Financing Activity (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule Of Credit Facility Interest Expense and Deferred Financing Fee Amortization

Interest expense and deferred financing fee amortization related to the Credit Agreements for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands of dollars)	2023		2022		2023		2022
Revolving Facilities:
Interest expense (1)	$	579	$	551	$	1,040	$	1,092
Deferred financing amortization		57		298		114		597
Term Loans:
Interest expense (2)		29,251		21,070	$	56,800	$	41,518
Deferred financing amortization		425		1,784		849		3,568

(1)All of the expense applied to the First Lien Revolving Facility.

(2)All of the expense applied to the Term Loans, of which $22.2 million and $42.7 million, for the three and six months ended June 30, 2023 and $13.4 million and $25.9 million for the three and six months ended June 30, 2022, respectively, was for the Second Lien Term Loan Facility and was not paid in cash, but capitalized to the principal balance of the loan.

Carrying and Fair Values of Mortgage Loans

The estimated fair values of our consolidated mortgage loans based on year-end interest rates and market conditions at June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023				December 31, 2022
(in millions of dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage loans(1)	$	726.8	$	709.1	$	751.5	$	733.7

(1) The carrying value of mortgage loans excludes unamortized debt issuance costs of $0.9 million and $2.1 million as of June 30, 2023 and December 31, 2022, respectively.

Timing of Principal Payments and Terms of Mortgage Loans

The following table outlines the timing of principal payments and balloon payments pursuant to the terms of our consolidated mortgage loans of our consolidated properties as of June 30, 2023:

(in thousands of dollars)	Principal Amortization		Balloon Payments		Total
July 1 through December 31, 2023 (1) (2)	$	5,198	$	381,467	$	386,665
2024		6,405		118,074		124,479
2025		4,406		211,346		215,752
2026		—		—		—
2027 and thereafter		—		—		—
Total principal payments	$	16,009	$	710,887		726,896
Less: Unamortized debt issuance costs						949
Carrying value of mortgage notes payable					$	725,947

(1) Includes Cherry Hill Mall mortgage for which the maturity was extended through December 1, 2023.

(2) Includes Woodland Mall mortgage for which the maturity was extended through October 5, 2023.