Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2020

Mortgage notes payable at June 30, 2020 and December 31, 2019 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2020		December 31, 2019		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,266	$	255,174	4.18	%	$	875	2024
Danbury Fair Mall	191,499		194,718		5.53	%	1,538		2020
Fashion Outlets of Chicago	299,153		299,112		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(6)	104,727		106,398		4.89	%	727		2020
Freehold Raceway Mall(5)	398,462		398,379		3.94	%	1,300		2029
Fresno Fashion Fair	323,758		323,659		3.67	%	971		2026
Green Acres Commons(7)	129,387		128,926		2.88	%	252		2021
Green Acres Mall	274,193		277,747		3.61	%	1,447		2021
Kings Plaza Shopping Center	535,156		535,097		3.71	%	1,629		2030
Oaks, The	185,048		187,142		4.14	%	1,064		2022
Pacific View	116,572		118,202		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(8)	298,192		297,817		1.79	%	384		2022
SanTan Village Regional Center	219,186		219,140		4.34	%	788		2029
Towne Mall	20,052		20,284		4.48	%	117		2022
Tucson La Encantada	62,962		63,682		4.23	%	368		2022
Victor Valley, Mall of	114,762		114,733		4.00	%	380		2024
Vintage Faire Mall	249,412		252,389		3.55	%	1,256		2026
	$	4,377,787	$	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 $14,248 and $16,042 at June 30, 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 $309 and $773 at June 30, 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 June 30, 2020 and December 31, 2019, the total interest rate was 2.88% 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 June 30, 2020 and December 31, 2019, the total interest rate was 1.79% and 3.34%, respectively.