v3.26.3
Mortgage and Other Indebtedness, Net - Mortgage and Other Indebtedness, net And senior Secured Notes (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2025
Mar. 31, 2026
Sep. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]        
Mortgage notes payable     $ 1,832,757 $ 1,501,918
Mortgage and other indebtedness, variable-rate debt     277,580 753,102
Total fixed-rate and variable-rate debt     2,110,337 2,255,020
Unamortized deferred financing costs     (28,191) (9,276)
Debt discounts [1]     (56,696) (74,959)
Total mortgage and other indebtedness, net     $ 2,025,450 $ 2,170,785
Weighted average interest rate (as a percent) [2]     6.58% 5.89%
Five Mortgage Notes Payable        
Debt Instrument [Line Items]        
Remaining debt discount amortization period     3 years 10 months 24 days  
Fixed Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2]     6.40% 5.39%
Variable Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2]     7.77% 6.90%
2032 Non-Recourse Bank Loan        
Debt Instrument [Line Items]        
Mortgage notes payable [3]     $ 367,956 $ 367,956
Mortgage and other indebtedness, variable-rate debt $ 442,956   72,195 [2],[3] $ 75,000 [2],[3]
Total mortgage and other indebtedness, net $ 332,956   $ 1,693,964  
Interest rate percentage 7.70%   7.70%  
Fair value carrying amount     $ 367,956  
Loan, basis spread rate 4.10%      
2032 Non-Recourse Bank Loan | Interest Rate Swap        
Debt Instrument [Line Items]        
Notional amount of the swap     $ 32,000  
Interest rate percentage     7.3975%  
2032 Non-Recourse Bank Loan | Fixed Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2],[3]     7.70% 7.70%
2032 Non-Recourse Bank Loan | Variable Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2],[3]     7.78% 7.97%
2032 Non-Recourse Bank Loan | SOFR        
Debt Instrument [Line Items]        
Loan, basis spread rate     4.10%  
Non-recourse Secured Mall Loan Due 2031        
Debt Instrument [Line Items]        
Mortgage notes payable     $ 422,148  
Total mortgage and other indebtedness, net   $ 425,000    
Interest rate percentage   7.40%    
Non-recourse Secured Mall Loan Due 2031 | Fixed Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2]     7.40%  
Non-recourse Secured Lifestyle Centers Loan Due 2032        
Debt Instrument [Line Items]        
Mortgage and other indebtedness, variable-rate debt     $ 176,080  
Total mortgage and other indebtedness, net   $ 176,080    
Loan, basis spread rate   410.00%    
Non-recourse Secured Lifestyle Centers Loan Due 2032 | Variable Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2]     7.78%  
Non-Recourse Loan on an Operating Property        
Debt Instrument [Line Items]        
Mortgage and other indebtedness, variable-rate debt     $ 29,305 $ 31,380
Non-Recourse Loan on an Operating Property | Variable Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2]     7.68% 7.62%
Non-Recourse Loans on Operating Properties        
Debt Instrument [Line Items]        
Mortgage notes payable     $ 1,042,653 $ 1,133,962
Non-Recourse Loans on Operating Properties | Fixed Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2]     5.53% 4.64%
Non-Recourse, Secured Term Loan        
Debt Instrument [Line Items]        
Mortgage and other indebtedness, variable-rate debt       $ 646,722
Non-Recourse, Secured Term Loan | Variable Rate Interest        
Debt Instrument [Line Items]        
Weighted average interest rate (as a percent) [2]       6.74%
[1] 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, 2026 will be accreted over a weighted average period of 3.9 years.
[2] Weighted-average interest rate excludes amortization of deferred financing costs.
[3] 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%.