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Mortgage Notes Payable
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Mortgage Notes Payable Mortgage Notes Payable:
Mortgage notes payable at March 31, 2020 and December 31, 2019 consist of the following:
Carrying Amount of Mortgage Notes(1)
Property Pledged as CollateralMarch 31, 2020December 31, 2019Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Chandler Fashion Center(5)$255,221  $255,174  4.18 %$875  2024
Danbury Fair Mall192,792  194,718  5.53 %1,538  2020
Fashion Outlets of Chicago299,132  299,112  4.61 %1,145  2031
Fashion Outlets of Niagara Falls USA(6)105,559  106,398  4.89 %727  2020
Freehold Raceway Mall(5)398,420  398,379  3.94 %1,300  2029
Fresno Fashion Fair323,708  323,659  3.67 %971  2026
Green Acres Commons(7)129,157  128,926  4.29 %404  2021
Green Acres Mall275,965  277,747  3.61 %1,447  2021
Kings Plaza Shopping Center535,219  535,097  3.71 %1,629  2030
Oaks, The185,886  187,142  4.14 %1,064  2022
Pacific View117,391  118,202  4.08 %668  2022
Queens Center600,000  600,000  3.49 %1,744  2025
Santa Monica Place(8)298,005  297,817  2.30 %772  2022
SanTan Village Regional Center219,163  219,140  4.34 %788  2029
Towne Mall20,168  20,284  4.48 %117  2022
Tucson La Encantada63,251  63,682  4.23 %368  2022
Victor Valley, Mall of114,748  114,733  4.00 %380  2024
Vintage Faire Mall250,895  252,389  3.55 %1,256  2026
$4,384,680  $4,392,599     

(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 $15,053 and $16,042 at March 31, 2020 and December 31, 2019, 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)The loan includes unamortized debt premium of $541 and $773 at March 31, 2020 and December 31, 2019, respectively. The debt premium represents 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.
(7)The loan bears interest at LIBOR plus 2.15%. At March 31, 2020 and December 31, 2019, the total interest rate was 4.29% and 4.40%, respectively.
(8)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 March 31, 2020 and December 31, 2019, the total interest rate was 2.30% and 3.34%, respectively.
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.
The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand.
Total interest expense capitalized was $1,295 and $2,710 for the three months ended March 31, 2020 and 2019, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2020 and December 31, 2019 was $4,445,146 and $4,427,790, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.