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		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
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).