Mortgage Notes Payable (Tables)

3 Months Ended

Mar. 31, 2022

Mortgage notes payable at March 31, 2022 and December 31, 2021 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	March 31, 2022		December 31, 2021		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,595	$	255,548	4.18	%	$	875	2024
Danbury Fair Mall(6)	165,873		168,037		5.71	%	1,538		2022
Fashion District Philadelphia	194,602		194,602		4.00	%	649		2024
Fashion Outlets of Chicago	299,294		299,274		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	93,885		95,329		6.45	%	727		2023
Freehold Raceway Mall(5)	398,753		398,711		3.94	%	1,300		2029
Fresno Fashion Fair	324,106		324,056		3.67	%	971		2026
Green Acres Commons(7)	124,971		124,875		3.25	%	311		2023
Green Acres Mall(8)	244,073		246,061		3.94	%	1,447		2023
Kings Plaza Shopping Center	536,056		535,928		3.71	%	1,629		2030
Oaks, The(9)	175,356		176,721		4.14	%	1,064		2024
Pacific View(10)	110,597		111,481		4.07	%	668		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(11)	299,501		299,314		2.12	%	468		2022
SanTan Village Regional Center	219,346		219,323		4.34	%	788		2029
Towne Mall	19,190		19,320		4.48	%	117		2022
Victor Valley, Mall of	114,864		114,850		4.00	%	380		2024
Vintage Faire Mall	238,495		240,124		3.55	%	1,256		2026
	$	4,414,557	$	4,423,554

(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 $10,706 and $11,946 at March 31, 2022 and December 31, 2021, 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).

(6)On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing.

(7)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.

(8)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.

(9)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.

(10)On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032.

(11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022.