Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 04, 2013 | Jun. 29, 2012 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CBL & ASSOCIATES PROPERTIES INC | ' | ' |
Entity Central Index Key | '0000910612 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 169,907,550 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,972,322,352 |
CBL & Associates Limited Partnership [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CBL & Associates Limited Partnership | ' | ' |
Entity Central Index Key | '0000915140 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate assets: | ' | ' |
Land | $882,723 | $905,339 |
Buildings and improvements | 7,100,354 | 7,228,293 |
Real estate investment property, at cost | 7,983,077 | 8,133,632 |
Accumulated depreciation | -2,017,610 | -1,972,031 |
Real estate investment property, net, before developments in progress | 5,965,467 | 6,161,601 |
Held for sale | 0 | 29,425 |
Developments in progress | 161,841 | 137,956 |
Net investment in real estate assets | 6,127,308 | 6,328,982 |
Cash and cash equivalents | 74,588 | 78,248 |
Receivables: | ' | ' |
Tenant, net of allowance for doubtful accounts of $2,204 and $1,977 in 2013 and 2012, respectively | 77,914 | 78,963 |
Other, net of allowance for doubtful accounts of $1,283 and $1,270 in 2013 and 2012, respectively | 20,696 | 8,467 |
Mortgage and other notes receivable | 24,976 | 25,967 |
Investments in unconsolidated affiliates | 279,666 | 259,810 |
Intangible lease assets and other assets | 261,517 | 309,299 |
Total assets | 6,866,665 | 7,089,736 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Mortgage and other indebtedness | 4,867,717 | 4,745,683 |
Accounts payable and accrued liabilities | 348,237 | 358,874 |
Total liabilities | 5,215,954 | 5,104,557 |
Commitments and contingencies (Notes 5 and 12) | ' | ' |
Redeemable noncontrolling interests: | ' | ' |
Redeemable noncontrolling partnership interests | 37,170 | 40,248 |
Redeemable noncontrolling preferred joint venture interest | 0 | 423,834 |
Total redeemable noncontrolling interests | 37,170 | 464,082 |
Preferred stock, $.01 par value, 15,000,000 shares authorized: | ' | ' |
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding | 18 | 18 |
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding | 7 | 7 |
Common stock, $.01 par value, 350,000,000 shares authorized, 169,905,892 and 161,309,652 issued and outstanding in 2013 and 2012, respectively | 1,699 | 1,613 |
Partners' capital: | ' | ' |
Additional paid-in capital | 1,967,067 | 1,773,630 |
Accumulated other comprehensive income | 6,466 | 6,986 |
Dividends in excess of cumulative earnings | -526,739 | -453,561 |
Total shareholders' equity | 1,448,518 | 1,328,693 |
Noncontrolling interests | 165,023 | 192,404 |
Total equity | 1,613,541 | 1,521,097 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | 6,866,665 | 7,089,736 |
CBL & Associates Limited Partnership [Member] | ' | ' |
Real estate assets: | ' | ' |
Land | 882,723 | 905,339 |
Buildings and improvements | 7,100,354 | 7,228,293 |
Real estate investment property, at cost | 7,983,077 | 8,133,632 |
Accumulated depreciation | -2,017,610 | -1,972,031 |
Real estate investment property, net, before developments in progress | 5,965,467 | 6,161,601 |
Held for sale | 0 | 29,425 |
Developments in progress | 161,841 | 137,956 |
Net investment in real estate assets | 6,127,308 | 6,328,982 |
Cash and cash equivalents | 74,578 | 78,244 |
Receivables: | ' | ' |
Tenant, net of allowance for doubtful accounts of $2,204 and $1,977 in 2013 and 2012, respectively | 77,914 | 78,963 |
Other, net of allowance for doubtful accounts of $1,283 and $1,270 in 2013 and 2012, respectively | 20,696 | 8,467 |
Mortgage and other notes receivable | 24,976 | 25,967 |
Investments in unconsolidated affiliates | 280,220 | 260,363 |
Intangible lease assets and other assets | 261,397 | 309,239 |
Total assets | 6,867,089 | 7,090,225 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Mortgage and other indebtedness | 4,867,717 | 4,745,683 |
Accounts payable and accrued liabilities | 348,237 | 358,800 |
Total liabilities | 5,215,954 | 5,104,483 |
Commitments and contingencies (Notes 5 and 12) | ' | ' |
Redeemable noncontrolling interests: | ' | ' |
Redeemable noncontrolling interests | 6,633 | 6,413 |
Redeemable common units | 30,537 | 33,835 |
Redeemable noncontrolling preferred joint venture interest | 0 | 423,834 |
Total redeemable noncontrolling interests | 37,170 | 464,082 |
Partners' capital: | ' | ' |
Preferred units | 565,212 | 565,212 |
General partner | 10,702 | 9,904 |
Limited partners | 1,010,964 | 877,363 |
Accumulated other comprehensive income | 5,087 | 5,685 |
Total partners' capital | 1,591,965 | 1,458,164 |
Noncontrolling interests | 22,000 | 63,496 |
Total capital | 1,613,965 | 1,521,660 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $6,867,089 | $7,090,225 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Tenant receivables allowance for doubtful accounts | 2,204 | ' | 1,977 |
Other receivables allowance for doubtful accounts | 1,283 | ' | 1,270 |
Preferred stock, par value (in dollars per share) | 0.01 | ' | 0.01 |
Preferred stock, shares authorized | 15,000,000 | ' | 15,000,000 |
Common stock, par value (in dollars per share) | 0.01 | ' | 0.01 |
Common stock, shares authorized | 350,000,000 | ' | 350,000,000 |
Common stock, shares, issued | 169,905,892 | ' | 161,309,652 |
Common stock, shares outstanding | 169,905,892 | ' | 161,309,652 |
Series D Preferred Stock [Member] | ' | ' | ' |
Preferred stock, shares outstanding | 1,815,000 | ' | 1,815,000 |
Preferred stock, dividend rate | 7.38% | 7.38% | ' |
Series E Preferred Stock [Member] | ' | ' | ' |
Preferred stock, shares outstanding | 690,000 | ' | 690,000 |
Preferred stock, dividend rate | 6.63% | 6.63% | ' |
CBL & Associates Limited Partnership [Member] | ' | ' | ' |
Tenant receivables allowance for doubtful accounts | 2,204 | ' | 1,977 |
Other receivables allowance for doubtful accounts | 1,283 | ' | 1,270 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES: | ' | ' | ' | ' |
Minimum rents | $167,703 | $160,999 | $498,632 | $473,011 |
Percentage rents | 2,797 | 3,152 | 9,847 | 8,183 |
Other rents | 3,837 | 3,653 | 13,503 | 13,241 |
Tenant reimbursements | 70,576 | 70,348 | 213,524 | 206,814 |
Management, development and leasing fees | 3,118 | 3,139 | 9,042 | 7,574 |
Other | 9,518 | 7,895 | 27,067 | 23,772 |
Total revenues | 257,549 | 249,186 | 771,615 | 732,595 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Property operating | 38,375 | 35,326 | 111,170 | 104,331 |
Depreciation and amortization | 68,941 | 63,994 | 206,115 | 188,606 |
Real estate taxes | 22,607 | 22,286 | 66,411 | 66,626 |
Maintenance and repairs | 13,387 | 13,218 | 40,808 | 38,057 |
General and administrative | 10,160 | 10,171 | 36,459 | 35,964 |
Loss on impairment | 0 | 3,912 | 21,038 | 3,912 |
Other | 6,371 | 5,871 | 21,217 | 19,188 |
Total operating expenses | 159,841 | 154,778 | 503,218 | 456,684 |
Income from operations | 97,708 | 94,408 | 268,397 | 275,911 |
Interest and other income | 8,809 | 822 | 10,197 | 3,192 |
Interest expense | -56,341 | -61,768 | -173,374 | -181,593 |
Gain (loss) on extinguishment of debt | 0 | 178 | -9,108 | 178 |
Gain on sales of real estate assets | 58 | 1,659 | 1,058 | 1,753 |
Gain on investment | 0 | 0 | 2,400 | 0 |
Equity in earnings of unconsolidated affiliates | 2,270 | 2,062 | 7,618 | 5,401 |
Income tax provision | -271 | -1,195 | -854 | -1,234 |
Income from continuing operations | 52,233 | 36,166 | 106,334 | 103,608 |
Operating loss from discontinued operations | -8,346 | -23,762 | -5,195 | -16,155 |
Gain on discontinued operations | 290 | 88 | 1,162 | 983 |
Net income | 44,177 | 12,492 | 102,301 | 88,436 |
Net (income) loss attributable to noncontrolling interests in: | ' | ' | ' | ' |
Operating Partnership | -4,075 | 1,776 | -7,602 | -7,783 |
Other consolidated subsidiaries | -5,778 | -6,194 | -18,338 | -17,139 |
Net income attributable to the Company | 34,324 | 8,074 | 76,361 | 63,514 |
Preferred dividends | -11,223 | -10,594 | -33,669 | -31,782 |
Net income (loss) attributable to common shareholders | 23,101 | -2,520 | 42,692 | 31,732 |
Basic per share data attributable to common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of preferred dividends | $0.18 | $0.11 | $0.28 | $0.29 |
Discontinued operations | ($0.04) | ($0.13) | ($0.02) | ($0.08) |
Net income (loss) attributable to common shareholders | $0.14 | ($0.02) | $0.26 | $0.21 |
Weighted-average common shares outstanding | 169,906 | 158,689 | 166,048 | 152,721 |
Diluted per share data attributable to common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of preferred dividends | $0.18 | $0.11 | $0.28 | $0.29 |
Discontinued operations | ($0.04) | ($0.13) | ($0.02) | ($0.08) |
Net income (loss) attributable to common shareholders | $0.14 | ($0.02) | $0.26 | $0.21 |
Weighted-average common and potential dilutive common shares outstanding | 169,906 | 158,731 | 166,048 | 152,765 |
Amounts attributable to common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of preferred dividends | 29,965 | 17,233 | 46,116 | 43,916 |
Discontinued operations | -6,864 | -19,753 | -3,424 | -12,184 |
Net income (loss) attributable to common shareholders | 23,101 | -2,520 | 42,692 | 31,732 |
Dividends declared per common share | $0.23 | $0.22 | $0.69 | $0.66 |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Minimum rents | 167,703 | 160,999 | 498,632 | 473,011 |
Percentage rents | 2,797 | 3,152 | 9,847 | 8,183 |
Other rents | 3,837 | 3,653 | 13,503 | 13,241 |
Tenant reimbursements | 70,576 | 70,348 | 213,524 | 206,814 |
Management, development and leasing fees | 3,118 | 3,139 | 9,042 | 7,574 |
Other | 9,518 | 7,895 | 27,067 | 23,772 |
Total revenues | 257,549 | 249,186 | 771,615 | 732,595 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Property operating | 38,375 | 35,326 | 111,170 | 104,331 |
Depreciation and amortization | 68,941 | 63,994 | 206,115 | 188,606 |
Real estate taxes | 22,607 | 22,286 | 66,411 | 66,626 |
Maintenance and repairs | 13,387 | 13,218 | 40,808 | 38,057 |
General and administrative | 10,160 | 10,171 | 36,459 | 35,964 |
Loss on impairment | 0 | 3,912 | 21,038 | 3,912 |
Other | 6,371 | 5,871 | 21,217 | 19,188 |
Total operating expenses | 159,841 | 154,778 | 503,218 | 456,684 |
Income from operations | 97,708 | 94,408 | 268,397 | 275,911 |
Interest and other income | 8,809 | 822 | 10,197 | 3,192 |
Interest expense | -56,341 | -61,768 | -173,374 | -181,593 |
Gain (loss) on extinguishment of debt | 0 | 178 | -9,108 | 178 |
Gain on sales of real estate assets | 58 | 1,659 | 1,058 | 1,753 |
Gain on investment | 0 | 0 | 2,400 | 0 |
Equity in earnings of unconsolidated affiliates | 2,270 | 2,062 | 7,618 | 5,401 |
Income tax provision | -271 | -1,195 | -854 | -1,234 |
Income from continuing operations | 52,233 | 36,166 | 106,334 | 103,608 |
Operating loss from discontinued operations | -8,346 | -23,762 | -5,195 | -16,155 |
Gain on discontinued operations | 290 | 88 | 1,162 | 983 |
Net income | 44,177 | 12,492 | 102,301 | 88,436 |
Net (income) loss attributable to noncontrolling interests in: | ' | ' | ' | ' |
Other consolidated subsidiaries | -5,778 | -6,194 | -18,338 | -17,139 |
Net income attributable to the Company | 38,399 | 6,298 | 83,963 | 71,297 |
Preferred dividends | -11,223 | -10,594 | -33,669 | -31,782 |
Net income (loss) attributable to common shareholders | 27,176 | -4,296 | 50,294 | 39,515 |
Basic per share data attributable to common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of preferred dividends | $0 | $0.08 | $0.27 | $0.27 |
Discontinued operations | $0 | ($0.10) | ($0.01) | ($0.06) |
Net income (loss) attributable to common shareholders | $0 | ($0.02) | $0.26 | $0.21 |
Weighted-average common shares outstanding | 199,451 | 190,195 | 195,594 | 190,182 |
Diluted per share data attributable to common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of preferred dividends | $0.17 | $0.08 | $0.27 | $0.27 |
Discontinued operations | ($0.03) | ($0.10) | ($0.01) | ($0.06) |
Net income (loss) attributable to common shareholders | $0.14 | ($0.02) | $0.26 | $0.21 |
Weighted-average common and potential dilutive common shares outstanding | 199,451 | 190,236 | 195,594 | 190,226 |
Amounts attributable to common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of preferred dividends | 34,040 | 15,457 | 53,718 | 51,699 |
Discontinued operations | -6,864 | -19,753 | -3,424 | -12,184 |
Net income (loss) attributable to common shareholders | $27,176 | ($4,296) | $50,294 | $39,515 |
Dividends declared per common share | $0.23 | $0.22 | $0.69 | $0.66 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $44,177 | $12,492 | $102,301 | $88,436 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized holding gain (loss) on available-for-sale securities | -1,749 | 522 | -2,000 | 2,101 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | 0 | -160 |
Unrealized loss on hedging instruments | -451 | -801 | -289 | -2,411 |
Reclassification to net income of hedging loss | 568 | 567 | 1,687 | 1,696 |
Total other comprehensive income (loss) | -1,632 | 288 | -602 | 1,226 |
Comprehensive income | 42,545 | 12,780 | 101,699 | 89,662 |
Comprehensive (income) loss attributable to noncontrolling interests in: | ' | ' | ' | ' |
Operating Partnership | -3,831 | 1,729 | -7,520 | -8,047 |
Other consolidated subsidiaries | -5,778 | -6,194 | -18,338 | -17,139 |
Comprehensive income attributable to the Company | 32,936 | 8,315 | 75,841 | 64,476 |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' |
Net income | 44,177 | 12,492 | 102,301 | 88,436 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized holding gain (loss) on available-for-sale securities | -1,749 | 522 | -2,000 | 2,101 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | 0 | -160 |
Unrealized loss on hedging instruments | -451 | -801 | -289 | -2,411 |
Reclassification to net income of hedging loss | 568 | 567 | 1,687 | 1,696 |
Total other comprehensive income (loss) | -1,632 | 288 | -602 | 1,226 |
Comprehensive income | 42,545 | 12,780 | 101,699 | 89,662 |
Comprehensive (income) loss attributable to noncontrolling interests in: | ' | ' | ' | ' |
Other consolidated subsidiaries | -5,778 | -6,194 | -18,338 | -17,139 |
Comprehensive income attributable to the Company | $36,767 | $6,586 | $83,361 | $72,523 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Unaudited) (USD $) | Total | Redeemable Noncontrolling Partnership Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Series E Preferred Stock [Member] | Common Stock | Preferred Units [Member] | Preferred Units [Member] | Common Units [Member] | Common Units [Member] | General Partner [Member] | General Partner [Member] | Limited Partners [Member] | Limited Partners [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity | Total Shareholders' Equity | Total Shareholders' Equity | Noncontrolling Interest [Member] | Redeemable Partnership Interests [Member] | Redeemable Common Units [Member] | Redeemable Noncontrolling Partnership Interests |
USD ($) | USD ($) | USD ($) | Series E Preferred Stock [Member] | Common Stock | USD ($) | Common Stock | USD ($) | Common Stock | USD ($) | USD ($) | Series E Preferred Stock [Member] | Common Stock | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||
Balance, redeemable noncontrolling partnership interests at Dec. 31, 2011 | ' | $32,271 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,235 | $26,036 | $32,271 |
Beginning balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,470,521 | ' | ' | 509,719 | ' | ' | ' | 10,178 | ' | 944,633 | ' | 1,711 | 1,466,241 | ' | ' | 4,280 | ' | ' | ' |
Balance at Dec. 31, 2011 | 1,470,391 | ' | 23 | 1,484 | 1,657,927 | 3,425 | -399,581 | 1,263,278 | 207,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 690,000 | ' | ' | ' | ' | 219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 70,507 | ' | ' | ' | ' | ' | 63,514 | 63,514 | 6,993 | 70,507 | ' | ' | 31,782 | ' | ' | ' | 422 | ' | 38,769 | ' | ' | 70,973 | ' | ' | -466 | ' | ' | ' |
Other comprehensive income | 1,216 | 10 | ' | ' | ' | 962 | ' | 962 | 254 | 1,216 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,216 | 1,216 | ' | ' | ' | ' | 10 | 10 |
Cost of preferred stock offering | -134 | ' | ' | ' | -134 | ' | ' | -134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuances of common stock and restricted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -134 | 369 | ' | -134 | ' | ' | ' | ' | ' | 369 | ' | ' | -134 | 369 | ' | ' | ' | ' |
Conversion of Operating Partnership common units to shares of common stock | ' | ' | ' | 103 | 48,174 | ' | ' | 48,277 | -48,277 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Operating Partnership common units | -9,836 | ' | ' | ' | ' | ' | ' | ' | -9,836 | ' | ' | -9,836 | ' | ' | ' | ' | ' | ' | ' | -9,836 | ' | ' | ' | -9,836 | ' | ' | ' | ' |
Redemption of common units, units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -627,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - common stock | -102,581 | ' | ' | ' | ' | ' | -102,581 | -102,581 | ' | -102,581 | ' | ' | ' | ' | ' | ' | -1,771 | ' | -100,810 | ' | ' | -102,581 | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred stock | -31,782 | ' | ' | ' | ' | ' | -31,782 | -31,782 | ' | -31,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,782 | ' | ' | ' | ' | ' | ' |
Issuance of common stock and restricted common stock | 369 | ' | ' | 2 | 367 | ' | ' | 369 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted common stock | -261 | ' | ' | ' | -261 | ' | ' | -261 | ' | -261 | ' | ' | ' | ' | ' | ' | ' | ' | -261 | ' | ' | -261 | ' | ' | ' | ' | ' | ' |
Cancellation of common units, units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercises of stock options | 4,434 | ' | ' | 2 | 4,432 | ' | ' | 4,434 | ' | 4,434 | ' | ' | ' | ' | ' | ' | ' | ' | 4,434 | ' | ' | 4,434 | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual under deferred compensation arrangements | 44 | ' | ' | ' | 44 | ' | ' | 44 | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' | 44 | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation | 1,957 | ' | ' | ' | 1,957 | ' | ' | 1,957 | ' | 1,957 | ' | ' | ' | ' | ' | ' | 21 | ' | 1,936 | ' | ' | 1,957 | ' | ' | ' | ' | ' | ' |
Contributions from noncontrolling interests | 5,559 | ' | ' | ' | ' | ' | ' | ' | 5,559 | 5,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,559 | ' | ' | ' |
Distributions to noncontrolling interests | -25,716 | -6,221 | ' | ' | ' | ' | ' | ' | -25,716 | -25,716 | ' | ' | ' | ' | ' | ' | ' | ' | -24,638 | ' | ' | -24,638 | ' | ' | -1,078 | -2,678 | -3,543 | -6,221 |
Adjustment for noncontrolling interests | -2,379 | 2,379 | ' | ' | -5,929 | ' | ' | -5,929 | 3,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of partners' capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,379 | ' | ' | ' | ' | ' | ' | 335 | ' | -2,714 | ' | ' | -2,379 | ' | ' | ' | ' | 2,379 | 2,379 |
Adjustment to record redeemable noncontrolling interests at redemption value | -10,049 | 10,049 | ' | ' | -4,256 | ' | ' | -4,256 | -5,793 | -10,049 | ' | ' | ' | ' | ' | ' | -108 | ' | -9,941 | ' | ' | -10,049 | ' | ' | ' | 542 | 9,507 | 10,049 |
Acquire controlling interest in shopping center properties | 14,498 | ' | ' | ' | ' | ' | ' | ' | 14,498 | 14,498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,498 | ' | ' | ' |
Redeemable Noncontrolling Partnership Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 2,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,117 | 324 | 2,441 |
Ending balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,386,367 | ' | ' | 509,585 | ' | ' | ' | 9,077 | ' | 841,985 | ' | 2,927 | 1,363,574 | ' | ' | 22,793 | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Sep. 30, 2012 | ' | 40,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,216 | 34,713 | 40,929 |
Balance at Sep. 30, 2012 | 1,386,237 | ' | 23 | 1,591 | 1,702,321 | 4,387 | -470,430 | 1,237,892 | 148,345 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, units at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000 | ' | 190,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred stock | -10,594 | ' | ' | ' | ' | ' | ' | ' | ' | -10,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,386,367 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | 1,386,237 | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Dec. 31, 2012 | ' | 40,248 | ' | ' | ' | ' | ' | ' | ' | 33,835 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,413 | 33,835 | 40,248 |
Beginning balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,521,660 | ' | ' | 565,212 | ' | ' | ' | 9,904 | ' | 877,363 | ' | 5,685 | 1,458,164 | ' | ' | 63,496 | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,521,097 | ' | 25 | 1,613 | 1,773,630 | 6,986 | -453,561 | 1,328,693 | 192,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 8,419,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 84,475 | ' | ' | ' | ' | ' | 76,361 | 76,361 | 8,114 | 84,475 | ' | ' | 33,669 | ' | ' | ' | 523 | ' | 49,369 | ' | ' | 83,561 | ' | ' | 914 | ' | ' | ' |
Other comprehensive income | -598 | -4 | ' | ' | ' | -520 | ' | -520 | -78 | -598 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -598 | -598 | ' | ' | ' | ' | -4 | -4 |
Redemption of redeemable noncontrolling preferred joint venture interest | 10,000 | ' | ' | ' | 10,000 | ' | ' | 10,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | 105 | ' | 9,895 | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' |
Issuances of common stock and restricted common stock | 209,531 | ' | ' | 86 | 209,445 | ' | ' | 209,531 | ' | ' | ' | 209,531 | ' | ' | ' | ' | ' | 0 | ' | 209,531 | ' | ' | ' | 209,531 | ' | ' | ' | ' |
Dividends declared - common stock | -115,870 | ' | ' | ' | ' | ' | -115,870 | -115,870 | ' | -115,870 | ' | ' | ' | ' | ' | ' | -1,388 | ' | -114,482 | ' | ' | -115,870 | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred stock | -33,669 | ' | ' | ' | ' | ' | -33,669 | -33,669 | ' | -33,669 | ' | ' | -33,669 | ' | ' | ' | ' | ' | ' | ' | ' | -33,669 | ' | ' | ' | ' | ' | ' |
Cancellation of restricted common stock | -711 | ' | ' | ' | -711 | ' | ' | -711 | ' | -711 | ' | ' | ' | ' | ' | ' | ' | ' | -711 | ' | ' | -711 | ' | ' | ' | ' | ' | ' |
Cancellation of common units, units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation | 2,287 | ' | ' | ' | 2,287 | ' | ' | 2,287 | ' | 2,287 | ' | ' | ' | ' | ' | ' | 24 | ' | 2,263 | ' | ' | 2,287 | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -22,889 | -4,980 | ' | ' | ' | ' | ' | ' | -22,889 | -22,834 | ' | ' | ' | ' | ' | ' | 229 | ' | -21,639 | ' | ' | -21,868 | ' | ' | -966 | -1,551 | -3,429 | -4,980 |
Adjustment for noncontrolling interests | -3,747 | 3,803 | ' | ' | -32,135 | ' | ' | -32,135 | 28,388 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of partners' capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,941 | ' | ' | ' | ' | ' | ' | 1,710 | ' | -5,651 | ' | ' | -3,941 | ' | ' | ' | ' | 3,803 | 3,803 |
Adjustment to record redeemable noncontrolling interests at redemption value | 5,079 | -5,079 | ' | ' | 4,551 | ' | ' | 4,551 | 528 | 5,079 | ' | ' | ' | ' | ' | ' | 53 | ' | 5,026 | ' | ' | 5,079 | ' | ' | ' | -1,009 | -4,070 | -5,079 |
Acquire controlling interest in shopping center properties | -41,444 | ' | ' | ' | ' | ' | ' | ' | -41,444 | -41,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,444 | ' | ' | ' |
Redeemable Noncontrolling Partnership Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 3,182 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,780 | 402 | 3,182 |
Ending balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,613,965 | ' | ' | 565,212 | ' | ' | ' | 10,702 | ' | 1,010,964 | ' | 5,087 | 1,591,965 | ' | ' | 22,000 | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Sep. 30, 2013 | ' | 37,170 | ' | ' | ' | ' | ' | ' | ' | 30,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,633 | 30,537 | 37,170 |
Balance at Sep. 30, 2013 | 1,613,541 | ' | 25 | 1,699 | 1,967,067 | 6,466 | -526,739 | 1,448,518 | 165,023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, units at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,050,000 | ' | 199,451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred stock | -11,223 | ' | ' | ' | ' | ' | ' | ' | ' | -11,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,613,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $1,613,541 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $102,301 | $88,436 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 212,752 | 198,700 |
Net amortization of deferred finance costs and debt premiums | 3,651 | 5,563 |
Net amortization of intangible lease assets and liabilities | -111 | -551 |
Gain on sales of real estate assets | -1,058 | -4,789 |
Gain on investment | -2,400 | 0 |
Gain on sale of discontinued operations | -1,162 | -983 |
Write-off of development projects | 141 | -115 |
Share-based compensation expense | 2,308 | 2,211 |
Net realized gain on sale of available-for-sale securities | 0 | -160 |
Loss on impairment | 21,038 | 3,912 |
Loss on impairment from discontinued operations | 5,234 | 26,501 |
Gain (loss) on extinguishment of debt | 9,108 | -178 |
Equity in earnings of unconsolidated affiliates | -7,618 | -5,401 |
Distributions of earnings from unconsolidated affiliates | 11,225 | 11,724 |
Provision for doubtful accounts | 1,459 | 1,310 |
Change in deferred tax accounts | 1,666 | 3,681 |
Changes in: | ' | ' |
Tenant and other receivables | -7,430 | -7,374 |
Other assets | 754 | -3,152 |
Accounts payable and accrued liabilities | -15,821 | 284 |
Net cash provided by operating activities | 336,037 | 319,619 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to real estate assets | -233,202 | -159,414 |
Acquisition of real estate assets | -26,444 | -61,289 |
Additions to restricted cash | -2,909 | -2,595 |
Proceeds from sales of real estate assets | 219,800 | 49,366 |
Additions to mortgage and other notes receivable | -2,700 | -3,584 |
Payments received on mortgage and other notes receivable | 3,743 | 2,962 |
Proceeds from sales of investments and available-for-sale securities | 15,877 | 0 |
Additional investments in and advances to unconsolidated affiliates | -31,969 | -4,994 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 8,706 | 17,620 |
Changes in other assets | -14,295 | -1,759 |
Net cash used in investing activities | -63,393 | -163,687 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from mortgage and other indebtedness | 1,696,913 | 1,348,822 |
Principal payments on mortgage and other indebtedness | -1,568,874 | -1,311,827 |
Additions to deferred financing costs | -3,173 | -2,864 |
Prepayment fees on extinguishment of debt | -8,708 | 0 |
Proceeds from issuances of common stock | 209,510 | 128 |
Costs of preferred stock offering | 0 | -134 |
Proceeds from exercises of stock options | 0 | 4,434 |
Purchase of noncontrolling interest in the Operating Partnership | 0 | -9,836 |
Redemption of redeemable noncontrolling preferred joint venture interest | -408,577 | 0 |
Contributions from noncontrolling interests | 0 | 5,559 |
Distributions to noncontrolling interests | -47,450 | -49,437 |
Dividends paid to holders of preferred stock | -33,669 | -31,782 |
Dividends paid to common shareholders | -112,276 | -98,737 |
Net cash used in financing activities | -276,304 | -145,674 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -3,660 | 10,258 |
CASH AND CASH EQUIVALENTS, beginning of period | 78,248 | 56,092 |
CASH AND CASH EQUIVALENTS, end of period | 74,588 | 66,350 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 168,092 | 175,610 |
CBL & Associates Limited Partnership [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | 102,301 | 88,436 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 212,752 | 198,700 |
Net amortization of deferred finance costs and debt premiums | 3,651 | 5,563 |
Net amortization of intangible lease assets and liabilities | -111 | -551 |
Gain on sales of real estate assets | -1,058 | -4,789 |
Gain on investment | -2,400 | 0 |
Gain on sale of discontinued operations | -1,162 | -983 |
Write-off of development projects | 141 | -115 |
Share-based compensation expense | 2,308 | 2,211 |
Net realized gain on sale of available-for-sale securities | 0 | -160 |
Loss on impairment | 21,038 | 3,912 |
Loss on impairment from discontinued operations | 5,234 | 26,501 |
Gain (loss) on extinguishment of debt | 9,108 | -178 |
Equity in earnings of unconsolidated affiliates | -7,618 | -5,401 |
Distributions of earnings from unconsolidated affiliates | 11,225 | 11,724 |
Provision for doubtful accounts | 1,459 | 1,310 |
Change in deferred tax accounts | 1,666 | 3,681 |
Changes in: | ' | ' |
Tenant and other receivables | -7,430 | -7,374 |
Other assets | 815 | -3,152 |
Accounts payable and accrued liabilities | -15,888 | 286 |
Net cash provided by operating activities | 336,031 | 319,621 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to real estate assets | -233,202 | -159,414 |
Acquisition of real estate assets | -26,444 | -61,289 |
Additions to restricted cash | -2,909 | -2,595 |
Proceeds from sales of real estate assets | 219,800 | 49,366 |
Additions to mortgage and other notes receivable | -2,700 | -3,584 |
Payments received on mortgage and other notes receivable | 3,743 | 2,962 |
Proceeds from sales of investments and available-for-sale securities | 15,877 | 0 |
Additional investments in and advances to unconsolidated affiliates | -31,969 | -4,998 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 8,706 | 17,620 |
Changes in other assets | -14,295 | -1,759 |
Net cash used in investing activities | -63,393 | -163,691 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from mortgage and other indebtedness | 1,696,913 | 1,348,822 |
Principal payments on mortgage and other indebtedness | -1,568,874 | -1,311,827 |
Additions to deferred financing costs | -3,173 | -2,864 |
Prepayment fees on extinguishment of debt | -8,708 | 0 |
Proceeds from issuances of common stock | 209,510 | 128 |
Payments for Repurchase of Common Stock | 0 | -9,836 |
Proceeds from exercises of stock options | 0 | 4,434 |
Purchase of noncontrolling interest in the Operating Partnership | 0 | 5,559 |
Redemption of redeemable noncontrolling preferred joint venture interest | -408,577 | 0 |
Contributions from noncontrolling interests | -22,310 | -21,257 |
Dividends paid to holders of preferred stock | -33,669 | -31,782 |
Dividends paid to common shareholders | -137,416 | -126,917 |
Net cash used in financing activities | -276,304 | -145,674 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -3,666 | 10,256 |
CASH AND CASH EQUIVALENTS, beginning of period | 78,244 | 56,077 |
CASH AND CASH EQUIVALENTS, end of period | 74,578 | 66,333 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | $168,092 | $115,507 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
CBL & Associates Properties, Inc. (the “Company”), a Delaware corporation, is a self-managed, self-administered, fully-integrated real estate investment trust (“REIT”) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air centers, outlet centers, associated centers, community centers and office properties. Its properties are located in 27 states, but are primarily in the southeastern and midwestern United States. | |
The Company conducts substantially all of its business through CBL & Associates Limited Partnership (the “Operating Partnership”). As of September 30, 2013, the Operating Partnership owned controlling interests in 75 regional malls/open-air and outlet centers (including one mixed-use center), 25 associated centers (each located adjacent to a regional mall), seven community centers and eight office buildings, including the Company’s corporate office building. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a variable interest entity ("VIE"). At September 30, 2013, the Operating Partnership owned noncontrolling interests in nine regional malls/open-air centers, four associated centers, four community centers and five office buildings. Because one or more of the other partners have substantive participating rights, the Operating Partnership does not control these partnerships and joint ventures and, accordingly, accounts for these investments using the equity method. The Operating Partnership had controlling interests in one outlet center development, three mall expansions and two mall redevelopments at September 30, 2013. The Operating Partnership had a noncontrolling interest in one community center development at September 30, 2013. The Operating Partnership also holds options to acquire certain development properties owned by third parties. | |
The Company is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At September 30, 2013, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned an 84.2% limited partner interest for a combined interest held by CBL of 85.2%. | |
The noncontrolling interest in the Operating Partnership is held by CBL & Associates, Inc., its shareholders and affiliates and certain senior officers of the Company (collectively "CBL's Predecessor"), all of which contributed their interests in certain real estate properties and joint ventures to the Operating Partnership in exchange for a limited partner interest when the Operating Partnership was formed in November 1993, and by various third parties. At September 30, 2013, CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 5.7% limited partner interest in the Operating Partnership. CBL's Predecessor also owned 3.2 million shares of the Company’s common stock at September 30, 2013, for a total combined effective interest of 10.7% in the Operating Partnership. | |
The Operating Partnership conducts the Company’s property management and development activities through its wholly-owned subsidiary, CBL & Associates Management, Inc. (the “Management Company”), to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). | |
As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries. | |
The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended September 30, 2013 are not necessarily indicative of the results to be obtained for the full fiscal year. | |
Certain historical amounts have been reclassified to conform to the current year's presentation. The financial results of certain properties that had been classified in continuing operations have been reclassified to discontinued operations in the condensed consolidated financial statements for all periods presented herein. Except where noted, the information presented in the Notes to Unaudited Condensed Consolidated Financial Statements excludes discontinued operations. | |
These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2012, excluding items 6, 7, 8,9A, 15(a)(1) and (2) and 15(c) of such report, which have been updated in the Current Report on Form 8-K filed on September 16, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements [Text Block] | ' |
Recent Accounting Pronouncements | |
Accounting Guidance Adopted | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). The objective of ASU 2013-02 is to improve reporting of reclassifications out of accumulated other comprehensive income ("AOCI") by presenting information about such reclassifications and their corresponding effect on net income primarily in one place, either on the face of the financial statements or in the notes. ASU 2013-02 requires an entity to disclose information by component for significant amounts reclassified out of AOCI if the amounts reclassified are required to be reclassified under GAAP to net income in their entirety in the same reporting period. For amounts not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. For public companies, this guidance was effective on a prospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2012. ASU 2013-02 did not change the calculation of or amounts reported as net income and comprehensive income but did change the presentation of the components of AOCI reported in the Company's condensed consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes ("ASU 2013-10"). ASU 2013-10 permits the Overnight Index Swap ("OIS") Rate, also referred to as the Fed Funds Effective Swap Rate, to be used as a U.S. benchmark for hedge accounting purposes, in addition to London Interbank Offered Rate ("LIBOR") and interest rates on direct U.S. Treasury obligations. The guidance also removes the restriction on using different benchmarks for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or redesignated hedges entered into on or after July 17, 2013. The Company does not expect the adoption of this guidance to have a material effect on its condensed consolidated financial statements. | |
Accounting Pronouncements Not Yet Effective | |
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date ("ASU 2013-04"). ASU 2013-04 addresses the diversity in practice related to the recognition, measurement and disclosure of certain obligations which are not addressed within existing GAAP guidance. Such obligations under the scope of ASU 2013-04 include debt arrangements, other contractual obligations, settled litigation and judicial rulings. The guidance requires an entity to measure these joint and several obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors as well as any additional amount the reporting entity expects to pay on behalf of its co-obligors. ASU 2013-04 also requires an entity to disclose information about the nature and amount of these obligations. For public companies, ASU 2013-04 is effective on a retrospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company may elect to use hindsight for the comparative periods (if the Company changes its accounting as a result of the adoption of this guidance). Early adoption is permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). The objective of this update is to reduce the diversity in practice related to the presentation of certain unrecognized tax benefits. ASU 2013-11 provides that unrecognized tax benefits are to be presented as a reduction of a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the governing tax law. To the extent such an NOL carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position or the entity does not intend to use the deferred tax asset for this purpose, the unrecognized tax benefit is to be recorded as a liability in the financial statements and should not be netted with a deferred tax asset. ASU 2013-11 is effective for public companies for fiscal years beginning after December 15, 2013 and interim periods within those years. The guidance should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Early adoption and retrospective application are permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: | |||||||||||||||||||
Level 1 – Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. | |||||||||||||||||||
Level 2 – Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. | |||||||||||||||||||
Level 3 – Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. | |||||||||||||||||||
The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions, and risk of nonperformance. | |||||||||||||||||||
Fair Value Measurements on a Recurring Basis | |||||||||||||||||||
The following tables set forth information regarding the Company’s financial instruments that are measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||||
30-Sep-13 | Active Markets for | Other | Unobservable | ||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||
(Level 2) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | $ | 14,556 | $ | 14,556 | $ | — | $ | — | |||||||||||
Interest rate cap | — | — | — | — | |||||||||||||||
Liabilities: | |||||||||||||||||||
Interest rate swaps | $ | 4,417 | $ | — | $ | 4,417 | $ | — | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||||
31-Dec-12 | Active Markets for | Other | Unobservable | ||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||
(Level 2) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | $ | 27,679 | $ | 16,556 | $ | — | $ | 11,123 | |||||||||||
Privately-held debt and equity securities | 2,475 | — | — | 2,475 | |||||||||||||||
Interest rate cap | — | — | — | — | |||||||||||||||
Liabilities: | |||||||||||||||||||
Interest rate swaps | $ | 5,805 | $ | — | $ | 5,805 | $ | — | |||||||||||
The Company recognizes transfers in and out of every level at the end of each reporting period. There were no transfers between Levels 1, 2, or 3 for any periods presented. | |||||||||||||||||||
Intangible lease assets and other assets in the condensed consolidated balance sheets include marketable securities consisting of corporate equity securities and bonds that are classified as available-for-sale. Net unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of AOCI in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. If a decline in the value of an investment is deemed to be other than temporary, the investment is written down to fair value and an impairment loss is recognized in the current period to the extent of the decline in value. During the three and nine month periods ended September 30, 2013 and 2012, the Company did not record any write-downs related to other-than-temporary impairments. During the three and nine month periods ended September 30, 2013, the Company did not recognize any realized gains or losses related to sales of marketable securities. The Company did not recognize any realized gains or losses related to sales of marketable securities during the three month period ended September 30, 2012. During the nine month period ended September 30, 2012, the Company recognized realized gains of $160 related to sales of marketable securities. The fair values of the Company’s available-for-sale securities are based on quoted market prices and are classified under Level 1. Tax increment financing bonds ("TIF bonds"), which were classified as Level 3 as of December 31, 2012, were redeemed in January 2013. | |||||||||||||||||||
The following is a summary of the available-for-sale securities held by the Company as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Gross Unrealized | |||||||||||||||||||
Adjusted | Gains | Losses | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||||
September 30, 2013: | |||||||||||||||||||
Common stocks | $ | 4,195 | $ | 10,361 | $ | — | $ | 14,556 | |||||||||||
Gross Unrealized | |||||||||||||||||||
Adjusted | Gains | Losses | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||||
December 31, 2012: | |||||||||||||||||||
Common stocks | $ | 4,195 | $ | 12,361 | $ | — | $ | 16,556 | |||||||||||
Government and government-sponsored entities | 11,123 | — | — | 11,123 | |||||||||||||||
$ | 15,318 | $ | 12,361 | $ | — | $ | 27,679 | ||||||||||||
The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps and one interest rate cap as of September 30, 2013 and December 31, 2012, that qualify as hedging instruments and are designated as cash flow hedges. The interest rate cap is included in intangible lease assets and other assets and the interest rate swaps are reflected in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. The swaps and cap have predominantly met the effectiveness test criteria since inception and changes in their fair values are, thus, primarily reported in other comprehensive income (loss) ("OCI/L") and are reclassified into earnings in the same period or periods during which the hedged items affect earnings. The fair values of the Company’s interest rate hedges, classified under Level 2, are determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Company’s credit standing, credit risk of the counterparties and reasonable estimates about relevant future market conditions. See Note 6 for further information regarding the Company’s interest rate hedging instruments. | |||||||||||||||||||
The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. Based on the interest rates for similar financial instruments, the carrying value of mortgage and other notes receivable is a reasonable estimate of fair value. The estimated fair value of mortgage and other indebtedness was $5,069,679 and $5,058,411 at September 30, 2013 and December 31, 2012, respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently. The carrying amount of mortgage and other indebtedness was $4,867,717 and $4,745,683 at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
Prior to February 2013, the Company held TIF bonds, which had a 2028 maturity date and were received in a private placement as consideration for infrastructure improvements made by the Company related to the development of a community center. The Company had the intent and ability to hold the TIF bonds through the recovery period. The Company adjusted the bonds to their net realizable value as of December 31, 2012 and they were redeemed in January 2013. Due to the significant unobservable estimates and assumptions used in the valuation of the TIF bonds, such as the forecasted growth in sales and lack of marketability discount, the Company had classified the TIF bonds under Level 3 in the fair value hierarchy. The following table provides a reconciliation of changes between the beginning and ending balances of the TIF bonds (Level 3): | |||||||||||||||||||
Nine Months Ended | Year Ended | ||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||
Available-for-sale securities (Level 3): | |||||||||||||||||||
Balance, beginning of period | $ | 11,123 | $ | 11,829 | |||||||||||||||
Redemption of TIF bonds | (11,002 | ) | — | ||||||||||||||||
Reclassification adjustment AOCI | — | 1,542 | |||||||||||||||||
Transfer out of Level 3 (1) | (121 | ) | (2,248 | ) | |||||||||||||||
Balance, end of period | $ | — | $ | 11,123 | |||||||||||||||
-1 | The TIF bonds were adjusted to their net realizable value as of December 31, 2012 and were redeemed in January 2013. The difference in estimate was recorded as a transfer to real estate assets. | ||||||||||||||||||
Prior to May 2013, the Company held a secured convertible promissory note from Jinsheng Group (“Jinsheng”), in which the Company also holds a cost-method investment. The secured convertible note was non-interest bearing and secured by shares of Jinsheng. Since the secured convertible note was non-interest bearing and there was no active market for Jinsheng’s debt, the Company performed a probability-weighted discounted cash flow analysis for its valuation as of December 31, 2012 using various sale, redemption and initial public offering ("IPO") exit strategies. The fair value analysis as of December 31, 2012 forecasted a 0% to 10% reduction in estimated cash flows. Sale and IPO scenarios employed capitalization rates ranging from 10% to 12% which were discounted 20% for lack of marketability. Due to the significant unobservable estimates and assumptions used in the valuation of the note, the Company had classified it under Level 3 in the fair value hierarchy. The Company exercised its right to demand payment of the note and received $4,875 from Jinsheng in May 2013, recognizing a realized gain of $2,400 in the second quarter of 2013. The Company had previously recorded a $2,400 other-than-temporary impairment related to the Jinsheng note in 2009 due to China's declining real estate market. See Note 5 for further discussion. The following table provides a reconciliation of changes between the beginning and ending balances of the Jinsheng note (Level 3): | |||||||||||||||||||
Nine Months Ended | Year Ended | ||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||
Privately-held debt and equity securities (Level 3): | |||||||||||||||||||
Balance, beginning of period | $ | 2,475 | $ | 2,475 | |||||||||||||||
Net settlement | (4,875 | ) | — | ||||||||||||||||
Realized gain recorded in earnings | 2,400 | — | |||||||||||||||||
Balance, end of period | $ | — | $ | 2,475 | |||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | |||||||||||||||||||
The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income ("NOI"), occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. The fair value analysis as of September 30, 2013 used various probability-weighted scenarios comparing the property's net book value to the sum of its estimated fair value. Assumptions included up to a 10-year holding period with a sale at the end of the holding period, capitalization rates ranging from 10% to 12% and an estimated sales cost of 1%. | |||||||||||||||||||
The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value | Quoted Prices | Significant Other | Significant | Total | |||||||||||||||
at | in Active | Observable Inputs | Unobservable Inputs | Loss | |||||||||||||||
30-Jun-13 | Markets for | (Level 2) | (Level 3) | ||||||||||||||||
Identical Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Long-lived assets | $ | 23,900 | $ | — | $ | — | $ | 23,900 | $ | 20,453 | |||||||||
In accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $20,453 in the second quarter of 2013 related to Citadel Mall, located in Charleston, SC to write-down the depreciated book value to its estimated fair value of $23,900 as of June 30, 2013. The mall has experienced declining cash flows which are insufficient to cover the debt service on the mortgage secured by the property. The loan is currently in default and the Company has classified Citadel Mall as a non-core property as of September 30, 2013. There was no impairment of long-lived assets in the three months ended September 30, 2013. | |||||||||||||||||||
The revenue of Citadel Mall accounted for approximately 0.6% of total consolidated revenue for the trailing twelve months ended September 30, 2013. A reconciliation of Citadel Mall's carrying value for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||||
Citadel Mall | |||||||||||||||||||
Beginning carrying value, January 1, 2013 | $ | 45,178 | |||||||||||||||||
Capital expenditures | 266 | ||||||||||||||||||
Depreciation expense | (1,226 | ) | |||||||||||||||||
Loss on impairment of real estate | (20,453 | ) | |||||||||||||||||
Ending carrying value, September 30, 2013 | $ | 23,765 | |||||||||||||||||
Additionally, during the second quarter of 2013, the Company recorded a non-cash impairment of $585 to write-down the depreciated book value of the corporate airplane owned by the Management Company to its fair value at its trade-in date. |
Acquisitions_and_Discontinued_
Acquisitions and Discontinued Operations | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Acquisitions and Discontinued Operations [Abstract] | ' | ||||||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||||||
Acquisition | |||||||||||||||||||
In the second quarter of 2013, the Company acquired the remaining 51% noncontrolling interest in Kirkwood Mall in Bismarck, ND. See Note 5 for additional information. The pro forma effect of the acquisition was not material. | |||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||||
Discontinued Operations | |||||||||||||||||||
The results of operations of the properties described below, as well as any gains or impairment losses related to those properties, are included in discontinued operations for all periods presented, as applicable. Net proceeds from these sales were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's dispositions since January 1, 2012: | |||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | (Loss) | |||||||||||||
Aug-13 | Georgia Square & Georgia Square Plaza, Panama City Mall & The Shoppes at Panama City, RiverGate Mall and Village at RiverGate (1) | Mall & Associated Center | Athens, GA | $176,000 | $ | 171,977 | $ | — | |||||||||||
Panama City, FL | |||||||||||||||||||
Nashville, TN | |||||||||||||||||||
Mar-13 | 1500 Sunday Drive | Office Building | Raleigh, NC | 8,300 | 7,862 | (549 | ) | ||||||||||||
Mar-13 | Peninsula I & II | Office Building | Newport News, VA | 5,250 | 5,121 | 598 | |||||||||||||
Jan-13 | Lake Point & SunTrust (2) | Office Building | Greensboro, NC | 30,875 | 30,490 | 823 | |||||||||||||
Dec-08 | 706 & 708 Green Valley Road (3) | Office Building | Greensboro, NC | 281 | |||||||||||||||
Various (4) | 9 | ||||||||||||||||||
2013 Activity | $ | 220,425 | $ | 215,450 | $ | 1,162 | |||||||||||||
Dec-12 | Willowbrook Plaza (5) | Community Center | Houston, TX | $ | 24,450 | $ | 24,171 | $ | — | ||||||||||
Oct-12 | Towne Mall (6) | Mall | Franklin, OH | 950 | 892 | — | |||||||||||||
Oct-12 | Hickory Hollow Mall (7) | Mall | Antioch, TN | 1,000 | 966 | — | |||||||||||||
Jul-12 | Massard Crossing | Community Center | Fort Smith, AR | 7,803 | 7,432 | 98 | |||||||||||||
Mar-12 | Settlers Ridge - Phase II | Community Center | Robinson Township, PA | 19,144 | 18,951 | 858 | |||||||||||||
Jan-12 | Oak Hollow Square (8) | Community Center | High Point, NC | 14,247 | 13,796 | (1 | ) | ||||||||||||
Nov-11 | Westridge Square (4) | Community Center | Greensboro, NC | 28 | |||||||||||||||
2012 Activity | $ | 67,594 | $ | 66,208 | $ | 983 | |||||||||||||
(1) Net loss on impairment of $5,234 recorded in the third quarter of 2013 to write down the book value of six properties sold in a portfolio sale to the net sales price. | |||||||||||||||||||
(2) Classified as held for sale as of December 31, 2012. | |||||||||||||||||||
(3) Recognition of gain deferred in December 2008 until subsequent repayment of notes receivable. | |||||||||||||||||||
(4) Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts. | |||||||||||||||||||
(5) Loss on impairment of $17,743 recorded in the third quarter of 2012 to write down the book value of this property to its then estimated fair value. | |||||||||||||||||||
(6) Loss on impairment of $419 recorded in the third quarter of 2012 to write down the book value of this property to expected sales price. | |||||||||||||||||||
(7) Loss on impairment of $8,047 recorded in the third quarter of 2012 to write down the book value of this property to expected sales price. | |||||||||||||||||||
(8) Loss on impairment of $255 recorded in the first quarter of 2012 related to the true-up of certain estimated amounts to actual amounts. | |||||||||||||||||||
Total revenues of the properties described above that are included in discontinued operations were $1,932 and $10,656 for the three months ended September 30, 2013 and 2012, respectively, and $16,163 and $33,925 for the nine months ended September 30, 2013 and 2012, respectively. The total net investment in real estate assets at the time of sale for the properties sold during the nine months ended September 30, 2013 was $219,829. There were no outstanding mortgage loans for any of the properties that were sold during the nine months ended September 30, 2013. Discontinued operations for the three and nine month periods ended September 30, 2013 and 2012 also include settlements of estimated expenses based on actual amounts for properties sold during previous periods. |
Unconsolidated_Affiliates_Nonc
Unconsolidated Affiliates, Noncontrolling Interests and Cost Method Investments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Unconsolidated Affiliates, Noncontrolling Interests and Cost Method Investments | ' | |||||||||||||||
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments | ||||||||||||||||
Unconsolidated Affiliates | ||||||||||||||||
At September 30, 2013, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting: | ||||||||||||||||
Joint Venture | Property Name | Company's | ||||||||||||||
Interest | ||||||||||||||||
CBL/T-C, LLC | CoolSprings Galleria, Oak Park Mall, West County Center | 60.30% | ||||||||||||||
and Pearland Town Center | ||||||||||||||||
CBL-TRS Joint Venture, LLC | Friendly Center, The Shops at Friendly Center and a portfolio | 50.00% | ||||||||||||||
of four office buildings | ||||||||||||||||
CBL-TRS Joint Venture II, LLC | Renaissance Center | 50.00% | ||||||||||||||
El Paso Outlet Outparcels, LLC | The Outlet Shoppes at El Paso (vacant land) | 50.00% | ||||||||||||||
Fremaux Town Center JV, LLC | Fremaux Town Center | 65.00% | ||||||||||||||
Governor’s Square IB | Governor’s Plaza | 50.00% | ||||||||||||||
Governor’s Square Company | Governor’s Square | 47.50% | ||||||||||||||
High Pointe Commons, LP | High Pointe Commons | 50.00% | ||||||||||||||
High Pointe Commons II-HAP, LP | High Pointe Commons - Christmas Tree Shop | 50.00% | ||||||||||||||
JG Gulf Coast Town Center LLC | Gulf Coast Town Center | 50.00% | ||||||||||||||
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50.00% | ||||||||||||||
Mall of South Carolina L.P. | Coastal Grand—Myrtle Beach | 50.00% | ||||||||||||||
Mall of South Carolina Outparcel L.P. | Coastal Grand—Myrtle Beach (Coastal Grand Crossing | 50.00% | ||||||||||||||
and vacant land) | ||||||||||||||||
Port Orange I, LLC | The Pavilion at Port Orange Phase I and one office building | 50.00% | ||||||||||||||
Triangle Town Member LLC | Triangle Town Center, Triangle Town Commons | 50.00% | ||||||||||||||
and Triangle Town Place | ||||||||||||||||
West Melbourne I, LLC | Hammock Landing Phases I and II | 50.00% | ||||||||||||||
York Town Center, LP | York Town Center | 50.00% | ||||||||||||||
Although the Company had majority ownership of certain joint ventures during 2013 and 2012, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of: | ||||||||||||||||
• | the pro forma for the development and construction of the project and any material deviations or modifications thereto; | |||||||||||||||
• | the site plan and any material deviations or modifications thereto; | |||||||||||||||
• | the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto; | |||||||||||||||
• | any acquisition/construction loans or any permanent financings/refinancings; | |||||||||||||||
• | the annual operating budgets and any material deviations or modifications thereto; | |||||||||||||||
• | the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and | |||||||||||||||
• | any material acquisitions or dispositions with respect to the project. | |||||||||||||||
As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting. | ||||||||||||||||
Condensed combined financial statement information of these unconsolidated affiliates is as follows: | ||||||||||||||||
As of | ||||||||||||||||
ASSETS | September 30, | December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||||
Investment in real estate assets | $ | 2,154,361 | $ | 2,143,187 | ||||||||||||
Accumulated depreciation | (538,700 | ) | (492,864 | ) | ||||||||||||
1,615,661 | 1,650,323 | |||||||||||||||
Developments in progress | 90,451 | 21,809 | ||||||||||||||
Net investment in real estate assets | 1,706,112 | 1,672,132 | ||||||||||||||
Other assets | 174,744 | 175,540 | ||||||||||||||
Total assets | $ | 1,880,856 | $ | 1,847,672 | ||||||||||||
LIABILITIES | ||||||||||||||||
Mortgage and other indebtedness | $ | 1,456,282 | $ | 1,456,622 | ||||||||||||
Other liabilities | 55,404 | 48,538 | ||||||||||||||
Total liabilities | 1,511,686 | 1,505,160 | ||||||||||||||
OWNERS' EQUITY | ||||||||||||||||
The Company | 215,556 | 196,694 | ||||||||||||||
Other investors | 153,614 | 145,818 | ||||||||||||||
Total owners' equity | 369,170 | 342,512 | ||||||||||||||
Total liabilities and owners' equity | $ | 1,880,856 | $ | 1,847,672 | ||||||||||||
Total for the Three Months | Company's Share for the Three | |||||||||||||||
Ended September 30, | Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 59,348 | $ | 61,821 | $ | 30,556 | $ | 32,803 | ||||||||
Depreciation and amortization | (18,889 | ) | (20,423 | ) | (9,877 | ) | (10,828 | ) | ||||||||
Interest expense | (19,150 | ) | (21,002 | ) | (9,840 | ) | (11,022 | ) | ||||||||
Other operating expenses | (17,705 | ) | (18,742 | ) | (8,580 | ) | (9,527 | ) | ||||||||
Gain on sales of real estate assets | 21 | 1,271 | 11 | 636 | ||||||||||||
Net income | $ | 3,625 | $ | 2,925 | $ | 2,270 | $ | 2,062 | ||||||||
Total for the Nine Months | Company's Share for the Nine | |||||||||||||||
Ended September 30, | Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 180,091 | $ | 186,320 | $ | 93,002 | $ | 99,190 | ||||||||
Depreciation and amortization | (57,158 | ) | (61,907 | ) | (29,748 | ) | (32,877 | ) | ||||||||
Interest expense | (57,861 | ) | (63,199 | ) | (29,677 | ) | (33,289 | ) | ||||||||
Other operating expenses | (53,223 | ) | (55,765 | ) | (25,970 | ) | (28,474 | ) | ||||||||
Gain on sales of real estate assets | 21 | 1,701 | 11 | 851 | ||||||||||||
Net income | $ | 11,870 | $ | 7,150 | $ | 7,618 | $ | 5,401 | ||||||||
Fremaux Town Center JV, LLC | ||||||||||||||||
In January 2013, the Company formed a 65/35 joint venture, Fremaux Town Center JV, LLC ("Fremaux"), to develop, own and operate Fremaux Town Center, a community center development located in Slidell, LA. Construction began in March 2013 with completion expected in summer 2014. The partners contributed aggregate initial equity of $20,500, of which the Company's contribution was $18,450. Following the initial formation of Fremaux, all required future contributions will be funded on a 65/35 pro rata basis. In March 2013, Fremaux obtained a construction loan on the property that allows for borrowings up to $46,000 and bears interest at LIBOR plus 2.125%. The loan matures in March 2016 and has two one-year extension options, which are at the joint venture's election, for an outside maturity date of March 2018. The Company has guaranteed 100% of the construction loan. As of September 30, 2013, $11,364 was outstanding under the loan. The Company holds the majority ownership interest in Fremaux but the noncontrolling interest partner holds substantive participating rights. As a result, the Company accounted for its investment in Fremaux using the equity method of accounting as of September 30, 2013. | ||||||||||||||||
2013 Financings | ||||||||||||||||
In the first quarter of 2013, Renaissance Phase II CMBS, LLC closed on a $16,000 10-year, non-recourse commercial mortgage-backed securities ("CMBS") loan, secured by Renaissance Center Phase II in Durham, NC. The loan bears interest at a fixed rate of 3.49% and matures in April 2023. Proceeds from the loan were used to retire the existing $15,700 loan that was scheduled to mature in April 2013. | ||||||||||||||||
Also during the first quarter of 2013, CBL-Friendly Center CMBS, LLC closed on a $100,000 10-year, non-recourse CMBS loan, secured by Friendly Center, located in Greensboro, NC. The loan bears interest at a fixed rate of 3.48% and matures in April 2023. Proceeds from the new loan were used to retire four existing loans aggregating $100,000 that were secured by Friendly Center, Friendly Center Office Building, First National Bank Building, Green Valley Office Building, First Citizens Bank Building, Wachovia Office Building and Bank of America Building, all located in Greensboro, NC and scheduled to mature in April 2013. | ||||||||||||||||
All of the debt on the properties owned by the unconsolidated affiliates is non-recourse, except for Fremaux, West Melbourne, Port Orange, High Pointe Commons, and Gulf Coast Phase III. See Note 12 for a description of guarantees the Company has issued related to certain unconsolidated affiliates. See Note 16 for extension of construction and land loans related to West Melbourne subsequent to September 30, 2013. | ||||||||||||||||
Redeemable Interests | ||||||||||||||||
Redeemable common units of $30,537 and $33,835 at September 30, 2013 and December 31, 2012, respectively, include a partnership interest in the Operating Partnership for which the partnership agreement includes redemption provisions that may require the Operating Partnership to redeem the partnership interest for real property. | ||||||||||||||||
Redeemable noncontrolling interests of $6,633 and $6,413 at September 30, 2013 and December 31, 2012, respectively, include the aggregate noncontrolling ownership interest in consolidated subsidiaries that is held by third parties and for which the related partnership agreements contain redemption provisions at the holder's election that allow for redemption through cash and/or properties. | ||||||||||||||||
The redeemable noncontrolling preferred joint venture interest included the preferred joint venture units (“PJV units”) issued to the Westfield Group (“Westfield”) for the acquisition of certain properties during 2007. The PJV units were redeemed in September 2013 using availability on the Company's lines of credit. See Note 12 for additional information related to the PJV units. Activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units is as follows: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning Balance | $ | 423,834 | $ | 423,834 | ||||||||||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 14,637 | 15,486 | ||||||||||||||
Distributions to redeemable noncontrolling preferred joint venture interest | (19,894 | ) | (15,486 | ) | ||||||||||||
Reduction to preferred liquidation value of PJV units | (10,000 | ) | — | |||||||||||||
Redemption of noncontrolling preferred joint venture interest | (408,577 | ) | — | |||||||||||||
Ending Balance | $ | — | $ | 423,834 | ||||||||||||
Noncontrolling Interests of the Operating Partnership | ||||||||||||||||
Noncontrolling interests include the aggregate noncontrolling ownership interest in the Operating Partnership's consolidated subsidiaries that is held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. Total noncontrolling interest was $22,000 and $63,496, as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
Noncontrolling Interests of the Company | ||||||||||||||||
The noncontrolling interests of the Company include the third party interests discussed above as well as the aggregate noncontrolling partnership interest in the Operating Partnership that is not owned by the Company and for which each of the noncontrolling limited partners has the right to exchange all or a portion of its partnership interests for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As of September 30, 2013, the Company's total noncontrolling interests of $165,023 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $143,023 and $22,000, respectively. The Company's total noncontrolling interest at December 31, 2012 of $192,404 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $128,908 and $63,496, respectively. | ||||||||||||||||
Cost Method Investments | ||||||||||||||||
The Company owns a 6.2% noncontrolling interest in subsidiaries of Jinsheng, an established mall operating and real estate development company located in Nanjing, China. As of September 30, 2013, Jinsheng owned controlling interests in eight home furnishing shopping malls. | ||||||||||||||||
Prior to May 2013, the Company also held a secured convertible promissory note secured by 16,565,534 Series 2 Ordinary Shares of Jinsheng (which equated to a 2.275% ownership interest). The secured note was non-interest bearing and was amended by the Company and Jinsheng to extend to May 30, 2013 the Company's right to convert the outstanding amount of the secured note into 16,565,534 Series A-2 Preferred Shares of Jinsheng. The Company exercised its right to demand payment of the note and received payment from Jinsheng in May 2013. See Note 3 for additional information. | ||||||||||||||||
The Company accounts for its noncontrolling interest in Jinsheng using the cost method because the Company does not exercise significant influence over Jinsheng and there is no readily determinable market value of Jinsheng’s shares since they are not publicly traded. See Note 3 for information regarding the fair value of the secured note. The noncontrolling interest and the secured note are reflected as investment in unconsolidated affiliates in the accompanying condensed consolidated balance sheets. | ||||||||||||||||
Variable Interest Entities | ||||||||||||||||
Louisville Outlet Shoppes, LLC | ||||||||||||||||
In the second quarter of 2013, the Company entered into a joint venture, Louisville Outlet Shoppes, LLC, with a third party to develop, own and operate The Outlet Shoppes at Louisville located in Simpsonville, KY. Construction began in June 2013 with completion expected in summer 2014. The Company holds a 65% ownership interest in the joint venture. The Company determined that its investment in this joint venture represents an interest in a VIE and that the Company is the primary beneficiary because of its power to direct activities of the joint venture that most significantly impact the joint venture's economic performance as well as the obligation to absorb losses or right to receive benefits from the VIE that could be significant. As a result, the joint venture is presented in the accompanying condensed consolidated financial statements as of September 30, 2013 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. In August 2013, the joint venture obtained a construction loan for the development of this property. See Note 6 for additional information. | ||||||||||||||||
Kirkwood Mall Mezz, LLC | ||||||||||||||||
In the fourth quarter of 2012, the Company acquired a 49% ownership interest in Kirkwood Mall Mezz, LLC, which owns Kirkwood Mall located in Bismarck, ND. The Company determined that its investment in this joint venture represented an interest in a VIE and that the Company was the primary beneficiary, since under the terms of the agreement the Company's equity investment was at risk while the third party had a fixed price for which it would sell its remaining 51% equity interest to the Company. As a result, the joint venture was presented in the consolidated financial statements as of December 31, 2012 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. In accordance with its executed agreement, the Company acquired the remaining 51% interest in April 2013 and assumed $40,368 of non-recourse debt. Following the Company's acquisition of the noncontrolling interest in April 2013, this joint venture is now wholly-owned, and is no longer a VIE. | ||||||||||||||||
Gettysburg Outlet Center Holding LLC | ||||||||||||||||
In the second quarter of 2012, the Company entered into a joint venture, Gettysburg Outlet Center Holding LLC, with a third party to develop, own and operate The Outlet Shoppes at Gettysburg. The Company holds a 50% ownership interest in this joint venture. The Company determined that its investment in this joint venture represents an interest in a VIE and that the Company is the primary beneficiary since it has the power to direct activities of the joint venture that most significantly impact the joint venture's economic performance as well as the obligation to absorb losses or right to receive benefits from the VIE that could be significant. As a result, the joint venture is presented in the accompanying condensed consolidated financial statements as of September 30, 2013 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. | ||||||||||||||||
El Paso Outlet Center Holding, LLC | ||||||||||||||||
In the second quarter of 2012, the Company entered into a joint venture, El Paso Outlet Center Holding, LLC, with a third party to develop, own and operate The Outlet Shoppes at El Paso. The Company holds a 75% ownership interest in the joint venture. The Company determined that its investment in this joint venture represents an interest in a VIE and that the Company is the primary beneficiary since it has the power to direct the activities of the joint venture that most significantly impact the joint venture's economic performance as well as the obligation to absorb losses or right to receive benefits from the VIE that could be significant. As a result, the joint venture is presented in the accompanying condensed consolidated financial statements as of September 30, 2013 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. |
Mortgage_and_Other_Indebtednes
Mortgage and Other Indebtedness | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Mortgage and Other Indebtedness | ' | ||||||||||||||||||||||||||||
Mortgage and Other Indebtedness | |||||||||||||||||||||||||||||
Mortgage and other indebtedness consisted of the following: | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Amount | Weighted- | Amount | Weighted- | ||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,498,825 | 5.56% | $ | 3,776,245 | 5.42% | |||||||||||||||||||||||
Financing method obligation (3) | 18,264 | 8.00% | 18,264 | 8.00% | |||||||||||||||||||||||||
Total fixed-rate debt | 3,517,089 | 5.57% | 3,794,509 | 5.43% | |||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||
Non-recourse term loans on operating properties | 134,119 | 3.16% | 123,875 | 3.36% | |||||||||||||||||||||||||
Recourse term loans on operating properties | 51,960 | 1.89% | 97,682 | 1.78% | |||||||||||||||||||||||||
Construction loans | 49,641 | 2.93% | 15,366 | 2.96% | |||||||||||||||||||||||||
Unsecured lines of credit | 664,908 | 1.58% | 475,626 | 2.07% | |||||||||||||||||||||||||
Secured line of credit (4) | — | —% | 10,625 | 2.46% | |||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.72% | 228,000 | 1.82% | |||||||||||||||||||||||||
Total variable-rate debt | 1,350,628 | 1.85% | 951,174 | 2.20% | |||||||||||||||||||||||||
Total | $ | 4,867,717 | 4.54% | $ | 4,745,683 | 4.79% | |||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||
-2 | The Company has four interest rate swaps on notional amounts totaling $110,875 as of September 30, 2013 and $113,885 as of December 31, 2012 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||
-3 | This amount represents the noncontrolling partner's equity contribution related to Pearland Town Center that is accounted for as a financing due to certain terms of the CBL/T-C, LLC joint venture agreement. | ||||||||||||||||||||||||||||
-4 | The Company converted its secured line of credit to unsecured in February 2013. | ||||||||||||||||||||||||||||
Unsecured Lines of Credit | |||||||||||||||||||||||||||||
The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, as well as issuances of letters of credit. | |||||||||||||||||||||||||||||
Wells Fargo Bank NA serves as the administrative agent for a syndicate of financial institutions for the Company's two unsecured $600,000 credit facilities ("Facility A" and "Facility B"). Facility A matures in November 2015 and has a one-year extension option for an outside maturity date of November 2016. Facility B matures in November 2016 and has a one-year extension option for an outside maturity date of November 2017. The extension options on both facilities are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility. | |||||||||||||||||||||||||||||
In the first quarter of 2013, the Company amended and restated its $105,000 secured credit facility with First Tennessee Bank, NA. The facility was converted from secured to unsecured with a capacity of $100,000 and a maturity date of February 2016. | |||||||||||||||||||||||||||||
Prior to May 14, 2013, borrowings under the three unsecured lines of credit bore interest at LIBOR plus a spread ranging from 155 to 210 basis points based on the Company’s leverage ratio. The Company also paid annual unused facility fees, on a quarterly basis, at rates of either 0.25% or 0.30% based on any unused commitment of each facility. In May 2013, the Company obtained an investment grade rating from Moody's Investors Service ("Moody's") and, effective May 14, 2013, made a one-time irrevocable election to use its credit rating to determine the interest rate on each facility. Under the credit rating election, each facility now bears interest at LIBOR plus a spread of 100 to 175 basis points. In July 2013, the Company received an Issuer Default Rating ("IDR") of BBB- with a stable outlook and a senior unsecured notes rating of BBB- from Fitch Ratings ("Fitch"). As of September 30, 2013, the Company's interest rate based on its credit ratings from Moody's and Fitch is LIBOR plus 140 basis points. Additionally, the Company pays an annual facility fee that ranges from 0.15% to 0.35% of the total capacity of each facility rather than the unused commitment fees as described above. As of September 30, 2013, the annual facility fee is 0.30%. The three unsecured lines of credit had a weighted-average interest rate of 1.58% at September 30, 2013. | |||||||||||||||||||||||||||||
The following summarizes certain information about the Company's unsecured lines of credit as of September 30, 2013: | |||||||||||||||||||||||||||||
Maturity | Extended | ||||||||||||||||||||||||||||
Total | Total | Date | Maturity | ||||||||||||||||||||||||||
Capacity | Outstanding | Date | |||||||||||||||||||||||||||
Facility A | $ | 600,000 | $ | 509,525 | (1) | Nov-15 | Nov-16 | ||||||||||||||||||||||
First Tennessee | 100,000 | 31,000 | Feb-16 | N/A | |||||||||||||||||||||||||
Facility B | 600,000 | 124,383 | (2) | Nov-16 | Nov-17 | ||||||||||||||||||||||||
$ | 1,300,000 | $ | 664,908 | ||||||||||||||||||||||||||
(1) There was an additional $475 outstanding on this facility as of September 30, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | |||||||||||||||||||||||||||||
(2) There was an additional $617 outstanding on this facility as of September 30, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | |||||||||||||||||||||||||||||
Unsecured Term Loans | |||||||||||||||||||||||||||||
In July 2013, the Company closed on a five-year $400,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's lines of credit. The loan bears interest at a variable rate of LIBOR plus 150 basis points based on the Company's current credit ratings and has a maturity date of July 2018. At September 30, 2013, the outstanding borrowings of $400,000 had an interest rate of 1.68%. | |||||||||||||||||||||||||||||
In the second quarter of 2013, the Company retired a $228,000 unsecured term loan at its maturity date with borrowings from the Company's credit facilities. | |||||||||||||||||||||||||||||
In the first quarter of 2013, under the terms of the Company's amended and restated agreement with First Tennessee Bank, NA described above, the Company obtained a $50,000 unsecured term loan that bears interest at LIBOR plus 190 basis points and matures in February 2018. At September 30, 2013, the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.08%. | |||||||||||||||||||||||||||||
Covenants and Restrictions | |||||||||||||||||||||||||||||
The agreements for the unsecured lines of credit and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum net worth requirements, minimum unencumbered asset and interest ratios, maximum secured indebtedness and limitations on cash flow distributions. The Company believes that it was in compliance with all covenants and restrictions at September 30, 2013. | |||||||||||||||||||||||||||||
The following presents the Company's compliance with key unsecured debt covenant compliance ratios as of September 30, 2013: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Debt to total asset value | < 60% | 52.70% | |||||||||||||||||||||||||||
Ratio of unencumbered asset value to unsecured indebtedness | > 1.60x | 2.43x | |||||||||||||||||||||||||||
Ratio of unencumbered NOI to unsecured interest expense | > 1.75x | 7.61x | |||||||||||||||||||||||||||
Ratio of EBITDA to fixed charges (debt service) | > 1.50x | 2.15x | |||||||||||||||||||||||||||
The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of the Company, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Prior to the Company obtaining an investment grade rating in May 2013, the obligations of the Company under the agreements were unconditionally guaranteed, jointly and severally, by any subsidiary of the Company to the extent such subsidiary was a material subsidiary and was not otherwise an excluded subsidiary, as defined in the agreements. Once the Company obtained an investment grade rating, guarantees by material subsidiaries of the Company were no longer required by the agreements. | |||||||||||||||||||||||||||||
Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office building, are owned by special purpose entities that are included in the Company’s condensed consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. | |||||||||||||||||||||||||||||
Mortgages on Operating Properties | |||||||||||||||||||||||||||||
In September 2013, the Company used borrowings from its lines of credit to retire a $10,200 recourse construction loan, which was secured by The Forum at Grandview in Madison, MS, at its September 2013 maturity date. | |||||||||||||||||||||||||||||
In July 2013, the Company retired a $16,000 recourse construction loan, which was secured by Alamance Crossing West in Burlington, NC with borrowings from its credit facilities. The loan was scheduled to mature in December 2013. | |||||||||||||||||||||||||||||
In the second quarter of 2013, the Company closed on a three-year $11,400 non-recourse loan secured by Statesboro Crossing in Statesboro, GA. The loan bears interest at LIBOR plus 180 basis points. The loan matures in June 2016 and has two one-year extension options, which are at the Company's election, for an outside maturity date of June 2018. Proceeds from the loan were used to pay down the Company's credit facilities. | |||||||||||||||||||||||||||||
Also during the second quarter of 2013, the Company retired two loans with an aggregate principal balance of $160,150, including an $88,410 loan secured by Mid Rivers Mall in St. Peters, MO and a $71,740 loan secured by South County Center in St. Louis MO, with borrowings from its credit facilities. The Mid Rivers loan was scheduled to mature in May 2021 and bore interest at a fixed rate of 5.88%. The Company recorded an $8,936 loss on extinguishment of debt related to the Mid Rivers loan, which consisted of an $8,708 prepayment fee and $228 of unamortized debt issuance costs. In connection with the prepayment of the South County Center loan, which was scheduled to mature in October 2013, the Company recorded a loss on extinguishment of debt of $172 from the write-off of an unamortized discount. | |||||||||||||||||||||||||||||
In the first quarter of 2013, the Company retired two loans with an aggregate balance of $77,099, including a $13,460 loan secured by Statesboro Crossing in Statesboro, GA and a $63,639 loan secured by Westmoreland Mall in Greensburg, PA, with borrowings from the Company's credit facilities. Both loans were scheduled to mature in the first quarter of 2013. | |||||||||||||||||||||||||||||
The lender of the non-recourse mortgage loan secured by Columbia Place in Columbia, SC notified the Company in the first quarter of 2012 that the loan had been placed in default. Columbia Place generates insufficient income levels to cover the debt service on the mortgage, which had a balance of $27,265 at September 30, 2013 and a contractual maturity date of September 2013. The lender on the loan receives the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. The servicer for the loan secured by Columbia Place is proceeding with foreclosure which the Company anticipates will occur by the first quarter of 2014. | |||||||||||||||||||||||||||||
In August 2013, the lender of the non-recourse mortgage loan secured by Citadel Mall in Charleston, SC sent a formal notice of default and initiated foreclosure proceedings. A foreclosure sale is scheduled to occur in January 2014. Citadel Mall generates insufficient income levels to cover the debt service on the mortgage, which had a balance of $68,282 at September 30, 2013 and a contractual maturity date of April 2017. In the second quarter of 2013, the lender on the loan began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. | |||||||||||||||||||||||||||||
See Note 16 for an operating property loan obtained subsequent to September 30, 2013 which replaced an existing construction loan. | |||||||||||||||||||||||||||||
Construction Loans | |||||||||||||||||||||||||||||
In August 2013, Louisville Outlet Shoppes, LLC obtained a construction loan for the development of The Outlet Shoppes at Louisville that allows for borrowings up to $60,200 and bears interest at LIBOR plus 200 basis points. The loan matures in August 2016 and has two one-year extension options, which are at the joint venture's election, for an outside maturity date of August 2018. The Company has guaranteed 100% of the loan. There were no amounts outstanding under this construction loan at September 30, 2013. | |||||||||||||||||||||||||||||
Subsequent to September 30, 2013, a construction loan was repaid. See Note 16 for additional information. | |||||||||||||||||||||||||||||
Scheduled Principal Payments | |||||||||||||||||||||||||||||
As of September 30, 2013, 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, including construction loans and lines of credit, are as follows: | |||||||||||||||||||||||||||||
2013 | $ | 45,898 | |||||||||||||||||||||||||||
2014 | 219,148 | ||||||||||||||||||||||||||||
2015 | 1,108,496 | ||||||||||||||||||||||||||||
2016 | 943,779 | ||||||||||||||||||||||||||||
2017 | 550,777 | ||||||||||||||||||||||||||||
Thereafter | 1,988,573 | ||||||||||||||||||||||||||||
4,856,671 | |||||||||||||||||||||||||||||
Net unamortized premiums | 11,046 | ||||||||||||||||||||||||||||
$ | 4,867,717 | ||||||||||||||||||||||||||||
Of the $45,898 of scheduled principal payments in 2013, $18,633 represents scheduled principal amortization and $27,265 relates to the principal balance of one operating property loan secured by Columbia Place with a maturity date of September 2013. The servicer for the loan secured by Columbia Place is proceeding with foreclosure which the Company anticipates will occur by the first quarter of 2014. | |||||||||||||||||||||||||||||
The Company’s mortgage and other indebtedness had a weighted-average maturity of 4.0 years as of September 30, 2013 and 4.9 years as of December 31, 2012. | |||||||||||||||||||||||||||||
Interest Rate Hedge Instruments | |||||||||||||||||||||||||||||
The Company records its derivative instruments in its condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. | |||||||||||||||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. | |||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives are used to hedge the variable cash flows associated with variable-rate debt. | |||||||||||||||||||||||||||||
As of September 30, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||
Interest Rate | Number of | Notional | |||||||||||||||||||||||||||
Derivative | Instruments | Amount | |||||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||||||
Interest Rate Cap | 1 | $ | 122,750 | ||||||||||||||||||||||||||
Interest Rate Swaps | 4 | $ | 110,875 | ||||||||||||||||||||||||||
Instrument Type | Location in | Notional | Designated | Strike | Fair | Fair | Maturity | ||||||||||||||||||||||
Condensed | Amount | Benchmark | Rate | Value at | Value at | Date | |||||||||||||||||||||||
Consolidated | Outstanding | Interest Rate | 9/30/13 | 12/31/12 | |||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Cap | Intangible lease assets | $122,750 | 3-month | 5.00% | $ | — | $ | — | Jan-14 | ||||||||||||||||||||
and other assets | (amortizing | LIBOR | |||||||||||||||||||||||||||
to $122,375) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $53,599 | 1-month | 2.15% | $ | (2,111 | ) | $ | (2,775 | ) | Apr-16 | ||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $33,559 | 1-month | 2.19% | (1,351 | ) | (1,776 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $12,546 | 1-month | 2.14% | (492 | ) | (647 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $11,171 | 1-month | 2.24% | (463 | ) | (607 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||
$ | (4,417 | ) | $ | (5,805 | ) | ||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain (Loss) | Losses | Loss Recognized in | Gain | in Earnings | |||||||||||||||||||||||||
Recognized | Reclassified | Earnings (Effective | Recognized in | (Ineffective | |||||||||||||||||||||||||
in OCI/L | from AOCI into | Portion) | Earnings | Portion) | |||||||||||||||||||||||||
(Effective Portion) | Earnings | (Ineffective | |||||||||||||||||||||||||||
Hedging | Three Months | (Effective | Three Months | Portion) | Three Months | ||||||||||||||||||||||||
Instrument | Ended September 30, | Portion) | Ended September 30, | Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Interest rate contracts | $ | 117 | $ | (234 | ) | Interest | $ | (568 | ) | $ | (567 | ) | Interest | $ | — | $ | — | ||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain (Loss) | Losses | Loss Recognized in | Gain | in Earnings | |||||||||||||||||||||||||
Recognized | Reclassified | Earnings (Effective | Recognized in Earnings | (Ineffective | |||||||||||||||||||||||||
in OCI/L | from AOCI into Earnings(Effective Portion) | Portion) | (Ineffective Portion) | Portion) | |||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||
Hedging | Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Instrument | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Interest rate contracts | $ | 1,398 | $ | (715 | ) | Interest | $ | (1,687 | ) | $ | (1,696 | ) | Interest | $ | — | $ | — | ||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
As of September 30, 2013, the Company expects to reclassify approximately $2,149 of losses currently reported in AOCI to interest expense within the next twelve months due to amortization of its outstanding interest rate contracts. Fluctuations in fair values of these derivatives between September 30, 2013 and the respective dates of termination will vary the projected reclassification amount. |
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), before Tax [Abstract] | ' | |||||||||||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income of the Company | ||||||||||||||||||||||||||||
Comprehensive income of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. | ||||||||||||||||||||||||||||
The changes in the components of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | The Company | Noncontrolling Interests | ||||||||||||||||||||||||||
Noncontrolling | ||||||||||||||||||||||||||||
Interests | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||
Beginning balance, July 1, 2013 | $ | 372 | $ | 364 | $ | (2,974 | ) | $ | 10,829 | $ | (3,596 | ) | $ | 2,447 | $ | 7,442 | ||||||||||||
OCI before reclassifications | 12 | (26 | ) | 1,973 | (2,794 | ) | 233 | (462 | ) | (1,064 | ) | |||||||||||||||||
Amounts reclassified from AOCI | — | — | (568 | ) | — | — | — | (568 | ) | |||||||||||||||||||
Net current quarterly period OCI | 12 | (26 | ) | 1,405 | (2,794 | ) | 233 | (462 | ) | (1,632 | ) | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 338 | $ | (1,569 | ) | $ | 8,035 | $ | (3,363 | ) | $ | 1,985 | $ | 5,810 | ||||||||||||
Reclassifications out of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 568 | Interest Expense | |||||||||||||||||||||||||
The changes in the components of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | The Company | Noncontrolling Interests | ||||||||||||||||||||||||||
Noncontrolling | ||||||||||||||||||||||||||||
Interests | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 373 | $ | 353 | $ | (2,756 | ) | $ | 9,742 | $ | (3,563 | ) | $ | 2,263 | $ | 6,412 | ||||||||||||
OCI before reclassifications | 11 | (15 | ) | 2,874 | (1,707 | ) | 200 | (278 | ) | 1,085 | ||||||||||||||||||
Amounts reclassified from AOCI | — | — | (1,687 | ) | — | — | (1,687 | ) | ||||||||||||||||||||
Net year-to-date period OCI | 11 | (15 | ) | 1,187 | (1,707 | ) | 200 | (278 | ) | (602 | ) | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 338 | $ | (1,569 | ) | $ | 8,035 | $ | (3,363 | ) | $ | 1,985 | $ | 5,810 | ||||||||||||
Reclassifications out of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 1,687 | Interest Expense | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income of the Operating Partnership | ||||||||||||||||||||||||||||
Comprehensive income of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. | ||||||||||||||||||||||||||||
The changes in the components of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, July 1, 2013 | $ | 372 | $ | 365 | $ | (6,570 | ) | $ | 13,275 | $ | 7,442 | |||||||||||||||||
OCI before reclassifications | 12 | (26 | ) | 2,206 | (3,256 | ) | (1,064 | ) | ||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (568 | ) | — | (568 | ) | |||||||||||||||||||||
Net current quarterly period OCI | 12 | (26 | ) | 1,638 | (3,256 | ) | (1,632 | ) | ||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 339 | $ | (4,932 | ) | $ | 10,019 | $ | 5,810 | |||||||||||||||||
Reclassifications out of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 568 | Interest Expense | |||||||||||||||||||||||||
The changes in the components of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 373 | $ | 354 | $ | (6,319 | ) | $ | 12,004 | $ | 6,412 | |||||||||||||||||
OCI before reclassifications | 11 | (15 | ) | 3,074 | (1,985 | ) | 1,085 | |||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (1,687 | ) | — | (1,687 | ) | |||||||||||||||||||||
Net year-to-date period OCI | 11 | (15 | ) | 1,387 | (1,985 | ) | (602 | ) | ||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 339 | $ | (4,932 | ) | $ | 10,019 | $ | 5,810 | |||||||||||||||||
Reclassifications out of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 1,687 | Interest Expense | |||||||||||||||||||||||||
Mortgage_and_Other_Notes_Recei
Mortgage and Other Notes Receivable | 9 Months Ended |
Sep. 30, 2013 | |
Mortgage and Other Notes Receivable [Abstract] | ' |
Mortgage and Other Notes Receivable | ' |
Mortgage and Other Notes Receivable | |
Each of the Company’s mortgage notes receivable is collateralized by either a first mortgage, a second mortgage, or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government-sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. Interest rates on mortgage and other notes receivable ranged from 2.68% to 10.0%, with a weighted-average interest rate of 6.97% and 7.33% at September 30, 2013 and December 31, 2012, respectively. Maturities of these notes receivable range from May 2014 to January 2047. | |
In the second quarter of 2013, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $2,700 loan agreement with an affiliate of Horizon Group Properties, Inc. ("Horizon"), the Company's noncontrolling interest partner in The Outlet Shoppes at Atlanta. The note receivable bears interest of 7.0% through its maturity date in May 2015 and is secured by Horizon's interest in The Outlet Shoppes at Atlanta. | |
In the first quarter of 2013, Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, received $3,525 of the balance on its $6,581 note receivable with an entity that owns an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. | |
The Company believes that its mortgage and other notes receivable balance of $24,976 was fully collectible as of September 30, 2013. | |
Subsequent to September 30, 2013, the Company sold a parcel of land to a third party development company and received a promissory note in conjunction with the sale. See Note 16 for additional information. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
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 reportable segments is presented as follows, restated for discontinued operations in all periods presented: | |||||||||||||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 235,599 | $ | 9,930 | $ | 5,460 | $ | 6,560 | $ | 257,549 | |||||||||||
Property operating expenses (2) | (77,556 | ) | (2,519 | ) | (1,034 | ) | 6,740 | (74,369 | ) | ||||||||||||
Interest expense | (52,477 | ) | (2,032 | ) | (614 | ) | (1,218 | ) | (56,341 | ) | |||||||||||
Other expense | — | — | — | (6,371 | ) | (6,371 | ) | ||||||||||||||
Gain (loss) on sales of real estate assets | (3 | ) | — | 59 | 2 | 58 | |||||||||||||||
Segment profit | $ | 105,563 | $ | 5,379 | $ | 3,871 | $ | 5,713 | 120,526 | ||||||||||||
Depreciation and amortization expense | (68,941 | ) | |||||||||||||||||||
General and administrative expense | (10,160 | ) | |||||||||||||||||||
Interest and other income | 8,809 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2,270 | ||||||||||||||||||||
Income tax provision | (271 | ) | |||||||||||||||||||
Income from continuing operations | $ | 52,233 | |||||||||||||||||||
Capital expenditures (3) | $ | 52,963 | $ | 2,155 | $ | 2,438 | $ | 23,483 | $ | 81,039 | |||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-12 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 222,658 | $ | 10,102 | $ | 3,313 | $ | 13,113 | $ | 249,186 | |||||||||||
Property operating expenses (2) | (71,441 | ) | (2,516 | ) | (898 | ) | 4,025 | (70,830 | ) | ||||||||||||
Interest expense | (55,211 | ) | (2,075 | ) | (737 | ) | (3,745 | ) | (61,768 | ) | |||||||||||
Other expense | — | — | — | (5,871 | ) | (5,871 | ) | ||||||||||||||
Gain on sales of real estate assets | 1,132 | 202 | 36 | 289 | 1,659 | ||||||||||||||||
Segment profit | $ | 97,138 | $ | 5,713 | $ | 1,714 | $ | 7,811 | 112,376 | ||||||||||||
Depreciation and amortization expense | (63,994 | ) | |||||||||||||||||||
General and administrative expense | (10,171 | ) | |||||||||||||||||||
Interest and other income | 822 | ||||||||||||||||||||
Gain on extinguishment of debt | 178 | ||||||||||||||||||||
Loss on impairment of real estate | (3,912 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2,062 | ||||||||||||||||||||
Income tax provision | (1,195 | ) | |||||||||||||||||||
Income from continuing operations | $ | 36,166 | |||||||||||||||||||
Capital expenditures (3) | $ | 39,118 | $ | 1,103 | $ | 1,772 | $ | 36,735 | $ | 78,728 | |||||||||||
Nine Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 706,555 | $ | 31,437 | $ | 13,345 | $ | 20,278 | $ | 771,615 | |||||||||||
Property operating expenses (2) | (231,302 | ) | (7,701 | ) | (2,451 | ) | 23,065 | (218,389 | ) | ||||||||||||
Interest expense | (160,603 | ) | (6,125 | ) | (1,735 | ) | (4,911 | ) | (173,374 | ) | |||||||||||
Other expense | — | — | — | (21,217 | ) | (21,217 | ) | ||||||||||||||
Gain on sales of real estate assets | 345 | — | 59 | 654 | 1,058 | ||||||||||||||||
Segment profit | $ | 314,995 | $ | 17,611 | $ | 9,218 | $ | 17,869 | 359,693 | ||||||||||||
Depreciation and amortization expense | (206,115 | ) | |||||||||||||||||||
General and administrative expense | (36,459 | ) | |||||||||||||||||||
Interest and other income | 10,197 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 7,618 | ||||||||||||||||||||
Loss on impairment | (21,038 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Income tax provision | (854 | ) | |||||||||||||||||||
Income from continuing operations | $ | 106,334 | |||||||||||||||||||
Total assets | $ | 6,198,268 | $ | 277,195 | $ | 235,647 | $ | 155,555 | $ | 6,866,665 | |||||||||||
Capital expenditures (3) | $ | 155,130 | $ | 9,621 | $ | 5,036 | $ | 107,859 | $ | 277,646 | |||||||||||
Nine Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-12 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 657,146 | $ | 29,839 | $ | 9,539 | $ | 36,071 | $ | 732,595 | |||||||||||
Property operating expenses (2) | (213,219 | ) | (7,364 | ) | (2,487 | ) | 14,056 | (209,014 | ) | ||||||||||||
Interest expense | (160,853 | ) | (6,383 | ) | (2,257 | ) | (12,100 | ) | (181,593 | ) | |||||||||||
Other expense | — | — | — | (19,188 | ) | (19,188 | ) | ||||||||||||||
Gain on sales of real estate assets | 1,132 | 202 | 133 | 286 | 1,753 | ||||||||||||||||
Segment profit | $ | 284,206 | $ | 16,294 | $ | 4,928 | $ | 19,125 | 324,553 | ||||||||||||
Depreciation and amortization expense | (188,606 | ) | |||||||||||||||||||
General and administrative expense | (35,964 | ) | |||||||||||||||||||
Interest and other income | 3,192 | ||||||||||||||||||||
Gain on extinguishment of debt | 178 | ||||||||||||||||||||
Loss on impairment of real estate | (3,912 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 5,401 | ||||||||||||||||||||
Income tax provision | (1,234 | ) | |||||||||||||||||||
Income from continuing operations | $ | 103,608 | |||||||||||||||||||
Total assets | $ | 6,226,745 | $ | 303,534 | $ | 240,724 | $ | 119,313 | $ | 6,890,316 | |||||||||||
Capital expenditures (3) | $ | 160,390 | $ | 4,583 | $ | 12,478 | $ | 55,321 | $ | 232,772 | |||||||||||
(1) The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Company’s subsidiary that provides security and maintenance services. | |||||||||||||||||||||
(2) Property operating expenses include property operating, real estate taxes and maintenance and repairs. | |||||||||||||||||||||
(3) Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
Equity_Notes
Equity (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||
Note 10 – Equity and Capital | ||||||||||||||||
At-The-Market Equity Program | ||||||||||||||||
On March 1, 2013, the Company entered into separate controlled equity offering sales agreements (collectively, the "Sales Agreements") with a number of sales agents to sell shares of the Company's common stock, having an aggregate offering price of up to $300,000, from time to time in "at-the-market" equity offerings (as defined in Rule 415 of the Securities Act of 1933, as amended) or in negotiated transactions (the "ATM program"). In accordance with the Sales Agreements, the Company will set the parameters for the sales of shares, including the number of shares to be issued, the time period during which sales are to be made and any minimum price below which sales may not be made. The Sales Agreements provide that the sales agents will be entitled to compensation for their services at a mutually agreed commission rate not to exceed 2.0% of the gross proceeds from the sales of shares sold through the ATM program. For each share of common stock issued by the Company, the Operating Partnership issues a corresponding number of common units of limited partnership interest to the Company in exchange for the contribution of the proceeds from the stock issuance. The Company includes only share issuances that have settled in the calculation of shares outstanding at the end of each period. The following table summarizes issuances of common stock sold through the ATM program since inception through September 30, 2013: | ||||||||||||||||
Number of Shares | Gross | Net | Weighted-average | |||||||||||||
Settled | Proceeds | Proceeds | Sales Price | |||||||||||||
2013:00:00 | ||||||||||||||||
First quarter | 1,889,105 | $ | 44,459 | $ | 43,904 | $ | 23.53 | |||||||||
Second quarter | 6,530,193 | 167,034 | 165,692 | 25.58 | ||||||||||||
Third quarter | — | — | — | — | ||||||||||||
Total | 8,419,298 | $ | 211,493 | $ | 209,596 | $ | 25.12 | |||||||||
The proceeds from these sales were used to reduce the balances on the Company's lines of credit. Since the commencement of the ATM program, the Company has issued 8,419,298 shares of common stock and approximately $88,507 remains available that may be sold under this program. Actual future sales will depend on a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available under the ATM program. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share and Earnings per Unit | ||||||||||||
Earnings per Share of the Company | ||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. | ||||||||||||
The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator – basic | 169,906 | 158,689 | 166,048 | 152,721 | ||||||||
Stock options | — | — | — | 2 | ||||||||
Deemed shares related to deferred compensation arrangements | — | 42 | — | 42 | ||||||||
Denominator – diluted | 169,906 | 158,731 | 166,048 | 152,765 | ||||||||
There were no outstanding stock options in 2013. There were no anti-dilutive shares related to stock options for the three and nine month periods ended September 30, 2012. | ||||||||||||
Earnings per Unit of the Operating Partnership | ||||||||||||
Basic earnings per unit (“EPU”) is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. | ||||||||||||
The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator – basic | 199,451 | 190,195 | 195,594 | 190,182 | ||||||||
Stock options | — | — | — | 2 | ||||||||
Deemed units related to deferred compensation arrangements | — | 41 | — | 42 | ||||||||
Denominator – diluted | 199,451 | 190,236 | 195,594 | 190,226 | ||||||||
There were no outstanding stock options in 2013. There were no anti-dilutive units related to stock options for the three and nine month periods ended September 30, 2012. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Litigation | |
The Company is currently involved in certain litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. | |
On March 11, 2010, The Promenade D'Iberville, LLC (“TPD”), a subsidiary of the Company, filed a lawsuit in the Circuit Court of Harrison County, Mississippi (the "Mississippi Case"), against M. Hanna Construction Co., Inc. (“M Hanna”), Gallet & Associates, Inc., LA Ash, Inc., EMJ Corporation (“EMJ”) and JEA (f/k/a Jacksonville Electric Authority), seeking damages for alleged property damage and related damages occurring at a shopping center development in D'Iberville, Mississippi. EMJ filed an answer and counterclaim denying liability and seeking to recover from TPD the retainage of approximately $327 allegedly owed under the construction contract. Kohl's Department Stores, Inc. (“Kohl's”) was granted permission to intervene in the Mississippi Case and, on April 13, 2011, filed a cross-claim against TPD alleging that TPD is liable to Kohl's for unspecified damages resulting from the actions of the defendants and for the failure to perform the obligations of TPD under a Site Development Agreement with Kohl's. Kohl's also made a claim against the Company based on the Company's guarantee of the performance of TPD under the Site Development Agreement. Although, based on information currently available, the Company believes the likelihood of an unfavorable outcome related to the claims made by EMJ and Kohl's against the Company in connection with the Mississippi case is remote, the Company is providing disclosure of this litigation due to the related party relationship between the Company and EMJ described below. In August 2013, TPD received a partial settlement of $8,240 from certain of the defendants in the Mississippi Case described above. Litigation continues with other defendants in the matter. | |
TPD also has filed claims under several insurance policies in connection with this matter, and there are three pending lawsuits relating to insurance coverage. On October 8, 2010, First Mercury Insurance Company (“First Mercury”) filed an action in the United States District Court for the Eastern District of Texas against M Hanna and TPD seeking a declaratory judgment concerning coverage under a liability insurance policy issued by First Mercury to M Hanna. That case was dismissed for lack of federal jurisdiction and refiled in Texas state court. On June 13, 2011, TPD filed an action in the Chancery Court of Hamilton County, Tennessee (the "Tennessee Case") against National Union Fire Insurance Company of Pittsburgh, PA (“National Union”) and EMJ seeking a declaratory judgment regarding coverage under a liability insurance policy issued by National Union to EMJ and recovery of damages arising out of National Union's breach of its obligations. In March 2012, Zurich American and Zurich American of Illinois, which also have issued liability insurance policies to EMJ, intervened in the Tennessee Case and the case was set for trial on October 29, 2013 but, currently, the trial date has been extended while the parties attempt to mediate the case. On February 14, 2012, TPD filed claims in the United States District Court for the Southern District of Mississippi against Factory Mutual Insurance Company and Federal Insurance Company seeking a declaratory judgment concerning coverage under certain builders risk and property insurance policies issued by those respective insurers to the Company. | |
Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively have a significant non-controlling interest in EMJ, a major national construction company that the Company engaged to build a substantial number of the Company's properties. EMJ is one of the defendants in the Mississippi Case and in the Tennessee Case described above. | |
Environmental Contingencies | |
The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2022 for certain environmental claims up to $10,000 per occurrence and up to$50,000 in the aggregate, subject to deductibles and certain exclusions. | |
Other Contingencies | |
In September 2013, the Company redeemed all outstanding perpetual PJV units of its joint venture, CW Joint Venture, LLC ("CWJV") with Westfield using borrowings from the Company's lines of credit. The PJV units, originally issued in 2007 as part of the acquisition of four malls in St. Louis, MO by CWJV, were redeemed for $412,986, which consisted of $408,577 for the PJV units and $4,409 for accrued and unpaid preferred returns. In accordance with the joint venture agreement, the redemption amount represented a $10,000 reduction to the preferred liquidation value of the PJV units of $418,577. The $10,000 reduction has been recorded as an increase in additional paid-in capital of the Company and as an increase to partners' capital of the Operating Partnership. | |
Prior to the September 2013 redemption, the terms of the joint venture agreement required that CWJV pay an annual preferred distribution at a rate of 5.0% on the preferred liquidation value of the PJV units of CWJV that were held by Westfield. Westfield had the right to have all or a portion of the PJV units redeemed by CWJV with either cash or property owned by CWJV, in each case for a net equity amount equal to the preferred liquidation value of the PJV units. At any time after January 1, 2013, Westfield could propose that CWJV acquire certain qualifying property that would be used to redeem the PJV units at their preferred liquidation value. If CWJV did not redeem the PJV units with such qualifying property, then the annual preferred distribution rate on the PJV units would increase to 9.0% beginning July 1, 2013. The Company had the right, but not the obligation, to offer to redeem the PJV units from January 31, 2013 through January 31, 2015 at their preferred liquidation value, plus accrued and unpaid distributions. The Company amended the joint venture agreement with Westfield in September 2012 to provide that, if the Company exercised its right to offer to redeem the PJV units on or before August 1, 2013, then the preferred liquidation value would be reduced by $10,000 so long as Westfield did not reject the offer and the redemption closed on or before September 30, 2013. | |
Guarantees | |
The Company may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Company’s investment in the joint venture. The Company may receive a fee from the joint venture for providing the guaranty. Additionally, when the Company issues a guaranty, the terms of the joint venture agreement typically provide that the Company may receive indemnification from the joint venture partner or have the ability to increase its ownership interest. | |
The Company owned a parcel of land in Lee’s Summit, MO that it ground leased to a third party development company. The third party developed and operates a shopping center on the land parcel. The Company guaranteed 27% of the third party’s construction loan and bond line of credit (the “loans”) of which the maximum guaranteed amount, representing 27% of capacity, is approximately $14,931. The total amount outstanding at September 30, 2013 on the loans was $49,817 of which the Company had guaranteed $13,451. The Company included an obligation of $192 as of September 30, 2013 and December 31, 2012 in the accompanying condensed consolidated balance sheets to reflect the estimated fair value of the guaranty. In the third quarter of 2013, the loan was extended to October 2013. Subsequent to September 30, 2013, the Company was released from its guarantee upon the sale of the land parcel to the third party and the termination of the related ground lease. | |
The Company has guaranteed 100% of the construction and land loans of West Melbourne I, LLC (“West Melbourne”), an unconsolidated affiliate in which the Company owns a 50% interest, of which the maximum guaranteed amount is $43,575. West Melbourne developed and operates Hammock Landing, a community center in West Melbourne, FL. The total amount outstanding on the loans at September 30, 2013 was $43,575. The guaranty will expire upon repayment of the debt. The land loan, and the construction loan, representing $2,675 and $40,900, respectively, of the amount outstanding at September 30, 2013, mature in November 2013. The construction loan has a one-year extension option available. The Company included an obligation of $478 in the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 to reflect the estimated fair value of this guaranty. | |
The Company has guaranteed 100% of the construction loan of Port Orange I, LLC ("Port Orange"), an unconsolidated affiliate in which the Company owns a 50% interest, of which the maximum guaranteed amount is $62,514. Port Orange developed and operates The Pavilion at Port Orange, a community center in Port Orange, FL. The total amount outstanding at September 30, 2013 on the loan was $62,514. The guaranty will expire upon repayment of the debt. The loan matures in March 2014 and has a one-year extension option available. The Company included an obligation of $961 in the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 to reflect the estimated fair value of this guaranty. | |
The Company has guaranteed the lease performance of York Town Center, LP ("YTC"), an unconsolidated affiliate in which the Company owns a 50% interest, under the terms of an agreement with a third party that owns property as part of York Town Center. Under the terms of that agreement, YTC is obligated to cause performance of the third party’s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord’s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC’s performance under this agreement up to a maximum of $22,000, which decreases by $800 annually until the guaranteed amount is reduced to $10,000. The guaranty expires on December 31, 2020. The maximum guaranteed obligation was $17,200 as of September 30, 2013. The Company entered into an agreement with its joint venture partner under which the joint venture partner has agreed to reimburse the Company 50% of any amounts it is obligated to fund under the guaranty. The Company did not include an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of September 30, 2013 and December 31, 2012. | |
The Company has guaranteed 100% of a term loan for JG Gulf Coast Town Center LLC ("Gulf Coast"), an unconsolidated affiliate in which the Company owns a 50% interest, of which the maximum guaranteed amount is $6,395. The loan is for the third phase expansion of Gulf Coast Town Center, a shopping center located in Ft. Myers, FL. The total amount outstanding at September 30, 2013 on the loan was $6,395. The guaranty will expire upon repayment of the debt. The loan matures in July 2015. The Company did not include an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of September 30, 2013 and December 31, 2012. | |
In March 2013, the Company guaranteed 100% of a construction loan for Fremaux, an unconsolidated affiliate in which the Company owns a 65% interest, of which the maximum guaranteed amount is $46,000. The loan is for the development of Fremaux Town Center, a community center located in Slidell, LA. The total amount outstanding at September 30, 2013 on the loan was $11,364. The guaranty will expire upon repayment of the debt. The loan matures in March 2016 and has two one-year extension options for an outside maturity date of March 2018. The Company received a 1% fee for this guaranty when the loan was issued in March 2013 and has included an obligation of $460 in the accompanying condensed consolidated balance sheet as of September 30, 2013 to reflect the estimated fair value of this guaranty. | |
See Note 16 for subsequent events which reduced the guarantees on West Melbourne and Port Orange, extended the construction and land loans for West Melbourne, and removed the Lee's Summit guarantee. | |
Performance Bonds | |
The Company has issued various bonds that it would have to satisfy in the event of non-performance. The total amount outstanding on these bonds was $23,501 and $29,211 at September 30, 2013 and December 31, 2012, respectively. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Share-Based Compensation | ' | ||||||
Share-Based Compensation | |||||||
As of September 30, 2013, there were two share-based compensation plans under which the Company has outstanding awards, the 2012 Plan and the 1993 Plan, as defined below. The Company can elect to make new awards under one of these plans, the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan"), which was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. The Company did not issue any new awards under the CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan ("the 1993 Plan"), which was approved by the Company's shareholders in May 2003, between the adoption of the 2012 Plan to replace the 1993 Plan in May 2012 and the termination of the 1993 Plan (as to new awards) on May 5, 2013. As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expense associated with the Company's share-based compensation plans. | |||||||
Share-based compensation expense was $418 and $467 for the three months ended September 30, 2013 and 2012, respectively, and $2,296 and $1,974 for the nine months ended September 30, 2013 and 2012, respectively. Share-based compensation cost capitalized as part of real estate assets was $54 and $45 for the three months ended September 30, 2013 and 2012, respectively, and $159 and $96 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
A summary of the status of the Company’s stock awards as of September 30, 2013, and changes during the nine months ended September 30, 2013, is presented below: | |||||||
Shares | Weighted | ||||||
Average | |||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2013 | 346,860 | $ | 17.06 | ||||
Granted | 210,650 | $ | 21.91 | ||||
Vested | (209,270 | ) | $ | 18.41 | |||
Forfeited | (9,870 | ) | $ | 18.32 | |||
Nonvested at September 30, 2013 | 338,370 | $ | 19.2 | ||||
As of September 30, 2013, there was $5,468 of total unrecognized compensation cost related to nonvested stock awards granted under the plans, which is expected to be recognized over a weighted-average period of 3.7 years. |
Noncash_Investing_and_Financin
Noncash Investing and Financing Activities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Noncash Investing and Financing Activities | ' | |||||||
Noncash Investing and Financing Activities | ||||||||
The Company’s noncash investing and financing activities were as follows for the nine months ended September 30, 2013 and 2012: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accrued dividends and distributions payable | $ | 47,546 | $ | 43,547 | ||||
Additions to real estate assets accrued but not yet paid | 30,517 | 24,300 | ||||||
Trade-in allowance - aircraft | 2,800 | — | ||||||
Debt assumed to acquire real estate assets, including premiums | — | 177,296 | ||||||
Additions to real estate assets from conversion of notes receivable | — | 4,522 | ||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. | |
As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $674 and $901 during the three months ended September 30, 2013 and 2012, respectively and $2,680 and $2,330 during the nine months ended September 30, 2013 and 2012, respectively. | |
The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance resulting from changes in circumstances that may affect the realizability of the related deferred tax asset is included in income or expense, as applicable. | |
The Company recorded an income tax provision of $271 and $1,195 for the three months ended September 30, 2013 and 2012, respectively. The income tax provision in 2013 consisted of a current tax provision of $428 and deferred tax benefit of $157. The income tax provision in 2012 consisted of a current tax benefit of $171 and a deferred tax provision of $1,366. | |
The Company recorded an income tax provision of $854 and $1,234 for the nine months ended September 30, 2013 and 2012, respectively. The income tax provision in 2013 consisted of a current tax benefit of $812 and deferred tax provision of $1,666. The income tax provision in 2012 consisted of a current tax benefit of $2,447 and deferred tax provision of $3,681. | |
The Company had a net deferred tax asset of $5,753 and $6,607 at September 30, 2013 and December 31, 2012, respectively. The net deferred tax asset at September 30, 2013 and December 31, 2012 is included in intangible lease assets and other assets and primarily consisted of operating expense accruals and differences between book and tax depreciation. | |
The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its condensed consolidated statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company reported nominal interest and penalty amounts for the nine month periods ended September 30, 2013 and 2012, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
As noted in Note 12, the Company owned a parcel of land in Lee's Summit, MO that it ground leased to a third party development company that developed and operates a shopping center on the land parcel. The Company had guaranteed 27% of the third party’s loans of which the maximum guaranteed amount, representing 27% of capacity, was approximately $14,931. In November 2013, the Company sold the land parcel to the third party development company for $22,430. The Company received $15,000 in cash and a promissory note of $7,430 from the third party development company's parent. The note receivable bears interest of 5% and fully amortizes through its maturity date in November 2023. In conjunction with the land sale, the Company's ground lease with the third party development company terminated and the Company was released from its 27% guaranty. | |
In November 2013, the construction and land loans on West Melbourne were extended to December 2013. | |
In October 2013, the guarantees of the debt encumbering West Melbourne and Port Orange were each reduced from 100% to 25%. | |
In October 2013, Atlanta Outlet Shoppes, LLC closed on an $80,000 ten-year non-recourse mortgage loan secured by The Outlet Shoppes at Atlanta. The loan bears interest at a fixed rate of 4.9%. Proceeds from the loan were used to repay a $53,080 recourse construction loan. The construction loan had a principal balance of $49,641 as of September 30, 2013. The Company's share of the remaining excess proceeds were used to reduce outstanding balances on the Company's credit facilities. | |
The Company has evaluated subsequent events through the date of issuance of these financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||
The following tables set forth information regarding the Company’s financial instruments that are measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||||
30-Sep-13 | Active Markets for | Other | Unobservable | ||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||
(Level 2) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | $ | 14,556 | $ | 14,556 | $ | — | $ | — | |||||||||||
Interest rate cap | — | — | — | — | |||||||||||||||
Liabilities: | |||||||||||||||||||
Interest rate swaps | $ | 4,417 | $ | — | $ | 4,417 | $ | — | |||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | ||||||||||||||||
31-Dec-12 | Active Markets for | Other | Unobservable | ||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||
(Level 2) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | $ | 27,679 | $ | 16,556 | $ | — | $ | 11,123 | |||||||||||
Privately-held debt and equity securities | 2,475 | — | — | 2,475 | |||||||||||||||
Interest rate cap | — | — | — | — | |||||||||||||||
Liabilities: | |||||||||||||||||||
Interest rate swaps | $ | 5,805 | $ | — | $ | 5,805 | $ | — | |||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||
A reconciliation of Citadel Mall's carrying value for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||||
Citadel Mall | |||||||||||||||||||
Beginning carrying value, January 1, 2013 | $ | 45,178 | |||||||||||||||||
Capital expenditures | 266 | ||||||||||||||||||
Depreciation expense | (1,226 | ) | |||||||||||||||||
Loss on impairment of real estate | (20,453 | ) | |||||||||||||||||
Ending carrying value, September 30, 2013 | $ | 23,765 | |||||||||||||||||
Fair Value Measurements of Assets and Liabilities | ' | ||||||||||||||||||
The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value | Quoted Prices | Significant Other | Significant | Total | |||||||||||||||
at | in Active | Observable Inputs | Unobservable Inputs | Loss | |||||||||||||||
30-Jun-13 | Markets for | (Level 2) | (Level 3) | ||||||||||||||||
Identical Assets | |||||||||||||||||||
(Level 1) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Long-lived assets | $ | 23,900 | $ | — | $ | — | $ | 23,900 | $ | 20,453 | |||||||||
Summary of Equity Securities | ' | ||||||||||||||||||
The following is a summary of the available-for-sale securities held by the Company as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Gross Unrealized | |||||||||||||||||||
Adjusted | Gains | Losses | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||||
September 30, 2013: | |||||||||||||||||||
Common stocks | $ | 4,195 | $ | 10,361 | $ | — | $ | 14,556 | |||||||||||
Gross Unrealized | |||||||||||||||||||
Adjusted | Gains | Losses | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||||
December 31, 2012: | |||||||||||||||||||
Common stocks | $ | 4,195 | $ | 12,361 | $ | — | $ | 16,556 | |||||||||||
Government and government-sponsored entities | 11,123 | — | — | 11,123 | |||||||||||||||
$ | 15,318 | $ | 12,361 | $ | — | $ | 27,679 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||
The following table provides a reconciliation of changes between the beginning and ending balances of the Jinsheng note (Level 3): | |||||||||||||||||||
Nine Months Ended | Year Ended | ||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||
Privately-held debt and equity securities (Level 3): | |||||||||||||||||||
Balance, beginning of period | $ | 2,475 | $ | 2,475 | |||||||||||||||
Net settlement | (4,875 | ) | — | ||||||||||||||||
Realized gain recorded in earnings | 2,400 | — | |||||||||||||||||
Balance, end of period | $ | — | $ | 2,475 | |||||||||||||||
The following table provides a reconciliation of changes between the beginning and ending balances of the TIF bonds (Level 3): | |||||||||||||||||||
Nine Months Ended | Year Ended | ||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||
Available-for-sale securities (Level 3): | |||||||||||||||||||
Balance, beginning of period | $ | 11,123 | $ | 11,829 | |||||||||||||||
Redemption of TIF bonds | (11,002 | ) | — | ||||||||||||||||
Reclassification adjustment AOCI | — | 1,542 | |||||||||||||||||
Transfer out of Level 3 (1) | (121 | ) | (2,248 | ) | |||||||||||||||
Balance, end of period | $ | — | $ | 11,123 | |||||||||||||||
-1 | The TIF bonds were adjusted to their net realizable value as of December 31, 2012 and were redeemed in January 2013. The difference in estimate was recorded as a transfer to real estate assets. |
Acquisitions_and_Discontinued_1
Acquisitions and Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||||
The following is a summary of the Company's dispositions since January 1, 2012: | |||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | (Loss) | |||||||||||||
Aug-13 | Georgia Square & Georgia Square Plaza, Panama City Mall & The Shoppes at Panama City, RiverGate Mall and Village at RiverGate (1) | Mall & Associated Center | Athens, GA | $176,000 | $ | 171,977 | $ | — | |||||||||||
Panama City, FL | |||||||||||||||||||
Nashville, TN | |||||||||||||||||||
Mar-13 | 1500 Sunday Drive | Office Building | Raleigh, NC | 8,300 | 7,862 | (549 | ) | ||||||||||||
Mar-13 | Peninsula I & II | Office Building | Newport News, VA | 5,250 | 5,121 | 598 | |||||||||||||
Jan-13 | Lake Point & SunTrust (2) | Office Building | Greensboro, NC | 30,875 | 30,490 | 823 | |||||||||||||
Dec-08 | 706 & 708 Green Valley Road (3) | Office Building | Greensboro, NC | 281 | |||||||||||||||
Various (4) | 9 | ||||||||||||||||||
2013 Activity | $ | 220,425 | $ | 215,450 | $ | 1,162 | |||||||||||||
Dec-12 | Willowbrook Plaza (5) | Community Center | Houston, TX | $ | 24,450 | $ | 24,171 | $ | — | ||||||||||
Oct-12 | Towne Mall (6) | Mall | Franklin, OH | 950 | 892 | — | |||||||||||||
Oct-12 | Hickory Hollow Mall (7) | Mall | Antioch, TN | 1,000 | 966 | — | |||||||||||||
Jul-12 | Massard Crossing | Community Center | Fort Smith, AR | 7,803 | 7,432 | 98 | |||||||||||||
Mar-12 | Settlers Ridge - Phase II | Community Center | Robinson Township, PA | 19,144 | 18,951 | 858 | |||||||||||||
Jan-12 | Oak Hollow Square (8) | Community Center | High Point, NC | 14,247 | 13,796 | (1 | ) | ||||||||||||
Nov-11 | Westridge Square (4) | Community Center | Greensboro, NC | 28 | |||||||||||||||
2012 Activity | $ | 67,594 | $ | 66,208 | $ | 983 | |||||||||||||
(1) Net loss on impairment of $5,234 recorded in the third quarter of 2013 to write down the book value of six properties sold in a portfolio sale to the net sales price. | |||||||||||||||||||
(2) Classified as held for sale as of December 31, 2012. | |||||||||||||||||||
(3) Recognition of gain deferred in December 2008 until subsequent repayment of notes receivable. | |||||||||||||||||||
(4) Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts. | |||||||||||||||||||
(5) Loss on impairment of $17,743 recorded in the third quarter of 2012 to write down the book value of this property to its then estimated fair value. | |||||||||||||||||||
(6) Loss on impairment of $419 recorded in the third quarter of 2012 to write down the book value of this property to expected sales price. | |||||||||||||||||||
(7) Loss on impairment of $8,047 recorded in the third quarter of 2012 to write down the book value of this property to expected sales price. | |||||||||||||||||||
(8) Loss on impairment of $255 recorded in the first quarter of 2012 related to the true-up of certain estimated amounts to actual amounts. |
Unconsolidated_Affiliates_Nonc1
Unconsolidated Affiliates, Noncontrolling Interests and Cost Method Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments Accounted for using the Equity method of Accounting | ' | |||||||||||||||
At September 30, 2013, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting: | ||||||||||||||||
Joint Venture | Property Name | Company's | ||||||||||||||
Interest | ||||||||||||||||
CBL/T-C, LLC | CoolSprings Galleria, Oak Park Mall, West County Center | 60.30% | ||||||||||||||
and Pearland Town Center | ||||||||||||||||
CBL-TRS Joint Venture, LLC | Friendly Center, The Shops at Friendly Center and a portfolio | 50.00% | ||||||||||||||
of four office buildings | ||||||||||||||||
CBL-TRS Joint Venture II, LLC | Renaissance Center | 50.00% | ||||||||||||||
El Paso Outlet Outparcels, LLC | The Outlet Shoppes at El Paso (vacant land) | 50.00% | ||||||||||||||
Fremaux Town Center JV, LLC | Fremaux Town Center | 65.00% | ||||||||||||||
Governor’s Square IB | Governor’s Plaza | 50.00% | ||||||||||||||
Governor’s Square Company | Governor’s Square | 47.50% | ||||||||||||||
High Pointe Commons, LP | High Pointe Commons | 50.00% | ||||||||||||||
High Pointe Commons II-HAP, LP | High Pointe Commons - Christmas Tree Shop | 50.00% | ||||||||||||||
JG Gulf Coast Town Center LLC | Gulf Coast Town Center | 50.00% | ||||||||||||||
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50.00% | ||||||||||||||
Mall of South Carolina L.P. | Coastal Grand—Myrtle Beach | 50.00% | ||||||||||||||
Mall of South Carolina Outparcel L.P. | Coastal Grand—Myrtle Beach (Coastal Grand Crossing | 50.00% | ||||||||||||||
and vacant land) | ||||||||||||||||
Port Orange I, LLC | The Pavilion at Port Orange Phase I and one office building | 50.00% | ||||||||||||||
Triangle Town Member LLC | Triangle Town Center, Triangle Town Commons | 50.00% | ||||||||||||||
and Triangle Town Place | ||||||||||||||||
West Melbourne I, LLC | Hammock Landing Phases I and II | 50.00% | ||||||||||||||
York Town Center, LP | York Town Center | 50.00% | ||||||||||||||
Condensed combined financial statement information - unconsolidated affiliates | ' | |||||||||||||||
Condensed combined financial statement information of these unconsolidated affiliates is as follows: | ||||||||||||||||
As of | ||||||||||||||||
ASSETS | September 30, | December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||||
Investment in real estate assets | $ | 2,154,361 | $ | 2,143,187 | ||||||||||||
Accumulated depreciation | (538,700 | ) | (492,864 | ) | ||||||||||||
1,615,661 | 1,650,323 | |||||||||||||||
Developments in progress | 90,451 | 21,809 | ||||||||||||||
Net investment in real estate assets | 1,706,112 | 1,672,132 | ||||||||||||||
Other assets | 174,744 | 175,540 | ||||||||||||||
Total assets | $ | 1,880,856 | $ | 1,847,672 | ||||||||||||
LIABILITIES | ||||||||||||||||
Mortgage and other indebtedness | $ | 1,456,282 | $ | 1,456,622 | ||||||||||||
Other liabilities | 55,404 | 48,538 | ||||||||||||||
Total liabilities | 1,511,686 | 1,505,160 | ||||||||||||||
OWNERS' EQUITY | ||||||||||||||||
The Company | 215,556 | 196,694 | ||||||||||||||
Other investors | 153,614 | 145,818 | ||||||||||||||
Total owners' equity | 369,170 | 342,512 | ||||||||||||||
Total liabilities and owners' equity | $ | 1,880,856 | $ | 1,847,672 | ||||||||||||
Total for the Three Months | Company's Share for the Three | |||||||||||||||
Ended September 30, | Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 59,348 | $ | 61,821 | $ | 30,556 | $ | 32,803 | ||||||||
Depreciation and amortization | (18,889 | ) | (20,423 | ) | (9,877 | ) | (10,828 | ) | ||||||||
Interest expense | (19,150 | ) | (21,002 | ) | (9,840 | ) | (11,022 | ) | ||||||||
Other operating expenses | (17,705 | ) | (18,742 | ) | (8,580 | ) | (9,527 | ) | ||||||||
Gain on sales of real estate assets | 21 | 1,271 | 11 | 636 | ||||||||||||
Net income | $ | 3,625 | $ | 2,925 | $ | 2,270 | $ | 2,062 | ||||||||
Total for the Nine Months | Company's Share for the Nine | |||||||||||||||
Ended September 30, | Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 180,091 | $ | 186,320 | $ | 93,002 | $ | 99,190 | ||||||||
Depreciation and amortization | (57,158 | ) | (61,907 | ) | (29,748 | ) | (32,877 | ) | ||||||||
Interest expense | (57,861 | ) | (63,199 | ) | (29,677 | ) | (33,289 | ) | ||||||||
Other operating expenses | (53,223 | ) | (55,765 | ) | (25,970 | ) | (28,474 | ) | ||||||||
Gain on sales of real estate assets | 21 | 1,701 | 11 | 851 | ||||||||||||
Net income | $ | 11,870 | $ | 7,150 | $ | 7,618 | $ | 5,401 | ||||||||
Redeemable non-controlling preferred joint venture interest | ' | |||||||||||||||
Activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units is as follows: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning Balance | $ | 423,834 | $ | 423,834 | ||||||||||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 14,637 | 15,486 | ||||||||||||||
Distributions to redeemable noncontrolling preferred joint venture interest | (19,894 | ) | (15,486 | ) | ||||||||||||
Reduction to preferred liquidation value of PJV units | (10,000 | ) | — | |||||||||||||
Redemption of noncontrolling preferred joint venture interest | (408,577 | ) | — | |||||||||||||
Ending Balance | $ | — | $ | 423,834 | ||||||||||||
Mortgage_and_Other_Indebtednes1
Mortgage and Other Indebtedness (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of mortgage and other indebtedness | ' | ||||||||||||||||||||||||||||
Mortgage and other indebtedness consisted of the following: | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Amount | Weighted- | Amount | Weighted- | ||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,498,825 | 5.56% | $ | 3,776,245 | 5.42% | |||||||||||||||||||||||
Financing method obligation (3) | 18,264 | 8.00% | 18,264 | 8.00% | |||||||||||||||||||||||||
Total fixed-rate debt | 3,517,089 | 5.57% | 3,794,509 | 5.43% | |||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||
Non-recourse term loans on operating properties | 134,119 | 3.16% | 123,875 | 3.36% | |||||||||||||||||||||||||
Recourse term loans on operating properties | 51,960 | 1.89% | 97,682 | 1.78% | |||||||||||||||||||||||||
Construction loans | 49,641 | 2.93% | 15,366 | 2.96% | |||||||||||||||||||||||||
Unsecured lines of credit | 664,908 | 1.58% | 475,626 | 2.07% | |||||||||||||||||||||||||
Secured line of credit (4) | — | —% | 10,625 | 2.46% | |||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.72% | 228,000 | 1.82% | |||||||||||||||||||||||||
Total variable-rate debt | 1,350,628 | 1.85% | 951,174 | 2.20% | |||||||||||||||||||||||||
Total | $ | 4,867,717 | 4.54% | $ | 4,745,683 | 4.79% | |||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||
-2 | The Company has four interest rate swaps on notional amounts totaling $110,875 as of September 30, 2013 and $113,885 as of December 31, 2012 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||
-3 | This amount represents the noncontrolling partner's equity contribution related to Pearland Town Center that is accounted for as a financing due to certain terms of the CBL/T-C, LLC joint venture agreement. | ||||||||||||||||||||||||||||
-4 | The Company converted its secured line of credit to unsecured in February 2013. | ||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following summarizes certain information about the Company's unsecured lines of credit as of September 30, 2013: | |||||||||||||||||||||||||||||
Maturity | Extended | ||||||||||||||||||||||||||||
Total | Total | Date | Maturity | ||||||||||||||||||||||||||
Capacity | Outstanding | Date | |||||||||||||||||||||||||||
Facility A | $ | 600,000 | $ | 509,525 | (1) | Nov-15 | Nov-16 | ||||||||||||||||||||||
First Tennessee | 100,000 | 31,000 | Feb-16 | N/A | |||||||||||||||||||||||||
Facility B | 600,000 | 124,383 | (2) | Nov-16 | Nov-17 | ||||||||||||||||||||||||
$ | 1,300,000 | $ | 664,908 | ||||||||||||||||||||||||||
(1) There was an additional $475 outstanding on this facility as of September 30, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | |||||||||||||||||||||||||||||
(2) There was an additional $617 outstanding on this facility as of September 30, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | |||||||||||||||||||||||||||||
Schedule of Covenant Compliance [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following presents the Company's compliance with key unsecured debt covenant compliance ratios as of September 30, 2013: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Debt to total asset value | < 60% | 52.70% | |||||||||||||||||||||||||||
Ratio of unencumbered asset value to unsecured indebtedness | > 1.60x | 2.43x | |||||||||||||||||||||||||||
Ratio of unencumbered NOI to unsecured interest expense | > 1.75x | 7.61x | |||||||||||||||||||||||||||
Ratio of EBITDA to fixed charges (debt service) | > 1.50x | 2.15x | |||||||||||||||||||||||||||
Schedule of principal repayments | ' | ||||||||||||||||||||||||||||
As of September 30, 2013, 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, including construction loans and lines of credit, are as follows: | |||||||||||||||||||||||||||||
2013 | $ | 45,898 | |||||||||||||||||||||||||||
2014 | 219,148 | ||||||||||||||||||||||||||||
2015 | 1,108,496 | ||||||||||||||||||||||||||||
2016 | 943,779 | ||||||||||||||||||||||||||||
2017 | 550,777 | ||||||||||||||||||||||||||||
Thereafter | 1,988,573 | ||||||||||||||||||||||||||||
4,856,671 | |||||||||||||||||||||||||||||
Net unamortized premiums | 11,046 | ||||||||||||||||||||||||||||
$ | 4,867,717 | ||||||||||||||||||||||||||||
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | ' | ||||||||||||||||||||||||||||
As of September 30, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||
Interest Rate | Number of | Notional | |||||||||||||||||||||||||||
Derivative | Instruments | Amount | |||||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||||||
Interest Rate Cap | 1 | $ | 122,750 | ||||||||||||||||||||||||||
Interest Rate Swaps | 4 | $ | 110,875 | ||||||||||||||||||||||||||
Schedule of pay fixed/receive variable swap | ' | ||||||||||||||||||||||||||||
Instrument Type | Location in | Notional | Designated | Strike | Fair | Fair | Maturity | ||||||||||||||||||||||
Condensed | Amount | Benchmark | Rate | Value at | Value at | Date | |||||||||||||||||||||||
Consolidated | Outstanding | Interest Rate | 9/30/13 | 12/31/12 | |||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Cap | Intangible lease assets | $122,750 | 3-month | 5.00% | $ | — | $ | — | Jan-14 | ||||||||||||||||||||
and other assets | (amortizing | LIBOR | |||||||||||||||||||||||||||
to $122,375) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $53,599 | 1-month | 2.15% | $ | (2,111 | ) | $ | (2,775 | ) | Apr-16 | ||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $33,559 | 1-month | 2.19% | (1,351 | ) | (1,776 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $12,546 | 1-month | 2.14% | (492 | ) | (647 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $11,171 | 1-month | 2.24% | (463 | ) | (607 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||
$ | (4,417 | ) | $ | (5,805 | ) | ||||||||||||||||||||||||
Schedule of gain (loss) recognized in other comprehensive income (loss) | ' | ||||||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain (Loss) | Losses | Loss Recognized in | Gain | in Earnings | |||||||||||||||||||||||||
Recognized | Reclassified | Earnings (Effective | Recognized in | (Ineffective | |||||||||||||||||||||||||
in OCI/L | from AOCI into | Portion) | Earnings | Portion) | |||||||||||||||||||||||||
(Effective Portion) | Earnings | (Ineffective | |||||||||||||||||||||||||||
Hedging | Three Months | (Effective | Three Months | Portion) | Three Months | ||||||||||||||||||||||||
Instrument | Ended September 30, | Portion) | Ended September 30, | Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Interest rate contracts | $ | 117 | $ | (234 | ) | Interest | $ | (568 | ) | $ | (567 | ) | Interest | $ | — | $ | — | ||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain (Loss) | Losses | Loss Recognized in | Gain | in Earnings | |||||||||||||||||||||||||
Recognized | Reclassified | Earnings (Effective | Recognized in Earnings | (Ineffective | |||||||||||||||||||||||||
in OCI/L | from AOCI into Earnings(Effective Portion) | Portion) | (Ineffective Portion) | Portion) | |||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||
Hedging | Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Instrument | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Interest rate contracts | $ | 1,398 | $ | (715 | ) | Interest | $ | (1,687 | ) | $ | (1,696 | ) | Interest | $ | — | $ | — | ||||||||||||
Expense | Expense |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Comprehensive income components [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||
The changes in the components of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | The Company | Noncontrolling Interests | ||||||||||||||||||||||||||
Noncontrolling | ||||||||||||||||||||||||||||
Interests | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||
Beginning balance, July 1, 2013 | $ | 372 | $ | 364 | $ | (2,974 | ) | $ | 10,829 | $ | (3,596 | ) | $ | 2,447 | $ | 7,442 | ||||||||||||
OCI before reclassifications | 12 | (26 | ) | 1,973 | (2,794 | ) | 233 | (462 | ) | (1,064 | ) | |||||||||||||||||
Amounts reclassified from AOCI | — | — | (568 | ) | — | — | — | (568 | ) | |||||||||||||||||||
Net current quarterly period OCI | 12 | (26 | ) | 1,405 | (2,794 | ) | 233 | (462 | ) | (1,632 | ) | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 338 | $ | (1,569 | ) | $ | 8,035 | $ | (3,363 | ) | $ | 1,985 | $ | 5,810 | ||||||||||||
The changes in the components of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, July 1, 2013 | $ | 372 | $ | 365 | $ | (6,570 | ) | $ | 13,275 | $ | 7,442 | |||||||||||||||||
OCI before reclassifications | 12 | (26 | ) | 2,206 | (3,256 | ) | (1,064 | ) | ||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (568 | ) | — | (568 | ) | |||||||||||||||||||||
Net current quarterly period OCI | 12 | (26 | ) | 1,638 | (3,256 | ) | (1,632 | ) | ||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 339 | $ | (4,932 | ) | $ | 10,019 | $ | 5,810 | |||||||||||||||||
The changes in the components of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | The Company | Noncontrolling Interests | ||||||||||||||||||||||||||
Noncontrolling | ||||||||||||||||||||||||||||
Interests | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 373 | $ | 353 | $ | (2,756 | ) | $ | 9,742 | $ | (3,563 | ) | $ | 2,263 | $ | 6,412 | ||||||||||||
OCI before reclassifications | 11 | (15 | ) | 2,874 | (1,707 | ) | 200 | (278 | ) | 1,085 | ||||||||||||||||||
Amounts reclassified from AOCI | — | — | (1,687 | ) | — | — | (1,687 | ) | ||||||||||||||||||||
Net year-to-date period OCI | 11 | (15 | ) | 1,187 | (1,707 | ) | 200 | (278 | ) | (602 | ) | |||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 338 | $ | (1,569 | ) | $ | 8,035 | $ | (3,363 | ) | $ | 1,985 | $ | 5,810 | ||||||||||||
The changes in the components of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 373 | $ | 354 | $ | (6,319 | ) | $ | 12,004 | $ | 6,412 | |||||||||||||||||
OCI before reclassifications | 11 | (15 | ) | 3,074 | (1,985 | ) | 1,085 | |||||||||||||||||||||
Amounts reclassified from AOCI | — | — | (1,687 | ) | — | (1,687 | ) | |||||||||||||||||||||
Net year-to-date period OCI | 11 | (15 | ) | 1,387 | (1,985 | ) | (602 | ) | ||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 384 | $ | 339 | $ | (4,932 | ) | $ | 10,019 | $ | 5,810 | |||||||||||||||||
Disclosure of Reclassification Amount [Text Block] | ' | |||||||||||||||||||||||||||
Reclassifications out of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 568 | Interest Expense | |||||||||||||||||||||||||
Reclassifications out of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 1,687 | Interest Expense | |||||||||||||||||||||||||
Reclassifications out of AOCI for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 568 | Interest Expense | |||||||||||||||||||||||||
Reclassifications out of AOCI for the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Amount | Location in Condensed Consolidated | |||||||||||||||||||||||||||
Reclassified | Statement of Operations | |||||||||||||||||||||||||||
from AOCI | ||||||||||||||||||||||||||||
Reclassification on cash flow hedges - interest rate contracts | $ | 1,687 | Interest Expense | |||||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Information on Reportable Segments | ' | ||||||||||||||||||||
Information on the Company’s reportable segments is presented as follows, restated for discontinued operations in all periods presented: | |||||||||||||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 235,599 | $ | 9,930 | $ | 5,460 | $ | 6,560 | $ | 257,549 | |||||||||||
Property operating expenses (2) | (77,556 | ) | (2,519 | ) | (1,034 | ) | 6,740 | (74,369 | ) | ||||||||||||
Interest expense | (52,477 | ) | (2,032 | ) | (614 | ) | (1,218 | ) | (56,341 | ) | |||||||||||
Other expense | — | — | — | (6,371 | ) | (6,371 | ) | ||||||||||||||
Gain (loss) on sales of real estate assets | (3 | ) | — | 59 | 2 | 58 | |||||||||||||||
Segment profit | $ | 105,563 | $ | 5,379 | $ | 3,871 | $ | 5,713 | 120,526 | ||||||||||||
Depreciation and amortization expense | (68,941 | ) | |||||||||||||||||||
General and administrative expense | (10,160 | ) | |||||||||||||||||||
Interest and other income | 8,809 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2,270 | ||||||||||||||||||||
Income tax provision | (271 | ) | |||||||||||||||||||
Income from continuing operations | $ | 52,233 | |||||||||||||||||||
Capital expenditures (3) | $ | 52,963 | $ | 2,155 | $ | 2,438 | $ | 23,483 | $ | 81,039 | |||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-12 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 222,658 | $ | 10,102 | $ | 3,313 | $ | 13,113 | $ | 249,186 | |||||||||||
Property operating expenses (2) | (71,441 | ) | (2,516 | ) | (898 | ) | 4,025 | (70,830 | ) | ||||||||||||
Interest expense | (55,211 | ) | (2,075 | ) | (737 | ) | (3,745 | ) | (61,768 | ) | |||||||||||
Other expense | — | — | — | (5,871 | ) | (5,871 | ) | ||||||||||||||
Gain on sales of real estate assets | 1,132 | 202 | 36 | 289 | 1,659 | ||||||||||||||||
Segment profit | $ | 97,138 | $ | 5,713 | $ | 1,714 | $ | 7,811 | 112,376 | ||||||||||||
Depreciation and amortization expense | (63,994 | ) | |||||||||||||||||||
General and administrative expense | (10,171 | ) | |||||||||||||||||||
Interest and other income | 822 | ||||||||||||||||||||
Gain on extinguishment of debt | 178 | ||||||||||||||||||||
Loss on impairment of real estate | (3,912 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2,062 | ||||||||||||||||||||
Income tax provision | (1,195 | ) | |||||||||||||||||||
Income from continuing operations | $ | 36,166 | |||||||||||||||||||
Capital expenditures (3) | $ | 39,118 | $ | 1,103 | $ | 1,772 | $ | 36,735 | $ | 78,728 | |||||||||||
Nine Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 706,555 | $ | 31,437 | $ | 13,345 | $ | 20,278 | $ | 771,615 | |||||||||||
Property operating expenses (2) | (231,302 | ) | (7,701 | ) | (2,451 | ) | 23,065 | (218,389 | ) | ||||||||||||
Interest expense | (160,603 | ) | (6,125 | ) | (1,735 | ) | (4,911 | ) | (173,374 | ) | |||||||||||
Other expense | — | — | — | (21,217 | ) | (21,217 | ) | ||||||||||||||
Gain on sales of real estate assets | 345 | — | 59 | 654 | 1,058 | ||||||||||||||||
Segment profit | $ | 314,995 | $ | 17,611 | $ | 9,218 | $ | 17,869 | 359,693 | ||||||||||||
Depreciation and amortization expense | (206,115 | ) | |||||||||||||||||||
General and administrative expense | (36,459 | ) | |||||||||||||||||||
Interest and other income | 10,197 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 7,618 | ||||||||||||||||||||
Loss on impairment | (21,038 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Income tax provision | (854 | ) | |||||||||||||||||||
Income from continuing operations | $ | 106,334 | |||||||||||||||||||
Total assets | $ | 6,198,268 | $ | 277,195 | $ | 235,647 | $ | 155,555 | $ | 6,866,665 | |||||||||||
Capital expenditures (3) | $ | 155,130 | $ | 9,621 | $ | 5,036 | $ | 107,859 | $ | 277,646 | |||||||||||
Nine Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Sep-12 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 657,146 | $ | 29,839 | $ | 9,539 | $ | 36,071 | $ | 732,595 | |||||||||||
Property operating expenses (2) | (213,219 | ) | (7,364 | ) | (2,487 | ) | 14,056 | (209,014 | ) | ||||||||||||
Interest expense | (160,853 | ) | (6,383 | ) | (2,257 | ) | (12,100 | ) | (181,593 | ) | |||||||||||
Other expense | — | — | — | (19,188 | ) | (19,188 | ) | ||||||||||||||
Gain on sales of real estate assets | 1,132 | 202 | 133 | 286 | 1,753 | ||||||||||||||||
Segment profit | $ | 284,206 | $ | 16,294 | $ | 4,928 | $ | 19,125 | 324,553 | ||||||||||||
Depreciation and amortization expense | (188,606 | ) | |||||||||||||||||||
General and administrative expense | (35,964 | ) | |||||||||||||||||||
Interest and other income | 3,192 | ||||||||||||||||||||
Gain on extinguishment of debt | 178 | ||||||||||||||||||||
Loss on impairment of real estate | (3,912 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 5,401 | ||||||||||||||||||||
Income tax provision | (1,234 | ) | |||||||||||||||||||
Income from continuing operations | $ | 103,608 | |||||||||||||||||||
Total assets | $ | 6,226,745 | $ | 303,534 | $ | 240,724 | $ | 119,313 | $ | 6,890,316 | |||||||||||
Capital expenditures (3) | $ | 160,390 | $ | 4,583 | $ | 12,478 | $ | 55,321 | $ | 232,772 | |||||||||||
(1) The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Company’s subsidiary that provides security and maintenance services. | |||||||||||||||||||||
(2) Property operating expenses include property operating, real estate taxes and maintenance and repairs. | |||||||||||||||||||||
(3) Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Targeted or Tracking Stock, Stock [Line Items] | ' | |||||||||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ' | |||||||||||||||
The following table summarizes issuances of common stock sold through the ATM program since inception through September 30, 2013: | ||||||||||||||||
Number of Shares | Gross | Net | Weighted-average | |||||||||||||
Settled | Proceeds | Proceeds | Sales Price | |||||||||||||
2013:00:00 | ||||||||||||||||
First quarter | 1,889,105 | $ | 44,459 | $ | 43,904 | $ | 23.53 | |||||||||
Second quarter | 6,530,193 | 167,034 | 165,692 | 25.58 | ||||||||||||
Third quarter | — | — | — | — | ||||||||||||
Total | 8,419,298 | $ | 211,493 | $ | 209,596 | $ | 25.12 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of earnings per share | ' | |||||||||||
The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator – basic | 169,906 | 158,689 | 166,048 | 152,721 | ||||||||
Stock options | — | — | — | 2 | ||||||||
Deemed shares related to deferred compensation arrangements | — | 42 | — | 42 | ||||||||
Denominator – diluted | 169,906 | 158,731 | 166,048 | 152,765 | ||||||||
There were no outstanding stock options in 2013. There were no anti-dilutive shares related to stock options for the three and nine month periods ended September 30, 2012. | ||||||||||||
Earnings per Unit of the Operating Partnership | ||||||||||||
Basic earnings per unit (“EPU”) is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. | ||||||||||||
The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator – basic | 199,451 | 190,195 | 195,594 | 190,182 | ||||||||
Stock options | — | — | — | 2 | ||||||||
Deemed units related to deferred compensation arrangements | — | 41 | — | 42 | ||||||||
Denominator – diluted | 199,451 | 190,236 | 195,594 | 190,226 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Summary of company stock award | ' | ||||||
A summary of the status of the Company’s stock awards as of September 30, 2013, and changes during the nine months ended September 30, 2013, is presented below: | |||||||
Shares | Weighted | ||||||
Average | |||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2013 | 346,860 | $ | 17.06 | ||||
Granted | 210,650 | $ | 21.91 | ||||
Vested | (209,270 | ) | $ | 18.41 | |||
Forfeited | (9,870 | ) | $ | 18.32 | |||
Nonvested at September 30, 2013 | 338,370 | $ | 19.2 | ||||
Noncash_Investing_and_Financin1
Noncash Investing and Financing Activities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Noncash Investing and Financing Activities | ' | |||||||
The Company’s noncash investing and financing activities were as follows for the nine months ended September 30, 2013 and 2012: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Accrued dividends and distributions payable | $ | 47,546 | $ | 43,547 | ||||
Additions to real estate assets accrued but not yet paid | 30,517 | 24,300 | ||||||
Trade-in allowance - aircraft | 2,800 | — | ||||||
Debt assumed to acquire real estate assets, including premiums | — | 177,296 | ||||||
Additions to real estate assets from conversion of notes receivable | — | 4,522 | ||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of states in which entity operates | 27 |
Subsidiaries [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of subsidiaries owned by the company | 2 |
Percentage ownership of the sole general partner in partnership (in hundredths) | 1.00% |
Percentage of limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (in hundredths) | 84.20% |
Combined percentage ownership by the subsidiaries in operating partnership (in hundredths) | 85.20% |
Total Shareholders' Equity | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of regional malls/open-air centers in which interest is owned by the partnership | 75 |
Number of mixed-use centers owned | 1 |
Number of associated centers in which interest is owned by the partnership | 25 |
Number of community centers in which interest is owned by the partnership | 7 |
Number of office buildings in which interest is owned by the partnership | 8 |
Number of outlet centers under construction in which interest is owned by the partnership | 1 |
Number of regional mall expansions in which interest is owned by the partnership | 3 |
Number of regional mall redevelopments in which interest is owned by the partnership | 2 |
Percentage ownership interest in qualified subsidiaries (in hundredths) | 100.00% |
Percentage of non controlling limited partner interest ownership of CBL's Predecessor in the Operating Partnership (in hundredths) | 9.10% |
Percentage of non controlling limited partner interest of third parties in Operating partnership (in hundredth) | 5.70% |
Number of company's common stock owned by CBL's Predecessor (in shares) | 3.2 |
Total combined effective interest of CBL's Predecessor in Operating Partnership (in hundredths) | 10.70% |
Noncontrolling Interests | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of regional malls/open-air centers in which interest is owned by the partnership | 9 |
Number of associated centers in which interest is owned by the partnership | 4 |
Number of community centers in which interest is owned by the partnership | 4 |
Number of office buildings in which interest is owned by the partnership | 5 |
Number of community centers under development in which interest is owned by the partnership | 1 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Citadel Mall [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
derivative_instruments | derivative_instruments | derivative_instruments | derivative_instruments | Consolidated Revenue [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments held | ' | ' | ' | 1 | 1 | 4 | 4 | ' | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of available-for-sale securities | ' | $14,556 | $27,679 | ' | ' | ' | ' | ' | $14,556 | $16,556 | $0 | $0 | $0 | $11,123 |
Cost Method Investments, Fair Value Disclosure | ' | ' | 2,475 | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 2,475 |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps | ' | 4,417 | 5,805 | ' | ' | ' | ' | ' | ' | ' | 4,417 | 5,805 | ' | ' |
Long-term Debt, Fair Value | ' | 5,069,679 | 5,058,411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage and other indebtedness | ' | 4,867,717 | 4,745,683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, Date | 1-Oct-28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed Reduction In Cash Flows Used To Calculate Fair Value Of Cost Method Investment | ' | ' | '0% to 10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed Capitalization Rate Range in Determining Fair Value | ' | ' | '10% to 12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount Rate Used To Calculate Fair Value Of Privately Held Debt And Equity Securities | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' | ' | ' | ' | ' | ' |
Assumed Capitalization Rate Range Used To Determine Fair Value | ' | '10% to 12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Holding period | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | $585 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated sales cost | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Net realized gain (loss) on sale of available-for-sale securities | $0 | $160 | ' |
Adjusted Cost | ' | ' | 15,318 |
Gross Unrealized Gains | ' | ' | 12,361 |
Gross Unrealized Losses | ' | ' | 0 |
Fair value of available-for-sale securities | ' | ' | 27,679 |
Common Stock | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Adjusted Cost | 4,195 | ' | 4,195 |
Gross Unrealized Gains | 10,361 | ' | 12,361 |
Gross Unrealized Losses | 0 | ' | 0 |
Fair value of available-for-sale securities | 14,556 | ' | 16,556 |
Government and government sponsored entities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Adjusted Cost | ' | ' | 11,123 |
Gross Unrealized Gains | ' | ' | 0 |
Gross Unrealized Losses | ' | ' | 0 |
Fair value of available-for-sale securities | ' | ' | $11,123 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Level 3 Rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | ||||||
Government and government sponsored entities [Member] | Government and government sponsored entities [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Citadel Mall [Member] | Citadel Mall [Member] | Citadel Mall [Member] | Citadel Mall [Member] | ||||||||||||
Government and government sponsored entities [Member] | Government and government sponsored entities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Real Estate Investments, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,765 | ' | $45,178 | ' | ||||||
Begninning balance | ' | ' | ' | ' | ' | ' | ' | 2,475 | 2,475 | 11,123 | 11,829 | ' | ' | ' | ' | ||||||
Redemption of TIF bonds | ' | ' | ' | ' | ' | ' | 0 | ' | ' | -11,002 | ' | ' | ' | ' | ' | ||||||
Net settlement | ' | ' | ' | ' | 0 | ' | ' | -4,875 | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification adjustment AOCI | ' | ' | ' | ' | ' | 0 | -1,542 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Transfer out of Level 3 | ' | ' | ' | ' | ' | -121 | [1] | -2,248 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Realized gain recorded in earnings | ' | ' | ' | ' | 0 | ' | ' | 2,400 | ' | ' | ' | ' | ' | ' | ' | ||||||
Ending balance | ' | ' | ' | ' | ' | ' | ' | 0 | 2,475 | 0 | 11,829 | ' | ' | ' | ' | ||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266 | ' | ' | ' | ||||||
Capital expenditures | 81,039 | [2] | 78,728 | [2] | 277,646 | [2] | 232,772 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Depreciation expense | ' | ' | -1,226 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Loss on impairment of real estate | 0 | -3,912 | -21,038 | -3,912 | ' | ' | ' | ' | -2,400 | ' | ' | -20,453 | ' | ' | ' | ||||||
Fair Value of Investments In Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,900 | ' | $23,900 | ||||||
[1] | (1)The TIF bonds were adjusted to their net realizable value as of December 31, 2012 and were redeemed in January 2013. The difference in estimate was recorded as a transfer to real estate assets. | ||||||||||||||||||||
[2] | (3) Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
Acquisitions_and_Discontinued_2
Acquisitions and Discontinued Operations Acquisitions (Details) (Kirkwood Mall [Member]) | Jun. 30, 2013 |
Kirkwood Mall [Member] | ' |
Business Acquisition [Line Items] | ' |
Voting interest acquired | 51.00% |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |||||||||
Portfolio sale 3 malls and 3 associated centers [Member] | Georgia Square and Georgia Square Plaza [Member] | 1500 Sunday Drive [Member] | Peninsula Business Center I and II [Member] | Lake Point and SunTrust Office [Member] | 706 and 708 Green Valley Road [Member] | Various [Member] | Willowbrook Plaza [Member] | Willowbrook Plaza [Member] | Towne Mall [Member] | Towne Mall [Member] | Hickory Hollow Mall [Member] | Hickory Hollow Mall [Member] | Massard Crossing [Member] | Settlers Ridge Phase II [Member] | Oak Hollow Square [Member] | Oak Hollow Square [Member] | Westridge Square [Member] | |||||||||||||||
Properties | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Sales of Real Estate | ' | ' | $220,425 | ' | $67,594 | ' | $176,000 | [1] | $8,300 | $5,250 | $30,875 | [2] | ' | ' | ' | $24,450 | [3] | ' | $950 | [4] | ' | $1,000 | [5] | $7,803 | $19,144 | ' | $14,247 | [6] | ' | |||
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | 5,234 | ' | ' | ' | ' | ' | ' | 17,743 | ' | 419 | ' | 8,047 | ' | ' | ' | 255 | ' | ' | |||||||||
Properties Sold | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Gain on discontinued operations | 290 | 88 | 1,162 | 983 | 983 | ' | ' | -549 | 598 | 823 | [2] | 281 | [7] | 9 | [8] | ' | 0 | [3] | ' | 0 | [4] | ' | 0 | [5] | 98 | 858 | ' | -1 | [6] | 28 | [8] | |
Proceeds from Sale of Real Estate | ' | ' | 215,450 | ' | 66,208 | ' | 171,977 | [1] | 7,862 | 5,121 | 30,490 | [2] | ' | ' | ' | 24,171 | [3] | ' | 892 | [4] | ' | 966 | [5] | 7,432 | 18,951 | ' | 13,796 | [6] | ' | |||
Revenues of discontinued operations | 1,932 | 10,656 | 16,163 | 33,925 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Assets of Disposal Group, Including Discontinued Operation | $219,829 | ' | $219,829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | Net loss on impairment of $5,234 recorded in the third quarter of 2013 to write down the book value of six properties sold in a portfolio sale to the net sales price. | |||||||||||||||||||||||||||||||
[2] | Classified as held for sale as of December 31, 2012. | |||||||||||||||||||||||||||||||
[3] | Loss on impairment of $17,743 recorded in the third quarter of 2012 to write down the book value of this property to its then estimated fair value. | |||||||||||||||||||||||||||||||
[4] | Loss on impairment of $419 recorded in the third quarter of 2012 to write down the book value of this property to expected sales price. | |||||||||||||||||||||||||||||||
[5] | Loss on impairment of $8,047 recorded in the third quarter of 2012 to write down the book value of this property to expected sales price. | |||||||||||||||||||||||||||||||
[6] | Loss on impairment of $255 recorded in the first quarter of 2012 related to the true-up of certain estimated amounts to actual amounts. | |||||||||||||||||||||||||||||||
[7] | Recognition of gain deferred in December 2008 until subsequent repayment of notes receivable. | |||||||||||||||||||||||||||||||
[8] | Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts. |
Unconsolidated_Affiliates_Deta
Unconsolidated Affiliates (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
entities | entities | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of entities - equity method of accounting | 17 | ' | ' | ' | 17 | ' | ' |
Mortgage Loans on Real Estate, Interest Rate | ' | ' | ' | ' | 6.97% | ' | 7.33% |
Extinguishment of debt | ' | $77,099 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 31-May-15 | ' | ' | ' |
Retirement of debt, number of instruments | ' | 2 | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' |
Investment in real estate assets | 2,154,361 | ' | ' | ' | 2,154,361 | ' | 2,143,187 |
Accumulated depreciation | -538,700 | ' | ' | ' | -538,700 | ' | -492,864 |
Real Estate Investment Property Net, Before Development in Process | 1,615,661 | ' | ' | ' | 1,615,661 | ' | 1,650,323 |
Developments in progress | 90,451 | ' | ' | ' | 90,451 | ' | 21,809 |
Net investment in real estate assets | 1,706,112 | ' | ' | ' | 1,706,112 | ' | 1,672,132 |
Other assets | 174,744 | ' | ' | ' | 174,744 | ' | 175,540 |
Total assets | 1,880,856 | ' | ' | ' | 1,880,856 | ' | 1,847,672 |
LIABILITIES | ' | ' | ' | ' | ' | ' | ' |
Mortgage and other indebtedness | 1,456,282 | ' | ' | ' | 1,456,282 | ' | 1,456,622 |
Other liabilities | 55,404 | ' | ' | ' | 55,404 | ' | 48,538 |
Total liabilities | 1,511,686 | ' | ' | ' | 1,511,686 | ' | 1,505,160 |
The Company | 215,556 | ' | ' | ' | 215,556 | ' | 196,694 |
Other investors | 153,614 | ' | ' | ' | 153,614 | ' | 145,818 |
Total owners' equity | 369,170 | ' | ' | ' | 369,170 | ' | 342,512 |
Total liabilities and owners' equity | 1,880,856 | ' | ' | ' | 1,880,856 | ' | 1,847,672 |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | 59,348 | ' | 61,821 | ' | 180,091 | 186,320 | ' |
Depreciation and amortization expense | -18,889 | ' | -20,423 | ' | -57,158 | -61,907 | ' |
Interest expense | -19,150 | ' | -21,002 | ' | -57,861 | -63,199 | ' |
Other operating expenses | -17,705 | ' | -18,742 | ' | -53,223 | -55,765 | ' |
Gain on sales of real estate assets | 21 | ' | 1,271 | ' | 21 | 1,701 | ' |
Net income | 3,625 | ' | 2,925 | ' | 11,870 | 7,150 | ' |
Company's Share [Member] | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | 30,556 | ' | 32,803 | ' | 93,002 | 99,190 | ' |
Depreciation and amortization expense | -9,877 | ' | -10,828 | ' | -29,748 | -32,877 | ' |
Interest expense | -9,840 | ' | -11,022 | ' | -29,677 | -33,289 | ' |
Other operating expenses | -8,580 | ' | -9,527 | ' | -25,970 | -28,474 | ' |
Gain on sales of real estate assets | 11 | ' | 636 | ' | 11 | 851 | ' |
Net income | 2,270 | ' | 2,062 | ' | 7,618 | 5,401 | ' |
Kirkwood Mall [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 49.00% | ' | ' | ' | 49.00% | ' | ' |
Outlet Shoppes at Gettysburg [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
CBL/TC, LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 60.30% | ' | ' | ' | 60.30% | ' | ' |
CBL-TRS Joint Venture LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Friendly Center, The Shops at Friendly Center and Portfolio of Office Buildings [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | 100,000 | ' | ' |
Retirement of debt, number of instruments | ' | ' | ' | ' | 4 | ' | ' |
Friendly Shopping Center [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | ' | ' | ' | ' | 100,000 | ' | ' |
Nonrecourse mortgage loans closed , terms (in years) | ' | ' | ' | ' | '10 years | ' | ' |
Mortgage Loans on Real Estate, Interest Rate | ' | ' | ' | ' | 3.48% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 5-Apr-23 | ' | ' |
CBL-TRS Joint Venture II LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Renaissaissance Center [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | ' | ' | ' | ' | 16,000 | ' | ' |
Nonrecourse mortgage loans closed , terms (in years) | ' | ' | ' | ' | '10 years | ' | ' |
Mortgage Loans on Real Estate, Interest Rate | ' | ' | ' | ' | 3.49% | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | 15,700 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 5-Apr-23 | ' | ' |
El Paso Outlet Outparcels, LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Fremaux Town Center JV, LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 46,000 | ' | ' | ' | 46,000 | ' | ' |
Total amount outstanding on the loans | 11,364 | ' | ' | ' | 11,364 | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | 'LIBOR plus 2.125% | ' | ' |
Percentage of Equity Interest in Real Estate Property | 65.00% | ' | ' | ' | 65.00% | ' | ' |
Joint Venture Partner Interest, Ownership Percentage | 35.00% | ' | ' | ' | 35.00% | ' | ' |
Total Payments To Acquire Interest In Joint Venture From All Partners | ' | ' | ' | ' | 20,500 | ' | ' |
Guarantors Percentage Obligation for Construction loan | ' | ' | ' | ' | 100.00% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 18-Mar-16 | ' | ' |
Number of Extension Options Available | 2 | ' | ' | ' | 2 | ' | ' |
CBL Fremaux Member, LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Interest in Joint Venture | ' | ' | ' | ' | $18,450 | ' | ' |
Governors Square IB [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Governor's Square Company [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 47.50% | ' | ' | ' | 47.50% | ' | ' |
High Pointe Commons Lp [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
High Pointe Commons IIHAP LP [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
JG Gulf Coast Town Center LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 6-Jul-15 | ' | ' |
Kentucky Oaks Mall Company [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Mall Of South Carolina LP [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Mall Of South Carolina Outparcel LP [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Port Orange I LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Triangle Town Member LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
West Melbourne I LLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
York Town Center LP [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | 50.00% | ' | ' | ' | 50.00% | ' | ' |
Noncontrolling_Interests_and_R
Noncontrolling Interests and Redeemable Noncontrolling Interests (Details 3) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
PJV Units [Member] | PJV Units [Member] | Noncontrolling Interests | Noncontrolling Interests | Third Party Interests [Member] | Third Party Interests [Member] | Other Consolidated Subsidiaries [Member] | Other Consolidated Subsidiaries [Member] | Kirkwood Mall [Member] | Kirkwood Mall [Member] | Louisville Outlet Shoppes [Member] | Outlet Shoppes at El Paso [Member] | Triangle Town Member LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | 65.00% | 75.00% | 50.00% |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $37,170 | ' | $464,082 | ' | ' | ' | ' | $30,537 | $33,835 | $6,633 | $6,413 | ' | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | 165,023 | 192,404 | 143,023 | 128,908 | 22,000 | 63,496 | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,368 | ' | ' | ' |
Increase (Decrease) in Redeemable Noncontrolling Preferred Joint Venture Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | 423,834 | ' | ' | 423,834 | 423,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to redeemable noncontrolling preferred joint venture interest | ' | ' | ' | 14,637 | 15,486 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to redeemable noncontrolling preferred joint venture interest | ' | ' | ' | -19,894 | -15,486 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction to preferred liquidation value of PJV units | ' | ' | ' | -10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of noncontrolling preferred joint venture interest | 0 | 9,836 | ' | -408,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | $0 | ' | ' | $0 | $423,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost_Method_Investments_Detail
Cost Method Investments (Details 4) (Jinsheng [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Jinsheng [Member] | ' |
Cost Method Investments [Abstract] | ' |
Percentage of ownership interest in Jinsheng (in hundredths) | 6.20% |
Number of series 2 ordinary shares secured against convertible security notes | 16,565,534 |
Series A-2 Preferred Shares | 16,565,534 |
Noncontrolling Interest, Increase in Ownership Percentage | 2.28% |
Secured Convertible Note Amended Maturity Date | 30-May-13 |
Mortgage_and_Other_Indebtednes2
Mortgage and Other Indebtedness (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||||
Wells Fargo Bank [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Wells Fargo Facility A [Member] | First Tennessee Bank [Member] | Wells Fargo Facility B [Member] | Unsecured Term Loan 3 [Member] | Secured Line of Credit 3 [Member] | Unsecured Term Loan 1 [Member] | Unsecured Term Loan 2 [Member] | Debt to total asset value [Member] | Debt to total asset value [Member] | Ratio of unencumbered asset value to unsecured indebtedness [Member] | Ratio of unencumbered asset value to unsecured indebtedness [Member] | Ratio of unencumbered NOI to unsecured interest expense [Member] | Ratio of unencumbered NOI to unsecured interest expense [Member] | Ratio of EBITDA to fixed charges (debt service) [Member] | Ratio of EBITDA to fixed charges (debt service) [Member] | Fixed-Rate Debt [Member] | Fixed-Rate Debt [Member] | Fixed-Rate Debt [Member] | Fixed-Rate Debt [Member] | Fixed-Rate Debt [Member] | Fixed-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||
CreditLines | Wells Fargo Bank [Member] | Extension_Options | Extension_Options | First Tennessee Bank [Member] | Debt Covenant Requirement [Member] | Debt Covenant Ratios Actual [Member] | Debt Covenant Requirement [Member] | Debt Covenant Ratios Actual [Member] | Debt Covenant Requirement [Member] | Debt Covenant Ratios Actual [Member] | Debt Covenant Requirement [Member] | Debt Covenant Ratios Actual [Member] | Non-recourse Loans on Operating Properties [Member] | Non-recourse Loans on Operating Properties [Member] | Financing method obligation [Member] | Financing method obligation [Member] | Non Recourse Term Loans On Operating Properties [Member] | Non Recourse Term Loans On Operating Properties [Member] | Recourse Term Loans On Operating Properties [Member] | Recourse Term Loans On Operating Properties [Member] | Construction Loans [Member] | Construction Loans [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Secured line of credit [Member] | Secured line of credit [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Loans | |||||||||||||||||||||||||||||||||||||||
CreditLines | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Mortgage and other indebtedness | ' | ' | $4,867,717,000 | $4,745,683,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Mortgage and other indebtness amount carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,517,089,000 | 3,794,509,000 | 3,498,825,000 | [1] | 3,776,245,000 | [1] | 18,264,000 | [2] | 18,264,000 | [2] | 1,350,628,000 | 951,174,000 | 134,119,000 | 123,875,000 | 51,960,000 | 97,682,000 | 49,641,000 | 15,366,000 | 664,908,000 | 475,626,000 | 0 | [3] | 10,625,000 | [3] | 450,000,000 | 228,000,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Weighted Average Interest Rate (in hundredths) | ' | ' | 4.54% | [4] | 4.79% | [4] | ' | ' | ' | ' | ' | ' | ' | 1.68% | ' | ' | 2.08% | ' | ' | ' | ' | ' | ' | ' | ' | 5.57% | [4] | 5.43% | [4] | 5.56% | [1],[4] | 5.42% | [1],[4] | 8.00% | [2],[4] | 8.00% | [2],[4] | 1.85% | [4] | 2.20% | [4] | 3.16% | [4] | 3.36% | [4] | 1.89% | [4] | 1.78% | [4] | 2.93% | [4] | 2.96% | [4] | 1.58% | [4] | 2.07% | [4] | 0.00% | [3],[4] | 2.46% | [3],[4] | 1.72% | [4] | 1.82% | [4] | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 1,300,000,000 | ' | ' | ' | ' | 600,000 | 600,000,000 | 100,000,000 | 600,000,000 | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | ' | ' | 664,908,000 | ' | ' | ' | ' | ' | 509,525,000 | [5] | 31,000,000 | 124,383,000 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Debt Instrument, Maturity Date | ' | 31-May-15 | ' | ' | ' | ' | ' | ' | 13-Nov-15 | 5-Feb-16 | 11-Nov-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Number of Extension Options Available | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Debt Instrument, Number of Instruments | ' | ' | ' | ' | ' | 3 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ||||||||||||||||||||||||
Extinguishment of debt | 77,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Unsecured Long-term Debt, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Interest rate terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '150 | ' | ' | '190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Line of Credit Facility, Covenant Compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '< 60% | '52.7% | '> 1.60x | '2.43x | '> 1.75x | '7.61x | '> 1.50x | '2.15x | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Fees on amount of unused availability of secured lines of credit, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.25% | ' | 0.30% | ' | ' | ||||||||||||||||||||||||
Line of Credit, Option Exercise, Fee Charged, Percent | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Line of credit, extended maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 11-Nov-16 | ' | 10-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | 'LIBOR plus | 'LIBOR plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Basis Spread On Variable Rate Debt | ' | ' | 140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Debt Lower Range Of Basis Spread On Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 155 | 100 | ' | ' | ' | ||||||||||||||||||||||||
Debt Higher Range Of Basis Spread On Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210 | 175 | ' | ||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | ' | 0.35% | ' | ||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 475,000 | ' | 617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Additional secured and unsecured lines of credit with commitment | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Mortgage Loans Terms In Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Covenants and Restrictions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Minimum loan amount in default payment for recourse loan | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Minimum loan amount in default payment for non-recourse loan | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
[1] | The Company has four interest rate swaps on notional amounts totaling $110,875 as of SeptemberB 30, 2013 and $113,885 as of DecemberB 31, 2012 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at SeptemberB 30, 2013 and DecemberB 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | This amount represents the noncontrolling partner's equity contribution related to Pearland Town Center that is accounted for as a financing due to certain terms of the CBL/T-C, LLC joint venture agreement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company converted its secured line of credit to unsecured in February 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | There was an additional $475 outstanding on this facility as of SeptemberB 30, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | There was an additional $617 outstanding on this facility as of SeptemberB 30, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. |
Mortgages_on_Operating_Propert
Mortgages on Operating Properties (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Retirement of debt, number of instruments | ' | 2 | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | $77,099 | ' | ' | ' | ' | ' |
Stated interest rate percentage | ' | ' | ' | 7.00% | ' | ' | ' |
Loss on extinguishment of debt | 0 | ' | -178 | ' | 9,108 | -178 | ' |
Payments of Debt Extinguishment Costs | ' | ' | ' | ' | 8,708 | 0 | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 31-May-15 | ' | ' | ' |
Weighted average maturity of mortgage and other indebtedness (in years) | 4.02 | ' | ' | ' | 4.02 | ' | 4.9 |
Basis Spread On Variable Rate Debt | 140 | ' | ' | ' | 140 | ' | ' |
Schedule of principal repayments [Abstract] | ' | ' | ' | ' | ' | ' | ' |
2013 | 45,898 | ' | ' | ' | 45,898 | ' | ' |
2014 | 219,148 | ' | ' | ' | 219,148 | ' | ' |
2015 | 1,108,496 | ' | ' | ' | 1,108,496 | ' | ' |
2016 | 943,779 | ' | ' | ' | 943,779 | ' | ' |
2017 | 550,777 | ' | ' | ' | 550,777 | ' | ' |
Thereafter | 1,988,573 | ' | ' | ' | 1,988,573 | ' | ' |
Total payments | 4,856,671 | ' | ' | ' | 4,856,671 | ' | ' |
Net unamortized premiums | 11,046 | ' | ' | ' | 11,046 | ' | ' |
Mortgage and other indebtedness | 4,867,717 | ' | ' | ' | 4,867,717 | ' | 4,745,683 |
Forum at Grandview [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | 10,200 | ' | ' |
Alamance Crossing West [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | 16,000 | ' | ' |
Statesboro Crossing [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | ' | ' | ' | ' | 11,400 | ' | ' |
Mortgage Loans Terms In Years | ' | ' | ' | ' | '3 | ' | ' |
Extinguishment of debt | ' | 13,460 | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 28-Jun-16 | ' | ' |
Number of Extension Options Available | 2 | ' | ' | ' | 2 | ' | ' |
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | 28-Jun-18 | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | 'LIBOR plus | ' | ' |
Basis Spread On Variable Rate Debt | 180 | ' | ' | ' | 180 | ' | ' |
Mid Rivers and South County [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Retirement of debt, number of instruments | ' | ' | ' | ' | 2 | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | 160,150 | ' | ' |
Citadel Mall [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 68,282 | ' | ' | ' | 68,282 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 30-Apr-17 | ' | ' |
Columbia Place [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 27,265 | ' | ' | ' | 27,265 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 1-Sep-13 | ' | ' |
Debt Instrument, Number of Instruments | 1 | ' | ' | ' | 1 | ' | ' |
Westmoreland Mall [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | 63,639 | ' | ' | ' | ' | ' |
South Country Center [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | 71,740 | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' | 172 | ' | ' |
Mid Rivers Mall [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | 88,410 | ' | ' |
Stated interest rate percentage | 5.88% | ' | ' | ' | 5.88% | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' | 8,936 | ' | ' |
Payments of Debt Extinguishment Costs | ' | ' | ' | ' | 8,708 | ' | ' |
Unamortized Debt Issuance Expense | 228 | ' | ' | ' | 228 | ' | ' |
Louisville Outlet Shoppes [Member] | ' | ' | ' | ' | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of Extension Options Available | 2 | ' | ' | ' | 2 | ' | ' |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $60,200 | ' | ' | ' | $60,200 | ' | ' |
Interest rate terms | ' | ' | ' | ' | 'LIBOR plus 200 basis points | ' | ' |
Debt Instrument, Percentage of Debt Guaranteed | ' | ' | ' | ' | 100.00% | ' | ' |
Mortgage_and_Other_Indebtednes3
Mortgage and Other Indebtedness Derivative Instruments (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value, Net | ($4,417) | ($5,805) |
Interest Rate Cap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instruments held | 1 | 1 |
Notional Amount Outstanding, Interest Rate Cap | 122,750 | ' |
Amortized amount | 122,375 | ' |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instruments held | 4 | 4 |
Notional Amount Outstanding, Intererst Rate Swap | 110,875 | 113,885 |
Pay Fixed Receive Variable Swap One [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount Outstanding, Intererst Rate Swap | 53,599 | ' |
Amortized amount | 48,337 | ' |
Pay fixed receive variable swap Two [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount Outstanding, Intererst Rate Swap | 33,559 | ' |
Amortized amount | 30,276 | ' |
Pay fixed receive variable swap Three [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount Outstanding, Intererst Rate Swap | 12,546 | ' |
Amortized amount | 11,313 | ' |
Pay fixed receive variable swap Four [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount Outstanding, Intererst Rate Swap | 11,171 | ' |
Amortized amount | 10,083 | ' |
Cash Flow Hedging [Member] | Interest Rate Cap [Member] | Intangible lease assets and other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Designated Benchmark Interest Rate | '3-month LIBOR | ' |
Strike Rate | 5.00% | ' |
Fair Value, Net | 0 | 0 |
Maturity Date | 1-Jan-14 | ' |
Cash Flow Hedging [Member] | Pay Fixed Receive Variable Swap One [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Designated Benchmark Interest Rate | '1-month LIBOR | ' |
Strike Rate | 2.15% | ' |
Fair Value, Net | -2,111 | -2,775 |
Maturity Date | 30-Apr-16 | ' |
Cash Flow Hedging [Member] | Pay fixed receive variable swap Two [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Designated Benchmark Interest Rate | '1-month LIBOR | ' |
Strike Rate | 2.19% | ' |
Fair Value, Net | -1,351 | -1,776 |
Maturity Date | 30-Apr-16 | ' |
Cash Flow Hedging [Member] | Pay fixed receive variable swap Three [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Designated Benchmark Interest Rate | '1-month LIBOR | ' |
Strike Rate | 2.14% | ' |
Fair Value, Net | -492 | -647 |
Maturity Date | 30-Apr-16 | ' |
Cash Flow Hedging [Member] | Pay fixed receive variable swap Four [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Designated Benchmark Interest Rate | '1-month LIBOR | ' |
Strike Rate | 2.24% | ' |
Fair Value, Net | ($463) | ($607) |
Maturity Date | 30-Apr-16 | ' |
Mortgage_and_Other_Indebtednes4
Mortgage and Other Indebtedness, Derivative Instrument Risk (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Loss Recognized in Earnings (Effective Portion) | ($568) | ($567) | ($1,687) | ($1,696) |
Gain Recognized in Earnings (Ineffective Portion) | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 2,149 | ' | 2,149 | ' |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Loss Recognized in OCI/L (Effective Portion) | $117 | ($234) | $1,398 | ($715) |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 |
Accumulated other comprehensive income | $5,810 | ' | $5,810 | ' | $7,442 | $6,412 |
OCI before reclassifications | -451 | -801 | -289 | -2,411 | ' | ' |
OCI before reclassifications | -1,749 | 522 | -2,000 | 2,101 | ' | ' |
OCI before reclassifications | -1,064 | ' | 1,085 | ' | ' | ' |
Amounts reclassified from AOCI | 568 | 567 | 1,687 | 1,696 | ' | ' |
Net current period OCI | -1,632 | 288 | -602 | 1,226 | ' | ' |
Reclassification on cash flow hedges - interest rate contracts | 'Interest Expense | ' | 'Interest Expense | ' | ' | ' |
Redeemable Noncontrolling Partnership Interests | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | 384 | ' | 384 | ' | 372 | 373 |
Accumulated other comprehensive income | 338 | ' | 338 | ' | 364 | 353 |
OCI before reclassifications | 12 | ' | 11 | ' | ' | ' |
OCI before reclassifications | -26 | ' | -15 | ' | ' | ' |
Amounts reclassified from AOCI | 0 | ' | ' | ' | ' | ' |
Net current period OCI | 12 | ' | 11 | ' | ' | ' |
Net current period OCI | -26 | ' | -15 | ' | ' | ' |
Total Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | -1,569 | ' | -1,569 | ' | -2,974 | -2,756 |
Accumulated other comprehensive income | 8,035 | ' | 8,035 | ' | 10,829 | 9,742 |
OCI before reclassifications | 1,973 | ' | 2,874 | ' | ' | ' |
OCI before reclassifications | -2,794 | ' | -1,707 | ' | ' | ' |
Amounts reclassified from AOCI | 568 | ' | 1,687 | ' | ' | ' |
Net current period OCI | 1,405 | ' | 1,187 | ' | ' | ' |
Net current period OCI | -2,794 | ' | -1,707 | ' | ' | ' |
Noncontrolling Interests | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | -3,363 | ' | -3,363 | ' | -3,596 | -3,563 |
Accumulated other comprehensive income | 1,985 | ' | 1,985 | ' | 2,447 | 2,263 |
OCI before reclassifications | 233 | ' | 200 | ' | ' | ' |
OCI before reclassifications | -462 | ' | -278 | ' | ' | ' |
Amounts reclassified from AOCI | 0 | ' | ' | ' | ' | ' |
Net current period OCI | 233 | ' | 200 | ' | ' | ' |
Net current period OCI | -462 | ' | -278 | ' | ' | ' |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | 5,810 | ' | 5,810 | ' | 7,442 | 6,412 |
OCI before reclassifications | -1,064 | ' | 1,085 | ' | ' | ' |
Amounts reclassified from AOCI | 568 | ' | 1,687 | ' | ' | ' |
Net current period OCI | -1,632 | ' | -602 | ' | ' | ' |
Reclassification on cash flow hedges - interest rate contracts | 'Interest Expense | ' | 'Interest Expense | ' | ' | ' |
CBL & Associates Limited Partnership [Member] | Redeemable Noncontrolling Partnership Interests | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | 384 | ' | 384 | ' | 372 | 373 |
Accumulated other comprehensive income | 339 | ' | 339 | ' | 365 | 354 |
OCI before reclassifications | 12 | ' | 11 | ' | ' | ' |
OCI before reclassifications | -26 | ' | -15 | ' | ' | ' |
Amounts reclassified from AOCI | 0 | ' | 0 | ' | ' | ' |
Net current period OCI | 12 | ' | 11 | ' | ' | ' |
Net current period OCI | -26 | ' | -15 | ' | ' | ' |
CBL & Associates Limited Partnership [Member] | Total Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | -4,932 | ' | -4,932 | ' | -6,570 | -6,319 |
Accumulated other comprehensive income | 10,019 | ' | 10,019 | ' | 13,275 | 12,004 |
OCI before reclassifications | 2,206 | ' | 3,074 | ' | ' | ' |
OCI before reclassifications | -3,256 | ' | -1,985 | ' | ' | ' |
Amounts reclassified from AOCI | 568 | ' | 1,687 | ' | ' | ' |
Net current period OCI | 1,638 | ' | 1,387 | ' | ' | ' |
Net current period OCI | ($3,256) | ' | ($1,985) | ' | ' | ' |
Mortgage_and_Other_Notes_Recei1
Mortgage and Other Notes Receivable (Details) (USD $) | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 |
Outlet Shoppes at Atlanta [Member] | Outlet Shoppes at Atlanta [Member] | Outlet Shoppes at Atlanta [Member] | ||||
Mortgage and Other Notes Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Net | $24,976 | $24,976 | $25,967 | ' | ' | $6,581 |
Percentage of Equity Interest in Real Estate Property | ' | ' | ' | ' | 75.00% | ' |
Proceeds from Collection of Notes Receivable | ' | ' | ' | 3,525 | ' | ' |
Percentage of assignment of the partnership interest | ' | 100.00% | ' | ' | ' | ' |
Interest rates on mortgage and other notes receivable range , minimum | ' | 2.68% | ' | ' | ' | ' |
Interest rates on mortgage and other notes receivable range, maximum | ' | 10.00% | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Interest Rate | ' | 6.97% | 7.33% | ' | ' | ' |
Financing Receivable, Gross | $2,700 | ' | ' | ' | ' | ' |
Stated interest rate percentage | 7.00% | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | 31-May-15 | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | $257,549 | ' | $249,186 | $771,615 | $732,595 | ' | |||||
Property operating expenses | -74,369 | [1] | ' | -70,830 | [2] | -218,389 | [2] | -209,014 | [2] | ' | |
Interest expense | -56,341 | ' | -61,768 | -173,374 | -181,593 | ' | |||||
Other expense | -6,371 | ' | -5,871 | -21,217 | -19,188 | ' | |||||
Gain on sales of real estate assets | 58 | 58 | 1,659 | 1,058 | 1,753 | ' | |||||
Segment profit (loss) | 120,526 | ' | 112,376 | 359,693 | 324,553 | ' | |||||
Depreciation and amortization expense | -68,941 | ' | -63,994 | -206,115 | -188,606 | ' | |||||
General and administrative expense | -10,160 | ' | -10,171 | -36,459 | -35,964 | ' | |||||
Interest and other income | 8,809 | ' | 822 | 10,197 | 3,192 | ' | |||||
Gain (loss) on extinguishment of debt | 0 | ' | 178 | -9,108 | 178 | ' | |||||
Loss on impairment | 0 | ' | -3,912 | -21,038 | -3,912 | ' | |||||
Gain on investment | 0 | ' | 0 | 2,400 | 0 | ' | |||||
Income (Loss) from Equity Method Investments | 2,270 | ' | 2,062 | 7,618 | 5,401 | ' | |||||
Income tax provision | -271 | ' | -1,195 | -854 | -1,234 | ' | |||||
Income (loss) from continuing operations | 52,233 | ' | 36,166 | 106,334 | 103,608 | ' | |||||
Total assets | 6,866,665 | ' | 6,890,316 | 6,866,665 | 6,890,316 | 7,089,736 | |||||
Capital expenditures | 81,039 | [3] | ' | 78,728 | [3] | 277,646 | [3] | 232,772 | [3] | ' | |
Malls [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 235,599 | ' | 222,658 | 706,555 | 657,146 | ' | |||||
Property operating expenses | -77,556 | [1] | ' | -71,441 | [2] | -231,302 | [2] | -213,219 | [2] | ' | |
Interest expense | -52,477 | ' | -55,211 | -160,603 | -160,853 | ' | |||||
Other expense | 0 | ' | 0 | 0 | 0 | ' | |||||
Gain on sales of real estate assets | -3 | ' | 1,132 | 345 | 1,132 | ' | |||||
Segment profit (loss) | 105,563 | ' | 97,138 | 314,995 | 284,206 | ' | |||||
Total assets | 6,198,268 | ' | 6,226,745 | 6,198,268 | 6,226,745 | ' | |||||
Capital expenditures | 52,963 | [3] | ' | 39,118 | [3] | 155,130 | [3] | 160,390 | [3] | ' | |
Associated Centers [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 9,930 | ' | 10,102 | 31,437 | 29,839 | ' | |||||
Property operating expenses | -2,519 | [1] | ' | -2,516 | [2] | -7,701 | [2] | -7,364 | [2] | ' | |
Interest expense | -2,032 | ' | -2,075 | -6,125 | -6,383 | ' | |||||
Other expense | 0 | ' | 0 | 0 | 0 | ' | |||||
Gain on sales of real estate assets | ' | 0 | 202 | 0 | 202 | ' | |||||
Segment profit (loss) | 5,379 | ' | 5,713 | 17,611 | 16,294 | ' | |||||
Total assets | 277,195 | ' | 303,534 | 277,195 | 303,534 | ' | |||||
Capital expenditures | 2,155 | [3] | ' | 1,103 | [3] | 9,621 | [3] | 4,583 | [3] | ' | |
Community Centers [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 5,460 | ' | 3,313 | 13,345 | 9,539 | ' | |||||
Property operating expenses | -1,034 | [1] | ' | -898 | [2] | -2,451 | [2] | -2,487 | [2] | ' | |
Interest expense | -614 | ' | -737 | -1,735 | -2,257 | ' | |||||
Other expense | 0 | ' | 0 | 0 | 0 | ' | |||||
Gain on sales of real estate assets | ' | 59 | 36 | 59 | 133 | ' | |||||
Segment profit (loss) | 3,871 | ' | 1,714 | 9,218 | 4,928 | ' | |||||
Total assets | 235,647 | ' | 240,724 | 235,647 | 240,724 | ' | |||||
Capital expenditures | 2,438 | [3] | ' | 1,772 | [3] | 5,036 | [3] | 12,478 | [3] | ' | |
All Other [Member] | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenues | 6,560 | [2] | ' | 13,113 | [1] | 20,278 | [1] | 36,071 | [1] | ' | |
Property operating expenses | 6,740 | [1],[2] | ' | 4,025 | [1],[2] | 23,065 | [1],[2] | 14,056 | [1],[2] | ' | |
Interest expense | -1,218 | [2] | ' | -3,745 | [1] | -4,911 | [1] | -12,100 | [1] | ' | |
Other expense | -6,371 | [2] | ' | -5,871 | [1] | -21,217 | [1] | -19,188 | [1] | ' | |
Gain on sales of real estate assets | ' | 2 | [2] | 289 | [2] | 654 | [1] | 286 | [1] | ' | |
Segment profit (loss) | 5,713 | [2] | ' | 7,811 | [1] | 17,869 | [1] | 19,125 | [1] | ' | |
Total assets | 155,555 | [1] | ' | 119,313 | [1] | 155,555 | [1] | 119,313 | [1] | ' | |
Capital expenditures | $23,483 | [2],[3] | ' | $36,735 | [1],[3] | $107,859 | [1],[3] | $55,321 | [1],[3] | ' | |
[1] | (1) The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Companybs subsidiary that provides security and maintenance services. | ||||||||||
[2] | (2) Property operating expenses include property operating, real estate taxes and maintenance and repairs. | ||||||||||
[3] | (3) Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
Equity_Details
Equity (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 01, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
At The Market Stock Sales [Member] | At The Market Stock Sales [Member] | At The Market Stock Sales [Member] | At The Market Stock Sales [Member] | ||||
Targeted or Tracking Stock, Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common Stock Offering, Maximum Aggregate Price | ' | ' | $300,000 | ' | ' | ' | ' |
number of shares sold | ' | ' | ' | 0 | 6,530,193 | 1,889,105 | 8,419,298 |
Gross Proceeds from sale of common stock | ' | ' | ' | 0 | 167,034 | 44,459 | 211,493 |
Proceeds from issuances of common stock | 209,510 | 128 | ' | 0 | 165,692 | 43,904 | 209,596 |
proceeds from sale of common stock weighted average price per share | ' | ' | ' | $0 | $25.58 | $23.53 | $25.12 |
Commission To Sales Agent, Percent | ' | ' | 2.00% | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 8,419,298 | ' | ' | ' | ' | ' | ' |
Common Stock Offering Maximum Aggregate Price Still Available | $88,507 | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Denominator - basic (in shares) | 169,906,000 | 158,689,000 | 166,048,000 | 152,721,000 |
Incremental Common Shares Attributable to Stock Options | 0 | 0 | 0 | 2,000 |
Deemed shares related to deferred compensation arrangements (in shares) | 0 | 42,000 | 0 | 42,000 |
Denominator - diluted (in shares) | 169,906,000 | 158,731,000 | 166,048,000 | 152,765,000 |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Denominator - basic (in shares) | 199,451,000 | 190,195,000 | 195,594,000 | 190,182,000 |
Incremental Common Shares Attributable to Stock Options | 0 | 0 | 0 | 2,000 |
Deemed shares related to deferred compensation arrangements (in shares) | 0 | 41,000 | 0 | 42,000 |
Denominator - diluted (in shares) | 199,451,000 | 190,236,000 | 195,594,000 | 190,226,000 |
Contingencies_Details
Contingencies (Details) (USD $) | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Promenade Diberville Llc [Member] | Fremaux Town Center JV, LLC [Member] | CW Joint Venture [Member] | Lee Summit [Member] | Lee Summit [Member] | West Melbourne I LLC [Member] | Port Orange I LLC [Member] | Port Orange I LLC [Member] | York Town Center LP [Member] | JG Gulf Coast Town Center LLC [Member] | JG Gulf Coast Town Center LLC [Member] | Fremaux Town Center JV, LLC [Member] | Promenade Diberville Llc [Member] | Redeemable Noncontrolling Partnership Interests | Accrued and unpaid preferred return [Member] | ||||
Extension_Options | CW Joint Venture [Member] | CW Joint Venture [Member] | ||||||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retainage allegedly owed under the construction contract | ' | ' | ' | $327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,240 | ' | ' |
Environmental Liabiltiy Insurance, Maximum Coverage Per Incident | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental Liability Insurance, Annual Coverage Limit. | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Redeemable Noncontrolling Interest | ' | ' | ' | ' | ' | 412,986 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 408,577 | 4,409 |
Annual preferred distribution (in hundredths) | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual preferred distribution rate on PJV units increase (in hundredths) | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction to preferred liquidation value of PJV units | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Liquidation Value on Early Redemption | ' | ' | ' | ' | ' | 418,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | ' | ' | ' | ' | ' | ' | 27.00% | ' | 100.00% | 100.00% | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' |
Percentage of Equity Interest in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | 50.00% | 50.00% | 50.00% | 65.00% | ' | ' | ' |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000 | ' | ' | ' |
Initial maximum guaranteed amount of third party's construction loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' |
Maximum guarantee obligation after loans were partially paid down | ' | ' | ' | ' | ' | ' | 14,931 | ' | 43,575 | 62,514 | ' | ' | 6,395 | ' | ' | ' | ' | ' |
Total amount outstanding on the loans | ' | ' | ' | ' | ' | ' | 49,817 | ' | 43,575 | 62,514 | ' | ' | 6,395 | ' | 11,364 | ' | ' | ' |
Debt Instrument, Maturity Date | 31-May-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Jul-15 | 18-Mar-16 | ' | ' | ' |
Number of Extension Options Available | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | 2 | ' | ' | ' |
Guaranteed amount of the outstanding loan | ' | ' | ' | ' | ' | ' | 13,451 | ' | ' | ' | ' | 17,200 | ' | ' | ' | ' | ' | ' |
Guarantees, Fair Value Disclosure | ' | ' | ' | ' | 460 | ' | 192 | 192 | 478 | 961 | 961 | ' | ' | ' | ' | ' | ' | ' |
Guaranteed minimum exposure amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' |
Annual reductions to the guarantor's obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800 | ' | ' | ' | ' | ' | ' |
Percentage of guaranty obligation agreed to be reimbursed by joint venture partner (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Performance Bonds [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Malpractice Loss Contingency, Letters of Credit and Surety Bonds | ' | 23,501 | 29,211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land loan | ' | ' | ' | ' | ' | ' | ' | ' | 2,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction loan | ' | ' | ' | ' | ' | ' | ' | ' | $40,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Stock Awards [Member] | Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,400,000 | ' | 10,400,000 | ' | ' | ' |
Share-based compensation expense | $418 | $467 | $2,296 | $1,974 | ' | ' |
Share-based compensation cost capitalized as part of real estate assets | 54 | 45 | 159 | 96 | ' | ' |
Unrecognized compensation cost related to nonvested stock awards | $5,468 | ' | $5,468 | ' | ' | ' |
Compensation cost to be recognized over a weighted average period | ' | ' | '3 years 8 months | ' | ' | ' |
Nonvested, beginning of period (in shares) | ' | ' | ' | ' | 338,370,000 | 346,860,000 |
Granted (in shares) | ' | ' | ' | ' | 210,650,000 | ' |
Vested (in shares) | ' | ' | ' | ' | -209,270,000 | ' |
Forfeited (in shares) | ' | ' | ' | ' | -9,870,000 | ' |
Nonvested, end of period (in shares) | ' | ' | ' | ' | 338,370,000 | 346,860,000 |
Weighted average grant date fair value, nonvested, beginning of period (in dollars per share) | ' | ' | ' | ' | $19.20 | $17.06 |
Weighted average grant date fair value, granted (in dollars per share) | ' | ' | ' | ' | $21.91 | ' |
Weighted average grant date fair value, vested (in dollars per share) | ' | ' | ' | ' | $18.41 | ' |
Weighted average grant date fair value, forfeited (in dollars per share) | ' | ' | ' | ' | $18.32 | ' |
Weighted average grant date fair value, nonvested, end of period (in dollars per share) | ' | ' | ' | ' | $19.20 | $17.06 |
Noncash_Investing_and_Financin2
Noncash Investing and Financing Activities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Accrued dividends and distributions payable | $47,546 | $43,547 |
Additions to real estate assets accrued but not yet paid | 30,517 | 24,300 |
Debt assumed to acquire real estate assets, including premiums | 0 | 177,296 |
Trade-in allowance - aircraft | 2,800 | 0 |
Additions to real estate assets from conversion of notes receivable | $0 | $4,522 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Percentage of taxable income required to be distributed to shareholders | ' | ' | 90.00% | ' | ' |
State tax expense | $674 | $901 | $2,680 | $2,330 | ' |
Income tax provision | -271 | -1,195 | -854 | -1,234 | ' |
Current portion of income tax (provision) benefit | -428 | 171 | 812 | 2,447 | ' |
Deferred portion of income tax (provision) benefit | 157 | -1,366 | -1,666 | -3,681 | ' |
Deferred Tax Assets, Net | $5,753 | ' | $5,753 | ' | $6,607 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Nov. 11, 2013 | Oct. 31, 2013 |
Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Construction Loans [Member] | Construction Loans [Member] | Lee Summit [Member] | West Melbourne I LLC [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Variable-Rate Debt [Member] | Variable-Rate Debt [Member] | Non-Recourse Mortgage Loan [Member] | Construction Loans [Member] | Lee Summit [Member] | West Melbourne I LLC [Member] | |||||||
Outlet Shoppes at Atlanta [Member] | Variable-Rate Debt [Member] | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantors Percentage Obligation for Construction loan | ' | ' | ' | ' | ' | ' | 27.00% | 100.00% | ' | ' | ' | 25.00% |
Maximum guarantee obligation after loans partially paid down | ' | ' | ' | ' | ' | ' | $14,931 | $43,575 | ' | ' | ' | ' |
Sale of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,430 | ' |
Cash from sale of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' |
Promissory note from sale of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,430 | ' |
Stated interest rate percentage | ' | 7.00% | ' | ' | ' | ' | ' | ' | 4.90% | ' | 5.00% | ' |
Extinguishment of debt | 77,099 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan on real estate | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' | ' | ' |
Debt instrument term | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Repayment of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,080 | ' | ' |
Mortgage and other indebtness amount carrying value | ' | ' | $1,350,628 | $951,174 | $49,641 | $15,366 | ' | ' | ' | ' | ' | ' |