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Mortgage Notes Payable: (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2012
Mortgage Notes Payable: |
Mortgage notes payable |
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | March 31, 2012 |  | December 31, 2011 |  |  |  |  |  |  |
|  | Related Party |  | Other |  | Related Party |  | Other |  | Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4) |
Chandler Fashion Center(5) |  | $ | — |  | $ | 154,487 |  | $ | — |  | $ | 155,489 |  |  | 5.50 | % | $ | 1,043 |  |  | 2012 |
Danbury Fair Mall |  |  | 121,755 |  |  | 121,755 |  |  | 122,382 |  |  | 122,381 |  |  | 5.53 | % |  | 1,538 |  |  | 2020 |
Deptford Mall |  |  | — |  |  | 172,500 |  |  | — |  |  | 172,500 |  |  | 5.41 | % |  | 778 |  |  | 2013 |
Deptford Mall |  |  | — |  |  | 14,973 |  |  | — |  |  | 15,030 |  |  | 6.46 | % |  | 101 |  |  | 2016 |
Eastland Mall |  |  | — |  |  | 168,000 |  |  | — |  |  | 168,000 |  |  | 5.79 | % |  | 811 |  |  | 2016 |
Fashion Outlets of Niagara |  |  | — |  |  | 128,413 |  |  | — |  |  | 129,025 |  |  | 4.89 | % |  | 727 |  |  | 2020 |
Fiesta Mall |  |  | — |  |  | 84,000 |  |  | — |  |  | 84,000 |  |  | 4.98 | % |  | 341 |  |  | 2015 |
Flagstaff Mall |  |  | — |  |  | 37,000 |  |  | — |  |  | 37,000 |  |  | 5.03 | % |  | 151 |  |  | 2015 |
Freehold Raceway Mall(5) |  |  | — |  |  | 232,900 |  |  | — |  |  | 232,900 |  |  | 4.20 | % |  | 805 |  |  | 2018 |
Fresno Fashion Fair |  |  | 81,457 |  |  | 81,458 |  |  | 81,733 |  |  | 81,734 |  |  | 6.76 | % |  | 1,104 |  |  | 2015 |
Great Northern Mall |  |  | — |  |  | 37,015 |  |  | — |  |  | 37,256 |  |  | 5.19 | % |  | 234 |  |  | 2013 |
Northgate, The Mall at(6) |  |  | — |  |  | 64,000 |  |  | — |  |  | 38,115 |  |  | 3.12 | % |  | 133 |  |  | 2017 |
Oaks, The(7) |  |  | — |  |  | 256,565 |  |  | — |  |  | 257,264 |  |  | 2.24 | % |  | 426 |  |  | 2013 |
Pacific View(8) |  |  | — |  |  | 140,000 |  |  | — |  |  | — |  |  | 4.08 | % |  | 668 |  |  | 2022 |
Paradise Valley Mall(9) |  |  | — |  |  | 83,250 |  |  | — |  |  | 84,000 |  |  | 6.30 | % |  | 402 |  |  | 2014 |
Prescott Gateway(10) |  |  | — |  |  | 60,000 |  |  | — |  |  | 60,000 |  |  | 5.78 | % |  | 289 |  |  | 2011 |
Promenade at Casa Grande(11) |  |  | — |  |  | 76,309 |  |  | — |  |  | 76,598 |  |  | 5.21 | % |  | 286 |  |  | 2013 |
Salisbury, Center at |  |  | — |  |  | 115,000 |  |  | — |  |  | 115,000 |  |  | 5.83 | % |  | 555 |  |  | 2016 |
SanTan Village Regional Center(12) |  |  | — |  |  | 138,087 |  |  | — |  |  | 138,087 |  |  | 2.66 | % |  | 270 |  |  | 2013 |
South Plains Mall |  |  | — |  |  | 102,403 |  |  | — |  |  | 102,760 |  |  | 6.55 | % |  | 648 |  |  | 2015 |
South Towne Center |  |  | — |  |  | 86,213 |  |  | — |  |  | 86,525 |  |  | 6.39 | % |  | 554 |  |  | 2015 |
Towne Mall |  |  | — |  |  | 12,660 |  |  | — |  |  | 12,801 |  |  | 4.99 | % |  | 100 |  |  | 2012 |
Tucson La Encantada(13) |  |  | 75,135 |  |  | — |  |  | 75,315 |  |  | — |  |  | 4.23 | % |  | 368 |  |  | 2022 |
Twenty Ninth Street(14) |  |  | — |  |  | 107,000 |  |  | — |  |  | 107,000 |  |  | 3.08 | % |  | 256 |  |  | 2016 |
Valley Mall |  |  | — |  |  | 43,404 |  |  | — |  |  | 43,543 |  |  | 5.85 | % |  | 280 |  |  | 2016 |
Valley River Center |  |  | — |  |  | 120,000 |  |  | — |  |  | 120,000 |  |  | 5.59 | % |  | 559 |  |  | 2016 |
Valley View Center(15) |  |  | — |  |  | — |  |  | — |  |  | 125,000 |  |  | — |  |  | — |  |  | — |
Victor Valley, Mall of(16) |  |  | — |  |  | 97,000 |  |  | — |  |  | 97,000 |  |  | 2.10 | % |  | 149 |  |  | 2013 |
Vintage Faire Mall(17) |  |  | — |  |  | 135,000 |  |  | — |  |  | 135,000 |  |  | 3.53 | % |  | 365 |  |  | 2015 |
Westside Pavilion(18) |  |  | — |  |  | 175,000 |  |  | — |  |  | 175,000 |  |  | 2.51 | % |  | 327 |  |  | 2013 |
Wilton Mall(19) |  |  | — |  |  | 40,000 |  |  | — |  |  | 40,000 |  |  | 1.25 | % |  | 31 |  |  | 2013 |
|  | $ | 278,347 |  | $ | 3,084,392 |  | $ | 279,430 |  | $ | 3,049,008 |  |  |  |  |  |  |  |  |  |
(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. (2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) 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 a co-venture arrangement (See Note 12—Co-Venture Arrangement). (6) On March 23, 2012, the Company borrowed an additional $25,885 and modified the loan to bear interest at LIBOR plus 2.25% with a maturity of March 1, 2017. At March 31, 2012 and December 31, 2011, the total interest rate was 3.12% and 7.0%, respectively. (7) The loan bears interest at LIBOR plus 1.75% and matures on July 10, 2012 with an additional one-year extension option. At March 31, 2012 and December 31, 2011, the total interest rate was 2.24% and 2.26%, respectively. (8) On March 30, 2012, the Company placed a new $140,000 loan on the property that bears interest at 4.08% with a maturity of April 1, 2022. (9) 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 March 31, 2012 and December 31, 2011, the total interest rate was 6.30%. (10) 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. (11) The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At March 31, 2012 and December 31, 2011, the total interest rate was 5.21%. (12) The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2012, with a one-year extension option. At March 31, 2012 and December 31, 2011, the total interest rate was 2.66% and 2.69%, respectively. (13) 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. (14) The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At March 31, 2012 and December 31, 2011, the total interest rate was 3.08% and 3.12%, respectively. (15) On July 15, 2010, a court appointed receiver assumed operational control and managerial responsibility for the property. On April 23, 2012, the property was sold by the receiver. As a result, the Company was discharged from the related non-recourse loan and the loan was included in liabilities on assets held for sale at March 31, 2012 (See Note 16—Discontinued Operations). (16) The loan bears interest at LIBOR plus 1.60% and matures on May 6, 2012, with a one-year extension option. At March 31, 2012 and December 31, 2011, the total interest rate was 2.10% and 2.13%, respectively. (17) The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At March 31, 2012 and December 31, 2011, the total interest rate was 3.53% and 3.56%, respectively. (18) 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 March 31, 2012 and December 31, 2011, the total interest rate was 2.51% and 2.53%, respectively. (19) 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 March 31, 2012 and December 31, 2011, the total interest rate was 1.25% and 1.28%, respectively.
Debt premiums (discounts) on mortgage notes payable |
Property Pledged as Collateral |  | March 31, 2012 |  | December 31, 2011 |
--- | --- | --- | --- | --- | ---
Deptford Mall |  | $ | (23 | ) | $ | (25 | )
Fashion Outlets of Niagara |  |  | 7,966 |  |  | 8,198 |
Great Northern Mall |  |  | (49 | ) |  | (55 | )
Towne Mall |  |  | 65 |  |  | 88 |
Valley Mall |  |  | (372 | ) |  | (365 | )
|  | $ | 7,587 |  | $ | 7,841 |

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- Definition Tabular disclosure of details related to mortgage notes payable by the entity, including properties which are pledged as collateral, carrying amounts, maturities and interest rates. + References No definition available. + Details
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