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v3.23.2

Mortgage and Other Indebtedness, Net - Debt of Operating Partnership (Details) - USD ($) $ in Thousands | 6 Months Ended |  |  |
--- | --- | --- | --- | ---
Jun. 30, 2023 | May 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022
Debt Instrument [Line Items] |  |  |  |  |
Mortgage notes payable |  | $ 963,501 |  |  | $ 1,023,634
Mortgage and other indebtedness, variable-rate debt |  | 1,048,478 |  |  | 1,065,942
Total fixed-rate and variable-rate debt |  | 2,011,979 |  |  | 2,089,576
Unamortized deferred financing costs |  | (15,407) |  |  | (17,101)
Debt discounts | [1] | (54,523) |  |  | (72,289)
Total mortgage and other indebtedness, net |  | $ 1,942,049 |  |  | $ 2,000,186
Weighted average interest rate (as a percent) | [2] | 6.94% |  |  | 6.21%
Notional amount of the swap |  | $ 32,000 | $ 32,000 |  |
Interest rate percentage |  | 7.3975% | 7.3975% | 4.25% |
Fair value carrying amount |  | $ 1,983,318 |  |  |
First Year | Exit Credit Agreement |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Principal liability cap reduction percentage |  | 50.00% |  |  |
Principal amortization payments |  | $ 2,500 |  |  |
Minimum |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt yield ratio |  | 15.00% |  |  |
Five Mortgage Notes Payable |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Remaining debt discount amortization period |  | 2 years 7 months 6 days |  |  |
Fixed Rate Interest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted average interest rate (as a percent) | [2] | 5.60% |  |  | 5.26%
Variable Rate Interest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted average interest rate (as a percent) | [2] | 8.17% |  |  | 7.12%
Non-Recourse Loans on Operating Properties |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Mortgage notes payable |  | $ 783,501 |  |  | $ 843,634
Mortgage and other indebtedness, variable-rate debt |  | $ 55,440 |  |  | $ 56,490
Non-Recourse Loans on Operating Properties | Fixed Rate Interest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted average interest rate (as a percent) | [2] | 5.29% |  |  | 4.90%
Non-Recourse Loans on Operating Properties | Variable Rate Interest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted average interest rate (as a percent) | [2] | 8.30% |  |  | 7.26%
Secured Term Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Mortgage and other indebtedness, variable-rate debt | [3] | $ 813,038 |  |  | $ 829,452
Secured Term Loan | Variable Rate Interest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted average interest rate (as a percent) | [2],[3] | 7.92% |  |  | 6.87%
Open-Air Centers and Outparcels Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Mortgage notes payable | [4] | $ 180,000 |  |  | $ 180,000
Mortgage and other indebtedness, variable-rate debt | [4] | $ 180,000 |  |  | $ 180,000
Open-Air Centers and Outparcels Loan | Fixed Rate Interest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted average interest rate (as a percent) | [2],[4] | 9.26% |  |  | 8.22%
Open-Air Centers and Outparcels Loan | Variable Rate Interest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted average interest rate (as a percent) | [2],[4] | 6.95% |  |  | 6.95%
Senior Secured Term Loan | Exit Credit Agreement |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Limited guaranty eliminated loan balance reduced amount |  | $ 650,000 |  |  |
Senior Secured Term Loan | First Year | Exit Credit Agreement |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Principal liability cap reduction percentage |  | 100.00% |  |  |
Senior Secured Term Loan | Maximum | Exit Credit Agreement |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Undiscounted maximum exposure |  | $ 175,000 |  |  |
[1] | 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.
[2] | Weighted-average interest rate excludes amortization of deferred financing costs.
[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] | 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%.

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