Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
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-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 170,262,947 |
CBL & Associates Limited Partnership [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CBL & Associates Limited Partnership | ' |
Entity Central Index Key | '0000915140 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate assets: | ' | ' |
Land | $852,963 | $858,619 |
Buildings and improvements | 7,085,523 | 7,125,512 |
Real estate investment property, at cost | 7,938,486 | 7,984,131 |
Accumulated depreciation | -2,126,434 | -2,056,357 |
Real estate investment property, net, before developments in progress | 5,812,052 | 5,927,774 |
Developments in progress | 185,906 | 139,383 |
Net investment in real estate assets | 5,997,958 | 6,067,157 |
Cash and cash equivalents | 63,482 | 65,500 |
Receivables: | ' | ' |
Tenant, net of allowance for doubtful accounts of $2,380 and $2,379 in 2014 and 2013, respectively | 76,468 | 79,899 |
Other, net of allowance for doubtful accounts of $1,120 and $1,241 in 2014 and 2013, respectively | 22,108 | 23,343 |
Mortgage and other notes receivable | 40,137 | 30,424 |
Investments in unconsolidated affiliates | 271,868 | 277,146 |
Intangible lease assets and other assets | 229,493 | 242,502 |
Total assets | 6,701,514 | 6,785,971 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Mortgage and other indebtedness | 4,810,811 | 4,857,523 |
Accounts payable and accrued liabilities | 315,298 | 333,875 |
Total liabilities | 5,126,109 | 5,191,398 |
Commitments and contingencies | ' | ' |
Redeemable interests: | ' | ' |
Redeemable noncontrolling interests | 36,540 | 34,639 |
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, 170,260,769 and 170,048,144 issued and outstanding in 2014 and 2013, respectively | 1,703 | 1,700 |
Partners' capital: | ' | ' |
Additional paid-in capital | 1,962,103 | 1,967,644 |
Accumulated other comprehensive income | 9,659 | 6,325 |
Dividends in excess of cumulative earnings | -583,405 | -570,781 |
Total shareholders' equity | 1,390,085 | 1,404,913 |
Noncontrolling interests | 148,780 | 155,021 |
Total equity | 1,538,865 | 1,559,934 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | 6,701,514 | 6,785,971 |
CBL & Associates Limited Partnership [Member] | ' | ' |
Real estate assets: | ' | ' |
Land | 852,963 | 858,619 |
Buildings and improvements | 7,085,523 | 7,125,512 |
Real estate investment property, at cost | 7,938,486 | 7,984,131 |
Accumulated depreciation | -2,126,434 | -2,056,357 |
Real estate investment property, net, before developments in progress | 5,812,052 | 5,927,774 |
Developments in progress | 185,906 | 139,383 |
Net investment in real estate assets | 5,997,958 | 6,067,157 |
Cash and cash equivalents | 63,461 | 65,486 |
Receivables: | ' | ' |
Tenant, net of allowance for doubtful accounts of $2,380 and $2,379 in 2014 and 2013, respectively | 76,468 | 79,899 |
Other, net of allowance for doubtful accounts of $1,120 and $1,241 in 2014 and 2013, respectively | 22,108 | 23,343 |
Mortgage and other notes receivable | 40,137 | 30,424 |
Investments in unconsolidated affiliates | 272,426 | 277,701 |
Intangible lease assets and other assets | 229,374 | 242,383 |
Total assets | 6,701,932 | 6,786,393 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' |
Mortgage and other indebtedness | 4,810,811 | 4,857,523 |
Accounts payable and accrued liabilities | 315,283 | 333,876 |
Total liabilities | 5,126,094 | 5,191,399 |
Commitments and contingencies | ' | ' |
Redeemable interests: | ' | ' |
Redeemable noncontrolling interests | 6,136 | 5,883 |
Redeemable common units | 30,404 | 28,756 |
Total redeemable interests | 36,540 | 34,639 |
Partners' capital: | ' | ' |
Preferred units | 565,212 | 565,212 |
General partner | 9,636 | 9,866 |
Limited partners | 939,186 | 961,175 |
Accumulated other comprehensive income | 7,869 | 4,923 |
Total partners' capital | 1,521,903 | 1,541,176 |
Noncontrolling interests | 17,395 | 19,179 |
Total capital | 1,539,298 | 1,560,355 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $6,701,932 | $6,786,393 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Tenant receivables allowance for doubtful accounts | 2,380 | 2,379 |
Other receivables allowance for doubtful accounts | 1,120 | 1,241 |
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 | 170,260,769 | 170,048,144 |
Common stock, shares outstanding | 170,260,769 | 170,048,144 |
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 | 2,380 | 2,379 |
Other receivables allowance for doubtful accounts | 1,120 | 1,241 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES: | ' | ' | ' | ' |
Minimum rents | $167,631 | $165,512 | $336,908 | $330,930 |
Percentage rents | 1,824 | 2,335 | 5,430 | 7,051 |
Other rents | 4,613 | 4,521 | 9,895 | 9,665 |
Tenant reimbursements | 70,774 | 70,666 | 142,992 | 142,948 |
Management, development and leasing fees | 2,813 | 2,850 | 5,948 | 5,925 |
Other | 9,278 | 9,701 | 17,003 | 17,548 |
Total revenues | 256,933 | 255,585 | 518,176 | 514,067 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Property operating | 35,527 | 33,663 | 75,538 | 72,796 |
Depreciation and amortization | 70,609 | 68,117 | 139,692 | 137,173 |
Real estate taxes | 22,089 | 21,389 | 43,436 | 43,805 |
Maintenance and repairs | 12,623 | 13,229 | 28,788 | 27,419 |
General and administrative | 11,336 | 12,876 | 26,109 | 26,300 |
Loss on impairment | 106 | 21,038 | 17,256 | 21,038 |
Other | 7,390 | 8,191 | 13,935 | 14,847 |
Total operating expenses | 159,680 | 178,503 | 344,754 | 343,378 |
Income from operations | 97,253 | 77,082 | 173,422 | 170,689 |
Interest and other income | 1,544 | 661 | 3,072 | 1,388 |
Interest expense | -59,277 | -57,209 | -119,783 | -117,033 |
Gain (loss) on extinguishment of debt | 0 | -9,108 | 42,660 | -9,108 |
Gain on sales of real estate assets | 1,925 | 457 | 3,079 | 1,000 |
Gain on investment | 0 | 2,400 | 0 | 2,400 |
Equity in earnings of unconsolidated affiliates | 3,418 | 2,729 | 7,102 | 5,348 |
Income tax provision | -786 | -757 | -1,183 | -583 |
Income from continuing operations | 44,077 | 16,255 | 108,369 | 54,101 |
Operating income (loss) of discontinued operations | -59 | 1,893 | -558 | 3,151 |
Gain on discontinued operations | 107 | 91 | 90 | 872 |
Net income | 44,125 | 18,239 | 107,901 | 58,124 |
Net income attributable to noncontrolling interests in: | ' | ' | ' | ' |
Operating Partnership | -4,620 | -36 | -12,271 | -3,527 |
Other consolidated subsidiaries | -1,547 | -6,479 | -2,378 | -12,560 |
Net income attributable to the Company | 37,958 | 11,724 | 93,252 | 42,037 |
Preferred dividends | -11,223 | -11,223 | -22,446 | -22,446 |
Net income attributable to common shareholders | 26,735 | 501 | 70,806 | 19,591 |
Basic and diluted per share data attributable to common shareholders: | ' | ' | ' | ' |
Income (loss) from continuing operations, net of preferred dividends (in dollars per share) | $0.16 | ($0.01) | $0.42 | $0.10 |
Discontinued operations (in dollars per share) | $0 | $0.01 | $0 | $0.02 |
Net income attributable to common shareholders (in dollars per share) | $0.16 | $0 | $0.42 | $0.12 |
Weighted-average common and potential dilutive common shares outstanding (in shares) | 170,267 | 166,607 | 170,232 | 164,088 |
Amounts attributable to common shareholders: | ' | ' | ' | ' |
Income (loss) from continuing operations, net of preferred dividends | 26,694 | -1,184 | 71,205 | 16,181 |
Discontinued operations | 41 | 1,685 | -399 | 3,410 |
Net income attributable to common shareholders | 26,735 | 501 | 70,806 | 19,591 |
Dividends declared per common share (in dollars per share) | $0.25 | $0.23 | $0.49 | $0.46 |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Minimum rents | 167,631 | 165,512 | 336,908 | 330,930 |
Percentage rents | 1,824 | 2,335 | 5,430 | 7,051 |
Other rents | 4,613 | 4,521 | 9,895 | 9,665 |
Tenant reimbursements | 70,774 | 70,666 | 142,992 | 142,948 |
Management, development and leasing fees | 2,813 | 2,850 | 5,948 | 5,925 |
Other | 9,278 | 9,701 | 17,003 | 17,548 |
Total revenues | 256,933 | 255,585 | 518,176 | 514,067 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Property operating | 35,527 | 33,663 | 75,538 | 72,796 |
Depreciation and amortization | 70,609 | 68,117 | 139,692 | 137,173 |
Real estate taxes | 22,089 | 21,389 | 43,436 | 43,805 |
Maintenance and repairs | 12,623 | 13,229 | 28,788 | 27,419 |
General and administrative | 11,336 | 12,876 | 26,109 | 26,300 |
Loss on impairment | 106 | 21,038 | 17,256 | 21,038 |
Other | 7,390 | 8,191 | 13,935 | 14,847 |
Total operating expenses | 159,680 | 178,503 | 344,754 | 343,378 |
Income from operations | 97,253 | 77,082 | 173,422 | 170,689 |
Interest and other income | 1,544 | 661 | 3,072 | 1,388 |
Interest expense | -59,277 | -57,209 | -119,783 | -117,033 |
Gain (loss) on extinguishment of debt | 0 | -9,108 | 42,660 | -9,108 |
Gain on sales of real estate assets | 1,925 | 457 | 3,079 | 1,000 |
Gain on investment | 0 | 2,400 | 0 | 2,400 |
Equity in earnings of unconsolidated affiliates | 3,418 | 2,729 | 7,102 | 5,348 |
Income tax provision | -786 | -757 | -1,183 | -583 |
Income from continuing operations | 44,077 | 16,255 | 108,369 | 54,101 |
Operating income (loss) of discontinued operations | -59 | 1,893 | -558 | 3,151 |
Gain on discontinued operations | 107 | 91 | 90 | 872 |
Net income | 44,125 | 18,239 | 107,901 | 58,124 |
Net income attributable to noncontrolling interests in: | ' | ' | ' | ' |
Other consolidated subsidiaries | -1,547 | -6,479 | -2,378 | -12,560 |
Net income attributable to the Company | 42,578 | 11,760 | 105,523 | 45,564 |
Preferred dividends | -11,223 | -11,223 | -22,446 | -22,446 |
Net income attributable to common shareholders | 31,355 | 537 | 83,077 | 23,118 |
Basic and diluted per share data attributable to common shareholders: | ' | ' | ' | ' |
Income (loss) from continuing operations, net of preferred dividends (in dollars per share) | $0.16 | ($0.01) | $0.42 | $0.10 |
Discontinued operations (in dollars per share) | $0 | $0.01 | $0 | $0.02 |
Net income attributable to common shareholders (in dollars per share) | $0.16 | $0 | $0.42 | $0.12 |
Weighted-average common and potential dilutive common shares outstanding (in shares) | 199,726 | 196,153 | 199,734 | 193,633 |
Amounts attributable to common shareholders: | ' | ' | ' | ' |
Income (loss) from continuing operations, net of preferred dividends | 31,314 | -1,148 | 83,476 | 19,708 |
Discontinued operations | 41 | 1,685 | -399 | 3,410 |
Net income attributable to common shareholders | $31,355 | $537 | $83,077 | $23,118 |
Dividends declared per common share (in dollars per share) | $0.25 | $0.24 | $0.51 | $0.48 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $44,125 | $18,239 | $107,901 | $58,124 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized holding gain (loss) on available-for-sale securities | 1,195 | -1,015 | 2,196 | -252 |
Unrealized gain on hedging instruments | 921 | 443 | 1,873 | 163 |
Reclassification of hedging effect on earnings | 551 | -562 | 1,099 | -1,119 |
Total other comprehensive income (loss) | 1,565 | -10 | 2,970 | 1,030 |
Comprehensive income | 45,690 | 18,229 | 110,871 | 59,154 |
Comprehensive income attributable to noncontrolling interests in: | ' | ' | ' | ' |
Operating Partnership | -4,280 | -21 | -11,907 | -3,688 |
Other consolidated subsidiaries | -1,547 | -6,479 | -2,378 | -12,560 |
Comprehensive income attributable to the Company | 39,863 | 11,729 | 96,586 | 42,906 |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' |
Net income | 44,125 | 18,239 | 107,901 | 58,124 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized holding gain (loss) on available-for-sale securities | 1,193 | -1,015 | 2,196 | -252 |
Unrealized gain on hedging instruments | 921 | 443 | 1,873 | 163 |
Reclassification of hedging effect on earnings | 551 | -562 | 1,099 | -1,119 |
Total other comprehensive income (loss) | 1,563 | -10 | 2,970 | 1,030 |
Comprehensive income | 45,688 | 18,229 | 110,871 | 59,154 |
Comprehensive income attributable to noncontrolling interests in: | ' | ' | ' | ' |
Other consolidated subsidiaries | -1,547 | -6,479 | -2,378 | -12,560 |
Comprehensive income attributable to the Company | $44,141 | $11,750 | $108,493 | $46,594 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Equity/Capital (Unaudited) (USD $) | Total | Redeemable Noncontrolling Interests [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Dividends in Excess of Cumulative Earnings [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interest [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] | CBL And Associates Limited Partnership [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock [Member] | Preferred Units [Member] | Common Units [Member] | Common Units [Member] | General Partner [Member] | Limited Partners [Member] | Limited Partners [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interest [Member] | Redeemable Partnership Interests [Member] | Redeemable Common Units [Member] | Redeemable Noncontrolling Interests [Member] |
USD ($) | USD ($) | Common Stock [Member] | USD ($) | USD ($) | Common Stock [Member] | USD ($) | USD ($) | Common Stock [Member] | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
USD ($) | USD ($) | |||||||||||||||||||||||
Balance, redeemable noncontrolling partnership interests at Dec. 31, 2012 | ' | $40,248 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 45,900 | ' | ' | ' | ' | ' | 42,037 | 42,037 | 3,863 | 45,900 | ' | 22,446 | ' | ' | 240 | 22,481 | ' | ' | 45,167 | ' | 733 | ' | ' | ' |
Other comprehensive income | 1,020 | 10 | ' | ' | ' | 869 | ' | 869 | 151 | 1,020 | ' | ' | ' | ' | ' | ' | ' | 1,020 | 1,020 | ' | ' | ' | 10 | 10 |
Dividends declared - common stock | -76,791 | ' | ' | ' | ' | ' | -76,791 | -76,791 | ' | -91,581 | ' | ' | ' | ' | -966 | -90,615 | ' | ' | -91,581 | ' | ' | ' | 2,288 | 2,288 |
Dividends declared - preferred stock | -22,446 | ' | ' | ' | ' | ' | ' | -22,446 | ' | -22,446 | ' | -22,446 | ' | ' | ' | ' | ' | ' | -22,446 | ' | ' | ' | ' | ' |
Issuances of 8,632,742 shares of common stock and restricted common stock | 209,506 | ' | ' | 86 | 209,420 | ' | ' | 209,506 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuances of 241,188 shares of common stock and restricted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 209,506 | ' | ' | ' | ' | ' | 209,506 | ' | ' | 209,506 | ' | ' | ' | ' |
Issuance of common and restricted common stock, shares | 8,632,742 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,633,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted common stock, 20,631 shares (2014) and 35,865 shares (2013) | -705 | ' | ' | ' | -705 | ' | ' | -705 | ' | -705 | ' | ' | ' | ' | ' | -705 | ' | ' | -705 | ' | ' | ' | ' | ' |
Cancellation of restricted common stock, shares | -35,865 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation | 1,887 | ' | ' | ' | 1,887 | ' | ' | 1,887 | ' | 1,872 | ' | ' | ' | ' | 20 | 1,852 | ' | ' | 1,872 | ' | ' | ' | 15 | 15 |
Distributions to noncontrolling interests | -15,368 | -3,838 | ' | ' | ' | ' | ' | ' | -15,368 | -1,035 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,035 | -1,550 | ' | -1,550 |
Allocation of partners' capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,894 | ' | ' | ' | ' | 1,709 | -4,603 | ' | ' | -2,894 | ' | ' | ' | 2,894 | 2,894 |
Adjustment to record redeemable noncontrolling interests at redemption value | 854 | -854 | ' | ' | 815 | ' | ' | 815 | 39 | 854 | ' | ' | ' | ' | 9 | 845 | ' | ' | 854 | ' | ' | -410 | -444 | -854 |
Acquire controlling interest in shopping center property | 41,444 | ' | ' | ' | ' | ' | ' | ' | 41,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquire controlling interest in shopping center properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,444 | ' | ' | ' |
Redeemable Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 1,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,809 | 187 | 1,996 |
Adjustment for noncontrolling interests | -2,909 | 2,909 | ' | ' | -29,057 | ' | ' | -29,057 | 26,148 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,620,707 | ' | 565,212 | ' | ' | 10,916 | 1,016,124 | ' | 6,705 | 1,598,957 | ' | 21,750 | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Jun. 30, 2013 | ' | 40,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,262 | 34,209 | 40,471 |
Balance at Jun. 30, 2013 | 1,620,601 | ' | 25 | 1,699 | 1,955,990 | 7,855 | -510,761 | 1,454,808 | 165,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, units at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,050,000 | 199,452,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred stock | -11,223 | ' | ' | ' | ' | ' | ' | ' | ' | -11,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,620,707 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | 1,620,601 | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Dec. 31, 2013 | ' | 34,639 | ' | ' | ' | ' | ' | ' | ' | 28,756 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,883 | 28,756 | 34,639 |
Beginning balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,560,355 | ' | 565,212 | ' | ' | 9,866 | 961,175 | ' | 4,923 | 1,541,176 | ' | 19,179 | ' | ' | ' |
Balance at Dec. 31, 2013 | 1,559,934 | ' | 25 | 1,700 | 1,967,644 | 6,325 | -570,781 | 1,404,913 | 155,021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 105,546 | ' | ' | ' | ' | ' | 93,252 | 93,252 | 12,294 | 105,546 | ' | 22,446 | ' | ' | 846 | 81,582 | ' | ' | 104,874 | ' | 672 | ' | ' | ' |
Other comprehensive income | 2,946 | 24 | ' | ' | ' | 3,334 | ' | 3,334 | -388 | 2,946 | ' | ' | ' | ' | ' | ' | ' | 2,946 | 2,946 | ' | ' | ' | 24 | 24 |
Redemption of Operating Partnership common units | -2,914 | ' | ' | ' | ' | ' | ' | ' | -2,914 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - common stock | -83,430 | ' | ' | ' | ' | ' | -83,430 | -83,430 | ' | -98,825 | ' | ' | ' | ' | -986 | -97,839 | ' | ' | -98,825 | ' | ' | ' | -2,286 | -2,286 |
Dividends declared - preferred stock | -22,446 | ' | ' | ' | ' | ' | -22,446 | -22,446 | ' | -22,446 | ' | -22,446 | ' | ' | ' | ' | ' | ' | -22,446 | ' | ' | ' | ' | ' |
Issuances of 241,188 shares of common stock and restricted common stock | 590 | ' | ' | 3 | 587 | ' | ' | 590 | ' | ' | 590 | ' | ' | ' | ' | ' | 590 | ' | ' | 590 | ' | ' | ' | ' |
Issuance of common and restricted common stock, shares | 241,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of common units | -2,914 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,914 | ' | ' | ' | -2,914 | ' | ' | ' | ' |
Redemption of common units, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -171,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted common stock, 20,631 shares (2014) and 35,865 shares (2013) | -360 | ' | ' | ' | -360 | ' | ' | -360 | ' | -360 | ' | ' | ' | ' | ' | -360 | ' | ' | -360 | ' | ' | ' | ' | ' |
Cancellation of restricted common stock, shares | -28,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation | 2,115 | ' | ' | ' | 2,115 | ' | ' | 2,115 | ' | 2,115 | ' | ' | ' | ' | 21 | 2,094 | ' | ' | 2,115 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -17,850 | -5,744 | ' | ' | ' | ' | ' | ' | -17,850 | -2,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,456 | -3,458 | ' | -3,458 |
Allocation of partners' capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,469 | ' | ' | ' | ' | -16 | -1,453 | ' | ' | -1,469 | ' | ' | ' | 1,482 | 1,482 |
Adjustment to record redeemable noncontrolling interests at redemption value | -3,784 | 3,784 | ' | ' | -3,536 | ' | ' | -3,536 | -248 | -3,784 | ' | ' | ' | ' | -95 | -3,689 | ' | ' | -3,784 | ' | ' | 2,005 | 1,779 | 3,784 |
Redeemable Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 2,355 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,706 | 649 | 2,355 |
Adjustment for noncontrolling interests | -1,482 | 1,482 | ' | ' | -4,347 | ' | ' | -4,347 | 2,865 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,539,298 | ' | 565,212 | ' | ' | 9,636 | 939,186 | ' | 7,869 | 1,521,903 | ' | 17,395 | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Jun. 30, 2014 | ' | 36,540 | ' | ' | ' | ' | ' | ' | ' | 30,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,136 | 30,404 | 36,540 |
Balance at Jun. 30, 2014 | 1,538,865 | ' | 25 | 1,703 | 1,962,103 | 9,659 | -583,405 | 1,390,085 | 148,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, units at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,050,000 | 199,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - preferred stock | -11,223 | ' | ' | ' | ' | ' | ' | ' | ' | -11,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, redeemable noncontrolling partnership interests at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,539,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2014 | $1,538,865 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $107,901 | $58,124 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 139,692 | 142,177 |
Net amortization of deferred finance costs and debt premiums | 3,357 | 2,503 |
Net amortization of intangible lease assets and liabilities | 267 | -180 |
Gain on sales of real estate assets | -3,079 | -1,000 |
Gain on investment | 0 | -2,400 |
Gain on discontinued operations | -90 | -872 |
Write-off of development projects | 34 | 1 |
Share-based compensation expense | 2,605 | 1,887 |
Loss on impairment | 17,256 | 21,038 |
Loss on impairment from discontinued operations | 681 | 0 |
(Gain) loss on extinguishment of debt | -42,660 | 9,108 |
Equity in earnings of unconsolidated affiliates | -7,102 | -5,348 |
Distributions of earnings from unconsolidated affiliates | 8,965 | 7,911 |
Provision for doubtful accounts | 1,912 | 927 |
Change in deferred tax accounts | 316 | 1,824 |
Changes in: | ' | ' |
Tenant and other receivables | 2,274 | -5,796 |
Other assets | -1,461 | 5,173 |
Accounts payable and accrued liabilities | -24,752 | -45,408 |
Net cash provided by operating activities | 206,116 | 189,669 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to real estate assets | -114,510 | -147,327 |
Acquisition of real estate assets | 0 | -26,444 |
(Additions) reductions to restricted cash | 3,393 | -528 |
Proceeds from sales of real estate assets | 10,298 | 45,039 |
Additions to mortgage and other notes receivable | 0 | -2,700 |
Payments received on mortgage and other notes receivable | 287 | 3,699 |
Proceeds from sales of investments and available-for-sale securities | 0 | 15,877 |
Additional investments in and advances to unconsolidated affiliates | -8,229 | -29,079 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 14,713 | 4,239 |
Changes in other assets | -3,167 | -11,677 |
Net cash used in investing activities | -97,215 | -148,901 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from mortgage and other indebtedness | 379,619 | 752,835 |
Principal payments on mortgage and other indebtedness | -356,918 | -882,239 |
Additions to deferred financing costs | -113 | -900 |
Prepayment fees on extinguishment of debt | -1,249 | -8,708 |
Proceeds from issuances of common stock | 82 | 209,506 |
Purchase of noncontrolling interest in the Operating Partnership | -2,914 | 0 |
Distributions to noncontrolling interests | -23,603 | -29,437 |
Dividends paid to holders of preferred stock | -22,446 | -22,446 |
Dividends paid to common shareholders | -83,377 | -73,197 |
Net cash used in financing activities | -110,919 | -54,586 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -2,018 | -13,818 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,500 | 78,248 |
CASH AND CASH EQUIVALENTS, end of period | 63,482 | 64,430 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 117,004 | 114,360 |
CBL & Associates Limited Partnership [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | 107,901 | 58,124 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 139,692 | 142,177 |
Net amortization of deferred finance costs and debt premiums | 3,357 | 2,503 |
Net amortization of intangible lease assets and liabilities | 267 | -180 |
Gain on sales of real estate assets | -3,079 | -1,000 |
Gain on investment | 0 | -2,400 |
Gain on discontinued operations | -90 | -872 |
Write-off of development projects | 34 | 1 |
Share-based compensation expense | 2,605 | 1,887 |
Loss on impairment | 17,256 | 21,038 |
Loss on impairment from discontinued operations | 681 | 0 |
(Gain) loss on extinguishment of debt | -42,660 | 9,108 |
Equity in earnings of unconsolidated affiliates | -7,102 | -5,348 |
Distributions of earnings from unconsolidated affiliates | 8,962 | 7,911 |
Provision for doubtful accounts | 1,912 | 927 |
Change in deferred tax accounts | 316 | 1,824 |
Changes in: | ' | ' |
Tenant and other receivables | 2,274 | -5,796 |
Other assets | -1,461 | 5,210 |
Accounts payable and accrued liabilities | -24,755 | -45,480 |
Net cash provided by operating activities | 206,110 | 189,634 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Additions to real estate assets | -114,510 | -147,327 |
Acquisition of real estate assets | 0 | -26,444 |
(Additions) reductions to restricted cash | 3,393 | -528 |
Proceeds from sales of real estate assets | 10,298 | 45,039 |
Additions to mortgage and other notes receivable | 0 | -2,700 |
Payments received on mortgage and other notes receivable | 287 | 3,699 |
Proceeds from sales of investments and available-for-sale securities | 0 | 15,877 |
Additional investments in and advances to unconsolidated affiliates | -8,229 | -29,079 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 14,713 | 4,239 |
Changes in other assets | -3,167 | -11,677 |
Net cash used in investing activities | -97,215 | -148,901 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from mortgage and other indebtedness | 379,619 | 752,835 |
Principal payments on mortgage and other indebtedness | -356,918 | -882,239 |
Additions to deferred financing costs | -113 | -900 |
Prepayment fees on extinguishment of debt | -1,249 | -8,708 |
Proceeds from issuances of common stock | 82 | 209,506 |
Purchase of noncontrolling interest in the Operating Partnership | -2,914 | 0 |
Distributions to noncontrolling interests | -5,881 | -12,871 |
Dividends paid to holders of preferred stock | -22,446 | -22,446 |
Dividends paid to common shareholders | -101,100 | -89,763 |
Net cash used in financing activities | -110,920 | -54,586 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -2,025 | -13,853 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,486 | 78,244 |
CASH AND CASH EQUIVALENTS, end of period | 63,461 | 64,391 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | $117,004 | $114,360 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Organization and Basis of Presentation | ' | |||||||||||||||
Organization and Basis of Presentation | ||||||||||||||||
CBL & Associates Properties, Inc. (“CBL”), 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. | ||||||||||||||||
CBL conducts substantially all of its business through CBL & Associates Limited Partnership (the “Operating Partnership”). 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"). As of June 30, 2014, the Operating Partnership owned interests in the following properties: | ||||||||||||||||
Malls (1) | Associated | Community | Office | Total | ||||||||||||
Centers | Centers | Buildings (2) | ||||||||||||||
Consolidated properties | 73 | 25 | 7 | 8 | 113 | |||||||||||
Unconsolidated properties (3) | 9 | 4 | 5 | 5 | 23 | |||||||||||
Total | 82 | 29 | 12 | 13 | 136 | |||||||||||
-1 | Category consists of regional malls, open-air centers and outlet centers (including one mixed use center). | |||||||||||||||
-2 | Includes CBL's corporate office building. | |||||||||||||||
-3 | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. | |||||||||||||||
At June 30, 2014, the Operating Partnership had interests in the following properties under development: | ||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||
Properties | Properties | |||||||||||||||
Malls | Associated | Community | Malls | Community | ||||||||||||
Centers | Centers | Centers | ||||||||||||||
Development | 1 | — | 1 | — | — | |||||||||||
Expansions | 3 | — | — | — | 2 | |||||||||||
Redevelopment | 3 | 1 | — | 1 | — | |||||||||||
The Operating Partnership also holds options to acquire certain development properties owned by third parties. | ||||||||||||||||
CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At June 30, 2014, 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 84.3% limited partner interest for a combined interest held by CBL of 85.3%. | ||||||||||||||||
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 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 June 30, 2014, CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 5.6% limited partner interest in the Operating Partnership. CBL's Predecessor also owned 3.4 million shares of CBL’s common stock at June 30, 2014, for a total combined effective interest of 10.8% 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”). | ||||||||||||||||
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 June 30, 2014 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 met the criteria for classification as discontinued operations, prior to the adoption of Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity ("ASU 2014-08") in the first quarter of 2014, have been classified as 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, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Accounting Guidance Adopted | |
In February 2013, the Financial Accounting Standards Board ("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 was effective on a retrospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-04 did not have an impact on the Company's condensed 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 was effective for public companies for fiscal years beginning after December 15, 2013 and interim periods within those years. The guidance is applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application was permitted. The adoption of ASU 2013-11 did not have an impact on the Company's condensed consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08. This update changes the criteria for reporting discontinued operations and provides enhanced disclosures about the financial effects of discontinued operations. The intent of the guidance is to require an entity to classify disposals as discontinued operations only when they clearly represent a major strategic business shift such as a disposal of a line of business, significant geographical area or major equity method investment. For significant disposals not classified as discontinued operations, ASU 2014-08 requires the disclosure of the pre-tax income or loss attributable to the disposal for the period in which it is disposed of (or is classified as held for sale) and for all prior periods that are presented. If a significant disposal not classified as discontinued operations includes a noncontrolling interest, the pre-tax income or loss attributable to the parent for the period in which it is disposed of or is classified as held for sale is disclosed. For public companies, ASU 2014-08 is effective on a prospective basis for all disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company elected to adopt this guidance in the first quarter of 2014. The Company expects the majority of its disposals in the future will not meet the criteria under ASU 2014-08 to be classified as discontinued operations, which will reduce the requirement to reclassify discontinued operations for both the period of disposal (or classification as held for sale) and for comparative periods. | |
Accounting Guidance Not Yet Effective | |
In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. For public companies, ASU 2014-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those years using one of two retrospective application methods. Early adoption is not permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||||||
30-Jun-14 | Active Markets for | Other | Unobservable | |||||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||
(Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 16,169 | $ | 16,169 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 3,233 | $ | — | $ | 3,233 | $ | — | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||||||
31-Dec-13 | Active Markets for | Other | Unobservable | |||||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||
(Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 13,973 | $ | 13,973 | $ | — | $ | — | ||||||||||||
Interest rate cap | — | — | — | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 4,007 | — | $ | 4,007 | $ | — | |||||||||||||
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 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 six month periods ended June 30, 2014 and 2013, the Company did not record any write-downs related to other-than-temporary impairments. The Company did not recognize any realized gains or losses related to sales of marketable securities during the three and six month periods ended June 30, 2014 and 2013. The fair values of the Company’s available-for-sale securities are based on quoted market prices and are classified under Level 1. | ||||||||||||||||||||
The following is a summary of the available-for-sale securities held by the Company as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||
Adjusted | Gains | Losses | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||
Common stocks | $ | 4,195 | $ | 11,974 | $ | — | $ | 16,169 | ||||||||||||
Gross Unrealized | ||||||||||||||||||||
Adjusted | Gains | Losses | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
Common stocks | $ | 4,195 | $ | 9,778 | $ | — | $ | 13,973 | ||||||||||||
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 as of June 30, 2014 and four interest rate swaps and one interest rate cap at December 31, 2013, that qualified as hedging instruments and were 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 met the effectiveness test criteria since inception and changes in their fair values are, thus, 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 $5,024,002 and $5,126,300 at June 30, 2014 and December 31, 2013, 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 $4,810,811 and $4,857,523 at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
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 June 30, 2014 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 and capitalization rates ranging from 9% to 12%. | ||||||||||||||||||||
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 | ||||||||||||||||||||
Total | Quoted Prices | Significant Other | Significant | Total | ||||||||||||||||
in Active | Observable Inputs | Unobservable Inputs | Loss | |||||||||||||||||
Markets for | (Level 2) | (Level 3) | ||||||||||||||||||
Identical Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Long-lived assets | $ | 53,348 | $ | — | $ | — | $ | 53,348 | $ | 17,256 | ||||||||||
Long-lived Assets Measured at Fair Value in 2014 | ||||||||||||||||||||
During the six months ended June 30, 2014, the Company wrote down two properties to their estimated fair value. In accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $12,050 in the first quarter of 2014 related to Chapel Hill Mall, located in Akron, OH, to write-down the depreciated book value to its estimated fair value of $53,348 as of March 31, 2014. 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. Additionally, the Company recognized a non-cash impairment of real estate of $5,100 when it adjusted the book value of Lakeshore Mall, located in Sebring, FL, to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. | ||||||||||||||||||||
A reconciliation of Chapel Hill Mall's carrying value for the six months ending June 30, 2014 is as follows: | ||||||||||||||||||||
Chapel Hill | ||||||||||||||||||||
Mall (1) | ||||||||||||||||||||
Beginning carrying value, January 1, 2014 | $ | 66,062 | ||||||||||||||||||
Capital expenditures | 10 | |||||||||||||||||||
Depreciation expense | (1,232 | ) | ||||||||||||||||||
Loss on impairment of real estate | (12,050 | ) | ||||||||||||||||||
Ending carrying value, June 30, 2014 | $ | 52,790 | ||||||||||||||||||
-1 | The revenues of Chapel Hill Mall accounted for approximately 1.0% of total consolidated revenues for the trailing twelve months ended June 30, 2014. |
Disposals_and_Discontinued_Ope
Disposals and Discontinued Operations | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||||
Disposals and Discontinued Operations | ' | ||||||||||||||||||
Disposals and Discontinued Operations | |||||||||||||||||||
In the first quarter of 2014, the Company adopted ASU 2014-08, which changed the definition and criteria of property disposals classified as discontinued operations, on a prospective basis. As a result of applying this accounting guidance, the 2014 disposals listed below were not reclassified to discontinued operations as the 2013 disposals were. | |||||||||||||||||||
2014 Dispositions | |||||||||||||||||||
The results of operations of the properties described below, as well as any gain on extinguishment of debt and impairment losses related to those properties, are included in income from continuing operations for all periods presented, as applicable. Net proceeds from these 2014 dispositions were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted. The following is a summary of the Company's 2014 dispositions: | |||||||||||||||||||
Sales Price | |||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | Gain | |||||||||||||
2014 Activity: | |||||||||||||||||||
June | Foothills Plaza Expansion | Associated Center | Maryville, TN | $ | 2,640 | $ | 2,387 | $ | 934 | ||||||||||
May | Lakeshore Mall (1) | Mall | Sebring, FL | 14,000 | 13,613 | — | |||||||||||||
$ | 16,640 | $ | 16,000 | $ | 934 | ||||||||||||||
-1 | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. See Note 8 for additional information about the note receivable. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. | ||||||||||||||||||
In January 2014, the mortgage lender for Citadel Mall completed the foreclosure on the property. The lender received the title in satisfaction of the non-recourse debt which had a balance of $68,169. A non-cash loss on impairment of $20,453 was recorded in the second quarter of 2013 to write down the book value of this property to its then estimated fair value. In the first quarter of 2014, the Company recognized a non-cash gain on extinguishment of debt of $43,909 representing the difference between the book value of the debt extinguished over the net book value of the property as of the transfer date. See Note 6 for additional information. | |||||||||||||||||||
2013 Dispositions | |||||||||||||||||||
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 2013 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2013 dispositions: | |||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | (Loss) | |||||||||||||
2013 Activity: | |||||||||||||||||||
August | 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 | |||||||||||||||||||
March | 1500 Sunday Drive | Office Building | Raleigh, NC | 8,300 | 7,862 | (549 | ) | ||||||||||||
March | Peninsula I & II | Office Building | Newport News, VA | 5,250 | 5,121 | 598 | |||||||||||||
January | Lake Point & SunTrust | Office Building | Greensboro, NC | 30,875 | 30,490 | 823 | |||||||||||||
$ | 220,425 | $ | 215,450 | $ | 872 | ||||||||||||||
-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. | ||||||||||||||||||
Total revenues of the properties described above that are included in discontinued operations were $6,858 and $14,767 for the three and six month periods ended June 30, 2013. The total net investment in real estate assets at the time of sale for the office buildings sold during the six months ended June 30, 2013 was $42,693. There were no outstanding mortgage loans for any of the office buildings that were sold during the six months ended June 30, 2013. Discontinued operations for the three and six month periods ended June 30, 2014 and 2013 also include settlements of estimated expenses based on actual amounts for properties sold during previous periods. |
Unconsolidated_Affiliates_Rede
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments | ' | |||||||||||||||
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments | ||||||||||||||||
Unconsolidated Affiliates | ||||||||||||||||
At June 30, 2014, 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 and West County Center | 50.00% | ||||||||||||||
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 2014 and 2013, 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 | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Investment in real estate assets | $ | 2,227,426 | $ | 2,167,227 | ||||||||||||
Accumulated depreciation | (587,591 | ) | (555,174 | ) | ||||||||||||
1,639,835 | 1,612,053 | |||||||||||||||
Developments in progress | 63,131 | 103,161 | ||||||||||||||
Net investment in real estate assets | 1,702,966 | 1,715,214 | ||||||||||||||
Other assets | 170,795 | 168,799 | ||||||||||||||
Total assets | $ | 1,873,761 | $ | 1,884,013 | ||||||||||||
LIABILITIES | ||||||||||||||||
Mortgage and other indebtedness | $ | 1,476,916 | $ | 1,468,422 | ||||||||||||
Other liabilities | 41,945 | 48,203 | ||||||||||||||
Total liabilities | 1,518,861 | 1,516,625 | ||||||||||||||
OWNERS' EQUITY | ||||||||||||||||
The Company | 204,856 | 213,664 | ||||||||||||||
Other investors | 150,044 | 153,724 | ||||||||||||||
Total owners' equity | 354,900 | 367,388 | ||||||||||||||
Total liabilities and owners' equity | $ | 1,873,761 | $ | 1,884,013 | ||||||||||||
Total for the Three Months | Company's Share for the | |||||||||||||||
Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 61,400 | $ | 60,024 | $ | 32,066 | $ | 30,776 | ||||||||
Depreciation and amortization | (19,230 | ) | (19,122 | ) | (10,256 | ) | (9,923 | ) | ||||||||
Interest income | 339 | 338 | 259 | 235 | ||||||||||||
Interest expense | (18,746 | ) | (19,043 | ) | (9,662 | ) | (9,764 | ) | ||||||||
Operating expenses | (17,488 | ) | (17,443 | ) | (8,989 | ) | (8,595 | ) | ||||||||
Net income | $ | 6,275 | $ | 4,754 | $ | 3,418 | $ | 2,729 | ||||||||
Total for the Six Months | Company's Share for the | |||||||||||||||
Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 123,221 | $ | 120,743 | $ | 64,018 | $ | 62,446 | ||||||||
Depreciation and amortization | (38,017 | ) | (38,270 | ) | (20,117 | ) | (19,871 | ) | ||||||||
Interest income | 679 | 677 | 518 | 470 | ||||||||||||
Interest expense | (37,304 | ) | (38,711 | ) | (19,153 | ) | (19,836 | ) | ||||||||
Operating expenses | (35,669 | ) | (36,195 | ) | (18,164 | ) | (17,861 | ) | ||||||||
Net income | $ | 12,910 | $ | 8,244 | $ | 7,102 | $ | 5,348 | ||||||||
2014 Financing | ||||||||||||||||
The following table presents the loan activity of the Company's unconsolidated affiliates since January 1, 2014: | ||||||||||||||||
Date | Property | Stated | Maturity Date | Amount Financed | ||||||||||||
Interest | or Extended | |||||||||||||||
Rate | ||||||||||||||||
February | Fremaux Town Center - Phase I (1) | LIBOR + 2.125% | Mar-16 | (2) | $ | 47,291 | ||||||||||
-1 | Fremaux Town Center JV, LLC ("Fremaux") amended and restated its March 2013 loan agreement to increase the capacity on its construction loan from $46,000 to $47,291 for additional development costs related to Fremaux Town Center. The Company has guaranteed 100% of the loan. | |||||||||||||||
-2 | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of March 2018. | |||||||||||||||
All of the debt on the properties owned by the unconsolidated affiliates is non-recourse, except for Fremaux, West Melbourne, Port Orange, 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 information on a loan which closed subsequent to June 30, 2014. | ||||||||||||||||
CBL/T-C, LLC | ||||||||||||||||
In accordance with the terms of the joint venture agreement, the Company elected to purchase TIAA-CREF's 12.0% interest in Pearland Town Center in the first quarter of 2014 for $17,948. This amount represents the noncontrolling partner's unreturned equity contribution related to Pearland Town Center, which was accounted for as a financing obligation, plus accrued and unpaid preferred return at a rate of 8.0%. | ||||||||||||||||
Redeemable Interests | ||||||||||||||||
Redeemable common units of $30,404 and $28,756 at June 30, 2014 and December 31, 2013, 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 $6,136 and $5,883 at June 30, 2014 and December 31, 2013, 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 interests in other consolidated subsidiaries includes the third party interest in the Company's subsidiary that provides security and maintenance services and also included, prior to their redemption by the Company in September 2013, the perpetual preferred joint venture units (“PJV units”) issued to the Westfield Group (“Westfield”) for its preferred interest in CW Joint Venture, LLC ("CWJV"), a Company-controlled entity, consisting of four of the Company's other consolidated subsidiaries. The 2013 activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units that the Company redeemed in September 2013 is as follows: | ||||||||||||||||
Six Months Ended | ||||||||||||||||
30-Jun-13 | ||||||||||||||||
Beginning Balance | $ | 423,834 | ||||||||||||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 10,228 | |||||||||||||||
Distributions to redeemable noncontrolling preferred joint venture interest | (10,285 | ) | ||||||||||||||
Ending Balance | $ | 423,777 | ||||||||||||||
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 $17,395 and $19,179, as of June 30, 2014 and December 31, 2013, 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 June 30, 2014, the Company's total noncontrolling interests of $148,780 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $131,385 and $17,395, respectively. The Company's total noncontrolling interest at December 31, 2013 of $155,021 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $135,842 and $19,179, respectively. | ||||||||||||||||
In the second quarter of 2014, a holder of 170,847 common units in the Operating Partnership exercised its conversion rights. The Company elected to pay $2,914 in cash for those units in May 2014. | ||||||||||||||||
Cost Method Investment | ||||||||||||||||
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. 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. The carrying amount of this investment was $5,325 at June 30, 2014 and December 31, 2013. The noncontrolling interest is reflected as investment in unconsolidated affiliates in the accompanying condensed consolidated balance sheets. | ||||||||||||||||
Variable Interest Entities | ||||||||||||||||
Triangle Town Member LLC | ||||||||||||||||
The Company holds a 50% ownership interest in the joint venture Triangle Town Member, LLC. In 2013, the Company reconsidered the entity’s status, and determined that its investment in this joint venture represents an interest in a VIE. The entity is under joint control, and therefore the Company accounts for it as an unconsolidated affiliate using the equity method of accounting as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
JG Gulf Coast Town Center LLC | ||||||||||||||||
The Company holds a 50% ownership interest in the joint venture JG Gulf Coast Town Center LLC. In 2013, the Company reconsidered the entity’s status, and determined that its investment in this joint venture represents an interest in a VIE. The entity is under joint control, and therefore the Company accounts for it as an unconsolidated affiliate using the equity method of accounting as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
West Melbourne I, LLC | ||||||||||||||||
The Company holds a 50% ownership interest in the joint venture West Melbourne I, LLC. In 2013, the Company reconsidered the entity’s status, and determined that its investment in this joint venture represents an interest in a VIE. The entity is under joint control, and therefore the Company accounts for it as an unconsolidated affiliate using the equity method of accounting as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
The Promenade D’Iberville, LLC | ||||||||||||||||
The Company holds an 85% ownership interest in the joint venture The Promenade D'Iberville, LLC. In 2013, the Company reconsidered the entity’s status, and determined that its investment in this joint venture represents an interest in a VIE. The Company is the primary beneficiary because of its 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 June 30, 2014 and December 31, 2013 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. | ||||||||||||||||
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 June 30, 2014 and December 31, 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 June 30, 2014 and December 31, 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 | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Mortgage and Other Indebtedness | ' | ||||||||||||||||||||||||||||
Mortgage and Other Indebtedness | |||||||||||||||||||||||||||||
Debt of the Company | |||||||||||||||||||||||||||||
CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that the Operating Partnership has a direct or indirect ownership interest in, is the borrower on all of the Company's debt. | |||||||||||||||||||||||||||||
CBL is a limited guarantor of the 5.25% senior notes, issued by the Operating Partnership in November 2013, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and two unsecured term loans as of June 30, 2014. | |||||||||||||||||||||||||||||
CBL also has guaranteed 100% of the debt secured by The Promenade in D'Ilberville, MS, which had a balance of $48,770 at June 30, 2014. | |||||||||||||||||||||||||||||
Debt of the Operating Partnership | |||||||||||||||||||||||||||||
Mortgage and other indebtedness consisted of the following: | |||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Amount | Weighted- | Amount | Weighted- | ||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,423,823 | 5.54% | $ | 3,527,830 | 5.54% | |||||||||||||||||||||||
Senior unsecured notes (3) | 445,587 | 5.25% | 445,374 | 5.25% | |||||||||||||||||||||||||
Other (4) | 6,826 | 3.50% | — | —% | |||||||||||||||||||||||||
Financing obligation (5) | — | —% | 17,570 | 8.00% | |||||||||||||||||||||||||
Total fixed-rate debt | 3,876,236 | 5.50% | 3,990,774 | 5.52% | |||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||
Non-recourse term loans on operating properties | 17,262 | 2.28% | 133,712 | 3.14% | |||||||||||||||||||||||||
Recourse term loans on operating properties | 48,770 | 1.86% | 51,300 | 1.87% | |||||||||||||||||||||||||
Construction loans | 34,529 | 2.23% | 2,983 | 2.17% | |||||||||||||||||||||||||
Unsecured lines of credit | 381,212 | 1.55% | 228,754 | 1.57% | |||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.69% | 450,000 | 1.71% | |||||||||||||||||||||||||
Other (6) | 2,802 | 2.64% | — | —% | |||||||||||||||||||||||||
Total variable-rate debt | 934,575 | 1.68% | 866,749 | 1.91% | |||||||||||||||||||||||||
Total | $ | 4,810,811 | 4.76% | $ | 4,857,523 | 4.88% | |||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||
-2 | The Company had four interest rate swaps on notional amounts totaling $107,731 as of June 30, 2014 and $109,830 as of December 31, 2013 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
-3 | Net of discount in the amount of $4,413 and $4,626 as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
-4 | A subsidiary of the Management Company entered into a term loan in May 2014. | ||||||||||||||||||||||||||||
-5 | This amount represented the noncontrolling partner's unreturned equity contribution related to Pearland Town Center that was accounted for as a financing due to certain terms of the CBL/T-C, LLC joint venture agreement. In March 2014, the Company purchased the noncontrolling interest as described below. | ||||||||||||||||||||||||||||
-6 | A subsidiary of the Management Company entered into a $3,500 revolving credit facility that bears interest at LIBOR plus 249 basis points in May 2014. | ||||||||||||||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||||||||||
In November 2013, the Operating Partnership issued $450,000 of senior unsecured notes that bear interest at 5.25% payable semiannually beginning June 1, 2014 and mature on December 1, 2023 ("the Notes"). The interest rate will be subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days notice to the holders of the Notes to be redeemed. The Notes may be redeemed prior to September 1, 2023 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.40%, plus accrued and unpaid interest. On or after September 1, 2023, the Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. | |||||||||||||||||||||||||||||
Financing Obligation | |||||||||||||||||||||||||||||
In the first quarter of 2014, the Company exercised its right to acquire the 12.0% noncontrolling interest in Pearland Town Center, which was accounted for as a financing obligation upon its sale in October 2011, from its joint venture partner. The $17,948 purchase price represents the partner's unreturned capital plus accrued and unpaid preferred return at a rate of 8.0%. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
Each facility bears interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. As of June 30, 2014, the Company's interest rate based on its credit ratings of Baa3 from Moody's Investors Service ("Moody's") and BBB- from Fitch Ratings ("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. As of June 30, 2014, the annual facility fee was 0.30%. The three unsecured lines of credit had a weighted-average interest rate of 1.55% at June 30, 2014. | |||||||||||||||||||||||||||||
The following summarizes certain information about the Company's unsecured lines of credit as of June 30, 2014: | |||||||||||||||||||||||||||||
Maturity | Extended | ||||||||||||||||||||||||||||
Total | Total | Date | Maturity | ||||||||||||||||||||||||||
Capacity | Outstanding | Date (1) | |||||||||||||||||||||||||||
Wells Fargo - Facility A | $ | 600,000 | $ | 222,829 | (2) | Nov-15 | Nov-16 | ||||||||||||||||||||||
First Tennessee | 100,000 | 9,000 | (3) | Feb-16 | N/A | ||||||||||||||||||||||||
Wells Fargo - Facility B | 600,000 | 149,383 | (4) | Nov-16 | Nov-17 | ||||||||||||||||||||||||
$ | 1,300,000 | $ | 381,212 | ||||||||||||||||||||||||||
-1 | The extension options 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. | ||||||||||||||||||||||||||||
-2 | There was an additional $1,525 outstanding on this facility as of June 30, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||
-3 | There was an additional $113 outstanding on this facility as of June 30, 2014 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||
-4 | There was an additional $123 outstanding on this facility as of June 30, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||
Unsecured Term Loans | |||||||||||||||||||||||||||||
The Company has a $400,000 unsecured term loan, which 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 June 30, 2014, the outstanding borrowings of $400,000 had an interest rate of 1.65%. | |||||||||||||||||||||||||||||
The Company also has a $50,000 unsecured term loan that bears interest at LIBOR plus 190 basis points and matures in February 2018. At June 30, 2014, the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.05%. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
In May 2014, a consolidated, joint venture subsidiary of the Management Company closed on a $7,000 term loan which bears interest at a fixed rate of 3.5% and matures in May 2017. At June 30, 2014, the loan had an outstanding balance of $6,826 of which the Company's share was $3,413. | |||||||||||||||||||||||||||||
In May 2014, the subsidiary of the Management Company also obtained a $3,500 revolving line of credit, which bears interest at a variable rate of LIBOR plus 249 basis points and matures in June 2017. At June 30, 2014, the revolver had an outstanding balance of $2,802, of which the Company's share was $1,401. | |||||||||||||||||||||||||||||
Covenants and Restrictions | |||||||||||||||||||||||||||||
The agreements for the unsecured lines of credit, the Notes 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 ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all covenants and restrictions at June 30, 2014. | |||||||||||||||||||||||||||||
Unsecured Lines of Credit and Unsecured Term Loans | |||||||||||||||||||||||||||||
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of June 30, 2014: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Debt to total asset value | < 60% | 50.60% | |||||||||||||||||||||||||||
Unencumbered asset value to unsecured indebtedness | > 1.60x | 2.37x | |||||||||||||||||||||||||||
Unencumbered NOI to unsecured interest expense | > 1.75x | 4.42x | |||||||||||||||||||||||||||
EBITDA to fixed charges (debt service) | > 1.50x | 2.23x | |||||||||||||||||||||||||||
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 CBL, 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. | |||||||||||||||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||||||||||
The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of June 30, 2014: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Total debt to total assets | < 60% | 55.00% | |||||||||||||||||||||||||||
Secured debt to total assets | < 45% (1) | 39.60% | |||||||||||||||||||||||||||
Total unencumbered assets to unsecured debt | > 150% | 226.70% | |||||||||||||||||||||||||||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 3.0x | |||||||||||||||||||||||||||
-1 | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%. | ||||||||||||||||||||||||||||
The agreements for the Notes 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 of the Operating Partnership will constitute an event of default under the Notes. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
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, created as a requirement under certain loan agreements, 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 | |||||||||||||||||||||||||||||
The following table presents the loans, secured by the related properties, that have been entered into since January 1, 2014: | |||||||||||||||||||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount | |||||||||||||||||||||||||
Interest | Financed | ||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase II (2) | LIBOR + 2.75% | Apr-19 | (3) | $ | 6,000 | |||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase III (4) | LIBOR + 2.75% | Apr-19 | (3) | 5,400 | ||||||||||||||||||||||||
April | The Outlet Shoppes at El Paso - Phase II (4) | LIBOR + 2.75% | Apr-18 | 7,000 | |||||||||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||||||||
-2 | Proceeds from the operating property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement. The Company's share of the proceeds was used to reduce the balances on its credit facilities. | ||||||||||||||||||||||||||||
-3 | The loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021. | ||||||||||||||||||||||||||||
-4 | The Operating Partnership has guaranteed 100% of the construction loan for the expansion of the outlet center until construction is complete and certain financial and operational metrics are met. | ||||||||||||||||||||||||||||
The Company has repaid the following loan, secured by the related property, since January 1, 2014: | |||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||
Repayment Date | Repaid (1) | ||||||||||||||||||||||||||||
January | St. Clair Square (2) | 3.25% | Dec-16 | $ | 122,375 | ||||||||||||||||||||||||
-1 | The Company retired the loan with borrowings from its credit facilities. | ||||||||||||||||||||||||||||
-2 | The Company recorded a loss on extinguishment of debt from a $1,249 prepayment fee. | ||||||||||||||||||||||||||||
In February 2014, the lender of the non-recourse mortgage loan secured by Chapel Hill Mall in Akron, OH notified the Company that the loan had been placed in default. Chapel Hill Mall generates insufficient income levels to cover the debt service on the mortgage, which had a balance of $68,563 at June 30, 2014. In May 2014, the lender on the loan began receiving the net operating cash flows of the property each month. | |||||||||||||||||||||||||||||
In the third quarter of 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. Citadel Mall generated insufficient income levels to cover the debt service on the mortgage and, in the second quarter of 2013, the lender on the loan began receiving the net operating cash flows of the property each month. A foreclosure sale occurred in January 2014 and the lender received the deed to the property in satisfaction of the non-recourse debt, which had a balance of $68,169 at the time of foreclosure. The Company recognized a gain of $43,909 related to the extinguishment of debt in the first quarter of 2014. See Note 4 to the condensed consolidated financial statements for further information. | |||||||||||||||||||||||||||||
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 June 30, 2014 and a contractual maturity date of September 2013. The lender on the loan receives the net operating cash flows of the property each month. The Company anticipates foreclosure will occur in 2014. | |||||||||||||||||||||||||||||
Scheduled Principal Payments | |||||||||||||||||||||||||||||
As of June 30, 2014, 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, term loans, the notes and lines of credit, are as follows: | |||||||||||||||||||||||||||||
2014 | $ | 226,407 | |||||||||||||||||||||||||||
2015 | 752,147 | ||||||||||||||||||||||||||||
2016 | 858,449 | ||||||||||||||||||||||||||||
2017 | 498,454 | ||||||||||||||||||||||||||||
2018 | 674,998 | ||||||||||||||||||||||||||||
Thereafter | 1,795,910 | ||||||||||||||||||||||||||||
4,806,365 | |||||||||||||||||||||||||||||
Net unamortized premiums | 4,446 | ||||||||||||||||||||||||||||
$ | 4,810,811 | ||||||||||||||||||||||||||||
Of the $226,407 of scheduled principal payments in 2014, $162,170 relates to the maturing principal balances of two operating property loans, $36,972 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. One maturing operating property loan with a principal balance of $48,770 outstanding as of June 30, 2014 has an extension available at the Company's option, leaving one loan maturity in 2014 of $113,400 that the Company intends to retire. The servicer for the loan secured by Columbia Place is proceeding with foreclosure which the Company anticipates will occur in 2014. | |||||||||||||||||||||||||||||
The Company’s mortgage and other indebtedness had a weighted-average maturity of 4.5 years as of June 30, 2014 and 4.7 years as of December 31, 2013. | |||||||||||||||||||||||||||||
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 June 30, 2014, 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 Swaps | 4 | $ | 107,731 | ||||||||||||||||||||||||||
Instrument Type | Location in | Notional | Designated | Strike | Fair | Fair | Maturity | ||||||||||||||||||||||
Condensed | Amount | Benchmark | Rate | Value at | Value at | Date | |||||||||||||||||||||||
Consolidated | Outstanding | Interest Rate | 6/30/14 | 12/31/13 | |||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Cap | Intangible lease assets | N/A | 3-month | 5.00% | N/A | $ | — | Jan-14 | |||||||||||||||||||||
and other assets | LIBOR | ||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $52,077 | 1-month | 2.15% | $ | (1,546 | ) | $ | (1,915 | ) | Apr-16 | ||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $32,609 | 1-month | 2.19% | (989 | ) | (1,226 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $12,189 | 1-month | 2.14% | (360 | ) | (446 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $10,856 | 1-month | 2.24% | (338 | ) | (420 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||
$ | (3,233 | ) | $ | (4,007 | ) | ||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain | 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 Ended | (Effective | Three Months Ended | Portion) | Three Months Ended | ||||||||||||||||||||||||
Instrument | June 30, | Portion) | June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | 370 | $ | 1,005 | Interest | $ | (551 | ) | $ | (562 | ) | Interest | $ | — | $ | — | |||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain | 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 | Six Months Ended | (Effective | Six Months Ended | Portion) | Six Months Ended | ||||||||||||||||||||||||
Instrument | June 30, | Portion) | June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | 774 | $ | 1,282 | Interest | $ | (1,099 | ) | $ | (1,119 | ) | Interest | $ | — | $ | — | |||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
As of June 30, 2014, the Company expects to reclassify approximately $2,117 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 June 30, 2014 and the respective dates of termination will vary the projected reclassification amount. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [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 June 30, 2014 and 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, April 1, 2014 | $ | 390 | $ | 329 | $ | (872 | ) | $ | 8,626 | $ | (3,245 | ) | $ | 1,821 | $ | 7,049 | ||||||||||||
OCI before reclassifications | 3 | 22 | 866 | 1,590 | 52 | (417 | ) | 2,116 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (551 | ) | — | — | — | (551 | ) | |||||||||||||||||||
Net current quarterly period OCI | 3 | 22 | 315 | 1,590 | 52 | (417 | ) | 1,565 | ||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (557 | ) | $ | 10,216 | $ | (3,193 | ) | $ | 1,404 | $ | 8,614 | ||||||||||||
(1) Reclassified $551 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
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, April 1, 2013 | $ | 376 | $ | 360 | $ | (2,527 | ) | $ | 10,377 | $ | (3,519 | ) | $ | 2,385 | $ | 7,452 | ||||||||||||
OCI before reclassifications | (4 | ) | 4 | 115 | 452 | (77 | ) | 62 | 552 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (562 | ) | — | — | — | (562 | ) | |||||||||||||||||||
Net current quarterly period OCI | (4 | ) | 4 | (447 | ) | 452 | (77 | ) | 62 | (10 | ) | |||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (2,974 | ) | $ | 10,829 | $ | (3,596 | ) | $ | 2,447 | $ | 7,442 | ||||||||||||
-1 | Reclassified $562 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
The changes in the components of AOCI for the six months ended June 30, 2014 and 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, 2014 | $ | 387 | $ | 333 | $ | (1,214 | ) | $ | 7,539 | $ | (3,304 | ) | $ | 1,903 | $ | 5,644 | ||||||||||||
OCI before reclassifications | 6 | 18 | 1,756 | 2,677 | 111 | (499 | ) | 4,069 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,099 | ) | — | — | — | (1,099 | ) | |||||||||||||||||||
Net current quarterly period OCI | 6 | 18 | 657 | 2,677 | 111 | (499 | ) | 2,970 | ||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (557 | ) | $ | 10,216 | $ | (3,193 | ) | $ | 1,404 | $ | 8,614 | ||||||||||||
(1) Reclassified $1,099 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
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 | (1 | ) | 11 | 901 | 1,087 | (33 | ) | 184 | 2,149 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,119 | ) | — | — | — | (1,119 | ) | |||||||||||||||||||
Net current quarterly period OCI | (1 | ) | 11 | (218 | ) | 1,087 | (33 | ) | 184 | 1,030 | ||||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (2,974 | ) | $ | 10,829 | $ | (3,596 | ) | $ | 2,447 | $ | 7,442 | ||||||||||||
-1 | Reclassified $1,119 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
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 June 30, 2014 and 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, April 1, 2014 | $ | 390 | $ | 329 | $ | (4,116 | ) | $ | 10,447 | $ | 7,050 | |||||||||||||||||
OCI before reclassifications | 3 | 22 | 916 | 1,173 | 2,114 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (551 | ) | — | (551 | ) | |||||||||||||||||||||
Net current quarterly period OCI | 3 | 22 | 365 | 1,173 | 1,563 | |||||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (3,751 | ) | $ | 11,620 | $ | 8,613 | |||||||||||||||||
(1) Reclassified $551 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, April 1, 2013 | $ | 376 | $ | 360 | $ | (6,046 | ) | $ | 12,762 | $ | 7,452 | |||||||||||||||||
OCI before reclassifications | (4 | ) | 4 | 38 | 514 | 552 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (562 | ) | — | (562 | ) | |||||||||||||||||||||
Net current quarterly period OCI | (4 | ) | 4 | (524 | ) | 514 | (10 | ) | ||||||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (6,570 | ) | $ | 13,276 | $ | 7,442 | |||||||||||||||||
-1 | Reclassified $562 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
The changes in the components of AOCI for the six months ended June 30, 2014 and 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, 2014 | $ | 387 | $ | 333 | $ | (4,518 | ) | $ | 9,442 | $ | 5,644 | |||||||||||||||||
OCI before reclassifications | 6 | 18 | 1,866 | 2,178 | 4,068 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,099 | ) | — | (1,099 | ) | |||||||||||||||||||||
Net current quarterly period OCI | 6 | 18 | 767 | 2,178 | 2,969 | |||||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (3,751 | ) | $ | 11,620 | $ | 8,613 | |||||||||||||||||
-1 | Reclassified $1,099 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
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 | $ | 353 | $ | (6,319 | ) | $ | 12,005 | $ | 6,412 | |||||||||||||||||
OCI before reclassifications | (1 | ) | 11 | 868 | 1,271 | 2,149 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,119 | ) | — | (1,119 | ) | |||||||||||||||||||||
Net current quarterly period OCI | (1 | ) | 11 | (251 | ) | 1,271 | 1,030 | |||||||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (6,570 | ) | $ | 13,276 | $ | 7,442 | |||||||||||||||||
-1 | Reclassified $1,119 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. |
Mortgage_and_Other_Notes_Recei
Mortgage and Other Notes Receivable | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
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. The Company believes that its mortgage and other notes receivable balance is fully collectable as of June 30, 2014. | |||||||||||||||
Mortgage and other notes receivable consist of the following: | |||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | |||||||||||
Mortgages: | |||||||||||||||
Coastal Grand - Myrtle Beach (1) | Oct-14 | 7.75% | $ | 9,000 | 7.75% | $ | 9,000 | ||||||||
Park Place | May-22 | 5.00% | 1,653 | 5.00% | 1,738 | ||||||||||
Village Square | Oct-14 | 4.50% | 2,600 | 4.50% | 2,600 | ||||||||||
Other | Dec 2016 - | 2.65% - 9.50% | 5,697 | 2.67% - 9.50% | 5,782 | ||||||||||
Jan-47 | |||||||||||||||
18,950 | 19,120 | ||||||||||||||
Other Notes Receivable: | |||||||||||||||
Horizon Group - The Outlet Shoppes at Atlanta (1) | May-15 | 7.00% | 699 | 7.00% | 816 | ||||||||||
Lakeshore Mall (2) | Aug-14 | 5.00% | 10,000 | —% | — | ||||||||||
RED Development Inc. | Nov-23 | 5.00% | 7,429 | 5.00% | 7,429 | ||||||||||
Woodstock land (3) | Nov-14 | 10.00% | 3,059 | 10.00% | 3,059 | ||||||||||
21,187 | 11,304 | ||||||||||||||
$ | 40,137 | $ | 30,424 | ||||||||||||
-1 | See Note 16 for information on payment subsequent to June 30, 2014. | ||||||||||||||
-2 | In May 2014, the Company received a $10,000 promissory note as short-term financing from the buyer of Lakeshore Mall. See Note 4 for additional information on the sale. This note was paid off subsequent to June 30, 2014. See Note 16. | ||||||||||||||
-3 | The note receivable was extended from May 2014 to November 2014 in the second quarter of 2014. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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-Jun-14 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 224,960 | $ | 10,287 | $ | 4,711 | $ | 16,975 | $ | 256,933 | |||||||||||
Property operating expenses (2) | (67,662 | ) | (2,260 | ) | (932 | ) | 615 | (70,239 | ) | ||||||||||||
Interest expense | (48,578 | ) | (1,996 | ) | (651 | ) | (8,052 | ) | (59,277 | ) | |||||||||||
Other expense | (19 | ) | — | — | (7,371 | ) | (7,390 | ) | |||||||||||||
Gain on sales of real estate assets | 536 | 933 | 455 | 1 | 1,925 | ||||||||||||||||
Segment profit | $ | 109,237 | $ | 6,964 | $ | 3,583 | $ | 2,168 | 121,952 | ||||||||||||
Depreciation and amortization expense | (70,609 | ) | |||||||||||||||||||
General and administrative expense | (11,336 | ) | |||||||||||||||||||
Interest and other income | 1,544 | ||||||||||||||||||||
Loss on impairment | (106 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3,418 | ||||||||||||||||||||
Income tax provision | (786 | ) | |||||||||||||||||||
Income from continuing operations | $ | 44,077 | |||||||||||||||||||
Capital expenditures (3) | $ | 50,702 | $ | 3,414 | $ | 1,069 | $ | 15,734 | $ | 70,919 | |||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Jun-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 219,335 | $ | 10,902 | $ | 4,226 | $ | 21,122 | $ | 255,585 | |||||||||||
Property operating expenses (2) | (68,564 | ) | (2,506 | ) | (883 | ) | 3,672 | (68,281 | ) | ||||||||||||
Interest expense | (51,459 | ) | (2,047 | ) | (544 | ) | (3,159 | ) | (57,209 | ) | |||||||||||
Other expense | — | — | — | (8,191 | ) | (8,191 | ) | ||||||||||||||
Gain on sales of real estate assets | — | — | — | 457 | 457 | ||||||||||||||||
Segment profit | $ | 99,312 | $ | 6,349 | $ | 2,799 | $ | 13,901 | 122,361 | ||||||||||||
Depreciation and amortization expense | (68,117 | ) | |||||||||||||||||||
General and administrative expense | (12,876 | ) | |||||||||||||||||||
Interest and other income | 661 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Loss on impairment | (21,038 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2,729 | ||||||||||||||||||||
Income tax provision | (757 | ) | |||||||||||||||||||
Income from continuing operations | $ | 16,255 | |||||||||||||||||||
Capital expenditures (3) | $ | 82,610 | $ | 6,460 | $ | 1,414 | $ | 44,314 | $ | 134,798 | |||||||||||
Six Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Jun-14 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 454,833 | $ | 21,143 | $ | 9,249 | $ | 32,951 | $ | 518,176 | |||||||||||
Property operating expenses (2) | (141,956 | ) | (4,755 | ) | (2,589 | ) | 1,538 | (147,762 | ) | ||||||||||||
Interest expense | (98,594 | ) | (3,996 | ) | (1,300 | ) | (15,893 | ) | (119,783 | ) | |||||||||||
Other expense | (19 | ) | — | — | (13,916 | ) | (13,935 | ) | |||||||||||||
Gain on sales of real estate assets | 1,666 | 934 | 456 | 23 | 3,079 | ||||||||||||||||
Segment profit | $ | 215,930 | $ | 13,326 | $ | 5,816 | $ | 4,703 | 239,775 | ||||||||||||
Depreciation and amortization expense | (139,692 | ) | |||||||||||||||||||
General and administrative expense | (26,109 | ) | |||||||||||||||||||
Interest and other income | 3,072 | ||||||||||||||||||||
Gain on extinguishment of debt | 42,660 | ||||||||||||||||||||
Loss on impairment | (17,256 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 7,102 | ||||||||||||||||||||
Income tax provision | (1,183 | ) | |||||||||||||||||||
Income from continuing operations | $ | 108,369 | |||||||||||||||||||
Total assets | $ | 5,707,536 | $ | 272,940 | $ | 287,861 | $ | 433,177 | $ | 6,701,514 | |||||||||||
Capital expenditures (3) | $ | 83,639 | $ | 12,686 | $ | 1,597 | $ | 55,491 | $ | 153,413 | |||||||||||
Six Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Jun-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 450,929 | $ | 21,507 | $ | 7,885 | $ | 33,746 | $ | 514,067 | |||||||||||
Property operating expenses (2) | (146,579 | ) | (5,182 | ) | (1,417 | ) | 9,158 | (144,020 | ) | ||||||||||||
Interest expense | (104,396 | ) | (4,093 | ) | (1,121 | ) | (7,423 | ) | (117,033 | ) | |||||||||||
Other expense | — | — | — | (14,847 | ) | (14,847 | ) | ||||||||||||||
Gain on sales of real estate assets | 295 | — | — | 705 | 1,000 | ||||||||||||||||
Segment profit | $ | 200,249 | $ | 12,232 | $ | 5,347 | $ | 21,339 | 239,167 | ||||||||||||
Depreciation and amortization expense | (137,173 | ) | |||||||||||||||||||
General and administrative expense | (26,300 | ) | |||||||||||||||||||
Interest and other income | 1,388 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Loss on impairment | (21,038 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 5,348 | ||||||||||||||||||||
Income tax provision | (583 | ) | |||||||||||||||||||
Income from continuing operations | $ | 54,101 | |||||||||||||||||||
Total assets | $ | 6,021,614 | $ | 290,856 | $ | 243,642 | $ | 478,531 | $ | 7,034,643 | |||||||||||
Capital expenditures (3) | $ | 102,167 | $ | 7,466 | $ | 2,598 | $ | 84,376 | $ | 196,607 | |||||||||||
-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_and_Capital
Equity and Capital | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Equity and Capital | ' | ||||||||
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 CBL'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 sets 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 are 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 CBL, the Operating Partnership issues a corresponding number of common units of limited partnership interest to CBL 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 Company did not sell any shares under the ATM program during the three and six month periods ended June 30, 2014. The following table summarizes issuances of common stock sold through the ATM program during the three and six month periods ended June 30, 2013: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
30-Jun-13 | 30-Jun-13 | ||||||||
Number of shares settled | 6,530,193 | 8,419,298 | |||||||
Gross proceeds | $ | 167,034 | $ | 211,493 | |||||
Net proceeds | $ | 165,692 | $ | 209,596 | |||||
Weighted-average sales price | $ | 25.58 | $ | 25.12 | |||||
The net proceeds from the ATM sales were used to reduce the balances on the Company's credit facilities. Since the commencement of the ATM program, CBL has issued 8,419,298 shares of common stock and approximately $88,507 remains available that may be sold under this program as of June 30, 2014. Actual future sales will depend on a variety of factors including but not limited to market conditions, the trading price of CBL'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_and_Earning
Earnings Per Share and Earnings per Unit | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share and Earnings per Unit | ' |
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. There were no potential dilutive common shares and there were no anti-dilutive shares for the three and six month periods ended June 30, 2014 and 2013. | |
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. There were no potential dilutive common units and there were no anti-dilutive units for the three and six month periods ended June 30, 2014 and 2013. |
Contingencies
Contingencies | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
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 February 2014 and August 2013, TPD received partial settlements of $800 and $8,240, respectively, from certain of the defendants in the Mississippi Case described above. Litigation continues with other defendants in the matter, and a trial is scheduled for the September 2014 jury term. | |||||||||||||||||||||||
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 mediate the case. The first mediation session took place on January 14-15, 2014, and the second session took place on March 18-19, 2014. A third session was held on May 22, 2014. 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. | |||||||||||||||||||||||
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 guarantees expire upon repayment of the debt, unless noted otherwise. | |||||||||||||||||||||||
The following table represents the Company's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||
As of June 30, 2014 | Obligation recorded to reflect guaranty | ||||||||||||||||||||||
Unconsolidated Affiliate | Company's | Outstanding | Percentage | Maximum | Debt | ||||||||||||||||||
Ownership | Balance | Guaranteed by the | Guaranteed | Maturity | 6/30/14 | 12/31/13 | |||||||||||||||||
Interest | Company | Amount | Date (1) | ||||||||||||||||||||
West Melbourne I, LLC - Phase I | 50% | $ | 40,627 | 25% | $ | 10,157 | Nov-15 | (2) | $ | 65 | $ | 65 | |||||||||||
West Melbourne I, LLC - Phase II | 50% | 10,757 | 100% | (3) | 10,757 | Nov-15 | (2) | 65 | 65 | ||||||||||||||
Port Orange I, LLC | 50% | 61,983 | 25% | 15,496 | Nov-15 | (2) | 157 | 157 | |||||||||||||||
JG Gulf Coast Town Center LLC - Phase III | 50% | 5,984 | 100% | 5,984 | Jul-15 | — | — | ||||||||||||||||
Fremaux Town Center JV, LLC (4) | 65% | 36,933 | 100% | 47,291 | Mar-2016 | (5) | 472 | 460 | |||||||||||||||
Total guaranty liability | $ | 759 | $ | 747 | |||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||
-2 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of November 2017. | ||||||||||||||||||||||
-3 | The guaranty will be reduced to 25% once the construction of a Carmike Cinema is complete and the theater is operational. | ||||||||||||||||||||||
-4 | The Company received a 1% fee for this guaranty when the loan was issued in March 2013. In the first quarter of 2014, the loan was modified and extended to increase the capacity to $47,291, which increased the maximum guaranteed amount. | ||||||||||||||||||||||
-5 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of March 2018. | ||||||||||||||||||||||
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 $16,400 as of June 30, 2014. 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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
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 $20,412 and $23,513 at June 30, 2014 and December 31, 2013, respectively. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Share-Based Compensation | ' | ||||||
Share-Based Compensation | |||||||
As of June 30, 2014, 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 $552 and $354 for the three months ended June 30, 2014 and 2013, respectively, and $2,468 and $1,750 for the six months ended June 30, 2014 and 2013, respectively. Share-based compensation cost capitalized as part of real estate assets was $76 and $55 for the three months ended June 30, 2014 and 2013, respectively, and $122 and $105 for the six months ended June 30, 2014 and 2013, respectively. | |||||||
A summary of the status of the Company’s stock awards as of June 30, 2014, and changes during the six months ended June 30, 2014, is presented below: | |||||||
Shares | Weighted Average | ||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2014 | 478,216 | $ | 18.72 | ||||
Granted | 236,450 | $ | 17.11 | ||||
Vested | (165,470 | ) | $ | 17.79 | |||
Forfeited | (8,010 | ) | $ | 18.55 | |||
Nonvested at June 30, 2014 | 541,186 | $ | 18.31 | ||||
As of June 30, 2014, there was $8,815 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 3.8 years. |
Noncash_Investing_and_Financin
Noncash Investing and Financing Activities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 six months ended June 30, 2014 and 2013: | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued dividends and distributions payable | $ | 50,534 | $ | 47,546 | ||||
Additions to real estate assets accrued but not yet paid | 14,256 | 36,755 | ||||||
Trade-in allowance - aircraft | — | 2,800 | ||||||
Note receivable from sale of mall (1) | 10,000 | — | ||||||
Transfer of Citadel Mall in settlement of mortgage debt obligation, net (2) | 43,909 | — | ||||||
-1 | See Note 8 and Note 16 for additional information. | |||||||
-2 | See Note 4 for additional information. |
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 $918 and $1,207 during the three months ended June 30, 2014 and 2013, respectively, and $2,011 and $2,006 during the six months ended June 30, 2014 and 2013, 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 as follows for the three and six month periods ending June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Current tax benefit (provision) | $ | (919 | ) | $ | (1,594 | ) | $ | (866 | ) | $ | 1,241 | ||||||
Deferred tax benefit (provision) | 133 | 837 | (317 | ) | (1,824 | ) | |||||||||||
Income tax provision | $ | (786 | ) | $ | (757 | ) | $ | (1,183 | ) | $ | (583 | ) | |||||
The Company had a net deferred tax asset of $3,710 and $4,893 at June 30, 2014 and December 31, 2013, respectively. The net deferred tax asset at June 30, 2014 and December 31, 2013 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 six month periods ended June 30, 2014 and 2013, respectively. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In July 2014, the Company received payment of a $10,000 note receivable from the buyer of Lakeshore Mall. The Company also received payment from Horizon Group of a $699 note receivable in July 2014. See Note 8 for additional information. | |
In July 2014, two subsidiaries of Mall of South Carolina L.P. and Mall of South Carolina Outparcel L.P., closed on a $126,000 non-recourse loan, secured by Coastal Grand-Myrtle Beach in Myrtle Beach, SC. The loan bears interest at a fixed rate of 4.0865% and matures in August 2024. Net proceeds were used to retire the outstanding borrowings under the previous loan, which had a balance of $75,238 as of June 30, 2014, as well as to pay off $18,000 of subordinated notes to the Company and its joint venture partner, each of which held $9,000 respectively. Excess proceeds were distributed 50/50 to the Company and its partner. | |
The Company has evaluated subsequent events through the date of issuance of these financial statements. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Accounting Guidance Adopted | |
In February 2013, the Financial Accounting Standards Board ("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 was effective on a retrospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-04 did not have an impact on the Company's condensed 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 was effective for public companies for fiscal years beginning after December 15, 2013 and interim periods within those years. The guidance is applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application was permitted. The adoption of ASU 2013-11 did not have an impact on the Company's condensed consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08. This update changes the criteria for reporting discontinued operations and provides enhanced disclosures about the financial effects of discontinued operations. The intent of the guidance is to require an entity to classify disposals as discontinued operations only when they clearly represent a major strategic business shift such as a disposal of a line of business, significant geographical area or major equity method investment. For significant disposals not classified as discontinued operations, ASU 2014-08 requires the disclosure of the pre-tax income or loss attributable to the disposal for the period in which it is disposed of (or is classified as held for sale) and for all prior periods that are presented. If a significant disposal not classified as discontinued operations includes a noncontrolling interest, the pre-tax income or loss attributable to the parent for the period in which it is disposed of or is classified as held for sale is disclosed. For public companies, ASU 2014-08 is effective on a prospective basis for all disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company elected to adopt this guidance in the first quarter of 2014. The Company expects the majority of its disposals in the future will not meet the criteria under ASU 2014-08 to be classified as discontinued operations, which will reduce the requirement to reclassify discontinued operations for both the period of disposal (or classification as held for sale) and for comparative periods. | |
Accounting Guidance Not Yet Effective | |
In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. For public companies, ASU 2014-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those years using one of two retrospective application methods. Early adoption is not permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Properties Owned by Operating Partnership | ' | |||||||||||||||
As of June 30, 2014, the Operating Partnership owned interests in the following properties: | ||||||||||||||||
Malls (1) | Associated | Community | Office | Total | ||||||||||||
Centers | Centers | Buildings (2) | ||||||||||||||
Consolidated properties | 73 | 25 | 7 | 8 | 113 | |||||||||||
Unconsolidated properties (3) | 9 | 4 | 5 | 5 | 23 | |||||||||||
Total | 82 | 29 | 12 | 13 | 136 | |||||||||||
-1 | Category consists of regional malls, open-air centers and outlet centers (including one mixed use center). | |||||||||||||||
-2 | Includes CBL's corporate office building. | |||||||||||||||
-3 | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. | |||||||||||||||
Properties Under Development | ' | |||||||||||||||
At June 30, 2014, the Operating Partnership had interests in the following properties under development: | ||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||
Properties | Properties | |||||||||||||||
Malls | Associated | Community | Malls | Community | ||||||||||||
Centers | Centers | Centers | ||||||||||||||
Development | 1 | — | 1 | — | — | |||||||||||
Expansions | 3 | — | — | — | 2 | |||||||||||
Redevelopment | 3 | 1 | — | 1 | — | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on 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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||||||
30-Jun-14 | Active Markets for | Other | Unobservable | |||||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||
(Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 16,169 | $ | 16,169 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 3,233 | $ | — | $ | 3,233 | $ | — | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||||||
31-Dec-13 | Active Markets for | Other | Unobservable | |||||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||||||
(Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 13,973 | $ | 13,973 | $ | — | $ | — | ||||||||||||
Interest rate cap | — | — | — | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 4,007 | — | $ | 4,007 | $ | — | |||||||||||||
Summary of Available-for-sale Securities | ' | |||||||||||||||||||
The following is a summary of the available-for-sale securities held by the Company as of June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||
Adjusted | Gains | Losses | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||
Common stocks | $ | 4,195 | $ | 11,974 | $ | — | $ | 16,169 | ||||||||||||
Gross Unrealized | ||||||||||||||||||||
Adjusted | Gains | Losses | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
Common stocks | $ | 4,195 | $ | 9,778 | $ | — | $ | 13,973 | ||||||||||||
Schedule of Fair Value, Assets Measured on Nonrecurring Basis | ' | |||||||||||||||||||
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 | ||||||||||||||||||||
Total | Quoted Prices | Significant Other | Significant | Total | ||||||||||||||||
in Active | Observable Inputs | Unobservable Inputs | Loss | |||||||||||||||||
Markets for | (Level 2) | (Level 3) | ||||||||||||||||||
Identical Assets | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Long-lived assets | $ | 53,348 | $ | — | $ | — | $ | 53,348 | $ | 17,256 | ||||||||||
Reconciliation of Carrying Value | ' | |||||||||||||||||||
A reconciliation of Chapel Hill Mall's carrying value for the six months ending June 30, 2014 is as follows: | ||||||||||||||||||||
Chapel Hill | ||||||||||||||||||||
Mall (1) | ||||||||||||||||||||
Beginning carrying value, January 1, 2014 | $ | 66,062 | ||||||||||||||||||
Capital expenditures | 10 | |||||||||||||||||||
Depreciation expense | (1,232 | ) | ||||||||||||||||||
Loss on impairment of real estate | (12,050 | ) | ||||||||||||||||||
Ending carrying value, June 30, 2014 | $ | 52,790 | ||||||||||||||||||
-1 | The revenues of Chapel Hill Mall accounted for approximately 1.0% of total consolidated revenues for the trailing twelve months ended June 30, 2014. |
Disposals_and_Discontinued_Ope1
Disposals and Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||||
Schedule of Dispositions | ' | ||||||||||||||||||
The following is a summary of the Company's 2014 dispositions: | |||||||||||||||||||
Sales Price | |||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | Gain | |||||||||||||
2014 Activity: | |||||||||||||||||||
June | Foothills Plaza Expansion | Associated Center | Maryville, TN | $ | 2,640 | $ | 2,387 | $ | 934 | ||||||||||
May | Lakeshore Mall (1) | Mall | Sebring, FL | 14,000 | 13,613 | — | |||||||||||||
$ | 16,640 | $ | 16,000 | $ | 934 | ||||||||||||||
-1 | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. See Note 8 for additional information about the note receivable. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. | ||||||||||||||||||
The following is a summary of the Company's 2013 dispositions: | |||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | (Loss) | |||||||||||||
2013 Activity: | |||||||||||||||||||
August | 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 | |||||||||||||||||||
March | 1500 Sunday Drive | Office Building | Raleigh, NC | 8,300 | 7,862 | (549 | ) | ||||||||||||
March | Peninsula I & II | Office Building | Newport News, VA | 5,250 | 5,121 | 598 | |||||||||||||
January | Lake Point & SunTrust | Office Building | Greensboro, NC | 30,875 | 30,490 | 823 | |||||||||||||
$ | 220,425 | $ | 215,450 | $ | 872 | ||||||||||||||
-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. | ||||||||||||||||||
Unconsolidated_Affiliates_Rede1
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments accounted for using the equity method of accounting | ' | |||||||||||||||
At June 30, 2014, 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 and West County Center | 50.00% | ||||||||||||||
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 | June 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Investment in real estate assets | $ | 2,227,426 | $ | 2,167,227 | ||||||||||||
Accumulated depreciation | (587,591 | ) | (555,174 | ) | ||||||||||||
1,639,835 | 1,612,053 | |||||||||||||||
Developments in progress | 63,131 | 103,161 | ||||||||||||||
Net investment in real estate assets | 1,702,966 | 1,715,214 | ||||||||||||||
Other assets | 170,795 | 168,799 | ||||||||||||||
Total assets | $ | 1,873,761 | $ | 1,884,013 | ||||||||||||
LIABILITIES | ||||||||||||||||
Mortgage and other indebtedness | $ | 1,476,916 | $ | 1,468,422 | ||||||||||||
Other liabilities | 41,945 | 48,203 | ||||||||||||||
Total liabilities | 1,518,861 | 1,516,625 | ||||||||||||||
OWNERS' EQUITY | ||||||||||||||||
The Company | 204,856 | 213,664 | ||||||||||||||
Other investors | 150,044 | 153,724 | ||||||||||||||
Total owners' equity | 354,900 | 367,388 | ||||||||||||||
Total liabilities and owners' equity | $ | 1,873,761 | $ | 1,884,013 | ||||||||||||
Total for the Three Months | Company's Share for the | |||||||||||||||
Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 61,400 | $ | 60,024 | $ | 32,066 | $ | 30,776 | ||||||||
Depreciation and amortization | (19,230 | ) | (19,122 | ) | (10,256 | ) | (9,923 | ) | ||||||||
Interest income | 339 | 338 | 259 | 235 | ||||||||||||
Interest expense | (18,746 | ) | (19,043 | ) | (9,662 | ) | (9,764 | ) | ||||||||
Operating expenses | (17,488 | ) | (17,443 | ) | (8,989 | ) | (8,595 | ) | ||||||||
Net income | $ | 6,275 | $ | 4,754 | $ | 3,418 | $ | 2,729 | ||||||||
Total for the Six Months | Company's Share for the | |||||||||||||||
Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 123,221 | $ | 120,743 | $ | 64,018 | $ | 62,446 | ||||||||
Depreciation and amortization | (38,017 | ) | (38,270 | ) | (20,117 | ) | (19,871 | ) | ||||||||
Interest income | 679 | 677 | 518 | 470 | ||||||||||||
Interest expense | (37,304 | ) | (38,711 | ) | (19,153 | ) | (19,836 | ) | ||||||||
Operating expenses | (35,669 | ) | (36,195 | ) | (18,164 | ) | (17,861 | ) | ||||||||
Net income | $ | 12,910 | $ | 8,244 | $ | 7,102 | $ | 5,348 | ||||||||
Loan activity, unconsolidated affiliates | ' | |||||||||||||||
The following table presents the loan activity of the Company's unconsolidated affiliates since January 1, 2014: | ||||||||||||||||
Date | Property | Stated | Maturity Date | Amount Financed | ||||||||||||
Interest | or Extended | |||||||||||||||
Rate | ||||||||||||||||
February | Fremaux Town Center - Phase I (1) | LIBOR + 2.125% | Mar-16 | (2) | $ | 47,291 | ||||||||||
-1 | Fremaux Town Center JV, LLC ("Fremaux") amended and restated its March 2013 loan agreement to increase the capacity on its construction loan from $46,000 to $47,291 for additional development costs related to Fremaux Town Center. The Company has guaranteed 100% of the loan. | |||||||||||||||
Redeemable non-controlling preferred joint venture interest | ' | |||||||||||||||
The 2013 activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units that the Company redeemed in September 2013 is as follows: | ||||||||||||||||
Six Months Ended | ||||||||||||||||
30-Jun-13 | ||||||||||||||||
Beginning Balance | $ | 423,834 | ||||||||||||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 10,228 | |||||||||||||||
Distributions to redeemable noncontrolling preferred joint venture interest | (10,285 | ) | ||||||||||||||
Ending Balance | $ | 423,777 | ||||||||||||||
Mortgage_and_Other_Indebtednes1
Mortgage and Other Indebtedness (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of mortgage and other indebtedness | ' | ||||||||||||||||||||||||||||
Mortgage and other indebtedness consisted of the following: | |||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Amount | Weighted- | Amount | Weighted- | ||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,423,823 | 5.54% | $ | 3,527,830 | 5.54% | |||||||||||||||||||||||
Senior unsecured notes (3) | 445,587 | 5.25% | 445,374 | 5.25% | |||||||||||||||||||||||||
Other (4) | 6,826 | 3.50% | — | —% | |||||||||||||||||||||||||
Financing obligation (5) | — | —% | 17,570 | 8.00% | |||||||||||||||||||||||||
Total fixed-rate debt | 3,876,236 | 5.50% | 3,990,774 | 5.52% | |||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||
Non-recourse term loans on operating properties | 17,262 | 2.28% | 133,712 | 3.14% | |||||||||||||||||||||||||
Recourse term loans on operating properties | 48,770 | 1.86% | 51,300 | 1.87% | |||||||||||||||||||||||||
Construction loans | 34,529 | 2.23% | 2,983 | 2.17% | |||||||||||||||||||||||||
Unsecured lines of credit | 381,212 | 1.55% | 228,754 | 1.57% | |||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.69% | 450,000 | 1.71% | |||||||||||||||||||||||||
Other (6) | 2,802 | 2.64% | — | —% | |||||||||||||||||||||||||
Total variable-rate debt | 934,575 | 1.68% | 866,749 | 1.91% | |||||||||||||||||||||||||
Total | $ | 4,810,811 | 4.76% | $ | 4,857,523 | 4.88% | |||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||
-2 | The Company had four interest rate swaps on notional amounts totaling $107,731 as of June 30, 2014 and $109,830 as of December 31, 2013 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||
-3 | Net of discount in the amount of $4,413 and $4,626 as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
-4 | A subsidiary of the Management Company entered into a term loan in May 2014. | ||||||||||||||||||||||||||||
-5 | This amount represented the noncontrolling partner's unreturned equity contribution related to Pearland Town Center that was accounted for as a financing due to certain terms of the CBL/T-C, LLC joint venture agreement. In March 2014, the Company purchased the noncontrolling interest as described below. | ||||||||||||||||||||||||||||
-6 | A subsidiary of the Management Company entered into a $3,500 revolving credit facility that bears interest at LIBOR plus 249 basis points in May 2014. | ||||||||||||||||||||||||||||
Schedule of line of credit facilities | ' | ||||||||||||||||||||||||||||
The following summarizes certain information about the Company's unsecured lines of credit as of June 30, 2014: | |||||||||||||||||||||||||||||
Maturity | Extended | ||||||||||||||||||||||||||||
Total | Total | Date | Maturity | ||||||||||||||||||||||||||
Capacity | Outstanding | Date (1) | |||||||||||||||||||||||||||
Wells Fargo - Facility A | $ | 600,000 | $ | 222,829 | (2) | Nov-15 | Nov-16 | ||||||||||||||||||||||
First Tennessee | 100,000 | 9,000 | (3) | Feb-16 | N/A | ||||||||||||||||||||||||
Wells Fargo - Facility B | 600,000 | 149,383 | (4) | Nov-16 | Nov-17 | ||||||||||||||||||||||||
$ | 1,300,000 | $ | 381,212 | ||||||||||||||||||||||||||
-1 | The extension options 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. | ||||||||||||||||||||||||||||
-2 | There was an additional $1,525 outstanding on this facility as of June 30, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||
-3 | There was an additional $113 outstanding on this facility as of June 30, 2014 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||
-4 | There was an additional $123 outstanding on this facility as of June 30, 2014 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 | ' | ||||||||||||||||||||||||||||
The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of June 30, 2014: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Total debt to total assets | < 60% | 55.00% | |||||||||||||||||||||||||||
Secured debt to total assets | < 45% (1) | 39.60% | |||||||||||||||||||||||||||
Total unencumbered assets to unsecured debt | > 150% | 226.70% | |||||||||||||||||||||||||||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 3.0x | |||||||||||||||||||||||||||
-1 | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%. | ||||||||||||||||||||||||||||
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of June 30, 2014: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Debt to total asset value | < 60% | 50.60% | |||||||||||||||||||||||||||
Unencumbered asset value to unsecured indebtedness | > 1.60x | 2.37x | |||||||||||||||||||||||||||
Unencumbered NOI to unsecured interest expense | > 1.75x | 4.42x | |||||||||||||||||||||||||||
EBITDA to fixed charges (debt service) | > 1.50x | 2.23x | |||||||||||||||||||||||||||
Schedule of repaid loans, secured by real estate | ' | ||||||||||||||||||||||||||||
The following table presents the loans, secured by the related properties, that have been entered into since January 1, 2014: | |||||||||||||||||||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount | |||||||||||||||||||||||||
Interest | Financed | ||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase II (2) | LIBOR + 2.75% | Apr-19 | (3) | $ | 6,000 | |||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase III (4) | LIBOR + 2.75% | Apr-19 | (3) | 5,400 | ||||||||||||||||||||||||
April | The Outlet Shoppes at El Paso - Phase II (4) | LIBOR + 2.75% | Apr-18 | 7,000 | |||||||||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||||||||
-2 | Proceeds from the operating property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement. The Company's share of the proceeds was used to reduce the balances on its credit facilities. | ||||||||||||||||||||||||||||
-3 | The loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021. | ||||||||||||||||||||||||||||
-4 | The Operating Partnership has guaranteed 100% of the construction loan for the expansion of the outlet center until construction is complete and certain financial and operational metrics are met. | ||||||||||||||||||||||||||||
The Company has repaid the following loan, secured by the related property, since January 1, 2014: | |||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||
Repayment Date | Repaid (1) | ||||||||||||||||||||||||||||
January | St. Clair Square (2) | 3.25% | Dec-16 | $ | 122,375 | ||||||||||||||||||||||||
-1 | The Company retired the loan with borrowings from its credit facilities. | ||||||||||||||||||||||||||||
-2 | The Company recorded a loss on extinguishment of debt from a $1,249 prepayment fee. | ||||||||||||||||||||||||||||
Schedule of principal repayments | ' | ||||||||||||||||||||||||||||
As of June 30, 2014, 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, term loans, the notes and lines of credit, are as follows: | |||||||||||||||||||||||||||||
2014 | $ | 226,407 | |||||||||||||||||||||||||||
2015 | 752,147 | ||||||||||||||||||||||||||||
2016 | 858,449 | ||||||||||||||||||||||||||||
2017 | 498,454 | ||||||||||||||||||||||||||||
2018 | 674,998 | ||||||||||||||||||||||||||||
Thereafter | 1,795,910 | ||||||||||||||||||||||||||||
4,806,365 | |||||||||||||||||||||||||||||
Net unamortized premiums | 4,446 | ||||||||||||||||||||||||||||
$ | 4,810,811 | ||||||||||||||||||||||||||||
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | ' | ||||||||||||||||||||||||||||
As of June 30, 2014, 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 Swaps | 4 | $ | 107,731 | ||||||||||||||||||||||||||
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 | 6/30/14 | 12/31/13 | |||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Cap | Intangible lease assets | N/A | 3-month | 5.00% | N/A | $ | — | Jan-14 | |||||||||||||||||||||
and other assets | LIBOR | ||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $52,077 | 1-month | 2.15% | $ | (1,546 | ) | $ | (1,915 | ) | Apr-16 | ||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $32,609 | 1-month | 2.19% | (989 | ) | (1,226 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $12,189 | 1-month | 2.14% | (360 | ) | (446 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $10,856 | 1-month | 2.24% | (338 | ) | (420 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||
$ | (3,233 | ) | $ | (4,007 | ) | ||||||||||||||||||||||||
Schedule of gain (loss) recognized in other comprehensive income (loss) | ' | ||||||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain | 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 Ended | (Effective | Three Months Ended | Portion) | Three Months Ended | ||||||||||||||||||||||||
Instrument | June 30, | Portion) | June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | 370 | $ | 1,005 | Interest | $ | (551 | ) | $ | (562 | ) | Interest | $ | — | $ | — | |||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
Location of | Location of | Gain Recognized | |||||||||||||||||||||||||||
Gain | 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 | Six Months Ended | (Effective | Six Months Ended | Portion) | Six Months Ended | ||||||||||||||||||||||||
Instrument | June 30, | Portion) | June 30, | June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | 774 | $ | 1,282 | Interest | $ | (1,099 | ) | $ | (1,119 | ) | Interest | $ | — | $ | — | |||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||||||
The changes in the components of AOCI for the three months ended June 30, 2014 and 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, April 1, 2014 | $ | 390 | $ | 329 | $ | (4,116 | ) | $ | 10,447 | $ | 7,050 | |||||||||||||||||
OCI before reclassifications | 3 | 22 | 916 | 1,173 | 2,114 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (551 | ) | — | (551 | ) | |||||||||||||||||||||
Net current quarterly period OCI | 3 | 22 | 365 | 1,173 | 1,563 | |||||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (3,751 | ) | $ | 11,620 | $ | 8,613 | |||||||||||||||||
(1) Reclassified $551 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, April 1, 2013 | $ | 376 | $ | 360 | $ | (6,046 | ) | $ | 12,762 | $ | 7,452 | |||||||||||||||||
OCI before reclassifications | (4 | ) | 4 | 38 | 514 | 552 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (562 | ) | — | (562 | ) | |||||||||||||||||||||
Net current quarterly period OCI | (4 | ) | 4 | (524 | ) | 514 | (10 | ) | ||||||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (6,570 | ) | $ | 13,276 | $ | 7,442 | |||||||||||||||||
-1 | Reclassified $562 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
The changes in the components of AOCI for the six months ended June 30, 2014 and 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, 2014 | $ | 387 | $ | 333 | $ | (4,518 | ) | $ | 9,442 | $ | 5,644 | |||||||||||||||||
OCI before reclassifications | 6 | 18 | 1,866 | 2,178 | 4,068 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,099 | ) | — | (1,099 | ) | |||||||||||||||||||||
Net current quarterly period OCI | 6 | 18 | 767 | 2,178 | 2,969 | |||||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (3,751 | ) | $ | 11,620 | $ | 8,613 | |||||||||||||||||
-1 | Reclassified $1,099 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
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 | $ | 353 | $ | (6,319 | ) | $ | 12,005 | $ | 6,412 | |||||||||||||||||
OCI before reclassifications | (1 | ) | 11 | 868 | 1,271 | 2,149 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,119 | ) | — | (1,119 | ) | |||||||||||||||||||||
Net current quarterly period OCI | (1 | ) | 11 | (251 | ) | 1,271 | 1,030 | |||||||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (6,570 | ) | $ | 13,276 | $ | 7,442 | |||||||||||||||||
-1 | Reclassified $1,119 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
The changes in the components of AOCI for the three months ended June 30, 2014 and 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, April 1, 2014 | $ | 390 | $ | 329 | $ | (872 | ) | $ | 8,626 | $ | (3,245 | ) | $ | 1,821 | $ | 7,049 | ||||||||||||
OCI before reclassifications | 3 | 22 | 866 | 1,590 | 52 | (417 | ) | 2,116 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (551 | ) | — | — | — | (551 | ) | |||||||||||||||||||
Net current quarterly period OCI | 3 | 22 | 315 | 1,590 | 52 | (417 | ) | 1,565 | ||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (557 | ) | $ | 10,216 | $ | (3,193 | ) | $ | 1,404 | $ | 8,614 | ||||||||||||
(1) Reclassified $551 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
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, April 1, 2013 | $ | 376 | $ | 360 | $ | (2,527 | ) | $ | 10,377 | $ | (3,519 | ) | $ | 2,385 | $ | 7,452 | ||||||||||||
OCI before reclassifications | (4 | ) | 4 | 115 | 452 | (77 | ) | 62 | 552 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (562 | ) | — | — | — | (562 | ) | |||||||||||||||||||
Net current quarterly period OCI | (4 | ) | 4 | (447 | ) | 452 | (77 | ) | 62 | (10 | ) | |||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (2,974 | ) | $ | 10,829 | $ | (3,596 | ) | $ | 2,447 | $ | 7,442 | ||||||||||||
-1 | Reclassified $562 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | |||||||||||||||||||||||||||
The changes in the components of AOCI for the six months ended June 30, 2014 and 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, 2014 | $ | 387 | $ | 333 | $ | (1,214 | ) | $ | 7,539 | $ | (3,304 | ) | $ | 1,903 | $ | 5,644 | ||||||||||||
OCI before reclassifications | 6 | 18 | 1,756 | 2,677 | 111 | (499 | ) | 4,069 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,099 | ) | — | — | — | (1,099 | ) | |||||||||||||||||||
Net current quarterly period OCI | 6 | 18 | 657 | 2,677 | 111 | (499 | ) | 2,970 | ||||||||||||||||||||
Ending balance, June 30, 2014 | $ | 393 | $ | 351 | $ | (557 | ) | $ | 10,216 | $ | (3,193 | ) | $ | 1,404 | $ | 8,614 | ||||||||||||
(1) Reclassified $1,099 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
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 | (1 | ) | 11 | 901 | 1,087 | (33 | ) | 184 | 2,149 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (1,119 | ) | — | — | — | (1,119 | ) | |||||||||||||||||||
Net current quarterly period OCI | (1 | ) | 11 | (218 | ) | 1,087 | (33 | ) | 184 | 1,030 | ||||||||||||||||||
Ending balance, June 30, 2013 | $ | 372 | $ | 364 | $ | (2,974 | ) | $ | 10,829 | $ | (3,596 | ) | $ | 2,447 | $ | 7,442 | ||||||||||||
-1 | Reclassified $1,119 of interest on cash flow hedges to Interest Expense in the condensed consolidated statements of operations. |
Mortgage_and_Other_Notes_Recei1
Mortgage and Other Notes Receivable (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Mortgage and Other Notes Receivable [Abstract] | ' | ||||||||||||||
Schedule of mortgage and other notes receivable | ' | ||||||||||||||
Mortgage and other notes receivable consist of the following: | |||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | |||||||||||
Mortgages: | |||||||||||||||
Coastal Grand - Myrtle Beach (1) | Oct-14 | 7.75% | $ | 9,000 | 7.75% | $ | 9,000 | ||||||||
Park Place | May-22 | 5.00% | 1,653 | 5.00% | 1,738 | ||||||||||
Village Square | Oct-14 | 4.50% | 2,600 | 4.50% | 2,600 | ||||||||||
Other | Dec 2016 - | 2.65% - 9.50% | 5,697 | 2.67% - 9.50% | 5,782 | ||||||||||
Jan-47 | |||||||||||||||
18,950 | 19,120 | ||||||||||||||
Other Notes Receivable: | |||||||||||||||
Horizon Group - The Outlet Shoppes at Atlanta (1) | May-15 | 7.00% | 699 | 7.00% | 816 | ||||||||||
Lakeshore Mall (2) | Aug-14 | 5.00% | 10,000 | —% | — | ||||||||||
RED Development Inc. | Nov-23 | 5.00% | 7,429 | 5.00% | 7,429 | ||||||||||
Woodstock land (3) | Nov-14 | 10.00% | 3,059 | 10.00% | 3,059 | ||||||||||
21,187 | 11,304 | ||||||||||||||
$ | 40,137 | $ | 30,424 | ||||||||||||
-1 | See Note 16 for information on payment subsequent to June 30, 2014. | ||||||||||||||
-2 | In May 2014, the Company received a $10,000 promissory note as short-term financing from the buyer of Lakeshore Mall. See Note 4 for additional information on the sale. This note was paid off subsequent to June 30, 2014. See Note 16. | ||||||||||||||
-3 | The note receivable was extended from May 2014 to November 2014 in the second quarter of 2014. |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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-Jun-14 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 224,960 | $ | 10,287 | $ | 4,711 | $ | 16,975 | $ | 256,933 | |||||||||||
Property operating expenses (2) | (67,662 | ) | (2,260 | ) | (932 | ) | 615 | (70,239 | ) | ||||||||||||
Interest expense | (48,578 | ) | (1,996 | ) | (651 | ) | (8,052 | ) | (59,277 | ) | |||||||||||
Other expense | (19 | ) | — | — | (7,371 | ) | (7,390 | ) | |||||||||||||
Gain on sales of real estate assets | 536 | 933 | 455 | 1 | 1,925 | ||||||||||||||||
Segment profit | $ | 109,237 | $ | 6,964 | $ | 3,583 | $ | 2,168 | 121,952 | ||||||||||||
Depreciation and amortization expense | (70,609 | ) | |||||||||||||||||||
General and administrative expense | (11,336 | ) | |||||||||||||||||||
Interest and other income | 1,544 | ||||||||||||||||||||
Loss on impairment | (106 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3,418 | ||||||||||||||||||||
Income tax provision | (786 | ) | |||||||||||||||||||
Income from continuing operations | $ | 44,077 | |||||||||||||||||||
Capital expenditures (3) | $ | 50,702 | $ | 3,414 | $ | 1,069 | $ | 15,734 | $ | 70,919 | |||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Jun-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 219,335 | $ | 10,902 | $ | 4,226 | $ | 21,122 | $ | 255,585 | |||||||||||
Property operating expenses (2) | (68,564 | ) | (2,506 | ) | (883 | ) | 3,672 | (68,281 | ) | ||||||||||||
Interest expense | (51,459 | ) | (2,047 | ) | (544 | ) | (3,159 | ) | (57,209 | ) | |||||||||||
Other expense | — | — | — | (8,191 | ) | (8,191 | ) | ||||||||||||||
Gain on sales of real estate assets | — | — | — | 457 | 457 | ||||||||||||||||
Segment profit | $ | 99,312 | $ | 6,349 | $ | 2,799 | $ | 13,901 | 122,361 | ||||||||||||
Depreciation and amortization expense | (68,117 | ) | |||||||||||||||||||
General and administrative expense | (12,876 | ) | |||||||||||||||||||
Interest and other income | 661 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Loss on impairment | (21,038 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2,729 | ||||||||||||||||||||
Income tax provision | (757 | ) | |||||||||||||||||||
Income from continuing operations | $ | 16,255 | |||||||||||||||||||
Capital expenditures (3) | $ | 82,610 | $ | 6,460 | $ | 1,414 | $ | 44,314 | $ | 134,798 | |||||||||||
Six Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Jun-14 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 454,833 | $ | 21,143 | $ | 9,249 | $ | 32,951 | $ | 518,176 | |||||||||||
Property operating expenses (2) | (141,956 | ) | (4,755 | ) | (2,589 | ) | 1,538 | (147,762 | ) | ||||||||||||
Interest expense | (98,594 | ) | (3,996 | ) | (1,300 | ) | (15,893 | ) | (119,783 | ) | |||||||||||
Other expense | (19 | ) | — | — | (13,916 | ) | (13,935 | ) | |||||||||||||
Gain on sales of real estate assets | 1,666 | 934 | 456 | 23 | 3,079 | ||||||||||||||||
Segment profit | $ | 215,930 | $ | 13,326 | $ | 5,816 | $ | 4,703 | 239,775 | ||||||||||||
Depreciation and amortization expense | (139,692 | ) | |||||||||||||||||||
General and administrative expense | (26,109 | ) | |||||||||||||||||||
Interest and other income | 3,072 | ||||||||||||||||||||
Gain on extinguishment of debt | 42,660 | ||||||||||||||||||||
Loss on impairment | (17,256 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 7,102 | ||||||||||||||||||||
Income tax provision | (1,183 | ) | |||||||||||||||||||
Income from continuing operations | $ | 108,369 | |||||||||||||||||||
Total assets | $ | 5,707,536 | $ | 272,940 | $ | 287,861 | $ | 433,177 | $ | 6,701,514 | |||||||||||
Capital expenditures (3) | $ | 83,639 | $ | 12,686 | $ | 1,597 | $ | 55,491 | $ | 153,413 | |||||||||||
Six Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
30-Jun-13 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 450,929 | $ | 21,507 | $ | 7,885 | $ | 33,746 | $ | 514,067 | |||||||||||
Property operating expenses (2) | (146,579 | ) | (5,182 | ) | (1,417 | ) | 9,158 | (144,020 | ) | ||||||||||||
Interest expense | (104,396 | ) | (4,093 | ) | (1,121 | ) | (7,423 | ) | (117,033 | ) | |||||||||||
Other expense | — | — | — | (14,847 | ) | (14,847 | ) | ||||||||||||||
Gain on sales of real estate assets | 295 | — | — | 705 | 1,000 | ||||||||||||||||
Segment profit | $ | 200,249 | $ | 12,232 | $ | 5,347 | $ | 21,339 | 239,167 | ||||||||||||
Depreciation and amortization expense | (137,173 | ) | |||||||||||||||||||
General and administrative expense | (26,300 | ) | |||||||||||||||||||
Interest and other income | 1,388 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Loss on impairment | (21,038 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 5,348 | ||||||||||||||||||||
Income tax provision | (583 | ) | |||||||||||||||||||
Income from continuing operations | $ | 54,101 | |||||||||||||||||||
Total assets | $ | 6,021,614 | $ | 290,856 | $ | 243,642 | $ | 478,531 | $ | 7,034,643 | |||||||||||
Capital expenditures (3) | $ | 102,167 | $ | 7,466 | $ | 2,598 | $ | 84,376 | $ | 196,607 | |||||||||||
-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_and_Capital_Tables
Equity and Capital (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Schedule of Common Stock Issuances | ' | ||||||||
The following table summarizes issuances of common stock sold through the ATM program during the three and six month periods ended June 30, 2013: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
30-Jun-13 | 30-Jun-13 | ||||||||
Number of shares settled | 6,530,193 | 8,419,298 | |||||||
Gross proceeds | $ | 167,034 | $ | 211,493 | |||||
Net proceeds | $ | 165,692 | $ | 209,596 | |||||
Weighted-average sales price | $ | 25.58 | $ | 25.12 | |||||
Contingencies_Contingencies_Ta
Contingencies Contingencies (Tables) | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of guarantees | ' | ||||||||||||||||||||||
The following table represents the Company's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||
As of June 30, 2014 | Obligation recorded to reflect guaranty | ||||||||||||||||||||||
Unconsolidated Affiliate | Company's | Outstanding | Percentage | Maximum | Debt | ||||||||||||||||||
Ownership | Balance | Guaranteed by the | Guaranteed | Maturity | 6/30/14 | 12/31/13 | |||||||||||||||||
Interest | Company | Amount | Date (1) | ||||||||||||||||||||
West Melbourne I, LLC - Phase I | 50% | $ | 40,627 | 25% | $ | 10,157 | Nov-15 | (2) | $ | 65 | $ | 65 | |||||||||||
West Melbourne I, LLC - Phase II | 50% | 10,757 | 100% | (3) | 10,757 | Nov-15 | (2) | 65 | 65 | ||||||||||||||
Port Orange I, LLC | 50% | 61,983 | 25% | 15,496 | Nov-15 | (2) | 157 | 157 | |||||||||||||||
JG Gulf Coast Town Center LLC - Phase III | 50% | 5,984 | 100% | 5,984 | Jul-15 | — | — | ||||||||||||||||
Fremaux Town Center JV, LLC (4) | 65% | 36,933 | 100% | 47,291 | Mar-2016 | (5) | 472 | 460 | |||||||||||||||
Total guaranty liability | $ | 759 | $ | 747 | |||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||
-2 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of November 2017. | ||||||||||||||||||||||
-3 | The guaranty will be reduced to 25% once the construction of a Carmike Cinema is complete and the theater is operational. | ||||||||||||||||||||||
-4 | The Company received a 1% fee for this guaranty when the loan was issued in March 2013. In the first quarter of 2014, the loan was modified and extended to increase the capacity to $47,291, which increased the maximum guaranteed amount. | ||||||||||||||||||||||
-5 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of March 2018. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Summary of company stock award | ' | ||||||
A summary of the status of the Company’s stock awards as of June 30, 2014, and changes during the six months ended June 30, 2014, is presented below: | |||||||
Shares | Weighted Average | ||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2014 | 478,216 | $ | 18.72 | ||||
Granted | 236,450 | $ | 17.11 | ||||
Vested | (165,470 | ) | $ | 17.79 | |||
Forfeited | (8,010 | ) | $ | 18.55 | |||
Nonvested at June 30, 2014 | 541,186 | $ | 18.31 | ||||
Noncash_Investing_and_Financin1
Noncash Investing and Financing Activities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Noncash Investing and Financing Activities | ' | |||||||
The Company’s noncash investing and financing activities were as follows for the six months ended June 30, 2014 and 2013: | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued dividends and distributions payable | $ | 50,534 | $ | 47,546 | ||||
Additions to real estate assets accrued but not yet paid | 14,256 | 36,755 | ||||||
Trade-in allowance - aircraft | — | 2,800 | ||||||
Note receivable from sale of mall (1) | 10,000 | — | ||||||
Transfer of Citadel Mall in settlement of mortgage debt obligation, net (2) | 43,909 | — | ||||||
-1 | See Note 8 and Note 16 for additional information. | |||||||
-2 | See Note 4 for additional information. |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of income tax benefit (provision) | ' | ||||||||||||||||
The Company recorded an income tax provision as follows for the three and six month periods ending June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Current tax benefit (provision) | $ | (919 | ) | $ | (1,594 | ) | $ | (866 | ) | $ | 1,241 | ||||||
Deferred tax benefit (provision) | 133 | 837 | (317 | ) | (1,824 | ) | |||||||||||
Income tax provision | $ | (786 | ) | $ | (757 | ) | $ | (1,183 | ) | $ | (583 | ) |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Subsidiaries | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of states in which entity operates | 27 |
Number of regional malls/open-air centers in which interest is owned by the partnership | 82 |
Number of associated centers in which interest is owned by the partnership | 29 |
Number of community centers in which interest is owned by the partnership | 12 |
Number of office buildings in which interest is owned by the partnership | 13 |
Number of properties | 136 |
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) | 84.30% |
Combined percentage ownership by the subsidiaries in operating partnership (in hundredths) | 85.30% |
Controlling Interests [Member] | ' |
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 | 73 |
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 properties | 113 |
Number of malls under development | 1 |
Number of malls under expansion | 3 |
Number of malls under redevelopment | 3 |
Number of associated centers under redevelopment | 1 |
Number of community centers under development | 1 |
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) | 5.60% |
Number of company's common stock owned by CBL's Predecessor (in shares) | 3.4 |
Total combined effective interest of CBL's Predecessor in Operating Partnership (in hundredths) | 10.80% |
Noncontrolling Interest [Member] | ' |
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 | 5 |
Number of office buildings in which interest is owned by the partnership | 5 |
Number of properties | 23 |
Number of community centers under expansion | 2 |
Number of malls under redevelopment | 1 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Fair value of available-for-sale securities | $16,169 | $13,973 |
Interest rate cap, fair value | ' | 0 |
Liabilities: | ' | ' |
Interest rate swaps | 3,233 | 4,007 |
Long-term debt, fair value | 5,024,002 | 5,126,300 |
Mortgage and other indebtedness | 4,810,811 | 4,857,523 |
Holding period | '10 years | ' |
Assumed capitalization rate range used to determine fair value | '9% to 12% | ' |
Minimum [Member] | ' | ' |
Liabilities: | ' | ' |
Fair value assumptions, capitalization rate | 9.00% | ' |
Maximum [Member] | ' | ' |
Liabilities: | ' | ' |
Fair value assumptions, capitalization rate | 12.00% | ' |
Interest Rate Cap [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative instruments held | 0 | 1 |
Interest Rate Swap [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative instruments held | 4 | 4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Fair value of available-for-sale securities | 16,169 | 13,973 |
Interest rate cap, fair value | ' | 0 |
Liabilities: | ' | ' |
Interest rate swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Fair value of available-for-sale securities | 0 | 0 |
Interest rate cap, fair value | ' | 0 |
Liabilities: | ' | ' |
Interest rate swaps | 3,233 | 4,007 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Fair value of available-for-sale securities | 0 | 0 |
Interest rate cap, fair value | ' | 0 |
Liabilities: | ' | ' |
Interest rate swaps | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Common Stock [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Common Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Adjusted Cost | $4,195 | $4,195 |
Gross Unrealized Gains | 11,974 | 9,778 |
Gross Unrealized Losses | 0 | 0 |
Fair value of available-for-sale securities | $16,169 | $13,973 |
Fair_Value_Measurements_Level_
Fair Value Measurements (Level 3 Rollforward) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Fair Value, Inputs, Level 3 [Member] | Lakeshore Mall [Member] | Lakeshore Mall [Member] | Lakeshore Mall [Member] | Chapel Hill Mall [Member] | Chapel Hill Mall [Member] | Chapel Hill Mall [Member] | Chapel Hill Mall [Member] | |||||
Fair Value, Inputs, Level 3 [Member] | Revenues [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of long-lived assets | $53,348 | ' | $53,348 | ' | $53,348 | ' | ' | $13,780 | ' | ' | ' | $53,348 |
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Long-lived Assets, Real Estate [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning carrying value | ' | ' | ' | ' | ' | ' | ' | ' | 52,790 | 66,062 | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,232 | ' | ' | ' |
Loss on impairment of real estate | -106 | -21,038 | -17,256 | -21,038 | ' | -106 | -5,100 | ' | -12,050 | ' | ' | ' |
Ending carrying value | ' | ' | ' | ' | ' | ' | ' | ' | $52,790 | $66,062 | ' | ' |
Disposals_and_Discontinued_Ope2
Disposals and Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Continuing Operations [Member] | Foothills Plaza Expansion [Member] | Lakeshore Mall [Member] | Portfolio sale 3 malls and 3 associated centers [Member] | Georgia Square and Georgia Square Plaza [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] | Citadel Mall [Member] | Citadel Mall [Member] | Citadel Mall [Member] | Foothills Plaza Expansion [Member] | Lakeshore Mall [Member] | Lakeshore Mall [Member] | Lakeshore Mall [Member] | Notes Receivable [Member] | Notes Receivable [Member] | Lakeshore Mall [Member] | Lakeshore Mall [Member] | ||||||
property | Notes Receivable [Member] | Notes Receivable [Member] | |||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $68,563 | $68,169 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on impairment | 106 | 21,038 | 17,256 | 21,038 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,453 | ' | ' | ' | 106 | 5,100 | ' | ' | ' | ' | ' |
Fair value of real estate investments | 53,348 | ' | 53,348 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | 0 | -9,108 | 42,660 | -9,108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,909 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of real estate | ' | 220,425 | 16,640 | ' | ' | ' | ' | ' | ' | 176,000 | ' | 8,300 | 5,250 | 30,875 | ' | ' | ' | 2,640 | ' | ' | 14,000 | ' | ' | ' | ' |
Note receivable from sale of mall | 40,137 | ' | 40,137 | ' | 30,424 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,187 | 11,304 | 10,000 | 0 |
Proceeds from sale of real estate | ' | 215,450 | 16,000 | ' | ' | ' | 2,387 | 13,613 | ' | 171,977 | ' | 7,862 | 5,121 | 30,490 | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' |
Gains(losses)onsalesofinvestmentrealestateexclopsalesandforeclosures | ' | ' | ' | ' | ' | 934 | 934 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) from disposal of real estate | ' | 872 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -549 | 598 | 823 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of disposed real estate | ' | ' | ' | ' | ' | ' | ' | ' | 5,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties sold | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues of discontinued operations | ' | 6,858 | ' | 14,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in real estate at time of sale | ' | $42,693 | ' | $42,693 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated_Affiliates_Rede2
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Unconsolidated Affiliates) (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 02, 2014 | |
entity | entity | Company's Share [Member] | Company's Share [Member] | Company's Share [Member] | Company's Share [Member] | CBL/TC, LLC [Member] | CBL-TRS Joint Venture LLC [Member] | CBL-TRS Joint Venture II LLC [Member] | El Paso Outlet Outparcels, LLC [Member] | Fremaux Town Center JV, LLC [Member] | Governors Square IB [Member] | Governor's Square Company [Member] | High Pointe Commons Lp [Member] | High Pointe Commons IIHAP LP [Member] | JG Gulf Coast Town Center LLC [Member] | Kentucky Oaks Mall Company [Member] | Mall Of South Carolina LP [Member] | Mall Of South Carolina Outparcel LP [Member] | Port Orange I LLC [Member] | Triangle Town Member LLC [Member] | West Melbourne I LLC [Member] | York Town Center LP [Member] | Fremaux Town Center - Phase I [Member] | Fremaux Town Center - Phase I [Member] | ||||
extension_option | ||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement, available capacity, unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,291,000 | $46,000,000 |
Percentage of equity interest in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | 50.00% | 65.00% | 50.00% | 47.50% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ' | ' |
Number of entities - equity method of accounting | 17 | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extension options available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in real estate assets | 2,227,426,000 | ' | 2,227,426,000 | ' | 2,167,227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation | -587,591,000 | ' | -587,591,000 | ' | -555,174,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investment net, before development in process | 1,639,835,000 | ' | 1,639,835,000 | ' | 1,612,053,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Developments in progress | 63,131,000 | ' | 63,131,000 | ' | 103,161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in real estate assets | 1,702,966,000 | ' | 1,702,966,000 | ' | 1,715,214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | 170,795,000 | ' | 170,795,000 | ' | 168,799,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 1,873,761,000 | ' | 1,873,761,000 | ' | 1,884,013,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIABILITIES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage and other indebtedness | 1,476,916,000 | ' | 1,476,916,000 | ' | 1,468,422,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | 41,945,000 | ' | 41,945,000 | ' | 48,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 1,518,861,000 | ' | 1,518,861,000 | ' | 1,516,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The Company | 204,856,000 | ' | 204,856,000 | ' | 213,664,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other investors | 150,044,000 | ' | 150,044,000 | ' | 153,724,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total owners' equity | 354,900,000 | ' | 354,900,000 | ' | 367,388,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities and owners' equity | 1,873,761,000 | ' | 1,873,761,000 | ' | 1,884,013,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 61,400,000 | 60,024,000 | 123,221,000 | 120,743,000 | ' | 32,066,000 | 30,776,000 | 64,018,000 | 62,446,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | -19,230,000 | -19,122,000 | -38,017,000 | -38,270,000 | ' | -10,256,000 | -9,923,000 | -20,117,000 | -19,871,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | 339,000 | 338,000 | 679,000 | 677,000 | ' | 259,000 | 235,000 | 518,000 | 470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | -18,746,000 | -19,043,000 | -37,304,000 | -38,711,000 | ' | -9,662,000 | -9,764,000 | -19,153,000 | -19,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other operating expenses | -17,488,000 | -17,443,000 | -35,669,000 | -36,195,000 | ' | -8,989,000 | -8,595,000 | -18,164,000 | -17,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $6,275,000 | $4,754,000 | $12,910,000 | $8,244,000 | ' | $3,418,000 | $2,729,000 | $7,102,000 | $5,348,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, option extension term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' |
Unconsolidated_Affiliates_Rede3
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Noncontrolling Interests and Redeemable Noncontrolling Interests) (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||
31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | |
Fremaux Town Center - Phase I [Member] | Fremaux Town Center - Phase I [Member] | Fremaux Town Center - Phase I [Member] | JG Gulf Coast Town Center LLC [Member] | West Melbourne I LLC [Member] | PJV Units [Member] | Noncontrolling Interests | Noncontrolling Interests | Third Party Interests [Member] | Third Party Interests [Member] | Other Consolidated Subsidiaries [Member] | Other Consolidated Subsidiaries [Member] | Triangle Town Member LLC [Member] | Gettysburg Outlet Center Holding LLC [Member] | Promenade D'Iberville LLC [Member] | El Paso Outlet Center Holding, LLC [Member] | Pearland Town Center [Member] | Triangle Town Member LLC [Member] | |||
extension_option | LIBOR [Member] | Joint control [Member] | Joint control [Member] | Joint control [Member] | Primary beneficiary [Member] | Primary beneficiary [Member] | Primary beneficiary [Member] | |||||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extension options available | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, option extension term | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement, basis spread on variable rate | ' | ' | ' | ' | 2.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Financed or Extended | ' | ' | $47,291,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement, available capacity, unconsolidated affiliates | ' | ' | 47,291,000 | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,948,000 | ' |
Parent's guaranty of affiliate debt, percentage | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interest (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' |
Premium paid to acquire noncontrolling interest (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' |
Redeemable interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,404,000 | 28,756,000 | 6,136,000 | 5,883,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Redeemable Noncontrolling Preferred Joint Venture Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | 423,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to redeemable noncontrolling preferred joint venture interest | ' | ' | ' | ' | ' | ' | ' | 10,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to redeemable noncontrolling preferred joint venture interest | ' | ' | ' | ' | ' | ' | ' | -10,285,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | 423,777,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 148,780,000 | 155,021,000 | 131,385,000 | 135,842,000 | 17,395,000 | 19,179,000 | ' | ' | ' | ' | ' | ' |
Common units exercised for conversion | ' | 170,847 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment upon conversion of common units | $2,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest in real estate property | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 85.00% | 75.00% | ' | 50.00% |
Unconsolidated_Affiliates_Rede4
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Cost Method Investments) (Details 3) (Jinsheng [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Jinsheng [Member] | ' | ' |
Cost Method Investments [Abstract] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 6.20% | ' |
Cost method investment, carrying amount | $5,325 | $5,325 |
Mortgage_and_Other_Indebtednes2
Mortgage and Other Indebtedness (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Nov. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Fixed Rate Interest [Member] | Fixed Rate Interest [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Non-recourse Loans on Operating Properties [Member] | Non-recourse Loans on Operating Properties [Member] | Non-recourse Loans on Operating Properties [Member] | Non-recourse Loans on Operating Properties [Member] | Non-recourse Loans on Operating Properties [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Unsecured Term Loan 1 [Member] | Unsecured Term Loan 1 [Member] | Unsecured Term Loan 1 [Member] | Unsecured Term Loan 1 [Member] | Financing method obligation [Member] | Financing method obligation [Member] | Recourse Term Loans On Operating Properties [Member] | Recourse Term Loans On Operating Properties [Member] | Recourse Term Loans On Operating Properties [Member] | Construction loan [Member] | Construction loan [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Other [Member] | Other [Member] | Other [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Unsecured Term Loan 3 [Member] | Unsecured Term Loan 2 [Member] | Debt Covenant Requirement [Member] | Debt Covenant Requirement [Member] | Debt Covenant Ratios Actual [Member] | Debt Covenant Ratios Actual [Member] | Interest Rate Swap [Member] | The Promenade at Dlberville [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | Treasury Rate [Member] | Wells Fargo Bank [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Unsecured Line of Credit, First Tennessee [Member] | Unsecured Term Loan 1 [Member] | Unsecured Term Loan 2 [Member] | Unsecured Term Loan 3 [Member] | Unsecured Term Loan 3 [Member] | Unsecured Term Loan 3 [Member] | Unsecured Line of Credit 1 [Member] | Unsecured Line of Credit 2 [Member] | Pearland Town Center [Member] | |||
Fixed Rate Interest [Member] | Fixed Rate Interest [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Fixed Rate Interest [Member] | Fixed Rate Interest [Member] | Fixed Rate Operating Loans [Member] | Fixed Rate Operating Loans [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Fixed Rate Interest [Member] | Fixed Rate Interest [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Fixed Rate Interest [Member] | Fixed Rate Interest [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | Variable Rate Interest Member [Member] | loan | Maximum [Member] | Minimum [Member] | Senior Unsecured Notes [Member] | Unsecured Credit Facility and Term Loan [Member] | Senior Unsecured Notes [Member] | Unsecured Credit Facility and Term Loan [Member] | loan | Non-recourse Loans on Operating Properties [Member] | Non-recourse Loans on Operating Properties [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Unsecured Term Loan 1 [Member] | Unsecured Term Loan 1 [Member] | Financing method obligation [Member] | Financing method obligation [Member] | Recourse Term Loans On Operating Properties [Member] | Recourse Term Loans On Operating Properties [Member] | Construction loan [Member] | Construction loan [Member] | Unsecured lines of credit [Member] | Unsecured lines of credit [Member] | Other [Member] | Other [Member] | Senior Unsecured Notes [Member] | credit_line | Minimum [Member] | CBL & Associates Properties, Inc. [Member] | ||||||||||||||||||||||||||||
Fixed Rate Interest [Member] | Fixed Rate Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unsecured term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property loan obligation guaranteed by Company (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, percentage bearing fixed interest, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,876,236,000 | $3,990,774,000 | $3,423,823,000 | $3,527,830,000 | $445,587,000 | $445,374,000 | $6,826,000 | $0 | $0 | $17,570,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage and other indebtedness amount carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,770,000 | 934,575,000 | 866,749,000 | 17,262,000 | 133,712,000 | ' | ' | 450,000,000 | 450,000,000 | ' | ' | 48,770,000 | 51,300,000 | 34,529,000 | 2,983,000 | 381,212,000 | 228,754,000 | 2,802,000 | 0 | ' | ' | 381,212,000 | ' | 9,000,000 | ' | ' | ' | ' | ' | 222,829,000 | 149,383,000 | ' |
Long-term debt | 4,806,365,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,810,811,000 | 4,857,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,401,000 | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | 6,826,000 | ' | 3,413,000 | ' | ' | ' |
Weighted Average Interest Rate (percent) | 4.76% | 4.88% | 5.50% | 5.52% | 1.68% | 1.91% | ' | ' | ' | 5.54% | 5.54% | 2.28% | 3.14% | ' | ' | 5.25% | 5.25% | ' | ' | ' | ' | ' | ' | 3.50% | 0.00% | 1.69% | 1.71% | 0.00% | 8.00% | ' | 1.86% | 1.87% | 2.23% | 2.17% | 1.55% | 1.57% | ' | 2.64% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.05% | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,413,000 | 4,626,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 50,000,000 | ' | 7,000,000 | ' | ' | ' | ' |
Debt instrument, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' |
Debt instrument, increase in variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice required to redeem debt, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interest (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% |
Line of credit, available capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,948,000 |
Premium paid to acquire noncontrolling interest (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% |
Loan agreement, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | 1.75% | 1.00% | 1.50% | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual facility Fee (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees on amount of unused availability of secured lines of credit, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Capacity, line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 1,300,000,000 | ' | 100,000,000 | ' | 20,000,000 | ' | ' | ' | 600,000,000 | 600,000,000 | ' |
Maturity Date, line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Feb-16 | ' | ' | ' | ' | ' | 13-Nov-15 | 11-Nov-16 | ' |
Extended Maturity Date, line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Nov-16 | 10-Nov-17 | ' |
Line of credit, extension fee (percent) | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit, outstanding | ' | ' | ' | ' | ' | ' | ' | 1,525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,000 | ' | ' | ' | ' | 113,000 | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | ' | ' | ' | ' | ' | ' | ' |
Total debt to total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 60.00% | 55.10% | 51.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unencumbered asset value to unsecured indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | 160.00% | 224.70% | 239.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unencumbered NOI to unsecured interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175.00% | ' | 458.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA to fixed charges (debt service) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | 222.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt to total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | 39.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated income available for debt service to annual debt service charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | 328.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, debt default threshold, minimum loan amount | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages_and_Other_Indebtedne
Mortgages and Other Indebtedness (Operating Properties) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | |||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Principal balance [Member] | Principal amortization [Member] | Citadel Mall [Member] | Citadel Mall [Member] | Columbia Place [Member] | Columbia Place [Member] | Operating property loan [Member] | St. Clair Square [Member] | Outlet Shoppes at Oklahoma City, Phase II [Member] | Outlet Shoppes at Oklahoma City, Phase II [Member] | Outlet Shoppes at Oklahoma City, Phase III [Member] | Outlet Shoppes at Oklahoma City, Phase III [Member] | Outlet Shoppes at El Paso [Member] | Outlet Shoppes at El Paso [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | ||||||
loan | loan | Principal balance [Member] | loan | extension_option | LIBOR [Member] | extension_option | LIBOR [Member] | extension_option | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Financed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,000,000 | ' | $5,400,000 | ' | $7,000,000 | ' | ' | ' |
Loan agreement, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | 2.75% | ' | 2.75% | ' | ' |
Number of extension options available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | 2 | ' | ' | ' |
Debt instrument, option extension term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '1 year | ' | '1 year | ' | ' | ' |
Debt instrument, percentage of debt guaranteed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' |
Mortgages on Operating Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate at Repayment Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Balance Repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,375,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | 0 | 9,108,000 | -42,660,000 | 9,108,000 | ' | ' | ' | -43,909,000 | ' | ' | ' | ' | 1,249,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan, carrying amount | ' | ' | ' | ' | ' | ' | ' | 68,563,000 | 68,169,000 | 27,265,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of debt instruments | ' | ' | ' | ' | ' | 2 | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average maturity of mortgage and other indebtedness (in years) | ' | ' | '4 years 6 months 10 days | ' | '4 years 8 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of principal repayments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 226,407,000 | ' | 226,407,000 | ' | ' | 162,170,000 | 36,972,000 | ' | ' | ' | 27,265,000 | 113,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 752,147,000 | ' | 752,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 858,449,000 | ' | 858,449,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 498,454,000 | ' | 498,454,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 674,998,000 | ' | 674,998,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 1,795,910,000 | ' | 1,795,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total payments | 4,806,365,000 | ' | 4,806,365,000 | ' | ' | ' | ' | ' | ' | ' | ' | 48,770,000 | ' | ' | ' | ' | ' | ' | ' | 4,810,811,000 | 4,857,523,000 |
Net unamortized premiums | 4,446,000 | ' | 4,446,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage and other indebtedness | $4,810,811,000 | ' | $4,810,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages_and_Other_Indebtedne1
Mortgages and Other Indebtedness (Derivative Instruments) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value | ($3,233) | ($4,007) |
Interest Rate Cap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Number of Instruments | 0 | 1 |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Number of Instruments | 4 | 4 |
Derivative, Notional Amount Outstanding | 107,731 | 109,830 |
Pay Fixed Receive Variable Swap One [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amortized amount | 48,337 | ' |
Debt instrument, basis spread on variable rate, Term | '1 month | ' |
Derivative, outstanding notional amount | 52,077 | ' |
Pay fixed receive variable swap Two [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amortized amount | 30,276 | ' |
Debt instrument, basis spread on variable rate, Term | '1 month | ' |
Derivative, outstanding notional amount | 32,609 | ' |
Pay fixed receive variable swap Three [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amortized amount | 11,313 | ' |
Debt instrument, basis spread on variable rate, Term | '1 month | ' |
Derivative, outstanding notional amount | 12,189 | ' |
Pay fixed receive variable swap Four [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amortized amount | 10,083 | ' |
Debt instrument, basis spread on variable rate, Term | '1 month | ' |
Derivative, outstanding notional amount | 10,856 | ' |
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 | ' | 0 |
Maturity Date | 1-Jan-14 | ' |
Debt instrument, basis spread on variable rate, Term | '3 months | ' |
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 | -1,546 | -1,915 |
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 | -989 | -1,226 |
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 | -360 | -446 |
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 | ($338) | ($420) |
Maturity Date | 30-Apr-16 | ' |
Mortgages_and_Other_Indebtedne2
Mortgages and Other Indebtedness (Derivative Instrument Risk) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest Expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Loss Recognized in Earnings (Effective Portion) | ($551) | ($562) | ($1,099) | ($1,119) |
Gain Recognized in Earnings (Ineffective Portion) | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Losses expected to be reclassified from AOCI to interest expense | 2,117 | ' | 2,117 | ' |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI/L (Effective Portion) | $370 | $1,005 | $774 | $1,282 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | $8,614 | $7,442 | $8,614 | $7,442 | $7,049 | $5,644 | $7,452 | $6,412 |
OCI before reclassifications, Hedging Agreements | 921 | 443 | 1,873 | 163 | ' | ' | ' | ' |
OCI before reclassifications, Available-for-Sale Securities | 1,195 | -1,015 | 2,196 | -252 | ' | ' | ' | ' |
OCI before reclassifications | 2,116 | 552 | 4,069 | 2,149 | ' | ' | ' | ' |
Amounts reclassified from AOCI | -551 | 562 | -1,099 | 1,119 | ' | ' | ' | ' |
Net current period OCI | 1,565 | -10 | 2,970 | 1,030 | ' | ' | ' | ' |
Total Redeemable Interests [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, Hedging Agreements | 393 | 372 | 393 | 372 | 390 | 387 | 376 | 373 |
Accumulated other comprehensive income, Available-for-Sale Securities | 351 | 364 | 351 | 364 | 329 | 333 | 360 | 353 |
OCI before reclassifications, Hedging Agreements | 3 | -4 | 6 | -1 | ' | ' | ' | ' |
OCI before reclassifications, Available-for-Sale Securities | 22 | 4 | 18 | 11 | ' | ' | ' | ' |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Net current period OCI, Hedging Agreements | 3 | -4 | 6 | -1 | ' | ' | ' | ' |
Net current period OCI, Available-for-Sale Securities | 22 | 4 | 18 | 11 | ' | ' | ' | ' |
Total Shareholders' Equity [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, Hedging Agreements | -557 | -2,974 | -557 | -2,974 | -872 | -1,214 | -2,527 | -2,756 |
Accumulated other comprehensive income, Available-for-Sale Securities | 10,216 | 10,829 | 10,216 | 10,829 | 8,626 | 7,539 | 10,377 | 9,742 |
OCI before reclassifications, Hedging Agreements | 866 | 115 | 1,756 | 901 | ' | ' | ' | ' |
OCI before reclassifications, Available-for-Sale Securities | 1,590 | 452 | 2,677 | 1,087 | ' | ' | ' | ' |
Amounts reclassified from AOCI | -551 | -562 | -1,099 | -1,119 | ' | ' | ' | ' |
Net current period OCI, Hedging Agreements | 315 | -447 | 657 | -218 | ' | ' | ' | ' |
Net current period OCI, Available-for-Sale Securities | 1,590 | 452 | 2,677 | 1,087 | ' | ' | ' | ' |
Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, Hedging Agreements | -3,193 | -3,596 | -3,193 | -3,596 | -3,245 | -3,304 | -3,519 | -3,563 |
Accumulated other comprehensive income, Available-for-Sale Securities | 1,404 | 2,447 | 1,404 | 2,447 | 1,821 | 1,903 | 2,385 | 2,263 |
OCI before reclassifications, Hedging Agreements | 52 | -77 | 111 | -33 | ' | ' | ' | ' |
OCI before reclassifications, Available-for-Sale Securities | -417 | 62 | -499 | 184 | ' | ' | ' | ' |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Net current period OCI, Hedging Agreements | 52 | -77 | 111 | -33 | ' | ' | ' | ' |
Net current period OCI, Available-for-Sale Securities | -417 | 62 | -499 | 184 | ' | ' | ' | ' |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | 8,613 | 7,442 | 8,613 | 7,442 | 7,050 | 5,644 | 7,452 | 6,412 |
OCI before reclassifications | 2,114 | 552 | 4,068 | 2,149 | ' | ' | ' | ' |
Net current period OCI | 1,563 | -10 | 2,969 | 1,030 | ' | ' | ' | ' |
CBL & Associates Limited Partnership [Member] | Total Redeemable Interests [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, Hedging Agreements | 393 | 372 | 393 | 372 | 390 | 387 | 376 | 373 |
Accumulated other comprehensive income, Available-for-Sale Securities | 351 | 364 | 351 | 364 | 329 | 333 | 360 | 353 |
OCI before reclassifications, Hedging Agreements | 3 | -4 | 6 | -1 | ' | ' | ' | ' |
OCI before reclassifications, Available-for-Sale Securities | 22 | 4 | 18 | 11 | ' | ' | ' | ' |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Net current period OCI, Hedging Agreements | 3 | -4 | 6 | -1 | ' | ' | ' | ' |
Net current period OCI, Available-for-Sale Securities | 22 | 4 | 18 | 11 | ' | ' | ' | ' |
CBL & Associates Limited Partnership [Member] | Total Shareholders' Equity [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, Hedging Agreements | -3,751 | -6,570 | -3,751 | -6,570 | -4,116 | -4,518 | -6,046 | -6,319 |
Accumulated other comprehensive income, Available-for-Sale Securities | 11,620 | 13,276 | 11,620 | 13,276 | 10,447 | 9,442 | 12,762 | 12,005 |
OCI before reclassifications, Hedging Agreements | 916 | 38 | 1,866 | 868 | ' | ' | ' | ' |
OCI before reclassifications, Available-for-Sale Securities | 1,173 | 514 | 2,178 | 1,271 | ' | ' | ' | ' |
Amounts reclassified from AOCI | -551 | -562 | -1,099 | -1,119 | ' | ' | ' | ' |
Net current period OCI, Hedging Agreements | 365 | -524 | 767 | -251 | ' | ' | ' | ' |
Net current period OCI, Available-for-Sale Securities | $1,173 | $514 | $2,178 | $1,271 | ' | ' | ' | ' |
Mortgage_and_Other_Notes_Recei2
Mortgage and Other Notes Receivable (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Other Entities [Member] | Other Entities [Member] | Other Entities [Member] | Other Entities [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | Other Notes Receivable [Member] | |||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Coastal Grand - MyrtleBeach [Member] | Coastal Grand - MyrtleBeach [Member] | One Park Place [Member] | One Park Place [Member] | Village Square, Houghton Lake and Cadillac [Member] | Village Square, Houghton Lake and Cadillac [Member] | Other Entities [Member] | Other Entities [Member] | Outlet Shoppes at Atlanta LLC [Member] | Outlet Shoppes at Atlanta LLC [Member] | Lakeshore Mall [Member] | Lakeshore Mall [Member] | Lees Summit Land [Member] | Lees Summit Land [Member] | Woodstock GA Investments LLC [Member] | Woodstock GA Investments LLC [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of assignment of the partnership interest | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate, mortgage loans on real estate | ' | ' | 2.65% | 2.67% | 9.50% | 9.50% | ' | ' | 7.75% | 7.75% | 5.00% | 5.00% | 4.50% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage and other notes receivable | $40,137 | $30,424 | ' | ' | ' | ' | $18,950 | $19,120 | $9,000 | $9,000 | $1,653 | $1,738 | $2,600 | $2,600 | $5,697 | $5,782 | $21,187 | $11,304 | $699 | $816 | $10,000 | $0 | $7,429 | $7,429 | $3,059 | $3,059 |
Interest Rate, other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 5.00% | ' | 5.00% | 5.00% | 10.00% | 10.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $256,933 | $255,585 | $518,176 | $514,067 | ' |
Property operating expenses | -70,239 | -68,281 | -147,762 | -144,020 | ' |
Interest expense | -59,277 | -57,209 | -119,783 | -117,033 | ' |
Other expense | -7,390 | -8,191 | -13,935 | -14,847 | ' |
Gain on sales of real estate assets | 1,925 | 457 | 3,079 | 1,000 | ' |
Segment profit | 121,952 | 122,361 | 239,775 | 239,167 | ' |
Depreciation and amortization expense | -70,609 | -68,117 | -139,692 | -137,173 | ' |
General and administrative expense | -11,336 | -12,876 | -26,109 | -26,300 | ' |
Interest and other income | 1,544 | 661 | 3,072 | 1,388 | ' |
Gain (loss) on extinguishment of debt | 0 | -9,108 | 42,660 | -9,108 | ' |
Loss on impairment | -106 | -21,038 | -17,256 | -21,038 | ' |
Gain on investment | 0 | 2,400 | 0 | 2,400 | ' |
Equity in earnings of unconsolidated affiliates | 3,418 | 2,729 | 7,102 | 5,348 | ' |
Income tax provision | -786 | -757 | -1,183 | -583 | ' |
Income from continuing operations | 44,077 | 16,255 | 108,369 | 54,101 | ' |
Total assets | 6,701,514 | ' | 6,701,514 | ' | 6,785,971 |
Capital expenditures | 70,919 | 134,798 | 153,413 | 196,607 | ' |
Malls [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 224,960 | 219,335 | 454,833 | 450,929 | ' |
Property operating expenses | -67,662 | -68,564 | -141,956 | -146,579 | ' |
Interest expense | -48,578 | -51,459 | -98,594 | -104,396 | ' |
Other expense | -19 | 0 | -19 | 0 | ' |
Gain on sales of real estate assets | 536 | 0 | 1,666 | 295 | ' |
Segment profit | 109,237 | 99,312 | 215,930 | 200,249 | ' |
Total assets | 5,707,536 | 6,021,614 | 5,707,536 | 6,021,614 | ' |
Capital expenditures | 50,702 | 82,610 | 83,639 | 102,167 | ' |
Associated Centers [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 10,287 | 10,902 | 21,143 | 21,507 | ' |
Property operating expenses | -2,260 | -2,506 | -4,755 | -5,182 | ' |
Interest expense | -1,996 | -2,047 | -3,996 | -4,093 | ' |
Other expense | 0 | 0 | 0 | 0 | ' |
Gain on sales of real estate assets | 933 | 0 | 934 | 0 | ' |
Segment profit | 6,964 | 6,349 | 13,326 | 12,232 | ' |
Total assets | 272,940 | 290,856 | 272,940 | 290,856 | ' |
Capital expenditures | 3,414 | 6,460 | 12,686 | 7,466 | ' |
Community Centers [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 4,711 | 4,226 | 9,249 | 7,885 | ' |
Property operating expenses | -932 | -883 | -2,589 | -1,417 | ' |
Interest expense | -651 | -544 | -1,300 | -1,121 | ' |
Other expense | 0 | 0 | 0 | 0 | ' |
Gain on sales of real estate assets | 455 | 0 | 456 | 0 | ' |
Segment profit | 3,583 | 2,799 | 5,816 | 5,347 | ' |
Total assets | 287,861 | 243,642 | 287,861 | 243,642 | ' |
Capital expenditures | 1,069 | 1,414 | 1,597 | 2,598 | ' |
All Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 16,975 | 21,122 | 32,951 | 33,746 | ' |
Property operating expenses | 615 | 3,672 | 1,538 | 9,158 | ' |
Interest expense | -8,052 | -3,159 | -15,893 | -7,423 | ' |
Other expense | -7,371 | -8,191 | -13,916 | -14,847 | ' |
Gain on sales of real estate assets | 1 | 457 | 23 | 705 | ' |
Segment profit | 2,168 | 13,901 | 4,703 | 21,339 | ' |
Total assets | 433,177 | 478,531 | 433,177 | 478,531 | ' |
Capital expenditures | 15,734 | 44,314 | 55,491 | 84,376 | ' |
Segment Totals [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | $6,701,514 | $7,034,643 | $6,701,514 | $7,034,643 | ' |
Equity_and_Capital_Details
Equity and Capital (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 01, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
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 | ' | ' | $300,000,000 | ' | ' |
Commission to sales agent, maximum (percent) | ' | ' | 2.00% | ' | ' |
Number of shares settled | 241,188 | 8,632,742 | ' | 6,530,193 | 8,419,298 |
Gross proceeds | 590,000 | ' | ' | 167,034,000 | 211,493,000 |
Net proceeds | 82,000 | 209,506,000 | ' | 165,692,000 | 209,596,000 |
Weighted-average sales price (in dollars per share) | ' | ' | ' | $25.58 | $25.12 |
Common stock offering, maximum aggregate price still available | $88,507,000 | ' | ' | ' | ' |
Earnings_Per_Share_and_Earning1
Earnings Per Share and Earnings per Unit (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
CBL & Associates Limited Partnership [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
Contingencies_Details
Contingencies (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | |
lawsuit | Promenade D'Iberville LLC [Member] | Fremaux Town Center JV, LLC [Member] | Fremaux Town Center JV, 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] | JG Gulf Coast Town Center LLC [Member] | Fremaux Town Center JV, LLC [Member] | Promenade D'Iberville LLC [Member] | Promenade D'Iberville LLC [Member] | ||
extension_option | ||||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retainage allegedly owed under the construction contract | ' | ' | $327,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 8,240,000 |
Number of pending lawsuits | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental liability insurance, maximum coverage per incident | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental liability insurance, annual coverage limit. | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | ' | ' | ' | 100.00% | ' | 25.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Percentage of equity interest in real estate property | ' | ' | ' | 65.00% | ' | 50.00% | ' | 50.00% | 50.00% | ' | 50.00% | 65.00% | ' | ' |
Initial maximum guaranteed amount of third party's construction loan | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' |
Maximum guarantee obligation after loans were partially paid down | ' | ' | ' | 47,291,000 | ' | 15,496,000 | ' | ' | 5,984,000 | ' | ' | ' | ' | ' |
Total amount outstanding on the loans | ' | ' | ' | 36,933,000 | ' | 61,983,000 | ' | ' | 5,984,000 | ' | ' | ' | ' | ' |
Number of extension options available | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed amount of the outstanding loan | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' |
Obligation recorded to reflect guaranty | 759,000 | 747,000 | ' | 472,000 | 460,000 | 157,000 | 157,000 | ' | 0 | 0 | ' | ' | ' | ' |
Guaranteed minimum exposure amount | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Annual reductions to the guarantor's obligations | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Percentage of guaranty obligation agreed to be reimbursed by joint venture partner (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Performance Bonds [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance bonds, outstanding | $20,412,000 | $23,513,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingencies_Guarantees_Detai
Contingencies Guarantees (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | West Melbourne I LLC - Phase I [Member] | West Melbourne I LLC - Phase I [Member] | West Melbourne I LLC - Phase II [Member] | West Melbourne I LLC - Phase II [Member] | Port Orange I LLC [Member] | Port Orange I LLC [Member] | JG Gulf Coast Town Center LLC [Member] | JG Gulf Coast Town Center LLC [Member] | Fremaux Town Center JV, LLC [Member] | Fremaux Town Center JV, LLC [Member] | Fremaux Town Center JV, LLC [Member] | West Melbourne I and Port Orange I [Member] | ||
extension_option | extension_option | |||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's Ownership Interest | ' | ' | 50.00% | ' | 50.00% | ' | 50.00% | ' | 50.00% | ' | ' | 65.00% | ' | ' |
Outstanding Balance | ' | ' | $40,627 | ' | $10,757 | ' | $61,983 | ' | $5,984 | ' | ' | $36,933 | ' | ' |
Percentage Guaranteed by the Company | ' | ' | 25.00% | ' | 100.00% | ' | 25.00% | ' | 100.00% | ' | ' | 100.00% | ' | ' |
Maximum Guaranteed Amount | ' | ' | 10,157 | ' | 10,757 | ' | 15,496 | ' | 5,984 | ' | ' | 47,291 | ' | ' |
Obligation recorded to reflect guaranty | $759 | $747 | $65 | $65 | $65 | $65 | $157 | $157 | $0 | $0 | ' | $472 | $460 | ' |
Number of extension options available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 |
Debt instrument, option extension term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | '1 year |
Property loan obligation guaranteed by Company (percent) | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Loan guaranty, fee income percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
plan | plan | Stock Awards [Member] | Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of share-based compensation plans | 2 | ' | 2 | ' | ' | ' |
Number of shares authorized under plan | 10,400,000 | ' | 10,400,000 | ' | ' | ' |
Share-based compensation expense | $552 | $354 | $2,468 | $1,750 | ' | ' |
Share-based compensation cost capitalized as part of real estate assets | 76 | 55 | 122 | 105 | ' | ' |
Unrecognized compensation cost related to nonvested stock awards | $8,815 | ' | $8,815 | ' | ' | ' |
Compensation cost to be recognized over a weighted average period | ' | ' | '3 years 9 months | ' | ' | ' |
Nonvested, beginning of period (in shares) | ' | ' | ' | ' | 541,186 | 478,216 |
Granted (in shares) | ' | ' | ' | ' | 236,450 | ' |
Vested (in shares) | ' | ' | ' | ' | -165,470 | ' |
Forfeited (in shares) | ' | ' | ' | ' | -8,010 | ' |
Nonvested, end of period (in shares) | ' | ' | ' | ' | 541,186 | 478,216 |
Weighted average grant date fair value, nonvested, beginning of period (in dollars per share) | ' | ' | ' | ' | $18.31 | $18.72 |
Weighted average grant date fair value, granted (in dollars per share) | ' | ' | ' | ' | $17.11 | ' |
Weighted average grant date fair value, vested (in dollars per share) | ' | ' | ' | ' | $17.79 | ' |
Weighted average grant date fair value, forfeited (in dollars per share) | ' | ' | ' | ' | $18.55 | ' |
Weighted average grant date fair value, nonvested, end of period (in dollars per share) | ' | ' | ' | ' | $18.31 | $18.72 |
Noncash_Investing_and_Financin2
Noncash Investing and Financing Activities (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Accrued dividends and distributions payable | $50,534,000 | $47,546,000 | ' |
Additions to real estate assets accrued but not yet paid | 14,256,000 | 36,755,000 | ' |
Trade-in allowance - aircraft | 0 | 2,800,000 | ' |
Note receivable from sale of mall | 40,137,000 | ' | 30,424,000 |
Transfer of Citadel Mall in settlement of mortgage debt obligation, net | 43,909,000 | 0 | ' |
Notes Receivable [Member] | ' | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Note receivable from sale of mall | 21,187,000 | ' | 11,304,000 |
Notes Receivable [Member] | Lakeshore Mall [Member] | ' | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' |
Note receivable from sale of mall | $10,000,000 | $0 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Percentage of taxable income required to be distributed to shareholders | ' | ' | 90.00% | ' | ' |
State tax expense | $918 | $1,207 | $2,011 | $2,006 | ' |
Current portion of income tax (provision) benefit | -919 | -1,594 | -866 | 1,241 | ' |
Deferred portion of income tax (provision) benefit | 133 | 837 | -317 | -1,824 | ' |
Income tax provision | -786 | -757 | -1,183 | -583 | ' |
Net deferred tax asset | $3,710 | ' | $3,710 | ' | $4,893 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent event [Member], USD $) | 1 Months Ended |
Jul. 31, 2014 | |
subsidiary | |
Non-recourse Loans on Operating Properties [Member] | Mall of South Carolina LP and Mall of South Carolina Outparcel LP [Member] | ' |
Subsequent Event [Line Items] | ' |
Number of subsidiaries | 2 |
Debt instrument, face amount | $126,000,000 |
Debt instrument, fixed interest rate | 4.09% |
Repayment of long-term debt | 75,238,000 |
Subordinated notes [Member] | Mall of South Carolina LP and Mall of South Carolina Outparcel LP [Member] | ' |
Subsequent Event [Line Items] | ' |
Repayment of long-term debt | 18,000,000 |
Subordinated notes [Member] | Mall of South Carolina LP and Mall of South Carolina Outparcel LP [Member] | Joint venture partners [Member] | ' |
Subsequent Event [Line Items] | ' |
Repayment of long-term debt | 9,000,000 |
Excess cash proceeds, percentage distributed to joint venture partners | 50.00% |
Notes Receivable [Member] | Lakeshore Mall [Member] | ' |
Subsequent Event [Line Items] | ' |
Proceeds from collection of note receivable | 10,000 |
Notes Receivable [Member] | Horizon Group Properties [Member] | ' |
Subsequent Event [Line Items] | ' |
Proceeds from collection of note receivable | $699,000 |