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Segment Information
 6 Months Ended
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.