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Mortgage Notes Payable | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at June 30, 2021 and December 31, 2020 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
Property Pledged as Collateral |  | June 30, 2021 |  | December 31, 2020 |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Chandler Fashion Center(5) |  | $ | 255,453 |  |  | $ | 255,361 |  |  | 4.18 | % |  | $ | 875 |  |  | 2024
Danbury Fair Mall(6) |  | 182,693 |  |  | 186,741 |  |  | 5.53 | % |  | 1,538 |  |  | 2021
Fashion District Philadelphia |  | 194,602 |  |  | 201,000 |  |  | 4.00 | % |  | 649 |  |  | 2024
Fashion Outlets of Chicago |  | 299,233 |  |  | 299,193 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA |  | 97,901 |  |  | 101,463 |  |  | 6.45 | % |  | 727 |  |  | 2023
Freehold Raceway Mall(5) |  | 398,629 |  |  | 398,545 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 323,957 |  |  | 323,857 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(7) |  | 29,685 |  |  | 129,847 |  |  | 3.11 | % |  | 72 |  |  | 2023
Green Acres Commons - Swapped(8) |  | 95,000 |  |  | — |  |  | 5.60 | % |  | 444 |  |  | 2023
Green Acres Mall(9) |  | 255,764 |  |  | 270,570 |  |  | 3.94 | % |  | 1,447 |  |  | 2023
Kings Plaza Shopping Center |  | 535,670 |  |  | 535,413 |  |  | 3.71 | % |  | 1,629 |  |  | 2030
Oaks, The |  | 179,408 |  |  | 183,108 |  |  | 4.14 | % |  | 1,064 |  |  | 2022
Pacific View |  | 113,212 |  |  | 114,909 |  |  | 4.08 | % |  | 668 |  |  | 2022
Queens Center |  | 600,000 |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place - Swapped(10) |  | 298,940 |  |  | 298,566 |  |  | 4.58 | % |  | 1,082 |  |  | 2022
SanTan Village Regional Center |  | 219,277 |  |  | 219,233 |  |  | 4.34 | % |  | 788 |  |  | 2029
Towne Mall |  | 19,569 |  |  | 19,815 |  |  | 4.48 | % |  | 117 |  |  | 2022
Tucson La Encantada |  | 61,026 |  |  | 62,018 |  |  | 4.23 | % |  | 368 |  |  | 2022
Victor Valley, Mall of |  | 114,820 |  |  | 114,791 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | 243,269 |  |  | 246,380 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,518,108 |  |  | $ | 4,560,810 |  |  |  |  |  |  |
(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 $14,814 and $14,085 at June 30, 2021 and December 31, 2020, 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 September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021. The loan was further extended to October 1, 2021. The loan amount and interest rate are unchanged following the extension. (7)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. (8)The loan includes an interest rate swap that effectively converts $95,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021 (See Note 5—Derivative Instruments and Hedging Activities). (9)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also includes a one-year extension option to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. (10)The loan includes an interest rate swap that effectively converts $300,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021. Additionally, the loan is covered by an interest rate cap agreement that effectively prevents the LIBOR rate from exceeding 4% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). 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 $2,247 and $1,361 for the three months ended June 30, 2021 and 2020, respectively, and $3,709 and $2,656 for the six months ended June 30, 2021 and 2020, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2021 and December 31, 2020 was $4,433,143 and $4,459,797, 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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