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Mortgage Notes Payable | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at March 31, 2018 and December 31, 2017 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
|  | March 31, 2018 |  | December 31, 2017 |  |  |  |  |  |
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) |  | $ | — |  |  | $ | 199,920 |  |  | $ | — |  |  | $ | 199,904 |  |  | 3.77 | % |  | $ | 625 |  |  | 2019
Danbury Fair Mall |  | 103,737 |  |  | 103,736 |  |  | 104,599 |  |  | 104,598 |  |  | 5.53 | % |  | 1,538 |  |  | 2020
Fashion Outlets of Chicago(6) |  | — |  |  | 199,379 |  |  | — |  |  | 199,298 |  |  | 3.32 | % |  | 527 |  |  | 2020
Fashion Outlets of Niagara Falls USA |  | — |  |  | 111,981 |  |  | — |  |  | 112,770 |  |  | 4.89 | % |  | 727 |  |  | 2020
Freehold Raceway Mall(5) |  | — |  |  | 398,088 |  |  | — |  |  | 398,050 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | — |  |  | 323,311 |  |  | — |  |  | 323,261 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(7) |  | — |  |  | 127,105 |  |  | — |  |  | 107,219 |  |  | 4.38 | % |  | 413 |  |  | 2021
Green Acres Mall |  | — |  |  | 289,684 |  |  | — |  |  | 291,366 |  |  | 3.61 | % |  | 1,447 |  |  | 2021
Kings Plaza Shopping Center |  | — |  |  | 444,688 |  |  | — |  |  | 447,231 |  |  | 3.67 | % |  | 2,229 |  |  | 2019
Oaks, The |  | — |  |  | 195,576 |  |  | — |  |  | 196,732 |  |  | 4.14 | % |  | 1,064 |  |  | 2022
Pacific View |  | — |  |  | 123,650 |  |  | — |  |  | 124,397 |  |  | 4.08 | % |  | 668 |  |  | 2022
Queens Center |  | — |  |  | 600,000 |  |  | — |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place(8) |  | — |  |  | 296,550 |  |  | — |  |  | 296,366 |  |  | 3.38 | % |  | 771 |  |  | 2022
SanTan Village Regional Center |  | — |  |  | 123,919 |  |  | — |  |  | 124,703 |  |  | 3.14 | % |  | 589 |  |  | 2019
Towne Mall |  | — |  |  | 21,053 |  |  | — |  |  | 21,161 |  |  | 4.48 | % |  | 117 |  |  | 2022
Tucson La Encantada |  | 66,574 |  |  | — |  |  | 66,970 |  |  | — |  |  | 4.23 | % |  | 368 |  |  | 2022
Victor Valley, Mall of |  | — |  |  | 114,631 |  |  | — |  |  | 114,617 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | — |  |  | 262,403 |  |  | — |  |  | 263,818 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
Westside Pavilion(9) |  | — |  |  | 140,262 |  |  | — |  |  | 141,020 |  |  | 4.49 | % |  | 783 |  |  | 2022
|  | $ | 170,311 |  |  | $ | 4,075,936 |  |  | $ | 171,569 |  |  | $ | 4,066,511 |  |  |  |  |  |  |  |  |
(1) | The mortgage notes payable balances include the unamortized debt premiums. Debt premiums represent the excess of the fair value of debt over 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 loan on Fashion Outlets of Niagara Falls USA had a premium of $2,398 and $2,630 at March 31, 2018 and December 31, 2017, respectively.
The mortgage notes payable 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 $16,997 and $17,838 at March 31, 2018 and December 31, 2017, respectively.
(2) | The interest rate disclosed represents the effective interest rate, including the debt premiums 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 the Company's joint venture in Chandler Freehold (See Note 11—Financing Arrangement).
(6) | The loan bears interest at LIBOR plus 1.50%. At March 31, 2018 and December 31, 2017, the total interest rate was 3.32% and 3.02%, respectively.
(7) | On March 1, 2018, the Company borrowed the remaining $20,000 available under the loan agreement on the property. The loan bears interest at LIBOR plus 2.15%. At March 31, 2018 and December 31, 2017, the total interest rate was 4.38% and 4.07%, respectively.
(8) | The loan bears interest at LIBOR plus 1.35%. At March 31, 2018 and December 31, 2017, the total interest rate was 3.38% and 3.13%, respectively.
(9) | On March 1, 2018, the Company entered into an agreement to contribute the underlying property into an unconsolidated joint venture (See Note 14—Collaborative Arrangement).
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $4,331 and $2,634 for the three months ended March 31, 2018 and 2017, respectively. Related party mortgage notes payable are amounts due to an affiliate of NML. See Note 17—Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2018 and December 31, 2017 was $4,244,902 and $4,250,816, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

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