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Mortgage Notes Payable
 12 Months Ended
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 Collateral20232022
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 Chicago299,375 299,354 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 Fair324,453 324,255 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 Center536,956 536,442 3.71 %1,629 2030
Oaks, The(11)151,496 165,934 5.74 %1,038 2024
Pacific View70,976 70,855 5.45 %328 2032
Queens Center600,000 600,000 3.49 %1,744 2025
Santa Monica Place(12)297,474 296,521 7.32 %1,721 2025
SanTan Village Regional Center219,506 219,414 4.34 %788 2029
Towne Mall(13)— 18,886 4.48 %— — 
Victor Valley, Mall of114,966 114,908 4.00 %380 2024
Vintage Faire Mall226,910 233,637 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 
2025908,383 
2026538,780 
20271,682 
2028378,336 
Thereafter1,519,424 
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.