v3.26.3
Mortgage Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable
Mortgage notes payable at September 30, 2026 and December 31, 2025 consist of the following:
Carrying Amount of Mortgage Notes(1)
Property Pledged as CollateralSeptember 30, 2026December 31, 2025Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Arrowhead Towne Center$353,216 $352,776 6.75 %$1,921 2028
Crabtree Mall(5)156,340 155,793 6.72 %830 2029
Danbury Fair Mall152,691 152,455 6.59 %836 2034
Fashion Outlets of Chicago299,621 299,554 4.61 %1,145 2031
Fashion Outlets of Niagara Falls USA(6)74,355 76,995 6.52 %727 2026
Freehold Raceway Mall399,501 399,376 3.94 %1,300 2029
Fresno Fashion Fair(7)325,000 324,851 3.67 %971 2026
Green Acres Mall(8)— 364,632 — %— — 
Kings Plaza Shopping Center521,673 528,906 3.71 %2,414 2030
Los Cerritos Center463,424 465,727 5.77 %2,506 2027
Pacific View(9)— 69,691 — %— — 
Queens Center523,669 523,346 5.45 %2,349 2029
Santa Monica Place(10)300,000 300,000 5.34 %1,334 2024
SanTan Village Regional Center219,757 219,687 4.34 %788 2029
South Plains Mall(11)197,827 200,000 4.59 %703 2029
Victor Valley, Mall of84,116 84,033 6.85 %476 2034
Vintage Faire Mall(12)— 212,728 — %— — 
Washington Square(13)338,526 338,396 5.63 %1,580 2035
$4,409,716 $5,068,946 

(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 September 30, 2026 and December 31, 2025 consisted of the following:
Property Pledged as CollateralSeptember 30,
2026		December 31,
2025
Arrowhead Towne Center$12,326 $18,851 
Los Cerritos Center8,611 14,573 
Total$20,937 $33,424 

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 $13,682 and $20,274 at September 30, 2026 and December 31, 2025, 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 August 7, 2025, the Company closed on an initial $159,100 two-year term loan with two one-year extension options on Crabtree Mall. The term loan also allows for additional requested advances of up to $51,180 based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210,280. The term loan bears interest at a rate of SOFR plus 2.50%. The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan. The Company used a portion of the net proceeds from this term loan to fully repay borrowings outstanding on the Company's revolving credit facility (See Note 14—Acquisitions).
(6)Effective October 6, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan.
(7)Effective November 2, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan.
(8)On September 4, 2026, the Company repaid the outstanding $370,000 loan on Green Acres Mall. In connection with the payoff, the Company recognized a loss on early extinguishment of debt of $10,368. The Company used a portion of the net proceeds from the exchangeable senior notes offering to repay this loan (See Note 11—Bank and Other Notes Payable).
(9)On September 17, 2026, the Company sold Pacific View and the buyer assumed the mortgage loan (See Note 15—Dispositions).
(10)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. 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 property 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.
(11)Effective November 6, 2025, the loan was in default and accrued incremental default interest of 4%. On February 6, 2026, the Company extended the loan maturity on the $200,000 loan to November 6, 2029, at the existing rate of 4.22%.
(12)On March 6, 2026, the Company repaid the outstanding loan balance of $211,507 on Vintage Faire Mall at maturity with cash on hand and $100,000 of borrowings on the revolving credit facility.
(13)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.