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Mortgage Notes Payable | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at December 31, 2022 and 2021 consist of the following:
|  | Carrying Amounts of Mortgage Notes(1) |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Property Pledged as Collateral |  | 2022 |  |  | 2021 |
Chandler Fashion Center(5) |  | $ | 255,736 |  |  |  | $ | 255,548 |  |  | 4.18 | % |  | $ | 875 |  |  | 2024
Danbury Fair Mall(6) |  | 148,207 |  |  |  | 168,037 |  |  | 6.05 | % |  | 1,538 |  |  | 2023
Fashion District Philadelphia(7) |  | 104,427 |  |  |  | 194,602 |  |  | 7.62 | % |  | 663 |  |  | 2024
Fashion Outlets of Chicago |  | 299,354 |  |  |  | 299,274 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA |  | 90,514 |  |  |  | 95,329 |  |  | 6.45 | % |  | 727 |  |  | 2023
Freehold Raceway Mall(5) |  | 398,878 |  |  |  | 398,711 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 324,255 |  |  |  | 324,056 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(8) |  | 125,256 |  |  |  | 124,875 |  |  | 7.14 | % |  | 717 |  |  | 2023
Green Acres Mall(9) |  | 237,372 |  |  |  | 246,061 |  |  | 3.94 | % |  | 1,447 |  |  | 2023
Kings Plaza Shopping Center |  | 536,442 |  |  |  | 535,928 |  |  | 3.71 | % |  | 1,629 |  |  | 2030
Oaks, The(10) |  | 165,934 |  |  |  | 176,721 |  |  | 5.49 | % |  | 1,138 |  |  | 2024
Pacific View(11) |  | 70,855 |  |  |  | 111,481 |  |  | 5.45 | % |  | 328 |  |  | 2032
Queens Center |  | 600,000 |  |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place(12) |  | 296,521 |  |  |  | 299,314 |  |  | 6.19 | % |  | 1,448 |  |  | 2025
SanTan Village Regional Center |  | 219,414 |  |  |  | 219,323 |  |  | 4.34 | % |  | 788 |  |  | 2029
Towne Mall(13) |  | 18,886 |  |  |  | 19,320 |  |  | 4.48 | % |  | 69 |  |  | 2022
Victor Valley, Mall of |  | 114,908 |  |  |  | 114,850 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | 233,637 |  |  |  | 240,124 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,240,596 |  |  |  | $ | 4,423,554 |  |  |  |  |  |  |
(1)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 $13,830 and $11,946 at December 31, 2022 and 2021, 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. On July 1, 2022, the Company further extended the loan maturity to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10,000 of the outstanding loan balance at closing. (7)On August 26, 2022 and November 28, 2022, the Company repaid $83,058 and $7,117, respectively, of the outstanding loan balance to satisfy certain loan conditions. On January 20, 2023, the Company repaid $26,107 of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate is SOFR plus 3.60%. (8)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. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears a fixed interest rate of 5.90% and matures on January 6, 2028. (9)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023, which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears a fixed interest rate of 5.90% and matures on January 6, 2028. (10)On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing. (11)On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032. (12)On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, to be converted to SOFR plus 1.59%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2023. (13)The Company did not repay the loan on its maturity date, and has begun the process of transferring control of this asset to a loan receiver. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. As of December 31, 2022, all of 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 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, with the exception of Towne Mall as noted above. Total interest expense capitalized during the years ended December 31, 2022, 2021 and 2020 was $10,471, $9,504 and $5,247, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2022 and 2021 was $3,894,588 and $4,261,429, 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. The future maturities of mortgage notes payable are as follows:
Year Ending December 31, |
2023 | $ | 676,512 |
2024 | 601,311 |
2025 | 908,383 |
2026 | 538,780 |
2027 | 1,682 |
Thereafter | 1,527,758 |
| 4,254,426 |
Deferred finance cost, net | (13,830) |
| $ | 4,240,596 |
The future maturities reflected above reflect the extension options that the Company believes will be exercised.

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