XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.22.1

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information | NOTE 13. SEGMENT INFORMATION The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 4. Information on the Company’s reportable segments is presented as follows:
For the Period from November 1, 2021 through December 31, 2021 (Successor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 95,057 |  |  | $ | 13,789 |  |  | $ | 108,846 |
Property operating expenses (4) |  |  | (29,801 | ) |  |  | (2,636 | ) |  |  | (32,437 | )
Interest expense |  |  | (181,300 | ) |  |  | (14,188 | ) |  |  | (195,488 | )
Gain (loss) on sales of real estate assets |  |  | 20 |  |  |  | (23 | ) |  |  | (3 | )
Other expense |  |  | — |  |  |  | (3 | ) |  |  | (3 | )
Segment loss |  | $ | (116,024 | ) |  | $ | (3,061 | ) |  |  | (119,085 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (49,504 | )
General and administrative expense |  |  |  |  |  |  |  |  |  |  | (9,175 | )
Litigation settlement |  |  |  |  |  |  |  |  |  |  | 118 |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 510 |
Gain on deconsolidation |  |  |  |  |  |  |  |  |  |  | 19,126 |
Reorganization items |  |  |  |  |  |  |  |  |  |  | (1,403 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  | 5,885 |
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | 797 |
Net loss |  |  |  |  |  |  |  |  |  | $ | (152,731 | )
Total assets |  | $ | 1,961,061 |  |  | $ | 984,918 |  |  | $ | 2,945,979 |
Capital expenditures (5) |  | $ | 3,415 |  |  | $ | 1,368 |  |  | $ | 4,783 |
For the Period from January 1, 2021 through October 31, 2021 (Predecessor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 411,280 |  |  | $ | 56,749 |  |  | $ | 468,029 |
Property operating expenses (4) |  |  | (143,018 | ) |  |  | (12,991 | ) |  |  | (156,009 | )
Interest expense |  |  | (70,275 | ) |  |  | (2,140 | ) |  |  | (72,415 | )
Gain on sales of real estate assets |  |  | 6,063 |  |  |  | 6,124 |  |  |  | 12,187 |
Other expense |  |  | (65 | ) |  |  | (680 | ) |  |  | (745 | )
Segment profit |  | $ | 203,985 |  |  | $ | 47,062 |  |  |  | 251,047 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (158,574 | )
General and administrative expense |  |  |  |  |  |  |  |  |  |  | (43,160 | )
Litigation settlement |  |  |  |  |  |  |  |  |  |  | 932 |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 2,055 |
Gain on deconsolidation |  |  |  |  |  |  |  |  |  |  | 55,131 |
Reorganization items, net |  |  |  |  |  |  |  |  |  |  | (435,162 | )
Loss on impairment |  |  |  |  |  |  |  |  |  |  | (146,781 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (1,078 | )
Equity in losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | (10,823 | )
Net loss |  |  |  |  |  |  |  |  |  | $ | (486,413 | )
Capital expenditures (5) |  | $ | 21,662 |  |  | $ | 8,862 |  |  | $ | 30,524 |
Year Ended December 31, 2020 (Predecessor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 520,643 |  |  | $ | 55,218 |  |  | $ | 575,861 |
Property operating expenses (4) |  |  | (177,531 | ) |  |  | (10,348 | ) |  |  | (187,879 | )
Interest expense |  |  | (79,380 | ) |  |  | (121,283 | ) |  |  | (200,663 | )
Other expense |  |  | — |  |  |  | (953 | ) |  |  | (953 | )
Gain (loss) on sales of real estate assets |  |  | (25 | ) |  |  | 4,721 |  |  |  | 4,696 |
Segment profit (loss) |  | $ | 263,707 |  |  | $ | (72,645 | ) |  |  | 191,062 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (215,030 | )
General and administrative expense |  |  |  |  |  |  |  |  |  |  | (53,425 | )
Litigation settlement |  |  |  |  |  |  |  |  |  |  | 7,855 |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 6,396 |
Gain on extinguishment of debt |  |  |  |  |  |  |  |  |  |  | 32,521 |
Reorganization items |  |  |  |  |  |  |  |  |  |  | (35,977 | )
Loss on impairment |  |  |  |  |  |  |  |  |  |  | (213,358 | )
Prepetition charges |  |  |  |  |  |  |  |  |  |  | (23,883 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (16,836 | )
Equity in losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | (14,854 | )
Net loss |  |  |  |  |  |  |  |  |  | $ | (335,529 | )
Total assets |  | $ | 3,702,523 |  |  | $ | 741,217 |  |  | $ | 4,443,740 |
Capital expenditures (5) |  | $ | 36,425 |  |  | $ | 5,683 |  |  | $ | 42,108 |
Year Ended December 31, 2019 (Predecessor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 699,698 |  |  | $ | 68,998 |  |  | $ | 768,696 |
Property operating expenses (4) |  |  | (216,771 | ) |  |  | (13,881 | ) |  |  | (230,652 | )
Interest expense |  |  | (86,152 | ) |  |  | (120,109 | ) |  |  | (206,261 | )
Other expense |  |  | — |  |  |  | (91 | ) |  |  | (91 | )
Gain on sales of real estate assets |  |  | 1,226 |  |  |  | 15,048 |  |  |  | 16,274 |
Segment profit (loss) |  | $ | 398,001 |  |  | $ | (50,035 | ) |  |  | 347,966 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (257,746 | )
General and administrative expense |  |  |  |  |  |  |  |  |  |  | (64,181 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  | 2,764 |
Litigation settlement |  |  |  |  |  |  |  |  |  |  | (61,754 | )
Gain on extinguishment of debt |  |  |  |  |  |  |  |  |  |  | 71,722 |
Loss on impairment |  |  |  |  |  |  |  |  |  |  | (239,521 | )
Gain on investment/deconsolidation |  |  |  |  |  |  |  |  |  |  | 67,242 |
Income tax provision |  |  |  |  |  |  |  |  |  |  | (3,153 | )
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | 4,940 |
Net loss |  |  |  |  |  |  |  |  |  | $ | (131,721 | )
Total assets |  | $ | 4,180,515 |  |  | $ | 441,831 |  |  | $ | 4,622,346 |
Capital expenditures (5) |  | $ | 130,502 |  |  | $ | 11,057 |  |  | $ | 141,559 |
(1) | The Malls category includes malls, lifestyle centers and outlet centers.
(2) | The All Other category includes open-air centers, outparcels, mortgage and other notes receivable, office buildings, self-storage facilities, corporate-level debt and the Management Company.
(3) | Management, development and leasing fees are included in All Other category. See Note 5 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.
(4) | Property operating expenses include property operating, real estate taxes and maintenance and repairs.
(5) |
| I nclude s additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration