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10-Q
MACERICH CO filed this Form 10-Q on 05/07/2018
Entire Document
 
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and per square foot amounts)
(Unaudited)

9. Mortgage Notes Payable:
Mortgage notes payable at March 31, 2018 and December 31, 2017 consist of the following:
 
 
Carrying Amount of Mortgage Notes(1)
 
 
 
 
 
 
 
 
March 31, 2018
 
December 31, 2017
 
 
 
 
 
 
Property Pledged as Collateral
 
Related Party
 
Other
 
Related Party
 
Other
 
Effective Interest
Rate(2)
 
Monthly
Debt
Service(3)
 
Maturity
Date(4)
Chandler Fashion Center(5)
 
$

 
$
199,920

 
$

 
$
199,904

 
3.77
%
 
$
625

 
2019
Danbury Fair Mall
 
103,737

 
103,736

 
104,599

 
104,598

 
5.53
%
 
1,538

 
2020
Fashion Outlets of Chicago(6)
 

 
199,379

 

 
199,298

 
3.32
%
 
527

 
2020
Fashion Outlets of Niagara Falls USA
 

 
111,981

 

 
112,770

 
4.89
%
 
727

 
2020
Freehold Raceway Mall(5)
 

 
398,088

 

 
398,050

 
3.94
%
 
1,300

 
2029
Fresno Fashion Fair
 

 
323,311

 

 
323,261

 
3.67
%
 
971

 
2026
Green Acres Commons(7)
 

 
127,105

 

 
107,219

 
4.38
%
 
413

 
2021
Green Acres Mall
 

 
289,684

 

 
291,366

 
3.61
%
 
1,447

 
2021
Kings Plaza Shopping Center
 

 
444,688

 

 
447,231

 
3.67
%
 
2,229

 
2019
Oaks, The
 

 
195,576

 

 
196,732

 
4.14
%
 
1,064

 
2022
Pacific View
 

 
123,650

 

 
124,397

 
4.08
%
 
668

 
2022
Queens Center
 

 
600,000

 

 
600,000

 
3.49
%
 
1,744

 
2025
Santa Monica Place(8)
 

 
296,550

 

 
296,366

 
3.38
%
 
771

 
2022
SanTan Village Regional Center
 

 
123,919

 

 
124,703

 
3.14
%
 
589

 
2019
Towne Mall
 

 
21,053

 

 
21,161

 
4.48
%
 
117

 
2022
Tucson La Encantada
 
66,574

 

 
66,970

 

 
4.23
%
 
368

 
2022
Victor Valley, Mall of
 

 
114,631

 

 
114,617

 
4.00
%
 
380

 
2024
Vintage Faire Mall
 

 
262,403

 

 
263,818

 
3.55
%
 
1,256

 
2026
Westside Pavilion(9)
 

 
140,262

 

 
141,020

 
4.49
%
 
783

 
2022
 
 
$
170,311

 
$
4,075,936

 
$
171,569

 
$
4,066,511

 
 

 
 

 
 


(1)
The mortgage notes payable balances include the unamortized debt premiums. Debt premiums represent the excess of the fair value of debt over 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. The loan on Fashion Outlets of Niagara Falls USA had a premium of $2,398 and $2,630 at March 31, 2018 and December 31, 2017, respectively.
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 $16,997 and $17,838 at March 31, 2018 and December 31, 2017, respectively.
(2)
The interest rate disclosed represents the effective interest rate, including the debt premiums 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 11Financing Arrangement).
(6)
The loan bears interest at LIBOR plus 1.50%. At March 31, 2018 and December 31, 2017, the total interest rate was 3.32% and 3.02%, respectively.
(7)
On March 1, 2018, the Company borrowed the remaining $20,000 available under the loan agreement on the property. The loan bears interest at LIBOR plus 2.15%. At March 31, 2018 and December 31, 2017, the total interest rate was 4.38% and 4.07%, respectively.

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