XML 76 R49.htm IDEA: XBRL DOCUMENT v2.4.0.8
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Dec. 31, 2013
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party $ 266,658 [1] $ 269,381 [1]
Carrying Amount of Mortgage Notes, Other 4,106,731 [1] 4,145,809 [1]
Arrowhead Towne Center
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 232,388 [1] 236,028 [1]
Effective Interest Rate (as a percent) 2.76% [2]  
Monthly Debt Service 1,131 [3]  
Camelback Colonnade
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 48,529 [1] 49,120 [1]
Effective Interest Rate (as a percent) 2.16% [2]  
Monthly Debt Service 178 [3]  
Chandler Fashion Center
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1],[4] 0 [1],[4]
Carrying Amount of Mortgage Notes, Other 200,000 [1],[4] 200,000 [1],[4]
Effective Interest Rate (as a percent) 3.77% [2],[4]  
Monthly Debt Service 625 [3],[4]  
Danbury Fair Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 115,712 [1] 117,120 [1]
Carrying Amount of Mortgage Notes, Other 115,712 [1] 117,120 [1]
Effective Interest Rate (as a percent) 5.53% [2]  
Monthly Debt Service 1,538 [3]  
Deptford Mall One
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 199,726 [1] 201,622 [1]
Effective Interest Rate (as a percent) 3.76% [2]  
Monthly Debt Service 947 [3]  
Deptford Mall Two
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 14,419 [1] 14,551 [1]
Effective Interest Rate (as a percent) 6.46% [2]  
Monthly Debt Service 101 [3]  
Eastland Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 168,000 [1] 168,000 [1]
Effective Interest Rate (as a percent) 5.79% [2]  
Monthly Debt Service 811 [3]  
Fashion Outlets of Chicago
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1],[5] 0 [1],[5]
Carrying Amount of Mortgage Notes, Other 113,040 [1],[5] 91,383 [1],[5]
Effective Interest Rate (as a percent) 2.95% [2],[5] 2.96%
Monthly Debt Service 233 [3],[5]  
Fashion Outlets of Niagara Falls USA
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 122,706 [1] 124,030 [1]
Effective Interest Rate (as a percent) 4.89% [2]  
Monthly Debt Service 727 [3]  
Flagstaff Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 37,000 [1] 37,000 [1]
Effective Interest Rate (as a percent) 5.03% [2]  
Monthly Debt Service 151 [3]  
FlatIron Crossing
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 264,778 [1] 268,000 [1]
Effective Interest Rate (as a percent) 3.90% [2]  
Monthly Debt Service 1,393 [3]  
Freehold Raceway Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1],[4] 0 [1],[4]
Carrying Amount of Mortgage Notes, Other 231,255 [1],[4] 232,900 [1],[4]
Effective Interest Rate (as a percent) 4.20% [2],[4]  
Monthly Debt Service 805 [3],[4]  
Fresno Fashion Fair
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 78,754 [1] 79,391 [1]
Carrying Amount of Mortgage Notes, Other 78,753 [1] 79,390 [1]
Effective Interest Rate (as a percent) 6.76% [2]  
Monthly Debt Service 1,104 [3]  
Great Northern Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1],[6] 0 [1],[6]
Carrying Amount of Mortgage Notes, Other 34,993 [1],[6] 35,484 [1],[6]
Effective Interest Rate (as a percent) 6.54% [2],[6]  
Monthly Debt Service 234 [3],[6]  
Green Acres Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 316,694 [1] 319,850 [1]
Effective Interest Rate (as a percent) 3.61% [2]  
Monthly Debt Service 1,447 [3]  
Kings Plaza
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 485,674 [1] 490,548 [1]
Effective Interest Rate (as a percent) 3.67% [2]  
Monthly Debt Service 2,229 [3]  
The Mall at Northgate
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1],[7] 0 [1],[7]
Carrying Amount of Mortgage Notes, Other 64,000 [1],[7] 64,000 [1],[7]
Effective Interest Rate (as a percent) 3.03% [2],[7] 3.04%
Monthly Debt Service 128 [3],[7]  
The Oaks
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 212,239 [1] 214,239 [1]
Effective Interest Rate (as a percent) 4.14% [2]  
Monthly Debt Service 1,064 [3]  
Pacific View
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 134,531 [1] 135,835 [1]
Effective Interest Rate (as a percent) 4.08% [2]  
Monthly Debt Service 668 [3]  
Santa Monica Place
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 232,904 [1] 235,445 [1]
Effective Interest Rate (as a percent) 2.99% [2]  
Monthly Debt Service 1,004 [3]  
SanTan Village Regional Center
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 135,222 [1] 136,629 [1]
Effective Interest Rate (as a percent) 3.14% [2]  
Monthly Debt Service 589 [3]  
South Plains Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1],[8] 0 [1],[8]
Carrying Amount of Mortgage Notes, Other 72,089 [1],[8] 99,833 [1],[8]
Effective Interest Rate (as a percent) 4.78% [2],[8]  
Monthly Debt Service 383 [3],[8]  
Superstition Springs Center
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 68,237 [1] 68,395 [1]
Effective Interest Rate (as a percent) 1.98% [2]  
Monthly Debt Service 138 [3]  
Towne Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 22,802 [1] 22,996 [1]
Effective Interest Rate (as a percent) 4.48% [2]  
Monthly Debt Service 117 [3]  
Tucson La Encantada
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 72,192 [1] 72,870 [1]
Carrying Amount of Mortgage Notes, Other 0 [1] 0 [1]
Effective Interest Rate (as a percent) 4.23% [2]  
Monthly Debt Service 368 [3]  
Valley Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 41,765 [1] 42,155 [1]
Effective Interest Rate (as a percent) 5.85% [2]  
Monthly Debt Service 280 [3]  
Valley River Center
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 120,000 [1] 120,000 [1]
Effective Interest Rate (as a percent) 5.59% [2]  
Monthly Debt Service 558 [3]  
Mall of Victor Valley
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1],[9] 0 [1],[9]
Carrying Amount of Mortgage Notes, Other 90,000 [1],[9] 90,000 [1],[9]
Effective Interest Rate (as a percent) 2.71% [2],[9] 2.73%
Monthly Debt Service 180 [3],[9]  
Vintage Faire Mall
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 98,370 [1] 99,083 [1]
Effective Interest Rate (as a percent) 5.81% [2]  
Monthly Debt Service 586 [3]  
Westside Pavilion
    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes, Related Party 0 [1] 0 [1]
Carrying Amount of Mortgage Notes, Other 150,905 [1] 152,173 [1]
Effective Interest Rate (as a percent) 4.49% [2]  
Monthly Debt Service $ 783 [3]  
[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) consist of the following:Property Pledged as CollateralJune 30, 2014 December 31, 2013Arrowhead Towne Center$13,105 $14,642Camelback Colonnade1,528 2,120Deptford Mall(11) (14)Fashion Outlets of Niagara Falls USA5,878 6,342Superstition Springs Center737 895Valley Mall(175) (219) $21,062 $23,766
[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] A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement).
[5] The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At June 30, 2014 and December 31, 2013, the total interest rate was 2.95% and 2.96%, respectively.
[6] On March 24, 2014, the loan was extended to January 1, 2015.
[7] The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At June 30, 2014 and December 31, 2013, the total interest rate was 3.03% and 3.04%, respectively.
[8] On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $358 on the early extinguishment of debt.
[9] The loan bears interest at LIBOR plus 2.25% and matures on November 6, 2014. At June 30, 2014 and December 31, 2013, the total interest rate was 2.71% and 2.73%, respectively.