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Mortgage Notes Payable: (Tables) | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Mortgage notes payable | Mortgage notes payable at December 31, 2015 and 2014 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
|  | 2015 |  | 2014 |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Property Pledged as Collateral |  | Related Party |  | Other |  | Related Party |  | Other |
Arrowhead Towne Center(5) |  | $ | — |  |  | $ | 221,194 |  |  | $ | — |  |  | $ | 228,703 |  |  | 2.76 | % |  | $ | 1,131 |  |  | 2018 |
Chandler Fashion Center(6) |  | — |  |  | 200,000 |  |  | — |  |  | 200,000 |  |  | 3.77 | % |  | 625 |  |  | 2019 |
Danbury Fair Mall |  | 111,248 |  |  | 111,249 |  |  | 114,265 |  |  | 114,264 |  |  | 5.53 | % |  | 1,538 |  |  | 2020 |
Deptford Mall(7) |  | — |  |  | 193,861 |  |  | — |  |  | 197,815 |  |  | 3.76 | % |  | 947 |  |  | 2023 |
Deptford Mall |  | — |  |  | 14,001 |  |  | — |  |  | 14,285 |  |  | 6.46 | % |  | 101 |  |  | 2016 |
Eastland Mall(8) |  | — |  |  | — |  |  | — |  |  | 168,000 |  |  | — |  |  | — |  |  | — |
Fashion Outlets of Chicago(9) |  | — |  |  | 200,000 |  |  | — |  |  | 119,329 |  |  | 1.84 | % |  | 291 |  |  | 2020 |
Fashion Outlets of Niagara Falls USA |  | — |  |  | 118,615 |  |  | — |  |  | 121,376 |  |  | 4.89 | % |  | 727 |  |  | 2020 |
Flagstaff Mall(10) |  | — |  |  | 37,000 |  |  | — |  |  | 37,000 |  |  | 8.97 | % |  | 153 |  |  | 2015 |
FlatIron Crossing(7) |  | — |  |  | 254,733 |  |  | — |  |  | 261,494 |  |  | 3.90 | % |  | 1,393 |  |  | 2021 |
Freehold Raceway Mall(6) |  | — |  |  | 225,094 |  |  | — |  |  | 229,244 |  |  | 4.20 | % |  | 1,132 |  |  | 2018 |
Great Northern Mall(11) |  | — |  |  | — |  |  | — |  |  | 34,494 |  |  | — |  |  | — |  |  | — |
Green Acres Mall |  | — |  |  | 306,954 |  |  | — |  |  | 313,514 |  |  | 3.61 | % |  | 1,447 |  |  | 2021 |
Kings Plaza Shopping Center |  | — |  |  | 470,627 |  |  | — |  |  | 480,761 |  |  | 3.67 | % |  | 2,229 |  |  | 2019 |
Lakewood Center(12) |  | — |  |  | — |  |  | — |  |  | 253,708 |  |  | — |  |  | — |  |  | — |
Los Cerritos Center(13) |  | — |  |  | — |  |  | 103,274 |  |  | 103,274 |  |  | — |  |  | — |  |  | — |
Northgate Mall(14) |  | — |  |  | 64,000 |  |  | — |  |  | 64,000 |  |  | 3.30 | % |  | 143 |  |  | 2017 |
Oaks, The |  | — |  |  | 205,986 |  |  | — |  |  | 210,197 |  |  | 4.14 | % |  | 1,064 |  |  | 2022 |
Pacific View |  | — |  |  | 130,458 |  |  | — |  |  | 133,200 |  |  | 4.08 | % |  | 668 |  |  | 2022 |
Queens Center |  | — |  |  | 600,000 |  |  | — |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025 |
Santa Monica Place |  | — |  |  | 225,089 |  |  | — |  |  | 230,344 |  |  | 2.99 | % |  | 1,004 |  |  | 2018 |
SanTan Village Regional Center |  | — |  |  | 130,898 |  |  | — |  |  | 133,807 |  |  | 3.14 | % |  | 589 |  |  | 2019 |
Stonewood Center |  | — |  |  | 105,494 |  |  | — |  |  | 111,297 |  |  | 1.80 | % |  | 640 |  |  | 2017 |
Superstition Springs Center(15) |  | — |  |  | 67,763 |  |  | — |  |  | 68,079 |  |  | 2.17 | % |  | 149 |  |  | 2016 |
Towne Mall |  | — |  |  | 22,200 |  |  | — |  |  | 22,607 |  |  | 4.48 | % |  | 117 |  |  | 2022 |
Tucson La Encantada |  | 70,070 |  |  | — |  |  | 71,500 |  |  | — |  |  | 4.23 | % |  | 368 |  |  | 2022 |
Valley Mall(16) |  | — |  |  | — |  |  | — |  |  | 41,368 |  |  | — |  |  | — |  |  | — |
Valley River Center(17) |  | — |  |  | — |  |  | — |  |  | 120,000 |  |  | — |  |  | — |  |  | — |
Victor Valley, Mall of |  | — |  |  | 115,000 |  |  | — |  |  | 115,000 |  |  | 4.00 | % |  | 380 |  |  | 2024 |
Vintage Faire Mall(18) |  | — |  |  | 276,117 |  |  | — |  |  | — |  |  | 3.55 | % |  | 1,255 |  |  | 2026 |
Washington Square(19) |  | — |  |  | — |  |  | — |  |  | 238,696 |  |  | — |  |  | — |  |  | — |
Westside Pavilion |  | — |  |  | 146,961 |  |  | — |  |  | 149,626 |  |  | 4.49 | % |  | 783 |  |  | 2022 |
|  | $ | 181,318 |  |  | $ | 4,443,294 |  |  | $ | 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.
The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following:
Property Pledged as Collateral |  | 2015 |  | 2014
Arrowhead Towne Center |  | $ | 8,494 |  |  | $ | 11,568 |
Deptford Mall |  | (3 | ) |  | (8 | )
Fashion Outlets of Niagara Falls USA |  | 4,486 |  |  | 5,414 |
Lakewood Center |  | — |  |  | 3,708 |
Los Cerritos Center |  | — |  |  | 17,965 |
Stonewood Center |  | 5,168 |  |  | 7,980 |
Superstition Springs Center |  | 263 |  |  | 579 |
Valley Mall |  | — |  |  | (132 | )
Washington Square |  | — |  |  | 9,847 |
|  | $ | 18,408 |  |  | $ | 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) | On January 6, 2016, the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 22—Subsequent Events).
(6) | 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).
(7) | On January 14, 2016, a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 22—Subsequent Events).
(8) | On December 1, 2015, the Company paid off in full the loan on the property.
(9) | 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 December 31, 2015 and 2014, the total interest rate was 1.84% and 2.97%, respectively.
(10) | On November 1, 2015, this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver.
(11) | 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 $1,627 on the extinguishment of debt (See Note 14—Dispositions).
(12) | On March 2, 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. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).
(13) | On October 30, 2015, the Company replaced the existing loan on the property with a new $525,000 loan that bears interest at an effective rate of 4.00% and matures on November 1, 2027, which resulted in a loss of $859 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).
(14) | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2015 and 2014, the total interest rate was 3.30% and 3.05%, respectively.
(15) | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2015 and 2014, the total interest rate was 2.17% and 1.98%, respectively.
(16) | On December 1, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $52 on the early extinguishment of debt.
(17) | On July 31, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $9 on the early extinguishment of debt.
(18) | 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.
(19) | On October 5, 2015, the Company paid off in full the existing loan on the property, which resulted in a gain of $2,367 on the early extinguishment of debt as a result of writing off the related debt premium. On October 29, 2015, the Company placed a new $550,000 loan on the property that bears interest at an effective rate of 3.65% and matures on November 1, 2022. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures).
Debt premiums (discounts) on mortgage notes payable | The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following:
Property Pledged as Collateral |  | 2015 |  | 2014
Arrowhead Towne Center |  | $ | 8,494 |  |  | $ | 11,568 |
Deptford Mall |  | (3 | ) |  | (8 | )
Fashion Outlets of Niagara Falls USA |  | 4,486 |  |  | 5,414 |
Lakewood Center |  | — |  |  | 3,708 |
Los Cerritos Center |  | — |  |  | 17,965 |
Stonewood Center |  | 5,168 |  |  | 7,980 |
Superstition Springs Center |  | 263 |  |  | 579 |
Valley Mall |  | — |  |  | (132 | )
Washington Square |  | — |  |  | 9,847 |
|  | $ | 18,408 |  |  | $ | 56,921 |
Future maturities of mortgage notes payable | The future maturities of mortgage notes payable are as follows:
Year Ending December 31, |
2016 | $ | 155,977 |
2017 | 235,501 |
2018 | 695,439 |
2019 | 809,077 |
2020 | 534,886 |
Thereafter | 2,175,324 |
| 4,606,204 |
Debt premium, net | 18,408 |
| $ | 4,624,612 |

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