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Mortgage and Other Indebtedness, Net (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Pre-Emergence Net Mortgage Notes Payable consisted of the following:

 

 

December 31, 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

 

 

843,634

 

 

 

4.90

%

 

 

916,927

 

 

 

5.04

%

Total fixed-rate debt

 

 

1,023,634

 

 

 

5.26

%

 

 

1,066,927

 

 

 

5.32

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Secured term loan

 

 

829,452

 

 

 

6.87

%

 

 

880,091

 

 

 

3.75

%

Open-air centers and outparcels loan

 

 

180,000

 

 

 

8.22

%

 

 

—

 

 

 

—

 

Non-recourse loans on operating properties

 

 

56,490

 

 

 

7.26

%

 

 

66,911

 

 

 

3.21

%

Total variable-rate debt

 

 

1,065,942

 

 

 

7.12

%

 

 

947,002

 

 

 

3.71

%

Total fixed-rate and variable-rate debt

 

 

2,089,576

 

 

 

6.21

%

 

 

2,013,929

 

 

 

4.56

%

Unamortized deferred financing costs

 

 

(17,101

)

 

 

 

 

 

(1,567

)

 

 

 

Debt discounts (2)

 

 

(72,289

)

 

 

 

 

 

(199,153

)

 

 

 

Total mortgage and other indebtedness, net

 

$

2,000,186

 

 

 

 

 

$

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 December 31, 2022 will be accreted over a weighted average period of 2.9 years.
Schedule of Pre-Emergence Principal Payments

As of December 31, 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:

2023

 

$

321,695

 

2024

 

 

83,003

 

2025

 

 

813,630

 

2026

 

 

377,078

 

2027

 

 

360,896

 

Thereafter

 

 

62,855

 

Total

 

 

2,019,157

 

Principal balance of loans with maturity date prior to December 31, 2022 (1)

 

 

70,419

 

Total mortgage and other indebtedness

 

$

2,089,576

 
(1)
Represents the aggregate principal balance as of December 31, 2022 of the loans secured by Alamance Crossing East and Westgate Mall, which are in maturity default. The Company is in discussions with the lender regarding the loans secured by these properties. The loan secured by Alamance Crossing East matured in July 2021 and had a balance of $41,417 as of December 31, 2022. The loan secured by Westgate Mall matured in July 2022 and had a balance of $29,002 as of December 31, 2022.