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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments

Information on the Company’s segments is presented as follows:

Three Months Ended September 30, 2022 (Successor)

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

116,430

 

 

$

19,850

 

 

$

136,280

 

Property operating expenses (4)

 

 

(44,382

)

 

 

(4,160

)

 

 

(48,542

)

Interest expense

 

 

(19,915

)

 

 

(17,737

)

 

 

(37,652

)

Gain on sales of real estate assets

 

 

—

 

 

 

3,528

 

 

 

3,528

 

Segment profit

 

$

52,133

 

 

$

1,481

 

 

 

53,614

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(61,050

)

General and administrative

 

 

 

 

 

 

 

 

(14,625

)

Litigation settlement

 

 

 

 

 

 

 

 

36

 

Interest and other income

 

 

 

 

 

 

 

 

152

 

Loss on available-for-sale securities

 

 

 

 

 

 

 

 

(39

)

Reorganization items, net

 

 

 

 

 

 

 

 

1,220

 

Income tax provision

 

 

 

 

 

 

 

 

(2,422

)

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

5,702

 

Net loss

 

 

 

 

 

 

 

$

(17,412

)

Capital expenditures (5)

 

$

8,159

 

 

$

3,142

 

 

$

11,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2021 (Predecessor)

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

131,870

 

 

$

18,505

 

 

$

150,375

 

Property operating expenses (4)

 

 

(40,466

)

 

 

(6,791

)

 

 

(47,257

)

Interest expense

 

 

(18,698

)

 

 

(341

)

 

 

(19,039

)

Gain on sales of real estate assets

 

 

4,836

 

 

 

3,848

 

 

 

8,684

 

Other expense

 

 

—

 

 

 

(104

)

 

 

(104

)

Segment profit

 

$

77,542

 

 

$

15,117

 

 

 

92,659

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(46,479

)

General and administrative expense

 

 

 

 

 

 

 

 

(13,502

)

Litigation settlement

 

 

 

 

 

 

 

 

89

 

Interest and other income

 

 

 

 

 

 

 

 

510

 

Reorganization items

 

 

 

 

 

 

 

 

(12,008

)

Loss on impairment

 

 

 

 

 

 

 

 

(63,160

)

Income tax benefit

 

 

 

 

 

 

 

 

1,234

 

Equity in losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

(2,224

)

Net loss

 

 

 

 

 

 

 

$

(42,881

)

Capital expenditures (5)

 

$

11,853

 

 

$

380

 

 

$

12,233

 
(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.

Nine Months Ended September 30, 2022 (Successor)

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

355,049

 

 

$

58,351

 

 

$

413,400

 

Property operating expenses (4)

 

 

(129,774

)

 

 

(12,909

)

 

 

(142,683

)

Interest expense

 

 

(129,765

)

 

 

(53,663

)

 

 

(183,428

)

Gain on sales of real estate assets

 

 

—

 

 

 

3,547

 

 

 

3,547

 

Other expense

 

 

—

 

 

 

(834

)

 

 

(834

)

Segment profit (loss)

 

$

95,510

 

 

$

(5,508

)

 

 

90,002

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(194,469

)

General and administrative

 

 

 

 

 

 

 

 

(51,149

)

Litigation settlement

 

 

 

 

 

 

 

 

182

 

Interest and other income

 

 

 

 

 

 

 

 

1,216

 

Loss on available-for-sale securities

 

 

 

 

 

 

 

 

(39

)

Reorganization items, net

 

 

 

 

 

 

 

 

262

 

Loss on impairment

 

 

 

 

 

 

 

 

(252

)

Gain on deconsolidation

 

 

 

 

 

 

 

 

36,250

 

Income tax provision

 

 

 

 

 

 

 

 

(2,751

)

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

16,308

 

Net loss

 

 

 

 

 

 

 

$

(104,440

)

Capital expenditures (5)

 

$

18,486

 

 

$

6,363

 

 

$

24,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2021 (Predecessor)

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

Revenues (3)

 

$

377,478

 

 

$

42,642

 

 

$

420,120

 

Property operating expenses (4)

 

 

(130,364

)

 

 

(9,544

)

 

 

(139,908

)

Interest expense

 

 

(63,441

)

 

 

(2,027

)

 

 

(65,468

)

Other expense

 

 

(65

)

 

 

(326

)

 

 

(391

)

Gain on sales of real estate assets

 

 

4,836

 

 

 

3,656

 

 

 

8,492

 

Segment profit

 

$

188,444

 

 

$

34,401

 

 

 

222,845

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(142,090

)

General and administrative expense

 

 

 

 

 

 

 

 

(37,383

)

Litigation settlement

 

 

 

 

 

 

 

 

890

 

Interest and other income

 

 

 

 

 

 

 

 

2,038

 

Reorganization items

 

 

 

 

 

 

 

 

(52,014

)

Gain on deconsolidation

 

 

 

 

 

 

 

 

55,131

 

Loss on impairment

 

 

 

 

 

 

 

 

(120,342

)

Income tax provision

 

 

 

 

 

 

 

 

(222

)

Equity in losses of unconsolidated affiliates

 

 

 

 

 

 

 

 

(9,575

)

Net loss

 

 

 

 

 

 

 

$

(80,722

)

Capital expenditures (5)

 

$

24,056

 

 

$

2,996

 

 

$

27,052

 

 

Total assets

 

Malls (1)

 

 

All
Other (2)

 

 

Total

 

September 30, 2022

 

$

1,758,254

 

 

$

968,573

 

 

$

2,726,827

 

 

 

 

 

 

 

 

 

 

 

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.