v3.25.2
Mortgage and Other Indebtedness, Net (Tables)
 6 Months Ended
Jun. 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:

 

 

June 30, 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

 

 

1,207,714

 

 

 

4.75

%

 

 

1,233,767

 

 

 

4.75

%

Total fixed-rate debt

 

 

1,374,192

 

 

 

5.01

%

 

 

1,403,798

 

 

 

5.02

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse, secured term loan

 

 

665,812

 

 

 

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

 

 

31,980

 

 

 

7.30

%

 

 

32,580

 

 

 

8.05

%

Total variable-rate debt

 

 

864,270

 

 

 

7.43

%

 

 

928,106

 

 

 

7.67

%

Total fixed-rate and variable-rate debt

 

 

2,238,462

 

 

 

5.95

%

 

 

2,331,904

 

 

 

6.07

%

Unamortized deferred financing costs

 

 

(6,619

)

 

 

 

 

 

(8,688

)

 

 

 

Debt discounts (3)

 

 

(92,067

)

 

 

 

 

 

(110,536

)

 

 

 

Total mortgage and other indebtedness, net

 

$

2,139,776

 

 

 

 

 

$

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%. Subsequent to June 30, 2025, the Company completed a modification and extension of the existing loan. See Note 15 for more information.
(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 June 30, 2025 will be accreted over a weighted average period of 4.5 years.
Schedule of Pre-Emergence Principal Payments

As of June 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)

 

$

817,781

 

2026

 

 

652,650

 

2027

 

 

342,814

 

2028

 

 

133,350

 

2029

 

 

6,407

 

2030

 

 

225,628

 

Thereafter

 

 

59,832

 

Total mortgage and other indebtedness

 

$

2,238,462

 
Reflects scheduled principal amortization for the period July 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 June 30, 2025

 

 

Maturity Date

Pay fixed/Receive variable swap

 

Intangible lease assets and other assets

 

$

32,000

 

 

1-month USD-SOFR CME

 

$

90

 

 

Jun-27

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Hedging Instrument - Interest Rate Swap

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(Loss) gain recognized in other comprehensive income (loss)

 

$

(143

)

 

$

35

 

 

$

(424

)

 

$

497

 

Gain recognized in earnings (1)

 

$

82

 

 

$

161

 

 

$

163

 

 

$

324

 
(1)
Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.