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Mortgage Notes Payable
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Mortgage Notes Payable Mortgage Notes Payable:
Mortgage notes payable at March 31, 2024 and December 31, 2023 consist of the following:
Carrying Amount of Mortgage Notes(1)
Property Pledged as CollateralMarch 31, 2024December 31, 2023Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Chandler Fashion Center(5)$255,969 $255,924 4.18 %$875 2024
Danbury Fair Mall(6)152,233 122,502 6.57 %836 2034
Fashion District Philadelphia(7)8,171 70,820 9.70 %61 2024
Fashion Outlets of Chicago299,398 299,375 4.61 %1,145 2031
Fashion Outlets of Niagara Falls USA(8)83,252 86,470 6.46 %727 2026
Freehold Raceway Mall(5)399,085 399,044 3.94 %1,300 2029
Fresno Fashion Fair324,503 324,453 3.67 %971 2026
Green Acres Mall(9)359,935 359,264 6.62 %1,819 2028
Kings Plaza Shopping Center537,085 536,956 3.71 %1,629 2030
Oaks, The(10)150,572 151,496 5.74 %1,038 2024
Pacific View71,007 70,976 5.45 %328 2032
Queens Center600,000 600,000 3.49 %1,744 2025
Santa Monica Place(11)297,802 297,474 7.28 %1,712 2025
SanTan Village Regional Center219,527 219,506 4.34 %788 2029
Victor Valley, Mall of114,981 114,966 4.00 %380 2024
Vintage Faire Mall225,185 226,910 3.55 %1,256 2026
$4,098,705 $4,136,136    

(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 $23,333 and $21,148 at March 31, 2024 and December 31, 2023, 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 assumed the partner's share of debt. The Company now owns 100% of Freehold Raceway Mall (See Note 15—Acquisitions).
(6)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 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 and the remaining $8,171 matured on April 21, 2024 and was paid in full on April 19, 2024.
(8)Effective October 6, 2023, the loan was in default and the Company was in negotiations with the lender on the terms of this non-recourse loan. On March 19, 2024, the Company closed on a three-year extension of the loan to October 6, 2026. The interest rate remained unchanged at 5.90%.
(9)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 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.
(11)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. Effective April 9, 2024, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.
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 Santa Monica Place as noted above.
Total interest expense capitalized was $5,077 and $4,844 for the three months ended March 31, 2024 and 2023, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2024 and December 31, 2023 was $3,834,621 and $3,863,997, 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.