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Mortgage Notes Payable | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at September 30, 2023 and December 31, 2022 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
Property Pledged as Collateral |  | September 30, 2023 |  | December 31, 2022 |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Chandler Fashion Center(5) |  | $ | 255,874 |  |  | $ | 255,736 |  |  | 4.18 | % |  | $ | 875 |  |  | 2024
Danbury Fair Mall(6) |  | 130,134 |  |  | 148,207 |  |  | 8.01 | % |  | 1,538 |  |  | 2024
Fashion District Philadelphia(7) |  | 73,205 |  |  | 104,427 |  |  | 9.49 | % |  | 546 |  |  | 2024
Fashion Outlets of Chicago |  | 299,415 |  |  | 299,354 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA(8) |  | 86,415 |  |  | 90,514 |  |  | 6.45 | % |  | 727 |  |  | 2023
Freehold Raceway Mall(5) |  | 399,002 |  |  | 398,878 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 324,404 |  |  | 324,255 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(9) |  | — |  |  | 125,256 |  |  | 7.14 | % |  | 717 |  |  | 2023
Green Acres Mall(10) |  | 358,593 |  |  | 237,372 |  |  | 6.62 | % |  | 1,819 |  |  | 2028
Kings Plaza Shopping Center |  | 536,828 |  |  | 536,442 |  |  | 3.71 | % |  | 1,629 |  |  | 2030
Oaks, The(11) |  | 152,408 |  |  | 165,934 |  |  | 5.74 | % |  | 1,138 |  |  | 2024
Pacific View(12) |  | 70,946 |  |  | 70,855 |  |  | 5.45 | % |  | 328 |  |  | 2032
Queens Center |  | 600,000 |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place(13) |  | 297,171 |  |  | 296,521 |  |  | 7.28 | % |  | 1,713 |  |  | 2025
SanTan Village Regional Center |  | 219,483 |  |  | 219,414 |  |  | 4.34 | % |  | 788 |  |  | 2029
Towne Mall(14) |  | 18,886 |  |  | 18,886 |  |  | 4.48 | % |  | 69 |  |  | 2022
Victor Valley, Mall of |  | 114,951 |  |  | 114,908 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | 228,620 |  |  | 233,637 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,166,335 |  |  | $ | 4,240,596 |  |  |  |  |  |  |
(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 $23,023 and $13,830 at September 30, 2023 and December 31, 2022, 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 July 1, 2022, the Company 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. On June 27, 2023, the Company further extended the loan maturity to July 1, 2024. The Company repaid $10,000 of the outstanding loan balance at closing and the amended interest rate was 7.5% as of July 1, 2023 incrementally increasing to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024. (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)Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan. (9)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate was 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 interest at a fixed rate of 5.90% and matures on January 6, 2028. (10)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 interest at a fixed rate of 5.90% and matures on January 6, 2028. (11)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. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance. (12)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. (13)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%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023. (14)The Company has completed transition of the property to a receiver, but is the owner of record as of September 30, 2023 and December 31, 2022. 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, with the exception of Towne Mall and Fashion Outlets of Niagara Falls as noted above. Total interest expense capitalized was $5,670 and $2,859 for the three months ended September 30, 2023 and 2022, respectively, and $15,364 and $7,151 for the nine months ended September 30, 2023 and 2022, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2023 and December 31, 2022 was $3,780,053 and $3,894,588, 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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