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Mortgage and Other Indebtedness, Net (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Pre-Emergence Net Mortgage Notes Payable

The Company's mortgage and other indebtedness, net, consisted of the following:

		December 31, 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)		$	179,180				6.95	%		$	180,000				6.95	%
Non-recourse loans on operating properties			736,573				5.30	%			843,634				4.90	%
Total fixed-rate debt			915,753				5.63	%			1,023,634				5.26	%
Variable-rate debt:
Secured term loan			799,914				8.21	%			829,452				6.87	%
Open-air centers and outparcels loan (2)			179,180				9.44	%			180,000				8.22	%
Non-recourse loans on operating properties			33,780				8.84	%			38,250				7.37	%
Recourse loan on an operating property			15,339				8.24	%			18,240		(3)		7.02	%
Total variable-rate debt			1,028,213				8.44	%			1,065,942				7.12	%
Total fixed-rate and variable-rate debt			1,943,966				7.12	%			2,089,576				6.21	%
Unamortized deferred financing costs			(13,221	)							(17,101	)
Debt discounts (4)			(41,942	)							(72,289	)
Total mortgage and other indebtedness, net		$	1,888,803							$	2,000,186

(1)Weighted-average interest rate excludes amortization of deferred financing costs.

(2)The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%. 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 loan secured by Brookfield Square Anchor Redevelopment is non-recourse. The loan balance was reclassified from non-recourse loans on operating properties to recourse loan on an operating property to conform to the current year presentation due to the separate Operating Partnership guaranty of the loan. The guaranty has been in place since inception of the loan. Subsequent to December 31, 2023, the loan was paid off removing the guaranty. See Note 20 for additional information.

(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 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, 2023 will be accreted over a weighted average period of 2.4 years.

Schedule of Pre-Emergence Principal Payments

As of December 31, 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:

2024		$	180,687
2025			933,531
2026			407,638
2027			359,255
2028			950
Thereafter			61,905
Total mortgage and other indebtedness		$	1,943,966

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 Consolidated Balance Sheet

Notional

Index

Fair Value at December 31, 2023

Maturity Date

Pay fixed/Receive variable swap

Intangible lease assets and other assets

$

32,000

1-month USD-SOFR CME

$

338

Jun-27

		Gain Recognized in Other Comprehensive Income (Loss)										Gain Recognized in Earnings
		Year Ended December 31,										Year Ended December 31,
Hedging Instrument		2023				2022				Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings		2023				2022
Interest rate swap		$	338			$	—			Interest Expense		$	416			$	—

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