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Mortgage Notes Payable: (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Mortgage Notes Payable: |
Mortgage notes payable |
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | 2011 |  | 2010 |  |  |  |  |  |  |
|  | Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4) |
|  | Related Party |  | Other |  | Related Party |  | Other |
Capitola Mall(5) |  | $ | — |  | $ | — |  | $ | 33,459 |  | $ | — |  |  | — |  | $ | — |  |  | — |
Chandler Fashion Center(6) |  |  | — |  |  | 155,489 |  |  | — |  |  | 159,360 |  |  | 5.50 | % |  | 1,043 |  |  | 2012 |
Chesterfield Towne Center(7) |  |  | — |  |  | — |  |  | — |  |  | 50,462 |  |  | — |  |  | — |  |  | — |
Danbury Fair Mall(8) |  |  | 122,382 |  |  | 122,381 |  |  | 109,657 |  |  | 109,657 |  |  | 5.53 | % |  | 1,538 |  |  | 2020 |
Deptford Mall |  |  | — |  |  | 172,500 |  |  | — |  |  | 172,500 |  |  | 5.41 | % |  | 778 |  |  | 2013 |
Deptford Mall |  |  | — |  |  | 15,030 |  |  | — |  |  | 15,248 |  |  | 6.46 | % |  | 101 |  |  | 2016 |
Eastland Mall(9) |  |  | — |  |  | 168,000 |  |  | — |  |  | — |  |  | 5.79 | % |  | 811 |  |  | 2016 |
Fashion Outlets of Niagara(10) |  |  | — |  |  | 129,025 |  |  | — |  |  | — |  |  | 4.89 | % |  | 727 |  |  | 2020 |
Fiesta Mall |  |  | — |  |  | 84,000 |  |  | — |  |  | 84,000 |  |  | 4.98 | % |  | 341 |  |  | 2015 |
Flagstaff Mall |  |  | — |  |  | 37,000 |  |  | — |  |  | 37,000 |  |  | 5.03 | % |  | 153 |  |  | 2015 |
Freehold Raceway Mall(6) |  |  | — |  |  | 232,900 |  |  | — |  |  | 232,900 |  |  | 4.20 | % |  | 805 |  |  | 2018 |
Fresno Fashion Fair |  |  | 81,733 |  |  | 81,734 |  |  | 82,791 |  |  | 82,792 |  |  | 6.76 | % |  | 1,104 |  |  | 2015 |
Great Northern Mall |  |  | — |  |  | 37,256 |  |  | — |  |  | 38,077 |  |  | 5.19 | % |  | 234 |  |  | 2013 |
Hilton Village(11) |  |  | — |  |  | — |  |  | — |  |  | 8,581 |  |  | — |  |  | — |  |  | — |
La Cumbre Plaza(12) |  |  | — |  |  | — |  |  | — |  |  | 23,113 |  |  | — |  |  | — |  |  | — |
Northgate, The Mall at(13) |  |  | — |  |  | 38,115 |  |  | — |  |  | 38,115 |  |  | 7.00 | % |  | 191 |  |  | 2015 |
Oaks, The(14) |  |  | — |  |  | 257,264 |  |  | — |  |  | 257,264 |  |  | 2.26 | % |  | 433 |  |  | 2013 |
Pacific View(15) |  |  | — |  |  | — |  |  | — |  |  | 84,096 |  |  | — |  |  | — |  |  | — |
Paradise Valley Mall(16) |  |  | — |  |  | 84,000 |  |  | — |  |  | 85,000 |  |  | 6.30 | % |  | 406 |  |  | 2014 |
Prescott Gateway(17) |  |  | — |  |  | 60,000 |  |  | — |  |  | 60,000 |  |  | 5.86 | % |  | 289 |  |  | 2011 |
Promenade at Casa Grande(18) |  |  | — |  |  | 76,598 |  |  | — |  |  | 79,104 |  |  | 5.21 | % |  | 287 |  |  | 2013 |
Rimrock Mall(19) |  |  | — |  |  | — |  |  | — |  |  | 40,650 |  |  | — |  |  | — |  |  | — |
Salisbury, Center at |  |  | — |  |  | 115,000 |  |  | — |  |  | 115,000 |  |  | 5.83 | % |  | 555 |  |  | 2016 |
SanTan Village Regional Center(20) |  |  | — |  |  | 138,087 |  |  | — |  |  | 138,087 |  |  | 2.69 | % |  | 273 |  |  | 2013 |
Shoppingtown Mall(21) |  |  | — |  |  | — |  |  | — |  |  | 39,675 |  |  | — |  |  | — |  |  | — |
South Plains Mall |  |  | — |  |  | 102,760 |  |  | — |  |  | 104,132 |  |  | 6.55 | % |  | 648 |  |  | 2015 |
South Towne Center |  |  | — |  |  | 86,525 |  |  | — |  |  | 87,726 |  |  | 6.39 | % |  | 554 |  |  | 2015 |
Towne Mall |  |  | — |  |  | 12,801 |  |  | — |  |  | 13,348 |  |  | 4.99 | % |  | 100 |  |  | 2012 |
Tucson La Encantada(22) |  |  | 75,315 |  |  | — |  |  | 76,437 |  |  | — |  |  | 5.84 | % |  | 448 |  |  | 2012 |
Twenty Ninth Street(23) |  |  | — |  |  | 107,000 |  |  | — |  |  | 106,244 |  |  | 3.12 | % |  | 259 |  |  | 2016 |
Valley Mall(24) |  |  | — |  |  | 43,543 |  |  | — |  |  | — |  |  | 5.85 | % |  | 280 |  |  | 2016 |
Valley River Center |  |  | — |  |  | 120,000 |  |  | — |  |  | 120,000 |  |  | 5.59 | % |  | 558 |  |  | 2016 |
Valley View Center(25) |  |  | — |  |  | 125,000 |  |  | — |  |  | 125,000 |  |  | 5.72 | % |  | 596 |  |  | 2011 |
Victor Valley, Mall of(26) |  |  | — |  |  | 97,000 |  |  | — |  |  | 100,000 |  |  | 2.13 | % |  | 151 |  |  | 2013 |
Vintage Faire Mall(27) |  |  | — |  |  | 135,000 |  |  | — |  |  | 135,000 |  |  | 3.56 | % |  | 368 |  |  | 2015 |
Westside Pavilion(28) |  |  | — |  |  | 175,000 |  |  | — |  |  | 175,000 |  |  | 2.53 | % |  | 331 |  |  | 2013 |
Wilton Mall(29) |  |  | — |  |  | 40,000 |  |  | — |  |  | 40,000 |  |  | 1.28 | % |  | 32 |  |  | 2013 |
|  | $ | 279,430 |  | $ | 3,049,008 |  | $ | 302,344 |  | $ | 2,957,131 |  |  |  |  |  |  |  |  |  |
(1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.
Debt premiums (discounts) on mortgage notes payable |
Property Pledged as Collateral |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
Deptford Mall |  | $ | (25 | ) | $ | (30 | )
Fashion Outlets of Niagara |  |  | 8,198 |  |  | — |
Great Northern Mall |  |  | (55 | ) |  | (82 | )
Hilton Village |  |  | — |  |  | (19 | )
Shoppingtown Mall |  |  | — |  |  | 482 |
Towne Mall |  |  | 88 |  |  | 183 |
Valley Mall |  |  | (365 | ) |  | — |
|  | $ | 7,841 |  | $ | 534 |
(2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. (3) The payment term represents the monthly 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) On March 15, 2011, the loan was paid off in full. (6) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement with that unrelated party. See Note 12—Co-Venture Arrangement. (7) On February 1, 2011, the loan was paid off in full. As a result of the pay-off of the debt, the Company recognized a loss on early extinguishment of debt of $9,133, which included a $9,000 prepayment penalty and $133 of unamortized financing costs then outstanding. (8) On February 23, 2011 and November 28, 2011, the Company exercised options to borrow an additional $20,000 and $10,000, respectively. (9) On December 31, 2011, the Company acquired Eastland Mall as part of the SDG Transaction (See Note 16—Acquisitions). In connection with the transaction, the Company assumed the loan on the property with a fair value of $168,000 that bears interest at an effective rate of 5.79% and matures on June 1, 2016. (10) On July 22, 2011, the Company purchased the Fashion Outlets of Niagara (See Note 16—Acquisitions). In connection with the acquisition, the Company assumed the loan on the property with a fair value of $130,005 that bears interest at an effective rate of 4.89% and matures on October 6, 2020. (11) On September 30, 2011, the loan was paid off in full. (12) On December 9, 2011, the loan was paid off in full. (13) The loan bears interest at LIBOR plus 4.50% with a total interest rate floor of 6.0% and matures on January 1, 2013, with two one-year extension options. The loan also includes options for additional borrowings of up to $20,000 depending on certain conditions. The total interest rate was 7.00% at December 31, 2011 and 2010. (14) The loan bears interest at LIBOR plus 1.75% and matures on July 10, 2012 with an additional one-year extension option. At December 31, 2011 and 2010, the total interest rate was 2.26% and 2.50%, respectively. (15) On June 1, 2011, the loan was paid off in full. (16) The loan bears interest at LIBOR plus 4.0% with a total interest rate floor of 5.50% and matures on August 31, 2012 with two one-year extension options. At December 31, 2011 and 2010, the total interest rate was 6.30%. (17) As of December 1, 2011, the loan was in maturity default. The Company is negotiating with the lender and the outcome is uncertain at this time. The loan is nonrecourse to the Company. (18) The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At December 31, 2011 and 2010, the total interest rate was 5.21%. (19) On July 1, 2011, the loan was paid off in full. (20) The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2012, with a one-year extension option. At December 31, 2011 and 2010, the total interest rate was 2.69% and 2.94%, respectively. (21) On December 30, 2011, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from the non-recourse loan. (See Note 17—Discontinued Operations). (22) On February 1, 2012, the Company replaced the existing loan on the property with a new $75,135 loan that bears interest at 4.22% and matures on March 1, 2022. (23) On January 18, 2011, the Company replaced the existing loan on the property with a new $107,000 loan that bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At December 31, 2011, the total interest rate was 3.12%. (24) On December 31, 2011, the Company acquired Valley Mall as part of the SDG Transaction (See Note 16—Acquisitions). In connection with the transaction, the Company assumed the loan on the property with a fair value of $43,543 that bears interest at an effective rate of 5.85% and matures on June 1, 2016. (25) On July 15, 2010, a court appointed receiver assumed operational control and managerial responsibility for Valley View Center. The Company anticipates the disposition of the asset, which is under the control of the receiver, will be executed through foreclosure, deed-in-lieu of foreclosure, or by some other means, and is expected to be completed in the near future. Although the Company is no longer funding any cash shortfall, it will continue to record the operations of the property until the title for the Center is transferred and its obligation for the loan is discharged. Once title to the Center is transferred, the Company will remove the net assets and liabilities from the Company's consolidated balance sheets. The loan is non-recourse to the Company. (26) The loan bears interest at LIBOR plus 1.60% and was due to mature on May 6, 2012, with a one-year extension option. At December 31, 2011 and 2010, the total interest rate on the loan was 2.13% and 6.94%, respectively. (27) The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At December 31, 2011 and 2010, the total interest rate was 3.56% and 8.37%, respectively. (28) The loan bears interest at LIBOR plus 2.00% and matures on June 5, 2012 with a one-year extension option. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 5.50% over the loan term. See Note 5—Derivative Instruments and Hedging Activities. At December 31, 2011 and 2010, the total interest rate on the loan was 2.53% and 7.81%, respectively. (29) The loan bears interest at LIBOR plus 0.675% and matures on August 1, 2013. As additional collateral for the loan, the Company is required to maintain a deposit of $40,000 with the lender, which has been included in restricted cash. The interest on the deposit is not restricted. At December 31, 2011 and 2010, the total interest rate on the loan was 1.28% and 1.26%, respectively.
Future maturities of mortgage notes payable |
2012 |  | $ | 442,005 |
2013 |  |  | 1,007,720 |
2014 |  |  | 106,275 |
2015 |  |  | 642,423 |
2016 |  |  | 573,078 |
Thereafter |  |  | 549,096 |
|  |  | 3,320,597 |
Debt premium, net |  |  | 7,841 |
|  | $ | 3,328,438 |

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