Mortgage and Other Indebtedness, Net (Tables)

3 Months Ended

Mar. 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:

	March 31, 2024						December 31, 2023
	Amount			Weighted- Average Interest Rate (1)			Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
Open-air centers and outparcels loan (2)	$	179,180			6.95	%	$	179,180			6.95	%
Loans on operating properties		727,258			5.30	%		736,573			5.30	%
Total fixed-rate debt		906,438			5.63	%		915,753			5.63	%
Variable-rate debt:
Secured term loan		790,595			8.19	%		799,914			8.21	%
Open-air centers and outparcels loan (2)		179,180			9.43	%		179,180			9.44	%
Loans on operating properties		33,480			8.83	%		33,780			8.84	%
Recourse loan on an operating property		—			—			15,339			8.24	%
Total variable-rate debt		1,003,255			8.43	%		1,028,213			8.44	%
Total fixed-rate and variable-rate debt		1,909,693			7.10	%		1,943,966			7.12	%
Unamortized deferred financing costs		(12,086	)					(13,221	)
Debt discounts (3)		(37,313	)					(41,942	)
Total mortgage and other indebtedness, net	$	1,860,294					$	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 fresh start accounting upon emergence from bankruptcy on November 1, 2021, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing debt discounts upon emerging from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at March 31, 2024 will be accreted over a weighted average period of 2.1 years.

Schedule of Pre-Emergence Principal Payments

As of March 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:

2024 (1)	$	148,615
2025		933,068
2026		405,900
2027		359,255
2028		950
2029		1,007
Thereafter		60,898
Total mortgage and other indebtedness	$	1,909,693

(1)Reflects scheduled principal amortization and balloon payments for the period April 1, 2024 through December 31, 2024.

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, 2024		Maturity Date
Pay fixed/Receive variable swap	Intangible lease assets and other assets	$	32,000	1-month USD-SOFR CME	$	799	Jun-27

	Gain Recognized in Other Comprehensive (Loss) Income					Gain Recognized in Earnings
	Three Months Ended March 31,					Three Months Ended March 31,
Hedging Instrument	2024		2023		Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings	2024		2023
Interest rate swap	$	462	$	—	Interest Expense	$	163	$	—