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Mortgage and Other Indebtedness, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Pre-Emergence Net Mortgage Notes Payable

The Company’s Secured Notes and mortgage and other indebtedness, net, consisted of the following:

 

 

 

September 30, 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 December 31, 2021)

 

$

—

 

 

 

—

 

 

$

395,395

 

 

 

10.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable senior secured notes

 

 

—

 

 

 

—

 

 

 

150,000

 

 

 

7.00

%

Open-air centers and outparcels loan

 

 

180,000

 

 

 

6.95

%

 

 

—

 

 

 

—

 

Non-recourse loans on operating properties

 

 

869,307

 

 

 

4.89

%

 

 

916,927

 

 

 

5.04

%

Total fixed-rate debt

 

 

1,049,307

 

 

 

5.25

%

 

 

1,066,927

 

 

 

5.32

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Secured term loan

 

 

837,824

 

 

 

5.31

%

 

 

880,091

 

 

 

3.75

%

Open-air centers and outparcels loan

 

 

180,000

 

 

 

6.61

%

 

 

—

 

 

 

—

 

Non-recourse loans on operating properties

 

 

57,015

 

 

 

5.70

%

 

 

66,911

 

 

 

3.21

%

Total variable-rate debt

 

 

1,074,839

 

 

 

5.55

%

 

 

947,002

 

 

 

3.71

%

Total fixed-rate and variable-rate debt

 

 

2,124,146

 

 

 

5.40

%

 

 

2,013,929

 

 

 

4.56

%

Unamortized deferred financing costs

 

 

(16,621

)

 

 

 

 

 

(1,567

)

 

 

 

Debt discounts (2)

 

 

(90,821

)

 

 

 

 

 

(199,153

)

 

 

 

Total mortgage and other indebtedness, net

 

$

2,016,704

 

 

 

 

 

$

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 September 30, 2022 will be accreted over a weighted average period of 3.0 years.
Schedule of Pre-Emergence Principal Payments

As of September 30, 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)

 

$

126,313

 

2023

 

 

205,047

 

2024

 

 

98,385

 

2025

 

 

813,010

 

2026

 

 

331,956

 

2027

 

 

360,896

 

Thereafter

 

 

62,854

 

Total

 

 

1,998,461

 

Principal balance of loans with maturity date prior to September 30, 2022 (2)

 

 

125,685

 

Total mortgage and other indebtedness

 

$

2,124,146

 
(1)
Reflects scheduled principal amortization and balloon payments for the fiscal period October 1, 2022 through December 31, 2022.
(2)
Represents the aggregate principal balance as of September 30, 2022 of loans past their maturity date consisting of the loans secured by Alamance Crossing, Southpark Mall and Westgate Mall. Subsequent to September 30, 2022, the Company reached an agreement with the lender to extend the loan secured by Southpark Mall. The Company is in discussions with the lenders regarding the loans secured by Alamance Crossing and Westgate Mall. The loan secured by Alamance Crossing matured in July 2021 and had a balance of $41,708 as of September 30, 2022. The loan secured by Southpark Mall matured in June 2022 and had a balance of $54,417 as of September 30, 2022. The loan secured by Westgate Mall matured in July 2022 and had a balance of $29,560 as of September 30, 2022.