Chapter 11 Cases and Ability to Continue as a Going Concern (Tables)

9 Months Ended

Sep. 30, 2021

Chapter Eleven Cases And Ability To Continue As Going Concern [Abstract]

Summary of Condensed Combined Financial Statement Information Debtors

Condensed combined financial statement information of the Debtors is as follows:

Condensed Combined Financial Statements – Debtors (Debtors-In-Possession)

Condensed Combined Balance Sheets

	September 30, 2021			December 31, 2020
ASSETS:
Investment in real estate assets	$	3,917,871		$	4,056,257
Accumulated depreciation		(1,576,277	)		(1,544,800	)
		2,341,594			2,511,457
Held for sale		6,239			—
Developments in progress		14,450			27,853
Net investment in real estate assets		2,362,283			2,539,310
Available-for-sale securities - at fair value (amortized cost of $99,991 and $233,053 as of     September 30, 2021 and December 31, 2020, respectively)		99,998			233,071
Cash and cash equivalents		255,280			46,346
Restricted cash		118,800			29,834
Intercompany due from non-debtor entities		76,499			76,095
Intangible lease assets and other assets		129,250			140,241
Total assets	$	3,042,110		$	3,064,897
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY:
Other liabilities	$	109,415		$	102,910
Intercompany due to non-debtor entities		6,205			5,062
Total liabilities not subject to compromise		115,620			107,972
Liabilities subject to compromise		2,551,686			2,551,490
Shareholders' equity and noncontrolling interests of the Debtors		374,804			405,435
Total liabilities and equity	$	3,042,110		$	3,064,897

Condensed Combined Statements of Operations

	Three Months Ended September 30, 2021			Nine Months Ended September 30, 2021
Total revenues	$	99,795		$	277,877
Depreciation and amortization		(33,046	)		(101,175	)
Loss on impairment		(25,169	)		(82,351	)
Expenses		(45,720	)		(132,152	)
Interest and other income		1,258			4,507
Interest expense (unrecognized contractual interest expense was $45,344 and $135,162 for the three and nine months ended September 30, 2021, respectively)		(25	)		(1,062	)
Reorganization items		(12,017	)		(52,014	)
Gain on sales of real estate assets		8,684			8,492
Income tax benefit (provision)		1,234			(222	)
Net loss	$	(5,006	)	$	(78,100	)

Condensed Combined Statements of Cash Flows

CASH FLOWS FROM OPERATING ACTIVITIES:	Nine Months Ended September 30, 2021
Net loss	$	(78,100	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on impairment		82,351
Other assets and liabilities, net		113,974
Net cash provided by operating activities		118,225
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities		(553,810	)
Redemptions of available-for-sale securities		685,809
Changes in other assets		207
Net cash provided by investing activities		132,206
CASH FLOWS FROM FINANCING ACTIVITIES:
Net distributions from non-Debtor subsidiaries		47,480
Other financing activities		67
Net cash provided by financing activities		47,547
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		297,978
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		76,180
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	374,158
Reconciliation from condensed combined statement of cash flows to    condensed combined balance sheet:
Cash and cash equivalents	$	255,280
Restricted cash		118,800
Cash included in assets held for sale		78
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	374,158
SUPPLEMENTAL INFORMATION
Cash paid for reorganization items	$	51,488