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Mortgage Notes Payable (Tables) | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Mortgage notes payable | Mortgage notes payable at March 31, 2017 and December 31, 2016 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
|  | March 31, 2017 |  | December 31, 2016 |  |  |  |  |  |
Property Pledged as Collateral |  | Related Party |  | Other |  | Related Party |  | Other |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Chandler Fashion Center(5) |  | $ | — |  |  | $ | 199,850 |  |  | $ | — |  |  | $ | 199,833 |  |  | 3.77 | % |  | $ | 625 |  |  | 2019 |
Danbury Fair Mall |  | 107,113 |  |  | 107,113 |  |  | 107,929 |  |  | 107,928 |  |  | 5.53 | % |  | 1,538 |  |  | 2020 |
Fashion Outlets of Chicago(6) |  | — |  |  | 199,006 |  |  | — |  |  | 198,966 |  |  | 2.44 | % |  | 380 |  |  | 2020 |
Fashion Outlets of Niagara Falls USA |  | — |  |  | 115,003 |  |  | — |  |  | 115,762 |  |  | 4.89 | % |  | 727 |  |  | 2020 |
Freehold Raceway Mall(5) |  | — |  |  | 219,568 |  |  | — |  |  | 220,643 |  |  | 4.20 | % |  | 1,132 |  |  | 2018 |
Fresno Fashion Fair |  | — |  |  | 323,112 |  |  | — |  |  | 323,062 |  |  | 3.67 | % |  | 971 |  |  | 2026 |
Green Acres Mall |  | — |  |  | 296,178 |  |  | — |  |  | 297,798 |  |  | 3.61 | % |  | 1,447 |  |  | 2021 |
Kings Plaza Shopping Center |  | — |  |  | 454,507 |  |  | — |  |  | 456,958 |  |  | 3.67 | % |  | 2,229 |  |  | 2019 |
Northgate Mall(7) |  | — |  |  | — |  |  | — |  |  | 63,434 |  |  | — |  |  | — |  |  | — |
Oaks, The |  | — |  |  | 200,127 |  |  | — |  |  | 201,235 |  |  | 4.14 | % |  | 1,064 |  |  | 2022 |
Pacific View |  | — |  |  | 126,593 |  |  | — |  |  | 127,311 |  |  | 4.08 | % |  | 668 |  |  | 2022 |
Queens Center |  | — |  |  | 600,000 |  |  | — |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025 |
Santa Monica Place |  | — |  |  | 218,199 |  |  | — |  |  | 219,564 |  |  | 2.99 | % |  | 1,004 |  |  | 2018 |
SanTan Village Regional Center |  | — |  |  | 126,964 |  |  | — |  |  | 127,724 |  |  | 3.14 | % |  | 589 |  |  | 2019 |
Stonewood Center |  | — |  |  | 98,023 |  |  | — |  |  | 99,520 |  |  | 1.80 | % |  | 640 |  |  | 2017 |
Towne Mall |  | — |  |  | 21,466 |  |  | — |  |  | 21,570 |  |  | 4.48 | % |  | 117 |  |  | 2022 |
Tucson La Encantada |  | 68,134 |  |  | — |  |  | 68,513 |  |  | — |  |  | 4.23 | % |  | 368 |  |  | 2022 |
Victor Valley, Mall of |  | — |  |  | 114,573 |  |  | — |  |  | 114,559 |  |  | 4.00 | % |  | 380 |  |  | 2024 |
Vintage Faire Mall |  | — |  |  | 267,861 |  |  | — |  |  | 269,228 |  |  | 3.55 | % |  | 1,256 |  |  | 2026 |
Westside Pavilion |  | — |  |  | 143,132 |  |  | — |  |  | 143,881 |  |  | 4.49 | % |  | 783 |  |  | 2022 |
|  | $ | 175,247 |  |  | $ | 3,831,275 |  |  | $ | 176,442 |  |  | $ | 3,908,976 |  |  |  |  |  |  |  |  |  |
(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 | March 31, 2017 |  | December 31, 2016
Fashion Outlets of Niagara Falls USA | $ | 3,326 |  |  | $ | 3,558 |
Stonewood Center | 1,656 |  |  | 2,349 |
| $ | 4,982 |  |  | $ | 5,907 |
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 $11,953 and $12,716 at March 31, 2017 and December 31, 2016, 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) | 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) | The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At March 31, 2017 and December 31, 2016, the total interest rate was 2.44% and 2.43%, respectively.
(7) | On January 18, 2017, the loan was paid off in connection with the sale of the underlying property (See Note 14—Dispositions).
Debt premiums (discounts) on mortgage notes payable | Debt premiums (discounts) consist of the following:
Property Pledged as Collateral | March 31, 2017 |  | December 31, 2016
Fashion Outlets of Niagara Falls USA | $ | 3,326 |  |  | $ | 3,558 |
Stonewood Center | 1,656 |  |  | 2,349 |
| $ | 4,982 |  |  | $ | 5,907 |

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