Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | |
Entity Central Index Key | 910,612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 170,794,183 | |
CBL & Associates Limited Partnership | ||
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & Associates Limited Partnership | |
Entity Central Index Key | 915,140 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Real estate assets: | |||
Land | [1] | $ 866,890 | $ 876,668 |
Buildings and improvements | [1] | 7,159,509 | 7,287,862 |
Real estate investment property, at cost | [1] | 8,026,399 | 8,164,530 |
Accumulated depreciation | [1] | (2,383,153) | (2,382,568) |
Real estate investment property, net, before developments in progress | [1] | 5,643,246 | 5,781,962 |
Held for sale | [1] | 18,721 | 0 |
Developments in progress | [1] | 87,576 | 75,991 |
Net investment in real estate assets | [1] | 5,749,543 | 5,857,953 |
Cash and cash equivalents | [1] | 25,031 | 36,892 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $2,034 and $1,923 in 2016 and 2015, respectively | [1] | 93,756 | 87,286 |
Other, net of allowance for doubtful accounts of $1,275 and $1,276 in 2016 and 2015, respectively | [1] | 13,842 | 17,958 |
Mortgage and other notes receivable | [1] | 20,491 | 18,238 |
Investments in unconsolidated affiliates | [1] | 294,062 | 276,383 |
Intangible lease assets and other assets | [1] | 187,203 | 185,281 |
Total assets | [1] | 6,383,928 | 6,479,991 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||
Mortgage and other indebtedness, net | 4,683,487 | 4,710,628 | |
Accounts payable and accrued liabilities | 299,691 | 344,434 | |
Total liabilities | [1] | $ 4,983,178 | $ 5,055,062 |
Commitments and contingencies (Note 12) | |||
Redeemable interests: | |||
Redeemable noncontrolling interests | $ 20,854 | $ 25,330 | |
Preferred stock, $.01 par value, 15,000,000 shares authorized: | |||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,791,235 and 170,490,948 issued and outstanding in 2016 and 2015, respectively | 1,708 | 1,705 | |
Partners' capital: | |||
Additional paid-in capital | 1,969,888 | 1,970,333 | |
Accumulated other comprehensive income | 0 | 1,935 | |
Dividends in excess of cumulative earnings | (705,438) | (689,028) | |
Total shareholders' equity | 1,266,183 | 1,284,970 | |
Noncontrolling interests | 113,713 | 114,629 | |
Total equity | 1,379,896 | 1,399,599 | |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | 6,383,928 | 6,479,991 | |
Variable interest entities, assets | 517,532 | ||
Variable interest entities, liabilities | 435,213 | ||
CBL & Associates Limited Partnership | |||
Real estate assets: | |||
Land | [1] | 866,890 | 876,668 |
Buildings and improvements | [1] | 7,159,509 | 7,287,862 |
Real estate investment property, at cost | [1] | 8,026,399 | 8,164,530 |
Accumulated depreciation | [1] | (2,383,153) | (2,382,568) |
Real estate investment property, net, before developments in progress | [1] | 5,643,246 | 5,781,962 |
Held for sale | [1] | 18,721 | 0 |
Developments in progress | [1] | 87,576 | 75,991 |
Net investment in real estate assets | [1] | 5,749,543 | 5,857,953 |
Cash and cash equivalents | [1] | 25,026 | 36,887 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $2,034 and $1,923 in 2016 and 2015, respectively | [1] | 93,756 | 87,286 |
Other, net of allowance for doubtful accounts of $1,275 and $1,276 in 2016 and 2015, respectively | [1] | 13,794 | 17,958 |
Mortgage and other notes receivable | [1] | 20,491 | 18,238 |
Investments in unconsolidated affiliates | [1] | 294,596 | 276,946 |
Intangible lease assets and other assets | [1] | 187,083 | 185,162 |
Total assets | [1] | 6,384,289 | 6,480,430 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||
Mortgage and other indebtedness, net | 4,683,487 | 4,710,628 | |
Accounts payable and accrued liabilities | 299,416 | 344,434 | |
Total liabilities | [1] | $ 4,982,903 | $ 5,055,062 |
Commitments and contingencies (Note 12) | |||
Redeemable interests: | |||
Redeemable noncontrolling interests | $ 1,698 | $ 5,586 | |
Redeemable common units | 19,156 | 19,744 | |
Total redeemable interests | 20,854 | 25,330 | |
Partners' capital: | |||
Preferred units | 565,212 | 565,212 | |
General partner | 8,224 | 8,435 | |
Limited partners | 803,219 | 822,383 | |
Accumulated other comprehensive income | 0 | (868) | |
Total partners' capital | 1,376,655 | 1,395,162 | |
Noncontrolling interests | 3,877 | 4,876 | |
Total capital | 1,380,532 | 1,400,038 | |
Total Liabilities, Redeemable Noncontrolling Interests and Equity | 6,384,289 | 6,480,430 | |
Variable interest entities, assets | 517,532 | ||
Variable interest entities, liabilities | 435,213 | ||
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 | |
[1] | As of March 31, 2016, include $517,532 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $435,213 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Tenant receivables allowance for doubtful accounts | $ 2,034 | $ 1,923 | |
Other receivables allowance for doubtful accounts | $ 1,275 | $ 1,276 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | |
Variable interest entities, assets | $ 517,532 | ||
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 | 170,791,235 | 170,490,948 | |
Common stock, shares outstanding | 170,791,235 | 170,490,948 | |
Assets | [1] | $ 6,383,928 | $ 6,479,991 |
Liabilities | [1] | 4,983,178 | $ 5,055,062 |
Variable interest entities, liabilities | $ 435,213 | ||
Series D Preferred Stock | |||
Preferred stock, dividend rate (as a percent) | 7.375% | 7.375% | |
Preferred stock, shares outstanding | 1,815,000 | 1,815,000 | |
Series E Preferred Stock | |||
Preferred stock, dividend rate (as a percent) | 6.625% | 6.625% | |
Preferred stock, shares outstanding | 690,000 | 690,000 | |
CBL & Associates Limited Partnership | |||
Tenant receivables allowance for doubtful accounts | $ 2,034 | $ 1,923 | |
Other receivables allowance for doubtful accounts | 1,275 | 1,276 | |
Variable interest entities, assets | 517,532 | ||
Assets | [1] | 6,384,289 | 6,480,430 |
Liabilities | [1] | 4,982,903 | $ 5,055,062 |
Variable interest entities, liabilities | $ 435,213 | ||
[1] | As of March 31, 2016, include $517,532 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $435,213 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUES: | ||
Minimum rents | $ 170,629 | $ 169,081 |
Percentage rents | 4,673 | 4,137 |
Other rents | 5,062 | 5,171 |
Tenant reimbursements | 73,366 | 72,133 |
Management, development and leasing fees | 2,581 | 2,778 |
Other | 6,767 | 7,609 |
Total revenues | 263,078 | 260,909 |
OPERATING EXPENSES: | ||
Property operating | 38,628 | 38,904 |
Depreciation and amortization | 76,506 | 76,266 |
Real estate taxes | 23,028 | 22,785 |
Maintenance and repairs | 14,548 | 14,216 |
General and administrative | 17,168 | 17,230 |
Loss on impairment | 19,685 | 0 |
Other | 9,685 | 6,476 |
Total operating expenses | 199,248 | 175,877 |
Income from operations | 63,830 | 85,032 |
Interest and other income | 360 | 5,274 |
Interest expense | (55,231) | (59,157) |
Gain on extinguishment of debt | 6 | 0 |
Gain on investment | 0 | 16,560 |
Equity in earnings of unconsolidated affiliates | 32,390 | 3,823 |
Income tax benefit | 537 | 916 |
Income from continuing operations before gain on sales of real estate assets | 41,892 | 52,448 |
Gain on sales of real estate assets | 0 | 757 |
Net income | 41,892 | 53,205 |
Net (income) loss attributable to noncontrolling interests in: | ||
Operating Partnership | (4,945) | (6,172) |
Other consolidated subsidiaries/Net (income) loss attributable to noncontrolling interests | 3,127 | (869) |
Net income attributable to the Company/Operating Partnership | 40,074 | 46,164 |
Preferred dividends/distributions to preferred unitholders | (11,223) | (11,223) |
Net income attributable to common shareholders/unitholders | $ 28,851 | $ 34,941 |
Basic per share data attributable to common shareholders/unitholders: | ||
Net income attributable to common shareholders/unitholders, basic (in dollars per share) | $ 0.17 | $ 0.21 |
Weighted-average common shares/units outstanding, basic (in shares) | 170,669 | 170,420 |
Diluted per share data attributable to common shareholders/unitholders: | ||
Net income attributable to common shareholders/unitholders, diluted (in dollars per share) | $ 0.17 | $ 0.20 |
Weighted-average common and potential dilutive common shares/units outstanding, diluted (in shares) | 170,669 | 170,510 |
Dividends declared per common share/unit (in dollars per share) | $ 0.265 | $ 0.265 |
CBL & Associates Limited Partnership | ||
REVENUES: | ||
Minimum rents | $ 170,629 | $ 169,081 |
Percentage rents | 4,673 | 4,137 |
Other rents | 5,062 | 5,171 |
Tenant reimbursements | 73,366 | 72,133 |
Management, development and leasing fees | 2,581 | 2,778 |
Other | 6,767 | 7,609 |
Total revenues | 263,078 | 260,909 |
OPERATING EXPENSES: | ||
Property operating | 38,628 | 38,904 |
Depreciation and amortization | 76,506 | 76,266 |
Real estate taxes | 23,028 | 22,785 |
Maintenance and repairs | 14,548 | 14,216 |
General and administrative | 17,168 | 17,230 |
Loss on impairment | 19,685 | 0 |
Other | 9,685 | 6,476 |
Total operating expenses | 199,248 | 175,877 |
Income from operations | 63,830 | 85,032 |
Interest and other income | 360 | 5,274 |
Interest expense | (55,231) | (59,157) |
Gain on extinguishment of debt | 6 | 0 |
Gain on investment | 0 | 16,560 |
Equity in earnings of unconsolidated affiliates | 32,390 | 3,823 |
Income tax benefit | 537 | 916 |
Income from continuing operations before gain on sales of real estate assets | 41,892 | 52,448 |
Gain on sales of real estate assets | 0 | 757 |
Net income | 41,892 | 53,205 |
Net (income) loss attributable to noncontrolling interests in: | ||
Other consolidated subsidiaries/Net (income) loss attributable to noncontrolling interests | 3,127 | (869) |
Net income attributable to the Company/Operating Partnership | 45,019 | 52,336 |
Preferred dividends/distributions to preferred unitholders | (11,223) | (11,223) |
Net income attributable to common shareholders/unitholders | $ 33,796 | $ 41,113 |
Basic per share data attributable to common shareholders/unitholders: | ||
Net income attributable to common shareholders/unitholders, basic (in dollars per share) | $ 0.17 | $ 0.21 |
Weighted-average common shares/units outstanding, basic (in shares) | 199,926 | 199,681 |
Diluted per share data attributable to common shareholders/unitholders: | ||
Net income attributable to common shareholders/unitholders, diluted (in dollars per share) | $ 0.17 | $ 0.21 |
Weighted-average common and potential dilutive common shares/units outstanding, diluted (in shares) | 199,926 | 199,771 |
Dividends declared per common share/unit (in dollars per share) | $ 0.273 | $ 0.273 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 41,892 | $ 53,205 |
Other comprehensive income (loss): | ||
Unrealized holding gain on available-for-sale securities | 0 | 242 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | (16,560) |
Unrealized gain on hedging instruments | 877 | 883 |
Reclassification of hedging effect on earnings | (443) | (523) |
Total other comprehensive income (loss) | 434 | (15,958) |
Comprehensive income | 42,326 | 37,247 |
Comprehensive (income) loss attributable to noncontrolling interests in: | ||
Operating Partnership | (5,008) | (3,018) |
Other consolidated subsidiaries/Comprehensive (income) loss attributable to noncontrolling interests | 3,127 | (869) |
Comprehensive income attributable to the Company | 40,445 | 33,360 |
CBL & Associates Limited Partnership | ||
Net income | 41,892 | 53,205 |
Other comprehensive income (loss): | ||
Unrealized holding gain on available-for-sale securities | 0 | 242 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | (16,560) |
Unrealized gain on hedging instruments | 877 | 883 |
Reclassification of hedging effect on earnings | (443) | (523) |
Total other comprehensive income (loss) | 434 | (15,958) |
Comprehensive income | 42,326 | 37,247 |
Comprehensive (income) loss attributable to noncontrolling interests in: | ||
Other consolidated subsidiaries/Comprehensive (income) loss attributable to noncontrolling interests | 3,127 | (869) |
Comprehensive income attributable to the Company | $ 45,453 | $ 36,378 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Equity/Capital (Unaudited) - USD ($) $ in Thousands | Total | Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Dividends in Excess of Cumulative EarningsPreferred Units | Total Shareholders' Equity | Noncontrolling Interests | CBL & Associates Limited Partnership | CBL & Associates Limited PartnershipPreferred Units | CBL & Associates Limited PartnershipCommon Units | CBL & Associates Limited PartnershipGeneral Partner | CBL & Associates Limited PartnershipLimited Partners | CBL & Associates Limited PartnershipAccumulated Other Comprehensive Income | CBL & Associates Limited PartnershipTotal Shareholders' Equity | CBL & Associates Limited PartnershipNoncontrolling Interests | CBL & Associates Limited PartnershipRedeemable Noncontrolling Interests | CBL & Associates Limited PartnershipRedeemable Common Units | CBL & Associates Limited PartnershipRedeemable Noncontrolling Interests |
Beginning Balance, redeemable noncontrolling partnership interests at Dec. 31, 2014 | $ 37,559 | $ 6,455 | $ 31,104 | $ 37,559 | |||||||||||||||||
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) | ||||||||||||||
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, redeemable noncontrolling partnership interests at Mar. 31, 2015 | 37,468 | 6,157 | 31,311 | 37,468 | |||||||||||||||||
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, units at Dec. 31, 2014 | 25,050,000 | 199,532,000 | |||||||||||||||||||
Beginning balance at Dec. 31, 2014 | 1,550,441 | $ 565,212 | 9,789 | 953,349 | 13,183 | 1,541,533 | 8,908 | ||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 52,094 | 46,164 | 46,164 | 5,930 | 52,094 | 11,223 | 419 | 40,365 | 52,007 | 87 | |||||||||||
Other comprehensive income (loss) | (15,576) | (382) | (12,804) | (12,804) | (2,772) | (15,576) | (15,576) | (15,576) | (382) | (382) | |||||||||||
Performance stock units | 156 | 156 | 156 | 156 | 2 | 154 | 156 | ||||||||||||||
Redemption of redeemable noncontrolling preferred joint venture interest | (286) | (286) | |||||||||||||||||||
Dividends/Distributions declared - common stock/units | (45,180) | (45,180) | (45,180) | (53,341) | (533) | (52,808) | (53,341) | (1,126) | (1,126) | ||||||||||||
Dividends/Distributions declared - preferred stock/units | $ (11,223) | $ (11,223) | (11,223) | (11,223) | $ (11,223) | (11,223) | |||||||||||||||
Issuances of common units (in units) | 269,929 | 270,000 | |||||||||||||||||||
Issuances of common units | 541 | 541 | 541 | ||||||||||||||||||
Issuance of common stock and restricted common stock | $ 541 | 2 | 539 | 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) | |||||||||||||||||
Distributions to noncontrolling interests | (9,276) | (1,640) | (9,276) | (1,115) | (1,115) | (514) | (514) | ||||||||||||||
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 | 1,521,442 | 25 | 1,705 | 1,958,570 | 607 | (577,024) | 1,383,883 | 137,559 | |||||||||||||
Ending balance, units at Mar. 31, 2015 | 25,050,000 | 199,750,000 | |||||||||||||||||||
Ending balance at Mar. 31, 2015 | 1,521,867 | $ 565,212 | 9,657 | 941,548 | (2,393) | 1,514,024 | 7,843 | ||||||||||||||
Beginning Balance, redeemable noncontrolling partnership interests at Dec. 31, 2015 | 25,330 | 19,744 | 5,586 | 19,744 | 25,330 | ||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | (3,225) | (3,489) | 264 | (3,225) | |||||||||||||||||
Other comprehensive income (loss) | 431 | 3 | 371 | 371 | 60 | 431 | 431 | 431 | 3 | 3 | |||||||||||
Dividends declared - common stock/units | (45,261) | (45,261) | (45,261) | (53,428) | (533) | (52,895) | (53,428) | (1,143) | (1,143) | ||||||||||||
Distributions to noncontrolling interests | (9,528) | (2,134) | (9,528) | (1,361) | (1,361) | (991) | (991) | ||||||||||||||
Allocation of partners' capital | (90) | (31) | (496) | (90) | 288 | 288 | |||||||||||||||
Adjustment for noncontrolling interests | (287) | 288 | (1,490) | (3,796) | 3,509 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (592) | 592 | (592) | (592) | (592) | (6) | (586) | (592) | 592 | 592 | |||||||||||
Ending Balance, redeemable noncontrolling partnership interests at Mar. 31, 2016 | 20,854 | 19,156 | 1,698 | 19,156 | 20,854 | ||||||||||||||||
Beginning Balance at Dec. 31, 2015 | 1,399,599 | 25 | 1,705 | 1,970,333 | 1,935 | (689,028) | 1,284,970 | 114,629 | |||||||||||||
Beginning balance, units at Dec. 31, 2015 | 25,050,000 | 199,748,000 | |||||||||||||||||||
Beginning balance at Dec. 31, 2015 | 1,400,038 | $ 565,212 | 8,435 | 822,383 | (868) | 1,395,162 | 4,876 | ||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 45,117 | 40,074 | 40,074 | 5,043 | 45,117 | 11,223 | 344 | 33,188 | 44,755 | 362 | |||||||||||
Other comprehensive income (loss) | 431 | 3 | 371 | 371 | 60 | 431 | 431 | 431 | 3 | 3 | |||||||||||
Performance stock units | 258 | 258 | 258 | 258 | 3 | 255 | 258 | ||||||||||||||
Dividends/Distributions declared - common stock/units | (45,261) | (45,261) | (45,261) | (53,428) | (533) | (52,895) | (53,428) | (1,143) | (1,143) | ||||||||||||
Dividends/Distributions declared - preferred stock/units | $ (11,223) | (11,223) | (11,223) | (11,223) | $ (11,223) | (11,223) | |||||||||||||||
Issuances of common units (in units) | 323,353 | 323,000 | |||||||||||||||||||
Issuances of common units | 342 | 342 | 342 | ||||||||||||||||||
Issuance of common stock and restricted common stock | $ 342 | 3 | 339 | 342 | |||||||||||||||||
Cancellation of restricted common stock, units | (23,066) | (23,000) | |||||||||||||||||||
Cancellation of restricted common stock | $ (214) | (214) | (214) | (214) | (214) | (214) | |||||||||||||||
Amortization of deferred compensation | 1,254 | 1,254 | 1,254 | 1,254 | 12 | 1,242 | 1,254 | ||||||||||||||
Distributions to noncontrolling interests | (9,528) | (2,134) | (9,528) | (1,361) | (1,361) | (991) | (991) | ||||||||||||||
Allocation of partners' capital | (90) | (31) | (496) | (90) | $ 288 | 288 | |||||||||||||||
Adjustment for noncontrolling interests | (287) | 288 | (1,490) | (3,796) | 3,509 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (592) | $ 592 | (592) | (592) | (592) | (6) | (586) | (592) | $ 592 | $ 592 | |||||||||||
Ending Balance at Mar. 31, 2016 | $ 1,379,896 | $ 25 | $ 1,708 | $ 1,969,888 | $ 0 | $ (705,438) | $ 1,266,183 | $ 113,713 | |||||||||||||
Ending balance, units at Mar. 31, 2016 | 25,050,000 | 200,048,000 | |||||||||||||||||||
Ending balance at Mar. 31, 2016 | $ 1,380,532 | $ 565,212 | $ 8,224 | $ 803,219 | $ 0 | $ 1,376,655 | $ 3,877 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Equity/Capital (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuances of common and restricted stock, shares | 323,353 | 269,929 |
Cancellation of restricted common stock, shares | 23,066 | 37,217 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 41,892 | $ 53,205 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 76,506 | 76,266 | |
Net amortization of deferred finance costs and debt premiums | 717 | 1,577 | |
Net amortization of intangible lease assets and liabilities | (622) | (175) | |
Gain on sales of real estate assets | 0 | (757) | |
Gain on investment | 0 | (16,560) | |
Write-off of development projects | 1 | 125 | |
Share-based compensation expense | 1,802 | 2,488 | |
Loss on impairment | 19,685 | 0 | |
Equity in earnings of unconsolidated affiliates | (32,390) | (3,823) | |
Distributions of earnings from unconsolidated affiliates | 4,113 | 4,538 | |
Provision for doubtful accounts | 2,104 | 1,372 | |
Change in deferred tax accounts | 99 | 507 | |
Changes in: | |||
Tenant and other receivables | (4,458) | 51 | |
Other assets | (5,115) | (8,692) | |
Accounts payable and accrued liabilities | (18,557) | (4,388) | |
Net cash provided by operating activities | 85,777 | 105,734 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (34,304) | (43,324) | |
(Additions) reductions to restricted cash | (3,133) | 4,955 | |
Proceeds from sales of real estate assets | 33,425 | 11,261 | |
Additions to mortgage and other notes receivable | (2,484) | 0 | |
Payments received on mortgage and other notes receivable | 231 | 202 | |
Net proceeds from sales of available-for-sale securities | 0 | 20,755 | |
Additional investments in and advances to unconsolidated affiliates | (4,363) | (3,629) | |
Distributions in excess of equity in earnings of unconsolidated affiliates | 9,023 | 5,156 | |
Changes in other assets | (528) | (3,336) | |
Net cash used in investing activities | (2,133) | (7,960) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 90,702 | 82,133 | |
Principal payments on mortgage and other indebtedness | (118,102) | (112,215) | |
Additions to deferred financing costs | (79) | (120) | |
Proceeds from issuances of common stock | 40 | 52 | |
Purchase of noncontrolling interest in the Operating Partnership | 0 | (286) | |
Contributions from noncontrolling interests | 0 | (31) | |
Distributions to noncontrolling interests | (11,662) | (10,925) | |
Dividends paid to holders of preferred stock | (11,223) | (11,223) | |
Dividends paid to common shareholders | (45,181) | (45,119) | |
Net cash used in financing activities | (95,505) | (97,734) | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (11,861) | 40 | |
CASH AND CASH EQUIVALENTS, beginning of period | 36,892 | [1] | 37,938 |
CASH AND CASH EQUIVALENTS, end of period | 25,031 | [1] | 37,978 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 45,115 | 47,874 | |
CBL & Associates Limited Partnership | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 41,892 | 53,205 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 76,506 | 76,266 | |
Net amortization of deferred finance costs and debt premiums | 717 | 1,577 | |
Net amortization of intangible lease assets and liabilities | (622) | (175) | |
Gain on sales of real estate assets | 0 | (757) | |
Gain on investment | 0 | (16,560) | |
Write-off of development projects | 1 | 125 | |
Share-based compensation expense | 1,802 | 2,488 | |
Loss on impairment | 19,685 | 0 | |
Equity in earnings of unconsolidated affiliates | (32,390) | (3,823) | |
Distributions of earnings from unconsolidated affiliates | 4,113 | 4,538 | |
Provision for doubtful accounts | 2,104 | 1,372 | |
Change in deferred tax accounts | 99 | 507 | |
Changes in: | |||
Tenant and other receivables | (4,410) | 51 | |
Other assets | (5,115) | (8,692) | |
Accounts payable and accrued liabilities | (18,605) | (4,392) | |
Net cash provided by operating activities | 85,777 | 105,730 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (34,304) | (43,324) | |
(Additions) reductions to restricted cash | (3,133) | 4,955 | |
Proceeds from sales of real estate assets | 33,425 | 11,261 | |
Additions to mortgage and other notes receivable | (2,484) | 0 | |
Payments received on mortgage and other notes receivable | 231 | 202 | |
Net proceeds from sales of available-for-sale securities | 0 | 20,755 | |
Additional investments in and advances to unconsolidated affiliates | (4,363) | (3,629) | |
Distributions in excess of equity in earnings of unconsolidated affiliates | 9,023 | 5,156 | |
Changes in other assets | (528) | (3,336) | |
Net cash used in investing activities | (2,133) | (7,960) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 90,702 | 82,133 | |
Principal payments on mortgage and other indebtedness | (118,102) | (112,215) | |
Additions to deferred financing costs | (79) | (120) | |
Proceeds from issuances of common stock | 40 | 52 | |
Redemption of common units | 0 | (286) | |
Contributions from noncontrolling interests | 0 | (31) | |
Distributions to noncontrolling interests | (2,352) | (10,925) | |
Dividends paid to holders of preferred stock | (11,223) | (11,223) | |
Dividends paid to common shareholders | (54,491) | (45,119) | |
Net cash used in financing activities | (95,505) | (97,734) | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (11,861) | 36 | |
CASH AND CASH EQUIVALENTS, beginning of period | 36,887 | [1] | 37,926 |
CASH AND CASH EQUIVALENTS, end of period | 25,026 | [1] | 37,962 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | $ 45,115 | $ 47,874 | |
[1] | As of March 31, 2016, include $517,532 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $435,213 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation CBL & Associates Properties, Inc. (âCBLâ), a Delaware corporation, is a self-managed, self-administered, fully-integrated real estate investment trust (âREITâ) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use 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 âOperating Partnershipâ), which is a variable interest entity ("VIE"). In accordance with the guidance in ASC 810, Consolidations, the Company is exempt from providing further disclosures related to the Operating Partnership's VIE classification. 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 VIE. As of March 31, 2016 , the Operating Partnership owned interests in the following properties: Malls (1) Associated Centers Community Centers Office Buildings (2) Total Consolidated properties 71 21 6 8 106 Unconsolidated properties (3) 10 4 5 5 24 Total 81 25 11 13 130 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). (2) Includes CBL's corporate office buildings. (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, 2016 , the Operating Partnership had interests in the following properties under development: Consolidated Properties Unconsolidated Properties Malls Community Centers Malls Community Centers Development â â â 1 Expansions â 1 1 2 Redevelopments 2 â 2 â 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, 2016 , 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 84.4% limited partner interest for a combined interest held by CBL of 85.4% . 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, 2016 , CBLâs Predecessor owned a 9.1% limited partner interest and third parties owned a 5.5% limited partner interest in the Operating Partnership. CBL's Predecessor also owned 3.7 million shares of CBLâs common stock at March 31, 2016 , for a total combined effective interest of 10.9% in the Operating Partnership. The Operating Partnership conducts the Companyâs property management and development activities through its wholly-owned subsidiary, CBL & Associates Management, Inc. (the âManagement Companyâ), to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the âInternal Revenue Codeâ). 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 (âGAAPâ) 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, 2016 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 Companyâs audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2015 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Adopted In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 5 but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures that were noted. Accounting Guidance Not Yet Effective In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company expects to adopt ASU 2016-09 as of January 1, 2017 and is currently assessing the potential impact of adopting the new guidance. In February 2016, the FASB issued ASU 2016-02, Leases (" ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company expects to adopt ASU 2016-02 as of January 1, 2019 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08") . The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. The Company is evaluating the impact that these updates may have on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 â Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. Level 2 â 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 â 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 Companyâs 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 and under current market conditions. 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 Companyâs financial instruments that are measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 : Fair Value Measurements at Reporting Date Using Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Interest rate swaps (1) $ â $ â $ â $ â (1) The interest rate swaps matured April 1, 2016. Fair Value Measurements at Reporting Date Using Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Interest rate swaps $ 434 $ â $ 434 $ â 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. 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, 2016 and December 31, 2015 , respectively, that qualified as hedging instruments and were designated as cash flow hedges. These swaps matured on April 1, 2016. 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 were, thus, reported in other comprehensive income (loss) ("OCI/L") and reclassified into earnings in the same period or periods during which the hedged items affected earnings. The fair values of the Companyâs interest rate hedges, classified under Level 2, were determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Companyâs credit standing, credit risk of the counterparties and reasonable estimates about relevant future market conditions. See Note 6 for further information regarding the Companyâs 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 $4,980,818 and $4,945,622 at March 31, 2016 and December 31, 2015 , 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 $4,683,487 and $4,710,628 at March 31, 2016 and December 31, 2015 , respectively. Fair Value Measurements on a Nonrecurring Basis The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income ("NOI"), occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. The fair value analysis as of March 31, 2016 used various probability-weighted scenarios comparing the property's net book value to the sum of its estimated fair value. Assumptions included up to a 10 -year holding period with a sale at the end of the holding period and capitalization rates ranging from 9% to 12% . As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges: Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Loss 2016: Long-lived assets $ 57,200 $ â $ â $ 57,200 $ 19,514 Long-lived Assets Measured at Fair Value in 2016 During the three months ended March 31, 2016 , the Company recognized a non-cash impairment of real estate of $19,514 when it wrote down three malls and an associated center to their estimated fair values. These properties were Bonita Lakes Mall and Bonita Lakes Crossing ("Bonita Lakes"), Midland Mall and River Ridge Mall. In accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $5,323 in the first quarter of 2016 when it adjusted the book value of Bonita Lakes Mall and Bonita Lakes Crossing, located in Meridian, MS, to their estimated fair value of $28,000 as of March 31, 2016. The Company recognized a non-cash impairment of $4,681 on Midland Mall, located in Midland, MI, when it wrote down the mall to its estimated fair value of $29,200 as of March 31, 2016. The Company plans to exit this investment when the non-recourse loan secured by the property matures later this year and recognized an impairment upon the change in its plans to hold the investment. The Company sold a 75% interest in its wholly-owned investment in River Ridge Mall to a newly formed joint venture in March 2016 and recognized a non-cash impairment of $9,510 when it adjusted the book value to its net sales price. The impairment loss includes a $2,100 reserve for a roof and electrical work that the Company must fund as part of the joint venture agreement. The Company's 25% share of River Ridge, the Company's 25% share in property contributed by the other partner and the $2,100 reserve noted above is included in investment in unconsolidated affiliates on the Company's consolidated balance sheet at March 31, 2016 with a fair value of $20,033 . See Note 5 for further information. A reconciliation of each property's carrying values for the three months ending March 31, 2016 is as follows: Bonita Lakes (1) Midland Mall (2) River Ridge Mall (3) Total Beginning carrying value, January 1, 2016 $ 33,347 $ 34,195 $ 56,610 $ 124,152 Capital expenditures 379 52 7,106 7,537 Depreciation expense (403 ) (366 ) (673 ) (1,442 ) Net sales proceeds (33,500 ) (33,500 ) Loss on impairment of real estate (5,323 ) (4,681 ) (9,510 ) (19,514 ) Reclass to investments in unconsolidated affiliates â â (20,033 ) (20,033 ) Ending carrying value, March 31, 2016 $ 28,000 $ 29,200 $ â $ 57,200 (1) The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. (2) The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. (3) The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. Other Impairment Loss in 2016 During the three months ended March 31, 2016 , the Company recorded an impairment of real estate of $171 related to the sale of an outparcel. |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Held for Sale | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] | |
Acquisitions, Dispositions and Held for Sale | Acquisitions, Dispositions and Held for Sale Acquisitions The Company did not acquire any consolidated shopping center properties during the three months ended March 31, 2016. On June 18, 2015, the Company acquired a 100% interest in Mayfaire Town Center and Community Center, in Wilmington, NC, for a total cash purchase price of $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 and income was included in the consolidated financial statements for the year ended December 31, 2015. The pro forma effect of this acquisition was not material. Subsequent to its acquisition, the Company sold Mayfaire Community Center in December 2015. See details below. Dispositions and Held for Sale The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the shopping center properties described below, as well as any related impairment loss, are included in income from continuing operations for all periods presented, as applicable. 2016 In March 2016, the Company sold a 75% interest in River Ridge Mall, located in Lynchburg, VA. In the first quarter of 2016, the Company recorded a non-cash impairment of real estate of $9,510 to adjust the book value of the property to its net sales price. See Note 3 for more information. The Company retained a 25% ownership interest in the property, which is included in investments in unconsolidated affiliates as of March 31, 2016 on the Company's condensed consolidated balance sheet. See Note 5 for more information on this new joint venture. See Note 16 for information on the sale of The Crossings at Marshalls Creek subsequent to March 31, 2016 . This property is classified as held for sale and the $18,721 on the Company's condensed consolidated balance sheet represents the net carrying value of the property at March 31, 2016 , which approximates 0.3% of the Company's total assets as of March 31, 2016 . 2015 Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions: Sales Date Property Property Type Location Gross Net Gain December Mayfaire Community Center (1) Community Center (2) Wilmington, NC $ 56,300 $ 55,955 $ â December Chapel Hill Crossing (3) Associated Center Akron, OH 2,300 2,178 â November Waynesville Commons Community Center Waynesville, NC 14,500 14,289 5,071 July Madison Plaza Associated Center Huntsville, AL 5,700 5,472 2,769 June EastGate Crossing (4) Associated Center Cincinnati, OH 21,060 20,688 13,491 April Madison Square (5) Mall Huntsville, AL 5,000 4,955 â $ 104,860 $ 103,537 $ 21,331 (1) The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its net sales price. (2) This property was combined with Mayfaire Towne Center in the Malls category for segment reporting purposes. (3) The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its net sales price. (4) In the fourth quarter of 2015, the Company earned $625 of the potential $1,740 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company has until September 2016 to lease one additional specified tenant space to earn the remaining consideration. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale. (5) The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price. |
Unconsolidated Affiliates, Rede
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 , the Company had investments in the following 20 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 65.0% Ambassador Town Center JV, LLC Ambassador Town Center 65.0% CBL/T-C, LLC CoolSprings Galleria, Oak Park Mall and West County Center 50.0% CBL-TRS Joint Venture, LLC Friendly Center, The Shops at Friendly Center and a portfolio 50.0% CBL-TRS Joint Venture II, LLC Renaissance Center 50.0% El Paso Outlet Outparcels, LLC The Outlet Shoppes at El Paso (vacant land) 50.0% Fremaux Town Center JV, LLC Fremaux Town Center Phases I and II 65.0% G&I VIII CBL Triangle LLC Triangle Town Center, Triangle Town Commons and Triangle Town Place 10.0% Governorâs Square IB Governorâs Plaza 50.0% Governorâs Square Company Governorâs Square 47.5% High Pointe Commons, LP High Pointe Commons 50.0% High Pointe Commons II-HAP, LP High Pointe Commons - Christmas Tree Shop 50.0% JG Gulf Coast Town Center LLC Gulf Coast Town Center Phases I, II and III 50.0% Kentucky Oaks Mall Company Kentucky Oaks Mall 50.0% Mall of South Carolina L.P. Coastal Grand 50.0% Mall of South Carolina Outparcel L.P. Coastal Grand Crossing and vacant land 50.0% Port Orange I, LLC The Pavilion at Port Orange Phase I and one office building 50.0% River Ridge Mall JV, LLC River Ridge Mall 25.0% West Melbourne I, LLC Hammock Landing Phases I and II 50.0% York Town Center, LP York Town Center 50.0% Although the Company had majority ownership of certain joint ventures during 2016 and 2015 , 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. CBL-TRS Joint Venture II, LLC See Note 16 for information on the sale of Renaissance Center subsequent to March 31, 2016 . This property is classified as held for sale within the condensed combined financial statements of unconsolidated affiliates as of March 31, 2016 . G&I VIII CBL Triangle LLC In February 2016, G&I VIII CBL Triangle LLC, a newly formed 10 / 90 joint venture between the Company and DRA Advisors, acquired Triangle Town Center, Triangle Town Commons and Triangle Town Place from an existing 50 / 50 joint venture, Triangle Town Member LLC, between the Company and The R.E. Jacobs Group for $174,000 , including the assumption of the $171,092 loan, of which each partner's share was $85,546 as of the closing date. Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the loan. See information on the new loan under Financings below. The Company also made an equity contribution of $3,060 to the joint venture at closing to fund certain items. The Company will continue to lease and manage the properties. The joint venture is accounted for using the equity method of accounting. The joint venture has not yet finalized its allocation of the fair value of the tangible and identifiable intangible assets acquired as it is awaiting certain valuation information. The Company expects a final determination of the purchase price allocation will be made during 2016. River Ridge Mall JV, LLC In March 2016, the Company entered into a 25 / 75 joint venture, River Ridge Mall JV, LLC, ("River Ridge") with an unaffiliated partner. The Company contributed River Ridge Mall, located in Lynchburg, VA, to River Ridge and the partner contributed $33,500 of cash and an anchor parcel at River Ridge Mall that it already owned having a value of $7,000 . Of the $33,500 of cash distributed to the Company, $32,819 was used to reduce outstanding balances on our lines of credit. Following the initial formation, all required future contributions will be funded on a pro rata basis. The joint venture is accounted for using the equity method of accounting. The Company has accounted for the formation of River Ridge as the sale of a partial interest and recorded a non-cash loss on impairment of real estate of $9,510 in the first quarter of 2016, which includes a reserve of $2,100 for future capital expenditures. See Note 3 for more information. The Company will continue to manage and lease the mall. The Company has the right to require its 75% partner to purchase its 25% interest in River Ridge if the Company ceases to manage the property at the partner's election. Condensed combined financial statement information of these unconsolidated affiliates is as follows: As of ASSETS March 31, December 31, Investment in real estate assets $ 2,355,978 $ 2,357,902 Accumulated depreciation (595,145 ) (677,448 ) 1,760,833 1,680,454 Held for sale 68,064 â Developments in progress 15,458 59,592 Net investment in real estate assets 1,844,355 1,740,046 Other assets 199,405 168,540 Total assets $ 2,043,760 $ 1,908,586 LIABILITIES Mortgage and other indebtedness $ 1,560,802 $ 1,546,272 Other liabilities 54,059 51,357 Total liabilities 1,614,861 1,597,629 OWNERS' EQUITY The Company 224,762 184,868 Other investors 204,137 126,089 Total owners' equity 428,899 310,957 Total liabilities and owners' equity $ 2,043,760 $ 1,908,586 Total for the Three Months Company's Share for the 2016 2015 2016 2015 Total revenues $ 64,204 $ 62,472 $ 30,264 $ 32,835 Depreciation and amortization (20,610 ) (19,481 ) (9,178 ) (10,317 ) Interest income 336 332 256 255 Interest expense (13,489 ) (18,794 ) (6,585 ) (9,685 ) Operating expenses (20,072 ) (19,306 ) (8,762 ) (9,828 ) Gain on sales of real estate assets 80,959 815 26,395 563 Net income $ 91,328 $ 6,038 $ 32,390 $ 3,823 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016: Date Property Stated Maturity (1) Amount February Port Orange (2) LIBOR + 2.00% February 2018 (3) $ 58,628 February Hammock Landing - Phase I (2) LIBOR + 2.00% February 2018 (3) 43,347 (4) February Hammock Landing - Phase II (2) LIBOR + 2.00% February 2018 (3) 16,757 February Triangle Town Center, Triangle Town Place, Triangle Town Commons (5) 4.00% (6) December 2018 (7) 171,092 (1) Excludes any extension options. (2) The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 12 for more information. (3) The loan was modified and extended to February 2018 with a one -year extension option. (4) The capacity was increased from $39,475 . (5) The loan was amended and modified in conjunction with the sale of the property to a newly formed joint venture. See above. (6) The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. (7) The loan was extended to December 2018 with two one -year extension options. 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 and Port Orange. See Note 12 for a description of guarantees the Company has issued related to certain unconsolidated affiliates. JG Gulf Coast Town Center LLC - Phases I and II In the third quarter of 2015, the lender of the non-recourse mortgage loan secured by Phases I and II of Gulf Coast Town Center in Ft. Myers, FL sent a formal notice of default and initiated foreclosure proceedings. Gulf Coast Town Center generates insufficient cash flow to cover the debt service on the mortgage, which had a balance of $190,800 (of which the Company's 50% share was $95,400 ) at March 31, 2016 and a contractual maturity date of July 2017. In the third quarter of 2015, the lender on the loan began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. Redeemable Interests of the Operating Partnership Redeemable common units of $19,156 and $19,744 at March 31, 2016 and December 31, 2015 , 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 $1,698 and $5,586 at March 31, 2016 and December 31, 2015 , respectively, include the aggregate noncontrolling ownership interest in consolidated subsidiaries that is held by third parties and for which the related partnership agreements contain redemption provisions at the holder's election that allow for redemption through cash and/or properties. The change relates to the reclassification of AOCI upon the maturity of the Company's hedges. See Note 7 . 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 $3,877 and $4,876 , as of March 31, 2016 and December 31, 2015 , 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 Companyâs common stock or, at the Companyâs election, their cash equivalent. As of March 31, 2016 , the Company's total noncontrolling interests of $113,713 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $109,836 and $3,877 , respectively. The Company's total noncontrolling interests at December 31, 2015 of $114,629 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $109,753 and $4,876 , 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 Jinshengâs shares since they are not publicly traded. The carrying amount of this investment was $5,325 at March 31, 2016 and December 31, 2015 . The noncontrolling interest is reflected as investment in unconsolidated affiliates in the accompanying condensed consolidated balance sheets. Variable Interest Entities As discussed in Note 2 , effective January 1, 2016, the Company adopted ASU 2015-02. As a result, the Operating Partnership and certain of our subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights. However, the Company was not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, the adoption of ASU 2015-02 affected disclosure only and did not change amounts within the condensed consolidated financial statements. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEâs economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. The table below lists the Company's VIEs as of March 31, 2016 under the new guidance: Consolidated VIEs: CBL Terrace LP Foothills Mall Associates High Point Development LP II Jarnigan Road LP Lebcon Associates Lebcon I, Ltd Lee Partners Village at Orchard Hills, LLC Statesboro Crossing, LLC The Promenade at D'Ilberville Madison Grandview Forum, LLC Atlanta Outlet Shoppes, LLC Woodstock Ga Investments, LLC Atlanta Outlet Outparcels, LLC El Paso Outlet Center Holding, LLC El Paso Outlet Center II, LLC Gettysburg Outlet Center Holding, LLC Gettysburg Outlet Center, LLC Louisville Outlet Shoppes, LLC Louisville Outlet Outparcels, LLC Unconsolidated VIEs: JG Gulf Coast Town Center LLC Ambassador Infrastructure, LLC G&I VIII CBL Triangle LLC (1) Triangle Town Member LLC (1) (1) As discussed above, prior to the sale of the Company's 50 % interest in Triangle Town Member LLC, the Company's investment in this joint venture represented an interest in a VIE. Upon, the sale of the Company's 50 % interest in Triangle Town Member LLC to G&I VIII CBL Triangle LLC, the Company determined that the new unconsolidated affiliate also represents an interest in a VIE based upon the criteria noted above. |
Mortgage and Other Indebtedness
Mortgage and Other Indebtedness | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage and Other Indebtedness | 1.6x 2.3x Unencumbered NOI to unsecured interest expense > 1.75x 4.9x EBITDA to fixed charges (debt service) > 1.5x 2.3x 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 âChange of Control/Change in Managementâ 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, 2016 : Ratio Required Actual Total debt to total assets < 60% 54% Secured debt to total assets < 45% (1) 31% Total unencumbered assets to unsecured debt > 150% 218% 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 Companyâs 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 Companyâs 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 See Note 16 for information on operating property loans that were paid off or extended subsequent to March 31, 2016 . Scheduled Principal Payments As of March 31, 2016 , the scheduled principal amortization and balloon payments on all of the Companyâs consolidated mortgage and other indebtedness, excluding extensions available at the Companyâs option, are as follows: 2016 $ 578,204 2017 829,607 2018 681,207 2019 149,086 2020 568,176 Thereafter 1,892,341 4,698,621 Net unamortized premiums 153 $ 4,698,774 Of the $578,204 of scheduled principal payments in 2016 , $509,060 relates to the maturing principal balance of ten operating property loans, $41,698 represents scheduled principal amortization and $27,446 relates to an operating property loan with a December 2015 maturity date, which was extended to December 2018 subsequent to March 31, 2016. Additionally, subsequent to March 31, 2016 , the Company retired four operating property loans with 2016 maturity dates, with an aggregate balance of $100,009 . See Note 16 for more information. Of the remaining maturities, one $11,056 operating property loan has an extension option, leaving five operating property loans with an aggregate balance of $397,995 that mature in 2016. After excluding the loans related to Midland Mall and Chesterfield Mall, we expect to refinance the $98,601 loan secured by Hamilton Place and retire the $127,173 in loans secured by Dakota Square Mall and Greenbrier Mall using our lines of credit. The Companyâs mortgage and other indebtedness had a weighted-average maturity of 4.1 years as of March 31, 2016 and 4.4 years as of December 31, 2015 . 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 Companyâs 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 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. 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 were used to hedge the variable cash flows associated with variable-rate debt. As of March 31, 2016 , the Company had the following outstanding interest rate derivatives, which matured on April 1, 2016, that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Outstanding Interest Rate Swaps 4 $ 100,009 Instrument Type Location in Condensed Consolidated Balance Sheet Notional Amount Outstanding Designated Benchmark Interest Rate Strike Rate Fair Fair Maturity Date Pay fixed/ Receive Accounts payable and $48,337 1-month 2.149% $ â $ (208 ) April 2016 Pay fixed/ Receive Accounts payable and $30,276 1-month 2.187% â (133 ) April 2016 Pay fixed/ Receive Accounts payable and $11,313 1-month 2.142% â (48 ) April 2016 Pay fixed/ Receive Accounts payable and $10,083 1-month 2.236% â (45 ) April 2016 $ â $ (434 ) Location of Location of Gain Recognized Hedging Three Months Ended Three Months Ended Three Months Ended 2016 2015 2016 2015 2016 2015 Interest rate contracts $ 434 $ 360 Interest $ (443 ) $ (523 ) Interest $ â $ â" id="sjs-B4">Mortgage and Other Indebtedness Debt of the Company CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it 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 three unsecured term loans as of March 31, 2016 . Debt of the Operating Partnership Mortgage and other indebtedness consisted of the following: March 31, 2016 December 31, 2015 Amount Weighted- Average Interest Rate (1) Amount Weighted- Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating properties (2) $ 2,720,015 5.68% $ 2,736,538 5.68% Senior unsecured notes due 2023 (3) 446,249 5.25% 446,151 5.25% Senior unsecured notes due 2024 (4) 299,934 4.60% 299,933 4.60% Other 61 3.50% 2,686 3.50% Total fixed-rate debt 3,466,259 5.53% 3,485,308 5.53% Variable-rate debt: Non-recourse term loans on operating properties 19,355 2.87% 16,840 2.49% Recourse term loans on operating properties 25,974 3.03% 25,635 2.97% Unsecured lines of credit 387,186 1.63% 398,904 1.54% Unsecured term loans 800,000 1.87% 800,000 1.82% Total variable-rate debt 1,232,515 1.84% 1,241,379 1.76% Total fixed-rate and variable-rate debt 4,698,774 4.56% 4,726,687 4.54% Unamortized deferred financing costs (15,287 ) (16,059 ) Total mortgage and other indebtedness $ 4,683,487 $ 4,710,628 (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 $100,009 as of March 31, 2016 and $101,151 as of December 31, 2015 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, 2016 and December 31, 2015 . The swaps matured April 1, 2016. (3) The balance is net of an unamortized discount of $3,751 and $3,849 as of March 31, 2016 and December 31, 2015 , respectively. (4) The balance is net of an unamortized discount of $66 and $67 as of March 31, 2016 and December 31, 2015 , 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 â2024 Notesâ). 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 â2023 Notesâ). The respective interest rate on each of the 2024 Notes and the 2023 Notes (collectively, the âNotesâ) 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 daysâ 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. 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 0.875% to 1.55% based on the Company's credit ratings. As of March 31, 2016 , the Company's interest rate based on its credit ratings of Baa3 from Moody's Investors Service ("Moody's") and BBB- from Standard & Poor's ("S&P") and Fitch Ratings ("Fitch") is LIBOR plus 120 basis points. Additionally, the Company pays an annual facility fee that ranges from 0.125% to 0.3% of the total capacity of each facility based on the Company's credit ratings. As of March 31, 2016 , the annual facility fee was 0.25% . The three unsecured lines of credit had a weighted-average interest rate of 1.63% at March 31, 2016 . The following summarizes certain information about the Company's unsecured lines of credit as of March 31, 2016 : Total Capacity Total Outstanding Maturity Date Extended Maturity Date Wells Fargo - Facility A $ 500,000 $ â (1) October 2019 October 2020 (2) First Tennessee 100,000 27,800 (3) October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 359,386 (5) October 2020 $ 1,100,000 $ 387,186 (1) There was an additional $350 outstanding on this facility as of March 31, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. (2) The extension options are at the Company's election, subject to continued compliance with the terms of the facilities, and has a one-time extension fee of 0.15% of the commitment amount of each credit facility. (3) There was an additional $113 outstanding on this facility as of March 31, 2016 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. (4) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) There was an additional $5,464 outstanding on this facility as of March 31, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. Unsecured Term Loans The Company has a $350,000 unsecured term loan, which bears interest at a variable rate of LIBOR plus 1.35% based on the Company's current credit ratings. The loan matures in October 2017 and has two one -year extension options for an outside maturity date of October 2019 . At March 31, 2016 , the outstanding borrowings of $350,000 had an interest rate of 1.78% . The Company has a $400,000 unsecured term loan, which bears interest at a variable rate of LIBOR plus 1.50% based on the Company's current credit ratings and has a maturity date of July 2018 . At March 31, 2016 , the outstanding borrowings of $400,000 had an interest rate of 1.94% . The Company also has a $50,000 unsecured term loan that matures in February 2018. The term loan bears interest at a variable rate of LIBOR plus 1.55% . At March 31, 2016 , the outstanding borrowings of $50,000 had a weighted-average interest rate of 1.99% . 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 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 financial covenants and restrictions at March 31, 2016 . 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, 2016 : Ratio Required Actual Debt to total asset value < 60% 50% Unencumbered asset value to unsecured indebtedness > 1.6x 2.3x Unencumbered NOI to unsecured interest expense > 1.75x 4.9x EBITDA to fixed charges (debt service) > 1.5x 2.3x 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 âChange of Control/Change in Managementâ 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, 2016 : Ratio Required Actual Total debt to total assets < 60% 54% Secured debt to total assets < 45% (1) 31% Total unencumbered assets to unsecured debt > 150% 218% 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 Companyâs 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 Companyâs 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 See Note 16 for information on operating property loans that were paid off or extended subsequent to March 31, 2016 . Scheduled Principal Payments As of March 31, 2016 , the scheduled principal amortization and balloon payments on all of the Companyâs consolidated mortgage and other indebtedness, excluding extensions available at the Companyâs option, are as follows: 2016 $ 578,204 2017 829,607 2018 681,207 2019 149,086 2020 568,176 Thereafter 1,892,341 4,698,621 Net unamortized premiums 153 $ 4,698,774 Of the $578,204 of scheduled principal payments in 2016 , $509,060 relates to the maturing principal balance of ten operating property loans, $41,698 represents scheduled principal amortization and $27,446 relates to an operating property loan with a December 2015 maturity date, which was extended to December 2018 subsequent to March 31, 2016. Additionally, subsequent to March 31, 2016 , the Company retired four operating property loans with 2016 maturity dates, with an aggregate balance of $100,009 . See Note 16 for more information. Of the remaining maturities, one $11,056 operating property loan has an extension option, leaving five operating property loans with an aggregate balance of $397,995 that mature in 2016. After excluding the loans related to Midland Mall and Chesterfield Mall, we expect to refinance the $98,601 loan secured by Hamilton Place and retire the $127,173 in loans secured by Dakota Square Mall and Greenbrier Mall using our lines of credit. The Companyâs mortgage and other indebtedness had a weighted-average maturity of 4.1 years as of March 31, 2016 and 4.4 years as of December 31, 2015 . 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 Companyâs 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 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. 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 were used to hedge the variable cash flows associated with variable-rate debt. As of March 31, 2016 , the Company had the following outstanding interest rate derivatives, which matured on April 1, 2016, that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Outstanding Interest Rate Swaps 4 $ 100,009 Instrument Type Location in Condensed Consolidated Balance Sheet Notional Amount Outstanding Designated Benchmark Interest Rate Strike Rate Fair Fair Maturity Date Pay fixed/ Receive Accounts payable and $48,337 1-month 2.149% $ â $ (208 ) April 2016 Pay fixed/ Receive Accounts payable and $30,276 1-month 2.187% â (133 ) April 2016 Pay fixed/ Receive Accounts payable and $11,313 1-month 2.142% â (48 ) April 2016 Pay fixed/ Receive Accounts payable and $10,083 1-month 2.236% â (45 ) April 2016 $ â $ (434 ) Location of Location of Gain Recognized Hedging Three Months Ended Three Months Ended Three Months Ended 2016 2015 2016 2015 2016 2015 Interest rate contracts $ 434 $ 360 Interest $ (443 ) $ (523 ) Interest $ â $ â |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Comprehensive Income Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) 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, 2016 and 2015 are as follows: Redeemable Noncontrolling The Company Noncontrolling Interests Unrealized Gains (Losses) - Hedging Agreements Total Beginning balance, January 1, 2016 $ 433 $ 1,935 $ (2,802 ) $ (434 ) OCI before reclassifications 3 814 60 877 Amounts reclassified from AOCI (1) (436 ) (2,749 ) 2,742 (443 ) Net current quarterly period OCI/L (433 ) (1,935 ) 2,802 434 Ending balance, March 31, 2016 $ â $ â $ â $ â (1) Reclassified $443 of interest expense on cash flow hedges to interest expense in the condensed consolidated statement of operations. The cash flow hedges matured April 1, 2016. Redeemable Noncontrolling The Company 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) â (394 ) (523 ) (13,268 ) â (2,898 ) (17,083 ) Net current quarterly period OCI/L 3 (384 ) 304 (13,108 ) 53 (2,826 ) (15,958 ) Ending balance, March 31, 2015 $ 404 $ â $ 607 $ â $ (3,000 ) $ â $ (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. 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, 2016 and 2015 are as follows: Redeemable Partners' Unrealized Gains (Losses) - Hedging Agreements Total Beginning balance, January 1, 2016 $ 434 $ (868 ) $ (434 ) OCI before reclassifications 3 874 877 Amounts reclassified from AOCI (1) (437 ) (6 ) (443 ) Net current quarterly period OCI/L (434 ) 868 434 Ending balance, March 31, 2016 $ â $ â $ â (1) Reclassified $443 of interest on cash flow hedges to interest expense in the condensed consolidated statement of operations. The cash flow hedges matured April 1, 2016. Redeemable Partners' 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) â (394 ) (523 ) (16,166 ) (17,083 ) Net current quarterly period OCI/L 3 (384 ) 357 (15,934 ) (15,958 ) Ending balance, March 31, 2015 $ 404 $ â $ (2,393 ) $ â $ (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. |
Mortgage and Other Notes Receiv
Mortgage and Other Notes Receivable | 3 Months Ended |
Mar. 31, 2016 | |
Mortgage and Other Notes Receivable [Abstract] | |
Mortgage and Other Notes Receivable | Mortgage and Other Notes Receivable Each of the Companyâs 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, 2016 . Mortgage and other notes receivable consist of the following: As of March 31, 2016 As of December 31, 2015 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 340 5.00% $ 342 Park Place May 2022 5.00% 1,338 5.00% 1,369 Village Square (1) Mar 2016 3.50% 1,677 3.50% 1,685 Other Dec 2016 - Jan 2047 2.93% - 9.50% 4,380 2.93% - 9.50% 4,380 7,735 7,776 Other Notes Receivable: Horizon Group Nov 2016 7.00% 5,280 7.00% 3,096 RED Development Inc. Nov 2023 5.00% 7,176 5.00% 7,366 Other Jan 2017 7.00% 300 â% â 12,756 10,462 $ 20,491 $ 18,238 (1) The note was extended subsequent to March 31, 2016 . See Note 16 for further information. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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 Companyâs reportable segments is presented as follows: Three Months Ended March 31, 2016 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 238,742 $ 10,242 $ 5,482 $ 8,612 $ 263,078 Property operating expenses (2) (75,377 ) (2,572 ) (1,143 ) 2,888 (76,204 ) Interest expense (34,395 ) (1,702 ) (298 ) (18,836 ) (55,231 ) Other expense â â â (9,685 ) (9,685 ) Segment profit (loss) $ 128,970 $ 5,968 $ 4,041 $ (17,021 ) 121,958 Depreciation and amortization expense (76,506 ) General and administrative expense (17,168 ) Interest and other income 360 Gain on extinguishment of debt 6 Loss on impairment (19,685 ) Equity in earnings of unconsolidated affiliates 32,390 Income tax benefit 537 Income from continuing operations $ 41,892 Capital expenditures (3) $ 48,551 $ 1,426 $ 428 $ 741 $ 51,146 Three Months Ended March 31, 2015 Malls Associated Centers Community Centers All Other (1) Total 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 â â â (6,476 ) (6,476 ) Gain on sales of real estate assets 264 â â 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 Capital expenditures (3) $ 30,366 $ 5,908 $ 198 $ 30,769 $ 67,241 Total Assets Malls Associated Centers Community Centers All Other (1) Total March 31, 2016 $ 5,624,814 $ 253,219 $ 293,730 $ 212,165 $ 6,383,928 December 31, 2015 $ 5,766,084 $ 252,188 $ 263,614 $ 198,105 $ 6,479,991 (1) The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Companyâs 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, 2016 | |
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, 2016 . Actual future sales under this program, if any, 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. Common Stock Repurchase Program In July 2015, CBL's Board of Directors authorized a common stock repurchase program. Under the program, the Company may purchase up to $200,000 of CBL's common stock from time to time, in the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions, through August 31, 2016. The Company expects to utilize a portion of excess proceeds from asset dispositions to fund repurchases. The Company is not obligated to repurchase any shares of stock under the program and it may terminate the program at any time. As of March 31, 2016 , no shares were repurchased under the program. |
Earnings per Share and Earnings
Earnings per Share and Earnings per Unit | 3 Months Ended |
Mar. 31, 2016 | |
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 (âEPSâ) 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 partnersâ 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 2016 2015 Denominator â basic 170,669 170,420 Effect of performance stock units (1) â 90 Denominator â diluted 170,669 170,510 (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 (âEPUâ) 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 2016 2015 Denominator â basic 199,926 199,681 Effect of performance stock units (1) â 90 Denominator â diluted 199,926 199,771 (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, 2016 | |
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 Operating Partnership 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 Operating Partnershipâs investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership 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 Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 : As of March 31, 2016 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Outstanding Percentage Maximum Debt (1) 3/31/2016 12/31/2015 West Melbourne I, LLC - 50% $ 43,297 20% (2) $ 8,659 Feb-2018 (3) $ 99 $ 99 West Melbourne I, LLC - 50% 16,737 20% (2) 3,347 Feb-2018 (3) 87 87 Port Orange I, LLC 50% 58,558 20% (2) 11,712 Feb-2018 (3) 148 148 Fremaux Town Center JV, 65% 40,530 15% 6,207 Aug-2016 (4) 62 62 Fremaux Town Center JV, 65% 29,935 50% (5) 16,050 Aug-2016 (4) 161 161 Ambassador Town Center JV, LLC 65% 33,574 100% (6) 45,307 Dec-2017 (7) 462 462 Ambassador Infrastructure, 65% 11,137 100% (8) 11,700 Dec-2017 (7) 177 177 Total guaranty liability $ 1,196 $ 1,196 (1) Excludes any extension options. (2) The guaranty was reduced from 25% to 20% when the loan was modified and extended in February 2016. See Note 5 . (3) The loan has a one -year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. (4) The loan has two one -year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. (5) Phase II of the development opened in the fourth quarter of 2015. 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 and a debt service coverage ratio of 1.30 to 1.00 is met. (6) 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 related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics. (7) The loan has two one -year extension options, which are the unconsolidated affiliate's election, for an outside maturity date of December 2019. (8) The guaranty will be reduced to 50% on March 1st of such year as payment-in-lieu of taxes ("PILOT") payments received and attributed to the prior calendar year 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 partyâs 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 landlordâs lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTCâs 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 $14,800 as of March 31, 2016 . 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, 2016 and December 31, 2015 . 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 $18,071 and $16,452 at March 31, 2016 and December 31, 2015 , respectively. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of March 31, 2016 , there were two share-based compensation plans under which the Company has outstanding awards, the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan") and the CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan ("the 1993 Plan"). The Company can only make new awards under 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 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 $1,544 and $2,244 for the three months ended March 31, 2016 and 2015 , respectively. Share-based compensation cost capitalized as part of real estate assets was $114 and $79 for the three months ended March 31, 2016 and 2015 , respectively. A summary of the status of the Companyâs nonvested restricted stock awards as of March 31, 2016 , and changes during the three months ended March 31, 2016 , is presented below: Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2016 533,404 $ 19.19 Granted 319,660 $ 10.02 Vested (199,069 ) $ 16.43 Forfeited (4,460 ) $ 17.62 Nonvested at March 31, 2016 649,535 $ 15.54 As of March 31, 2016 , there was $9,501 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 3.3 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 National Association of Real Estate Investment Trusts ("NAREIT") Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. 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. Annual Restricted Stock Awards 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 20% on the date of grant with the remainder vesting in four equal annual installments. Performance Stock Units The fair value of the PSU awards are estimated on the date of grant using a Monte Carlo Simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three -year performance period. 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 February 2016, the Company granted 282,995 PSUs at a grant-date fair value of $4.98 per PSU. In March 2015, the Company granted 138,680 PSUs at a grant-date fair value of $15.52 per PSU. 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 $258 and $156 for the three months ended March 31, 2016 and 2015 , respectively. Unrecognized compensation costs related to the PSUs was $2,679 as of March 31, 2016 . |
Noncash Investing and Financing
Noncash Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Noncash Investing and Financing Activities | Noncash Investing and Financing Activities The Companyâs noncash investing and financing activities were as follows for the three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 Accrued dividends and distributions payable $ 54,569 $ 54,491 Additions to real estate assets accrued but not yet paid 5,326 3,965 Deconsolidation of River Ridge Mall: (1) Decrease in real estate assets (14,025 ) â Increase in investment in unconsolidated affiliate 14,030 â Decrease in accounts payable and accrued liabilities (5 ) â (1) See Note 3 and Note 5 for additional information. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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 and it may not be able to qualify as a REIT for four subsequent years. 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 $1,027 and $1,078 during the three months ended March 31, 2016 and 2015 , 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 as follows for the three month periods ending March 31, 2016 and 2015 : Three Months Ended 2016 2015 Current tax benefit $ 636 $ 1,423 Deferred tax provision (99 ) (507 ) Income tax benefit $ 537 $ 916 The Company had a net deferred tax asset of $2,012 at March 31, 2016 and a net deferred tax liability of $672 at December 31, 2015 . The net deferred tax asset at March 31, 2016 is included in intangible lease assets and other assets. The net deferred tax liability at December 31, 2015 is included in accounts payable and accrued liabilities. These balances 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, 2016 and 2015 , respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In May 2016, the mortgage note receivable related to Village Square was extended to March 2018. The interest rate increased from 3.50% to 3.75% for the period from April 2016 through March 2017, with an increase to a rate of 4.00% from April 2017 through the maturity date. In April 2016, CBL-TRS Joint Venture II, LLC, a subsidiary of the Company, and its 50 / 50 joint venture partner sold Renaissance Center, a community center located in Durham, NC, for a gross sales price of $129,200 of which $64,600 represents each partner's share. In conjunction with the sale, the buyer assumed the $16,000 loan secured by the Property's second phase and the loan secured by the first phase, which had a balance of $31,484 as of March 31, 2016, was retired. The unconsolidated affiliate expects to recognize a gain on sale of real estate assets of approximately $56,986 in the second quarter of 2016, of which each partner's share approximates $29,993 of the net proceeds. In April 2016, the Company sold The Crossings at Marshalls Creek, a community center located in Middle Smithfield, PA. The gross sales price was $23,650 and the Company realized net cash proceeds of $21,854 from the sale after customary closing costs. The Company expects to recognize a gain on sale of real estate assets of approximately $3,259 in the second quarter of 2016 related to this sale. The Company used availability on its lines of credit to retire four operating property loans with principal balances aggregating to $100,009 as of March 31, 2016 in April 2016. The interest rates on these loans ranged from 4.54% to 4.59% . The Company also modified the loan secured by Hickory Point Mall to extend the maturity date to December 2018. The loan has a one -year extension option at the Company's option. The interest rate remains at 5.85% but future amortization payments have been eliminated. |
Recent Accounting Pronounceme25
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 (âGAAPâ) 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, 2016 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 Companyâs audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2015 . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Adopted In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 5 but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures that were noted. Accounting Guidance Not Yet Effective In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company expects to adopt ASU 2016-09 as of January 1, 2017 and is currently assessing the potential impact of adopting the new guidance. In February 2016, the FASB issued ASU 2016-02, Leases (" ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company expects to adopt ASU 2016-02 as of January 1, 2019 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08") . The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. The Company is evaluating the impact that these updates may have on its consolidated financial statements. |
Organization and Basis of Pre26
Organization and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Properties Owned by Operating Partnership | As of March 31, 2016 , the Operating Partnership owned interests in the following properties: Malls (1) Associated Centers Community Centers Office Buildings (2) Total Consolidated properties 71 21 6 8 106 Unconsolidated properties (3) 10 4 5 5 24 Total 81 25 11 13 130 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). (2) Includes CBL's corporate office buildings. (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, 2016 , the Operating Partnership had interests in the following properties under development: Consolidated Properties Unconsolidated Properties Malls Community Centers Malls Community Centers Development â â â 1 Expansions â 1 1 2 Redevelopments 2 â 2 â |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth information regarding the Companyâs financial instruments that are measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 : Fair Value Measurements at Reporting Date Using Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Interest rate swaps (1) $ â $ â $ â $ â (1) The interest rate swaps matured April 1, 2016. Fair Value Measurements at Reporting Date Using Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Interest rate swaps $ 434 $ â $ 434 $ â |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges: Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Loss 2016: Long-lived assets $ 57,200 $ â $ â $ 57,200 $ 19,514 |
Schedule of Changes in Level 3 | A reconciliation of each property's carrying values for the three months ending March 31, 2016 is as follows: Bonita Lakes (1) Midland Mall (2) River Ridge Mall (3) Total Beginning carrying value, January 1, 2016 $ 33,347 $ 34,195 $ 56,610 $ 124,152 Capital expenditures 379 52 7,106 7,537 Depreciation expense (403 ) (366 ) (673 ) (1,442 ) Net sales proceeds (33,500 ) (33,500 ) Loss on impairment of real estate (5,323 ) (4,681 ) (9,510 ) (19,514 ) Reclass to investments in unconsolidated affiliates â â (20,033 ) (20,033 ) Ending carrying value, March 31, 2016 $ 28,000 $ 29,200 $ â $ 57,200 (1) The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. (2) The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. (3) The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. |
Acquisitions, Dispositions an28
Acquisitions, Dispositions and Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] | |
Schedule of Dispositions | The following is a summary of the Company's 2015 dispositions: Sales Date Property Property Type Location Gross Net Gain December Mayfaire Community Center (1) Community Center (2) Wilmington, NC $ 56,300 $ 55,955 $ â December Chapel Hill Crossing (3) Associated Center Akron, OH 2,300 2,178 â November Waynesville Commons Community Center Waynesville, NC 14,500 14,289 5,071 July Madison Plaza Associated Center Huntsville, AL 5,700 5,472 2,769 June EastGate Crossing (4) Associated Center Cincinnati, OH 21,060 20,688 13,491 April Madison Square (5) Mall Huntsville, AL 5,000 4,955 â $ 104,860 $ 103,537 $ 21,331 (1) The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its net sales price. (2) This property was combined with Mayfaire Towne Center in the Malls category for segment reporting purposes. (3) The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its net sales price. (4) In the fourth quarter of 2015, the Company earned $625 of the potential $1,740 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company has until September 2016 to lease one additional specified tenant space to earn the remaining consideration. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale. (5) The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price. |
Unconsolidated Affiliates, Re29
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments accounted for using the equity method of accounting | At March 31, 2016 , the Company had investments in the following 20 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 65.0% Ambassador Town Center JV, LLC Ambassador Town Center 65.0% CBL/T-C, LLC CoolSprings Galleria, Oak Park Mall and West County Center 50.0% CBL-TRS Joint Venture, LLC Friendly Center, The Shops at Friendly Center and a portfolio 50.0% CBL-TRS Joint Venture II, LLC Renaissance Center 50.0% El Paso Outlet Outparcels, LLC The Outlet Shoppes at El Paso (vacant land) 50.0% Fremaux Town Center JV, LLC Fremaux Town Center Phases I and II 65.0% G&I VIII CBL Triangle LLC Triangle Town Center, Triangle Town Commons and Triangle Town Place 10.0% Governorâs Square IB Governorâs Plaza 50.0% Governorâs Square Company Governorâs Square 47.5% High Pointe Commons, LP High Pointe Commons 50.0% High Pointe Commons II-HAP, LP High Pointe Commons - Christmas Tree Shop 50.0% JG Gulf Coast Town Center LLC Gulf Coast Town Center Phases I, II and III 50.0% Kentucky Oaks Mall Company Kentucky Oaks Mall 50.0% Mall of South Carolina L.P. Coastal Grand 50.0% Mall of South Carolina Outparcel L.P. Coastal Grand Crossing and vacant land 50.0% Port Orange I, LLC The Pavilion at Port Orange Phase I and one office building 50.0% River Ridge Mall JV, LLC River Ridge Mall 25.0% West Melbourne I, LLC Hammock Landing Phases I and II 50.0% York Town Center, LP York Town Center 50.0% |
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, Investment in real estate assets $ 2,355,978 $ 2,357,902 Accumulated depreciation (595,145 ) (677,448 ) 1,760,833 1,680,454 Held for sale 68,064 â Developments in progress 15,458 59,592 Net investment in real estate assets 1,844,355 1,740,046 Other assets 199,405 168,540 Total assets $ 2,043,760 $ 1,908,586 LIABILITIES Mortgage and other indebtedness $ 1,560,802 $ 1,546,272 Other liabilities 54,059 51,357 Total liabilities 1,614,861 1,597,629 OWNERS' EQUITY The Company 224,762 184,868 Other investors 204,137 126,089 Total owners' equity 428,899 310,957 Total liabilities and owners' equity $ 2,043,760 $ 1,908,586 Total for the Three Months Company's Share for the 2016 2015 2016 2015 Total revenues $ 64,204 $ 62,472 $ 30,264 $ 32,835 Depreciation and amortization (20,610 ) (19,481 ) (9,178 ) (10,317 ) Interest income 336 332 256 255 Interest expense (13,489 ) (18,794 ) (6,585 ) (9,685 ) Operating expenses (20,072 ) (19,306 ) (8,762 ) (9,828 ) Gain on sales of real estate assets 80,959 815 26,395 563 Net income $ 91,328 $ 6,038 $ 32,390 $ 3,823 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016: Date Property Stated Maturity (1) Amount February Port Orange (2) LIBOR + 2.00% February 2018 (3) $ 58,628 February Hammock Landing - Phase I (2) LIBOR + 2.00% February 2018 (3) 43,347 (4) February Hammock Landing - Phase II (2) LIBOR + 2.00% February 2018 (3) 16,757 February Triangle Town Center, Triangle Town Place, Triangle Town Commons (5) 4.00% (6) December 2018 (7) 171,092 (1) Excludes any extension options. (2) The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 12 for more information. (3) The loan was modified and extended to February 2018 with a one -year extension option. (4) The capacity was increased from $39,475 . (5) The loan was amended and modified in conjunction with the sale of the property to a newly formed joint venture. See above. (6) The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. (7) The loan was extended to December 2018 with two one -year extension options. |
Schedule of Variable Interest Entities | The table below lists the Company's VIEs as of March 31, 2016 under the new guidance: Consolidated VIEs: CBL Terrace LP Foothills Mall Associates High Point Development LP II Jarnigan Road LP Lebcon Associates Lebcon I, Ltd Lee Partners Village at Orchard Hills, LLC Statesboro Crossing, LLC The Promenade at D'Ilberville Madison Grandview Forum, LLC Atlanta Outlet Shoppes, LLC Woodstock Ga Investments, LLC Atlanta Outlet Outparcels, LLC El Paso Outlet Center Holding, LLC El Paso Outlet Center II, LLC Gettysburg Outlet Center Holding, LLC Gettysburg Outlet Center, LLC Louisville Outlet Shoppes, LLC Louisville Outlet Outparcels, LLC Unconsolidated VIEs: JG Gulf Coast Town Center LLC Ambassador Infrastructure, LLC G&I VIII CBL Triangle LLC (1) Triangle Town Member LLC (1) (1) As discussed above, prior to the sale of the Company's 50 % interest in Triangle Town Member LLC, the Company's investment in this joint venture represented an interest in a VIE. Upon, the sale of the Company's 50 % interest in Triangle Town Member LLC to G&I VIII CBL Triangle LLC, the Company determined that the new unconsolidated affiliate also represents an interest in a VIE based upon the criteria noted above. |
Mortgage and Other Indebtedne30
Mortgage and Other Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following: March 31, 2016 December 31, 2015 Amount Weighted- Average Interest Rate (1) Amount Weighted- Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating properties (2) $ 2,720,015 5.68% $ 2,736,538 5.68% Senior unsecured notes due 2023 (3) 446,249 5.25% 446,151 5.25% Senior unsecured notes due 2024 (4) 299,934 4.60% 299,933 4.60% Other 61 3.50% 2,686 3.50% Total fixed-rate debt 3,466,259 5.53% 3,485,308 5.53% Variable-rate debt: Non-recourse term loans on operating properties 19,355 2.87% 16,840 2.49% Recourse term loans on operating properties 25,974 3.03% 25,635 2.97% Unsecured lines of credit 387,186 1.63% 398,904 1.54% Unsecured term loans 800,000 1.87% 800,000 1.82% Total variable-rate debt 1,232,515 1.84% 1,241,379 1.76% Total fixed-rate and variable-rate debt 4,698,774 4.56% 4,726,687 4.54% Unamortized deferred financing costs (15,287 ) (16,059 ) Total mortgage and other indebtedness $ 4,683,487 $ 4,710,628 (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 $100,009 as of March 31, 2016 and $101,151 as of December 31, 2015 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, 2016 and December 31, 2015 . The swaps matured April 1, 2016. (3) The balance is net of an unamortized discount of $3,751 and $3,849 as of March 31, 2016 and December 31, 2015 , respectively. (4) The balance is net of an unamortized discount of $66 and $67 as of March 31, 2016 and December 31, 2015 , respectively. |
Schedule of line of credit facilities | The following summarizes certain information about the Company's unsecured lines of credit as of March 31, 2016 : Total Capacity Total Outstanding Maturity Date Extended Maturity Date Wells Fargo - Facility A $ 500,000 $ â (1) October 2019 October 2020 (2) First Tennessee 100,000 27,800 (3) October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 359,386 (5) October 2020 $ 1,100,000 $ 387,186 (1) There was an additional $350 outstanding on this facility as of March 31, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. (2) The extension options are at the Company's election, subject to continued compliance with the terms of the facilities, and has a one-time extension fee of 0.15% of the commitment amount of each credit facility. (3) There was an additional $113 outstanding on this facility as of March 31, 2016 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. (4) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) There was an additional $5,464 outstanding on this facility as of March 31, 2016 for letters of credit. Up to $30,000 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, 2016 : Ratio Required Actual Total debt to total assets < 60% 54% Secured debt to total assets < 45% (1) 31% Total unencumbered assets to unsecured debt > 150% 218% 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, 2016 : Ratio Required Actual Debt to total asset value < 60% 50% Unencumbered asset value to unsecured indebtedness > 1.6x 2.3x Unencumbered NOI to unsecured interest expense > 1.75x 4.9x EBITDA to fixed charges (debt service) > 1.5x 2.3x |
Schedule of principal repayments | As of March 31, 2016 , the scheduled principal amortization and balloon payments on all of the Companyâs consolidated mortgage and other indebtedness, excluding extensions available at the Companyâs option, are as follows: 2016 $ 578,204 2017 829,607 2018 681,207 2019 149,086 2020 568,176 Thereafter 1,892,341 4,698,621 Net unamortized premiums 153 $ 4,698,774 |
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of March 31, 2016 , the Company had the following outstanding interest rate derivatives, which matured on April 1, 2016, that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Outstanding Interest Rate Swaps 4 $ 100,009 |
Schedule of pay fixed/receive variable swap | Instrument Type Location in Condensed Consolidated Balance Sheet Notional Amount Outstanding Designated Benchmark Interest Rate Strike Rate Fair Fair Maturity Date Pay fixed/ Receive Accounts payable and $48,337 1-month 2.149% $ â $ (208 ) April 2016 Pay fixed/ Receive Accounts payable and $30,276 1-month 2.187% â (133 ) April 2016 Pay fixed/ Receive Accounts payable and $11,313 1-month 2.142% â (48 ) April 2016 Pay fixed/ Receive Accounts payable and $10,083 1-month 2.236% â (45 ) April 2016 $ â $ (434 ) |
Schedule of gain (loss) recognized in other comprehensive income (loss) | Location of Location of Gain Recognized Hedging Three Months Ended Three Months Ended Three Months Ended 2016 2015 2016 2015 2016 2015 Interest rate contracts $ 434 $ 360 Interest $ (443 ) $ (523 ) Interest $ â $ â |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015 are as follows: Redeemable Noncontrolling The Company Noncontrolling Interests Unrealized Gains (Losses) - Hedging Agreements Total Beginning balance, January 1, 2016 $ 433 $ 1,935 $ (2,802 ) $ (434 ) OCI before reclassifications 3 814 60 877 Amounts reclassified from AOCI (1) (436 ) (2,749 ) 2,742 (443 ) Net current quarterly period OCI/L (433 ) (1,935 ) 2,802 434 Ending balance, March 31, 2016 $ â $ â $ â $ â (1) Reclassified $443 of interest expense on cash flow hedges to interest expense in the condensed consolidated statement of operations. The cash flow hedges matured April 1, 2016. Redeemable Noncontrolling The Company 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) â (394 ) (523 ) (13,268 ) â (2,898 ) (17,083 ) Net current quarterly period OCI/L 3 (384 ) 304 (13,108 ) 53 (2,826 ) (15,958 ) Ending balance, March 31, 2015 $ 404 $ â $ 607 $ â $ (3,000 ) $ â $ (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. The changes in the components of AOCI for the three months ended March 31, 2016 and 2015 are as follows: Redeemable Partners' Unrealized Gains (Losses) - Hedging Agreements Total Beginning balance, January 1, 2016 $ 434 $ (868 ) $ (434 ) OCI before reclassifications 3 874 877 Amounts reclassified from AOCI (1) (437 ) (6 ) (443 ) Net current quarterly period OCI/L (434 ) 868 434 Ending balance, March 31, 2016 $ â $ â $ â (1) Reclassified $443 of interest on cash flow hedges to interest expense in the condensed consolidated statement of operations. The cash flow hedges matured April 1, 2016. Redeemable Partners' 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) â (394 ) (523 ) (16,166 ) (17,083 ) Net current quarterly period OCI/L 3 (384 ) 357 (15,934 ) (15,958 ) Ending balance, March 31, 2015 $ 404 $ â $ (2,393 ) $ â $ (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. |
Mortgage and Other Notes Rece32
Mortgage and Other Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 As of December 31, 2015 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 340 5.00% $ 342 Park Place May 2022 5.00% 1,338 5.00% 1,369 Village Square (1) Mar 2016 3.50% 1,677 3.50% 1,685 Other Dec 2016 - Jan 2047 2.93% - 9.50% 4,380 2.93% - 9.50% 4,380 7,735 7,776 Other Notes Receivable: Horizon Group Nov 2016 7.00% 5,280 7.00% 3,096 RED Development Inc. Nov 2023 5.00% 7,176 5.00% 7,366 Other Jan 2017 7.00% 300 â% â 12,756 10,462 $ 20,491 $ 18,238 (1) The note was extended subsequent to March 31, 2016 . See Note 16 for further information. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Information on Reportable Segments | Information on the Companyâs reportable segments is presented as follows: Three Months Ended March 31, 2016 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 238,742 $ 10,242 $ 5,482 $ 8,612 $ 263,078 Property operating expenses (2) (75,377 ) (2,572 ) (1,143 ) 2,888 (76,204 ) Interest expense (34,395 ) (1,702 ) (298 ) (18,836 ) (55,231 ) Other expense â â â (9,685 ) (9,685 ) Segment profit (loss) $ 128,970 $ 5,968 $ 4,041 $ (17,021 ) 121,958 Depreciation and amortization expense (76,506 ) General and administrative expense (17,168 ) Interest and other income 360 Gain on extinguishment of debt 6 Loss on impairment (19,685 ) Equity in earnings of unconsolidated affiliates 32,390 Income tax benefit 537 Income from continuing operations $ 41,892 Capital expenditures (3) $ 48,551 $ 1,426 $ 428 $ 741 $ 51,146 Three Months Ended March 31, 2015 Malls Associated Centers Community Centers All Other (1) Total 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 â â â (6,476 ) (6,476 ) Gain on sales of real estate assets 264 â â 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 Capital expenditures (3) $ 30,366 $ 5,908 $ 198 $ 30,769 $ 67,241 Total Assets Malls Associated Centers Community Centers All Other (1) Total March 31, 2016 $ 5,624,814 $ 253,219 $ 293,730 $ 212,165 $ 6,383,928 December 31, 2015 $ 5,766,084 $ 252,188 $ 263,614 $ 198,105 $ 6,479,991 (1) The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Companyâs 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 Earnin34
Earnings per Share and Earnings per Unit (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 2016 2015 Denominator â basic 170,669 170,420 Effect of performance stock units (1) â 90 Denominator â diluted 170,669 170,510 (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 2016 2015 Denominator â basic 199,926 199,681 Effect of performance stock units (1) â 90 Denominator â diluted 199,926 199,771 (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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of guarantees | The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 : As of March 31, 2016 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Outstanding Percentage Maximum Debt (1) 3/31/2016 12/31/2015 West Melbourne I, LLC - 50% $ 43,297 20% (2) $ 8,659 Feb-2018 (3) $ 99 $ 99 West Melbourne I, LLC - 50% 16,737 20% (2) 3,347 Feb-2018 (3) 87 87 Port Orange I, LLC 50% 58,558 20% (2) 11,712 Feb-2018 (3) 148 148 Fremaux Town Center JV, 65% 40,530 15% 6,207 Aug-2016 (4) 62 62 Fremaux Town Center JV, 65% 29,935 50% (5) 16,050 Aug-2016 (4) 161 161 Ambassador Town Center JV, LLC 65% 33,574 100% (6) 45,307 Dec-2017 (7) 462 462 Ambassador Infrastructure, 65% 11,137 100% (8) 11,700 Dec-2017 (7) 177 177 Total guaranty liability $ 1,196 $ 1,196 (1) Excludes any extension options. (2) The guaranty was reduced from 25% to 20% when the loan was modified and extended in February 2016. See Note 5 . (3) The loan has a one -year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. (4) The loan has two one -year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. (5) Phase II of the development opened in the fourth quarter of 2015. 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 and a debt service coverage ratio of 1.30 to 1.00 is met. (6) 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 related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics. (7) The loan has two one -year extension options, which are the unconsolidated affiliate's election, for an outside maturity date of December 2019. (8) The guaranty will be reduced to 50% on March 1st of such year as payment-in-lieu of taxes ("PILOT") payments received and attributed to the prior calendar year 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. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Summary of company stock award | A summary of the status of the Companyâs nonvested restricted stock awards as of March 31, 2016 , and changes during the three months ended March 31, 2016 , is presented below: Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2016 533,404 $ 19.19 Granted 319,660 $ 10.02 Vested (199,069 ) $ 16.43 Forfeited (4,460 ) $ 17.62 Nonvested at March 31, 2016 649,535 $ 15.54 |
Noncash Investing and Financi37
Noncash Investing and Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Noncash Investing and Financing Activities | The Companyâs noncash investing and financing activities were as follows for the three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 Accrued dividends and distributions payable $ 54,569 $ 54,491 Additions to real estate assets accrued but not yet paid 5,326 3,965 Deconsolidation of River Ridge Mall: (1) Decrease in real estate assets (14,025 ) â Increase in investment in unconsolidated affiliate 14,030 â Decrease in accounts payable and accrued liabilities (5 ) â (1) See Note 3 and Note 5 for additional information. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax benefit (provision) | The Company recorded an income tax benefit as follows for the three month periods ending March 31, 2016 and 2015 : Three Months Ended 2016 2015 Current tax benefit $ 636 $ 1,423 Deferred tax provision (99 ) (507 ) Income tax benefit $ 537 $ 916 |
Organization and Basis of Pre39
Organization and Basis of Presentation (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2016propertyassociated_centermixed_use_centeroffice_buildingmallcommunity_centersubsidiarystateshares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of states in which entity operates | state | 27 |
Number of regional malls/open-air centers in which interest is owned by the partnership | 81 |
Number of associated centers in which interest is owned by the partnership | associated_center | 25 |
Number of community centers in which interest is owned by the partnership | community_center | 11 |
Number of office buildings in which interest is owned by the partnership | office_building | 13 |
Number of properties | property | 130 |
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 | subsidiary | 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 | 84.40% |
Combined percentage ownership by the subsidiaries in operating partnership | 85.40% |
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 | 71 |
Number of associated centers in which interest is owned by the partnership | associated_center | 21 |
Number of community centers in which interest is owned by the partnership | community_center | 6 |
Number of office buildings in which interest is owned by the partnership | office_building | 8 |
Number of properties | property | 106 |
Number of mixed-use centers owned | mixed_use_center | 1 |
Number of community centers under expansion | community_center | 1 |
Number of malls under redevelopments | 2 |
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 | 5.50% |
Number of company's common stock owned by CBL's Predecessor (in shares) | shares | 3.7 |
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 | associated_center | 4 |
Number of community centers in which interest is owned by the partnership | community_center | 5 |
Number of office buildings in which interest is owned by the partnership | office_building | 5 |
Number of properties | property | 24 |
Number of community centers under development | community_center | 1 |
Number of malls under expansion | 1 |
Number of community centers under expansion | 2 |
Number of malls under redevelopments | 2 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Interest rate swaps | $ 0 | $ 434 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Interest rate swaps | 0 | 434 |
Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Interest rate swaps | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2016USD ($)derivative_instrument | Mar. 31, 2016USD ($)mallderivative_instrument | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)derivative_instrument | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, fair value | $ 4,980,818 | $ 4,980,818 | $ 4,945,622 | ||
Mortgage and other indebtedness, net | 4,683,487 | $ 4,683,487 | $ 4,710,628 | ||
Holding period (up to) (in years) | 10 years | ||||
Loss on impairment | $ 19,685 | $ 0 | |||
Fair value of real estate investments | $ 57,200 | 57,200 | |||
Outparcel Sale | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loss on impairment | $ 171 | ||||
River Ridge Mall | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | |||
Bonita Lakes, Midland Mall and Ridge River Mall | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loss on impairment | $ 19,514 | $ 19,514 | |||
Number of malls with impairment | mall | 3 | ||||
Bonita Lakes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Net proceeds from sale of real estate | $ 5,323 | ||||
Fair value of real estate investments | $ 28,000 | 28,000 | |||
Midland Mall | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loss on impairment | 4,681 | ||||
Fair value of real estate investments | 29,200 | 29,200 | |||
River Ridge Mall | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of real estate investments | 20,033 | $ 20,033 | |||
Reserve for capital expenditures | $ 2,100 | ||||
Minimum | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Capitalization rate (as a percent) | 9.00% | ||||
Maximum | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Capitalization rate (as a percent) | 12.00% | ||||
Interest Rate Swap | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of Instruments | derivative_instrument | 4 | 4 | 4 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Changes in Property Carrying Values)(Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of real estate investments | $ 57,200 | ||
Total Loss | 19,685 | $ 0 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Depreciation expense | (76,506) | $ (76,266) | |
Fair Value, Inputs, Level 3 | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of real estate investments | 57,200 | ||
Bonita Lakes | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of real estate investments | 28,000 | ||
Movement in Property, Plant and Equipment [Roll Forward] | |||
Beginning balance | 33,347 | ||
Capital expenditures | 379 | ||
Depreciation expense | (403) | ||
Loss on impairment of real estate | (5,323) | ||
Reclass to investments in unconsolidated affiliates | 0 | ||
Ending balance | $ 28,000 | ||
Percentage of total consolidated revenues | 0.70% | ||
Midland Mall | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of real estate investments | $ 29,200 | ||
Total Loss | 4,681 | ||
Movement in Property, Plant and Equipment [Roll Forward] | |||
Beginning balance | 34,195 | ||
Capital expenditures | 52 | ||
Depreciation expense | (366) | ||
Loss on impairment of real estate | (4,681) | ||
Reclass to investments in unconsolidated affiliates | 0 | ||
Ending balance | $ 29,200 | ||
Percentage of total consolidated revenues | 0.60% | ||
River Ridge Mall | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of real estate investments | $ 20,033 | ||
Movement in Property, Plant and Equipment [Roll Forward] | |||
Beginning balance | 56,610 | ||
Capital expenditures | 7,106 | ||
Depreciation expense | (673) | ||
Net sales proceeds | (33,500) | ||
Loss on impairment of real estate | (9,510) | ||
Reclass to investments in unconsolidated affiliates | (20,033) | ||
Ending balance | $ 0 | ||
Percentage of total consolidated revenues | 0.60% | ||
Bonita Lakes, Midland Mall and Ridge River Mall | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total Loss | $ 19,514 | $ 19,514 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Beginning balance | 124,152 | ||
Capital expenditures | 7,537 | ||
Depreciation expense | (1,442) | ||
Net sales proceeds | (33,500) | ||
Loss on impairment of real estate | (19,514) | ||
Reclass to investments in unconsolidated affiliates | (20,033) | ||
Ending balance | $ 57,200 |
Acquisitions, Dispositions an43
Acquisitions, Dispositions and Held for Sale (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | Apr. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Jun. 18, 2015 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on impairment | $ 19,685 | $ 0 | |||||||||||
Held for sale | [1] | $ 18,721 | $ 0 | 18,721 | $ 0 | $ 0 | |||||||
Gross Sales Price | 104,860 | ||||||||||||
Net Proceeds | 103,537 | ||||||||||||
Gain | 21,331 | ||||||||||||
The Crossings at Marshalls Creek | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Held for sale | $ 18,721 | $ 18,721 | |||||||||||
Real estate held-for-sale as a percentage of total assets | 0.30% | 0.30% | |||||||||||
River Ridge Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Ownership percentage sold | 75.00% | ||||||||||||
Loss on impairment | $ 9,510 | ||||||||||||
Mayfaire Community Center | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on impairment | 397 | ||||||||||||
Gross Sales Price | 56,300 | ||||||||||||
Net Proceeds | 55,955 | ||||||||||||
Gain | 0 | ||||||||||||
Chapel Hill Crossing | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on impairment | 1,914 | ||||||||||||
Gross Sales Price | 2,300 | ||||||||||||
Net Proceeds | 2,178 | ||||||||||||
Gain | $ 0 | ||||||||||||
Waynesville Commons | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gross Sales Price | $ 14,500 | ||||||||||||
Net Proceeds | 14,289 | ||||||||||||
Gain | $ 5,071 | ||||||||||||
Madison Plaza | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gross Sales Price | $ 5,700 | ||||||||||||
Net Proceeds | 5,472 | ||||||||||||
Gain | $ 2,769 | ||||||||||||
Eastgate Crossing | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gross Sales Price | $ 21,060 | ||||||||||||
Net Proceeds | 20,688 | ||||||||||||
Gain | 13,491 | ||||||||||||
Earn out proceeds, amount earned | 625 | ||||||||||||
Earn out proceeds | 1,740 | ||||||||||||
Proceeds from lease of tenant space | $ 574 | ||||||||||||
Mortgage loan assumed at sale | $ 14,570 | ||||||||||||
Madison Square | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on impairment | $ 2,620 | ||||||||||||
Gross Sales Price | $ 5,000 | ||||||||||||
Net Proceeds | 4,955 | ||||||||||||
Gain | $ 0 | ||||||||||||
Mayfaire Community Center | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Business combination, ownership percentage | 100.00% | ||||||||||||
Revenue from acquiree included in consolidated financial statements | 8,982 | ||||||||||||
Income from acquiree included in consolidated financial statements | $ 410 | ||||||||||||
Sales price | $ 191,988 | ||||||||||||
[1] | As of March 31, 2016, include $517,532 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $435,213 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
Unconsolidated Affiliates, Re44
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Unconsolidated Affiliates) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Jan. 31, 2016 | Mar. 31, 2016USD ($)extension_optionentity | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of entities - equity method of accounting | entity | 20 | ||||
ASSETS | |||||
Investment in real estate assets | $ 2,355,978 | $ 2,357,902 | |||
Accumulated depreciation | (595,145) | (677,448) | |||
Real estate investment net, before development in process | 1,760,833 | 1,680,454 | |||
Held for sale | 68,064 | 0 | |||
Developments in progress | 15,458 | 59,592 | |||
Net investment in real estate assets | 1,844,355 | 1,740,046 | |||
Other assets | 199,405 | 168,540 | |||
Total assets | 2,043,760 | 1,908,586 | |||
LIABILITIES | |||||
Mortgage and other indebtedness | 1,560,802 | 1,546,272 | |||
Other liabilities | 54,059 | 51,357 | |||
Total liabilities | 1,614,861 | 1,597,629 | |||
OWNERS' EQUITY | |||||
The Company | 224,762 | 184,868 | |||
Other investors | 204,137 | 126,089 | |||
Total owners' equity | 428,899 | 310,957 | |||
Total liabilities and owners' equity | 2,043,760 | 1,908,586 | |||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Total revenues | 64,204 | $ 62,472 | |||
Depreciation and amortization | (20,610) | (19,481) | |||
Interest income | 336 | 332 | |||
Interest expense | (13,489) | (18,794) | |||
Operating expenses | (20,072) | (19,306) | |||
Gain on sales of real estate assets | 80,959 | 815 | |||
Net income | 91,328 | 6,038 | |||
Mortgage and other indebtedness amount carrying value | 1,232,515 | 1,241,379 | |||
The Company/Partners' Capital | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Total revenues | 30,264 | 32,835 | |||
Depreciation and amortization | (9,178) | (10,317) | |||
Interest income | 256 | 255 | |||
Interest expense | (6,585) | (9,685) | |||
Operating expenses | (8,762) | (9,828) | |||
Gain on sales of real estate assets | 26,395 | 563 | |||
Net income | 32,390 | $ 3,823 | |||
Non-recourse loans on operating properties | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Mortgage and other indebtedness amount carrying value | $ 19,355 | $ 16,840 | |||
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% | ||||
G&I VIII CBL Triangle LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of equity interest in real estate property | 10.00% | ||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Debt instrument, option extension term (in years) | 1 year | ||||
Amount Financed or Extended | $ 171,092 | ||||
Number of extension options available | extension_option | 2 | ||||
G&I VIII CBL Triangle LLC | LIBOR | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Stated Interest Rate (as a percentage) | 4.00% | 5.74% | |||
Governorâs Square IB | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of equity interest in real estate property | 50.00% | ||||
Governorâs 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% | ||||
JG Gulf Coast Town Center LLC | Non-recourse loans on operating properties | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Mortgage and other indebtedness amount carrying value | $ 190,800 | ||||
JG Gulf Coast Town Center LLC | Non-recourse loans on operating properties | CBL & Associates Properties, Inc. | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Mortgage and other indebtedness amount carrying value | $ 95,400 | ||||
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% | ||||
River Ridge Mall JV, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of equity interest in real estate property | 25.00% | ||||
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% | ||||
Port Orange | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Amount Financed or Extended | $ 58,628 | ||||
Port Orange | LIBOR | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Stated Interest Rate (as a percentage) | 2.00% | ||||
Hammock Landing Phase I | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Amount Financed or Extended | $ 43,347 | $ 39,475 | |||
Hammock Landing Phase I | LIBOR | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Stated Interest Rate (as a percentage) | 2.00% | ||||
Hammock Landing Phase II | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Amount Financed or Extended | $ 16,757 | ||||
Hammock Landing Phase II | LIBOR | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Stated Interest Rate (as a percentage) | 2.00% | ||||
Port Orange and Hammock Landing - Phase I and II | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Percentage Guaranteed by the Operating Partnership | 20.00% | 25.00% | |||
Debt instrument, option extension term (in years) | 1 year |
Unconsolidated Affiliates, Re45
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Unconsolidated Affiliates)(Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2016 | Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Loss on impairment | $ 19,685 | $ 0 | ||
River Ridge Mall | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Reserve for capital expenditures | $ 2,100 | |||
G&I VIII CBL Triangle LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 10.00% | 10.00% | ||
River Ridge Mall | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | ||
River Ridge Mall | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Loss on impairment | $ 9,510 | |||
Ownership percentage sold | 75.00% | |||
Parent Company | G&I VIII CBL Triangle LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 10.00% | |||
Parent Company | Triangle Town Center, Triangle Town Commons and Triangle Town Place | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 50.00% | |||
Parent Company | River Ridge Mall | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | ||
Corporate Joint Venture | G&I VIII CBL Triangle LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 90.00% | |||
Sales price | $ 174,000 | |||
Value of equity contributed | $ 3,060 | |||
Corporate Joint Venture | Triangle Town Center, Triangle Town Commons and Triangle Town Place | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 50.00% | |||
Corporate Joint Venture | River Ridge Mall | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest in real estate property | 75.00% | 75.00% | ||
Corporate Joint Venture | River Ridge Mall | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash contributed by third party | $ 33,500 | |||
Value of equity method investment | 7,000 | $ 7,000 | ||
Cash used to reduce balances on lines of credit | $ 32,819 | |||
Corporate Joint Venture | Mortgages | G&I VIII CBL Triangle LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Mortgage note payables assumed | $ 171,092 | |||
Corporate Joint Venture | Other Ownership Interest | G&I VIII CBL Triangle LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Mortgage note payables assumed | $ 85,546 |
Unconsolidated Affiliates, Re46
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Redeemable Interests, Noncontrolling Interests, Cost Method Investment and Vairable Interest Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Jinsheng | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 6.20% | |
Cost Method Investments | $ 5,325 | $ 5,325 |
Third Party Interests | ||
Noncontrolling Interest [Line Items] | ||
Redeemable interests | 19,156 | 19,744 |
Noncontrolling interests | 109,836 | 109,753 |
Other Consolidated Subsidiaries | ||
Noncontrolling Interest [Line Items] | ||
Redeemable interests | 1,698 | 5,586 |
Noncontrolling interests | 3,877 | 4,876 |
Noncontrolling Interests | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 113,713 | $ 114,629 |
Mortgage and Other Indebtedne47
Mortgage and Other Indebtedness (Details) | 3 Months Ended | |||||
Mar. 31, 2016USD ($)loanderivative_instrumentextension_optioncredit_line | Dec. 31, 2015USD ($)loanderivative_instrument | Dec. 31, 2014USD ($) | Oct. 31, 2014 | Dec. 31, 2013USD ($) | Nov. 30, 2013 | |
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 4.56% | 4.54% | ||||
Long-term debt, percentage bearing fixed interest, amount | $ 3,466,259,000 | $ 3,485,308,000 | ||||
Mortgage and other indebtedness amount carrying value | 1,232,515,000 | 1,241,379,000 | ||||
Total fixed-rate and variable-rate debt | 4,698,774,000 | 4,726,687,000 | ||||
Unamortized deferred financing costs | (15,287,000) | (16,059,000) | ||||
Total mortgage and other indebtedness | $ 4,683,487,000 | $ 4,710,628,000 | ||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, extension fee (percent) | 0.15% | |||||
Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.53% | 5.53% | ||||
Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.84% | 1.76% | ||||
Interest Rate Swap | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | loan | 4 | |||||
Derivative, Number of Instruments Held | derivative_instrument | 4 | 4 | ||||
Derivative, Notional Amount | $ 100,009,000 | $ 101,151,000 | ||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | credit_line | 3 | |||||
Mortgage and other indebtedness amount carrying value | $ 387,186,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.20% | |||||
Annual facility Fee (percent) | 0.25% | |||||
Total Capacity | $ 1,100,000,000 | |||||
Unsecured lines of credit | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate (as a percentage) | 0.875% | |||||
Annual facility Fee (percent) | 0.125% | |||||
Unsecured lines of credit | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.55% | |||||
Annual facility Fee (percent) | 0.30% | |||||
Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 400,000,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.50% | |||||
Interest rate at period end (as a percent) | 1.94% | |||||
Wells Fargo - Facility A | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 0 | |||||
Total Capacity | 500,000,000 | |||||
First Tennessee | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 27,800,000 | |||||
Total Capacity | $ 100,000,000 | |||||
First Tennessee | Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, extension fee (percent) | 0.20% | |||||
Wells Fargo - Facility B | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 359,386,000 | |||||
Total Capacity | 500,000,000 | |||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Total Capacity | 30,000,000 | |||||
Letter of credit, outstanding | 5,464,000 | |||||
First Tennessee Bank | ||||||
Debt Instrument [Line Items] | ||||||
Total Capacity | 20,000,000 | |||||
Letter of credit, outstanding | 113,000 | |||||
Unsecured Term Loan 2 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 350,000,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.35% | |||||
Number of extension options available | extension_option | 2 | |||||
Debt instrument, option extension term (in years) | 1 year | |||||
Interest rate at period end (as a percent) | 1.78% | |||||
Unsecured Term Loan 3 | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.99% | |||||
Debt instrument, face amount | $ 50,000,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.55% | |||||
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 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 40.00% | |||||
Senior Unsecured Notes | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | ||||
Senior Unsecured Notes | Fixed Rate Interest | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, increase in variable interest rate | 0.25% | |||||
Senior Unsecured Notes | Fixed Rate Interest | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, increase in variable interest rate | 1.00% | |||||
Senior Unsecured Notes | Fixed Rate Operating Loans | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | $ 3,751,000 | 3,849,000 | ||||
Senior Unsecured Notes | Required | ||||||
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% | |||||
Senior Unsecured Notes | Actual | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 31.00% | |||||
Total debt to total asset value (as a percent) | 54.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 218.00% | |||||
Consolidated income available for debt service to annual debt service charge (as a percent) | 320.00% | |||||
Non-recourse loans on operating properties | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | $ 2,720,015,000 | 2,736,538,000 | ||||
Mortgage and other indebtedness amount carrying value | 19,355,000 | $ 16,840,000 | ||||
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) | 5.68% | 5.68% | ||||
Non-recourse loans on operating properties | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.87% | 2.49% | ||||
Senior Notes Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | $ 446,249,000 | $ 446,151,000 | ||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Senior Notes Due 2023 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 40.00% | |||||
Senior Notes Due 2023 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 45.00% | |||||
Senior Notes Due 2023 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | ||||
Senior Notes Due 2023 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, basis spread on variable rate | 0.40% | |||||
Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | $ 299,934,000 | $ 299,933,000 | ||||
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% | 4.60% | ||
Senior Notes Due 2024 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, basis spread on variable rate | 0.35% | |||||
Other | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | $ 61,000 | $ 2,686,000 | ||||
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] | ||||||
Mortgage and other indebtedness amount carrying value | $ 25,974,000 | $ 25,635,000 | ||||
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) | 3.03% | 2.97% | ||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 387,186,000 | $ 398,904,000 | ||||
Unsecured lines of credit | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.63% | 1.54% | ||||
Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 800,000,000 | $ 800,000,000 | ||||
Unsecured term loans | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.87% | 1.82% | ||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | loan | 3 | |||||
Unsecured lines of credit | Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | $ 66,000 | $ 67,000 | ||||
Debt instrument, face amount | $ 300,000,000 | |||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Letter of credit, outstanding | $ 350,000 | |||||
Unsecured Credit Facility and Term Loan | Required | ||||||
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% | |||||
Unsecured Credit Facility and Term Loan | Actual | ||||||
Debt Instrument [Line Items] | ||||||
Total debt to total asset value (as a percent) | 50.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 230.00% | |||||
Unencumbered NOI to unsecured interest expense (as a percent) | 490.00% | |||||
EBITDA to fixed charges (debt service) (as a percent) | 230.00% |
Mortgage and Other Indebtedne48
Mortgage and Other Indebtedness (Operating Properties) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Apr. 30, 2016USD ($)loan | Mar. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | |
Schedule of principal repayments [Abstract] | |||
2,016 | $ 578,204 | ||
2,017 | 829,607 | ||
2,018 | 681,207 | ||
2,019 | 149,086 | ||
2,020 | 568,176 | ||
Thereafter | 1,892,341 | ||
Mortgage and other indebtedness | 4,698,621 | ||
Net unamortized premiums | 153 | ||
Total fixed-rate and variable-rate debt | $ 4,698,774 | $ 4,726,687 | |
Weighted average maturity of mortgage and other indebtedness (in years) | 4 years 1 month 6 days | 4 years 4 months 24 days | |
Mortgages | |||
Schedule of principal repayments [Abstract] | |||
Debt retired | $ 100,009 | ||
Mortgages | Subsequent Event | |||
Schedule of principal repayments [Abstract] | |||
Number of loans retired | loan | 4 | ||
Operating property loan | Hamilton Place | |||
Schedule of principal repayments [Abstract] | |||
Mortgage and other indebtedness | 98,601 | ||
Operating property loan | Dakota Square Mall and Greenbrier Mall | |||
Schedule of principal repayments [Abstract] | |||
Mortgage and other indebtedness | 127,173 | ||
Operating property loan | Principal balance | |||
Schedule of principal repayments [Abstract] | |||
2,016 | $ 509,060 | ||
Number of debt instruments | loan | 10 | ||
Operating property loan | Principal amortization | |||
Schedule of principal repayments [Abstract] | |||
2,016 | $ 41,698 | ||
Operating property loan | Operating Property Loan with December 2015 Maturity Date | |||
Schedule of principal repayments [Abstract] | |||
2,016 | 27,446 | ||
Operating property loan | Mortgages | Subsequent Event | |||
Schedule of principal repayments [Abstract] | |||
Number of loans retired | loan | 4 | ||
Debt retired | $ 100,009 | ||
Operating property loan | Operating Property Loan with Extension Option | |||
Schedule of principal repayments [Abstract] | |||
Mortgage and other indebtedness | $ 11,056 | ||
Number of debt instruments | loan | 1 | ||
Operating property loan | Operating Property Loans with a 2016 Maturity Date | |||
Schedule of principal repayments [Abstract] | |||
Mortgage and other indebtedness | $ 397,995 | ||
Number of debt instruments | loan | 5 |
Mortgage and Other Indebtedne49
Mortgage and Other Indebtedness (Derivative Instruments) (Details) $ in Thousands | Mar. 31, 2016USD ($)derivative_instrument | Dec. 31, 2015USD ($)derivative_instrument |
Derivatives, Fair Value [Line Items] | ||
Fair Value | $ 0 | $ (434) |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | derivative_instrument | 4 | 4 |
Notional Amount Outstanding | $ 100,009 | $ 101,151 |
Cash Flow Hedging | Pay fixed receive variable swap One | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 48,337 | |
Amortized amount | $ 48,337 | |
Strike Rate (as a percent) | 2.149% | |
Fair Value | $ 0 | (208) |
Cash Flow Hedging | Pay fixed receive variable swap Two | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 30,276 | |
Amortized amount | $ 30,276 | |
Strike Rate (as a percent) | 2.187% | |
Fair Value | $ 0 | (133) |
Cash Flow Hedging | Pay fixed receive variable swap Three | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 11,313 | |
Amortized amount | $ 11,313 | |
Strike Rate (as a percent) | 2.142% | |
Fair Value | $ 0 | (48) |
Cash Flow Hedging | Pay fixed receive variable swap Four | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 10,083 | |
Amortized amount | $ 10,083 | |
Strike Rate (as a percent) | 2.236% | |
Fair Value | $ 0 | $ (45) |
Mortgage and Other Indebtedne50
Mortgage and Other Indebtedness (Derivative Instrument Risk) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss Recognized in Earnings (Effective Portion) | $ 443 | $ 523 |
Gain Recognized in Earnings (Ineffective Portion) | 0 | 0 |
Interest rate contracts/hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain Recognized in OCI/L (Effective Portion) | $ 434 | $ 360 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | $ (434) | $ 13,969 |
OCI before reclassifications, Hedging Agreements | 877 | 883 |
OCI before reclassifications, Available-for-Sale Securities | 0 | 242 |
OCI before reclassifications, Total | 877 | 1,125 |
Amounts reclassified from AOCI, Hedging Agreements | (443) | (523) |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |
Amounts reclassified from AOCI, Total | (443) | (17,083) |
Total other comprehensive income (loss) | 434 | (15,958) |
Accumulated other comprehensive income, Ending Balance | 0 | (1,989) |
Redeemable Noncontrolling Interests/Redeemable Common Units | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 433 | 401 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 384 | |
OCI before reclassifications, Hedging Agreements | 3 | 3 |
OCI before reclassifications, Available-for-Sale Securities | 10 | |
Amounts reclassified from AOCI, Hedging Agreements | (436) | 0 |
Amounts reclassified from AOCI, Available-for-Sale securities | (394) | |
Net OCI, Hedging Agreements | (433) | 3 |
Net OCI, Available-for-Sale Securities | (384) | |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | 404 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | |
The Company/Partners' Capital | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 1,935 | 303 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 13,108 | |
OCI before reclassifications, Hedging Agreements | 814 | 827 |
OCI before reclassifications, Available-for-Sale Securities | 160 | |
Amounts reclassified from AOCI, Hedging Agreements | (2,749) | (523) |
Amounts reclassified from AOCI, Available-for-Sale securities | (13,268) | |
Net OCI, Hedging Agreements | (1,935) | 304 |
Net OCI, Available-for-Sale Securities | (13,108) | |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | 607 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | |
Noncontrolling Interests | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | (2,802) | (3,053) |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 2,826 | |
OCI before reclassifications, Hedging Agreements | 60 | 53 |
OCI before reclassifications, Available-for-Sale Securities | 72 | |
Amounts reclassified from AOCI, Hedging Agreements | 2,742 | 0 |
Amounts reclassified from AOCI, Available-for-Sale securities | (2,898) | |
Net OCI, Hedging Agreements | 2,802 | 53 |
Net OCI, Available-for-Sale Securities | (2,826) | |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | (3,000) |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | |
CBL & Associates Limited Partnership | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income, Beginning Balance | (434) | 13,969 |
OCI before reclassifications, Total | 877 | 1,125 |
Amounts reclassified from AOCI, Hedging Agreements | (443) | (523) |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |
Amounts reclassified from AOCI, Total | (443) | (17,083) |
Total other comprehensive income (loss) | 434 | (15,958) |
Accumulated other comprehensive income, Ending Balance | 0 | (1,989) |
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 | 434 | 401 |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 384 | |
OCI before reclassifications, Hedging Agreements | 3 | 3 |
OCI before reclassifications, Available-for-Sale Securities | 10 | |
Amounts reclassified from AOCI, Hedging Agreements | (437) | 0 |
Amounts reclassified from AOCI, Available-for-Sale securities | (394) | |
Net OCI, Hedging Agreements | (434) | 3 |
Net OCI, Available-for-Sale Securities | (384) | |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | 404 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | |
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 | (868) | (2,750) |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 15,934 | |
OCI before reclassifications, Hedging Agreements | 874 | 880 |
OCI before reclassifications, Available-for-Sale Securities | 232 | |
Amounts reclassified from AOCI, Hedging Agreements | (6) | (523) |
Amounts reclassified from AOCI, Available-for-Sale securities | (16,166) | |
Net OCI, Hedging Agreements | 868 | 357 |
Net OCI, Available-for-Sale Securities | (15,934) | |
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | $ 0 | (2,393) |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | $ 0 |
Comprehensive Income (Narrative
Comprehensive Income (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from AOCI, Hedging Agreements | $ 443 | $ 523 |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |
CBL & Associates Limited Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from AOCI, Hedging Agreements | $ 443 | 523 |
Amounts reclassified from AOCI, Available-for-Sale securities | $ 16,560 |
Mortgage and Other Notes Rece53
Mortgage and Other Notes Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Mortgage and Other Notes Receivable [Line Items] | |||
Percentage of assignment of the partnership interest | 100.00% | ||
Mortgage and other notes receivable | [1] | $ 20,491 | $ 18,238 |
Mortgages | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Mortgage and other notes receivable | $ 7,735 | $ 7,776 | |
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 | $ 340 | $ 342 | |
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 | $ 1,338 | $ 1,369 | |
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 | $ 1,677 | $ 1,685 | |
Mortgages | Other | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Mortgage and other notes receivable | $ 4,380 | $ 4,380 | |
Mortgages | Other | Minimum | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Interest Rate, mortgage loans on real estate (as a percent) | 2.93% | 2.93% | |
Mortgages | Other | Maximum | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Interest Rate, mortgage loans on real estate (as a percent) | 9.50% | 9.50% | |
Other Notes Receivable | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Mortgage and other notes receivable | $ 12,756 | $ 10,462 | |
Other Notes Receivable | Other | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Mortgage and other notes receivable | $ 300 | $ 0 | |
Interest Rate, other notes receivable (as a percent) | 7.00% | 0.00% | |
Other Notes Receivable | Horizon Group | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Mortgage and other notes receivable | $ 5,280 | $ 3,096 | |
Interest Rate, other notes receivable (as a percent) | 7.00% | 7.00% | |
Other Notes Receivable | RED Development Inc. | |||
Mortgage and Other Notes Receivable [Line Items] | |||
Mortgage and other notes receivable | $ 7,176 | $ 7,366 | |
Interest Rate, other notes receivable (as a percent) | 5.00% | 5.00% | |
[1] | As of March 31, 2016, include $517,532 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $435,213 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 263,078 | $ 260,909 | ||
Property operating expenses | (76,204) | (75,905) | ||
Interest expense | (55,231) | (59,157) | ||
Other expense | (9,685) | (6,476) | ||
Gain on sales of real estate assets | 0 | 757 | ||
Segment profit (loss) | 121,958 | 120,128 | ||
Depreciation and amortization expense | (76,506) | (76,266) | ||
General and administrative expense | (17,168) | (17,230) | ||
Interest and other income | 360 | 5,274 | ||
Gain on extinguishment of debt | 6 | 0 | ||
Loss on impairment | (19,685) | 0 | ||
Gain on investment | 0 | 16,560 | ||
Equity in earnings of unconsolidated affiliates | 32,390 | 3,823 | ||
Income tax benefit | 537 | 916 | ||
Income from continuing operations | 41,892 | 53,205 | ||
Total Assets | [1] | 6,383,928 | $ 6,479,991 | |
Capital expenditures | 51,146 | 67,241 | ||
Malls | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 5,624,814 | 5,766,084 | ||
Associated Centers | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 253,219 | 252,188 | ||
Community Centers | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 293,730 | 263,614 | ||
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 212,165 | $ 198,105 | ||
Operating Segments | Malls | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 238,742 | 230,271 | ||
Property operating expenses | (75,377) | (73,949) | ||
Interest expense | (34,395) | (43,698) | ||
Other expense | 0 | 0 | ||
Gain on sales of real estate assets | 264 | |||
Segment profit (loss) | 128,970 | 112,888 | ||
Capital expenditures | 48,551 | 30,366 | ||
Operating Segments | Associated Centers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,242 | 10,407 | ||
Property operating expenses | (2,572) | (2,596) | ||
Interest expense | (1,702) | (1,956) | ||
Other expense | 0 | 0 | ||
Gain on sales of real estate assets | 0 | |||
Segment profit (loss) | 5,968 | 5,855 | ||
Capital expenditures | 1,426 | 5,908 | ||
Operating Segments | Community Centers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,482 | 4,681 | ||
Property operating expenses | (1,143) | (1,124) | ||
Interest expense | (298) | (1,195) | ||
Other expense | 0 | 0 | ||
Gain on sales of real estate assets | 0 | |||
Segment profit (loss) | 4,041 | 2,362 | ||
Capital expenditures | 428 | 198 | ||
Operating Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,612 | 15,550 | ||
Property operating expenses | 2,888 | 1,764 | ||
Interest expense | (18,836) | (12,308) | ||
Other expense | (9,685) | (6,476) | ||
Gain on sales of real estate assets | 493 | |||
Segment profit (loss) | (17,021) | (977) | ||
Capital expenditures | $ 741 | $ 30,769 | ||
[1] | As of March 31, 2016, include $517,532 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $435,213 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
Equity and Capital (Details)
Equity and Capital (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Jul. 31, 2015 | 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 | 323,353 | 269,929 | ||
Common stock offering, maximum aggregate price still available | $ 88,507,000 | |||
Stock repurchase program, authorized amount (in shares) | $ 200,000,000 | |||
Number of shares repurchased | 0 | |||
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 |
Earnings Per Share and Earnin56
Earnings Per Share and Earnings per Unit (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Denominator - basic (in shares) | 170,669 | 170,420 |
Effect of performance stock units (in shares) | 0 | 90 |
Denominator - diluted (in shares) | 170,669 | 170,510 |
CBL & Associates Limited Partnership | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Denominator - basic (in shares) | 199,926 | 199,681 |
Effect of performance stock units (in shares) | 0 | 90 |
Denominator - diluted (in shares) | 199,926 | 199,771 |
Contingencies (Details)
Contingencies (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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) (Det
Contingencies (Guarantees) (Details) | 1 Months Ended | 3 Months Ended | ||
Feb. 29, 2016 | Jan. 31, 2016 | Mar. 31, 2016USD ($)extension_option | Dec. 31, 2015USD ($) | |
Guarantor Obligations [Line Items] | ||||
Obligation recorded to reflect guaranty | $ 1,196,000 | $ 1,196,000 | ||
Malpractice Loss Contingency, Letters of Credit and Surety Bonds | $ 18,071,000 | 16,452,000 | ||
West Melbourne I, LLC - Phase I | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 50.00% | |||
Outstanding Balance | $ 43,297,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 8,659,000 | |||
Obligation recorded to reflect guaranty | $ 99,000 | 99,000 | ||
West Melbourne I, LLC - Phase II | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 50.00% | |||
Outstanding Balance | $ 16,737,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 3,347,000 | |||
Obligation recorded to reflect guaranty | $ 87,000 | 87,000 | ||
Port Orange I, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 50.00% | |||
Outstanding Balance | $ 58,558,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 11,712,000 | |||
Obligation recorded to reflect guaranty | $ 148,000 | 148,000 | ||
Fremaux Town Center JV, LLC - Phase I | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 40,530,000 | |||
Percentage Guaranteed by the Operating Partnership | 15.00% | |||
Maximum Guaranteed Amount | $ 6,207,000 | |||
Obligation recorded to reflect guaranty | $ 62,000 | 62,000 | ||
Fremaux Town Center JV, LLC - Phase II | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 29,935,000 | |||
Percentage Guaranteed by the Operating Partnership | 50.00% | |||
Maximum Guaranteed Amount | $ 16,050,000 | |||
Obligation recorded to reflect guaranty | $ 161,000 | 161,000 | ||
Debt Coverage Service Ratio for Construction Loan | 130.00% | |||
Ambassador Town Center JV, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 33,574,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 45,307,000 | |||
Obligation recorded to reflect guaranty | $ 462,000 | 462,000 | ||
Ambassador Infrastructure, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 11,137,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 11,700,000 | |||
Obligation recorded to reflect guaranty | $ 177,000 | $ 177,000 | ||
West Melbourne I, II and Port Orange I | ||||
Guarantor Obligations [Line Items] | ||||
Percentage Guaranteed by the Operating Partnership | 20.00% | 25.00% | ||
Debt instrument, option extension term (in years) | 1 year | |||
Fremaux Town Center JV, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Debt instrument, option extension term (in years) | 1 year | |||
Number of extension options available | extension_option | 2 | |||
Fremaux Town Center Phase II, once certain leasing and occupancy metrics are met | ||||
Guarantor Obligations [Line Items] | ||||
Percentage Guaranteed by the Operating Partnership | 25.00% | |||
Fremaux Town Center Phase II, after one year of completion | ||||
Guarantor Obligations [Line Items] | ||||
Percentage Guaranteed by the Operating Partnership | 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] | ||||
Debt instrument, option extension term (in years) | 1 year | |||
Number of extension options available | extension_option | 2 | |||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,200 or more | ||||
Guarantor Obligations [Line Items] | ||||
Percentage Guaranteed by the Operating Partnership | 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 Operating Partnership | 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 (as a percent) | 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 | $ 14,800,000 | |||
Reimburse Obligations (as a percent) | 50.00% |
Share-Based Compensation (Detai
Share-Based Compensation (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 29, 2016$ / sharesshares | Mar. 31, 2015$ / sharesshares | Mar. 31, 2016USD ($)installmentplan$ / sharesshares | Mar. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans | plan | 2 | |||
Number of shares authorized under plan | 10,400,000 | |||
Share-based compensation cost capitalized as part of real estate assets | $ | $ 114 | $ 79 | ||
Weighted Average Grant-Date Fair Value | ||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 9,501 | |||
Compensation cost to be recognized over a weighted average period | 3 years 3 months 20 days | |||
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% | |||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ | $ 1,544 | 2,244 | ||
Shares | ||||
Nonvested, beginning of period (in shares) | 533,404 | |||
Granted (in shares) | 319,660 | |||
Vested (in shares) | (199,069) | |||
Forfeited (in shares) | (4,460) | |||
Nonvested, end of period (in shares) | 649,535 | |||
Weighted Average Grant-Date Fair Value | ||||
Weighted average grant date fair value, nonvested, beginning of period (in dollars per share) | $ / shares | $ 19.19 | |||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 10.02 | |||
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 16.43 | |||
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 17.62 | |||
Weighted average grant date fair value, nonvested, end of period (in dollars per share) | $ / shares | $ 15.54 | |||
Number of annual installment for awards to vest | installment | 4 | |||
Restricted Stock Awards | Vested on date of grant | ||||
Weighted Average Grant-Date Fair Value | ||||
Vesting percentage | 20.00% | |||
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ | $ 258 | $ 156 | ||
Shares | ||||
Granted (in shares) | 282,995 | 138,680 | ||
Weighted Average Grant-Date Fair Value | ||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 4.98 | $ 15.52 | ||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 2,679 | |||
Performance period (in years) | 3 years |
Noncash Investing and Financi60
Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Significant Noncash Transactions [Line Items] | ||
Accrued dividends and distributions payable | $ 54,569 | $ 54,491 |
Additions to real estate assets accrued but not yet paid | 5,326 | 3,965 |
River Ridge Mall | ||
Other Significant Noncash Transactions [Line Items] | ||
Increase in investment in unconsolidated affiliate | 14,030 | 0 |
Decrease in accounts payable and accrued liabilities | (5) | 0 |
Transfer of Real Estate Assets in Settlement of Mortgage Debt Obligations | River Ridge Mall | ||
Other Significant Noncash Transactions [Line Items] | ||
Decrease in real estate assets | $ (14,025) | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Percentage of taxable income required to be distributed to shareholders | 90.00% | ||
State tax expense | $ 1,027 | $ 1,078 | |
Current tax benefit | 636 | 1,423 | |
Deferred tax provision | (99) | (507) | |
Income tax benefit | 537 | $ 916 | |
Net deferred tax asset | $ 2,012 | ||
Net deferred tax liability | $ 672 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2016USD ($)loan | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2015 | |
Subsequent Event [Line Items] | |||||||
Expected gain on sale of real estate | $ 0 | $ 757 | |||||
Proceeds from sales of real estate assets | 33,425 | $ 11,261 | |||||
Mortgages | |||||||
Subsequent Event [Line Items] | |||||||
Debt retired | $ 100,009 | ||||||
Mortgages | Minimum | |||||||
Subsequent Event [Line Items] | |||||||
Fixed interest rate (as a percent) | 4.54% | ||||||
Mortgages | Maximum | |||||||
Subsequent Event [Line Items] | |||||||
Fixed interest rate (as a percent) | 4.59% | ||||||
Mortgages | Renaissance Center - Phase I | |||||||
Subsequent Event [Line Items] | |||||||
Debt retired | $ 31,484 | ||||||
Subsequent Event | Mortgages | |||||||
Subsequent Event [Line Items] | |||||||
Number of loans retired | loan | 4 | ||||||
Subsequent Event | Mortgages | Hickory Point Mall | |||||||
Subsequent Event [Line Items] | |||||||
Fixed interest rate (as a percent) | 5.85% | ||||||
Debt instrument, option extension term (in years) | 1 year | ||||||
Renaissance Center | Parent Company | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Company's Ownership Interest (as a percent) | 50.00% | ||||||
Renaissance Center | Corporate Joint Venture | Scenario, Forecast | |||||||
Subsequent Event [Line Items] | |||||||
Expected gain on sale of real estate | $ 56,986 | ||||||
Renaissance Center | Corporate Joint Venture | Other Ownership Interest | Scenario, Forecast | |||||||
Subsequent Event [Line Items] | |||||||
Expected gain on sale of real estate | 29,993 | ||||||
Renaissance Center | Corporate Joint Venture | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Company's Ownership Interest (as a percent) | 50.00% | ||||||
Sales price | $ 129,200 | ||||||
Renaissance Center | Corporate Joint Venture | Subsequent Event | Mortgages | |||||||
Subsequent Event [Line Items] | |||||||
Mortgage note payables assumed | 16,000 | ||||||
Renaissance Center | Corporate Joint Venture | Subsequent Event | Other Ownership Interest | |||||||
Subsequent Event [Line Items] | |||||||
Mortgage note payables assumed | 64,600 | ||||||
The Crossings at Marshalls Creek | Scenario, Forecast | |||||||
Subsequent Event [Line Items] | |||||||
Expected gain on sale of real estate | $ 3,259 | ||||||
The Crossings at Marshalls Creek | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Sales price | 23,650 | ||||||
Proceeds from sales of real estate assets | $ 21,854 | ||||||
Mortgages | Village Square | |||||||
Subsequent Event [Line Items] | |||||||
Mortgage Loans on Real Estate, Interest Rate | 3.50% | 3.50% | |||||
Mortgages | Village Square | Scenario, Forecast | |||||||
Subsequent Event [Line Items] | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.00% | 3.75% |