Mortgage Notes Payable (Tables)

3 Months Ended

Mar. 31, 2021

Mortgage notes payable at March 31, 2021 and December 31, 2020 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	March 31, 2021		December 31, 2020		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,407	$	255,361	4.18	%	$	875	2024
Danbury Fair Mall(6)	184,775		186,741		5.56	%	1,538		2021
Fashion District Philadelphia	201,000		201,000		4.00	%	670		2024
Fashion Outlets of Chicago	299,213		299,193		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	100,820		101,463		6.45	%	727		2023
Freehold Raceway Mall(5)	398,588		398,545		3.94	%	1,300		2029
Fresno Fashion Fair	323,907		323,857		3.67	%	971		2026
Green Acres Commons(7)	124,631		129,847		3.13	%	299		2023
Green Acres Mall(8)	257,115		270,570		3.94	%	1,447		2023
Kings Plaza Shopping Center	535,542		535,413		3.71	%	1,629		2030
Oaks, The	180,731		183,108		4.14	%	1,064		2022
Pacific View	114,065		114,909		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(9)	298,753		298,566		1.83	%	395		2022
SanTan Village Regional Center	219,254		219,233		4.34	%	788		2029
Towne Mall	19,690		19,815		4.48	%	117		2022
Tucson La Encantada	61,480		62,018		4.23	%	368		2022
Victor Valley, Mall of	114,806		114,791		4.00	%	380		2024
Vintage Faire Mall	244,808		246,380		3.55	%	1,256		2026
	$	4,534,585	$	4,560,810

(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 $16,325 and $14,085 at March 31, 2021 and December 31, 2020, 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 was further extended to July 1, 2021, based on certain conditions. The loan amount and interest rate are unchanged following the extension.

(7)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.

(8)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.

(9)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% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At March 31, 2021 and December 31, 2020, the total interest rate was 1.83% and 1.88%, respectively.