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Mortgage and Other Indebtedness, Net (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024								December 31, 2023
		Amount				Weighted- Average Interest Rate (1)				Amount				Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse open-air centers and outparcels loan (2)		$	170,031				6.95	%		$	179,180				6.95	%
Non-recourse loans on operating properties			1,233,767				4.75	%			736,573				5.30	%
Total fixed-rate debt			1,403,798				5.02	%			915,753				5.63	%
Variable-rate debt:
Non-recourse, secured term loan			725,495				7.42	%			799,914				8.21	%
Non-recourse open-air centers and outparcels loan (2)			170,031				8.65	%			179,180				9.44	%
Non-recourse loan on an operating property			32,580				8.05	%			33,780				8.84	%
Recourse loan on an operating property			—				—				15,339				8.24	%
Total variable-rate debt			928,106				7.67	%			1,028,213				8.44	%
Total fixed-rate and variable-rate debt			2,331,904				6.07	%			1,943,966				7.12	%
Unamortized deferred financing costs			(8,688	)							(13,221	)
Debt discounts (3)			(110,536	)							(41,942	)
Total mortgage and other indebtedness, net		$	2,212,680							$	1,888,803

(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)In conjunction with the acquisition of the Company's partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, 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, which is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at December 31, 2024 will be accreted over a weighted average period of 4.7 years.

Schedule of Pre-Emergence Principal Payments

As of December 31, 2024, 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:

2025		$	1,004,911
2026			551,856
2027			349,921
2028			133,350
2029			6,407
Thereafter			285,459
Total mortgage and other indebtedness		$	2,331,904

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, 2024

Maturity Date

Pay fixed/Receive variable swap

Intangible lease assets and other assets

$

32,000

1-month USD-SOFR CME

$

514

Jun-27

		Year Ended December 31,
Hedging Instrument - Interest Rate Swap		2024				2023
Gain recognized in other comprehensive income (loss)		$	177			$	338
Gain recognized in earnings (1)		$	598			$	416

(1)Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.

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