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Mortgage Notes Payable
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Mortgage Notes Payable Mortgage Notes Payable:
Mortgage notes payable at December 31, 2020 and 2019 consist of the following:
 Carrying Amounts of Mortgage Notes(1)Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Property Pledged as Collateral20202019
Chandler Fashion Center(5)$255,361 $255,174 4.18 %$875 2024
Danbury Fair Mall(6)186,741 194,718 5.56 %1,538 2021
Fashion District Philadelphia(7)201,000 — 4.00 %670 2024
Fashion Outlets of Chicago299,193 299,112 4.61 %1,145 2031
Fashion Outlets of Niagara Falls USA(8)101,463 106,398 6.45 %727 2023
Freehold Raceway Mall(5)398,545 398,379 3.94 %1,300 2029
Fresno Fashion Fair323,857 323,659 3.67 %971 2026
Green Acres Commons(9)129,847 128,926 2.87 %250 2021
Green Acres Mall(10)270,570 277,747 3.61 %1,447 2021
Kings Plaza Shopping Center535,413 535,097 3.71 %1,629 2030
Oaks, The183,108 187,142 4.14 %1,064 2022
Pacific View114,909 118,202 4.08 %668 2022
Queens Center600,000 600,000 3.49 %1,744 2025
Santa Monica Place(11)298,566 297,817 1.88 %408 2022
SanTan Village Regional Center219,233 219,140 4.34 %788 2029
Towne Mall19,815 20,284 4.48 %117 2022
Tucson La Encantada62,018 63,682 4.23 %368 2022
Victor Valley, Mall of114,791 114,733 4.00 %380 2024
Vintage Faire Mall246,380 252,389 3.55 %1,256 2026
$4,560,810 $4,392,599    

(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 $14,085 and $16,042 at December 31, 2020 and 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)On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021. The loan may be further extended to July 1, 2021, subject to certain conditions. The loan amount and interest rate are unchanged following the extension.
(7)Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 16—Consolidated Joint Venture and Acquisitions).
(8)The loan included unamortized debt premium of $0 and $773 at December 31, 2020 and 2019, respectively. The debt premiums represented the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and was amortized into interest expense over the remaining term of the loan in a manner that approximated the effective interest method. On December 15, 2020, the Company closed on a loan extension agreement for the Fashion Outlets of Niagara. Under the extension agreement the original loan maturity date of October 6, 2020 was extended to October 6, 2023. The loan amount and interest rate are unchanged following the extension.
(9)The loan bears interest at LIBOR plus 2.15%. At December 31, 2020 and 2019, the total interest rate was 2.87% and 4.40%, respectively. The Company is in the process of securing a two-year extension on this loan.
(10)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also includes a one-year extension option to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing.
(11)The loan bears interest at LIBOR plus 1.48%. 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, 2020 and 2019, the total interest rate was 1.88% and 3.34%, respectively.
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
As of December 31, 2020, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.
During the second quarter of 2020 and in July 2020, the Company secured agreements with its mortgage lenders on nine property mortgage loans to defer approximately $28,683 of both second and third quarter of 2020 debt service payments. Of the deferred payments, $15,208 and $20,195 was repaid in the three months and twelve months ended December 31, 2020, respectively, and the remaining balance has now been fully repaid during the first quarter of 2021.
The Company expects 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 during the years ended December 31, 2020, 2019 and 2018 was $5,247, $9,614 and $15,422, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2020 and 2019 was $4,459,797 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.
The future maturities of mortgage notes payable are as follows:
Year Ending December 31,
2021$355,614 
2022685,811 
2023359,209 
2024569,120 
2025607,399 
Thereafter1,997,742 
4,574,895 
Deferred finance cost, net(14,085)
$4,560,810 
The future maturities reflected above reflect the extension options that the Company believes will be exercised.