Mortgage Notes Payable: (Tables)

12 Months Ended

Dec. 31, 2011

	Carrying Amount of Mortgage Notes(1)

	2011				2010
	2011				2010				Interest Rate(2)			Monthly Debt Service(3)		Maturity Date(4)
	Related Party		Other		Related Party		Other		Interest Rate(2)			Monthly Debt Service(3)		Maturity Date(4)
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