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Mortgage Notes Payable: (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Mortgage Notes Payable: |
Mortgage notes payable |
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | 2012 |  | 2011 |  |  |  |  |  |  |
Property Pledged as Collateral |  | Related Party |  | Other |  | Related Party |  | Other |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4) |
Arrowhead Towne Center(5) |  | $ | — |  | $ | 243,176 |  | $ | — |  | $ | — |  |  | 2.76 | % | $ | 1,131 |  |  | 2018 |
Chandler Fashion Center(6)(7) |  |  | — |  |  | 200,000 |  |  | — |  |  | 155,489 |  |  | 3.77 | % |  | 625 |  |  | 2019 |
Chesterfield Towne Center(8) |  |  | — |  |  | 110,000 |  |  | — |  |  | — |  |  | 4.80 | % |  | 573 |  |  | 2022 |
Danbury Fair Mall |  |  | 119,823 |  |  | 119,823 |  |  | 122,382 |  |  | 122,381 |  |  | 5.53 | % |  | 1,538 |  |  | 2020 |
Deptford Mall(9) |  |  | — |  |  | 205,000 |  |  | — |  |  | 172,500 |  |  | 3.76 | % |  | 948 |  |  | 2023 |
Deptford Mall |  |  | — |  |  | 14,800 |  |  | — |  |  | 15,030 |  |  | 6.46 | % |  | 101 |  |  | 2016 |
Eastland Mall |  |  | — |  |  | 168,000 |  |  | — |  |  | 168,000 |  |  | 5.79 | % |  | 811 |  |  | 2016 |
Fashion Outlets of Chicago(10) |  |  | — |  |  | 9,165 |  |  | — |  |  | — |  |  | 3.00 | % |  | 22 |  |  | 2017 |
Fashion Outlets of Niagara Falls USA |  |  | — |  |  | 126,584 |  |  | — |  |  | 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 |
FlatIron Crossing(11) |  |  | — |  |  | 173,561 |  |  | — |  |  | — |  |  | 1.96 | % |  | 1,102 |  |  | 2013 |
Freehold Raceway Mall(6) |  |  | — |  |  | 232,900 |  |  | — |  |  | 232,900 |  |  | 4.20 | % |  | 805 |  |  | 2018 |
Fresno Fashion Fair |  |  | 80,601 |  |  | 80,602 |  |  | 81,733 |  |  | 81,734 |  |  | 6.76 | % |  | 1,104 |  |  | 2015 |
Great Northern Mall |  |  | — |  |  | 36,395 |  |  | — |  |  | 37,256 |  |  | 5.19 | % |  | 234 |  |  | 2013 |
Kings Plaza Shopping Center(12) |  |  | — |  |  | 354,000 |  |  | — |  |  | — |  |  | 3.67 | % |  | 2,229 |  |  | 2019 |
Northgate Mall(13) |  |  | — |  |  | 64,000 |  |  | — |  |  | 38,115 |  |  | 3.09 | % |  | 132 |  |  | 2017 |
Oaks, The(14) |  |  | — |  |  | 218,119 |  |  | — |  |  | 257,264 |  |  | 4.14 | % |  | 1,064 |  |  | 2022 |
Pacific View(15) |  |  | — |  |  | 138,367 |  |  | — |  |  | — |  |  | 4.08 | % |  | 668 |  |  | 2022 |
Paradise Valley Mall(16) |  |  | — |  |  | 81,000 |  |  | — |  |  | 84,000 |  |  | 6.30 | % |  | 625 |  |  | 2014 |
Prescott Gateway(17) |  |  | — |  |  | — |  |  | — |  |  | 60,000 |  |  | — |  |  | — |  |  | — |
Promenade at Casa Grande(18) |  |  | — |  |  | 73,700 |  |  | — |  |  | 76,598 |  |  | 5.21 | % |  | 280 |  |  | 2013 |
Salisbury, Centre at |  |  | — |  |  | 115,000 |  |  | — |  |  | 115,000 |  |  | 5.83 | % |  | 555 |  |  | 2016 |
Santa Monica Place(19) |  |  | — |  |  | 240,000 |  |  | — |  |  | — |  |  | 2.99 | % |  | 1,004 |  |  | 2018 |
SanTan Village Regional Center(20) |  |  | — |  |  | 138,087 |  |  | — |  |  | 138,087 |  |  | 2.61 | % |  | 266 |  |  | 2013 |
South Plains Mall |  |  | — |  |  | 101,340 |  |  | — |  |  | 102,760 |  |  | 6.57 | % |  | 648 |  |  | 2015 |
South Towne Center |  |  | — |  |  | 85,247 |  |  | — |  |  | 86,525 |  |  | 6.39 | % |  | 554 |  |  | 2015 |
Towne Mall(21) |  |  | — |  |  | 23,369 |  |  | — |  |  | 12,801 |  |  | 4.48 | % |  | 117 |  |  | 2022 |
Tucson La Encantada(22) |  |  | 74,185 |  |  | — |  |  | 75,315 |  |  | — |  |  | 4.23 | % |  | 368 |  |  | 2022 |
Twenty Ninth Street(23) |  |  | — |  |  | 107,000 |  |  | — |  |  | 107,000 |  |  | 3.04 | % |  | 252 |  |  | 2016 |
Valley Mall |  |  | — |  |  | 42,891 |  |  | — |  |  | 43,543 |  |  | 5.85 | % |  | 280 |  |  | 2016 |
Valley River Center |  |  | — |  |  | 120,000 |  |  | — |  |  | 120,000 |  |  | 5.59 | % |  | 558 |  |  | 2016 |
Valley View Center(24) |  |  | — |  |  | — |  |  | — |  |  | 125,000 |  |  | — |  |  | — |  |  | — |
Victor Valley, Mall of(25) |  |  | — |  |  | 90,000 |  |  | — |  |  | 97,000 |  |  | 2.12 | % |  | 137 |  |  | 2014 |
Vintage Faire Mall(26) |  |  | — |  |  | 135,000 |  |  | — |  |  | 135,000 |  |  | 3.51 | % |  | 352 |  |  | 2015 |
Westside Pavilion(27) |  |  | — |  |  | 154,608 |  |  | — |  |  | 175,000 |  |  | 4.49 | % |  | 783 |  |  | 2022 |
Wilton Mall(28) |  |  | — |  |  | 40,000 |  |  | — |  |  | 40,000 |  |  | 1.22 | % |  | 32 |  |  | 2013 |
|  | $ | 274,609 |  | $ | 4,162,734 |  | $ | 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. The debt premiums (discounts) as of December 31, 2012 and 2011 consist of the following:
Property Pledged as Collateral |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Arrowhead Towne Center |  | $ | 17,716 |  | $ | — |
Deptford Mall |  |  | (19 | ) |  | (25 | )
Fashion Outlets of Niagara Falls USA |  |  | 7,270 |  |  | 8,198 |
FlatIron Crossing |  |  | 5,232 |  |  | — |
Great Northern Mall |  |  | (28 | ) |  | (55 | )
Towne Mall |  |  | — |  |  | 88 |
Valley Mall |  |  | (307 | ) |  | (365 | )
|  | $ | 29,864 |  | $ | 7,841 |
(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) On October 26, 2012, the Company purchased the 33.3% interest in Arrowhead Towne Center that it did not own (See Note 15—Acquisitions). In connection with this acquisition, the Company assumed the loan on the property with a fair value of $244,403 that bears interest at an effective rate of 2.76% and matures on October 5, 2018. (6) 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). (7) On June 29, 2012, the Company replaced the existing loan on the property with a new $200,000 loan that bears interest at 3.77% and matures on July 1, 2019. (8) On September 17, 2012, the Company placed a $110,000 loan on the property that bears interest at an effective rate of 4.80% and matures on October 1, 2022. (9) On December 5, 2012, the Company replaced the existing loan on the property with a new $205,000 loan that bears interest at an effective rate of 3.76% and matures on April 3, 2023. (10) On March 2, 2012, the joint venture placed a new construction loan on the property that allows for borrowings up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2012, the total interest rate was 3.00%. (11) On October 3, 2012, the Company purchased the 75% interest in FlatIron Crossing that it did not own (See Note 15—Acquisitions). In connection with this acquisition, the Company assumed the loan on the property with a fair value of $175,720 that bears interest at an effective rate of 1.96% and matures on December 1, 2013. (12) On November 28, 2012, in connection with the Company's acquisition of Kings Plaza Shopping Center (See Note 15—Acquisitions), the Company placed a new loan on the property that allows for borrowing up to $500,000 at an effective interest rate of 3.67% and matures on December 3, 2019. Concurrent with the acquisition, the Company borrowed $354,000 on the loan. On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan. (13) 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 December 31, 2012 and 2011, the total interest rate was 3.09% and 7.00%, respectively. (14) On May 17, 2012, the Company replaced the existing loan on the property with a new $220,000 loan that bears interest at an effective rate of 4.14% and matures on June 5, 2022. (15) On March 30, 2012, the Company placed a new $140,000 loan on the property that bears interest at an effective rate of 4.08% and matures on April 1, 2022. (16) The loan bears interest at LIBOR plus 4.0% with a total interest rate floor of 5.50% and matures on August 31, 2014. At December 31, 2012 and 2011, the total interest rate was 6.30%. (17) On May 31, 2012, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan (See Note 16—Discontinued Operations). (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, 2012 and 2011, the total interest rate was 5.21%. (19) On December 28, 2012, the Company placed a new $240,000 loan on the property that bears interest at an effective rate of 2.99% and matures on January 3, 2018. (20) The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2013. At December 31, 2012 and 2011, the total interest rate was 2.61% and 2.69%, respectively. (21) On October 25, 2012, the Company replaced the existing loan on the property with a new $23,400 loan that bears interest at an effective rate of 4.48% and matures on November 1, 2022. (22) On February 1, 2012, the Company replaced the existing loan on the property with a new $75,135 loan that bears interest at an effective rate 4.23% and matures on March 1, 2022. (23) The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At December 31, 2012 and 2011, the total interest rate was 3.04% and 3.12%, respectively. (24) On April 23, 2012, the property was sold by a court appointed receiver. As a result, the Company was discharged from this non-recourse loan (See Note 16—Discontinued Operations). (25) On October 5, 2012, the Company modified and extended the loan to November 6, 2014. The loan bears interest at LIBOR plus 1.60% until May 6, 2013 and increases to LIBOR plus 2.25% until maturity on November 6, 2014. At December 31, 2012 and 2011, the total interest rate was 2.12% and 2.13%, respectively. (26) The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At December 31, 2012 and 2011, the total interest rate was 3.51% and 3.56%, respectively. (27) On September 6, 2012, the Company replaced the existing loan on the property with a new $155,000 loan that bears interest at an effective rate of 4.49% and matures on October 1, 2022. (28) 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, 2012 and 2011, the total interest rate was 1.22% and 1.28%, respectively.
Debt premiums (discounts) on mortgage notes payable |
Property Pledged as Collateral |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Arrowhead Towne Center |  | $ | 17,716 |  | $ | — |
Deptford Mall |  |  | (19 | ) |  | (25 | )
Fashion Outlets of Niagara Falls USA |  |  | 7,270 |  |  | 8,198 |
FlatIron Crossing |  |  | 5,232 |  |  | — |
Great Northern Mall |  |  | (28 | ) |  | (55 | )
Towne Mall |  |  | — |  |  | 88 |
Valley Mall |  |  | (307 | ) |  | (365 | )
|  | $ | 29,864 |  | $ | 7,841 |
Future maturities of mortgage notes payable |
2013 |  | $ | 511,366 |
2014 |  |  | 231,183 |
2015 |  |  | 646,787 |
2016 |  |  | 617,266 |
2017 |  |  | 128,890 |
Thereafter |  |  | 2,271,987 |
|  |  | 4,407,479 |
Debt premium, net |  |  | 29,864 |
|  | $ | 4,437,343 |

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