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Mortgage Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Mortgage Notes Payable | Mortgage notes payable at December 31, 2024 and 2023 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 |  | 2024 |  |  | 2023 |
Arrowhead Towne Center(5) |  | $ | 351,905 |  |  |  | $ | — |  |  | 6.75 | % |  | $ | 1,921 |  |  | 2028
Chandler Fashion Center(6) |  | — |  |  |  | 255,924 |  |  | — | % |  | — |  |  | — |
Danbury Fair Mall(7) |  | 152,149 |  |  |  | 122,502 |  |  | 6.59 | % |  | 836 |  |  | 2034
Fashion District Philadelphia(8) |  | — |  |  |  | 70,820 |  |  | — | % |  | — |  |  | — |
Fashion Outlets of Chicago |  | 299,465 |  |  |  | 299,375 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA(9) |  | 80,775 |  |  |  | 86,470 |  |  | 6.52 | % |  | 727 |  |  | 2026
Freehold Raceway Mall(6) |  | 399,210 |  |  |  | 399,044 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 324,652 |  |  |  | 324,453 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Mall(10) |  | 361,948 |  |  |  | 359,264 |  |  | 6.62 | % |  | 1,819 |  |  | 2028
Kings Plaza Shopping Center |  | 537,471 |  |  |  | 536,956 |  |  | 3.71 | % |  | 1,629 |  |  | 2030
Lakewood Center(11) |  | 304,557 |  |  |  | — |  |  | 8.00 | % |  | 1,826 |  |  | 2026
Los Cerritos Center(12) |  | 472,745 |  |  |  | — |  |  | 5.77 | % |  | 2,506 |  |  | 2027
Oaks, The(13) |  | — |  |  |  | 151,496 |  |  | — | % |  | — |  |  | — |
Pacific View |  | 70,560 |  |  |  | 70,976 |  |  | 5.45 | % |  | 399 |  |  | 2032
Queens Center(14) |  | 522,945 |  |  |  | 600,000 |  |  | 5.45 | % |  | 2,349 |  |  | 2029
Santa Monica Place(15) |  | 298,791 |  |  |  | 297,474 |  |  | 6.35 | % |  | 1,480 |  |  | 2024
SanTan Village Regional Center |  | 219,595 |  |  |  | 219,506 |  |  | 4.34 | % |  | 788 |  |  | 2029
South Plains Mall(16) |  | 193,870 |  |  |  | — |  |  | 7.97 | % |  | 703 |  |  | 2025
Victor Valley, Mall of(17) |  | 83,928 |  |  |  | 114,966 |  |  | 6.85 | % |  | 476 |  |  | 2034
Vintage Faire Mall |  | 219,959 |  |  |  | 226,910 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,894,525 |  |  |  | $ | 4,136,136 |  |  |  |  |  |  |
(1)The mortgage notes payable balances include the unamortized debt discounts. Debt discounts represent the deficiency of the fair value of debt under the principal value of debt assumed in various acquisitions. The debt discounts are being amortized into interest expense over the term of the related debt in a manner which approximates the effective interest method. The debt discounts as of December 31, 2024 consisted of the following:
Property Pledged as Collateral |
Arrowhead Towne Center | $ | 27,552 |
Lakewood Center | 19,723 |
Los Cerritos Center | 22,521 |
South Plains | 6,130 |
| $ | 75,926 |
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 $22,042 and $21,148 at December 31, 2024 and 2023, respectively. (2)The interest rate disclosed represents the effective interest rate, including the impact of debt discounts 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)On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property. (6)On November 16, 2023, the Company acquired its joint venture 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). On June 13, 2024, the partnership agreement between the Company and its partner was amended and as a result, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement. Effective June 13, 2024, the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting and the related debt has been deconsolidated (See Note 12—Financing Arrangement and Note 16—Dispositions). (7)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. (8)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 was scheduled to mature on April 21, 2024 and was paid in full on April 19, 2024. (9) 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%. (10) 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 October 24, 2024, the Company acquired the remaining 40% ownership interest in Lakewood Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property. (12)On October 24, 2024, the Company acquired the remaining 40% ownership interest in Los Cerritos Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property. (13)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. On December 10, 2024, the Company sold The Oaks and concurrently paid off the loan balance with the net proceeds (See Note 16—Dispositions). (14)On October 28, 2024, the Company closed a $525,000, five-year refinance of the loan on Queens Center. The new loan bears interest at a fixed rate of 5.37%, is interest only during the entire loan term and matures on November 6, 2029. (15)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 converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan was 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 was extended with a 4% strike rate to December 9, 2024 and was not renewed upon its maturity. Effective April 9, 2024, the loan is in default and accrues incremental default interest of 4%. The Company is in negotiations with the lender on the terms of this non-recourse loan. (16)On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property. (17)On August 22, 2024, the Company replaced the existing loan with an $85,000 loan that bears interest at a fixed rate of 6.72%, is interest only during the entire loan term and matures on September 6, 2034.
Schedule of Future Maturities of Bank and Other Notes Payable | The future maturities of mortgage notes payable are as follows:
Year Ending December 31, |
2025 | $ | 541,392 |
2026 | 949,264 |
2027 | 484,098 |
2028 | 733,318 |
2029 | 1,138,441 |
Thereafter | 1,145,980 |
| 4,992,493 |
Deferred finance cost, net | (22,042) |
| $ | 4,970,451 |

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