XML 93 R75.htm IDEA: XBRL DOCUMENT v3.22.4
Mortgage and Other Indebtedness, Net - Narrative (Details)
$ / shares in Units, $ in Thousands
1 Months Ended 12 Months Ended
Oct. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
May 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Lifestyle_center
Loan
OpenAir_center
Mall
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
May 06, 2022
shares
Feb. 28, 2022
Feb. 01, 2022
shares
Oct. 31, 2021
USD ($)
Debt Instrument [Line Items]                  
Non-recourse loan amount       $ 2,000,186 $ 1,813,209       $ 1,678,619
Fair value carrying amount       $ 2,019,157          
Lifestyle Centers | Lifestyle_center       5          
Loan agreement term   5 years              
Debt instrument extension term   2 years              
Loan, collaterals   90 outparcels and 13 open-air centers              
Common stock, par value (USD per share) | $ / shares       $ 0.001 $ 0.001        
Common stock issued (shares) | shares       31,780,109 20,774,716 12,380,260      
Senior secured notes         $ 395,395       $ 395,000
Loan amount   $ 360,000              
2023       $ 321,695          
Property-level debt and related obligations       553,910          
Notes Payable       483,492          
NotesPayableCurrent       70,419          
Nonrecourse                  
Debt Instrument [Line Items]                  
Non-recourse loan amount     $ 65,000            
Interest rate percentage     5.85%            
Loan agreement term     3 years            
Loan amount paid off in conjunction with closing     $ 7,058            
Fayette Mall                  
Debt Instrument [Line Items]                  
Loan outstanding balance       127,568          
Interest rate of debt bearing fixed interest (as a percent)             4.25%    
Arbor Place                  
Debt Instrument [Line Items]                  
Debt instrument, maturity date     May 31, 2026            
Interest rate percentage     5.10%            
Loan agreement term     4 years            
Loan outstanding balance       97,244          
Northwoods Mall                  
Debt Instrument [Line Items]                  
Debt instrument, maturity date     Apr. 30, 2026            
Interest rate percentage     5.08%            
Loan agreement term     4 years            
Loan outstanding balance       57,059          
Parkdale Mall & Crossing                  
Debt Instrument [Line Items]                  
Loan outstanding balance       63,136          
The Outlet Shoppes at Gettysburg                  
Debt Instrument [Line Items]                  
Non-recourse loan amount $ 21,000                
Debt instrument, maturity date Oct. 27, 2025                
Interest rate percentage 4.80%                
Loan outstanding balance       $ 20,974          
Extinguishment of debt $ 7,344                
Cross Creek Mall                  
Debt Instrument [Line Items]                  
Debt instrument, maturity date       Jan. 05, 2023          
Loan outstanding balance       $ 97,431          
Southpark Mall                  
Debt Instrument [Line Items]                  
Loan outstanding balance       54,022          
Jefferson Mall, Louisville, KY                  
Debt Instrument [Line Items]                  
Loan outstanding balance       $ 55,817          
Exit Credit Agreement                  
Debt Instrument [Line Items]                  
Number of malls | Mall       16          
Lifestyle Centers | Lifestyle_center       3          
Number of open air centers | OpenAir_center       3          
Half Portion Of New Loan                  
Debt Instrument [Line Items]                  
Interest rate percentage   6.95%              
Loan amount   $ 180,000              
Second Half Portion Of New Loan | SOFR                  
Debt Instrument [Line Items]                  
Debt instrument basis points   4.10%              
Loan Secured By CBL Center                  
Debt Instrument [Line Items]                  
Loan amount paid   $ 14,949              
Operating Property Loan                  
Debt Instrument [Line Items]                  
2023       $ 281,489          
Number of operating property loans (loan) | Loan       4          
Fixed Rate Operating Loans                  
Debt Instrument [Line Items]                  
Weighted-average remaining term to maturity       2 years 1 month 6 days          
Non-Recourse Loans on Operating Properties, Open-Air Centers and Outparcels Loan and Secured Term Loan                  
Debt Instrument [Line Items]                  
Non-recourse loan amount       $ 1,632,708          
Senior Secured Term Loan | Exit Credit Agreement                  
Debt Instrument [Line Items]                  
Debt Instrument, covenant description       The exit credit agreement requires HoldCo I to comply with certain financial ratios in the aggregate for the collateral properties, including a covenant that it not permit the (i) interest coverage ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending December 31, 2021, to be less than 1.50 to 1.00, (ii) minimum debt yield ratio (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023 as of the last day of any fiscal quarter ending prior to the maturity date, to be less than eleven and a half percent (11.50%) and (iii) the occupancy rate (as defined in the exit credit agreement) commencing with the fiscal quarter ending March 31, 2023, as of the last day of any fiscal quarter ending prior to the maturity date, to be less than seventy five percent (75%). The Operating Partnership provided a limited guaranty up to a maximum of $175,000 (the “principal liability cap”). The principal liability cap is reduced by an amount equal to 100% of the first $2,500 in principal amortization made by HoldCo I each calendar year and is reduced further by 50% of the principal amortization payments made by HoldCo I each calendar year in excess of the first $2,500 in principal amortization for such calendar year. As of December 31, 2022, the principal liability cap had been reduced to $140,986. The principal liability cap is eliminated when the loan balance is reduced below $650,000. Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2022.          
Debt instrument, maturity date, description       senior secured term loan that matures November 1, 2025. Upon satisfaction of certain conditions, the maturity date will automatically extend to November 1, 2026 and upon further satisfaction of certain conditions the maturity date will automatically extend to November 1, 2027.          
Limited guarantee description       The principal liability cap is eliminated when the loan balance is reduced below $650,000. Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2022.          
Fair value carrying amount       $ 883,700          
Debt instrument, maturity date       Nov. 01, 2025          
Maximum debt yield ratio         11.50%        
Limited guaranty loan reduced amount       $ 140,986          
Limited guaranty eliminated loan balance reduced amount       $ 650,000          
Senior Secured Term Loan | Exit Credit Agreement | LIBOR                  
Debt Instrument [Line Items]                  
Debt instrument, description of variable rate basis       The Exit Credit Agreement bears interest at a rate per annum equal to LIBOR for the applicable period plus 275 basis points, subject to a LIBOR floor of 1.0%.          
Debt instrument basis points       275.00%          
Interest rate percentage       1.00%          
Secured Notes                  
Debt Instrument [Line Items]                  
Fair value carrying amount         $ 395,000        
Redemption of aggregate principal amount   335,000              
Secured Notes | Nonrecourse                  
Debt Instrument [Line Items]                  
Redemption of aggregate principal amount     $ 60,000            
Brookfield Square Anchor Redevelopment loan                  
Debt Instrument [Line Items]                  
Loan amount paid   $ 8,322              
Loan amount       $ 18,240          
7.0% Exchangeable Senior Secured Notes Due 2028 | Exchangeable Notes Indenture                  
Debt Instrument [Line Items]                  
Fair value carrying amount       $ 150,000 $ 150,000        
Debt instrument, maturity date       Nov. 15, 2028          
Interest rate percentage       7.00%          
Debt Instrument, payment terms description       payable semi-annually on November 15 and May 15, beginning May 15, 2022.          
Debt instrument, frequency of periodic payment       semi-annually          
Common stock, par value (USD per share) | $ / shares         $ 0.001        
Common stock issued (shares) | shares               10,982,795  
10% Senior Secured Notes Due 2029 | Secured Notes Indenture                  
Debt Instrument [Line Items]                  
Fair value carrying amount       $ 455,000          
Debt instrument, maturity date       Nov. 15, 2029          
Interest rate percentage       10.00%          
Debt instrument, redemption description       HoldCo II redeemed $60,000 aggregate principal amount of the Secured Notes pursuant to an optional redemption on November 8, 2021          
Debt instrument, frequency of periodic payment       semi-annually          
Debt instrument, outstanding balance after redemption       $ 395,000          
Redemption of aggregate principal amount       $ 60,000          
Variable Rate Debt                  
Debt Instrument [Line Items]                  
Number of non-recourse loans | Loan       2          
Variable Rate Debt | Nonrecourse                  
Debt Instrument [Line Items]                  
Non-recourse loan amount       $ 56,490          
First Year | Exit Credit Agreement                  
Debt Instrument [Line Items]                  
Principal liability cap reduction percentage         100.00%        
Principal amortization payments         $ 2,500        
Excess of First Year | Exit Credit Agreement                  
Debt Instrument [Line Items]                  
Principal liability cap reduction percentage         50.00%        
Minimum | Fixed Rate Operating Loans                  
Debt Instrument [Line Items]                  
Interest rate of debt bearing fixed interest (as a percent)       4.25%          
Minimum | Variable Rate Debt                  
Debt Instrument [Line Items]                  
Variable interest rate (as a percent)       7.02%          
Maximum | Fixed Rate Operating Loans                  
Debt Instrument [Line Items]                  
Interest rate of debt bearing fixed interest (as a percent)       6.95%          
Maximum | Senior Secured Term Loan | Exit Credit Agreement                  
Debt Instrument [Line Items]                  
Interest coverage ratio         1.50%        
Occupancy rate         75.00%        
Limited guaranty amount         $ 175,000        
Maximum | Variable Rate Debt                  
Debt Instrument [Line Items]                  
Variable interest rate (as a percent)       8.22%