Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | $268,029 | [1] | $269,381 | [1] |
Carrying amount of mortgage notes, other | 4,115,971 | [1] | 4,145,809 | [1] |
Arrowhead Towne Center | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 234,214 | [1] | 236,028 | [1] |
Effective interest rate (as a percent) | 2.76% | [2] | ' | |
Monthly debt service | 1,131 | [3] | ' | |
Camelback Colonnade | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 48,824 | [1] | 49,120 | [1] |
Effective interest rate (as a percent) | 2.16% | [2] | ' | |
Monthly debt service | 178 | [3] | ' | |
Chandler Fashion Center | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1],[4] | 0 | [1],[4] |
Carrying amount of mortgage notes, other | 200,000 | [1],[4] | 200,000 | [1],[4] |
Effective interest rate (as a percent) | 3.77% | [2],[4] | ' | |
Monthly debt service | 625 | [3],[4] | ' | |
Danbury Fair Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 116,421 | [1] | 117,120 | [1] |
Carrying amount of mortgage notes, other | 116,421 | [1] | 117,120 | [1] |
Effective interest rate (as a percent) | 5.53% | [2] | ' | |
Monthly debt service | 1,538 | [3] | ' | |
Deptford Mall One | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 200,658 | [1] | 201,622 | [1] |
Effective interest rate (as a percent) | 3.76% | [2] | ' | |
Monthly debt service | 947 | [3] | ' | |
Deptford Mall Two | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 14,482 | [1] | 14,551 | [1] |
Effective interest rate (as a percent) | 6.46% | [2] | ' | |
Monthly debt service | 101 | [3] | ' | |
Eastland Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 168,000 | [1] | 168,000 | [1] |
Effective interest rate (as a percent) | 5.79% | [2] | ' | |
Monthly debt service | 811 | [3] | ' | |
Fashion Outlets of Chicago | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1],[5] | 0 | [1],[5] |
Carrying amount of mortgage notes, other | 105,367 | [1],[5] | 91,383 | [1],[5] |
Effective interest rate (as a percent) | 2.95% | [2],[5] | 2.96% | |
Monthly debt service | 233 | [3],[5] | ' | |
Fashion Outlets of Niagara Falls USA | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 123,352 | [1] | 124,030 | [1] |
Effective interest rate (as a percent) | 4.89% | [2] | ' | |
Monthly debt service | 727 | [3] | ' | |
Flagstaff Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 37,000 | [1] | 37,000 | [1] |
Effective interest rate (as a percent) | 5.03% | [2] | ' | |
Monthly debt service | 151 | [3] | ' | |
FlatIron Crossing | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 266,397 | [1] | 268,000 | [1] |
Effective interest rate (as a percent) | 3.90% | [2] | ' | |
Monthly debt service | 1,393 | [3] | ' | |
Freehold Raceway Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1],[4] | 0 | [1],[4] |
Carrying amount of mortgage notes, other | 232,245 | [1],[4] | 232,900 | [1],[4] |
Effective interest rate (as a percent) | 4.20% | [2],[4] | ' | |
Monthly debt service | 805 | [3],[4] | ' | |
Fresno Fashion Fair | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 79,075 | [1] | 79,391 | [1] |
Carrying amount of mortgage notes, other | 79,075 | [1] | 79,390 | [1] |
Effective interest rate (as a percent) | 6.76% | [2] | ' | |
Monthly debt service | 1,104 | [3] | ' | |
Great Northern Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1],[6] | 0 | [1],[6] |
Carrying amount of mortgage notes, other | 35,235 | [1],[6] | 35,484 | [1],[6] |
Effective interest rate (as a percent) | 6.54% | [2],[6] | ' | |
Monthly debt service | 234 | [3],[6] | ' | |
Green Acres Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 318,249 | [1] | 319,850 | [1] |
Effective interest rate (as a percent) | 3.61% | [2] | ' | |
Monthly debt service | 1,447 | [3] | ' | |
Kings Plaza | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 488,075 | [1] | 490,548 | [1] |
Effective interest rate (as a percent) | 3.67% | [2] | ' | |
Monthly debt service | 2,229 | [3] | ' | |
The Mall at Northgate | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1],[7] | 0 | [1],[7] |
Carrying amount of mortgage notes, other | 64,000 | [1],[7] | 64,000 | [1],[7] |
Effective interest rate (as a percent) | 3.03% | [2],[7] | 3.04% | |
Monthly debt service | 128 | [3],[7] | ' | |
The Oaks | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 213,244 | [1] | 214,239 | [1] |
Effective interest rate (as a percent) | 4.14% | [2] | ' | |
Monthly debt service | 1,064 | [3] | ' | |
Pacific View | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 135,186 | [1] | 135,835 | [1] |
Effective interest rate (as a percent) | 4.08% | [2] | ' | |
Monthly debt service | 668 | [3] | ' | |
Santa Monica Place | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 234,160 | [1] | 235,445 | [1] |
Effective interest rate (as a percent) | 2.99% | [2] | ' | |
Monthly debt service | 1,004 | [3] | ' | |
SanTan Village Regional Center | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 135,917 | [1] | 136,629 | [1] |
Effective interest rate (as a percent) | 3.14% | [2] | ' | |
Monthly debt service | 589 | [3] | ' | |
South Plains Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1],[8] | 0 | [1],[8] |
Carrying amount of mortgage notes, other | 72,449 | [1],[8] | 99,833 | [1],[8] |
Effective interest rate (as a percent) | 4.78% | [2],[8] | ' | |
Monthly debt service | 383 | [3],[8] | ' | |
Superstition Springs Center | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 68,316 | [1] | 68,395 | [1] |
Effective interest rate (as a percent) | 1.98% | [2] | ' | |
Monthly debt service | 138 | [3] | ' | |
Towne Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 22,897 | [1] | 22,996 | [1] |
Effective interest rate (as a percent) | 4.48% | [2] | ' | |
Monthly debt service | 117 | [3] | ' | |
Tucson La Encantada | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 72,533 | [1] | 72,870 | [1] |
Carrying amount of mortgage notes, other | 0 | [1] | 0 | [1] |
Effective interest rate (as a percent) | 4.23% | [2] | ' | |
Monthly debt service | 368 | [3] | ' | |
Valley Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 41,955 | [1] | 42,155 | [1] |
Effective interest rate (as a percent) | 5.85% | [2] | ' | |
Monthly debt service | 280 | [3] | ' | |
Valley River Center | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 120,000 | [1] | 120,000 | [1] |
Effective interest rate (as a percent) | 5.59% | [2] | ' | |
Monthly debt service | 558 | [3] | ' | |
Mall of Victor Valley | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1],[9] | 0 | [1],[9] |
Carrying amount of mortgage notes, other | 90,000 | [1],[9] | 90,000 | [1],[9] |
Effective interest rate (as a percent) | 2.72% | [2],[9] | 2.73% | |
Monthly debt service | 180 | [3],[9] | ' | |
Vintage Faire Mall | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 98,729 | [1] | 99,083 | [1] |
Effective interest rate (as a percent) | 5.81% | [2] | ' | |
Monthly debt service | 586 | [3] | ' | |
Westside Pavilion | ' | | ' | |
Mortgage loans payable on real estate | ' | | ' | |
Carrying amount of mortgage notes, related party | 0 | [1] | 0 | [1] |
Carrying amount of mortgage notes, other | 151,524 | [1] | 152,173 | [1] |
Effective interest rate (as a percent) | 4.49% | [2] | ' | |
Monthly debt service | $783 | [3] | ' | |
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[1] | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.Debt premiums (discounts) consist of the following:Property Pledged as CollateralMarch 31, 2014 December 31, 2013Arrowhead Towne Center$13,874 $14,642Camelback Colonnade1,824 2,120Deptford Mall(13) (14)Fashion Outlets of Niagara Falls USA6,110 6,342Superstition Springs Center816 895Valley Mall(197) (219) $22,414 $23,766 |
[2] | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. |
[3] | The monthly debt service represents the payment of principal and interest. |
[4] | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement). |
[5] | The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At March 31, 2014 and December 31, 2013, the total interest rate was 2.95% and 2.96%, respectively. |
[6] | On March 24, 2014, the loan was extended to January 1, 2015. |
[7] | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At March 31, 2014 and December 31, 2013, the total interest rate was 3.03% and 3.04%, respectively. |
[8] | On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $358 on the early extinguishment of debt. |
[9] | The loan bears interest at LIBOR plus 2.25% and matures on November 6, 2014. At March 31, 2014 and December 31, 2013, the total interest rate was 2.72% and 2.73%, respectively. |