Chapter 11 Cases and Ability to Continue as a Going Concern (Tables)

3 Months Ended

Mar. 31, 2021

Condensed combined financial statement information of the Debtors is as follows:

Condensed Combined Financial Statements – Debtors (Debtors-In-Possession)

Condensed Combined Balance Sheet

	March 31, 2021			December 31, 2020
ASSETS:
Investment in real estate assets	$	3,946,604		$	4,056,257
Accumulated depreciation		(1,527,017	)		(1,544,800	)
		2,419,587			2,511,457
Developments in progress		30,526			27,853
Net investment in real estate assets		2,450,113			2,539,310
Available-for-sale securities - at fair value (amortized cost of $232,774 and $233,053 as of March 31, 2021 and December 31, 2020, respectively)		232,795			233,071
Cash and cash equivalents		67,279			46,346
Restricted Cash		56,116			29,834
Intercompany due from non-debtor entities		76,648			76,095
Other assets		132,814			140,241
Total assets	$	3,015,765		$	3,064,897
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY:
Other liabilities	$	114,374		$	102,910
Intercompany due to non-debtor entities		5,253			5,062
Total liabilities not subject to compromise		119,627			107,972
Liabilities subject to compromise		2,551,354			2,551,490
Redeemable noncontrolling interests		(2,786	)		(2,786	)
Shareholders' equity		350,954			411,605
Noncontrolling interests		(3,384	)		(3,384	)
Total liabilities and owners’ equity	$	3,015,765		$	3,064,897

Condensed Combined Statement of Operations

	Three Months Ended March 31, 2021
Total revenues	$	88,473
Depreciation and amortization		(34,154	)
Loss on impairment		(57,182	)
Expenses		(45,391	)
Interest and other income		1,788
Interest expense (unrecognized contractual interest expense was $44,764 for the three months ended March 31, 2021)		(632	)
Reorganization items		(22,933	)
Loss on sales of real estate assets		(299	)
Income tax provision		(751	)
Net loss	$	(71,081	)

Condensed Combined Statement of Cash Flows

CASH FLOWS FROM OPERATING ACTIVITIES:	Three Months Ended March 31, 2021
Net loss	$	(71,081	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on impairment		57,182
Other assets and liabilities, net		53,954
Net cash provided by operating activities		40,055
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available-for-sale securities		(136,392	)
Redemption of available-for-sale securities		135,987
Changes in other assets		(2,889	)
Net cash used in investing activities		(3,294	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net distributions from non-Debtor subsidiaries		10,428
Other financing activities		26
Net cash provided by financing activities		10,454
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		47,215
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		76,180
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	123,395
Reconciliation from condensed combined statement of cash flows to condensed combined balance sheet:
Cash and cash equivalents	$	67,279
Restricted cash		56,116
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	123,395

SUPPLEMENTAL INFORMATION
Cash paid for reorganization items	$	12,044