Mortgage Notes Payable (Tables)

9 Months Ended

Sep. 30, 2021

Mortgage notes payable at September 30, 2021 and December 31, 2020 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	September 30, 2021		December 31, 2020		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,502	$	255,361	4.18	%	$	875	2024
Danbury Fair Mall(6)	170,171		186,741		5.71	%	1,538		2022
Fashion District Philadelphia	194,602		201,000		4.00	%	649		2024
Fashion Outlets of Chicago	299,253		299,193		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	97,420		101,463		6.45	%	727		2023
Freehold Raceway Mall(5)	398,671		398,545		3.94	%	1,300		2029
Fresno Fashion Fair	324,006		323,857		3.67	%	971		2026
Green Acres Commons(7)	29,780		129,847		3.10	%	72		2023
Green Acres Commons - Swapped(8)	95,000		—		5.60	%	444		2023
Green Acres Mall(9)	247,537		270,570		3.94	%	1,447		2023
Kings Plaza Shopping Center	535,799		535,413		3.71	%	1,629		2030
Oaks, The	178,071		183,108		4.14	%	1,064		2022
Pacific View	112,351		114,909		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place - Swapped(10)	299,127		298,566		4.58	%	1,082		2022
SanTan Village Regional Center	219,300		219,233		4.34	%	788		2029
Towne Mall	19,447		19,815		4.48	%	117		2022
Tucson La Encantada(11)	—		62,018		4.23	%	368		2022
Victor Valley, Mall of	114,835		114,791		4.00	%	380		2024
Vintage Faire Mall	241,715		246,380		3.55	%	1,256		2026
	$	4,432,587	$	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 $13,640 and $14,085 at September 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 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing.

(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. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, this loan reverted back to a floating rate loan with an effective interest rate of 3.10% as of such date (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. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, this loan reverted back to a floating rate loan with an effective interest rate of 1.81% as of such date (See Note 5—Derivative Instruments and Hedging Activities).

(11)On September 17, 2021, the Company sold Tucson La Encantada and the mortgage payable was paid off in full (See Note 15—Dispositions).