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Mortgage Notes Payable | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at September 30, 2019 and December 31, 2018 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |  |  |
Property Pledged as Collateral |  | September 30, 2019 |  | December 31, 2018 |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Chandler Fashion Center(5)(6) |  | $ | 255,086 |  |  | $ | 199,972 |  |  | 4.18 | % |  | $ | 875 |  |  | 2024
Danbury Fair Mall |  | 196,616 |  |  | 202,158 |  |  | 5.53 | % |  | 1,538 |  |  | 2020
Fashion Outlets of Chicago(7) |  | 299,092 |  |  | 199,622 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA(8) |  | 107,229 |  |  | 109,651 |  |  | 4.89 | % |  | 727 |  |  | 2020
Freehold Raceway Mall(5) |  | 398,337 |  |  | 398,212 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 323,609 |  |  | 323,460 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(9) |  | 128,696 |  |  | 128,006 |  |  | 4.81 | % |  | 460 |  |  | 2021
Green Acres Mall |  | 279,513 |  |  | 284,686 |  |  | 3.61 | % |  | 1,447 |  |  | 2021
Kings Plaza Shopping Center(10) |  | 429,285 |  |  | 437,120 |  |  | 3.67 | % |  | 2,229 |  |  | 2019
Oaks, The |  | 188,385 |  |  | 192,037 |  |  | 4.14 | % |  | 1,064 |  |  | 2022
Pacific View |  | 119,003 |  |  | 121,362 |  |  | 4.08 | % |  | 668 |  |  | 2022
Queens Center |  | 600,000 |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place(11) |  | 297,630 |  |  | 297,069 |  |  | 3.63 | % |  | 845 |  |  | 2022
SanTan Village Regional Center(12) |  | 219,057 |  |  | 121,585 |  |  | 4.34 | % |  | 788 |  |  | 2029
Towne Mall |  | 20,399 |  |  | 20,733 |  |  | 4.48 | % |  | 117 |  |  | 2022
Tucson La Encantada |  | 64,108 |  |  | 65,361 |  |  | 4.23 | % |  | 368 |  |  | 2022
Victor Valley, Mall of |  | 114,719 |  |  | 114,675 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | 253,869 |  |  | 258,207 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,294,633 |  |  | $ | 4,073,916 |  |  |  |  |  |  |
(1)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 $12,202 and $13,053 at September 30, 2019 and December 31, 2018, respectively. (2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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 12—Financing Arrangement). (6)On June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024. (7)On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031. (8)The loan includes unamortized debt premium of $1,004 and $1,701 at September 30, 2019 and December 31, 2018, respectively. The debt premium represents the excess of the fair value of debt over the principal value of debt assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method. (9)The loan bears interest at LIBOR plus 2.15%. At September 30, 2019 and December 31, 2018, the total interest rate was 4.81% and 5.06%, respectively. (10)On October 24, 2019, the Company agreed to terms with a group of lenders to replace the existing loan on the property with a new $555,000 ten-year loan that will bear interest at 3.67%. The loan is expected to close during the three months ended December 31, 2019. (11)The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4% during the period ending December 9, 2020 (See Note 5—Derivative Instruments and Hedging Activities). At September 30, 2019 and December 31, 2018, the total interest rate was 3.63% and 4.01%, respectively. (12)On June 3, 2019, the Company’s joint venture in SanTan Village Regional Center replaced the existing loan on the property with a new $220,000 loan that bears interest at an effective rate of 4.34% and matures on July 1, 2029. 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 with the exception of $65,000 of the loan on Green Acres Commons, 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 $2,704 and $3,751 for the three months ended September 30, 2019 and 2018, respectively, and $7,557 and $12,752 for the nine months ended September 30, 2019 and 2018, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2019 and December 31, 2018 was $4,357,015 and $4,082,448, 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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