XML 85 R73.htm IDEA: XBRL DOCUMENT v3.24.0.1
Mortgage and Other Indebtedness, Net - Narrative (Details)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2023
Nov. 30, 2023
USD ($)
Oct. 31, 2023
USD ($)
Jun. 30, 2023
May 31, 2023
USD ($)
Jan. 31, 2023
USD ($)
Mall
Jun. 30, 2022
USD ($)
May 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Lifestyle_center
OpenAir_center
$ / shares
shares
Oct. 31, 2022
USD ($)
May 06, 2022
shares
Feb. 01, 2022
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Oct. 31, 2021
USD ($)
Debt Instrument [Line Items]                              
Non-recourse loan amount                 $ 2,000,186 $ 1,888,803         $ 1,678,619
Debt instrument, maturity date         Jun. 07, 2027                    
Interest rate percentage 4.25%       7.3975%         7.3975%          
Escrow Deposit                 $ 39,049 $ 35,708       $ 33,632 36,199
Lifestyle Centers | Lifestyle_center                   5          
Notional amount of the swap         $ 32,000         $ 32,000          
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       $ 0.001  
Common stock issued (shares) | shares                 31,780,075 31,975,645   12,380,260   20,774,716  
Debt instrument extented maturity date May 31, 2024                            
Senior secured notes                             $ 395,000
Loan amount             $ 360,000                
Weighted-average remaining term to maturity                   2 months 18 days          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax           $ 422                  
Fair value net liability                   $ 0          
2024                   180,687          
Interest Rate Swap                              
Debt Instrument [Line Items]                              
Cash collateral                   $ 1,920          
Volusia Mall                              
Debt Instrument [Line Items]                              
Debt instrument, maturity date   May 31, 2026                          
Interest rate percentage   4.56%                          
Escrow Deposit   $ 1,682                          
Loan agreement term   2 years                          
Laredo Outlet Shoppes CMBSLLC                              
Debt Instrument [Line Items]                              
Non-recourse loan amount     $ 33,980                        
Debt instrument, maturity date     Jun. 30, 2025                        
Option extension term of debt instrument     1 year                        
Extinguishment of debt     $ 3,270                        
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              
SOFR | Laredo Outlet Shoppes CMBSLLC                              
Debt Instrument [Line Items]                              
Debt instrument basis points     325.00%                        
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%        
Extinguishment of debt                 $ 7,344            
Cross Creek Mall                              
Debt Instrument [Line Items]                              
Debt instrument, maturity date       Jun. 30, 2025           Jan. 05, 2023          
Interest rate percentage       8.19%                      
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%     6.95%          
Loan amount             $ 180,000                
Second Half Portion Of New Loan | SOFR                              
Debt Instrument [Line Items]                              
Debt instrument basis points             4.10%     4.10%          
Loan Secured By CBL Center                              
Debt Instrument [Line Items]                              
Loan amount paid             $ 14,949                
Operating Property Loan                              
Debt Instrument [Line Items]                              
2024                   $ 134,642          
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”). In November 2023, the limited guaranty was eliminated pursuant to the terms of the exit credit agreement and the loan became fully non-recourse. Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2023.          
Debt instrument, maturity date, description                   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                   . Additionally, the Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2023.          
Fair value carrying amount                   $ 883,700          
Debt instrument, maturity date                   Nov. 01, 2025          
Interest coverage ratio                   1.50%          
Maximum debt yield ratio                   11.50%          
Occupancy rate           75.00%                  
Limited guaranty amount                   $ 175,000          
Senior Secured Term Loan | Exit Credit Agreement | SOFR                              
Debt Instrument [Line Items]                              
Debt instrument, description of variable rate basis                   The Exit Credit Agreement bore 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%. In March 2023, the secured term loan was amended to replace LIBOR with the secured overnight financing rate ("SOFR") for purposes of calculating interest. The transition to SOFR was effective as of June 30, 2023.          
Senior Secured Term Loan | Exit Credit Agreement | LIBOR                              
Debt Instrument [Line Items]                              
Interest rate percentage                   1.00%          
Secured Notes                              
Debt Instrument [Line Items]                              
Redemption of aggregate principal amount             $ 335,000                
Secured Notes | Nonrecourse                              
Debt Instrument [Line Items]                              
Redemption of aggregate principal amount               $ 60,000              
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