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Mortgage Notes Payable
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Mortgage Notes Payable Mortgage Notes Payable:
Mortgage notes payable at December 31, 2021 and 2020 consist of the following:
 Carrying Amounts of Mortgage Notes(1)Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Property Pledged as Collateral20212020
Chandler Fashion Center(5)$255,548 $255,361 4.18 %$875 2024
Danbury Fair Mall(6)168,037 186,741 5.71 %1,538 2022
Fashion District Philadelphia(7)194,602 201,000 4.00 %649 2024
Fashion Outlets of Chicago299,274 299,193 4.61 %1,145 2031
Fashion Outlets of Niagara Falls USA(8)95,329 101,463 6.45 %727 2023
Freehold Raceway Mall(5)398,711 398,545 3.94 %1,300 2029
Fresno Fashion Fair324,056 323,857 3.67 %971 2026
Green Acres Commons(9)124,875 129,847 3.12 %298 2023
Green Acres Mall(10)246,061 270,570 3.94 %1,447 2023
Kings Plaza Shopping Center535,928 535,413 3.71 %1,629 2030
Oaks, The176,721 183,108 4.14 %1,064 2022
Pacific View111,481 114,909 4.08 %668 2022
Queens Center600,000 600,000 3.49 %1,744 2025
Santa Monica Place(11)299,314 298,566 1.84 %396 2022
SanTan Village Regional Center219,323 219,233 4.34 %788 2029
Towne Mall19,320 19,815 4.48 %117 2022
Tucson La Encantada(12)— 62,018 4.23 %— — 
Victor Valley, Mall of114,850 114,791 4.00 %380 2024
Vintage Faire Mall240,124 246,380 3.55 %1,256 2026
$4,423,554 $4,560,810    

(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 $11,946 and $14,085 at December 31, 2021 and 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 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing.
(7)Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 15—Consolidated Joint Venture and Acquisitions).
(8)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)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.
(10)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. 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, 2022.
(12)On September 17, 2021, the Company sold Tucson La Encantada and the mortgage payable was paid in full (See Note 16—Dispositions).
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
As of December 31, 2021, 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 was 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, 2021, 2020 and 2019 was $9,504, $5,247 and $9,614, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2021 and 2020 was $4,261,429 and $4,459,797, 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,
2022$794,526 
2023473,111 
2024562,722 
2025607,399 
2026537,742 
Thereafter1,460,000 
4,435,500 
Deferred finance cost, net(11,946)
$4,423,554 
The future maturities reflected above reflect the extension options that the Company believes will be exercised.