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Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Information on Reportable Segments

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


Year Ended December 31, 2022 (Successor)	Malls (1)			All Other (2)			Total
Revenues (3)	$	485,014		$	77,997		$	563,011
Property operating expenses (4)		(174,593	)		(17,137	)		(191,730	)
Interest expense		(142,015	)		(75,327	)		(217,342	)
Gain on sales of real estate assets		—			5,345			5,345
Other expense		—			(834	)		(834	)
Segment profit (loss)	$	168,406		$	(9,956	)		158,450
Depreciation and amortization								(256,310	)
General and administrative								(67,215	)
Litigation settlement								304
Interest and other income								4,938
Gain on extinguishment of debt								7,344
Loss on available-for-sale securities								(39	)
Reorganization items, net								298
Loss on impairment								(252	)
Gain on deconsolidation								36,250
Income tax provision								(3,079	)
Equity in earnings of unconsolidated affiliates								19,796
Net loss							$	(99,515	)
Total assets	$	1,695,813		$	982,430		$	2,678,243
Capital expenditures (5)	$	28,744		$	14,200		$	42,944


For the Period November 1, through December 31, 2021 (Successor)	Malls (1)			All Other (2)			Total
Revenues (3)	$	95,057		$	13,789		$	108,846
Property operating expenses (4)		(29,801	)		(2,636	)		(32,437	)
Interest expense		(181,300	)		(14,188	)		(195,488	)
Gain (loss) on sales of real estate assets		20			(23	)		(3	)
Other expense		—			(3	)		(3	)
Segment loss	$	(116,024	)	$	(3,061	)		(119,085	)
Depreciation and amortization								(49,504	)
General and administrative expense								(9,175	)
Litigation settlement								118
Interest and other income								510
Gain on deconsolidation								19,126
Reorganization items								(1,403	)
Income tax benefit								5,885
Equity in earnings of unconsolidated affiliates								797
Net loss							$	(152,731	)
Total assets	$	1,961,061		$	984,918		$	2,945,979
Capital expenditures (5)	$	3,415		$	1,368		$	4,783


For the Period January 1, through October 31, 2021 (Predecessor)	Malls (1)			All Other (2)			Total
Revenues (3)	$	411,280		$	56,749		$	468,029
Property operating expenses (4)		(143,018	)		(12,991	)		(156,009	)
Interest expense		(70,275	)		(2,140	)		(72,415	)
Gain on sales of real estate assets		6,063			6,124			12,187
Other expense		(65	)		(680	)		(745	)
Segment profit	$	203,985		$	47,062			251,047
Depreciation and amortization								(158,574	)
General and administrative expense								(43,160	)
Litigation settlement								932
Interest and other income								2,055
Reorganization items, net								(435,162	)
Gain on deconsolidation								55,131
Loss on impairment								(146,781	)
Income tax provision								(1,078	)
Equity in losses of unconsolidated affiliates								(10,823	)
Net loss							$	(486,413	)
Capital expenditures (5)	$	21,662		$	8,862		$	30,524


Year Ended December 31, 2020 (Predecessor)	Malls (1)			All Other (2)			Total
Revenues (3)	$	520,643		$	55,218		$	575,861
Property operating expenses (4)		(177,531	)		(10,348	)		(187,879	)
Interest expense		(79,380	)		(121,283	)		(200,663	)
Other expense		—			(953	)		(953	)
Gain (loss) on sales of real estate assets		(25	)		4,721			4,696
Segment profit (loss)	$	263,707		$	(72,645	)		191,062
Depreciation and amortization								(215,030	)
General and administrative expense								(53,425	)
Interest and other income								6,396
Litigation settlement								7,855
Gain on extinguishment of debt								32,521
Reorganization items								(35,977	)
Loss on impairment								(213,358	)
Prepetition charges								(23,883	)
Income tax provision								(16,836	)
Equity in losses of unconsolidated affiliates								(14,854	)
Net loss							$	(335,529	)
Total assets	$	3,702,523		$	741,217		$	4,443,740
Capital expenditures (5)	$	36,425		$	5,683		$	42,108

(1)

The Malls category includes malls, lifestyle centers and outlet centers.

(2)

The All Other category includes open-air centers, outparcels, mortgage and other notes receivable, office buildings, self-storage facilities, corporate-level debt and the Management Company.

(3)

Management, development and leasing fees are included in the 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.