v3.25.4
Mortgage and Other Indebtedness, Net - Mortgage and Other Indebtedness, net And senior Secured Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jul. 31, 2025
Jul. 01, 2025
Dec. 31, 2024
Nov. 30, 2024
Debt Instrument [Line Items]          
Mortgage notes payable $ 1,501,918     $ 1,403,798  
Mortgage and other indebtedness, variable-rate debt 753,102     928,106  
Total fixed-rate and variable-rate debt 2,255,020     2,331,904  
Unamortized deferred financing costs (9,276)     (8,688)  
Debt discounts [1] (74,959)     (110,536)  
Total mortgage and other indebtedness, net $ 2,170,785     $ 2,212,680  
Weighted average interest rate (as a percent) [2] 5.89%     6.07%  
Interest rate percentage         5.86%
Five Mortgage Notes Payable          
Debt Instrument [Line Items]          
Remaining debt discount amortization period 4 years 3 months 18 days        
Fixed Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 5.39%     5.02%  
Variable Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 6.90%     7.67%  
Non-Recourse Secured Term Loan          
Debt Instrument [Line Items]          
Mortgage and other indebtedness, variable-rate debt $ 646,722     $ 725,495  
Non-Recourse Secured Term Loan | Variable Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 6.74%     7.42%  
Non-Recourse Loans on Operating Properties          
Debt Instrument [Line Items]          
Mortgage notes payable $ 1,133,962     $ 1,233,767  
Non-Recourse Loans on Operating Properties | Fixed Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 4.64%     4.75%  
Non-Recourse Loan on an Operating Property          
Debt Instrument [Line Items]          
Mortgage and other indebtedness, variable-rate debt $ 31,380     $ 32,580  
Non-Recourse Loan on an Operating Property | Variable Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 7.62%     8.05%  
2032 Non-Recourse Bank Loan          
Debt Instrument [Line Items]          
Mortgage notes payable [3] $ 367,956     $ 170,031  
Mortgage and other indebtedness, variable-rate debt 75,000 [3] $ 442,956   $ 170,031 [3]  
Total mortgage and other indebtedness, net $ 1,745,324   $ 332,956    
Interest rate percentage 7.70% 7.70%      
2032 Non-Recourse Bank Loan | Fixed Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2],[3] 7.70%     6.95%  
2032 Non-Recourse Bank Loan | Variable Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2],[3] 7.97%     8.65%  
[1] Represents the difference between the estimated fair value and the outstanding principal balance of applicable loans at the time of fresh start accounting and dates of acquisitions. These discounts are accreted as additional interest expense over the terms of the respective debt using the effective interest method. The remaining debt discounts at December 31, 2025 will be accreted over a weighted average period of 4.3 years.
[2] Weighted-average interest rate excludes amortization of deferred financing costs.
[3] This loan was previously referred to as the "open-air centers and outparcels loan". 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 secured overnight financing rate ("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%.