Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

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


	Carrying Amounts of Mortgage Notes(1)								Effective Interest Rate(2)		Monthly Debt Service(3)	Maturity Date(4)
Property Pledged as Collateral	2019		2018
Chandler Fashion Center(5)(6)	$	255,174	$	199,972	4.18	%	$	875		2024
Danbury Fair Mall	194,718		202,158		5.53	%	1,538			2020
Fashion Outlets of Chicago(7)	299,112		199,622		4.61	%	1,145			2031
Fashion Outlets of Niagara Falls USA(8)	106,398		109,651		4.89	%	727			2020
Freehold Raceway Mall(5)	398,379		398,212		3.94	%	1,300			2029
Fresno Fashion Fair	323,659		323,460		3.67	%	971			2026
Green Acres Commons(9)	128,926		128,006		4.40	%	416			2021
Green Acres Mall	277,747		284,686		3.61	%	1,447			2021
Kings Plaza Shopping Center(10)	535,097		437,120		3.71	%	1,629			2030
Oaks, The	187,142		192,037		4.14	%	1,064			2022
Pacific View	118,202		121,362		4.08	%	668			2022
Queens Center	600,000		600,000		3.49	%	1,744			2025
Santa Monica Place(11)	297,817		297,069		3.34	%	772			2022
SanTan Village Regional Center(12)	219,140		121,585		4.34	%	788			2029
Towne Mall	20,284		20,733		4.48	%	117			2022
Tucson La Encantada	63,682		65,361		4.23	%	368			2022
Victor Valley, Mall of	114,733		114,675		4.00	%	380			2024
Vintage Faire Mall	252,389		258,207		3.55	%	1,256			2026
	$	4,392,599	$	4,073,916

(1)The mortgage notes payable balances 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 $16,042 and $13,053 at December 31, 2019 and 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 an unamortized debt premium of $773 and $1,701 at December 31, 2019 and 2018, respectively. The debt premiums represent the excess of the fair value of the loan over the principal value of the loan 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 December 31, 2019 and 2018, the total interest rate was 4.40% and 5.06%, respectively.

(10)On December 3, 2019, the Company replaced the existing loan on the property with a new $540,000 loan that bears interest at an effective rate of 3.71% and matures on January 1, 2030 .

(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 4.0% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2019 and 2018, the total interest rate was 3.34% 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 bear interest at an effective rate of 4.34% and matures on July 1, 2029.

Future Maturities of Mortgage Notes Payable

The future maturities of mortgage notes payable are as follows:


Year Ending December 31,
2020	$	325,133
2021	418,239
2022	674,340
2023	6,895
2024	378,120
Thereafter	2,605,141
	4,407,868
Debt premium	773
Deferred finance cost, net	(16,042)
	$	4,392,599