Page

Earnings Release

1

Consolidated Statements of Operations

7

Reconciliations of Supplementary Non-GAAP Financial Measures:

     Funds from Operations (FFO)

8

     Same-center Net Operating Income (NOI)

10

Selected Financial and Equity Information

12

Consolidated Balance Sheets

13

Condensed Combined Financial Statements - Unconsolidated Affiliates

14

Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows

15

Components of Rental Revenues

16

Schedule of Mortgage and Other Indebtedness

17

Schedule of Maturities

20

Property List

22

Operating Metrics by Collateral Pool

25

CBL & Associates HoldCo I, LLC Financial Statements

27

Leasing Activity and Average Annual Base Rents

28

Top 25 Tenants Based on Percentage of Total Annualized Revenues

30

Capital Expenditures

31

Development Activity

31

CBL Core Portfolio Exposure to Sears and Closed Bon-Ton Locations and Redevelopment Plans

32

News Release

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Net loss attributable to common shareholders

$

(40,722

)

$

(26,763

)

Funds from Operations ("FFO")

$

35,000

$

90,241

FFO, as adjusted ⁽¹⁾

$

57,478

$

68,655

(1)

For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company’s reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release.

Percentage change in same-center Net Operating Income (“NOI”) ⁽¹⁾:

Three Months Ended

March 31,

2022

Portfolio same-center NOI

10.7%

Mall, Lifestyle Center and Outlet Center same-center NOI

10.8%

(1)

CBL’s definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of acquired above and below market leases.

•

Increases in percentage rent and operating expense controls contributed to an increase in total portfolio same-center NOI of 10.7% for the three months ended March 31, 2022, compared with the prior year period.

•

First quarter outperformance and revised outlook contribute to full year 2022 same-center NOI guidance increasing to $416 - $430 million from prior guidance of $400 - $413 million and FFO, as adjusted, per share guidance increasing to a range of $7.18 -$7.67 per diluted share compared with prior guidance of $7.00 - $7.50 per diluted share.

•

Portfolio occupancy as of March 31, 2022, was 88.3%, representing a 290-basis point improvement compared with 85.4% as of March 31, 2021.  Same-center occupancy for malls, lifestyle centers and outlet centers was 86.5% as of March 31, 2022, representing a 330-basis point improvement compared with 83.2% as of March 31, 2021.  

•

Same-center sales per square foot for the trailing 12-months ended March 31, 2022, increased 12.6% as compared to the trailing 12-months (excluding 2020) ended March 31, 2021.  Same-center sales per square foot for the first quarter 2022 increased 0.9% as compared with the first quarter 2021.

•

FFO, as adjusted, allocable to Operating Partnership common unitholders, for the three months ended March 31, 2022, was $57.5 million, compared with $68.7 million. The variance in FFO, as adjusted, as compared with the prior year period reflects a significant increase in NOI, offset by an increase in interest expense attributable to the senior unsecured notes and secured credit facility.  Interest payments on the notes and credit facility were not required to be made during the first quarter 2021 as a result of the Company’s bankruptcy filing on November 1, 2020.  

•

As of March 31, 2022, the Company had $335.7 million of unrestricted cash and marketable securities.

•

Substantial year-to-date balance sheet improvement, resulting in lower interest costs, extended maturity schedule and greater financial flexibility.

•

Minimum rents and other rents increased $12.1 million.  Percentage rents increased $3.0 million and tenant reimbursements declined $2.8 million.  Minimum rents included a $6.9 million positive variance in the estimate for uncollectable revenues. The total estimate for uncollectable revenues for the first quarter 2022 was a reversal of $2.0 million due to collections of amounts that were previously reserved, while the prior-year period reflects an estimate for uncollectable revenues of $4.9 million.  

•

Property operating expenses increased $2.5 million compared with the prior year. Maintenance and repair expenses increased $1.0 million. Real estate tax expenses declined by $1.4 million, partially offsetting the above increases.  

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Total portfolio

88.3%

85.4%

Malls, Lifestyle Centers and Outlet Centers:

Total malls

86.4%

83.0%

Total lifestyle centers

86.3%

82.8%

Total outlet centers

87.0%

85.4%

Total same-center malls, lifestyle centers and outlet centers

86.5%

83.2%

All Other:

Total open-air centers

94.4%

92.0%

Total other

89.0%

98.7%

(1)

Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied.  Occupancy for open-air centers represents percentage of gross leasable area occupied.

% Change in Average Gross Rent Per Square Foot:

Three Months Ended

March 31,

2022

Stabilized Malls, Lifestyle Centers and Outlet Centers

(11.6)%

New leases

(10.1)%

Renewal leases

(11.8)%

Successor

Predecessor

Sales Per Square Foot for the Trailing Twelve Months Ended March 31,

Sales Per Square Foot for the Trailing Twelve Months Ended March 31,

2022

2021 ⁽¹⁾

% Change

Mall, Lifestyle Center and Outlet Center same-center sales per square foot

$

447

$

397

12.6%

(1)

Due to the temporary property closures that occurred during 2020 related to COVID-19, the majority of our tenants did not report sales for the full reporting period.  As a result, we are not able to provide a complete measure of sales per square foot for the periods in the year ended December 31, 2020.  Sales per square foot for the trailing twelve months ended March 31, 2021, is comprised of sales reported for the periods April 1 through December 31, 2019 and January 1 through March 31, 2021.

Low

High

2022 FFO, as adjusted

$222 million

$237 million

2022 FFO, as adjusted, per share

$

7.18

$

7.67

Weighted Average Common Shares Outstanding

30.9 million

30.9 million

2022 Same-Center NOI ("SC NOI")

$416 million

$430 million

2022 Change in Same-Center NOI

(6.9

)%

(3.8

)%

2022 SC NOI Low End                         (in millions)

2022 SC NOI High End                         (in millions)

Category Explanation

Variance From Prior Guidance

2021 Actual Same-Center NOI

$

447.0

$

447.0

Rent from new leases and contractual rent increases

$

13.5

$

17.0

New rent from stores that opened in 2021 or expected to open in 2022 and net increases from existing tenants including contractual rent bumps and variable rent.

$3.0 million improved expectation following first quarter results, including higher expected percentage rents, and stronger leasing momentum.

Lease Terminations

$

(2.5

)

$

(2.5

)

Represents rent lost in 2022 related to stores that terminated leases in 2021.

No change

Store Closures/Non-Renewals

$

(13.5

)

$

(11.5

)

Represents rent lost in 2022 related to stores that closed for a partial year in 2021 or are expected to close before year-end 2022.

$3.0 million improved expectation due to lower stores closures in 2022 following positive tenant sales and stronger leasing activity year-to-date.

Lease Renewals/Modifications

$

(12.0

)

$

(10.0

)

Impact of negative rent spreads related to renewals or lease modifications completed in 2021 and budgeted for 2022.

$4.0 million improved expectation following strong leasing activity year-to-date.

Operating Expense

$

(9.5

)

$

(7.0

)

Increases in operating expenses are primarily driven by the return to normal operating hours versus the shortened operating hours in 2021 due to the impact of COVID, higher contract wage rates (security/janitorial) due to the tight labor market and inflation and higher maintenance and repair expense related to projects that were delayed in 2021, primarily due to labor shortages.

$4.0 million improved expectation of operating expense for 2022 following first quarter results and expense management.

Reserve for Watch List Tenants

$

(7.0

)

$

(3.0

)

Represents credit loss related to tenants that may file for bankruptcy and/or close stores due to underperformance. 2021 was impacted by a negligible credit loss.

$2.0 - $3.0 million improved expectation of the loss related to watch list tenants following first quarter results.

Total Variance

$

(31.0

)

$

(17.0

)

2022 SC NOI Guidance

$

416.0

$

430.0

$16.0 - $17.0 million total increase from prior guidance range of $400 - $413 million

% Variance

(6.9

)%

(3.8

)%

Low

High

Expected diluted earnings per common share

$

(8.97

)

$

(8.50

)

Add: depreciation and amortization

12.81

12.81

Add: debt discount accretion, net of noncontrolling interests' share

5.18

5.18

Less:  Gain on depreciable property

(0.02

)

(0.02

)

Adjustment for unconsolidated affiliates with negative investment

(0.41

)

(0.41

)

Non-cash default interest expense

(0.29

)

(0.29

)

Gain on deconsolidated

(1.17

)

(1.17

)

Reorganization item, net

0.05

0.05

Expected FFO, as adjusted, per diluted, fully converted common share

$

7.18

$

7.65

Low

High

2022 Estimated Deferred Maintenance/Tenant Allowances

$35 million

$45 million

2022 Estimated Development/Redevelopment Expenditures

$20 million

$30 million

2022 Estimated Principal Amortization (Including Est. Term Loan ECF)

$105 million

$120 million

Total Estimate

$160 million

$195 million

Successor

Predecessor

For the Three Months Ended March 31,

For the Three Months Ended March 31,

2022

2021

REVENUES:

Rental revenues

$

135,332

$

128,175

Management, development and leasing fees

1,769

1,659

Other

3,001

3,350

Total revenues

140,102

133,184

EXPENSES:

Property operating

(23,344

)

(21,802

)

Depreciation and amortization

(68,943

)

(48,112

)

Real estate taxes

(14,435

)

(16,551

)

Maintenance and repairs

(10,566

)

(10,781

)

General and administrative

(18,074

)

(12,612

)

Loss on impairment

—

(57,182

)

Litigation settlement

81

858

Total expenses

(135,281

)

(166,182

)

OTHER INCOME (EXPENSES):

Interest and other income

155

776

Interest expense

(90,659

)

(24,130

)

Gain on deconsolidation

36,250

55,131

Gain (loss) on sales of real estate assets

16

(299

)

Reorganization items, net

(1,571

)

(22,933

)

Income tax provision

(801

)

(751

)

Equity in earnings (losses) of unconsolidated affiliates

8,566

(3,076

)

Total other income (expenses)

(48,044

)

4,718

Net loss

(43,223

)

(28,280

)

Net loss attributable to noncontrolling interests in:

Operating Partnership

15

698

Other consolidated subsidiaries

2,486

819

Net loss attributable to common shareholders

$

(40,722

)

$

(26,763

)

Basic and diluted per share data attributable to common shareholders:

Net loss attributable to common shareholders

$

(1.45

)

$

(0.14

)

Weighted-average common and potential dilutive common shares outstanding

27,998

196,509

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Net loss attributable to common shareholders

$

(40,722

)

$

(26,763

)

Noncontrolling interest in loss of Operating Partnership

(15

)

(698

)

Depreciation and amortization expense of:

Consolidated properties

68,943

48,112

Unconsolidated affiliates

8,520

13,530

Non-real estate assets

(198

)

(541

)

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(899

)

(581

)

Loss on impairment

—

57,182

Gain on depreciable property

(629

)

—

FFO allocable to Operating Partnership common unitholders

35,000

90,241

Debt discount accretion, net of noncontrolling interests' share ⁽¹⁾

78,463

—

Adjustment for unconsolidated affiliates with negative investment ⁽²⁾

(12,547

)

—

Senior secured notes fair value adjustment ⁽³⁾

198

—

Litigation settlement ⁽⁴⁾

(81

)

(858

)

Non-cash default interest expense ⁽⁵⁾

(8,876

)

11,470

Gain on deconsolidation ⁽⁶⁾

(36,250

)

(55,131

)

Reorganization items, net ⁽⁷⁾

1,571

22,933

FFO allocable to Operating Partnership common unitholders, as adjusted

$

57,478

$

68,655

FFO per diluted share

$

1.25

$

0.45

FFO, as adjusted, per diluted share

$

2.05

$

0.34

Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted

28,009

201,627

(1)

In conjunction with fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted over the terms of the respective mortgage notes payable using the effective interest method.

(2)

Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is not recognizing equity in earnings (losses) because its investment in the unconsolidated affiliate is below zero.

(3)

Represents the fair value adjustment recorded on the Company’s 10% senior secured notes (the “Secured Notes”) as interest expense for the three months ended March 31, 2022. The Company elected the fair value option in conjunction with the issuance of its Secured Notes.

(4)

Represents a credit to litigation settlement expense in each of the three-month periods ended March 31, 2022 and 2021 related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.

(5)

The three months ended March 31, 2022 includes the reversal of default interest expense when waivers or forbearance agreements were obtained. The three months ended March 31, 2021 includes default interest expense related to loans secured by properties that were in default prior to the Company filing the Chapter 11 Cases, as well as loans secured by properties that were in default due to the Company filing the Chapter 11 Cases.

(6)

For the three months ended March 31, 2022, the Successor Company deconsolidated Greenbrier Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process. For the three months ended March 31, 2021, the Predecessor Company deconsolidated Asheville Mall and Park Plaza due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.

(7)

Represents costs incurred subsequent to the Company filing the Chapter 11 Cases associated with the Company’s reorganization efforts, which consists of professional fees, legal fees, retention bonuses, U.S. Trustee fees and debt discounts expensed in accordance with ASC 852.

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Diluted EPS attributable to common shareholders

$

(1.45

)

$

(0.14

)

Eliminate amounts per share excluded from FFO:

Depreciation and amortization expense, including amounts from

   consolidated properties, unconsolidated affiliates, non-real estate

   assets and excluding amounts allocated to noncontrolling

   interests

2.72

0.30

Loss on impairment

—

0.29

Gain on depreciable property

(0.02

)

—

FFO per diluted share

$

1.25

$

0.45

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

SUPPLEMENTAL FFO INFORMATION:

Lease termination fees

$

1,395

$

1,111

Straight-line rental income adjustment

$

2,917

$

(3,263

)

Gain (loss) on outparcel sales

$

16

$

(299

)

Net amortization of acquired above- and below-market leases

$

(6,157

)

$

52

Income tax provision

$

(801

)

$

(751

)

Interest capitalized

$

228

$

19

Estimate of uncollectable revenues

$

2,076

$

(6,486

)

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Straight-line rent receivable

$

5,402

$

48,528

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Net loss

$

(43,223

)

$

(28,280

)

Adjustments:

Depreciation and amortization

68,943

48,112

Depreciation and amortization from unconsolidated affiliates

8,520

13,530

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(899

)

(581

)

Interest expense

90,659

24,130

Interest expense from unconsolidated affiliates

18,497

9,849

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(2,570

)

(967

)

(Gain) loss on sales of real estate assets

(16

)

299

Gain on sales of real estate assets of unconsolidated affiliates

(629

)

—

Adjustment for unconsolidated affiliates with negative investment

(12,547

)

—

Gain on deconsolidation

(36,250

)

(55,131

)

Loss on impairment

—

57,182

Litigation settlement

(81

)

(858

)

Reorganization items, net

1,571

22,933

Income tax provision

801

751

Lease termination fees

(1,395

)

(1,111

)

Straight-line rent and above- and below-market lease amortization

3,240

3,211

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

2,486

819

General and administrative expenses

18,074

12,612

Management fees and non-property level revenues

(1,086

)

(2,580

)

Operating Partnership's share of property NOI

114,095

103,920

Non-comparable NOI

(2,979

)

(3,569

)

Total same-center NOI ⁽¹⁾

$

111,116

$

100,351

Total same-center NOI percentage change

10.7

%

(1)

CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of March 31, 2022, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending March 31, 2022. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Malls

$

78,490

$

71,240

Outlet centers

4,326

3,745

Lifestyle centers

10,124

8,874

Open-air centers

12,815

11,572

Outparcels and other

5,361

4,920

Total same-center NOI ⁽¹⁾

$

111,116

$

100,351

Percentage Change:

Malls

10.2

%

Outlet centers

15.5

%

Lifestyle centers

14.1

%

Open-air centers

10.7

%

Outparcels and other

9.0

%

Total same-center NOI ⁽¹⁾

10.7

%

(1)

CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of March 31, 2022, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending March 31, 2022. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.

As of March 31, 2022 (Successor)

Fixed Rate

Variable

Rate

Total per

Debt

Schedule

Unamortized

Deferred

Financing

Costs

Unamortized

Debt

Discounts ⁽¹⁾

Total

Consolidated debt ⁽²⁾

$

1,242,208

$

930,997

$

2,173,205

$

(2,928

)

$

(135,808

)

$

2,034,469

Noncontrolling interests' share of consolidated debt

(29,212

)

(13,703

)

(42,915

)

(5

)

17,276

(25,644

)

Company's share of unconsolidated affiliates' debt

608,984

89,330

698,314

(2,012

)

—

696,302

Other debt ⁽³⁾

153,719

—

153,719

—

—

153,719

Company's share of consolidated, unconsolidated and other debt

$

1,975,699

$

1,006,624

$

2,982,323

$

(4,945

)

$

(118,532

)

$

2,858,846

Weighted-average interest rate

5.68

%

3.66

%

5.00

%

As of March 31, 2021 (Predecessor)

Fixed Rate

Variable

Rate

Total per

Debt

Schedule

Unamortized

Deferred

Financing

Costs

Unamortized

Deferred

Financing

Costs

Total

Consolidated debt ⁽⁴⁾

$

2,347,553

$

1,182,287

$

3,529,840

$

(3,194

)

$

—

$

3,526,646

Noncontrolling interests' share of consolidated debt

(29,922

)

—

(29,922

)

251

—

(29,671

)

Company's share of unconsolidated affiliates' debt

620,896

123,309

744,205

(2,865

)

—

741,340

Other debt ⁽³⁾

138,926

—

138,926

—

—

138,926

Company's share of consolidated and unconsolidated debt

$

3,077,453

$

1,305,596

$

4,383,049

$

(5,808

)

$

—

$

4,377,241

Weighted-average interest rate

5.04

%

8.62

%

⁽⁵⁾

6.11

%

(1)

In conjunction with fresh start accounting, 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 on the Effective Date. The debt discount is accreted over the term of the respective debt using the effective interest method.

(2)

Includes the Company’s senior secured notes which had a fair value of $395,593 as of March 31, 2022.

(3)

Represents the outstanding loan balance for properties that were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.

(4)

Includes $2,489,676 of liabilities subject to compromise.

(5)

The administrative agent informed the Company that interest would accrue on all outstanding obligations at the post-default rate, which was equal to the rate that otherwise would be in effect plus 5.0%. The post-default interest rate on March 31, 2021 was 9.50%.

March 31,

2022

December 31,

2021

ASSETS

Real estate assets:

Land

$

594,355

$

599,283

Buildings and improvements

1,161,414

1,173,106

1,755,769

1,772,389

Accumulated depreciation

(49,188

)

(19,939

)

1,706,581

1,752,450

Developments in progress

18,493

16,665

Net investment in real estate assets

1,725,074

1,769,115

Cash and cash equivalents

185,744

169,554

Available-for-sale securities - at fair value (amortized cost of $149,936 and $149,999 as of March 31, 2022 and December 31, 2021, respectively)

149,975

149,996

Receivables:

Tenant

21,818

25,190

Other

5,356

4,793

Investments in unconsolidated affiliates

100,685

103,655

In-place leases, net

341,152

384,705

Above market leases, net

216,648

234,286

Intangible lease assets and other assets

102,872

104,685

$

2,849,324

$

2,945,979

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Mortgage and other indebtedness, net

$

1,639,469

$

1,813,209

10% senior secured notes - at fair value (carrying amount of $395,000 as of March 31, 2022 and December 31, 2021, respectively)

395,593

395,395

Below market leases, net

141,388

151,871

Accounts payable and accrued liabilities

159,531

184,404

Total liabilities

2,335,981

2,544,879

Shareholders' equity:

Common stock, $.001 par value, 200,000,000 shares authorized, 31,807,511 and 20,774,716 issued and outstanding in 2022 and 2021, respectively

32

21

Additional paid-in capital

702,996

547,726

Accumulated other comprehensive income (loss)

39

(3

)

Accumulated deficit

(192,267

)

(151,545

)

Total shareholders' equity

510,800

396,199

Noncontrolling interests

2,543

4,901

Total equity

513,343

401,100

$

2,849,324

$

2,945,979

March 31,

2022

December 31,

2021

ASSETS:

Investment in real estate assets

$

2,048,670

$

2,364,154

Accumulated depreciation

(791,622

)

(934,374

)

1,257,048

1,429,780

Developments in progress

6,717

7,288

Net investment in real estate assets

1,263,765

1,437,068

Other assets

197,179

188,683

Total assets

$

1,460,944

$

1,625,751

LIABILITIES:

Mortgage and other indebtedness, net

$

1,501,094

$

1,452,794

Other liabilities

62,755

64,598

Total liabilities

1,563,849

1,517,392

OWNERS' EQUITY:

The Company

17,238

102,792

Other investors

(120,143

)

5,567

Total owners' equity

(102,905

)

108,359

Total liabilities and owners’ equity

$

1,460,944

$

1,625,751

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Total revenues

$

63,737

$

58,756

Depreciation and amortization

(18,519

)

(22,973

)

Operating expenses

(21,565

)

(19,106

)

Interest and other income

329

398

Interest expense

(6,597

)

(20,396

)

Gain on sales of real estate assets

3,293

—

Net income (loss)

$

20,678

$

(3,321

)

Company's Share for the Period

Successor

Predecessor

Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Total revenues

$

33,082

$

29,600

Depreciation and amortization

(16,456

)

(13,530

)

Operating expenses

(9,860

)

(9,562

)

Interest and other income

229

265

Interest expense

(18,497

)

(9,849

)

Negative investment adjustment

19,439

—

Gain on sales of real estate assets

629

—

Net income (loss)

$

8,566

$

(3,076

)

Successor

Predecessor

For the Three Months Ended March 31,

For the Three Months Ended March 31,

2022

2021

Net loss

$

(43,223

)

$

(28,280

)

Depreciation and amortization

68,943

48,112

Depreciation and amortization from unconsolidated affiliates

8,520

13,530

Interest expense

90,659

24,130

Interest expense from unconsolidated affiliates

18,497

9,849

Income taxes

907

981

Loss on impairment

—

57,182

Gain on depreciable property from unconsolidated affiliates

(629

)

—

Gain on deconsolidation

(36,250

)

(55,131

)

EBITDAre ⁽¹⁾

107,424

70,373

Reorganization items, net

1,571

—

Litigation settlement

(81

)

(858

)

Adjustment for unconsolidated affiliates with negative investment

(12,547

)

—

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

2,486

819

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(899

)

(581

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(2,570

)

(967

)

Company's share of Adjusted EBITDAre

$

95,384

$

68,786

(1)

Includes $16 and $(299) for the for the three months ended March 31, 2022 and 2021 related to sales of non-depreciable real estate assets, respectively.

Successor

Predecessor

For the Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Interest Expense:

Interest expense

$

90,659

$

24,130

Interest expense from unconsolidated affiliates

18,497

9,849

Debt discount accretion, net of noncontrolling interests' share

(78,463

)

—

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(696

)

(967

)

Company's share of interest expense

$

29,997

$

33,012

Ratio of Adjusted EBITDAre to Interest Expense

3.2

x

2.1

x

Successor

Predecessor

For the Three Months Ended March 31,

Three Months Ended March 31,

2022

2021

Company's share of Adjusted EBITDAre

$

95,384

$

68,786

Interest expense

(90,659

)

(24,130

)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

2,570

967

Reorganization items, net

(1,571

)

—

Income taxes

(907

)

(981

)

Net amortization of deferred financing costs, premiums on available-for-sale securities, debt premiums and discounts

63,655

923

Net amortization of intangible lease assets and liabilities

6,323

58

Depreciation and interest expense from unconsolidated affiliates

(27,017

)

(23,379

)

Gain on depreciable property from unconsolidated affiliates

629

—