Print Page  Close Window

SEC Filings



10-Q
MACERICH CO filed this Form 10-Q on 11/05/2018
Entire Document
 
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

9. Mortgage Notes Payable:
Mortgage notes payable at September 30, 2018 and December 31, 2017 consist of the following:
 
 
Carrying Amount of Mortgage Notes(1)
 
 
 
 
 
 
 
 
September 30, 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)
 
$

 
$
199,954

 
$

 
$
199,904

 
3.77
%
 
$
625

 
2019
Danbury Fair Mall
 
101,977

 
101,977

 
104,599

 
104,598

 
5.53
%
 
1,538

 
2020
Fashion Outlets of Chicago(6)
 

 
199,541

 

 
199,298

 
3.76
%
 
600

 
2020
Fashion Outlets of Niagara Falls USA
 

 
110,448

 

 
112,770

 
4.89
%
 
727

 
2020
Freehold Raceway Mall(5)
 

 
398,171

 

 
398,050

 
3.94
%
 
1,300

 
2029
Fresno Fashion Fair
 

 
323,410

 

 
323,261

 
3.67
%
 
971

 
2026
Green Acres Commons(7)
 

 
127,776

 

 
107,219

 
4.81
%
 
460

 
2021
Green Acres Mall
 

 
286,386

 

 
291,366

 
3.61
%
 
1,447

 
2021
Kings Plaza Shopping Center
 

 
439,695

 

 
447,231

 
3.67
%
 
2,229

 
2019
Oaks, The
 

 
193,229

 

 
196,732

 
4.14
%
 
1,064

 
2022
Pacific View
 

 
122,132

 

 
124,397

 
4.08
%
 
668

 
2022
Queens Center
 

 
600,000

 

 
600,000

 
3.49
%
 
1,744

 
2025
Santa Monica Place(8)
 

 
296,882

 

 
296,366

 
3.76
%
 
865

 
2022
SanTan Village Regional Center
 

 
122,376

 

 
124,703

 
3.14
%
 
589

 
2019
Towne Mall
 

 
20,842

 

 
21,161

 
4.48
%
 
117

 
2022
Tucson La Encantada
 
65,770

 

 
66,970

 

 
4.23
%
 
368

 
2022
Victor Valley, Mall of
 

 
114,660

 

 
114,617

 
4.00
%
 
380

 
2024
Vintage Faire Mall
 

 
259,635

 

 
263,818

 
3.55
%
 
1,256

 
2026
Westside Pavilion(9)
 

 

 

 
141,020

 


 


 

 
 
$
167,747

 
$
3,917,114

 
$
171,569

 
$
4,066,511

 
 

 
 

 
 

(1)
The mortgage notes payable balances includes an unamortized debt premium. 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 $1,934 and $2,630 at September 30, 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 $14,232 and $17,838 at September 30, 2018 and December 31, 2017, 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 11Financing Arrangement).
(6)
The loan bears interest at LIBOR plus 1.50%. At September 30, 2018 and December 31, 2017, the total interest rate was 3.76% 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 September 30, 2018 and December 31, 2017, the total interest rate was 4.81% and 4.07%, respectively.

20