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Mortgage Notes Payable: (Tables) | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Mortgage notes payable | Mortgage notes payable at June 30, 2015 and December 31, 2014 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
|  | June 30, 2015 |  | December 31, 2014 |  |  |  |  |  |
Property Pledged as Collateral |  | Related Party |  | Other |  | Related Party |  | Other |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Arrowhead Towne Center |  | $ | — |  |  | $ | 224,972 |  |  | $ | — |  |  | $ | 228,703 |  |  | 2.76 | % |  | $ | 1,131 |  |  | 2018 |
Chandler Fashion Center(5) |  | — |  |  | 200,000 |  |  | — |  |  | 200,000 |  |  | 3.77 | % |  | 625 |  |  | 2019 |
Danbury Fair Mall |  | 112,778 |  |  | 112,777 |  |  | 114,265 |  |  | 114,264 |  |  | 5.53 | % |  | 1,538 |  |  | 2020 |
Deptford Mall |  | — |  |  | 195,846 |  |  | — |  |  | 197,815 |  |  | 3.76 | % |  | 947 |  |  | 2023 |
Deptford Mall |  | — |  |  | 14,144 |  |  | — |  |  | 14,285 |  |  | 6.46 | % |  | 101 |  |  | 2016 |
Eastland Mall |  | — |  |  | 168,000 |  |  | — |  |  | 168,000 |  |  | 5.79 | % |  | 811 |  |  | 2016 |
Fashion Outlets of Chicago(6) |  | — |  |  | 200,000 |  |  | — |  |  | 119,329 |  |  | 1.84 | % |  | 278 |  |  | 2020 |
Fashion Outlets of Niagara Falls USA |  | — |  |  | 120,000 |  |  | — |  |  | 121,376 |  |  | 4.89 | % |  | 727 |  |  | 2020 |
Flagstaff Mall |  | — |  |  | 37,000 |  |  | — |  |  | 37,000 |  |  | 5.03 | % |  | 151 |  |  | 2015 |
FlatIron Crossing |  | — |  |  | 258,146 |  |  | — |  |  | 261,494 |  |  | 3.90 | % |  | 1,393 |  |  | 2021 |
Freehold Raceway Mall(5) |  | — |  |  | 227,190 |  |  | — |  |  | 229,244 |  |  | 4.20 | % |  | 1,132 |  |  | 2018 |
Great Northern Mall(7) |  | — |  |  | — |  |  | — |  |  | 34,494 |  |  | — |  |  | — |  |  | — |
Green Acres Mall |  | — |  |  | 310,248 |  |  | — |  |  | 313,514 |  |  | 3.61 | % |  | 1,447 |  |  | 2021 |
Kings Plaza Shopping Center |  | — |  |  | 475,716 |  |  | — |  |  | 480,761 |  |  | 3.67 | % |  | 2,229 |  |  | 2019 |
Lakewood Center(8) |  | — |  |  | 410,000 |  |  | — |  |  | 253,708 |  |  | 3.46 | % |  | 1,825 |  |  | 2026 |
Los Cerritos Center |  | 101,071 |  |  | 101,072 |  |  | 103,274 |  |  | 103,274 |  |  | 1.65 | % |  | 1,009 |  |  | 2018 |
Northgate Mall(9) |  | — |  |  | 64,000 |  |  | — |  |  | 64,000 |  |  | 3.07 | % |  | 130 |  |  | 2017 |
Oaks, The |  | — |  |  | 208,113 |  |  | — |  |  | 210,197 |  |  | 4.14 | % |  | 1,064 |  |  | 2022 |
Pacific View |  | — |  |  | 131,843 |  |  | — |  |  | 133,200 |  |  | 4.08 | % |  | 668 |  |  | 2022 |
Queens Center |  | — |  |  | 600,000 |  |  | — |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025 |
Santa Monica Place |  | — |  |  | 227,727 |  |  | — |  |  | 230,344 |  |  | 2.99 | % |  | 1,004 |  |  | 2018 |
SanTan Village Regional Center |  | — |  |  | 132,358 |  |  | — |  |  | 133,807 |  |  | 3.14 | % |  | 589 |  |  | 2019 |
Stonewood Center |  | — |  |  | 108,424 |  |  | — |  |  | 111,297 |  |  | 1.80 | % |  | 640 |  |  | 2017 |
Superstition Springs Center(10) |  | — |  |  | 67,921 |  |  | — |  |  | 68,079 |  |  | 2.02 | % |  | 139 |  |  | 2016 |
Towne Mall |  | — |  |  | 22,405 |  |  | — |  |  | 22,607 |  |  | 4.48 | % |  | 117 |  |  | 2022 |
Tucson La Encantada |  | 70,792 |  |  | — |  |  | 71,500 |  |  | — |  |  | 4.23 | % |  | 368 |  |  | 2022 |
Valley Mall |  | — |  |  | 40,952 |  |  | — |  |  | 41,368 |  |  | 5.85 | % |  | 280 |  |  | 2016 |
Valley River Center |  | — |  |  | 120,000 |  |  | — |  |  | 120,000 |  |  | 5.59 | % |  | 558 |  |  | 2016 |
Victor Valley, Mall of |  | — |  |  | 115,000 |  |  | — |  |  | 115,000 |  |  | 4.00 | % |  | 380 |  |  | 2024 |
Vintage Faire Mall(11) |  | — |  |  | 278,726 |  |  | — |  |  | — |  |  | 3.55 | % |  | 1,256 |  |  | 2026 |
Washington Square |  | — |  |  | 231,672 |  |  | — |  |  | 238,696 |  |  | 1.65 | % |  | 1,499 |  |  | 2016 |
Westside Pavilion |  | — |  |  | 148,299 |  |  | — |  |  | 149,626 |  |  | 4.49 | % |  | 783 |  |  | 2022 |
|  | $ | 284,641 |  |  | $ | 5,552,551 |  |  | $ | 289,039 |  |  | $ | 5,115,482 |  |  |  |  |  |  |  |  |  |
(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 Collateral | June 30, 2015 |  | December 31, 2014
Arrowhead Towne Center | $ | 10,031 |  |  | $ | 11,568 |
Deptford Mall | (6 | ) |  | (8 | )
Fashion Outlets of Niagara Falls USA | 4,950 |  |  | 5,414 |
Lakewood Center | — |  |  | 3,708 |
Los Cerritos Center | 15,424 |  |  | 17,965 |
Stonewood Center | 6,586 |  |  | 7,980 |
Superstition Springs Center | 421 |  |  | 579 |
Valley Mall | (88 | ) |  | (132 | )
Washington Square | 4,977 |  |  | 9,847 |
| $ | 42,295 |  |  | $ | 56,921 |
(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 10—Co-Venture Arrangement).
(6) | On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At June 30, 2015 and December 31, 2014, the total interest rate was 1.84% and 2.97%, respectively.
(7) | On June 30, 2015, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,609 on the extinguishment of debt (See Note 14—Dispositions).
(8) | On February 25, 2015, the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. On May 12, 2015, the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026.
(9) | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At June 30, 2015 and December 31, 2014, the total interest rate was 3.07% and 3.05%, respectively.
(10) | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At June 30, 2015 and December 31, 2014, the total interest rate was 2.02% and 1.98%, respectively.
(11) | On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026.
Debt premiums (discounts) on mortgage notes payable | Debt premiums (discounts) consist of the following:
Property Pledged as Collateral | June 30, 2015 |  | December 31, 2014
Arrowhead Towne Center | $ | 10,031 |  |  | $ | 11,568 |
Deptford Mall | (6 | ) |  | (8 | )
Fashion Outlets of Niagara Falls USA | 4,950 |  |  | 5,414 |
Lakewood Center | — |  |  | 3,708 |
Los Cerritos Center | 15,424 |  |  | 17,965 |
Stonewood Center | 6,586 |  |  | 7,980 |
Superstition Springs Center | 421 |  |  | 579 |
Valley Mall | (88 | ) |  | (132 | )
Washington Square | 4,977 |  |  | 9,847 |
| $ | 42,295 |  |  | $ | 56,921 |

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