XML 41 R34.htm IDEA: XBRL DOCUMENT
v3.25.3

Mortgage and Other Indebtedness, Net (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Pre-Emergence Net Mortgage Notes Payable | The Company’s mortgage and other indebtedness, net, consisted of the following:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Amount |  |  | Weighted- Average Interest Rate (1) |  |  | Amount |  |  | Weighted- Average Interest Rate (1) |
Fixed-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
2032 non-recourse bank loan (2) |  | $ | 367,956 |  |  |  | 7.70 | % |  | $ | 170,031 |  |  |  | 6.95 | %
Non-recourse loans on operating properties |  |  | 1,144,681 |  |  |  | 4.64 | % |  |  | 1,233,767 |  |  |  | 4.75 | %
Total fixed-rate debt |  |  | 1,512,637 |  |  |  | 5.38 | % |  |  | 1,403,798 |  |  |  | 5.02 | %
Variable-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Non-recourse, secured term loan |  |  | 654,504 |  |  |  | 7.14 | % |  |  | 725,495 |  |  |  | 7.42 | %
2032 non-recourse bank loan (2) |  |  | 75,000 |  |  |  | 8.38 | % |  |  | 170,031 |  |  |  | 8.65 | %
Non-recourse loan on an operating property |  |  | 31,580 |  |  |  | 7.88 | % |  |  | 32,580 |  |  |  | 8.05 | %
Total variable-rate debt |  |  | 761,084 |  |  |  | 7.30 | % |  |  | 928,106 |  |  |  | 7.67 | %
Total fixed-rate and variable-rate debt |  |  | 2,273,721 |  |  |  | 6.02 | % |  |  | 2,331,904 |  |  |  | 6.07 | %
Unamortized deferred financing costs |  |  | (10,008 | ) |  |  |  |  |  | (8,688 | ) |  |  |
Debt discounts (3) |  |  | (82,852 | ) |  |  |  |  |  | (110,536 | ) |  |  |
Total mortgage and other indebtedness, net |  | $ | 2,180,861 |  |  |  |  |  | $ | 2,212,680 |  |  |  |
(1) Weighted-average interest rate excludes amortization of deferred financing costs. (2) This loan was previously referred to as the "open-air centers and outparcels loan." The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The full principal balance will convert to a variable rate after July 2030. 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 September 30, 2025 will be accreted over a weighted average period of 4.4 years.
Schedule of Pre-Emergence Principal Payments | As of September 30, 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) |  | $ | 683,121 |
2026 |  |  | 636,215 |
2027 |  |  | 11,194 |
2028 |  |  | 134,781 |
2029 |  |  | 7,939 |
2030 |  |  | 740,639 |
Thereafter |  |  | 59,832 |
Total mortgage and other indebtedness |  | $ | 2,273,721 |
Reflects scheduled principal amortization for the period October 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 September 30, 2025 |  |  | Maturity Date
Pay fixed/Receive variable swap |  | Intangible lease assets and other assets |  | $ | 32,000 |  |  | 1-month USD-SOFR CME |  | $ | 47 |  |  | Jun-27
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Hedging Instrument - Interest Rate Swap |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Loss recognized in other comprehensive income (loss) |  | $ | (43 | ) |  | $ | (831 | ) |  | $ | (467 | ) |  | $ | (334 | )
Gain recognized in earnings (1) |  | $ | 83 |  |  | $ | 162 |  |  | $ | 246 |  |  | $ | 486 |
(1) Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration