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v3.22.2.2

Segment Information | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segment Information | Note 9 – 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. Information on the Company’s segments is presented as follows:
Three Months Ended June 30, 2022 (Successor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 117,191 |  |  | $ | 19,827 |  |  | $ | 137,018 |
Property operating expenses (4) |  |  | (40,708 | ) |  |  | (5,088 | ) |  |  | (45,796 | )
Interest expense |  |  | (38,691 | ) |  |  | (16,426 | ) |  |  | (55,117 | )
Gain on sales of real estate assets |  |  | — |  |  |  | 3 |  |  |  | 3 |
Other expense |  |  | — |  |  |  | (834 | ) |  |  | (834 | )
Segment profit (loss) |  | $ | 37,792 |  |  | $ | (2,518 | ) |  |  | 35,274 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (64,476 | )
General and administrative |  |  |  |  |  |  |  |  |  |  | (18,450 | )
Litigation settlement |  |  |  |  |  |  |  |  |  |  | 65 |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 910 |
Reorganization items, net |  |  |  |  |  |  |  |  |  |  | 613 |
Loss on impairment |  |  |  |  |  |  |  |  |  |  | (252 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  | 472 |
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | 2,039 |
Net loss |  |  |  |  |  |  |  |  |  | $ | (43,805 | )
Capital expenditures (5) |  | $ | 6,367 |  |  | $ | 1,351 |  |  | $ | 7,718 |
Three Months Ended June 30, 2021 (Predecessor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 125,504 |  |  | $ | 11,057 |  |  | $ | 136,561 |
Property operating expenses (4) |  |  | (41,132 | ) |  |  | (2,385 | ) |  |  | (43,517 | )
Interest expense |  |  | (21,584 | ) |  |  | (715 | ) |  |  | (22,299 | )
Gain on sales of real estate assets |  |  | — |  |  |  | 107 |  |  |  | 107 |
Other expense |  |  | (64 | ) |  |  | (223 | ) |  |  | (287 | )
Segment profit |  | $ | 62,724 |  |  | $ | 7,841 |  |  |  | 70,565 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (47,499 | )
General and administrative expense |  |  |  |  |  |  |  |  |  |  | (11,269 | )
Litigation settlement |  |  |  |  |  |  |  |  |  |  | (57 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  | 752 |
Reorganization items |  |  |  |  |  |  |  |  |  |  | (17,073 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (705 | )
Equity in losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | (4,275 | )
Net loss |  |  |  |  |  |  |  |  |  | $ | (9,561 | )
Capital expenditures (5) |  | $ | 10,308 |  |  | $ | 1,979 |  |  | $ | 12,287 |
(1) | The Malls category includes malls, lifestyle centers and outlet centers.
(2) | The All Other category includes open-air centers, outparcels, 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 3 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) | Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.
Six Months Ended June 30, 2022 (Successor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 238,619 |  |  | $ | 38,501 |  |  | $ | 277,120 |
Property operating expenses (4) |  |  | (85,392 | ) |  |  | (8,749 | ) |  |  | (94,141 | )
Interest expense |  |  | (109,850 | ) |  |  | (35,926 | ) |  |  | (145,776 | )
Gain on sales of real estate assets |  |  | — |  |  |  | 19 |  |  |  | 19 |
Other expense |  |  | — |  |  |  | (834 | ) |  |  | (834 | )
Segment profit (loss) |  | $ | 43,377 |  |  | $ | (6,989 | ) |  |  | 36,388 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (133,419 | )
General and administrative |  |  |  |  |  |  |  |  |  |  | (36,524 | )
Litigation settlement |  |  |  |  |  |  |  |  |  |  | 146 |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 1,064 |
Reorganization items, net |  |  |  |  |  |  |  |  |  |  | (958 | )
Loss on impairment |  |  |  |  |  |  |  |  |  |  | (252 | )
Gain on deconsolidation |  |  |  |  |  |  |  |  |  |  | 36,250 |
Income tax provision |  |  |  |  |  |  |  |  |  |  | (329 | )
Equity in earnings of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | 10,606 |
Net loss |  |  |  |  |  |  |  |  |  | $ | (87,028 | )
Capital expenditures (5) |  | $ | 10,327 |  |  | $ | 3,221 |  |  | $ | 13,548 |
Six Months Ended June 30, 2021 (Predecessor) |  | Malls (1) |  |  | All Other (2) |  |  | Total |
Revenues (3) |  | $ | 244,832 |  |  | $ | 24,913 |  |  | $ | 269,745 |
Property operating expenses (4) |  |  | (86,727 | ) |  |  | (5,924 | ) |  |  | (92,651 | )
Interest expense |  |  | (44,754 | ) |  |  | (1,675 | ) |  |  | (46,429 | )
Other expense |  |  | (64 | ) |  |  | (223 | ) |  |  | (287 | )
Loss on sales of real estate assets |  |  | — |  |  |  | (192 | ) |  |  | (192 | )
Segment profit |  | $ | 113,287 |  |  | $ | 16,899 |  |  |  | 130,186 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (95,611 | )
General and administrative expense |  |  |  |  |  |  |  |  |  |  | (23,881 | )
Litigation settlement |  |  |  |  |  |  |  |  |  |  | 801 |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 1,528 |
Reorganization items |  |  |  |  |  |  |  |  |  |  | (40,006 | )
Gain on deconsolidation |  |  |  |  |  |  |  |  |  |  | 55,131 |
Loss on impairment |  |  |  |  |  |  |  |  |  |  | (57,182 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (1,456 | )
Equity in losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  | (7,351 | )
Net loss |  |  |  |  |  |  |  |  |  | $ | (37,841 | )
Capital expenditures (5) |  | $ | 13,799 |  |  | $ | 2,616 |  |  | $ | 16,415 |
Total assets |  | Malls (1) |  |  | All Other (2) |  |  | Total |
June 30, 2022 |  | $ | 1,792,415 |  |  | $ | 982,127 |  |  | $ | 2,774,542 |
December 31, 2021 |  | $ | 1,961,061 |  |  | $ | 984,918 |  |  | $ | 2,945,979 |
(1) | The Malls category includes malls, lifestyle centers and outlet centers.
(2) | The All Other category includes open-air centers, outparcels, 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 3 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) | Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.

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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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