Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | |
Entity Central Index Key | 910612 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 170,494,794 | |
CBL & Associates Limited Partnership | ||
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & Associates Limited Partnership | |
Entity Central Index Key | 915140 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real estate assets: | ||
Land | $849,076 | $847,829 |
Buildings and improvements | 7,228,732 | 7,221,387 |
Real estate investment property, at cost | 8,077,808 | 8,069,216 |
Accumulated depreciation | -2,284,224 | -2,240,007 |
Real estate investment property, net, before developments in progress | 5,793,584 | 5,829,209 |
Developments in progress | 105,120 | 117,966 |
Net investment in real estate assets | 5,898,704 | 5,947,175 |
Cash and cash equivalents | 37,978 | 37,938 |
Receivables: | ||
Tenant, net of allowance for doubtful accounts of $1,829 and $2,368 in 2015 and 2014, respectively | 81,052 | 81,338 |
Other, net of allowance for doubtful accounts of $1,239 and $1,285 in 2015 and 2014, respectively | 21,440 | 22,577 |
Mortgage and other notes receivable | 19,609 | 19,811 |
Investments in unconsolidated affiliates | 280,971 | 281,449 |
Intangible lease assets and other assets | 203,846 | 226,011 |
Total assets | 6,543,600 | 6,616,299 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgage and other indebtedness | 4,669,711 | 4,700,460 |
Accounts payable and accrued liabilities | 314,979 | 328,352 |
Total liabilities | 4,984,690 | 5,028,812 |
Commitments and contingencies (Note 12) | ||
Redeemable interests: | ||
Redeemable noncontrolling interests | 37,468 | 37,559 |
Preferred stock, $.01 par value, 15,000,000 shares authorized: | ||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,492,985 and 170,260,273 issued and outstanding in 2015 and 2014, respectively | 1,705 | 1,703 |
Partners' capital: | ||
Additional paid-in capital | 1,958,570 | 1,958,198 |
Accumulated other comprehensive income | 607 | 13,411 |
Dividends in excess of cumulative earnings | -577,024 | -566,785 |
Total shareholders' equity | 1,383,883 | 1,406,552 |
Noncontrolling interests | 137,559 | 143,376 |
Total equity | 1,521,442 | 1,549,928 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | 6,543,600 | 6,616,299 |
CBL & Associates Limited Partnership | ||
Real estate assets: | ||
Land | 849,076 | 847,829 |
Buildings and improvements | 7,228,732 | 7,221,387 |
Real estate investment property, at cost | 8,077,808 | 8,069,216 |
Accumulated depreciation | -2,284,224 | -2,240,007 |
Real estate investment property, net, before developments in progress | 5,793,584 | 5,829,209 |
Developments in progress | 105,120 | 117,966 |
Net investment in real estate assets | 5,898,704 | 5,947,175 |
Cash and cash equivalents | 37,962 | 37,926 |
Receivables: | ||
Tenant, net of allowance for doubtful accounts of $1,829 and $2,368 in 2015 and 2014, respectively | 81,052 | 81,338 |
Other, net of allowance for doubtful accounts of $1,239 and $1,285 in 2015 and 2014, respectively | 21,440 | 22,577 |
Mortgage and other notes receivable | 19,609 | 19,811 |
Investments in unconsolidated affiliates | 281,532 | 282,009 |
Intangible lease assets and other assets | 203,726 | 225,891 |
Total assets | 6,544,025 | 6,616,727 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgage and other indebtedness | 4,669,711 | 4,700,460 |
Accounts payable and accrued liabilities | 314,979 | 328,267 |
Total liabilities | 4,984,690 | 5,028,727 |
Commitments and contingencies (Note 12) | ||
Redeemable interests: | ||
Redeemable noncontrolling interests | 6,157 | 6,455 |
Redeemable common units | 31,311 | 31,104 |
Total redeemable interests | 37,468 | 37,559 |
Partners' capital: | ||
Preferred units | 565,212 | 565,212 |
General partner | 9,657 | 9,789 |
Limited partners | 941,548 | 953,349 |
Accumulated other comprehensive income | -2,393 | 13,183 |
Total partners' capital | 1,514,024 | 1,541,533 |
Noncontrolling interests | 7,843 | 8,908 |
Total capital | 1,521,867 | 1,550,441 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | 6,544,025 | 6,616,727 |
Series D Preferred Stock | ||
Preferred stock, $.01 par value, 15,000,000 shares authorized: | ||
Preferred Stock, Value, Outstanding | 18 | 18 |
Series E Preferred Stock | ||
Preferred stock, $.01 par value, 15,000,000 shares authorized: | ||
Preferred Stock, Value, Outstanding | $7 | $7 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Tenant receivables allowance for doubtful accounts | 1,829 | 2,368 |
Other receivables allowance for doubtful accounts | 1,239 | 1,285 |
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 | 170,492,985 | 170,260,273 |
Common stock, shares outstanding | 170,492,985 | 170,260,273 |
Series D Preferred Stock | ||
Preferred stock, dividend rate (as a percent) | 7.38% | 7.38% |
Preferred stock, shares outstanding | 1,815,000 | 1,815,000 |
Series E Preferred Stock | ||
Preferred stock, dividend rate (as a percent) | 6.63% | 6.63% |
Preferred stock, shares outstanding | 690,000 | 690,000 |
CBL & Associates Limited Partnership | ||
Tenant receivables allowance for doubtful accounts | 1,829 | 2,368 |
Other receivables allowance for doubtful accounts | 1,239 | 1,285 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES: | ||
Minimum rents | $169,081 | $169,277 |
Percentage rents | 4,137 | 3,606 |
Other rents | 5,171 | 5,282 |
Tenant reimbursements | 72,133 | 72,218 |
Management, development and leasing fees | 2,778 | 3,135 |
Other | 7,609 | 7,725 |
Total revenues | 260,909 | 261,243 |
OPERATING EXPENSES: | ||
Property operating | 38,904 | 40,011 |
Depreciation and amortization | 76,266 | 69,083 |
Real estate taxes | 22,785 | 21,347 |
Maintenance and repairs | 14,216 | 16,165 |
General and administrative | 17,230 | 14,773 |
Loss on impairment | 0 | 17,150 |
Other | 6,476 | 6,545 |
Total operating expenses | 175,877 | 185,074 |
Income from operations | 85,032 | 76,169 |
Interest and other income | 5,274 | 1,528 |
Interest expense | -59,157 | -60,506 |
Gain on extinguishment of debt | 0 | 42,660 |
Gain on investment | 16,560 | 0 |
Equity in earnings of unconsolidated affiliates | 3,823 | 3,684 |
Income tax (provision) benefit | 916 | -397 |
Income from continuing operations before gain on sales of real estate assets | 52,448 | 63,138 |
Gain on sales of real estate assets | 757 | 1,154 |
Income from continuing operations | 53,205 | 64,292 |
Operating loss of discontinued operations | 0 | -499 |
Loss on discontinued operations | 0 | -17 |
Net income | 53,205 | 63,776 |
Net income attributable to noncontrolling interests in: | ||
Operating Partnership | -6,172 | -7,651 |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | -869 | -831 |
Net income attributable to the Company/Operating Partnership | 46,164 | 55,294 |
Preferred dividends | -11,223 | -11,223 |
Net income attributable to common shareholders/unitholders | 34,941 | 44,071 |
Basic per share data attributable to common shareholders: | ||
Income from continuing operations, net of preferred dividends, basic (in dollars per share) | $0.21 | $0.26 |
Discontinued operations, basic (in dollars per share) | $0 | $0 |
Net income attributable to common shareholders, basic (in dollars per share) | $0.21 | $0.26 |
Weighted-average common shares outstanding, basic (in shares) | 170,420 | 170,196 |
Diluted per share data attributable to common shareholders: | ||
Income from continuing operations, net of preferred dividends, diluted (in dollars per share) | $0.20 | $0.26 |
Discontinued operations, diluted (in dollars per share) | $0 | $0 |
Net income attributable to common shareholders, diluted (in dollars per share) | $0.20 | $0.26 |
Weighted-average common and potential dilutive common shares outstanding, diluted (in shares) | 170,510 | 170,196 |
Amounts attributable to common shareholders: | ||
Income from continuing operations, net of preferred dividends | 34,941 | 44,511 |
Discontinued operations | 0 | -440 |
Net income attributable to common shareholders/unitholders | 34,941 | 44,071 |
Dividends declared per common share (in dollars per share) | $0.27 | $0.25 |
CBL & Associates Limited Partnership | ||
REVENUES: | ||
Minimum rents | 169,081 | 169,277 |
Percentage rents | 4,137 | 3,606 |
Other rents | 5,171 | 5,282 |
Tenant reimbursements | 72,133 | 72,218 |
Management, development and leasing fees | 2,778 | 3,135 |
Other | 7,609 | 7,725 |
Total revenues | 260,909 | 261,243 |
OPERATING EXPENSES: | ||
Property operating | 38,904 | 40,011 |
Depreciation and amortization | 76,266 | 69,083 |
Real estate taxes | 22,785 | 21,347 |
Maintenance and repairs | 14,216 | 16,165 |
General and administrative | 17,230 | 14,773 |
Loss on impairment | 0 | 17,150 |
Other | 6,476 | 6,545 |
Total operating expenses | 175,877 | 185,074 |
Income from operations | 85,032 | 76,169 |
Interest and other income | 5,274 | 1,528 |
Interest expense | -59,157 | -60,506 |
Gain on extinguishment of debt | 0 | 42,660 |
Gain on investment | 16,560 | 0 |
Equity in earnings of unconsolidated affiliates | 3,823 | 3,684 |
Income tax (provision) benefit | 916 | -397 |
Income from continuing operations before gain on sales of real estate assets | 52,448 | 63,138 |
Gain on sales of real estate assets | 757 | 1,154 |
Income from continuing operations | 53,205 | 64,292 |
Operating loss of discontinued operations | 0 | -499 |
Loss on discontinued operations | 0 | -17 |
Net income | 53,205 | 63,776 |
Net income attributable to noncontrolling interests in: | ||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | -869 | -831 |
Net income attributable to the Company/Operating Partnership | 52,336 | 62,945 |
Preferred dividends | -11,223 | -11,223 |
Net income attributable to common shareholders/unitholders | 41,113 | 51,722 |
Basic per share data attributable to common shareholders: | ||
Income from continuing operations, net of preferred dividends, basic (in dollars per share) | $0.21 | $0.26 |
Discontinued operations, basic (in dollars per share) | $0 | $0 |
Net income attributable to common shareholders, basic (in dollars per share) | $0.21 | $0.26 |
Weighted-average common shares outstanding, basic (in shares) | 199,681 | 199,741 |
Diluted per share data attributable to common shareholders: | ||
Income from continuing operations, net of preferred dividends, diluted (in dollars per share) | $0.21 | $0.26 |
Discontinued operations, diluted (in dollars per share) | $0 | $0 |
Net income attributable to common shareholders, diluted (in dollars per share) | $0.21 | $0.26 |
Weighted-average common and potential dilutive common shares outstanding, diluted (in shares) | 199,771 | 199,741 |
Amounts attributable to common shareholders: | ||
Income from continuing operations, net of preferred dividends | 41,113 | 52,162 |
Discontinued operations | 0 | -440 |
Net income attributable to common shareholders/unitholders | $41,113 | $51,722 |
Dividends declared per common share (in dollars per share) | $0.27 | $0.25 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $53,205 | $63,776 |
Other comprehensive income (loss): | ||
Unrealized holding gain on available-for-sale securities | 242 | 1,001 |
Reclassification to net income of realized gain on available-for-sale securities | -16,560 | 0 |
Unrealized gain (loss) on hedging instruments | 883 | -144 |
Reclassification of hedging effect on earnings | -523 | 548 |
Total other comprehensive income (loss) | -15,958 | 1,405 |
Comprehensive income | 37,247 | 65,181 |
Comprehensive income attributable to noncontrolling interests in: | ||
Operating Partnership | -3,018 | -7,627 |
Other consolidated subsidiaries/Comprehensive income attributable to noncontrolling interests | -869 | -831 |
Comprehensive income attributable to the Company | 33,360 | 56,723 |
CBL & Associates Limited Partnership | ||
Net income | 53,205 | 63,776 |
Other comprehensive income (loss): | ||
Unrealized holding gain on available-for-sale securities | 242 | 1,003 |
Reclassification to net income of realized gain on available-for-sale securities | -16,560 | 0 |
Unrealized gain (loss) on hedging instruments | 883 | -144 |
Reclassification of hedging effect on earnings | -523 | 548 |
Total other comprehensive income (loss) | -15,958 | 1,407 |
Comprehensive income | 37,247 | 65,183 |
Comprehensive income attributable to noncontrolling interests in: | ||
Other consolidated subsidiaries/Comprehensive income attributable to noncontrolling interests | -869 | -831 |
Comprehensive income attributable to the Company | $36,378 | $64,352 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Equity/Capital (Unaudited) (USD $) | Total | Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership | CBL & Associates Limited Partnership |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock | Preferred Units | Common Units | Common Units | General Partner | General Partner | Limited Partners | Limited Partners | Accumulated Other Comprehensive Income | Total Shareholders' Equity | Total Shareholders' Equity | Noncontrolling Interests | Redeemable Noncontrolling Interests | Redeemable Common Units | Redeemable Noncontrolling Interests |
USD ($) | USD ($) | Common Stock | USD ($) | Common Stock | USD ($) | Common Stock | USD ($) | USD ($) | Common Stock | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||
Beginning balance at Dec. 31, 2013 | $1,560,355 | $565,212 | $9,866 | $961,175 | $4,923 | $1,541,176 | $19,179 | ||||||||||||||||||
Beginning Balance at Dec. 31, 2013 | 1,559,934 | 25 | 1,700 | 1,967,644 | 6,325 | -570,781 | 1,404,913 | 155,021 | |||||||||||||||||
Beginning Balance, redeemable noncontrolling partnership interests at Dec. 31, 2013 | 34,639 | 5,883 | 28,756 | 34,639 | |||||||||||||||||||||
Beginning balance, units at Dec. 31, 2013 | 25,050,000 | 199,593,000 | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||||
Net income | 1,146 | 742 | 404 | 1,146 | |||||||||||||||||||||
Other comprehensive income (loss) | 1,406 | -1 | 1,429 | 1,429 | -23 | 1,408 | 1,408 | 1,408 | -1 | -1 | |||||||||||||||
Dividends declared - common stock/units | -41,716 | -41,716 | -41,716 | -49,446 | -493 | -48,953 | -49,446 | -1,143 | -1,143 | ||||||||||||||||
Distributions to noncontrolling interests | -8,778 | -1,593 | -8,778 | -1,060 | -1,060 | -450 | -450 | ||||||||||||||||||
Adjustment for noncontrolling interests | -756 | 756 | -1,350 | -1,350 | 594 | ||||||||||||||||||||
Allocation of partners' capital | -704 | -20 | -684 | -704 | 756 | 756 | |||||||||||||||||||
Net income | 62,630 | 55,294 | 55,294 | 7,336 | 62,630 | 11,223 | 526 | 50,792 | 62,541 | 89 | |||||||||||||||
Dividends declared - common stock/units | -41,716 | -41,716 | -41,716 | -49,446 | -493 | -48,953 | -49,446 | -1,143 | -1,143 | ||||||||||||||||
Dividends declared - preferred stock | -11,223 | -11,223 | -11,223 | -11,223 | -11,223 | -11,223 | |||||||||||||||||||
Issuances of common units, units | 238,693 | 240,000 | |||||||||||||||||||||||
Issuances of common stock/units and restricted common stock | 543 | 3 | 540 | 543 | 543 | 5 | 538 | 543 | |||||||||||||||||
Cancellation of restricted common stock, units | -20,631 | -21,000 | |||||||||||||||||||||||
Cancellation of restricted common stock | -347 | -347 | -347 | -347 | -347 | -347 | |||||||||||||||||||
Amortization of deferred compensation | 1,467 | 1,467 | 1,467 | 1,467 | 1,467 | 1,467 | |||||||||||||||||||
Allocation of partners' capital | -704 | -20 | -684 | -704 | 756 | 756 | |||||||||||||||||||
Adjustment for noncontrolling interests | -756 | 756 | -1,350 | -1,350 | 594 | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 67 | -66 | 16 | 16 | 51 | 67 | 1 | 66 | 67 | 279 | -345 | -66 | |||||||||||||
Ending balance at Mar. 31, 2014 | 1,563,690 | 565,212 | 9,885 | 964,054 | 6,331 | 1,545,482 | 18,208 | ||||||||||||||||||
Ending Balance at Mar. 31, 2014 | 1,563,227 | 25 | 1,703 | 1,967,970 | 7,754 | -568,426 | 1,409,026 | 154,201 | |||||||||||||||||
Ending Balance, redeemable noncontrolling partnership interests at Mar. 31, 2014 | 34,881 | 6,454 | 28,427 | 34,881 | |||||||||||||||||||||
Ending balance, units at Mar. 31, 2014 | 25,050,000 | 199,812,000 | |||||||||||||||||||||||
Beginning balance at Dec. 31, 2014 | 1,550,441 | 565,212 | 9,789 | 953,349 | 13,183 | 1,541,533 | 8,908 | ||||||||||||||||||
Beginning Balance at Dec. 31, 2014 | 1,549,928 | 25 | 1,703 | 1,958,198 | 13,411 | -566,785 | 1,406,552 | 143,376 | |||||||||||||||||
Beginning Balance, redeemable noncontrolling partnership interests at Dec. 31, 2014 | 37,559 | 31,104 | 6,455 | 31,104 | 37,559 | ||||||||||||||||||||
Beginning balance, units at Dec. 31, 2014 | 25,050,000 | 199,532,000 | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||||
Net income | 1,111 | 782 | 329 | 1,111 | |||||||||||||||||||||
Other comprehensive income (loss) | -15,576 | -382 | -12,804 | -12,804 | -2,772 | -15,576 | -15,576 | -15,576 | -382 | -382 | |||||||||||||||
Dividends declared - common stock/units | -45,180 | -45,180 | -45,180 | -53,341 | -533 | -52,808 | -53,341 | -1,126 | -1,126 | ||||||||||||||||
Distributions to noncontrolling interests | -9,276 | -1,640 | -9,276 | -1,115 | -1,115 | -514 | -514 | ||||||||||||||||||
Adjustment for noncontrolling interests | -674 | 674 | -1,398 | -1,398 | 724 | ||||||||||||||||||||
Allocation of partners' capital | -764 | -37 | -727 | -764 | 674 | 674 | |||||||||||||||||||
Net income | 52,094 | 46,164 | 46,164 | 5,930 | 52,094 | 11,223 | 419 | 40,365 | 52,007 | 87 | |||||||||||||||
Compensation under LTIP | 156 | 156 | 156 | 156 | 2 | 154 | 156 | ||||||||||||||||||
Redemption of redeemable noncontrolling preferred joint venture interest | -286 | 0 | 0 | -286 | |||||||||||||||||||||
Dividends declared - common stock/units | -45,180 | -45,180 | -45,180 | -53,341 | -533 | -52,808 | -53,341 | -1,126 | -1,126 | ||||||||||||||||
Dividends declared - preferred stock | -11,223 | -11,223 | -11,223 | -11,223 | -11,223 | -11,223 | |||||||||||||||||||
Issuances of common units, units | 269,929 | 270,000 | |||||||||||||||||||||||
Issuances of common stock/units and restricted common stock | 541 | 2 | 539 | 541 | 541 | 541 | 541 | ||||||||||||||||||
Redemption of common units, units | -15,000 | ||||||||||||||||||||||||
Redemptions of common units | -285 | -285 | -285 | ||||||||||||||||||||||
Cancellation of restricted common stock, units | -37,217 | -37,000 | |||||||||||||||||||||||
Cancellation of restricted common stock | -725 | -725 | -725 | -725 | -725 | -725 | |||||||||||||||||||
Amortization of deferred compensation | 1,847 | 1,847 | 1,847 | 1,847 | 19 | 1,828 | 1,847 | ||||||||||||||||||
Contributions from noncontrolling interests | -37 | -37 | -37 | -37 | |||||||||||||||||||||
Allocation of partners' capital | -764 | -37 | -727 | -764 | 674 | 674 | |||||||||||||||||||
Adjustment for noncontrolling interests | -674 | 674 | -1,398 | -1,398 | 724 | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | -147 | 146 | -47 | -47 | -100 | -146 | -2 | -144 | -146 | -566 | 712 | 146 | |||||||||||||
Ending balance at Mar. 31, 2015 | 1,521,867 | 565,212 | 9,657 | 941,548 | -2,393 | 1,514,024 | 7,843 | ||||||||||||||||||
Ending Balance at Mar. 31, 2015 | 1,521,442 | 25 | 1,705 | 1,958,570 | 607 | -577,024 | 1,383,883 | 137,559 | |||||||||||||||||
Ending Balance, redeemable noncontrolling partnership interests at Mar. 31, 2015 | $37,468 | $31,311 | $6,157 | $31,311 | $37,468 | ||||||||||||||||||||
Ending balance, units at Mar. 31, 2015 | 25,050,000 | 199,750,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Equity/Capital (Unaudited) (Parenthetical) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuances of common and restricted stock, shares | 269,929 | 238,693 |
Cancellation of restricted common stock, shares | 37,217 | 20,631 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $53,205 | $63,776 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 76,266 | 69,083 |
Net amortization of deferred finance costs and debt premiums | 1,577 | 2,234 |
Net amortization of intangible lease assets and liabilities | -175 | 129 |
Gain on sales of real estate assets | -757 | -1,154 |
Gain on investment | -16,560 | 0 |
Loss on discontinued operations | 0 | 17 |
Write-off of development projects | 125 | 1 |
Share-based compensation expense | 2,488 | 1,974 |
Loss on impairment | 0 | 17,150 |
Loss on impairment from discontinued operations | 0 | 681 |
Gain on extinguishment of debt | 0 | -42,660 |
Equity in earnings of unconsolidated affiliates | -3,823 | -3,684 |
Distributions of earnings from unconsolidated affiliates | 4,538 | 3,035 |
Provision for doubtful accounts | 1,372 | 1,206 |
Change in deferred tax accounts | 507 | 449 |
Changes in: | ||
Tenant and other receivables | 51 | 6,444 |
Other assets | -8,692 | -6,931 |
Accounts payable and accrued liabilities | -4,388 | -24,804 |
Net cash provided by operating activities | 105,734 | 86,946 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to real estate assets | -43,324 | -53,091 |
Reductions to restricted cash | 4,955 | 7,669 |
Proceeds from sales of real estate assets | 11,261 | 2,127 |
Payments received on mortgage and other notes receivable | 202 | 224 |
Net proceeds from sales of available-for-sale securities | 20,755 | 0 |
Additional investments in and advances to unconsolidated affiliates | -3,629 | -3,449 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 5,156 | 5,414 |
Changes in other assets | -3,336 | -1,702 |
Net cash used in investing activities | -7,960 | -42,808 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from mortgage and other indebtedness | 82,133 | 219,836 |
Principal payments on mortgage and other indebtedness | -112,215 | -208,752 |
Additions to deferred financing costs | -120 | -62 |
Prepayment fees on extinguishment of debt | 0 | -1,249 |
Proceeds from issuances of common stock | 52 | 35 |
Purchase of noncontrolling interest in the Operating Partnership | -286 | 0 |
Contributions from noncontrolling interests | -31 | 0 |
Distributions to noncontrolling interests | -10,925 | -10,371 |
Dividends paid to holders of preferred stock | -11,223 | -11,223 |
Dividends paid to common shareholders | -45,119 | -41,662 |
Net cash used in financing activities | -97,734 | -53,448 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 40 | -9,310 |
CASH AND CASH EQUIVALENTS, beginning of period | 37,938 | 65,500 |
CASH AND CASH EQUIVALENTS, end of period | 37,978 | 56,190 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | 47,874 | 53,722 |
CBL & Associates Limited Partnership | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 53,205 | 63,776 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 76,266 | 69,083 |
Net amortization of deferred finance costs and debt premiums | 1,577 | 2,234 |
Net amortization of intangible lease assets and liabilities | -175 | 129 |
Gain on sales of real estate assets | -757 | -1,154 |
Gain on investment | -16,560 | 0 |
Loss on discontinued operations | 0 | 17 |
Write-off of development projects | 125 | 1 |
Share-based compensation expense | 2,488 | 1,974 |
Loss on impairment | 0 | 17,150 |
Loss on impairment from discontinued operations | 0 | 681 |
Gain on extinguishment of debt | 0 | -42,660 |
Equity in earnings of unconsolidated affiliates | -3,823 | -3,684 |
Distributions of earnings from unconsolidated affiliates | 4,538 | 3,035 |
Provision for doubtful accounts | 1,372 | 1,206 |
Change in deferred tax accounts | 507 | 449 |
Changes in: | ||
Tenant and other receivables | 51 | 6,444 |
Other assets | -8,692 | -6,931 |
Accounts payable and accrued liabilities | -4,392 | -24,812 |
Net cash provided by operating activities | 105,730 | 86,938 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to real estate assets | -43,324 | -53,091 |
Reductions to restricted cash | 4,955 | 7,669 |
Proceeds from sales of real estate assets | 11,261 | 2,127 |
Payments received on mortgage and other notes receivable | 202 | 224 |
Net proceeds from sales of available-for-sale securities | 20,755 | 0 |
Additional investments in and advances to unconsolidated affiliates | -3,629 | -3,449 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 5,156 | 5,414 |
Changes in other assets | -3,336 | -1,702 |
Net cash used in investing activities | -7,960 | -42,808 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from mortgage and other indebtedness | 82,133 | 219,836 |
Principal payments on mortgage and other indebtedness | -112,215 | -208,752 |
Additions to deferred financing costs | -120 | -62 |
Prepayment fees on extinguishment of debt | 0 | -1,249 |
Proceeds from issuances of common stock | 52 | 35 |
Redemption of common units | -286 | 0 |
Contributions from noncontrolling interests | -31 | 0 |
Distributions to noncontrolling interests | -10,925 | -1,510 |
Dividends paid to holders of preferred stock | -11,223 | -11,223 |
Dividends paid to common shareholders | -45,119 | -50,523 |
Net cash used in financing activities | -97,734 | -53,448 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 36 | -9,318 |
CASH AND CASH EQUIVALENTS, beginning of period | 37,926 | 65,486 |
CASH AND CASH EQUIVALENTS, end of period | 37,962 | 56,168 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest, net of amounts capitalized | $47,874 | $53,722 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015, the Operating Partnership owned interests in the following properties: | ||||||||||||||||
Malls (1) | Associated | Community | Office | Total | ||||||||||||
Centers | Centers | Buildings (2) | ||||||||||||||
Consolidated properties | 72 | 25 | 7 | 8 | 112 | |||||||||||
Unconsolidated properties (3) | 10 | 4 | 4 | 5 | 23 | |||||||||||
Total | 82 | 29 | 11 | 13 | 135 | |||||||||||
-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 March 31, 2015, the Operating Partnership had interests in the following properties under development: | ||||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||
Properties | Properties | |||||||||||||||
Malls | Community | Malls | ||||||||||||||
Centers | ||||||||||||||||
Development | — | 1 | — | |||||||||||||
Expansions | 3 | — | 1 | |||||||||||||
Redevelopments | 5 | — | 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 March 31, 2015, 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 March 31, 2015, 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 3.5 million shares of CBL’s common stock at March 31, 2015, for a total combined effective interest of 10.9% 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 March 31, 2015 are not necessarily indicative of the results to be obtained for the full fiscal year. | ||||||||||||||||
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, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Accounting Guidance Not Yet Effective | |
In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation - Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 is effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. Early adoption is permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. | |
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 to receive 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 | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||
31-Mar-15 | Active Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 1,867 | $ | — | $ | 1,867 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||
31-Dec-14 | Active Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale securities | $ | 20,512 | $ | 20,512 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 2,226 | — | $ | 2,226 | $ | — | |||||||||
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 accumulated other comprehensive income ("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 month periods ended March 31, 2015 and 2014, the Company did not record any write-downs related to other-than-temporary impairments. | ||||||||||||||||
The Company sold all of its marketable securities during the three month period ended March 31, 2015 and recognized a realized gain of $16,560, for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195. The Company did not recognize any realized gains or losses related to sales of marketable securities during the three month period ended March 31, 2014. The fair value of the Company’s available-for-sale securities was based on quoted market prices and was classified under Level 1. | ||||||||||||||||
The following is a summary of the available-for-sale securities held by the Company as December 31, 2014: | ||||||||||||||||
Gross Unrealized | ||||||||||||||||
Adjusted | Gains | Losses | Fair | |||||||||||||
Cost | Value | |||||||||||||||
December 31, 2014: | ||||||||||||||||
Common stocks | $ | 4,195 | $ | 16,321 | $ | — | $ | 20,516 | ||||||||
The Company uses interest rate swaps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps as of March 31, 2015 and December 31, 2014, respectively, that qualified as hedging instruments and were designated as cash flow hedges. The interest rate swaps are reflected in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. The swaps 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 $4,933,062 and $4,947,026 at March 31, 2015 and December 31, 2014, 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 $4,669,711 and $4,700,460 at March 31, 2015 and December 31, 2014, 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 Company did not have any assets that were measured at fair value on a nonrecurring basis during the three months ended March 31, 2015. |
Disposals_and_Discontinued_Ope
Disposals and Discontinued Operations | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||
Disposals and Discontinued Operations | Dispositions | ||||||||||||||||||
2015 Dispositions | |||||||||||||||||||
The Company did not dispose of any shopping center properties during the three months ended March 31, 2015. Subsequent to March 31, 2015, the Company sold a mall. See Note 16 for more information. | |||||||||||||||||||
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 by sale: | |||||||||||||||||||
Sales Price | |||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | Gain | |||||||||||||
2014 Activity: | |||||||||||||||||||
September | Pemberton Plaza (1) | Community Center | Vicksburg, MS | $ | 1,975 | $ | 1,886 | $ | — | ||||||||||
June | Foothills Plaza Expansion | Associated Center | Maryville, TN | 2,640 | 2,387 | 937 | |||||||||||||
May | Lakeshore Mall (2) | Mall | Sebring, FL | 14,000 | 13,613 | — | |||||||||||||
$ | 18,615 | $ | 17,886 | $ | 937 | ||||||||||||||
-1 | The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its net sales price. | ||||||||||||||||||
-2 | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. 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. | ||||||||||||||||||
The Company recognized a gain on extinguishment of debt for each of the properties listed below, representing the amount by which the outstanding debt balance exceeded the net book value of the property as of the transfer date. The following is a summary of the Company's other 2014 dispositions: | |||||||||||||||||||
Disposal Date | Property | Property Type | Location | Balance of | Gain on Extinguishment of Debt | ||||||||||||||
Non-recourse Debt | |||||||||||||||||||
2014 Activity: | |||||||||||||||||||
October | Columbia Place (1) | Mall | Columbia, SC | $ | 27,265 | $ | 27,171 | ||||||||||||
September | Chapel Hill Mall (2) | Mall | Akron, OH | 68,563 | 18,296 | ||||||||||||||
January | Citadel Mall (3) | Mall | Charleston, SC | 68,169 | 43,932 | ||||||||||||||
$ | 163,997 | $ | 89,399 | ||||||||||||||||
-1 | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense. | ||||||||||||||||||
-2 | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense. | ||||||||||||||||||
-3 | The mortgage lender completed the foreclosure process and received the title to the mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the mall to its then estimated fair value. |
Unconsolidated_Affiliates_Rede
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015, the Company had investments in the following 19 entities, which are accounted for using the equity method of accounting: | ||||||||||||||||
Joint Venture | Property Name | Company's | ||||||||||||||
Interest | ||||||||||||||||
Ambassador Infrastructure, LLC | Ambassador Town Center - Infrastructure Improvements | 65.00% | ||||||||||||||
Ambassador Town Center JV, LLC | Ambassador Town Center | 65.00% | ||||||||||||||
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 Phases I and II | 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 2015 and 2014, 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 | March 31, | December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||||
Investment in real estate assets | $ | 2,263,221 | $ | 2,266,252 | ||||||||||||
Accumulated depreciation | (634,178 | ) | (619,558 | ) | ||||||||||||
1,629,043 | 1,646,694 | |||||||||||||||
Developments in progress | 88,990 | 75,877 | ||||||||||||||
Net investment in real estate assets | 1,718,033 | 1,722,571 | ||||||||||||||
Other assets | 169,304 | 170,554 | ||||||||||||||
Total assets | $ | 1,887,337 | $ | 1,893,125 | ||||||||||||
LIABILITIES | ||||||||||||||||
Mortgage and other indebtedness | $ | 1,514,503 | $ | 1,512,826 | ||||||||||||
Other liabilities | 38,888 | 42,517 | ||||||||||||||
Total liabilities | 1,553,391 | 1,555,343 | ||||||||||||||
OWNERS' EQUITY | ||||||||||||||||
The Company | 195,783 | 198,261 | ||||||||||||||
Other investors | 138,163 | 139,521 | ||||||||||||||
Total owners' equity | 333,946 | 337,782 | ||||||||||||||
Total liabilities and owners' equity | $ | 1,887,337 | $ | 1,893,125 | ||||||||||||
Total for the Three Months | Company's Share for the | |||||||||||||||
Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total revenues | $ | 62,472 | $ | 61,821 | $ | 32,835 | $ | 31,952 | ||||||||
Depreciation and amortization | (19,481 | ) | (18,787 | ) | (10,317 | ) | (9,861 | ) | ||||||||
Interest income | 332 | 340 | 255 | 259 | ||||||||||||
Interest expense | (18,794 | ) | (18,558 | ) | (9,685 | ) | (9,491 | ) | ||||||||
Operating expenses | (19,306 | ) | (18,181 | ) | (9,828 | ) | (9,175 | ) | ||||||||
Gain on sales of real estate assets | 815 | — | 563 | — | ||||||||||||
Net income | $ | 6,038 | $ | 6,635 | $ | 3,823 | $ | 3,684 | ||||||||
All of the debt on the properties owned by the unconsolidated affiliates is non-recourse, except for Ambassador, Ambassador Infrastructure, Fremaux Phases I and II, 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. | ||||||||||||||||
Redeemable Interests | ||||||||||||||||
Redeemable common units of $31,311 and $31,104 at March 31, 2015 and December 31, 2014, 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 $6,157 and $6,455 at March 31, 2015 and December 31, 2014, 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. | ||||||||||||||||
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 $7,843 and $8,908, as of March 31, 2015 and December 31, 2014, 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 March 31, 2015, the Company's total noncontrolling interests of $137,559 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $129,716 and $7,843, respectively. The Company's total noncontrolling interest at December 31, 2014 of $143,376 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $134,468 and $8,908, respectively. | ||||||||||||||||
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 March 31, 2015 and December 31, 2014. 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 this joint venture. The Company 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 March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||
JG Gulf Coast Town Center LLC | ||||||||||||||||
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. 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 March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||
Gettysburg Outlet Center Holding LLC | ||||||||||||||||
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 March 31, 2015 and December 31, 2014 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. | ||||||||||||||||
El Paso Outlet Center Holding, LLC | ||||||||||||||||
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 March 31, 2015 and December 31, 2014 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. |
Mortgage_and_Other_Indebtednes
Mortgage and Other Indebtedness | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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% and 4.60% senior unsecured notes, issued by the Operating Partnership in November 2013 and October 2014, respectively, 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 March 31, 2015. | |||||||||||||||||||||||||||||
Debt of the Operating Partnership | |||||||||||||||||||||||||||||
Mortgage and other indebtedness consisted of the following: | |||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||
Amount | Weighted- | Amount | Weighted- | ||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,234,029 | 5.62% | $ | 3,252,730 | 5.62% | |||||||||||||||||||||||
Senior unsecured notes due 2023 (3) | 445,863 | 5.25% | 445,770 | 5.25% | |||||||||||||||||||||||||
Senior unsecured notes due 2024 (4) | 299,928 | 4.60% | 299,925 | 4.60% | |||||||||||||||||||||||||
Other | 5,056 | 3.50% | 5,639 | 3.50% | |||||||||||||||||||||||||
Total fixed-rate debt | 3,984,876 | 5.50% | 4,004,064 | 5.50% | |||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||
Non-recourse term loans on operating properties | 17,051 | 2.30% | 17,121 | 2.29% | |||||||||||||||||||||||||
Recourse term loans on operating properties | 9,279 | 2.93% | 7,638 | 2.91% | |||||||||||||||||||||||||
Construction loan | 1,440 | 2.68% | 454 | 2.66% | |||||||||||||||||||||||||
Unsecured lines of credit | 207,065 | 1.57% | 221,183 | 1.56% | |||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.68% | 450,000 | 1.71% | |||||||||||||||||||||||||
Total variable-rate debt | 684,835 | 1.68% | 696,396 | 1.69% | |||||||||||||||||||||||||
Total | $ | 4,669,711 | 4.94% | $ | 4,700,460 | 4.93% | |||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||
-2 | The Operating Partnership had four interest rate swaps on notional amounts totaling $104,492 as of March 31, 2015 and $105,584 as of December 31, 2014 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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||
-3 | The balance is net of an unamortized discount of $4,137 and $4,230 as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||||
-4 | The balance is net of an unamortized discount of $72 and $75 as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||||||||||
In the fourth quarter of 2014, the Operating Partnership issued $300,000 of senior unsecured notes, which bear interest at 4.60% payable semiannually beginning April 15, 2015 and mature on October 15, 2024 (the “2024 Notes”). In the fourth quarter of 2013, the Operating Partnership issued $450,000 of senior unsecured notes, which bear interest at 5.25% payable semiannually beginning June 1, 2014 and mature on December 1, 2023 (the “2023 Notes”). The respective interest rate on each of the 2024 Notes and the 2023 Notes (collectively, the “Notes”) 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 2024 Notes may be redeemed prior to July 15, 2024 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2024 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 2024 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.35%, plus accrued and unpaid interest. On or after July 15, 2024, the 2024 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest. The 2023 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 2023 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 2023 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 2023 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2023 Notes to be redeemed plus accrued and unpaid interest. | |||||||||||||||||||||||||||||
CBL is a limited guarantor of the Operating Partnership's obligations under the Notes, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. | |||||||||||||||||||||||||||||
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 March 31, 2015, 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 March 31, 2015, the annual facility fee was 0.30%. The three unsecured lines of credit had a weighted-average interest rate of 1.57% at March 31, 2015. | |||||||||||||||||||||||||||||
The following summarizes certain information about the Company's unsecured lines of credit as of March 31, 2015: | |||||||||||||||||||||||||||||
Maturity | Extended | ||||||||||||||||||||||||||||
Total | Total | Date | Maturity | ||||||||||||||||||||||||||
Capacity | Outstanding | Date (1) | |||||||||||||||||||||||||||
Wells Fargo - Facility A | $ | 600,000 | $ | 43,398 | (2) | Nov-15 | Nov-16 | ||||||||||||||||||||||
First Tennessee | 100,000 | 9,313 | (3) | Feb-16 | N/A | ||||||||||||||||||||||||
Wells Fargo - Facility B | 600,000 | 161,377 | (4) | Nov-16 | Nov-17 | ||||||||||||||||||||||||
$ | 1,300,000 | $ | 214,088 | ||||||||||||||||||||||||||
-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 $800 outstanding on this facility as of March 31, 2015 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 March 31, 2015 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 $6,110 outstanding on this facility as of March 31, 2015 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 March 31, 2015, the outstanding borrowings of $400,000 had an interest rate of 1.68%. | |||||||||||||||||||||||||||||
The Company also has a $50,000 unsecured term loan that matures in February 2018. In January 2015, the Company modified the terms of the term loan to reduce the interest rate from a spread of LIBOR plus 190 basis points to LIBOR plus 155 basis points. At March 31, 2015, the outstanding borrowings of $50,000 had a weighted-average interest rate of 1.72%. | |||||||||||||||||||||||||||||
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 March 31, 2015. | |||||||||||||||||||||||||||||
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 March 31, 2015: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Debt to total asset value | < 60% | 49.20% | |||||||||||||||||||||||||||
Unencumbered asset value to unsecured indebtedness | > 1.60x | 2.6x | |||||||||||||||||||||||||||
Unencumbered NOI to unsecured interest expense | > 1.75x | 4.2x | |||||||||||||||||||||||||||
EBITDA to fixed charges (debt service) | > 1.5x | 2.2x | |||||||||||||||||||||||||||
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 March 31, 2015: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Total debt to total assets | < 60% | 53.60% | |||||||||||||||||||||||||||
Secured debt to total assets | < 45% (1) | 37.00% | |||||||||||||||||||||||||||
Total unencumbered assets to unsecured debt | > 150% | 238.10% | |||||||||||||||||||||||||||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 3.2x | |||||||||||||||||||||||||||
-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 | |||||||||||||||||||||||||||||
Subsequent to March 31, 2015, the Company retired an operating property loan. See Note 16 for more information. | |||||||||||||||||||||||||||||
Scheduled Principal Payments | |||||||||||||||||||||||||||||
As of March 31, 2015, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows: | |||||||||||||||||||||||||||||
2015 | $ | 554,964 | |||||||||||||||||||||||||||
2016 | 770,868 | ||||||||||||||||||||||||||||
2017 | 491,189 | ||||||||||||||||||||||||||||
2018 | 679,829 | ||||||||||||||||||||||||||||
2019 | 115,647 | ||||||||||||||||||||||||||||
Thereafter | 2,054,773 | ||||||||||||||||||||||||||||
4,667,270 | |||||||||||||||||||||||||||||
Net unamortized premiums | 2,441 | ||||||||||||||||||||||||||||
$ | 4,669,711 | ||||||||||||||||||||||||||||
Of the $554,964 of scheduled principal payments in 2015, $462,120 relates to the maturing principal balances of seven operating property loans, $42,598 relates to an unsecured line of credit and $50,246 represents scheduled principal amortization. Subsequent to March 31, 2015, the Company retired one operating property loan. See Note 16 for further information. | |||||||||||||||||||||||||||||
The Company has extension options available at its election, subject to continued compliance with the terms of the facilities, related to the maturities of its unsecured credit facilities, including a 2016 extension on the $42,598 unsecured line of credit with a 2015 maturity date. The credit facilities may be used to retire loans maturing in 2015 as well as to provide additional flexibility for liquidity purposes. | |||||||||||||||||||||||||||||
The Company’s mortgage and other indebtedness had a weighted-average maturity of 4.6 years as of March 31, 2015 and 4.8 years as of December 31, 2014. | |||||||||||||||||||||||||||||
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 March 31, 2015, 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 | $ | 104,492 | ||||||||||||||||||||||||||
Instrument Type | Location in | Notional | Designated | Strike | Fair | Fair | Maturity | ||||||||||||||||||||||
Condensed | Amount | Benchmark | Rate | Value at | Value at | Date | |||||||||||||||||||||||
Consolidated | Outstanding | Interest Rate | 3/31/15 | 12/31/14 | |||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $50,508 | 1-month | 2.15% | $ | (893 | ) | $ | (1,064 | ) | Apr-16 | ||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $31,630 | 1-month | 2.19% | (571 | ) | (681 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $11,822 | 1-month | 2.14% | (208 | ) | (248 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $10,532 | 1-month | 2.24% | (195 | ) | (233 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||
$ | (1,867 | ) | $ | (2,226 | ) | ||||||||||||||||||||||||
Gain | Location of | Location of | Gain Recognized | ||||||||||||||||||||||||||
Recognized | Losses | Loss Recognized in | Gain | in Earnings | |||||||||||||||||||||||||
in OCI/L | Reclassified | Earnings (Effective | Recognized in | (Ineffective | |||||||||||||||||||||||||
(Effective Portion) | from AOCI into | Portion) | Earnings | Portion) | |||||||||||||||||||||||||
Earnings | (Ineffective | ||||||||||||||||||||||||||||
Hedging | Three Months Ended | (Effective | Three Months Ended | Portion) | Three Months Ended | ||||||||||||||||||||||||
Instrument | March 31, | Portion) | March 31, | March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Interest rate contracts | $ | 360 | $ | 404 | Interest | $ | (523 | ) | $ | (548 | ) | Interest | $ | — | $ | — | |||||||||||||
Expense | Expense | ||||||||||||||||||||||||||||
As of March 31, 2015, the Company expects to reclassify approximately $1,890 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 March 31, 2015 and the respective dates of termination will vary the projected reclassification amount. |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
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 March 31, 2015 and 2014 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, 2015 | $ | 401 | $ | 384 | $ | 303 | $ | 13,108 | $ | (3,053 | ) | $ | 2,826 | $ | 13,969 | |||||||||||||
OCI before reclassifications | 3 | 10 | 827 | 160 | 53 | 72 | 1,125 | |||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (523 | ) | (13,268 | ) | — | (2,898 | ) | (17,083 | ) | ||||||||||||||||
Net year-to-date period OCI | 3 | (384 | ) | 304 | (13,108 | ) | 53 | (2,826 | ) | (15,958 | ) | |||||||||||||||||
Ending balance, March 31, 2015 | $ | 404 | $ | — | $ | 607 | $ | — | $ | (3,000 | ) | $ | — | $ | (1,989 | ) | ||||||||||||
-1 | Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment and reclassified $523 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement 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, 2014 | $ | 387 | $ | 333 | $ | (1,214 | ) | $ | 7,539 | $ | (3,304 | ) | $ | 1,903 | $ | 5,644 | ||||||||||||
OCI before reclassifications | 3 | (4 | ) | 890 | 1,087 | 59 | (82 | ) | 1,953 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (548 | ) | — | — | — | (548 | ) | |||||||||||||||||||
Net year-to-date period OCI/L | 3 | (4 | ) | 342 | 1,087 | 59 | (82 | ) | 1,405 | |||||||||||||||||||
Ending balance, March 31, 2014 | $ | 390 | $ | 329 | $ | (872 | ) | $ | 8,626 | $ | (3,245 | ) | $ | 1,821 | $ | 7,049 | ||||||||||||
-1 | Reclassified $548 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | ||||||||||||||||||||||||||||
Comprehensive income (loss) 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 March 31, 2015 and 2014 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, 2015 | $ | 401 | $ | 384 | $ | (2,750 | ) | $ | 15,934 | $ | 13,969 | |||||||||||||||||
OCI before reclassifications | 3 | 10 | 880 | 232 | 1,125 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (523 | ) | (16,166 | ) | (17,083 | ) | |||||||||||||||||||
Net year-to-date period OCI | 3 | (384 | ) | 357 | (15,934 | ) | (15,958 | ) | ||||||||||||||||||||
Ending balance, March 31, 2015 | $ | 404 | $ | — | $ | (2,393 | ) | $ | — | $ | (1,989 | ) | ||||||||||||||||
-1 | Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment and reclassified $523 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement 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, 2014 | $ | 387 | $ | 333 | $ | (4,518 | ) | $ | 9,442 | $ | 5,644 | |||||||||||||||||
OCI before reclassifications | 3 | (4 | ) | 950 | 1,005 | 1,954 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (548 | ) | — | (548 | ) | |||||||||||||||||||||
Net year-to-date period OCI/L | 3 | (4 | ) | 402 | 1,005 | 1,406 | ||||||||||||||||||||||
Ending balance, March 31, 2014 | $ | 390 | $ | 329 | $ | (4,116 | ) | $ | 10,447 | $ | 7,050 | |||||||||||||||||
-1 | Reclassified $548 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. |
Mortgage_and_Other_Notes_Recei
Mortgage and Other Notes Receivable | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 March 31, 2015. Mortgage and other notes receivable consist of the following: | |||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | |||||||||||
Mortgages: | |||||||||||||||
Columbia Place Outparcel | Feb-22 | 5.00% | $ | 354 | 5.00% | $ | 360 | ||||||||
Park Place | May-22 | 5.00% | 1,521 | 5.00% | 1,566 | ||||||||||
Village Square | Mar-16 | 3.50% | 1,708 | 3.50% | 1,711 | ||||||||||
Other | Dec 2016 - | 2.68% - 9.50% | 5,538 | 2.67% - 9.50% | 5,686 | ||||||||||
Jan-47 | |||||||||||||||
9,121 | 9,323 | ||||||||||||||
Other Notes Receivable: | |||||||||||||||
RED Development Inc. | Nov-23 | 5.00% | 7,429 | 5.00% | 7,429 | ||||||||||
Woodstock land (1) | May-15 | 10.00% | 3,059 | 10.00% | 3,059 | ||||||||||
10,488 | 10,488 | ||||||||||||||
$ | 19,609 | $ | 19,811 | ||||||||||||
-1 | Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, has a note receivable with an entity that owns an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. The loan is secured by the entity's interest in the adjacent land. An amendment to the note was made in the first quarter of 2015 to extend the maturity date from February 2015 to May 2015. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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: | |||||||||||||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
31-Mar-15 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 230,271 | $ | 10,407 | $ | 4,681 | $ | 15,550 | $ | 260,909 | |||||||||||
Property operating expenses (2) | (73,949 | ) | (2,596 | ) | (1,124 | ) | 1,764 | (75,905 | ) | ||||||||||||
Interest expense | (43,698 | ) | (1,956 | ) | (1,195 | ) | (12,308 | ) | (59,157 | ) | |||||||||||
Other expense | — | — | — | (6,476 | ) | (6,476 | ) | ||||||||||||||
Gain on sales of real estate assets | 264 | — | — | 493 | 757 | ||||||||||||||||
Segment profit (loss) | $ | 112,888 | $ | 5,855 | $ | 2,362 | $ | (977 | ) | 120,128 | |||||||||||
Depreciation and amortization expense | (76,266 | ) | |||||||||||||||||||
General and administrative expense | (17,230 | ) | |||||||||||||||||||
Interest and other income | 5,274 | ||||||||||||||||||||
Gain on investment | 16,560 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3,823 | ||||||||||||||||||||
Income tax benefit | 916 | ||||||||||||||||||||
Income from continuing operations | $ | 53,205 | |||||||||||||||||||
Total Assets | $ | 5,665,654 | $ | 272,045 | $ | 266,076 | $ | 339,825 | $ | 6,543,600 | |||||||||||
Capital expenditures (3) | $ | 30,366 | $ | 5,908 | $ | 198 | $ | 30,769 | $ | 67,241 | |||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
31-Mar-14 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 229,873 | $ | 10,856 | $ | 4,538 | $ | 15,976 | $ | 261,243 | |||||||||||
Property operating expenses (2) | (74,294 | ) | (2,495 | ) | (1,657 | ) | 923 | (77,523 | ) | ||||||||||||
Interest expense | (50,016 | ) | (2,000 | ) | (649 | ) | (7,841 | ) | (60,506 | ) | |||||||||||
Other expense | — | — | — | (6,545 | ) | (6,545 | ) | ||||||||||||||
Gain on sales of real estate assets | 1,130 | 1 | 1 | 22 | 1,154 | ||||||||||||||||
Segment profit | $ | 106,693 | $ | 6,362 | $ | 2,233 | $ | 2,535 | 117,823 | ||||||||||||
Depreciation and amortization expense | (69,083 | ) | |||||||||||||||||||
General and administrative expense | (14,773 | ) | |||||||||||||||||||
Interest and other income | 1,528 | ||||||||||||||||||||
Gain on extinguishment of debt | 42,660 | ||||||||||||||||||||
Loss on impairment | (17,150 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3,684 | ||||||||||||||||||||
Income tax provision | (397 | ) | |||||||||||||||||||
Income from continuing operations | $ | 64,292 | |||||||||||||||||||
Total Assets | $ | 5,766,003 | $ | 274,556 | $ | 297,347 | $ | 365,943 | $ | 6,703,849 | |||||||||||
Capital expenditures (3) | $ | 32,937 | $ | 9,272 | $ | 528 | $ | 39,757 | $ | 82,494 | |||||||||||
-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 | 3 Months Ended |
Mar. 31, 2015 | |
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 has not sold any shares under the ATM program since 2013. Since the commencement of the ATM program, CBL has issued 8,419,298 shares of common stock, at a weighted-average sales price of $25.12 per share, and approximately $88,507 remains available that may be sold under this program as of March 31, 2015. 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 | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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. | ||||||
The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Denominator – basic | 170,420 | 170,196 | ||||
Effect of performance stock units (1) | 90 | — | ||||
Denominator – diluted | 170,510 | 170,196 | ||||
-1 | Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 13 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. | |||||
Earnings per Unit of the Operating Partnership | ||||||
Basic earnings per unit (“EPU”) is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. | ||||||
The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Denominator – basic | 199,681 | 199,741 | ||||
Effect of performance stock units (1) | 90 | — | ||||
Denominator – diluted | 199,771 | 199,741 | ||||
-1 | Performance stock units are contingently issuable common units and are included in earnings per unit if the effect is dilutive. See Note 13 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. |
Contingencies
Contingencies | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
As of March 31, 2015 | Obligation recorded to reflect guaranty | ||||||||||||||||||||||
Unconsolidated Affiliate | Company's | Outstanding | Percentage | Maximum | Debt | 3/31/15 | 12/31/14 | ||||||||||||||||
Ownership | Balance | Guaranteed | Guaranteed | Maturity | |||||||||||||||||||
Interest | by the | Amount | Date (1) | ||||||||||||||||||||
Company | |||||||||||||||||||||||
West Melbourne I, LLC - | 50% | $ | 40,051 | 25% | $ | 10,012 | Nov-15 | (2) | $ | 101 | $ | 101 | |||||||||||
Phase I | |||||||||||||||||||||||
West Melbourne I, LLC - | 50% | 15,556 | N/A | (3) | 8,700 | Nov-15 | (2) | 87 | 87 | ||||||||||||||
Phase II | |||||||||||||||||||||||
Port Orange I, LLC | 50% | 60,526 | 25% | 15,132 | Nov-15 | (2) | 153 | 153 | |||||||||||||||
JG Gulf Coast Town Center, | 50% | 5,548 | 100% | 5,548 | Jul-15 | — | — | ||||||||||||||||
LLC - Phase III | |||||||||||||||||||||||
Fremaux Town Center JV, LLC - | 65% | 40,596 | 50% | (4) | 21,023 | Aug-16 | (5) | 236 | 236 | ||||||||||||||
Phase I | |||||||||||||||||||||||
Fremaux Town Center JV, LLC - | 65% | 7,460 | 50% | (6) | 16,050 | Aug-16 | (5) | 161 | 161 | ||||||||||||||
Phase II | |||||||||||||||||||||||
Ambassador Town Center JV, | 65% | 1,455 | 100% | (7) | 48,200 | Dec-17 | (8) | 482 | 482 | ||||||||||||||
LLC | |||||||||||||||||||||||
Ambassador Infrastructure, LLC | 65% | 1,002 | 100% | (9) | 11,700 | Dec-17 | (8) | 177 | 177 | ||||||||||||||
Total guaranty liability | $ | 1,397 | $ | 1,397 | |||||||||||||||||||
-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 | In the fourth quarter of 2014, the loan was amended and restated to add funding for the construction of Academy Sports. The guaranty was also amended to cap the maximum guaranteed amount at $8,700 unless a monetary default event occurs related to Carmike Cinema or Academy Sports. The guaranty will be reduced to 25% once Academy Sports is operational and paying contractual rent. | ||||||||||||||||||||||
-4 | The Company received a 1% fee for this guaranty when the loan was issued in March 2013. The guaranty will be reduced to 25% upon the opening of LA Fitness and payment of contractual rent. The guaranty will be further reduced to 15% when Phase I of the development has been open for one year and a debt service coverage ratio of 1.30 to 1.00 is met. | ||||||||||||||||||||||
-5 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. | ||||||||||||||||||||||
-6 | The Company received a 1% fee for this guaranty when the loan was issued in August 2014. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be reduced to 25%. The guaranty will be further reduced to 15% when Phase II of the development has been open for one year, the debt service coverage ratio of 1.30 to 1.00 is met and Dillard's is operational. | ||||||||||||||||||||||
-7 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. Once construction is complete, the guaranty will be reduced to 50%. The guaranty will be further reduced from 50% to 15% once the construction of Ambassador Town Center and its related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics. | ||||||||||||||||||||||
-8 | The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019. | ||||||||||||||||||||||
-9 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of the year following any calendar year during which the payment-in-lieu of taxes ("PILOT") payments received by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. | ||||||||||||||||||||||
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 $15,600 as of March 31, 2015. 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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||
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 $21,010 and $20,720 at March 31, 2015 and December 31, 2014, respectively. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Share-based Compensation [Abstract] | |||||||
Share-Based Compensation | Share-Based Compensation | ||||||
As of March 31, 2015, 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. | |||||||
Restricted Stock Awards | |||||||
The Company may make restricted stock awards to independent directors, officers and its employees under the 2012 Plan. These awards are generally granted based on the performance of the Company and its employees. None of these awards have performance requirements other than a service condition of continued employment, unless otherwise provided. Compensation expense is recognized on a straight-line basis over the requisite service period. | |||||||
Share-based compensation expense related to the restricted stock awards was $2,244 and $1,916 for the three months ended March 31, 2015 and 2014, respectively. Share-based compensation cost capitalized as part of real estate assets was $79 and $46 for the three months ended March 31, 2015 and 2014, respectively. | |||||||
A summary of the status of the Company’s nonvested restricted stock awards as of March 31, 2015, and changes during the three months ended March 31, 2015, is presented below: | |||||||
Shares | Weighted Average | ||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2015 | 498,862 | $ | 18.35 | ||||
Granted | 267,410 | $ | 20.3 | ||||
Vested | (191,215 | ) | $ | 18.76 | |||
Forfeited | (2,340 | ) | $ | 19.2 | |||
Nonvested at March 31, 2015 | 572,717 | $ | 19.12 | ||||
As of March 31, 2015, there was $10,281 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. | |||||||
Long-Term Incentive Program | |||||||
In 2015, the Company adopted a long-term incentive program ("LTIP") for its named executive officers, which consists of performance stock unit ("PSU") awards and annual restricted stock awards, that may be issued under the 2012 Plan. The number of shares related to the PSU awards that each named executive officer may receive upon the conclusion of a three-year performance period is determined based on the Company's achievement of specified levels of long-term total stockholder return ("TSR") performance relative to the NAREIT Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. Under the LTIP, annual restricted stock awards consist of shares of time-vested restricted stock awarded based on a qualitative evaluation of the performance of the Company and the named executive officer during the fiscal year. Annual restricted stock awards under the LTIP vest in five equal annual installments. | |||||||
The fair value of the PSU awards was estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over the performance period from January 1, 2015 through December 31, 2017. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. | |||||||
In March 2015, the Company granted 138,680 PSUs at a grant-date fair value of $15.52 per PSU. Shares earned pursuant to the PSU awards vest 60% at the conclusion of the performance period while the remaining 40% of the PSU award vests 20% on each of the first two anniversaries thereafter. | |||||||
Compensation cost is recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. Share-based compensation expense related to the PSUs was $156 for the three months ended March 31, 2015. Unrecognized compensation costs related to the PSUs was $1,996 as of March 31, 2015. |
Noncash_Investing_and_Financin
Noncash Investing and Financing Activities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 and 2014: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Accrued dividends and distributions payable | $ | 54,491 | $ | 50,576 | ||||
Additions to real estate assets accrued but not yet paid | 3,965 | 19,162 | ||||||
Transfer of estate assets in settlement of mortgage debt obligation: (1) | ||||||||
Decrease in real estate assets | — | (22,605 | ) | |||||
Decrease in mortgage and other indebtedness | — | 68,169 | ||||||
Decrease in operating assets and liabilities | — | (1,655 | ) | |||||
-1 | See Note 4 for additional information related to Citadel Mall. |
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 $1,078 and $1,093 during the three months ended March 31, 2015 and 2014, 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 benefit (provision) as follows for the three month periods ending March 31, 2015 and 2014: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Current tax benefit | $ | 1,423 | $ | 53 | |||||
Deferred tax provision | (507 | ) | (450 | ) | |||||
Income tax benefit (provision) | $ | 916 | $ | (397 | ) | ||||
The Company had a net deferred tax asset of $1,962 and $394 at March 31, 2015 and December 31, 2014, respectively. The net deferred tax asset at March 31, 2015 and December 31, 2014 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 three month periods ended March 31, 2015 and 2014, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
In May 2015, the Company retired an operating property loan, with a principal balance of $49,602 outstanding as of March 31, 2015, with borrowings from its credit facilities. The loan was secured by Imperial Valley Mall in El Centro, CA and was scheduled to mature in September 2015 and bore interest at a fixed-rate of 4.99%. | |
In April 2015, the Company closed on the sale of Madison Square, a non-core mall located in Huntsville, AL for a gross sales price of $5,000. The Company expects to record a loss on impairment of approximately $2,700 in the second quarter of 2015 to adjust the depreciated book value of the mall to the net sales price. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 March 31, 2015 are not necessarily indicative of the results to be obtained for the full fiscal year. |
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, 2014. | |
Accounting Guidance Not Yet Effective | Accounting Guidance Not Yet Effective |
In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation - Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 is effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. Early adoption is permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. | |
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 to receive 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) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||
Schedule of Properties Owned by Operating Partnership | As of March 31, 2015, the Operating Partnership owned interests in the following properties: | |||||||||||||||
Malls (1) | Associated | Community | Office | Total | ||||||||||||
Centers | Centers | Buildings (2) | ||||||||||||||
Consolidated properties | 72 | 25 | 7 | 8 | 112 | |||||||||||
Unconsolidated properties (3) | 10 | 4 | 4 | 5 | 23 | |||||||||||
Total | 82 | 29 | 11 | 13 | 135 | |||||||||||
-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 March 31, 2015, the Operating Partnership had interests in the following properties under development: | |||||||||||||||
Consolidated | Unconsolidated | |||||||||||||||
Properties | Properties | |||||||||||||||
Malls | Community | Malls | ||||||||||||||
Centers | ||||||||||||||||
Development | — | 1 | — | |||||||||||||
Expansions | 3 | — | 1 | |||||||||||||
Redevelopments | 5 | — | 1 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||
31-Mar-15 | Active Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 1,867 | $ | — | $ | 1,867 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Fair Value at | Quoted Prices in | Significant | Significant | |||||||||||||
31-Dec-14 | Active Markets for | Other | Unobservable | |||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Available-for-sale securities | $ | 20,512 | $ | 20,512 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 2,226 | — | $ | 2,226 | $ | — | |||||||||
Summary of Available-for-sale Securities | The following is a summary of the available-for-sale securities held by the Company as December 31, 2014: | |||||||||||||||
Gross Unrealized | ||||||||||||||||
Adjusted | Gains | Losses | Fair | |||||||||||||
Cost | Value | |||||||||||||||
December 31, 2014: | ||||||||||||||||
Common stocks | $ | 4,195 | $ | 16,321 | $ | — | $ | 20,516 | ||||||||
Disposals_and_Discontinued_Ope1
Disposals and Discontinued Operations (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||
Schedule of Dispositions | The following is a summary of the Company's 2014 dispositions by sale: | ||||||||||||||||||
Sales Price | |||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | Gain | |||||||||||||
2014 Activity: | |||||||||||||||||||
September | Pemberton Plaza (1) | Community Center | Vicksburg, MS | $ | 1,975 | $ | 1,886 | $ | — | ||||||||||
June | Foothills Plaza Expansion | Associated Center | Maryville, TN | 2,640 | 2,387 | 937 | |||||||||||||
May | Lakeshore Mall (2) | Mall | Sebring, FL | 14,000 | 13,613 | — | |||||||||||||
$ | 18,615 | $ | 17,886 | $ | 937 | ||||||||||||||
-1 | The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its net sales price. | ||||||||||||||||||
-2 | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. 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. | ||||||||||||||||||
The Company recognized a gain on extinguishment of debt for each of the properties listed below, representing the amount by which the outstanding debt balance exceeded the net book value of the property as of the transfer date. The following is a summary of the Company's other 2014 dispositions: | |||||||||||||||||||
Disposal Date | Property | Property Type | Location | Balance of | Gain on Extinguishment of Debt | ||||||||||||||
Non-recourse Debt | |||||||||||||||||||
2014 Activity: | |||||||||||||||||||
October | Columbia Place (1) | Mall | Columbia, SC | $ | 27,265 | $ | 27,171 | ||||||||||||
September | Chapel Hill Mall (2) | Mall | Akron, OH | 68,563 | 18,296 | ||||||||||||||
January | Citadel Mall (3) | Mall | Charleston, SC | 68,169 | 43,932 | ||||||||||||||
$ | 163,997 | $ | 89,399 | ||||||||||||||||
-1 | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense. | ||||||||||||||||||
-2 | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense. | ||||||||||||||||||
-3 | The mortgage lender completed the foreclosure process and received the title to the mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the mall to its then estimated fair value. |
Unconsolidated_Affiliates_Rede1
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||
Investments accounted for using the equity method of accounting | At March 31, 2015, the Company had investments in the following 19 entities, which are accounted for using the equity method of accounting: | |||||||||||||||
Joint Venture | Property Name | Company's | ||||||||||||||
Interest | ||||||||||||||||
Ambassador Infrastructure, LLC | Ambassador Town Center - Infrastructure Improvements | 65.00% | ||||||||||||||
Ambassador Town Center JV, LLC | Ambassador Town Center | 65.00% | ||||||||||||||
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 Phases I and II | 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 | March 31, | December 31, | ||||||||||||||
2015 | 2014 | |||||||||||||||
Investment in real estate assets | $ | 2,263,221 | $ | 2,266,252 | ||||||||||||
Accumulated depreciation | (634,178 | ) | (619,558 | ) | ||||||||||||
1,629,043 | 1,646,694 | |||||||||||||||
Developments in progress | 88,990 | 75,877 | ||||||||||||||
Net investment in real estate assets | 1,718,033 | 1,722,571 | ||||||||||||||
Other assets | 169,304 | 170,554 | ||||||||||||||
Total assets | $ | 1,887,337 | $ | 1,893,125 | ||||||||||||
LIABILITIES | ||||||||||||||||
Mortgage and other indebtedness | $ | 1,514,503 | $ | 1,512,826 | ||||||||||||
Other liabilities | 38,888 | 42,517 | ||||||||||||||
Total liabilities | 1,553,391 | 1,555,343 | ||||||||||||||
OWNERS' EQUITY | ||||||||||||||||
The Company | 195,783 | 198,261 | ||||||||||||||
Other investors | 138,163 | 139,521 | ||||||||||||||
Total owners' equity | 333,946 | 337,782 | ||||||||||||||
Total liabilities and owners' equity | $ | 1,887,337 | $ | 1,893,125 | ||||||||||||
Total for the Three Months | Company's Share for the | |||||||||||||||
Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total revenues | $ | 62,472 | $ | 61,821 | $ | 32,835 | $ | 31,952 | ||||||||
Depreciation and amortization | (19,481 | ) | (18,787 | ) | (10,317 | ) | (9,861 | ) | ||||||||
Interest income | 332 | 340 | 255 | 259 | ||||||||||||
Interest expense | (18,794 | ) | (18,558 | ) | (9,685 | ) | (9,491 | ) | ||||||||
Operating expenses | (19,306 | ) | (18,181 | ) | (9,828 | ) | (9,175 | ) | ||||||||
Gain on sales of real estate assets | 815 | — | 563 | — | ||||||||||||
Net income | $ | 6,038 | $ | 6,635 | $ | 3,823 | $ | 3,684 | ||||||||
Mortgage_and_Other_Indebtednes1
Mortgage and Other Indebtedness (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following: | ||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||
Amount | Weighted- | Amount | Weighted- | ||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,234,029 | 5.62% | $ | 3,252,730 | 5.62% | |||||||||||||||||||||||
Senior unsecured notes due 2023 (3) | 445,863 | 5.25% | 445,770 | 5.25% | |||||||||||||||||||||||||
Senior unsecured notes due 2024 (4) | 299,928 | 4.60% | 299,925 | 4.60% | |||||||||||||||||||||||||
Other | 5,056 | 3.50% | 5,639 | 3.50% | |||||||||||||||||||||||||
Total fixed-rate debt | 3,984,876 | 5.50% | 4,004,064 | 5.50% | |||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||
Non-recourse term loans on operating properties | 17,051 | 2.30% | 17,121 | 2.29% | |||||||||||||||||||||||||
Recourse term loans on operating properties | 9,279 | 2.93% | 7,638 | 2.91% | |||||||||||||||||||||||||
Construction loan | 1,440 | 2.68% | 454 | 2.66% | |||||||||||||||||||||||||
Unsecured lines of credit | 207,065 | 1.57% | 221,183 | 1.56% | |||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.68% | 450,000 | 1.71% | |||||||||||||||||||||||||
Total variable-rate debt | 684,835 | 1.68% | 696,396 | 1.69% | |||||||||||||||||||||||||
Total | $ | 4,669,711 | 4.94% | $ | 4,700,460 | 4.93% | |||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||
-2 | The Operating Partnership had four interest rate swaps on notional amounts totaling $104,492 as of March 31, 2015 and $105,584 as of December 31, 2014 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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||
-3 | The balance is net of an unamortized discount of $4,137 and $4,230 as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||||
-4 | The balance is net of an unamortized discount of $72 and $75 as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||||
Schedule of line of credit facilities | The following summarizes certain information about the Company's unsecured lines of credit as of March 31, 2015: | ||||||||||||||||||||||||||||
Maturity | Extended | ||||||||||||||||||||||||||||
Total | Total | Date | Maturity | ||||||||||||||||||||||||||
Capacity | Outstanding | Date (1) | |||||||||||||||||||||||||||
Wells Fargo - Facility A | $ | 600,000 | $ | 43,398 | (2) | Nov-15 | Nov-16 | ||||||||||||||||||||||
First Tennessee | 100,000 | 9,313 | (3) | Feb-16 | N/A | ||||||||||||||||||||||||
Wells Fargo - Facility B | 600,000 | 161,377 | (4) | Nov-16 | Nov-17 | ||||||||||||||||||||||||
$ | 1,300,000 | $ | 214,088 | ||||||||||||||||||||||||||
-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 $800 outstanding on this facility as of March 31, 2015 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 March 31, 2015 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 $6,110 outstanding on this facility as of March 31, 2015 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 March 31, 2015: | ||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Total debt to total assets | < 60% | 53.60% | |||||||||||||||||||||||||||
Secured debt to total assets | < 45% (1) | 37.00% | |||||||||||||||||||||||||||
Total unencumbered assets to unsecured debt | > 150% | 238.10% | |||||||||||||||||||||||||||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 3.2x | |||||||||||||||||||||||||||
-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 March 31, 2015: | |||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||
Debt to total asset value | < 60% | 49.20% | |||||||||||||||||||||||||||
Unencumbered asset value to unsecured indebtedness | > 1.60x | 2.6x | |||||||||||||||||||||||||||
Unencumbered NOI to unsecured interest expense | > 1.75x | 4.2x | |||||||||||||||||||||||||||
EBITDA to fixed charges (debt service) | > 1.5x | 2.2x | |||||||||||||||||||||||||||
Schedule of principal repayments | As of March 31, 2015, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows: | ||||||||||||||||||||||||||||
2015 | $ | 554,964 | |||||||||||||||||||||||||||
2016 | 770,868 | ||||||||||||||||||||||||||||
2017 | 491,189 | ||||||||||||||||||||||||||||
2018 | 679,829 | ||||||||||||||||||||||||||||
2019 | 115,647 | ||||||||||||||||||||||||||||
Thereafter | 2,054,773 | ||||||||||||||||||||||||||||
4,667,270 | |||||||||||||||||||||||||||||
Net unamortized premiums | 2,441 | ||||||||||||||||||||||||||||
$ | 4,669,711 | ||||||||||||||||||||||||||||
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of March 31, 2015, 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 | $ | 104,492 | ||||||||||||||||||||||||||
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 | 3/31/15 | 12/31/14 | |||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $50,508 | 1-month | 2.15% | $ | (893 | ) | $ | (1,064 | ) | Apr-16 | ||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $31,630 | 1-month | 2.19% | (571 | ) | (681 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $11,822 | 1-month | 2.14% | (208 | ) | (248 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $10,532 | 1-month | 2.24% | (195 | ) | (233 | ) | Apr-16 | ||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||
$ | (1,867 | ) | $ | (2,226 | ) | ||||||||||||||||||||||||
Schedule of gain (loss) recognized in other comprehensive income (loss) | |||||||||||||||||||||||||||||
Gain | Location of | Location of | Gain Recognized | ||||||||||||||||||||||||||
Recognized | Losses | Loss Recognized in | Gain | in Earnings | |||||||||||||||||||||||||
in OCI/L | Reclassified | Earnings (Effective | Recognized in | (Ineffective | |||||||||||||||||||||||||
(Effective Portion) | from AOCI into | Portion) | Earnings | Portion) | |||||||||||||||||||||||||
Earnings | (Ineffective | ||||||||||||||||||||||||||||
Hedging | Three Months Ended | (Effective | Three Months Ended | Portion) | Three Months Ended | ||||||||||||||||||||||||
Instrument | March 31, | Portion) | March 31, | March 31, | |||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Interest rate contracts | $ | 360 | $ | 404 | Interest | $ | (523 | ) | $ | (548 | ) | Interest | $ | — | $ | — | |||||||||||||
Expense | Expense |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
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 March 31, 2015 and 2014 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, 2015 | $ | 401 | $ | 384 | $ | (2,750 | ) | $ | 15,934 | $ | 13,969 | |||||||||||||||||
OCI before reclassifications | 3 | 10 | 880 | 232 | 1,125 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (523 | ) | (16,166 | ) | (17,083 | ) | |||||||||||||||||||
Net year-to-date period OCI | 3 | (384 | ) | 357 | (15,934 | ) | (15,958 | ) | ||||||||||||||||||||
Ending balance, March 31, 2015 | $ | 404 | $ | — | $ | (2,393 | ) | $ | — | $ | (1,989 | ) | ||||||||||||||||
-1 | Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment and reclassified $523 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement 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, 2014 | $ | 387 | $ | 333 | $ | (4,518 | ) | $ | 9,442 | $ | 5,644 | |||||||||||||||||
OCI before reclassifications | 3 | (4 | ) | 950 | 1,005 | 1,954 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (548 | ) | — | (548 | ) | |||||||||||||||||||||
Net year-to-date period OCI/L | 3 | (4 | ) | 402 | 1,005 | 1,406 | ||||||||||||||||||||||
Ending balance, March 31, 2014 | $ | 390 | $ | 329 | $ | (4,116 | ) | $ | 10,447 | $ | 7,050 | |||||||||||||||||
-1 | Reclassified $548 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. | |||||||||||||||||||||||||||
The changes in the components of AOCI for the three months ended March 31, 2015 and 2014 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, 2015 | $ | 401 | $ | 384 | $ | 303 | $ | 13,108 | $ | (3,053 | ) | $ | 2,826 | $ | 13,969 | |||||||||||||
OCI before reclassifications | 3 | 10 | 827 | 160 | 53 | 72 | 1,125 | |||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (523 | ) | (13,268 | ) | — | (2,898 | ) | (17,083 | ) | ||||||||||||||||
Net year-to-date period OCI | 3 | (384 | ) | 304 | (13,108 | ) | 53 | (2,826 | ) | (15,958 | ) | |||||||||||||||||
Ending balance, March 31, 2015 | $ | 404 | $ | — | $ | 607 | $ | — | $ | (3,000 | ) | $ | — | $ | (1,989 | ) | ||||||||||||
-1 | Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment and reclassified $523 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement 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, 2014 | $ | 387 | $ | 333 | $ | (1,214 | ) | $ | 7,539 | $ | (3,304 | ) | $ | 1,903 | $ | 5,644 | ||||||||||||
OCI before reclassifications | 3 | (4 | ) | 890 | 1,087 | 59 | (82 | ) | 1,953 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (548 | ) | — | — | — | (548 | ) | |||||||||||||||||||
Net year-to-date period OCI/L | 3 | (4 | ) | 342 | 1,087 | 59 | (82 | ) | 1,405 | |||||||||||||||||||
Ending balance, March 31, 2014 | $ | 390 | $ | 329 | $ | (872 | ) | $ | 8,626 | $ | (3,245 | ) | $ | 1,821 | $ | 7,049 | ||||||||||||
-1 | Reclassified $548 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. |
Mortgage_and_Other_Notes_Recei1
Mortgage and Other Notes Receivable (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||
Schedule of mortgage and other notes receivable | Mortgage and other notes receivable consist of the following: | ||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | |||||||||||
Mortgages: | |||||||||||||||
Columbia Place Outparcel | Feb-22 | 5.00% | $ | 354 | 5.00% | $ | 360 | ||||||||
Park Place | May-22 | 5.00% | 1,521 | 5.00% | 1,566 | ||||||||||
Village Square | Mar-16 | 3.50% | 1,708 | 3.50% | 1,711 | ||||||||||
Other | Dec 2016 - | 2.68% - 9.50% | 5,538 | 2.67% - 9.50% | 5,686 | ||||||||||
Jan-47 | |||||||||||||||
9,121 | 9,323 | ||||||||||||||
Other Notes Receivable: | |||||||||||||||
RED Development Inc. | Nov-23 | 5.00% | 7,429 | 5.00% | 7,429 | ||||||||||
Woodstock land (1) | May-15 | 10.00% | 3,059 | 10.00% | 3,059 | ||||||||||
10,488 | 10,488 | ||||||||||||||
$ | 19,609 | $ | 19,811 | ||||||||||||
-1 | Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, has a note receivable with an entity that owns an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. The loan is secured by the entity's interest in the adjacent land. An amendment to the note was made in the first quarter of 2015 to extend the maturity date from February 2015 to May 2015. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: | ||||||||||||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
31-Mar-15 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 230,271 | $ | 10,407 | $ | 4,681 | $ | 15,550 | $ | 260,909 | |||||||||||
Property operating expenses (2) | (73,949 | ) | (2,596 | ) | (1,124 | ) | 1,764 | (75,905 | ) | ||||||||||||
Interest expense | (43,698 | ) | (1,956 | ) | (1,195 | ) | (12,308 | ) | (59,157 | ) | |||||||||||
Other expense | — | — | — | (6,476 | ) | (6,476 | ) | ||||||||||||||
Gain on sales of real estate assets | 264 | — | — | 493 | 757 | ||||||||||||||||
Segment profit (loss) | $ | 112,888 | $ | 5,855 | $ | 2,362 | $ | (977 | ) | 120,128 | |||||||||||
Depreciation and amortization expense | (76,266 | ) | |||||||||||||||||||
General and administrative expense | (17,230 | ) | |||||||||||||||||||
Interest and other income | 5,274 | ||||||||||||||||||||
Gain on investment | 16,560 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3,823 | ||||||||||||||||||||
Income tax benefit | 916 | ||||||||||||||||||||
Income from continuing operations | $ | 53,205 | |||||||||||||||||||
Total Assets | $ | 5,665,654 | $ | 272,045 | $ | 266,076 | $ | 339,825 | $ | 6,543,600 | |||||||||||
Capital expenditures (3) | $ | 30,366 | $ | 5,908 | $ | 198 | $ | 30,769 | $ | 67,241 | |||||||||||
Three Months Ended | Malls | Associated | Community | All Other (1) | Total | ||||||||||||||||
31-Mar-14 | Centers | Centers | |||||||||||||||||||
Revenues | $ | 229,873 | $ | 10,856 | $ | 4,538 | $ | 15,976 | $ | 261,243 | |||||||||||
Property operating expenses (2) | (74,294 | ) | (2,495 | ) | (1,657 | ) | 923 | (77,523 | ) | ||||||||||||
Interest expense | (50,016 | ) | (2,000 | ) | (649 | ) | (7,841 | ) | (60,506 | ) | |||||||||||
Other expense | — | — | — | (6,545 | ) | (6,545 | ) | ||||||||||||||
Gain on sales of real estate assets | 1,130 | 1 | 1 | 22 | 1,154 | ||||||||||||||||
Segment profit | $ | 106,693 | $ | 6,362 | $ | 2,233 | $ | 2,535 | 117,823 | ||||||||||||
Depreciation and amortization expense | (69,083 | ) | |||||||||||||||||||
General and administrative expense | (14,773 | ) | |||||||||||||||||||
Interest and other income | 1,528 | ||||||||||||||||||||
Gain on extinguishment of debt | 42,660 | ||||||||||||||||||||
Loss on impairment | (17,150 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3,684 | ||||||||||||||||||||
Income tax provision | (397 | ) | |||||||||||||||||||
Income from continuing operations | $ | 64,292 | |||||||||||||||||||
Total Assets | $ | 5,766,003 | $ | 274,556 | $ | 297,347 | $ | 365,943 | $ | 6,703,849 | |||||||||||
Capital expenditures (3) | $ | 32,937 | $ | 9,272 | $ | 528 | $ | 39,757 | $ | 82,494 | |||||||||||
-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. |
Earnings_per_Share_and_Earning1
Earnings per Share and Earnings per Unit (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Schedule of Earnings Per Share | The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS: | |||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Denominator – basic | 170,420 | 170,196 | ||||
Effect of performance stock units (1) | 90 | — | ||||
Denominator – diluted | 170,510 | 170,196 | ||||
-1 | Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 13 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. | |||||
CBL & Associates Limited Partnership | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Schedule of Earnings Per Share | The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU: | |||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Denominator – basic | 199,681 | 199,741 | ||||
Effect of performance stock units (1) | 90 | — | ||||
Denominator – diluted | 199,771 | 199,741 | ||||
-1 | Performance stock units are contingently issuable common units and are included in earnings per unit if the effect is dilutive. See Note 13 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. |
Contingencies_Tables
Contingencies (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||
As of March 31, 2015 | Obligation recorded to reflect guaranty | ||||||||||||||||||||||
Unconsolidated Affiliate | Company's | Outstanding | Percentage | Maximum | Debt | 3/31/15 | 12/31/14 | ||||||||||||||||
Ownership | Balance | Guaranteed | Guaranteed | Maturity | |||||||||||||||||||
Interest | by the | Amount | Date (1) | ||||||||||||||||||||
Company | |||||||||||||||||||||||
West Melbourne I, LLC - | 50% | $ | 40,051 | 25% | $ | 10,012 | Nov-15 | (2) | $ | 101 | $ | 101 | |||||||||||
Phase I | |||||||||||||||||||||||
West Melbourne I, LLC - | 50% | 15,556 | N/A | (3) | 8,700 | Nov-15 | (2) | 87 | 87 | ||||||||||||||
Phase II | |||||||||||||||||||||||
Port Orange I, LLC | 50% | 60,526 | 25% | 15,132 | Nov-15 | (2) | 153 | 153 | |||||||||||||||
JG Gulf Coast Town Center, | 50% | 5,548 | 100% | 5,548 | Jul-15 | — | — | ||||||||||||||||
LLC - Phase III | |||||||||||||||||||||||
Fremaux Town Center JV, LLC - | 65% | 40,596 | 50% | (4) | 21,023 | Aug-16 | (5) | 236 | 236 | ||||||||||||||
Phase I | |||||||||||||||||||||||
Fremaux Town Center JV, LLC - | 65% | 7,460 | 50% | (6) | 16,050 | Aug-16 | (5) | 161 | 161 | ||||||||||||||
Phase II | |||||||||||||||||||||||
Ambassador Town Center JV, | 65% | 1,455 | 100% | (7) | 48,200 | Dec-17 | (8) | 482 | 482 | ||||||||||||||
LLC | |||||||||||||||||||||||
Ambassador Infrastructure, LLC | 65% | 1,002 | 100% | (9) | 11,700 | Dec-17 | (8) | 177 | 177 | ||||||||||||||
Total guaranty liability | $ | 1,397 | $ | 1,397 | |||||||||||||||||||
-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 | In the fourth quarter of 2014, the loan was amended and restated to add funding for the construction of Academy Sports. The guaranty was also amended to cap the maximum guaranteed amount at $8,700 unless a monetary default event occurs related to Carmike Cinema or Academy Sports. The guaranty will be reduced to 25% once Academy Sports is operational and paying contractual rent. | ||||||||||||||||||||||
-4 | The Company received a 1% fee for this guaranty when the loan was issued in March 2013. The guaranty will be reduced to 25% upon the opening of LA Fitness and payment of contractual rent. The guaranty will be further reduced to 15% when Phase I of the development has been open for one year and a debt service coverage ratio of 1.30 to 1.00 is met. | ||||||||||||||||||||||
-5 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. | ||||||||||||||||||||||
-6 | The Company received a 1% fee for this guaranty when the loan was issued in August 2014. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be reduced to 25%. The guaranty will be further reduced to 15% when Phase II of the development has been open for one year, the debt service coverage ratio of 1.30 to 1.00 is met and Dillard's is operational. | ||||||||||||||||||||||
-7 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. Once construction is complete, the guaranty will be reduced to 50%. The guaranty will be further reduced from 50% to 15% once the construction of Ambassador Town Center and its related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics. | ||||||||||||||||||||||
-8 | The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019. | ||||||||||||||||||||||
-9 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of the year following any calendar year during which the payment-in-lieu of taxes ("PILOT") payments received by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Share-based Compensation [Abstract] | |||||||
Summary of company stock award | A summary of the status of the Company’s nonvested restricted stock awards as of March 31, 2015, and changes during the three months ended March 31, 2015, is presented below: | ||||||
Shares | Weighted Average | ||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2015 | 498,862 | $ | 18.35 | ||||
Granted | 267,410 | $ | 20.3 | ||||
Vested | (191,215 | ) | $ | 18.76 | |||
Forfeited | (2,340 | ) | $ | 19.2 | |||
Nonvested at March 31, 2015 | 572,717 | $ | 19.12 | ||||
Noncash_Investing_and_Financin1
Noncash Investing and Financing Activities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities were as follows for the three months ended March 31, 2015 and 2014: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Accrued dividends and distributions payable | $ | 54,491 | $ | 50,576 | ||||
Additions to real estate assets accrued but not yet paid | 3,965 | 19,162 | ||||||
Transfer of estate assets in settlement of mortgage debt obligation: (1) | ||||||||
Decrease in real estate assets | — | (22,605 | ) | |||||
Decrease in mortgage and other indebtedness | — | 68,169 | ||||||
Decrease in operating assets and liabilities | — | (1,655 | ) | |||||
-1 | See Note 4 for additional information related to Citadel Mall. |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of income tax benefit (provision) | The Company recorded an income tax benefit (provision) as follows for the three month periods ending March 31, 2015 and 2014: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Current tax benefit | $ | 1,423 | $ | 53 | |||||
Deferred tax provision | (507 | ) | (450 | ) | |||||
Income tax benefit (provision) | $ | 916 | $ | (397 | ) | ||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
subsidiary | |
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 | 11 |
Number of office buildings in which interest is owned by the partnership | 13 |
Number of properties | 135 |
CBL & Associates Limited Partnership | |
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 | 1.00% |
Percentage of limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership | 84.30% |
Combined percentage ownership by the subsidiaries in operating partnership | 85.30% |
Consolidated properties | |
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 | 72 |
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 | 112 |
Number of mixed-use centers owned | 1 |
Number of community centers under development | 1 |
Number of malls under expansion | 3 |
Number of malls under redevelopments | 5 |
Percentage ownership interest in qualified subsidiaries | 100.00% |
Percentage of non controlling limited partner interest ownership of CBL's Predecessor in the Operating Partnership | 9.10% |
Percentage of non controlling limited partner interest of third parties in Operating partnership | 5.60% |
Number of company's common stock owned by CBL's Predecessor (in shares) | 3.5 |
Total combined effective interest of CBL's Predecessor in Operating Partnership (as a percent) | 10.90% |
Unconsolidated Properties | |
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 | 10 |
Number of associated centers in which interest is owned by the partnership | 4 |
Number of community centers in which interest is owned by the partnership | 4 |
Number of office buildings in which interest is owned by the partnership | 5 |
Number of properties | 23 |
Number of malls under expansion | 1 |
Number of malls under redevelopments | 1 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Available-for-sale securities | $20,512 | |
Liabilities: | ||
Interest rate swaps | 1,867 | 2,226 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Available-for-sale securities | 20,512 | |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Available-for-sale securities | 0 | |
Liabilities: | ||
Interest rate swaps | 1,867 | 2,226 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available-for-sale securities | 0 | |
Liabilities: | ||
Interest rate swaps | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Common Stock, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | $4,195 | $4,195 |
Gross Unrealized Gains | 16,321 | |
Gross Unrealized Losses | 0 | |
Fair Value | $20,516 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gain (Loss) on Investments | $16,560 | $0 | |
Net proceeds from sales of available-for-sale securities | 20,755 | 0 | |
Long-term debt, fair value | 4,933,062 | 4,947,026 | |
Mortgage and other indebtedness | 4,669,711 | 4,700,460 | |
Interest Rate Swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of Instruments | 4 | 4 | |
Common Stock | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | $4,195 | $4,195 |
Disposals_and_Discontinued_Ope2
Disposals and Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Oct. 31, 2014 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price Gross | $18,615 | ||||||||||||
Sales Price Net | 17,886 | ||||||||||||
Gain | 937 | ||||||||||||
Loss on impairment | 0 | 17,150 | |||||||||||
Note receivable from sale of mall | 19,609 | 19,811 | |||||||||||
Gain on Extinguishment of Debt | 0 | 42,660 | |||||||||||
Pemberton Plaza | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price Gross | 1,975 | ||||||||||||
Sales Price Net | 1,886 | ||||||||||||
Gain | 0 | ||||||||||||
Loss on impairment | 497 | ||||||||||||
Foothills Plaza Expansion | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price Gross | 2,640 | ||||||||||||
Sales Price Net | 2,387 | ||||||||||||
Gain | 937 | ||||||||||||
Lakeshore Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price Gross | 14,000 | ||||||||||||
Sales Price Net | 13,613 | ||||||||||||
Gain | 0 | ||||||||||||
Loss on impairment | 5,100 | 106 | |||||||||||
Columbia Place | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on impairment | 50,683 | ||||||||||||
Balance of Non-recourse Debt | 27,265 | ||||||||||||
Gain on Extinguishment of Debt | 27,171 | ||||||||||||
Noncash or Part Noncash Divestiture, Interest Expense | 3,181 | ||||||||||||
Chapel Hill Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on impairment | 12,050 | ||||||||||||
Balance of Non-recourse Debt | 68,563 | ||||||||||||
Gain on Extinguishment of Debt | 18,296 | ||||||||||||
Noncash or Part Noncash Divestiture, Interest Expense | 1,514 | ||||||||||||
Citadel Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on impairment | 20,453 | ||||||||||||
Balance of Non-recourse Debt | 68,169 | ||||||||||||
Gain on Extinguishment of Debt | 43,932 | ||||||||||||
Notes Receivable | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Note receivable from sale of mall | 10,488 | 10,488 | |||||||||||
Notes Receivable | Lakeshore Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Note receivable from sale of mall | 10,000 | ||||||||||||
Cash | Lakeshore Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price Net | 4,000 | ||||||||||||
Fair Value, Inputs, Level 3 | Lakeshore Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Fair value of real estate investments | 13,780 | ||||||||||||
Columbia Place Chapel Hill and Citadel Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Balance of Non-recourse Debt | 163,997 | ||||||||||||
Gain on Extinguishment of Debt | $89,399 |
Unconsolidated_Affiliates_Rede2
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Unconsolidated Affiliates) (Details 1) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
entity | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of entities - equity method of accounting | 19 | ||
ASSETS | |||
Investment in real estate assets | $2,263,221 | $2,266,252 | |
Accumulated depreciation | -634,178 | -619,558 | |
Real estate investment net, before development in process | 1,629,043 | 1,646,694 | |
Developments in progress | 88,990 | 75,877 | |
Net investment in real estate assets | 1,718,033 | 1,722,571 | |
Other assets | 169,304 | 170,554 | |
Total assets | 1,887,337 | 1,893,125 | |
LIABILITIES | |||
Mortgage and other indebtedness | 1,514,503 | 1,512,826 | |
Other liabilities | 38,888 | 42,517 | |
Total liabilities | 1,553,391 | 1,555,343 | |
OWNERS' EQUITY | |||
The Company | 195,783 | 198,261 | |
Other investors | 138,163 | 139,521 | |
Total owners' equity | 333,946 | 337,782 | |
Total liabilities and owners' equity | 1,887,337 | 1,893,125 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 62,472 | 61,821 | |
Depreciation and amortization | -19,481 | -18,787 | |
Interest income | 332 | 340 | |
Interest expense | -18,794 | -18,558 | |
Operating expenses | -19,306 | -18,181 | |
Gain on sales of real estate assets | 815 | 0 | |
Net income | 6,038 | 6,635 | |
The Company/Partners' Capital | |||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 32,835 | 31,952 | |
Depreciation and amortization | -10,317 | -9,861 | |
Interest income | 255 | 259 | |
Interest expense | -9,685 | -9,491 | |
Operating expenses | -9,828 | -9,175 | |
Gain on sales of real estate assets | 563 | 0 | |
Net income | $3,823 | $3,684 | |
Ambassador Infrastructure, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 65.00% | ||
Ambassador Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 65.00% | ||
CBL/T-C, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
CBL-TRS Joint Venture, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
CBL-TRS Joint Venture II, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
El Paso Outlet Outparcels, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
Fremaux Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 65.00% | ||
Governorbs Square IB | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
Governorbs Square Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 47.50% | ||
High Pointe Commons, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
High Pointe Commons II-HAP, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
JG Gulf Coast Town Center LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
Kentucky Oaks Mall Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
Mall of South Carolina L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
Mall of South Carolina Outparcel L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
Port Orange I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
Triangle Town Member LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
West Melbourne I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% | ||
York Town Center, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in real estate property | 50.00% |
Unconsolidated_Affiliates_Rede3
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Noncontrolling Interests and Redeemable Noncontrolling Interests) (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Third Party Interests | ||
Noncontrolling Interest [Line Items] | ||
Redeemable interests | $31,311 | $31,104 |
Noncontrolling interests | 129,716 | 134,468 |
Other Consolidated Subsidiaries | ||
Noncontrolling Interest [Line Items] | ||
Redeemable interests | 6,157 | 6,455 |
Noncontrolling interests | 7,843 | 8,908 |
Noncontrolling Interests | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 137,559 | 143,376 |
Triangle Town Member LLC | Variable Interest Entity, Not Primary Beneficiary | ||
Noncontrolling Interest [Line Items] | ||
Percentage of equity interest in real estate property | 50.00% | |
JG Gulf Coast Town Center LLC | Variable Interest Entity, Not Primary Beneficiary | ||
Noncontrolling Interest [Line Items] | ||
Percentage of equity interest in real estate property | 50.00% | |
Gettysburg Outlet Center Holding LLC | Primary beneficiary | ||
Noncontrolling Interest [Line Items] | ||
Percentage of equity interest in real estate property | 50.00% | |
El Paso Outlet Center Holding, LLC | Primary beneficiary | ||
Noncontrolling Interest [Line Items] | ||
Percentage of equity interest in real estate property | 75.00% | |
Jinsheng | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 6.20% | |
Cost Method Investments | $5,325 | $5,325 |
Mortgage_and_Other_Indebtednes2
Mortgage and Other Indebtedness (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 4.94% | 4.93% | ||||
Long-term debt | 4,667,270,000 | |||||
Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.50% | 5.50% | ||||
Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.68% | 1.69% | ||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, extension fee (percent) | 0.20% | |||||
Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 450,000,000 | |||||
Notice required to redeem debt, term | 30 days | |||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Senior Unsecured Notes | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | ||||
Senior Unsecured Notes | Fixed Rate Operating Loans | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | 4,137,000 | 4,230,000 | ||||
Senior Unsecured Notes | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 40.00% | |||||
Senior Unsecured Notes | Minimum | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, increase in variable interest rate | 0.25% | |||||
Senior Unsecured Notes | Maximum | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, increase in variable interest rate | 1.00% | |||||
Non-recourse loans on operating properties | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, debt default threshold, minimum loan amount | 50,000,000 | |||||
Non-recourse loans on operating properties | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.62% | 5.62% | ||||
Non-recourse loans on operating properties | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.30% | 2.29% | ||||
5.250% Senior Notes Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | 445,863,000 | 445,770,000 | ||||
Debt instrument, redemption price, percentage | 100.00% | |||||
5.250% Senior Notes Due 2023 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | ||||
5.250% Senior Notes Due 2023 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 40.00% | |||||
5.250% Senior Notes Due 2023 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 45.00% | |||||
Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | 299,928,000 | 299,925,000 | ||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Senior Notes Due 2024 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 4.60% | 4.60% | 4.60% | |||
Other | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 3.50% | 3.50% | ||||
Recourse term loans on operating properties | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, debt default threshold, minimum loan amount | 150,000,000 | |||||
Recourse term loans on operating properties | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.93% | 2.91% | ||||
Construction loan | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.68% | 2.66% | ||||
Unsecured lines of credit | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.57% | 1.56% | ||||
Unsecured term loans | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.68% | 1.71% | ||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | 2 | |||||
Loan agreement, basis spread on variable rate | 1.40% | |||||
Unsecured lines of credit | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate | 1.00% | |||||
Unsecured lines of credit | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate | 1.75% | |||||
Annual facility Fee (percent) | 0.35% | |||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Letter of credit, outstanding | 800,000 | |||||
Unsecured Term Loan 3 | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate | 1.50% | |||||
Unsecured Term Loan 2 | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate | 1.55% | 1.90% | ||||
Required | Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 45.00% | |||||
Total debt to total asset value (as a percent) | 60.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 150.00% | |||||
Consolidated income available for debt service to annual debt service charge (as a percent) | 150.00% | |||||
Required | Unsecured Credit Facility and Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Total debt to total asset value (as a percent) | 60.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 160.00% | |||||
Unencumbered NOI to unsecured interest expense (as a percent) | 175.00% | |||||
EBITDA to fixed charges (debt service) (as a percent) | 150.00% | |||||
Actual | Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 37.00% | |||||
Total debt to total asset value (as a percent) | 53.60% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 238.10% | |||||
Consolidated income available for debt service to annual debt service charge (as a percent) | 320.00% | |||||
Actual | Unsecured Credit Facility and Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Total debt to total asset value (as a percent) | 49.20% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 260.00% | |||||
Unencumbered NOI to unsecured interest expense (as a percent) | 420.00% | |||||
EBITDA to fixed charges (debt service) (as a percent) | 220.00% | |||||
Interest Rate Swap | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | 4 | |||||
Derivative, Number of Instruments Held | 4 | 4 | ||||
Derivative, Notional Amount | 104,492,000 | 105,584,000 | ||||
CBL & Associates Properties, Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | 3,984,876,000 | 4,004,064,000 | ||||
Mortgage and other indebtedness amount carrying value | 684,835,000 | 696,396,000 | ||||
Long-term debt | 4,669,711,000 | 4,700,460,000 | ||||
CBL & Associates Properties, Inc. | Non-recourse loans on operating properties | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | 3,234,029,000 | 3,252,730,000 | ||||
Mortgage and other indebtedness amount carrying value | 17,051,000 | 17,121,000 | ||||
CBL & Associates Properties, Inc. | Other | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | 5,056,000 | 5,639,000 | ||||
CBL & Associates Properties, Inc. | Recourse term loans on operating properties | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 9,279,000 | 7,638,000 | ||||
CBL & Associates Properties, Inc. | Construction loan | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 1,440,000 | 454,000 | ||||
CBL & Associates Properties, Inc. | Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 207,065,000 | 221,183,000 | ||||
CBL & Associates Properties, Inc. | Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 450,000,000 | 450,000,000 | ||||
Treasury Rate | 5.250% Senior Notes Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, basis spread on variable rate | 0.40% | |||||
Treasury Rate | Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, basis spread on variable rate | 0.35% | |||||
Senior Notes Due 2024 | Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | 72,000 | 75,000 | ||||
Debt instrument, face amount | 300,000,000 | |||||
Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 400,000,000 | |||||
Interest rate at period end | 1.68% | |||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | 3 | |||||
Mortgage and other indebtedness amount carrying value | 214,088,000 | |||||
Annual facility Fee (percent) | 0.30% | |||||
Total Capacity, line of credit | 1,300,000,000 | |||||
Unsecured lines of credit | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Annual facility Fee (percent) | 0.15% | |||||
Unsecured Line of Credit 1 | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 43,398,000 | |||||
Total Capacity, line of credit | 600,000,000 | |||||
First Tennessee | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 9,313,000 | |||||
Total Capacity, line of credit | 100,000,000 | |||||
Unsecured Line of Credit 2 | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 161,377,000 | |||||
Total Capacity, line of credit | 600,000,000 | |||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Total Capacity, line of credit | 50,000,000 | |||||
Letter of credit, outstanding | 6,110,000 | |||||
Unsecured Term Loan 2 | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.72% | |||||
Debt instrument, face amount | 50,000,000 | |||||
Total Capacity, line of credit | 20,000,000 | |||||
Letter of credit, outstanding | 113,000 |
Mortgages_and_Other_Indebtedne
Mortgages and Other Indebtedness (Operating Properties) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of principal repayments [Abstract] | ||
2015 | $554,964 | |
2016 | 770,868 | |
2017 | 491,189 | |
2018 | 679,829 | |
2019 | 115,647 | |
Thereafter | 2,054,773 | |
Total payments | 4,667,270 | |
Net unamortized premiums | 2,441 | |
Mortgage and other indebtedness | 4,669,711 | |
Weighted average maturity of mortgage and other indebtedness (in years) | 4 years 7 months 7 days | 4 years 9 months 18 days |
Principal balance | ||
Schedule of principal repayments [Abstract] | ||
2015 | 462,120 | |
Number of debt instruments | 7 | |
Principal amortization | ||
Schedule of principal repayments [Abstract] | ||
2015 | 50,246 | |
Operating property loan | ||
Schedule of principal repayments [Abstract] | ||
2015 | $42,598 |
Mortgages_and_Other_Indebtedne1
Mortgages and Other Indebtedness (Derivative Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | ($1,867) | ($2,226) |
Cash Flow Hedging | Pay Fixed Receive Variable Swap One | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 50,508 | |
Amortized amount | 48,337 | |
Strike Rate (as a percent) | 2.15% | |
Fair Value | -893 | -1,064 |
Cash Flow Hedging | Pay fixed receive variable swap Two | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 31,630 | |
Amortized amount | 30,276 | |
Strike Rate (as a percent) | 2.19% | |
Fair Value | -571 | -681 |
Cash Flow Hedging | Pay fixed receive variable swap Three | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 11,822 | |
Amortized amount | 11,313 | |
Strike Rate (as a percent) | 2.14% | |
Fair Value | -208 | -248 |
Cash Flow Hedging | Pay fixed receive variable swap Four | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 10,532 | |
Amortized amount | 10,083 | |
Strike Rate (as a percent) | 2.24% | |
Fair Value | ($195) | ($233) |
Mortgages_and_Other_Indebtedne2
Mortgages and Other Indebtedness (Derivative Instrument Risk) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss Recognized in Earnings (Effective Portion) | ($523) | ($548) |
Gain Recognized in Earnings (Ineffective Portion) | 0 | 0 |
Other Comprehensive Income (Loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Losses expected to be reclassified from AOCI to interest expense | 1,890 | |
Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain Recognized in OCI/L (Effective Portion) | $360 | $404 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | $13,969 | $5,644 |
OCI before reclassifications, Hedging Agreements | 883 | -144 |
Unrealized holding gain on available-for-sale securities | 242 | 1,001 |
OCI before reclassifications | 1,125 | 1,953 |
Amounts reclassified from AOCI, Hedging Agreements | -523 | 548 |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |
Amounts reclassified from AOCI, Total | -17,083 | -548 |
Total other comprehensive income (loss) | -15,958 | 1,405 |
Accumulated other comprehensive income, Ending Balance | -1,989 | 7,049 |
Redeemable Noncontrolling Interests/Redeemable Common Units | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 401 | 387 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 384 | 333 |
OCI before reclassifications, Hedging Agreements | 3 | 3 |
Unrealized holding gain on available-for-sale securities | 10 | -4 |
Amounts reclassified from AOCI, Hedging Agreements | 0 | 0 |
Amounts reclassified from AOCI, Available-for-Sale securities | -394 | 0 |
Net OCI, Hedging Agreements | 3 | 3 |
Net OCI, Available-for-Sale Securities | -384 | -4 |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 404 | 390 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 329 |
The Company/Partners' Capital | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 303 | -1,214 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 13,108 | 7,539 |
OCI before reclassifications, Hedging Agreements | 827 | 890 |
Unrealized holding gain on available-for-sale securities | 160 | 1,087 |
Amounts reclassified from AOCI, Hedging Agreements | -523 | -548 |
Amounts reclassified from AOCI, Available-for-Sale securities | -13,268 | 0 |
Net OCI, Hedging Agreements | 304 | 342 |
Net OCI, Available-for-Sale Securities | -13,108 | 1,087 |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 607 | -872 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 8,626 |
Noncontrolling Interests | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | -3,053 | -3,304 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 2,826 | 1,903 |
OCI before reclassifications, Hedging Agreements | 53 | 59 |
Unrealized holding gain on available-for-sale securities | 72 | -82 |
Amounts reclassified from AOCI, Hedging Agreements | 0 | 0 |
Amounts reclassified from AOCI, Available-for-Sale securities | 2,898 | 0 |
Net OCI, Hedging Agreements | -53 | 59 |
Net OCI, Available-for-Sale Securities | 2,826 | -82 |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | -3,000 | -3,245 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 1,821 |
CBL & Associates Limited Partnership | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | 13,969 | 5,644 |
OCI before reclassifications | 1,125 | 1,954 |
Amounts reclassified from AOCI, Hedging Agreements | -523 | -548 |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |
Amounts reclassified from AOCI, Total | -17,083 | -548 |
Total other comprehensive income (loss) | -15,958 | 1,406 |
Accumulated other comprehensive income, Ending Balance | -1,989 | 7,050 |
CBL & Associates Limited Partnership | Redeemable Noncontrolling Interests/Redeemable Common Units | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 401 | 387 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 384 | 333 |
OCI before reclassifications, Hedging Agreements | 3 | 3 |
Unrealized holding gain on available-for-sale securities | 10 | -4 |
Amounts reclassified from AOCI, Hedging Agreements | 0 | 0 |
Amounts reclassified from AOCI, Available-for-Sale securities | -394 | 0 |
Net OCI, Hedging Agreements | 3 | 3 |
Net OCI, Available-for-Sale Securities | -384 | -4 |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 404 | 390 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 329 |
CBL & Associates Limited Partnership | The Company/Partners' Capital | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | -2,750 | -4,518 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 15,934 | 9,442 |
OCI before reclassifications, Hedging Agreements | 880 | 950 |
Unrealized holding gain on available-for-sale securities | 232 | 1,005 |
Amounts reclassified from AOCI, Hedging Agreements | -523 | -548 |
Amounts reclassified from AOCI, Available-for-Sale securities | -16,166 | 0 |
Net OCI, Hedging Agreements | 357 | 402 |
Net OCI, Available-for-Sale Securities | -15,934 | 1,005 |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | -2,393 | -4,116 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | $0 | $10,447 |
Comprehensive_Income_Narrative
Comprehensive Income Narrative (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from AOCI, Available-for-Sale securities | $16,560 | |
Amounts reclassified from AOCI, Hedging Agreements | 523 | -548 |
CBL & Associates Limited Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |
Amounts reclassified from AOCI, Hedging Agreements | $523 | $548 |
Mortgage_and_Other_Notes_Recei2
Mortgage and Other Notes Receivable (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Mortgage and Other Notes Receivable [Line Items] | ||
Percentage of assignment of the partnership interest | 100.00% | |
Mortgage and other notes receivable | 19,609 | 19,811 |
Other | Minimum | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate, mortgage loans on real estate (as a percent) | 2.68% | 2.67% |
Other | Maximum | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate, mortgage loans on real estate (as a percent) | 9.50% | 9.50% |
Mortgages | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable | 9,121 | 9,323 |
Mortgages | Columbia Place Outparcel | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate, mortgage loans on real estate (as a percent) | 5.00% | 5.00% |
Mortgage and other notes receivable | 354 | 360 |
Mortgages | Park Place | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate, mortgage loans on real estate (as a percent) | 5.00% | 5.00% |
Mortgage and other notes receivable | 1,521 | 1,566 |
Mortgages | Village Square | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate, mortgage loans on real estate (as a percent) | 3.50% | 3.50% |
Mortgage and other notes receivable | 1,708 | 1,711 |
Mortgages | Other | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable | 5,538 | 5,686 |
Other Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable | 10,488 | 10,488 |
Other Notes Receivable | RED Development Inc. | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable | 7,429 | 7,429 |
Interest Rate, other notes receivable (as a percent) | 5.00% | 5.00% |
Other Notes Receivable | Woodstock land | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable | 3,059 | 3,059 |
Interest Rate, other notes receivable (as a percent) | 10.00% | 10.00% |
Percentage of equity interest in real estate property | 75.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Revenues | $260,909 | $261,243 | |
Property operating expenses | -75,905 | -77,523 | |
Interest expense | -59,157 | -60,506 | |
Other expense | -6,476 | -6,545 | |
Gain on sales of real estate assets | 757 | 1,154 | |
Segment profit (loss) | 120,128 | 117,823 | |
Depreciation and amortization expense | -76,266 | -69,083 | |
General and administrative expense | -17,230 | -14,773 | |
Interest and other income | 5,274 | 1,528 | |
Gain on Extinguishment of Debt | 0 | 42,660 | |
Loss on impairment | 0 | -17,150 | |
Gain on investment | 16,560 | 0 | |
Equity in earnings of unconsolidated affiliates | 3,823 | 3,684 | |
Income tax (provision) benefit | 916 | -397 | |
Income from continuing operations | 53,205 | 64,292 | |
Total Assets | 6,543,600 | 6,703,849 | 6,616,299 |
Capital expenditures | 67,241 | 82,494 | |
Malls | |||
Segment Reporting Information [Line Items] | |||
Revenues | 230,271 | 229,873 | |
Property operating expenses | -73,949 | -74,294 | |
Interest expense | -43,698 | -50,016 | |
Other expense | 0 | 0 | |
Gain on sales of real estate assets | 264 | 1,130 | |
Segment profit (loss) | 112,888 | 106,693 | |
Total Assets | 5,665,654 | 5,766,003 | |
Capital expenditures | 30,366 | 32,937 | |
Associated Centers | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,407 | 10,856 | |
Property operating expenses | -2,596 | -2,495 | |
Interest expense | -1,956 | -2,000 | |
Other expense | 0 | 0 | |
Gain on sales of real estate assets | 0 | 1 | |
Segment profit (loss) | 5,855 | 6,362 | |
Total Assets | 272,045 | 274,556 | |
Capital expenditures | 5,908 | 9,272 | |
Community Centers | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,681 | 4,538 | |
Property operating expenses | -1,124 | -1,657 | |
Interest expense | -1,195 | -649 | |
Other expense | 0 | 0 | |
Gain on sales of real estate assets | 0 | 1 | |
Segment profit (loss) | 2,362 | 2,233 | |
Total Assets | 266,076 | 297,347 | |
Capital expenditures | 198 | 528 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 15,550 | 15,976 | |
Property operating expenses | 1,764 | 923 | |
Interest expense | -12,308 | -7,841 | |
Other expense | -6,476 | -6,545 | |
Gain on sales of real estate assets | 493 | 22 | |
Segment profit (loss) | -977 | 2,535 | |
Total Assets | 339,825 | 365,943 | |
Capital expenditures | $30,769 | $39,757 |
Equity_and_Capital_Details
Equity and Capital (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 01, 2013 | |
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 | 269,929 | 238,693 | |
Common stock offering, maximum aggregate price still available | $88,507,000 | ||
At The Market Stock Sales | |||
Targeted or Tracking Stock, Stock [Line Items] | |||
Number of shares settled | 8,419,298 | ||
Weighted-average sales price (in usd per share) | $25.12 |
Recovered_Sheet1
Earnings Per Share and Earnings per Unit (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Denominator - basic (in shares) | 170,420 | 170,196 |
Effect of performance stock units (in shares) | 90 | 0 |
Denominator - diluted (in shares) | 170,510 | 170,196 |
CBL & Associates Limited Partnership | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Denominator - basic (in shares) | 199,681 | 199,741 |
Effect of performance stock units (in shares) | 90 | 0 |
Denominator - diluted (in shares) | 199,771 | 199,741 |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental liability insurance, maximum coverage per incident | $10,000,000 |
Environmental liability insurance, annual coverage limit. | $50,000,000 |
Contingencies_Guarantees_Detai
Contingencies (Guarantees) (Details) (USD $) | 3 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2013 | Aug. 31, 2014 | Dec. 31, 2014 | |
Guarantor Obligations [Line Items] | |||||
Obligation recorded to reflect guaranty | $1,397,000 | $1,397,000 | $1,397,000 | ||
Malpractice Loss Contingency, Letters of Credit and Surety Bonds | 21,010,000 | 20,720,000 | 20,720,000 | ||
West Melbourne I, LLC - Phase I | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 50.00% | ||||
Outstanding Balance | 40,051,000 | ||||
Percentage Guaranteed by the Company | 25.00% | ||||
Maximum Guaranteed Amount | 10,012,000 | ||||
Obligation recorded to reflect guaranty | 101,000 | 101,000 | 101,000 | ||
West Melbourne I, LLC - Phase II | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 50.00% | ||||
Outstanding Balance | 15,556,000 | ||||
Maximum Guaranteed Amount | 8,700,000 | 8,700,000 | |||
Obligation recorded to reflect guaranty | 87,000 | 87,000 | 87,000 | ||
Number of extension options available | 2 | ||||
Debt instrument, option extension term (in years) | 1 year | ||||
Port Orange I, LLC | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 50.00% | ||||
Outstanding Balance | 60,526,000 | ||||
Percentage Guaranteed by the Company | 25.00% | ||||
Maximum Guaranteed Amount | 15,132,000 | ||||
Obligation recorded to reflect guaranty | 153,000 | 153,000 | 153,000 | ||
JG Gulf Coast Town Center, LLC - Phase III | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 50.00% | ||||
Outstanding Balance | 5,548,000 | ||||
Percentage Guaranteed by the Company | 100.00% | ||||
Maximum Guaranteed Amount | 5,548,000 | ||||
Obligation recorded to reflect guaranty | 0 | 0 | 0 | ||
Fremaux Town Center JV, LLC - Phase I | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 65.00% | ||||
Outstanding Balance | 40,596,000 | ||||
Percentage Guaranteed by the Company | 50.00% | ||||
Maximum Guaranteed Amount | 21,023,000 | ||||
Obligation recorded to reflect guaranty | 236,000 | 236,000 | 236,000 | ||
Loan guaranty, fee income percentage | 1.00% | ||||
Debt Coverage Service Ratio for Construction Loan | 130.00% | ||||
Fremaux Town Center JV, LLC - Phase II | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 65.00% | ||||
Outstanding Balance | 7,460,000 | ||||
Percentage Guaranteed by the Company | 50.00% | ||||
Maximum Guaranteed Amount | 16,050,000 | ||||
Obligation recorded to reflect guaranty | 161,000 | 161,000 | 161,000 | ||
Loan guaranty, fee income percentage | 1.00% | ||||
Debt Coverage Service Ratio for Construction Loan | 130.00% | ||||
Ambassador Town Center JV, LLC | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 65.00% | ||||
Outstanding Balance | 1,455,000 | ||||
Percentage Guaranteed by the Company | 100.00% | ||||
Maximum Guaranteed Amount | 48,000 | ||||
Obligation recorded to reflect guaranty | 482,000 | 482,000 | 482,000 | ||
Loan guaranty, fee income percentage | 1.00% | ||||
Ambassador Infrastructure, LLC | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 65.00% | ||||
Outstanding Balance | 1,002,000 | ||||
Percentage Guaranteed by the Company | 100.00% | ||||
Maximum Guaranteed Amount | 12,000 | ||||
Obligation recorded to reflect guaranty | 177,000 | 177,000 | 177,000 | ||
Loan guaranty, fee income percentage | 1.00% | ||||
West Melbourne I, upon payment of contractual rent | |||||
Guarantor Obligations [Line Items] | |||||
Percentage Guaranteed by the Company | 25.00% | ||||
Fremaux Town Center Phase I, upon full payment of rent | |||||
Guarantor Obligations [Line Items] | |||||
Percentage Guaranteed by the Company | 25.00% | ||||
Fremaux Town Center Phase I, after one year of completion | |||||
Guarantor Obligations [Line Items] | |||||
Percentage Guaranteed by the Company | 15.00% | ||||
Fremaux Town Center JV, LLC | |||||
Guarantor Obligations [Line Items] | |||||
Number of extension options available | 2 | ||||
Debt instrument, option extension term (in years) | 1 year | ||||
Fremaux Town Center Phase II, upon completion | |||||
Guarantor Obligations [Line Items] | |||||
Percentage Guaranteed by the Company | 25.00% | ||||
Fremaux Town Center Phase II, after one year of completion | |||||
Guarantor Obligations [Line Items] | |||||
Percentage Guaranteed by the Company | 15.00% | ||||
Ambassador Town Center, upon completion | |||||
Guarantor Obligations [Line Items] | |||||
Guarantors Percentage Obligation for Construction Loan, Expected | 50.00% | ||||
Ambassador Town Center, upon completion and attainment of certain debt service and operational metrics | |||||
Guarantor Obligations [Line Items] | |||||
Guarantors Percentage Obligation for Construction Loan, Expected | 15.00% | ||||
Ambassador Town Center JV, LLC and Ambassador Infrastructure, LLC | |||||
Guarantor Obligations [Line Items] | |||||
Number of extension options available | 2 | ||||
Debt instrument, option extension term (in years) | 1 year | ||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,200 or more | |||||
Guarantor Obligations [Line Items] | |||||
Percentage Guaranteed by the Company | 50.00% | ||||
PILOT Payment Threshold for Change in Guarantors Percentage | 1,200,000 | ||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,400 or more | |||||
Guarantor Obligations [Line Items] | |||||
Percentage Guaranteed by the Company | 20.00% | ||||
PILOT Payment Threshold for Change in Guarantors Percentage | 1,400,000 | ||||
York Town Center, LP | |||||
Guarantor Obligations [Line Items] | |||||
Company's Ownership Interest | 50.00% | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 22,000,000 | ||||
Annual Reductions To Guarantors Obligations | 800,000 | ||||
Guaranteed Minimum Exposure Amount | 10,000,000 | ||||
Guaranteed Amount of the Outstanding Loan Based on Percentage | $15,600,000 | ||||
Reimburse Obligations (as a percent) | 50.00% |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 |
plan | |||
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 cost capitalized as part of real estate assets | $79 | $46 | |
Weighted Average Grant-Date Fair Value | |||
Unrecognized compensation cost related to nonvested stock awards | 10,281 | 10,281 | |
Compensation cost to be recognized over a weighted average period | 3 years 9 months 20 days | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 2,244 | 1,916 | |
Stock Awards | |||
Shares | |||
Nonvested, beginning of period (in shares) | 498,862 | ||
Granted (in shares) | 267,410 | ||
Vested (in shares) | -191,215 | ||
Forfeited (in shares) | -2,340 | ||
Nonvested, end of period (in shares) | 572,717 | 572,717 | |
Weighted Average Grant-Date Fair Value | |||
Weighted average grant date fair value, nonvested, beginning of period (in dollars per share) | $18.35 | ||
Weighted average grant date fair value, granted (in dollars per share) | $20.30 | ||
Weighted average grant date fair value, vested (in dollars per share) | $18.76 | ||
Weighted average grant date fair value, forfeited (in dollars per share) | $19.20 | ||
Weighted average grant date fair value, nonvested, end of period (in dollars per share) | $19.12 | $19.12 | |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 156 | ||
Shares | |||
Granted (in shares) | 138,680 | ||
Weighted Average Grant-Date Fair Value | |||
Weighted average grant date fair value, granted (in dollars per share) | $15.52 | ||
Unrecognized compensation cost related to nonvested stock awards | $1,996 | $1,996 | |
Vested at conclusion of performance period | |||
Weighted Average Grant-Date Fair Value | |||
Vesting percentage | 60.00% | ||
Remaining percentage after performance period | |||
Weighted Average Grant-Date Fair Value | |||
Vesting percentage | 40.00% | ||
Vested each year for the first two anniversaries after conclusion of performance period | |||
Weighted Average Grant-Date Fair Value | |||
Vesting percentage | 20.00% |
Noncash_Investing_and_Financin2
Noncash Investing and Financing Activities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Accrued dividends and distributions payable | $54,491 | $50,576 |
Additions to real estate assets accrued but not yet paid | 3,965 | 19,162 |
Decrease in real estate assets | 0 | -22,605 |
Decrease in mortgage and other indebtedness | 0 | 68,169 |
Decrease in operating assets and liabilities | $0 | ($1,655) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Percentage of taxable income required to be distributed to shareholders | 90.00% | ||
State tax expense | $1,078 | $1,093 | |
Current tax benefit | 1,423 | 53 | |
Deferred tax provision | -507 | -450 | |
Income tax benefit (provision) | 916 | -397 | |
Net deferred tax asset | $1,962 | $394 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | 31-May-15 | Apr. 30, 2015 |
Subsequent Event [Line Items] | ||||
Estimated impairment loss | $0 | $17,150 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Long-term debt | 49,602 | |||
Fixed interest rate (as a percent) | 4.99% | |||
Madison Square | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Gross sales price | 5,000 | |||
Estimated impairment loss | $2,700 |