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

6 Months Ended

Jun. 30, 2021

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

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

Condensed Combined Balance Sheets

	June 30, 2021			December 31, 2020
ASSETS:
Investment in real estate assets	$	4,000,429		$	4,056,257
Accumulated depreciation		(1,557,473	)		(1,544,800	)
		2,442,956			2,511,457
Developments in progress		14,215			27,853
Net investment in real estate assets		2,457,171			2,539,310
Available-for-sale securities - at fair value (amortized cost of $183,496 and $233,053 as of June 30, 2021 and December 31, 2020, respectively)		183,490			233,071
Cash and cash equivalents		131,713			46,346
Restricted cash		88,810			29,834
Intercompany due from non-debtor entities		76,365			76,095
Intangible lease assets and other assets		126,035			140,241
Total assets	$	3,063,584		$	3,064,897
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY:
Other liabilities	$	113,173		$	102,910
Intercompany due to non-debtor entities		5,771			5,062
Total liabilities not subject to compromise		118,944			107,972
Liabilities subject to compromise		2,591,706			2,551,490
Shareholders' equity and noncontrolling interests of the Debtors		352,934			405,435
Total liabilities and equity	$	3,063,584		$	3,064,897

Condensed Combined Statements of Operations

	Three Months Ended June 30, 2021			Six Months Ended June 30, 2021
Total revenues	$	90,191		$	178,664
Depreciation and amortization		(34,228	)		(68,382	)
Loss on impairment		—			(57,182	)
Expenses		(41,448	)		(86,839	)
Interest and other income		1,568			3,356
Interest expense (unrecognized contractual interest expense was $45,279 and $90,043 for the three and six months ended June 30, 2021, respectively)		(395	)		(1,027	)
Reorganization items		(17,073	)		(40,006	)
Gain (loss) on sales of real estate assets		107			(192	)
Income tax provision		(705	)		(1,456	)
Net loss	$	(1,983	)	$	(73,064	)

Condensed Combined Statements of Cash Flows

CASH FLOWS FROM OPERATING ACTIVITIES:	Six Months Ended June 30, 2021
Net loss	$	(73,064	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on impairment		57,182
Other assets and liabilities, net		96,277
Net cash provided by operating activities		80,395
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities		(319,887	)
Redemptions of available-for-sale securities		368,380
Changes in other assets		(5,437	)
Net cash provided by investing activities		43,056
CASH FLOWS FROM FINANCING ACTIVITIES:
Net distributions from non-Debtor subsidiaries		20,845
Other financing activities		47
Net cash provided by financing activities		20,892
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		144,343
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		76,180
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	220,523
Reconciliation from condensed combined statement of cash flows to condensed combined balance sheet:
Cash and cash equivalents	$	131,713
Restricted cash		88,810
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	220,523

SUPPLEMENTAL INFORMATION
Cash paid for reorganization items	$	35,602