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Mortgage and Other Indebtedness, Net (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Pre-Emergence Net Mortgage Notes Payable

Our Secured Notes and mortgage and other indebtedness, net, consisted of the following:

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

Fixed-rate debt at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Notes - at fair value (carrying amount of $395,000 as of March 31, 2022 and December 31, 2021)

 

$

395,593

 

 

 

10.00

%

 

$

395,395

 

 

 

10.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable senior secured notes

 

 

—

 

 

 

—

 

 

 

150,000

 

 

 

7.00

%

Non-recourse loans on operating properties

 

 

847,208

 

 

 

4.83

%

 

 

916,927

 

 

 

5.04

%

Total fixed-rate debt

 

 

847,208

 

 

 

4.83

%

 

 

1,066,927

 

 

 

5.32

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured term loan

 

 

864,611

 

 

 

3.75

%

 

 

880,091

 

 

 

3.75

%

Non-recourse loans on operating properties

 

 

66,386

 

 

 

3.45

%

 

 

66,911

 

 

 

3.21

%

Total variable-rate debt

 

 

930,997

 

 

 

3.73

%

 

 

947,002

 

 

 

3.71

%

Total fixed-rate and variable-rate debt

 

 

1,778,205

 

 

 

4.26

%

 

 

2,013,929

 

 

 

4.56

%

Unamortized deferred financing costs

 

 

(2,928

)

 

 

 

 

 

 

(1,567

)

 

 

 

 

Debt discounts (2)

 

 

(135,808

)

 

 

 

 

 

 

(199,153

)

 

 

 

 

Total mortgage and other indebtedness, net

 

$

1,639,469

 

 

 

 

 

 

$

1,813,209

 

 

 

 

 

(1)

Weighted-average interest rate excludes amortization of deferred financing costs.

(2)

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.
Schedule of Pre-Emergence Principal Payments

As of March 31, 2022, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows: 

 

2022 (1) (2)

 

$

409,393

 

2023

 

 

215,407

 

2024

 

 

111,867

 

2025

 

 

785,230

 

2026

 

 

137,616

 

Thereafter

 

 

395,000

 

Total

 

 

2,054,513

 

Principal balance of loans with maturity date prior to March 31, 2022 (3)

 

 

118,692

 

Total mortgage and other indebtedness

 

$

2,173,205

 

(1)

Reflects scheduled principal amortization and balloon payments for the fiscal period April 1, 2022 through December 31, 2022.

(2)

Subsequent to March 31, 2022, the loan secured by Arbor Place was extended for an additional four years, with a new maturity date of May 2026. See Note 14.

(3)

Represents the aggregate principal balance as of March 31, 2022 of the loans secured by Alamance Crossing, Hamilton Crossing and Parkdale Mall & Crossing, which are in default. The Company is in discussions with the lender regarding the loans secured by these properties. The loan secured by Parkdale Mall & Crossing matured in March 2021 and had a balance of $68,662 as of March 31, 2022. The loan secured by Hamilton Crossing matured in April 2021 and had a balance of $7,780 as of March 31, 2022. The loan secured by Alamance Crossing matured in July 2021 and had a balance of $42,250 as of March 31, 2022.