XML 54 R30.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of Information on Reportable 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.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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