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v3.22.1

Mortgage and Other Indebtedness, Net - Debt of Operating Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended |
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
Debt Instrument [Line Items] |  |  |
New secured notes |  | $ 395,593 | $ 395,395
Mortgage notes payable |  | 847,208 | 1,066,927
Mortgage and other indebtedness, variable-rate debt |  | 930,997 | 947,002
Total fixed-rate and variable-rate debt |  | 1,778,205 | 2,013,929
Unamortized deferred financing costs |  | (2,928) | (1,567)
Debt discounts | [1] | (135,808) | (199,153)
Total mortgage and other indebtedness, net |  | $ 1,639,469 | $ 1,813,209
Secured Notes - at fair value (carrying amount of $395,000 as of March 31, 2022 and December 31, 2021) | [2] | 10.00% | 10.00%
Weighted average interest rate (as a percent) | [2] | 4.26% | 4.56%
Fair value carrying amount |  | $ 2,054,513 |
Five Mortgage Notes Payable |  |  |
Debt Instrument [Line Items] |  |  |
Remaining debt discount amortization period |  | 3 years 1 month 6 days |
Fixed Rate Interest |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 4.83% | 5.32%
Variable Rate Interest |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.73% | 3.71%
Exchangeable Senior Secured Notes |  |  |
Debt Instrument [Line Items] |  |  |
Mortgage notes payable |  |  | $ 150,000
Exchangeable Senior Secured Notes | Fixed Rate Interest |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] |  | 7.00%
Non-Recourse Loans on Operating Properties |  |  |
Debt Instrument [Line Items] |  |  |
Mortgage notes payable |  | $ 847,208 | $ 916,927
Mortgage and other indebtedness, variable-rate debt |  | $ 66,386 | $ 66,911
Non-Recourse Loans on Operating Properties | Fixed Rate Interest |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 4.83% | 5.04%
Non-Recourse Loans on Operating Properties | Variable Rate Interest |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.45% | 3.21%
Secured Term Loan |  |  |
Debt Instrument [Line Items] |  |  |
Mortgage and other indebtedness, variable-rate debt |  | $ 864,611 | $ 880,091
Secured Term Loan | Variable Rate Interest |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.75% | 3.75%
Secured Notes |  |  |
Debt Instrument [Line Items] |  |  |
Fair value carrying amount |  | $ 395,000 | $ 395,000
[1] | In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount on the Effective Date. The debt discount is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at March 31, 2022 will be accreted over a weighted average period of 3.1 years.
[2] | Weighted-average interest rate excludes amortization of deferred financing costs.

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