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Mortgage Notes Payable (Tables) | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Mortgage notes payable | Mortgage notes payable at September 30, 2016 and December 31, 2015 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
|  | September 30, 2016 |  | December 31, 2015 |  |  |  |  |  |
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 |  |  | — |  |  | $ | — |  |  | — |
Chandler Fashion Center(6) |  | — |  |  | 199,816 |  |  | — |  |  | 199,766 |  |  | 3.77 | % |  | 625 |  |  | 2019 |
Danbury Fair Mall |  | 108,733 |  |  | 108,732 |  |  | 111,078 |  |  | 111,079 |  |  | 5.53 | % |  | 1,538 |  |  | 2020 |
Deptford Mall(7) |  | — |  |  | — |  |  | — |  |  | 193,337 |  |  | — |  |  | — |  |  | — |
Deptford Mall(8) |  | — |  |  | — |  |  | — |  |  | 13,999 |  |  | — |  |  | — |  |  | — |
Fashion Outlets of Chicago(9) |  | — |  |  | 198,875 |  |  | — |  |  | 198,653 |  |  | 2.18 | % |  | 337 |  |  | 2020 |
Fashion Outlets of Niagara Falls USA |  | — |  |  | 116,495 |  |  | — |  |  | 117,708 |  |  | 4.89 | % |  | 727 |  |  | 2020 |
Flagstaff Mall(10) |  | — |  |  | — |  |  | — |  |  | 37,000 |  |  | — |  |  | — |  |  | — |
FlatIron Crossing(7) |  | — |  |  | — |  |  | — |  |  | 254,075 |  |  | — |  |  | — |  |  | — |
Freehold Raceway Mall(6) |  | — |  |  | 221,709 |  |  | — |  |  | 224,836 |  |  | 4.20 | % |  | 1,132 |  |  | 2018 |
Green Acres Mall |  | — |  |  | 299,375 |  |  | — |  |  | 303,960 |  |  | 3.61 | % |  | 1,447 |  |  | 2021 |
Kings Plaza Shopping Center |  | — |  |  | 459,342 |  |  | — |  |  | 466,266 |  |  | 3.67 | % |  | 2,229 |  |  | 2019 |
Northgate Mall(11) |  | — |  |  | 63,549 |  |  | — |  |  | 63,783 |  |  | 3.40 | % |  | 147 |  |  | 2017 |
Oaks, The |  | — |  |  | 202,332 |  |  | — |  |  | 205,555 |  |  | 4.14 | % |  | 1,064 |  |  | 2022 |
Pacific View |  | — |  |  | 128,021 |  |  | — |  |  | 130,108 |  |  | 4.08 | % |  | 668 |  |  | 2022 |
Queens Center |  | — |  |  | 600,000 |  |  | — |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025 |
Santa Monica Place |  | — |  |  | 220,901 |  |  | — |  |  | 224,815 |  |  | 2.99 | % |  | 1,004 |  |  | 2018 |
SanTan Village Regional Center |  | — |  |  | 128,466 |  |  | — |  |  | 130,638 |  |  | 3.14 | % |  | 589 |  |  | 2019 |
Stonewood Center |  | — |  |  | 101,048 |  |  | — |  |  | 105,494 |  |  | 1.80 | % |  | 640 |  |  | 2017 |
Superstition Springs Center(12) |  | — |  |  | 67,525 |  |  | — |  |  | 67,749 |  |  | 2.35 | % |  | 159 |  |  | 2016 |
Towne Mall |  | — |  |  | 21,670 |  |  | — |  |  | 21,956 |  |  | 4.48 | % |  | 117 |  |  | 2022 |
Tucson La Encantada |  | 68,888 |  |  | — |  |  | 69,991 |  |  | — |  |  | 4.23 | % |  | 368 |  |  | 2022 |
Victor Valley, Mall of |  | — |  |  | 114,544 |  |  | — |  |  | 114,500 |  |  | 4.00 | % |  | 380 |  |  | 2024 |
Vintage Faire Mall |  | — |  |  | 270,556 |  |  | — |  |  | 274,417 |  |  | 3.55 | % |  | 1,256 |  |  | 2026 |
Westside Pavilion |  | — |  |  | 144,581 |  |  | — |  |  | 146,630 |  |  | 4.49 | % |  | 783 |  |  | 2022 |
|  | $ | 177,621 |  |  | $ | 3,667,537 |  |  | $ | 181,069 |  |  | $ | 4,427,518 |  |  |  |  |  |  |  |  |  |
(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 | September 30, 2016 |  | December 31, 2015
Arrowhead Towne Center | $ | — |  |  | $ | 8,494 |
Deptford Mall | — |  |  | (3 | )
Fashion Outlets of Niagara Falls USA | 3,790 |  |  | 4,486 |
Stonewood Center | 3,058 |  |  | 5,168 |
Superstition Springs Center | 26 |  |  | 263 |
| $ | 6,874 |  |  | $ | 18,408 |
The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,567 and $16,025 at September 30, 2016 and December 31, 2015, respectively.
(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, which resulted in a loss of $3,575 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 underlying property (See Note 4—Investments in Unconsolidated Joint Ventures).
(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 4—Investments in Unconsolidated Joint Ventures).
(8) | On March 1, 2016, the Company paid off in full the loan on the property.
(9) | The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At September 30, 2016 and December 31, 2015, the total interest rate was 2.18% and 1.84%, respectively.
(10) | On July 15, 2016, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a gain of $5,284 on the extinguishment of debt (See Note 14—Dispositions).
(11) | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2016 and December 31, 2015, the total interest rate was 3.40% and 3.30%, respectively.
(12) | On October 14, 2016, the Company paid off in full the loan on the property.
Debt premiums (discounts) on mortgage notes payable | Debt premiums (discounts) consist of the following:
Property Pledged as Collateral | September 30, 2016 |  | December 31, 2015
Arrowhead Towne Center | $ | — |  |  | $ | 8,494 |
Deptford Mall | — |  |  | (3 | )
Fashion Outlets of Niagara Falls USA | 3,790 |  |  | 4,486 |
Stonewood Center | 3,058 |  |  | 5,168 |
Superstition Springs Center | 26 |  |  | 263 |
| $ | 6,874 |  |  | $ | 18,408 |

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