XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.23.2

Mortgage and Other Indebtedness, Net (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Pre-Emergence Net Mortgage Notes Payable | The Company’s mortgage and other indebtedness, net, consisted of the following:
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Amount |  |  | Weighted- Average Interest Rate (1) |  |  | Amount |  |  | Weighted- Average Interest Rate (1) |
Fixed-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Open-air centers and outparcels loan (2) |  | $ | 180,000 |  |  |  | 6.95 | % |  | $ | 180,000 |  |  |  | 6.95 | %
Non-recourse loans on operating properties |  |  | 783,501 |  |  |  | 5.29 | % |  |  | 843,634 |  |  |  | 4.90 | %
Total fixed-rate debt |  |  | 963,501 |  |  |  | 5.60 | % |  |  | 1,023,634 |  |  |  | 5.26 | %
Variable-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Secured term loan (3) |  |  | 813,038 |  |  |  | 7.92 | % |  |  | 829,452 |  |  |  | 6.87 | %
Open-air centers and outparcels loan (2) |  |  | 180,000 |  |  |  | 9.26 | % |  |  | 180,000 |  |  |  | 8.22 | %
Non-recourse loans on operating properties |  |  | 55,440 |  |  |  | 8.30 | % |  |  | 56,490 |  |  |  | 7.26 | %
Total variable-rate debt |  |  | 1,048,478 |  |  |  | 8.17 | % |  |  | 1,065,942 |  |  |  | 7.12 | %
Total fixed-rate and variable-rate debt |  |  | 2,011,979 |  |  |  | 6.94 | % |  |  | 2,089,576 |  |  |  | 6.21 | %
Unamortized deferred financing costs |  |  | (15,407 | ) |  |  |  |  |  | (17,101 | ) |  |  |
Debt discounts (4) |  |  | (54,523 | ) |  |  |  |  |  | (72,289 | ) |  |  |
Total mortgage and other indebtedness, net |  | $ | 1,942,049 |  |  |  |  |  | $ | 2,000,186 |  |  |  |
(1) Weighted-average interest rate excludes amortization of deferred financing costs. (2) The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%. (3) The Operating Partnership provided a limited guaranty up to a maximum of $175,000 (the “Principal Liability Cap”). The Principal Liability Cap will be reduced by an amount equal to 100% of the first $2,500 in principal amortization made by HoldCo I each calendar year and will be 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 June 30, 2023, the Principal Liability Cap had been reduced to $127,390. The Principal Liability Cap is eliminated when the loan balance is reduced below $650,000, or if at any time after November 1, 2023, the debt yield ratio is greater than 15.0%. (4) 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 debt discounts upon emerging from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at June 30, 2023 will be accreted over a weighted average period of 2.6 years.
Schedule of Pre-Emergence Principal Payments | As of June 30, 2023, 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 (1) |  | $ | 39,522 |
2024 |  |  | 237,646 |
2025 |  |  | 908,717 |
2026 |  |  | 373,682 |
2027 |  |  | 360,896 |
2028 |  |  | 950 |
Thereafter |  |  | 61,905 |
Total |  |  | 1,983,318 |
Principal balance of a loan with a maturity date prior to June 30, 2023 (2) |  |  | 28,661 |
Total mortgage and other indebtedness |  | $ | 2,011,979 |
(1) Reflects scheduled principal amortization and balloon payments for the fiscal period July 1, 2023 through December 31, 2023. (2) Represents the principal balance as of June 30, 2023 of the loan secured by WestGate M all, which is in maturity default. The Company is in discussions with the lender. The loan matured in July 2022 and had a balance of $28,661 as of June 30, 2023.
Schedule of Effective Portion of Changes In The Fair Value of Derivatives Designated As, and That Qualify As, Cash Flow Hedges | The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.
Instrument Type |  | Location in the Condensed Consolidated Balance Sheet |  | Notional |  |  | Index |  | Fair Value at June 30, 2023 |  |  | Maturity Date
Pay fixed/Receive variable swap |  | Intangible lease assets and other assets |  | $ | 32,000 |  |  | 1-month USD-SOFR CME |  | $ | 880 |  |  | Jun-27
|  | Gain Recognized in Other Comprehensive Income (Loss) |  |  |  |  | Gain Recognized in Earnings |
|  | Three Months Ended June 30, |  |  |  |  | Three Months Ended June 30, |
Hedging Instrument |  | 2023 |  |  | 2022 |  |  | Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | 2023 |  |  | 2022 |
Interest rate swap |  | $ | 880 |  |  | $ | — |  |  | Interest Expense |  | $ | 95 |  |  | $ | — |
|  | Gain Recognized in Other Comprehensive Income (Loss) |  |  |  |  | Gain Recognized in Earnings |
|  | Six Months Ended June 30, |  |  |  |  | Six Months Ended June 30, |
Hedging Instrument |  | 2023 |  |  | 2022 |  |  | Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | 2023 |  |  | 2022 |
Interest rate swap |  | $ | 880 |  |  | $ | — |  |  | Interest Expense |  | $ | 95 |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration