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Mortgage Notes Payable | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at December 31, 2023 and 2022 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 |  | 2023 |  |  | 2022 |
Chandler Fashion Center(5) |  | $ | 255,924 |  |  |  | $ | 255,736 |  |  | 4.18 | % |  | $ | 875 |  |  | 2024
Danbury Fair Mall(6) |  | 122,502 |  |  |  | 148,207 |  |  | 8.51 | % |  | 1,773 |  |  | 2024
Fashion District Philadelphia(7) |  | 70,820 |  |  |  | 104,427 |  |  | 9.50 | % |  | 528 |  |  | 2024
Fashion Outlets of Chicago |  | 299,375 |  |  |  | 299,354 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA(8) |  | 86,470 |  |  |  | 90,514 |  |  | 6.45 | % |  | 727 |  |  | 2023
Freehold Raceway Mall(5) |  | 399,044 |  |  |  | 398,878 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 324,453 |  |  |  | 324,255 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(9) |  | — |  |  |  | 125,256 |  |  | 7.14 | % |  | — |  |  | — |
Green Acres Mall(10) |  | 359,264 |  |  |  | 237,372 |  |  | 6.62 | % |  | 1,819 |  |  | 2028
Kings Plaza Shopping Center |  | 536,956 |  |  |  | 536,442 |  |  | 3.71 | % |  | 1,629 |  |  | 2030
Oaks, The(11) |  | 151,496 |  |  |  | 165,934 |  |  | 5.74 | % |  | 1,038 |  |  | 2024
Pacific View |  | 70,976 |  |  |  | 70,855 |  |  | 5.45 | % |  | 328 |  |  | 2032
Queens Center |  | 600,000 |  |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place(12) |  | 297,474 |  |  |  | 296,521 |  |  | 7.32 | % |  | 1,721 |  |  | 2025
SanTan Village Regional Center |  | 219,506 |  |  |  | 219,414 |  |  | 4.34 | % |  | 788 |  |  | 2029
Towne Mall(13) |  | — |  |  |  | 18,886 |  |  | 4.48 | % |  | — |  |  | — |
Victor Valley, Mall of |  | 114,966 |  |  |  | 114,908 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | 226,910 |  |  |  | 233,637 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,136,136 |  |  |  | $ | 4,240,596 |  |  |  |  |  |  |
(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 $21,148 and $13,830 at December 31, 2023 and 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). On November 16, 2023, the Company acquired the partner's 49.9% interest in Freehold Raceway Mall for $5.6 million and the assumption of the partner's share of debt. The Company now owns 100% of Freehold Raceway Mall (See Note 15—Acquisitions). (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 and incrementally increased to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024. On January 25, 2024, the Company replaced the existing loan with a $155,000 loan that bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034. (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 was SOFR plus 3.60%. On January 22, 2024, the Company repaid the majority of the loan balance. The remaining $8,171 matures on April 21, 2024. (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 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. The interest rate cap agreement has since been extended with a 4% strike rate to December 9, 2024. (13)The Company did not repay the loan on its maturity date and completed transition of the property to a receiver. The property was sold by the receiver on December 4, 2023 (See Note 16—Dispositions). Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. As of December 31, 2023, 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. Total interest expense capitalized during the years ended December 31, 2023, 2022 and 2021 was $20,531, $10,471 and $9,504, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2023 and 2022 was $3,863,997 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. The future maturities of mortgage notes payable are as follows:
Year Ending December 31, |
2024 | $ | 810,679 |
2025 | 908,383 |
2026 | 538,780 |
2027 | 1,682 |
2028 | 378,336 |
Thereafter | 1,519,424 |
| 4,157,284 |
Deferred finance cost, net | (21,148) |
| $ | 4,136,136 |
The future maturities reflected above reflect the extension options that the Company believes will be exercised.

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