Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Note 9 – Segment Information

The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments.

Information on the Company’s segments is presented as follows:

Three Months Ended March 31, 2022 (Successor)	Malls (1)			All Other (2)			Total
Revenues (3)	$	121,428		$	18,674		$	140,102
Property operating expenses (4)		(44,684	)		(3,661	)		(48,345	)
Interest expense		(71,159	)		(19,500	)		(90,659	)
Gain on sales of real estate assets		—			16			16
Segment profit (loss)	$	5,585		$	(4,471	)		1,114
Depreciation and amortization								(68,943	)
General and administrative								(18,074	)
Litigation settlement								81
Interest and other income								155
Gain on deconsolidation								36,250
Reorganization items, net								(1,571	)
Income tax provision								(801	)
Equity in earnings of unconsolidated affiliates								8,566
Net loss							$	(43,223	)
Capital expenditures (5)	$	3,960		$	1,870		$	5,830

Three Months Ended March 31, 2021 (Predecessor)	Malls (1)			All Other (2)			Total
Revenues (3)	$	119,328		$	13,856		$	133,184
Property operating expenses (4)		(45,595	)		(3,539	)		(49,134	)
Interest expense		(23,170	)		(960	)		(24,130	)
Loss on sales of real estate assets		—			(299	)		(299	)
Segment profit	$	50,563		$	9,058			59,621
Depreciation and amortization								(48,112	)
General and administrative								(12,612	)
Litigation settlement								858
Interest and other income								776
Reorganization items								(22,933	)
Loss on impairment								(57,182	)
Gain on deconsolidation								55,131
Income tax provision								(751	)
Equity in losses of unconsolidated affiliates								(3,076	)
Net loss							$	(28,280	)
Capital expenditures (5)	$	3,491		$	637		$	4,128

Total assets	Malls (1)		All Other (2)		Total
March 31, 2022	$	1,860,718	$	988,606	$	2,849,324
December 31, 2021	$	1,961,061	$	984,918	$	2,945,979

(1) The Malls category includes malls, lifestyle centers and outlet centers.

(2) The All Other category includes open-air centers, outparcels, office buildings, self-storage facilities, corporate-level debt and the Management Company.

(3) Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

(4) Property operating expenses include property operating, real estate taxes and maintenance and repairs.

(5) Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.