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v3.25.1

Mortgage and Other Indebtedness, Net (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Pre-Emergence Net Mortgage Notes Payable | The Company’s mortgage and other indebtedness, net, consisted of the following:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Amount |  |  | Weighted- Average Interest Rate (1) |  |  | Amount |  |  | Weighted- Average Interest Rate (1) |
Fixed-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Non-recourse open-air centers and outparcels loan (2) |  | $ | 166,478 |  |  |  | 6.95 | % |  | $ | 170,031 |  |  |  | 6.95 | %
Non-recourse loans on operating properties |  |  | 1,220,975 |  |  |  | 4.75 | % |  |  | 1,233,767 |  |  |  | 4.75 | %
Total fixed-rate debt |  |  | 1,387,453 |  |  |  | 5.01 | % |  |  | 1,403,798 |  |  |  | 5.02 | %
Variable-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Non-recourse, secured term loan |  |  | 673,129 |  |  |  | 7.19 | % |  |  | 725,495 |  |  |  | 7.42 | %
Non-recourse open-air centers and outparcels loan (2) |  |  | 166,478 |  |  |  | 8.42 | % |  |  | 170,031 |  |  |  | 8.65 | %
Non-recourse loan on an operating property |  |  | 32,280 |  |  |  | 7.82 | % |  |  | 32,580 |  |  |  | 8.05 | %
Total variable-rate debt |  |  | 871,887 |  |  |  | 7.45 | % |  |  | 928,106 |  |  |  | 7.67 | %
Total fixed-rate and variable-rate debt |  |  | 2,259,340 |  |  |  | 5.95 | % |  |  | 2,331,904 |  |  |  | 6.07 | %
Unamortized deferred financing costs |  |  | (7,480 | ) |  |  |  |  |  | (8,688 | ) |  |  |
Debt discounts (3) |  |  | (101,298 | ) |  |  |  |  |  | (110,536 | ) |  |  |
Total mortgage and other indebtedness, net |  | $ | 2,150,562 |  |  |  |  |  | $ | 2,212,680 |  |  |  |
(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 March 31, 2025 will be accreted over a weighted average period of 4.6 years.
Schedule of Pre-Emergence Principal Payments | As of March 31, 2025, 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) |  | $ | 940,529 |
2026 |  |  | 550,781 |
2027 |  |  | 342,815 |
2028 |  |  | 133,350 |
2029 |  |  | 6,406 |
2030 |  |  | 225,628 |
Thereafter |  |  | 59,831 |
Total mortgage and other indebtedness |  | $ | 2,259,340 |
Reflects scheduled principal amortization for the period April 1, 2025 through December 31, 2025.
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 March 31, 2025 |  |  | Maturity Date
Pay fixed/Receive variable swap |  | Intangible lease assets and other assets |  | $ | 32,000 |  |  | 1-month USD-SOFR CME |  | $ | 233 |  |  | Jun-27
|  | Three Months Ended March 31, |
Hedging Instrument - Interest Rate Swap |  | 2025 |  |  | 2024 |
(Loss) gain recognized in other comprehensive income (loss) |  | $ | (281 | ) |  | $ | 462 |
Gain recognized in earnings (1) |  | $ | 81 |  |  | $ | 163 |
(1) Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.

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