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Mortgage Notes Payable | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage notes payable at March 31, 2025 and December 31, 2024 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
Property Pledged as Collateral |  | March 31, 2025 |  | December 31, 2024 |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Arrowhead Towne Center(5) |  | $ | 352,152 |  |  | $ | 351,905 |  |  | 6.75 | % |  | $ | 1,921 |  |  | 2028
Danbury Fair Mall(6) |  | 152,227 |  |  | 152,149 |  |  | 6.59 | % |  | 836 |  |  | 2034
Fashion Outlets of Chicago |  | 299,487 |  |  | 299,465 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA(7) |  | 79,958 |  |  | 80,775 |  |  | 6.52 | % |  | 727 |  |  | 2026
Freehold Raceway Mall |  | 399,252 |  |  | 399,210 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 324,702 |  |  | 324,652 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Mall |  | 362,619 |  |  | 361,948 |  |  | 6.62 | % |  | 1,819 |  |  | 2028
Kings Plaza Shopping Center |  | 535,878 |  |  | 537,471 |  |  | 3.71 | % |  | 2,436 |  |  | 2030
Lakewood Center(8) |  | 305,142 |  |  | 304,557 |  |  | 8.00 | % |  | 1,826 |  |  | 2026
Los Cerritos Center(9) |  | 472,156 |  |  | 472,745 |  |  | 5.77 | % |  | 2,506 |  |  | 2027
Pacific View |  | 70,337 |  |  | 70,560 |  |  | 5.45 | % |  | 399 |  |  | 2032
Queens Center(10) |  | 523,032 |  |  | 522,945 |  |  | 5.45 | % |  | 2,349 |  |  | 2029
Santa Monica Place(11) |  | 299,121 |  |  | 298,791 |  |  | 6.27 | % |  | 1,460 |  |  | 2024
SanTan Village Regional Center |  | 219,620 |  |  | 219,595 |  |  | 4.34 | % |  | 788 |  |  | 2029
South Plains Mall(12) |  | 195,542 |  |  | 193,870 |  |  | 7.97 | % |  | 703 |  |  | 2025
Victor Valley, Mall of(13) |  | 83,956 |  |  | 83,928 |  |  | 6.85 | % |  | 476 |  |  | 2034
Vintage Faire Mall |  | 218,149 |  |  | 219,959 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
Washington Square(14) |  | 338,866 |  |  | — |  |  | 5.61 | % |  | 1,580 |  |  | 2035
|  | $ | 5,232,196 |  |  | $ | 4,894,525 |  |  |  |  |  |  |
(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 March 31, 2025 and December 31, 2024 consisted of the following:
Property Pledged as Collateral |  | March 31, 2025 |  | December 31, 2024 |
Arrowhead Towne Center |  | $ | 25,377 |  |  | $ | 27,552 |  |
Lakewood Center |  | 16,436 |  |  | 19,723 |  |
Los Cerritos Center |  | 20,534 |  |  | 22,521 |  |
South Plains Mall |  | 4,458 |  |  | 6,130 |  |
Total |  | $ | 66,805 |  |  | $ | 75,926 |  |
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 $21,484 and $22,042 at March 31, 2025 and December 31, 2024, 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 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 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%. (8)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. (9)On October 24, 2024, the Company acquired the remaining 40% ownership interest in Los Cerritos 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. (10)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 November 6, 2029. (11)Effective April 9, 2024, the loan is in default and accrues incremental default interest of 4%. On March 18, 2025, a court appointed receiver assumed operational control and managerial responsibility for Santa Monica Place. The Company anticipates the disposition of the asset, which is under the control of the receiver, will be executed through foreclosure, deed-in-lieu of foreclosure, or by some other means, and is expected to be completed in the near future. Although the Company is no longer funding any cash shortfall, it will continue to record the operations of the property until the title for the Center is transferred and its obligation for the loan is discharged. Once title to the Center is transferred, the Company will remove the net assets and liabilities from the Company's consolidated balance sheets. The loan is non-recourse to the Company. (12)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. (13)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. (14)On March 27, 2025, the Company closed a $340,000, ten-year loan on Washington Square, which matures on April 6, 2035. The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term. 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 revolving loan facility or with cash on hand, with the exception of Santa Monica Place as noted above. Total interest expense capitalized was $4,769 and $5,077 for the three months ended March 31, 2025 and 2024, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2025 and December 31, 2024 was $5,083,669 and $4,726,227, 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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