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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.

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