	%	2,229		2019
Oaks, The	188,385		192,037		4.14	%	1,064		2022
Pacific View	119,003		121,362		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(11)	297,630		297,069		3.63	%	845		2022
SanTan Village Regional Center(12)	219,057		121,585		4.34	%	788		2029
Towne Mall	20,399		20,733		4.48	%	117		2022
Tucson La Encantada	64,108		65,361		4.23	%	368		2022
Victor Valley, Mall of	114,719		114,675		4.00	%	380		2024
Vintage Faire Mall	253,869		258,207		3.55	%	1,256		2026
	$	4,294,633	$	4,073,916

(1)The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $12,202 and $13,053 at September 30, 2019 and December 31, 2018, respectively.

(2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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 the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement).

(6)On June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024.

(7)On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031.

(8)The loan includes unamortized debt premium of $1,004 and $1,701 at September 30, 2019 and December 31, 2018, respectively. The debt premium represents the excess of the fair value of debt over the principal value of debt assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method.

(9)The loan bears interest at LIBOR plus 2.15%. At September 30, 2019 and December 31, 2018, the total interest rate was 4.81% and 5.06%, respectively.

(10)On October 24, 2019, the Company agreed to terms with a group of lenders to replace the existing loan on the property with a new $555,000 ten-year loan that will bear interest at 3.67%. The loan is expected to close during the three months ended December 31, 2019.

(11)The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4% during the period ending December 9, 2020 (See Note 5—Derivative Instruments and Hedging Activities). At September 30, 2019 and December 31, 2018, the total interest rate was 3.63% and 4.01%, respectively.

(12)On June 3, 2019, the Company’s joint venture in SanTan Village Regional Center replaced the existing loan on the property with a new $220,000 loan that bears interest at an effective rate of 4.34% and matures on July 1, 2029.