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Fresh Start Accounting (Tables) | 12 Months Ended
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Dec. 31, 2021
Fresh Start Accounting [Abstract] |
Reconciliation of Enterprise and Reorganization Value | The following table reconciles the enterprise value to the estimated fair value of the Successor’s common shares as of the Effective Date:
Enterprise value, less cash |  | $ | 2,296,872 |
Less: Fair value of noncontrolling interest in consolidated subsidiaries |  |  | (6,087 | )
Enterprise value of the Company's interests, less cash |  |  | 2,290,785 |
Plus: Cash, cash equivalents and restricted cash |  |  | 330,282 |
Less: Fair value of mortgage and other indebtedness |  |  | (1,678,619 | )
Less: Fair value of 10% senior secured notes |  |  | (395,000 | )
Fair value of Successor total shareholders' equity |  | $ | 547,448 |
Shares and units issued upon emergence |  |  | 20,000,000 |
Per share value |  | $ | 27.37 |
The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Effective Date:
Enterprise value, less cash |  | $ | 2,296,872 |
Plus: Cash, cash equivalents and restricted cash |  |  | 330,282 |
Plus: Accounts payable and accrued liabilities |  |  | 335,513 |
Reorganization value of Successor's assets |  | $ | 2,962,667 |
Summary of Fresh Start Adjustments | The adjustments included in the following fresh start consolidated balance sheet reflect the effects of the transactions contemplated by the Plan and executed by the Company on the Effective Date (reflected in the column “Reorganization Adjustments”), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column “Fresh Start Accounting Adjustments”). The explanatory notes provide additional information regarding the adjustments recorded.
|  | October 31, 2021 |
|  | Predecessor |  |  | Reorganization Adjustments |  |  |  | Fresh Start Accounting Adjustments |  |  |  | Successor |
ASSETS (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 625,098 |  |  | $ | — |  |  |  | $ | (23,083 | ) | (15) |  | $ | 602,015 |
Buildings and improvements |  |  | 4,839,923 |  |  |  | — |  |  |  |  | (3,660,465 | ) | (15) |  |  | 1,179,458 |
|  |  | 5,465,021 |  |  |  | — |  |  |  |  | (3,683,548 | ) |  |  |  | 1,781,473 |
Accumulated depreciation |  |  | (2,252,275 | ) |  |  | — |  |  |  |  | 2,252,275 |  | (15) |  |  | — |
|  |  | 3,212,746 |  |  |  | — |  |  |  |  | (1,431,273 | ) |  |  |  | 1,781,473 |
Developments in progress |  |  | 15,858 |  |  |  | — |  |  |  |  | — |  |  |  |  | 15,858 |
Net investment in real estate assets |  |  | 3,228,604 |  |  |  | — |  |  |  |  | (1,431,273 | ) |  |  |  | 1,797,331 |
Cash and cash equivalents |  |  | 498,260 |  |  |  | (238,053 | ) | (1) |  |  | — |  |  |  |  | 260,207 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tenant |  |  | 70,664 |  |  |  | — |  |  |  |  | (49,751 | ) | (16) |  |  | 20,913 |
Other |  |  | 4,056 |  |  |  | 1,254 |  | (2) |  |  | — |  |  |  |  | 5,310 |
Mortgage and other notes receivable |  |  | 397 |  |  |  | — |  |  |  |  | — |  |  |  |  | 397 |
Investments in unconsolidated affiliates |  |  | 246,823 |  |  |  | — |  |  |  |  | (124,982 | ) | (17) |  |  | 121,841 |
In-place leases, net |  |  | 6,895 |  |  |  | — |  |  |  |  | 406,635 |  | (18) |  |  | 413,530 |
Above market leases, net |  |  | 3,611 |  |  |  | — |  |  |  |  | 241,385 |  | (18) |  |  | 244,996 |
Intangible lease assets and other assets |  |  | 150,784 |  |  |  | — |  |  |  |  | (52,642 | ) | (19) |  |  | 98,142 |
|  | $ | 4,210,094 |  |  | $ | (236,799 | ) |  |  | $ | (1,010,628 | ) |  |  | $ | 2,962,667 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage and other indebtedness, net |  | $ | 1,016,557 |  |  | $ | 1,032,508 |  | (3) |  | $ | (370,446 | ) | (20) |  | $ | 1,678,619 |
10% senior secured notes - at fair value (carrying amount of $395,000 as of October 31, 2021) |  |  | — |  |  |  | 395,000 |  | (4) |  |  | — |  |  |  |  | 395,000 |
Below market leases, net |  |  | 5,576 |  |  |  | — |  |  |  |  | 153,667 |  | (18) |  |  | 159,243 |
Accounts payable and accrued liabilities |  |  | 215,675 |  |  |  | (7,431 | ) | (5) |  |  | (31,974 | ) | (21) |  |  | 176,270 |
Total liabilities not subject to compromise (1) |  |  | 1,237,808 |  |  |  | 1,420,077 |  |  |  |  | (248,753 | ) |  |  |  | 2,409,132 |
Liabilities subject to compromise |  |  | 2,551,439 |  |  |  | (2,551,439 | ) | (6) |  |  | — |  |  |  |  | — |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  |  | (1,032 | ) |  |  | 1,032 |  | (7) |  |  | — |  |  |  |  | — |
Shareholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Successor common stock, $.001 par value, 200,000,000 shares authorized, 20,774,716 issued and outstanding in 2021 |  |  | — |  |  | 20 |  | (8) |  |  | — |  |  |  |  | 20 |
Predecessor preferred stock, $.01 par value, 15,000,000 shares authorized: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding in 2020 |  |  | 18 |  |  |  | (18 | ) | (9) |  |  | — |  |  |  |  | — |
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding in 2020 |  |  | 7 |  |  |  | (7 | ) | (10) |  |  | — |  |  |  |  | — |
Predecessor common stock, $.01 par value, 350,000,000 shares authorized, 196,569,917 issued and outstanding in 2020 |  |  | 1,976 |  |  |  | (1,976 | ) | (11) |  |  | — |  |  |  |  | — |
Additional paid-in capital |  |  | 1,986,769 |  |  |  | 487,721 |  | (12) |  |  | (1,927,062 | ) | (22) |  |  | 547,428 |
Retained earnings (dividends in excess of cumulative earnings) |  |  | (1,553,835 | ) |  |  | 405,864 |  | (13) |  |  | 1,147,971 |  | (22) |  |  | — |
Total shareholders' equity |  |  | 434,935 |  |  |  | 891,604 |  |  |  |  | (779,091 | ) |  |  |  | 547,448 |
Noncontrolling interests |  |  | (13,056 | ) |  |  | 1,927 |  | (14) |  |  | 17,216 |  | (23) |  |  | 6,087 |
Total equity |  |  | 421,879 |  |  |  | 893,531 |  |  |  |  | (761,875 | ) |  |  |  | 553,535 |
|  | $ | 4,210,094 |  |  | $ | (236,799 | ) |  |  | $ | (1,010,628 | ) |  |  | $ | 2,962,667 |
(1)The following summarizes the change in cash and cash equivalents:
Proceeds from Exchangeable Notes |  | $ | 50,000 |
Payment for the settlement to allowed unsecured claim holders |  |  | (98,801 | )
Payment for the settlement of the Predecessor secured credit facility |  |  | (100,000 | )
Payment of deferred financing fees for the Exit Credit Agreement |  |  | (1,192 | )
Payment of expensed financing fees for the Exchangeable Notes and the Secured Notes |  |  | (773 | )
Payment of professional fees |  |  | (27,170 | )
Redemption of Secured Notes |  |  | (60,117 | )
|  | $ | (238,053 | )
(2)Represents a receivable related to an overpayment of professional fees on the Effective Date. (3)The Plan’s reorganization adjustments in mortgage and other indebtedness, net, were as follows:
Issuance of Exit Credit Agreement |  | $ | 883,700 |
Issuance of Exchangeable Notes |  |  | 150,000 |
Capitalization of deferred financing costs related to the Exit Credit Agreement |  |  | (1,192 | )
|  | $ | 1,032,508 |
(4)Represents the issuance of the $455,000 Secured Notes and the subsequent $60,000 redemption on the Secured Notes. (5)The decrease in accounts payable and accrued liabilities represents the write-off of an existing liability related to Predecessor preferred shares. (6)Represents the settlement of liabilities subject to compromise in accordance with the Plan as follows:
Liabilities subject to compromise |  | $ | 2,551,439 |
Issuance of Exit Credit Agreement |  |  | (983,700 | )
Issuance of Secured Notes |  |  | (555,773 | )
Equity issued on the Effective Date in settlement of liabilities subject to compromise |  |  | (487,479 | )
Payment to various creditors |  |  | (102,060 | )
Gain on settlement of liabilities subject to compromise |  | $ | 422,427 |
(7)Represents the cancellation of Predecessor redeemable noncontrolling interests. (8)Represents the issuance of Successor equity. (9)Represents the cancellation of Predecessor Series D Preferred Stock. (10)Represents the cancellation of Predecessor Series E Preferred Stock. (11)The net change in Predecessor common stock is due to:
Conversion of Predecessor equity |  | $ | 20 |
Cancellation of Predecessor common stock |  | (1,996 | )
Net change in Predecessor common stock |  | $ | (1,976 | )
(12)The following summarizes the change in additional paid-in capital:
Issuance of Successor common stock to creditors |  | $ | 487,462 |
Issuance of Successor common stock to Predecessor equity holders |  |  | (2 | )
Cancellation of Predecessor common stock and preferred stock |  |  | 2,021 |
Other adjustments |  |  | (1,760 | )
|  | $ | 487,721 |
(13)The following summarizes the change in dividends in excess of cumulative earnings:
Gain on settlement of liabilities subject to compromise |  | $ | 422,427 |
Payment of certain professional fees |  |  | (16,563 | )
|  | $ | 405,864 |
(14)Represents fresh start accounting adjustments to noncontrolling ownership interests. (15)Represents fair value adjustments to net investment in real estate assets. (16)Represents the elimination of Predecessor straight-line rent receivables. (17)Represents fair value adjustments to the Company’s investment in unconsolidated affiliates. (18)Represents the fair value adjustment to intangible lease assets. (19)The following summarizes the fair value adjustments, net, in intangible lease assets and other assets:
Intangible lease assets |  | $ | (52,761 | )
Corporate assets |  |  | 293 |
Right-of-use lease assets |  |  | (174 | )
|  | $ | (52,642 | )
(20)Represents fair value adjustments of $373,542 related to property-level debt, as well as the write-off of $3,096 in unamortized property-level deferred financing costs. (21)The following summarizes the fair value adjustments, net, in accounts payable and accrued liabilities:
Investment in unconsolidated affiliates |  | $ | (31,682 | )
Write-off of deferred revenue |  |  | (91 | )
Lease liabilities |  |  | (201 | )
|  | $ | (31,974 | )
(22)Represents the cumulative effect of fresh start accounting adjustments discussed herein, including additional paid-in capital of approximately $60,000 to Predecessor shareholders and common unitholders, and the elimination of the Predecessor accumulated deficit. (23)Represents fresh start accounting adjustments to noncontrolling ownership interests.

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