Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 23, 2017 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 171,093,419 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,555,736,797 | ||
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 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables: | |||
Mortgage and other notes receivable | $ 16,803 | $ 18,238 | |
Total assets | 6,104,640 | 6,479,991 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,465,294 | 4,710,628 | |
Common units: | |||
Variable interest entities, assets | 659,494 | 144,800 | |
Variable interest entities, liabilities | 616,386 | 101,908 | |
CBL & Associates Properties, Inc. | |||
Real estate assets: | |||
Land | [1] | 820,979 | 876,668 |
Buildings and improvements | [1] | 6,942,452 | 7,287,862 |
Real estate investment property, at cost | [1] | 7,763,431 | 8,164,530 |
Accumulated depreciation | [1] | (2,427,108) | (2,382,568) |
Real estate investment property, net, before developments in progress | [1] | 5,336,323 | 5,781,962 |
Held for sale | [1] | 5,861 | 0 |
Developments in progress | [1] | 178,355 | 75,991 |
Net investment in real estate assets | [1] | 5,520,539 | 5,857,953 |
Cash and cash equivalents | [1] | 18,951 | 36,892 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $1,910 and $1,923 in 2016 and 2015, respectively | [1] | 94,676 | 87,286 |
Other, net of allowance for doubtful accounts of $838 and $1,276 in 2016 and 2015, respectively | [1] | 6,227 | 17,958 |
Mortgage and other notes receivable | [1] | 16,803 | 18,238 |
Investments in unconsolidated affiliates | [1] | 266,872 | 276,383 |
Intangible lease assets and other assets | [1] | 180,572 | 185,281 |
Total assets | [1] | 6,104,640 | 6,479,991 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,465,294 | 4,710,628 | |
Accounts payable and accrued liabilities | 280,498 | 344,434 | |
Total liabilities | [1] | 4,745,792 | 5,055,062 |
Commitments and contingencies (Note 6 and Note 14) | |||
Redeemable interests: | |||
Redeemable noncontrolling interests | 17,996 | 25,330 | |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,792,645 and 170,490,948 issued and outstanding in 2016 and 2015, respectively | 1,708 | 1,705 | |
Additional paid-in capital | 1,969,059 | 1,970,333 | |
Accumulated other comprehensive income | 0 | 1,935 | |
Dividends in excess of cumulative earnings | (742,078) | (689,028) | |
Total shareholders' equity | 1,228,714 | 1,284,970 | |
Noncontrolling interests | 112,138 | 114,629 | |
Total equity | 1,340,852 | 1,399,599 | |
Common units: | |||
Total liabilities, redeemable noncontrolling interests and equity/capital | 6,104,640 | 6,479,991 | |
Variable interest entities, assets | 659,494 | ||
Variable interest entities, liabilities | 463,362 | ||
CBL & Associates Properties, Inc. | Series D preferred stock | |||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Preferred stock, value | 18 | 18 | |
CBL & Associates Properties, Inc. | Series E preferred stock | |||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Preferred stock, value | 7 | 7 | |
CBL & Associates Limited Partnership | |||
Real estate assets: | |||
Land | [1] | 820,979 | 876,668 |
Buildings and improvements | [1] | 6,942,452 | 7,287,862 |
Real estate investment property, at cost | [1] | 7,763,431 | 8,164,530 |
Accumulated depreciation | [1] | (2,427,108) | (2,382,568) |
Real estate investment property, net, before developments in progress | [1] | 5,336,323 | 5,781,962 |
Held for sale | [1] | 5,861 | 0 |
Developments in progress | [1] | 178,355 | 75,991 |
Net investment in real estate assets | [1] | 5,520,539 | 5,857,953 |
Cash and cash equivalents | [1] | 18,943 | 36,887 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $1,910 and $1,923 in 2016 and 2015, respectively | [1] | 94,676 | 87,286 |
Other, net of allowance for doubtful accounts of $838 and $1,276 in 2016 and 2015, respectively | [1] | 6,179 | 17,958 |
Mortgage and other notes receivable | [1] | 16,803 | 18,238 |
Investments in unconsolidated affiliates | [1] | 267,405 | 276,946 |
Intangible lease assets and other assets | [1] | 180,452 | 185,162 |
Total assets | [1] | 6,104,997 | 6,480,430 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,465,294 | 4,710,628 | |
Accounts payable and accrued liabilities | 280,528 | 344,434 | |
Total liabilities | [1] | 4,745,822 | 5,055,062 |
Commitments and contingencies (Note 6 and Note 14) | |||
Redeemable interests: | |||
Redeemable noncontrolling interests | 0 | 5,586 | |
Redeemable common units | 17,996 | 19,744 | |
Total redeemable interests | 17,996 | 25,330 | |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Accumulated other comprehensive income | 0 | (868) | |
Partners' capital: | |||
Preferred units | 565,212 | 565,212 | |
Common units: | |||
General partner | 7,781 | 8,435 | |
Limited partners | 756,083 | 822,383 | |
Total partners' capital | 1,329,076 | 1,395,162 | |
Noncontrolling interests | 12,103 | 4,876 | |
Total capital | 1,341,179 | 1,400,038 | |
Total liabilities, redeemable noncontrolling interests and equity/capital | 6,104,997 | $ 6,480,430 | |
Variable interest entities, assets | 659,494 | ||
Variable interest entities, liabilities | $ 463,362 | ||
[1] | As of December 31, 2016, includes $659,494 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $463,362 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical - OP) - CBL & Associates Limited Partnership - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Tenant receivables allowance for doubtful accounts | $ 1,910 | $ 1,923 |
Other receivables allowance for doubtful accounts | $ 838 | $ 1,276 |
Consolidated Balance Sheets (P4
Consolidated Balance Sheets (Parenthetical - REIT) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 15,000,000 | |
Series E preferred stock | ||
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, dividend rate (percent) | 6.625% | 6.625% |
CBL & Associates Properties, Inc. | ||
Receivables: | ||
Tenant receivables allowance for doubtful accounts | $ 1,910 | $ 1,923 |
Other receivables allowance for doubtful accounts | $ 838 | $ 1,276 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 170,792,645 | 170,490,948 |
Common stock, shares outstanding (in shares) | 170,792,645 | 170,490,948 |
CBL & Associates Properties, Inc. | Series D preferred stock | ||
Shareholders' equity: | ||
Preferred stock, dividend rate (percent) | 7.375% | 7.375% |
Preferred stock, shares outstanding (in shares) | 1,815,000 | 1,815,000 |
CBL & Associates Properties, Inc. | Series E preferred stock | ||
Shareholders' equity: | ||
Preferred stock, dividend rate (percent) | 6.625% | 6.625% |
Preferred stock, shares outstanding (in shares) | 690,000 | 690,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Total revenues | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 |
OPERATING EXPENSES: | |||
Depreciation and amortization | 292,693 | 299,069 | 291,273 |
General and administrative | 63,332 | 62,118 | 50,271 |
Loss on impairment | 116,822 | 105,945 | 17,858 |
Other | 20,326 | 26,957 | 32,297 |
Income from operations | 253,628 | 277,584 | |
Interest and other income | 1,524 | 6,467 | 14,121 |
Interest expense | (216,318) | (229,343) | (239,824) |
Gain on extinguishment of debt | 256 | ||
Gain on investments | 7,534 | 16,560 | 87,893 |
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) |
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 |
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 |
Income from continuing operations | 195,531 | 119,015 | 252,979 |
Net income | 195,531 | 119,015 | |
Net income attributable to noncontrolling interests in: | |||
Net income attributable to the Company | 172,882 | 103,371 | |
Net income attributable to common shareholders/unitholders | $ 127,990 | $ 58,479 | |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | |
Amounts attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders | $ 127,990 | $ 58,479 | |
CBL & Associates Properties, Inc. | |||
REVENUES: | |||
Minimum rents | 670,565 | 684,309 | 682,584 |
Percentage rents | 17,803 | 18,063 | 16,876 |
Other rents | 23,110 | 21,934 | 22,314 |
Tenant reimbursements | 280,438 | 288,279 | 290,561 |
Management, development and leasing fees | 14,925 | 10,953 | 12,986 |
Other | 21,416 | 31,480 | 35,418 |
Total revenues | 1,028,257 | 1,055,018 | 1,060,739 |
OPERATING EXPENSES: | |||
Property operating | 137,760 | 141,030 | 149,774 |
Depreciation and amortization | 292,693 | 299,069 | 291,273 |
Real estate taxes | 90,110 | 90,799 | 89,281 |
Maintenance and repairs | 53,586 | 51,516 | 54,842 |
General and administrative | 63,332 | 62,118 | 50,271 |
Loss on impairment | 116,822 | 105,945 | 17,858 |
Other | 20,326 | 26,957 | 32,297 |
Total operating expenses | 774,629 | 777,434 | 685,596 |
Income from operations | 253,628 | 277,584 | 375,143 |
Interest and other income | 1,524 | 6,467 | 14,121 |
Interest expense | (216,318) | (229,343) | (239,824) |
Gain on extinguishment of debt | 0 | 256 | 87,893 |
Gain on investments | 7,534 | 16,560 | 0 |
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) |
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 |
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 |
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 |
Income from continuing operations | 195,531 | 119,015 | 252,979 |
Operating loss of discontinued operations | 0 | 0 | (222) |
Gain on discontinued operations | 0 | 0 | 276 |
Net income | 195,531 | 119,015 | 253,033 |
Net income attributable to noncontrolling interests in: | |||
Operating Partnership | (21,537) | (10,171) | (30,106) |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (1,112) | (5,473) | (3,777) |
Net income attributable to the Company | 172,882 | 103,371 | 219,150 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 127,990 | $ 58,479 | $ 174,258 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common shares/units outstanding (in shares) | 170,762 | 170,476 | 170,247 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 170,836 | 170,499 | 170,247 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | $ 127,990 | $ 58,479 | $ 174,212 |
Discontinued operations | 0 | 0 | 46 |
Net income attributable to common shareholders/unitholders | 127,990 | 58,479 | 174,258 |
CBL & Associates Limited Partnership | |||
REVENUES: | |||
Minimum rents | 670,565 | 684,309 | 682,584 |
Percentage rents | 17,803 | 18,063 | 16,876 |
Other rents | 23,110 | 21,934 | 22,314 |
Tenant reimbursements | 280,438 | 288,279 | 290,561 |
Management, development and leasing fees | 14,925 | 10,953 | 12,986 |
Other | 21,416 | 31,480 | 35,418 |
Total revenues | 1,028,257 | 1,055,018 | 1,060,739 |
OPERATING EXPENSES: | |||
Property operating | 137,760 | 141,030 | 149,774 |
Depreciation and amortization | 292,693 | 299,069 | 291,273 |
Real estate taxes | 90,110 | 90,799 | 89,281 |
Maintenance and repairs | 53,586 | 51,516 | 54,842 |
General and administrative | 63,332 | 62,118 | 50,271 |
Loss on impairment | 116,822 | 105,945 | 17,858 |
Other | 20,326 | 26,957 | 32,297 |
Total operating expenses | 774,629 | 777,434 | 685,596 |
Income from operations | 253,628 | 277,584 | 375,143 |
Interest and other income | 1,524 | 6,467 | 14,121 |
Interest expense | (216,318) | (229,343) | (239,824) |
Gain on extinguishment of debt | 0 | 256 | 87,893 |
Gain on investments | 7,534 | 16,560 | 0 |
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) |
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 |
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 |
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 |
Income from continuing operations | 195,531 | 119,015 | 252,979 |
Operating loss of discontinued operations | 0 | 0 | (222) |
Gain on discontinued operations | 0 | 0 | 276 |
Net income | 195,531 | 119,015 | 253,033 |
Net income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (1,112) | (5,473) | (3,777) |
Net income attributable to the Company | 194,419 | 113,542 | 249,256 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 149,527 | $ 68,650 | $ 204,364 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common shares/units outstanding (in shares) | 199,764 | 199,734 | 199,660 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 199,838 | 199,757 | 199,660 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | $ 149,527 | $ 68,650 | $ 204,318 |
Discontinued operations | 0 | 0 | 46 |
Net income attributable to common shareholders/unitholders | $ 149,527 | $ 68,650 | $ 204,364 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 195,531 | $ 119,015 | |
Other comprehensive income (loss): | |||
Total other comprehensive income (loss) | 434 | (14,403) | $ 8,325 |
CBL & Associates Properties, Inc. | |||
Net income | 195,531 | 119,015 | 253,033 |
Other comprehensive income (loss): | |||
Unrealized holding gain on available-for-sale securities | 0 | 242 | 6,543 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | (16,560) | 0 |
Unrealized gain on hedging instruments | 877 | 4,111 | 3,977 |
Reclassification of hedging effect on earnings | (443) | (2,196) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Comprehensive income | 195,965 | 104,612 | 261,358 |
Comprehensive income attributable to noncontrolling interests in: | |||
Operating Partnership | (21,600) | (7,244) | (31,345) |
Other consolidated subsidiaries | (1,112) | (5,473) | (3,777) |
Comprehensive income attributable to the Company | 173,253 | 91,895 | 226,236 |
CBL & Associates Limited Partnership | |||
Net income | 195,531 | 119,015 | 253,033 |
Other comprehensive income (loss): | |||
Unrealized holding gain on available-for-sale securities | 0 | 242 | 6,543 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | (16,560) | 0 |
Unrealized gain on hedging instruments | 877 | 4,111 | 3,977 |
Reclassification of hedging effect on earnings | (443) | (2,196) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Comprehensive income | 195,965 | 104,612 | 261,358 |
Comprehensive income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries | (1,112) | (5,473) | (3,777) |
Comprehensive income attributable to the Company | $ 194,853 | $ 99,139 | $ 257,581 |
Consolidated Statements of Equi
Consolidated Statements of Equity/Capital - USD ($) $ in Thousands | Total | CBL & Associates Properties, Inc. | CBL & Associates Properties, Inc.Preferred Stock | CBL & Associates Properties, Inc.Common Stock | CBL & Associates Properties, Inc.Additional Paid-in Capital | CBL & Associates Properties, Inc.Accumulated Other Comprehensive Income | CBL & Associates Properties, Inc.Dividends in Excess of Cumulative Earnings | CBL & Associates Properties, Inc.Total Shareholders' Equity | CBL & Associates Properties, Inc.Noncontrolling Interests | CBL & Associates Properties, Inc.Redeemable Noncontrolling Interests | CBL & Associates Limited Partnership | CBL & Associates Limited PartnershipRedeemable Partnership Interests | CBL & Associates Limited PartnershipRedeemable Common Units | CBL & Associates Limited PartnershipTotal Redeemable Interests | Preferred UnitsCBL & Associates Limited Partnership | Common UnitsCBL & Associates Limited Partnership | General PartnerCBL & Associates Limited Partnership | Limited PartnersCBL & Associates Limited Partnership | Accumulated Other Comprehensive IncomeCBL & Associates Limited Partnership | Total Partner's CapitalCBL & Associates Limited Partnership | Noncontrolling InterestsCBL & Associates Limited Partnership |
Redeemable common units, beginning balance at Dec. 31, 2013 | $ 34,639 | ||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 3,425 | ||||||||||||||||||||
Other comprehensive income (loss) | $ 8,260 | $ 7,086 | $ 7,086 | $ 1,174 | 65 | $ 8,260 | $ 65 | $ 65 | $ 8,260 | $ 8,260 | |||||||||||
Adjustment for noncontrolling interests | (2,937) | $ (8,231) | (8,231) | 5,294 | 2,937 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,336) | (5,014) | (5,014) | (322) | 5,337 | (5,336) | $ 3,017 | 2,319 | 5,336 | $ (55) | $ (5,281) | (5,336) | |||||||||
Distributions to noncontrolling interests | (44,257) | (44,257) | (8,844) | (13,089) | (4,272) | (4,272) | 0 | $ (13,089) | |||||||||||||
Redeemable common units, ending balance at Dec. 31, 2014 | 37,559 | ||||||||||||||||||||
Beginning balance, shareholders' equity at Dec. 31, 2013 | 1,559,934 | $ 25 | $ 1,700 | 1,967,644 | 6,325 | $ (570,781) | 1,404,913 | 155,021 | |||||||||||||
Beginning balance, partners' capital at Dec. 31, 2013 | 1,560,355 | 5,883 | 28,756 | 34,639 | $ 565,212 | 9,866 | 961,175 | 4,923 | 1,541,176 | 19,179 | |||||||||||
Beginning balance, partners' capital units (in shares) at Dec. 31, 2013 | 25,050,000 | 199,593,000 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 249,539 | 219,150 | 219,150 | 30,389 | 249,539 | 1,827 | 1,598 | 3,425 | $ 44,892 | 2,081 | 200,686 | 247,659 | 1,880 | ||||||||
Other comprehensive income (loss) | 8,260 | 7,086 | 7,086 | 1,174 | 65 | 8,260 | 65 | 65 | 8,260 | 8,260 | |||||||||||
Redemption of common units (in shares) | (273,000) | ||||||||||||||||||||
Redemptions of common units | $ (4,861) | (4,861) | (4,861) | (4,861) | |||||||||||||||||
Issuance of common units (in shares) | 246,000 | ||||||||||||||||||||
Issuance of common units | 683 | 683 | 683 | ||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (4,861) | 0 | (4,861) | ||||||||||||||||||
Dividends/distributions declared - common stock/units | (170,262) | (170,262) | (170,262) | (201,483) | (4,571) | (4,571) | (1,479) | (200,004) | (201,483) | ||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||
Issuance of shares of common stock and restricted common stock | 683 | 3 | 680 | 683 | |||||||||||||||||
Cancellation of restricted common stock (in shares) | (34,000) | ||||||||||||||||||||
Cancellation of restricted common stock, value | (389) | (389) | (389) | (389) | (389) | (389) | |||||||||||||||
Amortization of deferred compensation | 3,508 | 3,508 | 3,508 | 3,508 | 36 | 3,472 | 3,508 | ||||||||||||||
Allocation of partners' capital | (2,792) | 2,937 | 2,937 | (660) | (2,132) | (2,792) | |||||||||||||||
Adjustment for noncontrolling interests | (2,937) | (8,231) | (8,231) | 5,294 | 2,937 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,336) | (5,014) | (5,014) | (322) | 5,337 | (5,336) | 3,017 | 2,319 | 5,336 | (55) | (5,281) | (5,336) | |||||||||
Distributions to noncontrolling interests | (44,257) | (44,257) | (8,844) | (13,089) | (4,272) | (4,272) | 0 | (13,089) | |||||||||||||
Contributions from noncontrolling interests | 938 | 938 | 938 | 938 | |||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2014 | 1,549,928 | 25 | 1,703 | 1,958,198 | 13,411 | (566,785) | 1,406,552 | 143,376 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2014 | 1,550,441 | 6,455 | 31,104 | 37,559 | $ 565,212 | 9,789 | 953,349 | 13,183 | 1,541,533 | 8,908 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2014 | 25,050,000 | 199,532,000 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 3,902 | ||||||||||||||||||||
Other comprehensive income (loss) | (14,051) | (11,476) | (11,476) | (2,575) | (352) | (14,051) | (352) | (352) | (14,051) | (14,051) | |||||||||||
Adjustment for noncontrolling interests | (2,980) | (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | (1,658) | (9,959) | (11,617) | 119 | 11,498 | 11,617 | |||||||||
Distributions to noncontrolling interests | (40,534) | (40,534) | (7,143) | (7,866) | (2,571) | (2,571) | (7,866) | ||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2015 | 25,330 | 19,744 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 115,113 | 103,371 | 103,371 | 11,742 | 115,113 | 3,360 | 542 | 3,902 | $ 44,892 | 699 | 67,409 | 113,000 | 2,113 | ||||||||
Other comprehensive income (loss) | (14,051) | (11,476) | (11,476) | (2,575) | (352) | (14,051) | (352) | (352) | (14,051) | (14,051) | |||||||||||
Redemption of common units (in shares) | (15,000) | ||||||||||||||||||||
Redemptions of common units | (286) | (286) | (286) | ||||||||||||||||||
Issuance of common units (in shares) | 278,000 | ||||||||||||||||||||
Issuance of common units | 679 | 679 | 679 | ||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (286) | (286) | |||||||||||||||||||
Dividends/distributions declared - common stock/units | (180,722) | (180,722) | (180,722) | (213,391) | (4,572) | (4,572) | (2,133) | (211,258) | (213,391) | ||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||
Issuance of shares of common stock and restricted common stock | 679 | 3 | 676 | 679 | |||||||||||||||||
Cancellation of restricted common stock (in shares) | (47,000) | ||||||||||||||||||||
Cancellation of restricted common stock, value | (770) | (1) | (769) | (770) | (770) | (770) | (770) | ||||||||||||||
Performance stock units | 624 | 624 | 624 | 624 | 6 | 618 | 624 | ||||||||||||||
Amortization of deferred compensation | 4,152 | 4,152 | 4,152 | 4,152 | 43 | 4,109 | 4,152 | ||||||||||||||
Allocation of partners' capital | (3,053) | 2,981 | 2,981 | (88) | (2,965) | (3,053) | |||||||||||||||
Adjustment for noncontrolling interests | (2,980) | (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | (1,658) | (9,959) | (11,617) | 119 | 11,498 | 11,617 | |||||||||
Distributions to noncontrolling interests | (40,534) | (40,534) | (7,143) | (7,866) | (2,571) | (2,571) | (7,866) | ||||||||||||||
Contributions from noncontrolling interests | 1,721 | 1,721 | 1,721 | 1,721 | |||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2015 | 1,399,599 | 25 | 1,705 | 1,970,333 | 1,935 | (689,028) | 1,284,970 | 114,629 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2015 | 1,400,038 | 5,586 | 19,744 | 25,330 | $ 565,212 | 8,435 | 822,383 | (868) | 1,395,162 | 4,876 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2015 | 25,050,000 | 199,748,000 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | (1,603) | ||||||||||||||||||||
Other comprehensive income (loss) | 431 | 371 | 371 | 60 | 3 | 431 | 3 | 3 | 431 | 431 | |||||||||||
Redemption of redeemable noncontrolling interest | 9,636 | 9,636 | 9,636 | (3,206) | 9,636 | (3,206) | (3,206) | 99 | 9,537 | 9,636 | |||||||||||
Adjustment for noncontrolling interests | (2,454) | (13,773) | (2,306) | (16,079) | 13,625 | 2,454 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,937) | (2,061) | (2,061) | 124 | 1,937 | (1,937) | 2,729 | (792) | 1,937 | (20) | (1,917) | (1,937) | |||||||||
Distributions to noncontrolling interests | (40,039) | (40,039) | (6,919) | (7,888) | (2,347) | (2,347) | (7,888) | ||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2016 | 17,996 | 17,996 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 197,134 | 172,882 | 172,882 | 24,252 | 197,134 | (2,762) | 1,159 | (1,603) | $ 44,892 | 1,523 | 146,845 | 193,260 | 3,874 | ||||||||
Other comprehensive income (loss) | 431 | 371 | 371 | 60 | 3 | 431 | 3 | 3 | 431 | 431 | |||||||||||
Redemption of common units (in shares) | (965,000) | ||||||||||||||||||||
Redemptions of common units | $ (11,754) | (11,754) | (11,754) | (11,754) | |||||||||||||||||
Issuance of common units (in shares) | 336,000 | ||||||||||||||||||||
Issuance of common units | 481 | 481 | 481 | ||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (11,754) | (11,754) | |||||||||||||||||||
Redemption of redeemable noncontrolling interest | 9,636 | 9,636 | 9,636 | (3,206) | 9,636 | (3,206) | (3,206) | 99 | 9,537 | 9,636 | |||||||||||
Dividends/distributions declared - common stock/units | (181,040) | (181,040) | (181,040) | (213,191) | (4,572) | (4,572) | (2,133) | (211,058) | (213,191) | ||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||
Issuance of shares of common stock and restricted common stock | $ 481 | 3 | $ 478 | $ 481 | |||||||||||||||||
Cancellation of restricted common stock (in shares) | (267,000) | (267,000) | (267,000) | (34,000) | |||||||||||||||||
Cancellation of restricted common stock, value | (267) | (267) | (267) | ||||||||||||||||||
Performance stock units | $ 1,033 | $ 1,033 | $ 1,033 | 1,033 | 11 | 1,022 | 1,033 | ||||||||||||||
Amortization of deferred compensation | 3,680 | 3,680 | 3,680 | 3,680 | 38 | 3,642 | 3,680 | ||||||||||||||
Allocation of partners' capital | (2,566) | 2,454 | 2,454 | (172) | (2,831) | 437 | (2,566) | ||||||||||||||
Adjustment for noncontrolling interests | (2,454) | (13,773) | (2,306) | (16,079) | 13,625 | 2,454 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,937) | (2,061) | (2,061) | 124 | 1,937 | (1,937) | 2,729 | (792) | 1,937 | (20) | (1,917) | (1,937) | |||||||||
Distributions to noncontrolling interests | (40,039) | (40,039) | $ (6,919) | (7,888) | (2,347) | (2,347) | (7,888) | ||||||||||||||
Contributions from noncontrolling interests | 11,241 | 11,241 | 11,241 | 11,241 | |||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2016 | $ 1,340,852 | $ 25 | $ 1,708 | $ 1,969,059 | $ 0 | $ (742,078) | $ 1,228,714 | $ 112,138 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2016 | $ 1,341,179 | $ 0 | $ 17,996 | $ 17,996 | $ 565,212 | $ 7,781 | $ 756,083 | $ 0 | $ 1,329,076 | $ 12,103 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2016 | 25,050,000 | 199,085,000 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of shares of stock (in shares) | 335,417 | 278,093 | 246,168 |
Shares of restricted common stock canceled (in shares) | 33,720 | 47,418 | 34,039 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | $ 195,531 | $ 119,015 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Loss on impairment | 116,822 | 105,945 | $ 17,858 | ||
Equity in earnings of unconsolidated affiliates | (117,533) | (18,200) | (14,803) | ||
Change in deferred tax accounts | (907) | (152) | 1,329 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Proceeds from sale of available-for-sale securities | 20,755 | ||||
CBL & Associates Properties, Inc. | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | 195,531 | 119,015 | 253,033 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||
Net amortization of deferred financing costs, debt premiums and discounts | 2,952 | 4,948 | 4,405 | ||
Net amortization of intangible lease assets and liabilities | 113 | (1,487) | 368 | ||
Gain on sales of real estate assets | (29,567) | (32,232) | (5,342) | ||
Gain on discontinued operations | 0 | 0 | (276) | ||
Write-off of development projects | 56 | 2,373 | 136 | ||
Share-based compensation expense | 5,027 | 5,218 | 3,979 | ||
Gain on investments | (7,534) | (16,560) | 0 | ||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||
Loss on impairment from discontinued operations | 0 | 0 | 681 | ||
Gain on extinguishment of debt | 0 | (256) | (87,893) | ||
Equity in earnings of unconsolidated affiliates | (117,533) | (18,200) | (14,803) | ||
Distributions of earnings from unconsolidated affiliates | 16,603 | 21,095 | 21,866 | ||
Provision for doubtful accounts | 4,058 | 2,254 | 2,643 | ||
Change in deferred tax accounts | (907) | (153) | 1,329 | ||
Changes in: | |||||
Tenant and other receivables | (7,979) | (5,455) | (4,053) | ||
Other assets | (4,386) | 1,803 | 1,101 | ||
Accounts payable and accrued liabilities | 2,630 | 7,638 | (18,244) | ||
Net cash provided by operating activities | 468,579 | 495,015 | 468,061 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Additions to real estate assets | (248,004) | (218,891) | (277,624) | ||
Acquisitions of real estate assets | 0 | (191,988) | 0 | ||
(Additions) reductions to restricted cash | (11,434) | 5,491 | 4,880 | ||
Proceeds from sales of real estate assets | 189,489 | 132,231 | 16,513 | ||
Net proceeds from disposal of investments | 10,299 | 0 | 0 | ||
Additions to mortgage and other notes receivable | (3,259) | (3,096) | 0 | ||
Payments received on mortgage and other notes receivable | 1,069 | 1,610 | 20,973 | ||
Proceeds from sale of available-for-sale securities | 0 | 20,755 | 0 | ||
Additional investments in and advances to unconsolidated affiliates | (28,510) | (15,200) | (30,404) | ||
Distributions in excess of equity in earnings of unconsolidated affiliates | 95,958 | 20,807 | 39,229 | ||
Changes in other assets | (7,054) | (11,534) | (8,422) | ||
Net cash used in investing activities | (1,446) | (259,815) | (234,855) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from mortgage and other indebtedness | 1,174,409 | 1,358,296 | 1,061,928 | ||
Principal payments on mortgage and other indebtedness | (1,377,739) | (1,315,094) | (1,050,647) | ||
Additions to deferred financing costs | (8,345) | (6,796) | (2,386) | ||
Prepayment fees on extinguishment of debt | 0 | 0 | (1,506) | ||
Proceeds from issuances of common stock/units | 179 | 188 | 175 | ||
Purchases of noncontrolling interests in the Operating Partnership | (11,754) | (286) | (4,861) | ||
Contributions from noncontrolling interests | 11,241 | 682 | 938 | ||
Distributions to noncontrolling interests | (47,213) | (47,682) | (52,712) | ||
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) | ||
Dividends paid to common shareholders/unitholders | (180,960) | (180,662) | (166,805) | ||
Net cash used in financing activities | (485,074) | (236,246) | (260,768) | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (17,941) | (1,046) | (27,562) | ||
CASH AND CASH EQUIVALENTS, beginning of period | 36,892 | [1] | 37,938 | 65,500 | |
CASH AND CASH EQUIVALENTS, end of period | 18,951 | [1] | 36,892 | [1] | 37,938 |
CBL & Associates Limited Partnership | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | 195,531 | 119,015 | 253,033 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||
Net amortization of deferred financing costs, debt premiums and discounts | 2,952 | 4,948 | 4,405 | ||
Net amortization of intangible lease assets and liabilities | 113 | (1,487) | 368 | ||
Gain on sales of real estate assets | (29,567) | (32,232) | (5,342) | ||
Gain on discontinued operations | 0 | 0 | (276) | ||
Write-off of development projects | 56 | 2,373 | 136 | ||
Share-based compensation expense | 5,027 | 5,218 | 3,979 | ||
Gain on investments | (7,534) | (16,560) | 0 | ||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||
Loss on impairment from discontinued operations | 0 | 0 | 681 | ||
Gain on extinguishment of debt | 0 | (256) | (87,893) | ||
Equity in earnings of unconsolidated affiliates | (117,533) | (18,200) | (14,803) | ||
Distributions of earnings from unconsolidated affiliates | 16,633 | 21,092 | 21,866 | ||
Provision for doubtful accounts | 4,058 | 2,254 | 2,643 | ||
Change in deferred tax accounts | (907) | (153) | 1,329 | ||
Changes in: | |||||
Tenant and other receivables | (7,931) | (5,455) | (4,053) | ||
Other assets | (4,386) | 1,803 | 1,101 | ||
Accounts payable and accrued liabilities | 2,550 | 7,648 | (18,242) | ||
Net cash provided by operating activities | 468,577 | 495,022 | 468,063 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Additions to real estate assets | (248,004) | (218,891) | (277,624) | ||
Acquisitions of real estate assets | 0 | (191,988) | 0 | ||
(Additions) reductions to restricted cash | (11,434) | 5,491 | 4,880 | ||
Proceeds from sales of real estate assets | 189,489 | 132,231 | 16,513 | ||
Net proceeds from disposal of investments | 10,299 | 0 | 0 | ||
Additions to mortgage and other notes receivable | (3,259) | (3,096) | 0 | ||
Payments received on mortgage and other notes receivable | 1,069 | 1,610 | 20,973 | ||
Proceeds from sale of available-for-sale securities | 0 | 20,755 | 0 | ||
Additional investments in and advances to unconsolidated affiliates | (28,510) | (15,200) | (30,404) | ||
Distributions in excess of equity in earnings of unconsolidated affiliates | 95,958 | 20,807 | 39,229 | ||
Changes in other assets | (7,054) | (11,534) | (8,422) | ||
Net cash used in investing activities | (1,446) | (259,815) | (234,855) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from mortgage and other indebtedness | 1,174,409 | 1,358,296 | 1,061,928 | ||
Principal payments on mortgage and other indebtedness | (1,377,739) | (1,315,094) | (1,050,647) | ||
Additions to deferred financing costs | (8,345) | (6,796) | (2,386) | ||
Prepayment fees on extinguishment of debt | 0 | 0 | (1,506) | ||
Proceeds from issuances of common stock/units | 179 | 188 | 175 | ||
Redemption of common units | (11,754) | (286) | (4,861) | ||
Contributions from noncontrolling interests | 11,240 | 682 | 938 | ||
Distributions to noncontrolling interests | (14,807) | (17,084) | (52,712) | ||
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) | ||
Dividends paid to common shareholders/unitholders | (213,366) | (211,260) | (166,805) | ||
Net cash used in financing activities | (485,075) | (236,246) | (260,768) | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (17,944) | (1,039) | (27,560) | ||
CASH AND CASH EQUIVALENTS, beginning of period | 36,887 | [1] | 37,926 | 65,486 | |
CASH AND CASH EQUIVALENTS, end of period | $ 18,943 | [1] | $ 36,887 | [1] | $ 37,926 |
[1] | As of December 31, 2016, includes $659,494 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $463,362 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8. |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION CBL, a Delaware corporation, is a self-managed, self-administered, fully-integrated REIT 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 the Operating Partnership, which is a VIE. In accordance with the guidance in Accounting Standards Codification ("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 December 31, 2016 , the Operating Partnership owned interests in the following Properties: Malls (1) Associated Centers Community Centers Office Buildings Total Consolidated Properties 65 20 4 7 (2) 96 Unconsolidated Properties (3) 9 3 5 — 17 Total 74 23 9 7 113 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). (2) Includes CBL's two corporate office buildings and two office buildings classified as held for sale as of December 31, 2016 . See Note 4 and Note 19 for more information. (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 December 31, 2016 , the Operating Partnership had interests in the following Construction Properties: Malls Development 1 Expansions 3 Redevelopments 3 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 December 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 84.8% limited partner interest for a combined interest held by CBL of 85.8% . 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'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 December 31, 2016 , CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 5.1% limited partner interest in the Operating Partnership. CBL’s Predecessor also owned 3.7 million shares of the Company's common stock at December 31, 2016 , for a total combined effective interest of 11.0% in the Operating Partnership. The Operating Partnership conducts the Company's property management and development activities through its wholly-owned subsidiary, the Management Company, to comply with certain requirements of the Internal Revenue Code. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This Form 10-K provides separate consolidated financial statements for the Company and the Operating Partnership. Due to the Company's ability as general partner to control the Operating Partnership, the Company consolidates the Operating Partnership within its consolidated financial statements for financial reporting purposes. The notes to consolidated financial statements apply to both the Company and the Operating Partnership, unless specifically noted otherwise. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. Accounting Guidance Adopted In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to perform an analysis regarding an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. ASU 2014-15 was effective for annual periods ending after December 15, 2016 and for annual and interim periods thereafter. The Company adopted ASU 2014-15 as of December 31, 2016. The adoption of ASU 2014-15 did not have an impact on the Company's consolidated financial statements or disclosures. In February 2015, the FASB issued 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 Company adopted ASU 2015-02 as of January 1, 2016 using a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 8 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. See ASU 2016-17, Interests Held Through Related Parties That Are under Common Control ("ASU 2016-17") below which amends ASU 2015-02. Accounting Guidance Not Yet Effective In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled 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 , ("ASU 2015-14") 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. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing , ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. As the majority of the Company's revenue is derived from real estate lease contracts, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and expects to adopt the guidance as of January 1, 2018. It is in the process of determining which method to use for the application of this 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. Under the new guidance, common area maintenance recoveries must be accounted for as a non-lease component. The Company will be evaluating whether the bifurcation of common area maintenance will affect the timing or recognition of certain lease revenues. Also, only direct leasing costs may be capitalized under ASU 2016-02. Current guidance also allows the capitalization of indirect leasing costs. Additionally, the Company will be analyzing its current ground lease obligations under ASU 2016-02. The Company has done a preliminary assessment and continues to evaluate the potential impact the guidance may have on its consolidated financial statements and related disclosures. It is considering the practicality of adopting ASU 2016-02 concurrently with the adoption of ASU 2014-09 as the standards overlap and concurrent adoption would align them if ASU 2016-02 was adopted as of January 1, 2018. If early adoption is not practicable, the Company would adopt ASU 2016-02 as of January 1, 2019. 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 adopted ASU 2016-09 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The objective of ASU 2016-15 is to reduce diversity in practice in the classification of certain items in the statement of cash flows, including the classification of distributions received from equity method investees. For public companies, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a retrospective basis. The Company expects to adopt ASU 2016-15 as of January 1, 2018 and does not expect the guidance to have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-17 which amends the consolidation guidance in ASU 2015-02 to change how a reporting entity that is a single decision maker of a VIE should consider indirect interests in a VIE held through related parties that are under common control with the entity when determining whether it is the primary beneficiary of the VIE. ASU 2016-17 simplifies the analysis to require consideration of only an entity's proportionate indirect interest in a VIE held through a party under common control. For public companies, ASU 2016-17 is effective for fiscal years beginning after December 15, 2016 including interim periods therein. Early adoption is permitted. The guidance is to be applied retrospectively to all periods in fiscal year 2016, which is the period in which ASU 2015-02 was adopted by the Company. The Company adopted ASU 2016-17 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Restricted Cash , ("ASU 2016-18") to address diversity in practice related to the classification and presentation of changes in restricted cash. The update requires a reporting entity to explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents in reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. For public companies, ASU 2016-18 is effective on a retrospective basis for fiscal years beginning after December 15, 2017, including interim periods therein. Early adoption is permitted. The Company expects to adopt the update as of January 1, 2018 and does not expect ASU 2016-18 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. Under ASC 805, Business Combinations , the Company generally accounts for acquisitions of shopping center properties as acquisitions of a business. Under ASU 2017-01, more acquisitions are expected to be accounted for as acquisitions of assets. Transaction costs for asset acquisitions are capitalized while those related to business acquisitions are expensed. For public companies, ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods therein and is to be applied prospectively to any transactions occurring within the period of adoption. Early adoption is permitted. The Company adopted ASU 2017-01 as of January 1, 2017. The Company expects most of its future acquisitions of shopping center properties would be accounted for as acquisitions of assets in accordance with the guidance in ASU 2017-01. Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. The Company’s intangibles and their balance sheet classifications as of December 31, 2016 and 2015 , are summarized as follows: December 31, 2016 December 31, 2015 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 49,310 $ (38,197 ) $ 54,080 $ (39,228 ) In-place leases 110,968 (80,256 ) 113,335 (71,460 ) Tenant relationships 29,494 (6,610 ) 29,742 (5,868 ) Accounts payable and accrued liabilities: Below-market leases 87,266 (60,286 ) 89,182 (54,999 ) These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles was $8,687 , $12,939 and $13,973 in 2016 , 2015 and 2014 , respectively. The estimated total net amortization expense for the next five succeeding years is $6,378 in 2017 , $3,589 in 2018 , $2,502 in 2019 , $1,923 in 2020 and $1,882 in 2021 . Total interest expense capitalized was $2,182 , $3,697 and $7,122 in 2016 , 2015 and 2014 , respectively. Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. 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. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 4 and Note 15 for information related to the impairment of long-lived assets for 2016 , 2015 and 2014 . Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. Restricted Cash Restricted cash of $46,119 and $34,684 was included in intangible lease assets and other assets at December 31, 2016 and 2015 , respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. The Company recorded a provision for doubtful accounts of $4,058 , $2,254 and $2,643 for 2016 , 2015 and 2014 , respectively. Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate and reduced by distributions received. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2016 and 2015 , the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $(6,966) and $13,334 , respectively. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. No impairments of investments in unconsolidated affiliates were recorded in 2016 , 2015 and 2014 . Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $4,890 and $6,431 were included in intangible lease assets and other assets at December 31, 2016 and 2015 , respectively. Net deferred financing costs related to the Company's other indebtedness of $17,855 and $16,059 were included in net mortgage and other indebtedness at December 31, 2016 and 2015 , respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs was $5,010 , $7,116 and $6,910 in 2016 , 2015 and 2014 , respectively. Accumulated amortization of deferred financing costs was $13,370 and $12,413 as of December 31, 2016 and 2015 , respectively. Marketable Securities The Company recognized a realized gain of $16,560 , for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015. The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold were based on the specific identification method. If a decline in the value of an investment is deemed to be other than temporary, the investment is written down to fair value and an impairment loss is recognized in the current period to the extent of the decline in value. In determining when a decline in fair value below cost of an investment in marketable securities is other-than-temporary, the following factors, among others, are evaluated: • the probability of recovery; • the Company’s ability and intent to retain the security for a sufficient period of time for it to recover; • the significance of the decline in value; • the time period during which there has been a significant decline in value; • current and future business prospects and trends of earnings; • relevant industry conditions and trends relative to their historical cycles; and • market conditions. There were no other-than-temporary impairments of marketable securities incurred during 2016 , 2015 and 2014 . Interest Rate Hedging Instruments The Company recognizes its derivative financial instruments in either accounts payable and accrued liabilities or intangible lease assets and other assets, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in the fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company had entered into derivative agreements as of December 31, 2015 that qualified as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of these cash flow hedges as of December 31, 2015 was $434 and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. To the extent they are effective, changes in the fair values of cash flow hedges are reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract. See Notes 6 and 15 for additional information regarding the Company’s interest rate hedging instruments. Revenue Recognition Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest. Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $3,458 , $3,460 and $4,079 during 2016 , 2015 and 2014 , respectively. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition. The pro forma effect of these acquisitions was not material. The Company did not acquire any consolidated shopping center properties during the years ended December 31, 2014 and 2016. The following is a summary of the Company's acquisitions during the year ended December 31, 2015: Purchase Date Property Property Type Location Ownership Percentage Acquired Cash Purchase Price June 2015 Mayfaire Town Center and Community Center (1) Mall Wilmington, NC 100% $ 191,988 $ 191,988 (1) The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center is included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information. The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center: 2015 Land $ 39,598 Buildings and improvements 139,818 Tenant improvements 3,331 Above-market leases 393 In-place leases 22,673 Total assets 205,813 Below-market leases (13,825 ) Net assets acquired $ 191,988 |
DISPOSITIONS AND HELD FOR SALE
DISPOSITIONS AND HELD FOR SALE | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND HELD FOR SALE | 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 gain or impairment loss, are included in net income for all periods presented, as applicable. 2016 Dispositions Net proceeds realized from the 2016 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2016 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net December Cobblestone Village at Palm Coast (1) Community Center Palm Coast, FL $ 8,500 $ 8,106 $ — December Randolph Mall, (2) Mall Asheboro, NC 32,250 31,453 — September Oak Branch Business Center (3) Office Building Greensboro, NC 2,400 2,148 — July The Lakes Mall / Fashion Square (4) Mall Muskegon, MI 66,500 65,514 273 May Bonita Lakes Mall and Crossing (5) Mall & Associated Center Meridian, MS 27,910 27,614 208 April The Crossings at Marshalls Creek Community Center Middle Smithfield, PA 23,650 21,791 3,239 March River Ridge Mall (6) Mall Lynchburg, VA 33,500 32,905 — $ 194,710 $ 189,531 $ 3,720 (1) The Company recorded a loss on impairment of $6,298 to write down the community center to its estimated fair value in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $150 was recognized in December 2016 for an adjustment to the sales price when the sale closed in December 2016. (2) The Company recorded a loss on impairment in the third quarter of 2016 of $43,294 when it wrote down the book values of the three malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. (3) The Company recognized a loss on impairment of $122 in the third quarter of 2016 to adjust the book value of the Property to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. (4) The Company recognized a loss on impairment of $32,096 in the second quarter of 2016 when it adjusted the book value of the malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. A non-recourse loan secured by Fashion Square with a principal balance of $38,150 was assumed by the buyer in conjunction with the sale. See Note 6 . (5) The Company recognized a loss on impairment of $5,323 in the first quarter of 2016 when it adjusted the book value of the Properties to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect disposition costs. (6) In the first quarter of 2016, the Company sold a 75% interest in River Ridge Mall and recorded a loss on impairment of $9,510 to adjust the book value of the mall to its estimated net sales price based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $84 was recognized in December 2016 to reflect actual closing costs. The Company retained a 25% ownership interest in the mall, which is included in Investments in Unconsolidated Affiliates as of December 31, 2016 on the Company's consolidated balance sheet. See Note 5 for more information on this new joint venture. See Note 15 for additional information related to the impairment losses described above. The Company also realized a gain of $21,385 primarily related to the sale of 18 outparcels, $2,184 related to a parking deck project, $1,621 from a parcel project at The Outlet Shoppes at Atlanta and $657 in contingent consideration earned in 2016 related to the sale of EastGate Crossing noted below. 2016 Held for Sale Two office buildings, One Oyster Point and Two Oyster Point, are classified as held for sale, and the $5,861 on the Company's consolidated balance sheets at December 31, 2016 represents the net investment in real estate assets at December 31, 2016, which approximates 0.1% of the Company's total assets as of December 31, 2016 . There are no other material assets or liabilities associated with these office buildings. The office buildings were sold subsequent to December 31, 2016 . See Note 15 and Note 19 for additional information on these Properties. 2015 Dispositions 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 Price Gain Sales Date Property Property Type Location Gross Net December Mayfaire Community Center (1) Community Center (2) Wilmington, NC $ 56,300 $ 55,955 $ — December Chapel Hill Crossing (3) Associated Center Akron, OH 2,300 2,178 — 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 — $ 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 estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (2) This Property was combined with Mayfaire Town 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 estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (4) In the fourth quarter of 2015, the Company earned $625 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 earned additional consideration in 2016 for the lease of one additional specified tenant space as noted above. 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 the mall to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. See Note 15 for additional information related to the impairment losses described above. 2014 Dispositions Net proceeds from the 2014 dispositions were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted. The following is a summary of the Company's 2014 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net September Pemberton Plaza (1) Community Center Vicksburg, MS $ 1,975 $ 1,886 $ — June Foothills Plaza Expansion Associated Center Maryville, TN 2,640 2,387 937 May Lakeshore Mall (2) Mall Sebring, FL 14,000 13,613 — $ 18,615 $ 17,886 $ 937 (1) The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (2) The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. The Company recognized a gain on extinguishment of debt for each of the Properties listed below, representing the amount by which the outstanding debt balance exceeded the net book value of the Property as of the transfer date. See Note 6 for additional information. The following is a summary of the Company's other 2014 dispositions: Balance of Non-recourse Debt Gain on Extinguishment of Debt Disposal Date Property Property Type Location October Columbia Place (1) Mall Columbia, SC $ 27,265 $ 27,171 September Chapel Hill Mall (2) Mall Akron, OH 68,563 18,296 January Citadel Mall (3) Mall Charleston, SC 68,169 43,932 $ 163,997 $ 89,399 (1) The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense. (2) The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense. (3) The mortgage lender completed the foreclosure process and received title to the mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the mall to its then estimated fair value. |
UNCONSOLIDATED AFFILIATES AND C
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT | UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT Unconsolidated Affiliates At December 31, 2016 , the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting: Joint Venture Property Name Company's Interest 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 and The Shops at Friendly 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 and Triangle Town Commons 10.0% Governor’s Square IB Governor’s Square Plaza 50.0% Governor’s Square Company Governor’s Square 47.5% JG Gulf Coast Town Center LLC Gulf Coast Town Center - Phase 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 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 , 2015 and 2014 , it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of: • the pro forma for the development and construction of the project and any material deviations or modifications thereto; • the site plan and any material deviations or modifications thereto; • the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto; • any acquisition/construction loans or any permanent financings/refinancings; • the annual operating budgets and any material deviations or modifications thereto; • the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and • any material acquisitions or dispositions with respect to the project. As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting. Activity - Unconsolidated Affiliates CBL-TRS Joint Venture, LLC In December 2016, CBL-TRS Joint Venture, LLC, sold four office buildings, located in Greensboro, NC, for a gross sales price of $26,000 and net proceeds of approximately $25,406 , of which $12,703 represents each partner's share. The unconsolidated affiliate recognized a gain on sale of real estate assets of $51 , of which each partner's share was approximately $25 . The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. G&I VIII CBL Triangle LLC In December 2016, G&I VIII CBL Triangle LLC, sold Triangle Town Place, an associated center located in Raleigh, NC, for a gross sales price of $30,250 and net proceeds of approximately $29,802 . Net proceeds from the sale were used to retire the outstanding principal balance of the $29,342 loan secured by the Property. See Loan Repayments below for additional information on this loan. The unconsolidated affiliate recognized a gain on sale of real estate assets of $2,820 , of which the Company's share was approximately $282 and the joint venture partner's share was $2,538 . The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. G&I VIII CBL Triangle LLC is a 10 / 90 joint venture, formed in the first quarter of 2016, between the Company and DRA Advisors, which 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 selling partner's share was $85,546 as of the closing date. Triangle Town Member LLC recognized a gain on sale of real estate assets of $80,979 in connection with the sale of its interests to G&I VIII CBL Triangle LLC. Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the $171,092 loan, of which the Company's share is $17,109 . 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. The Company continues to lease and manage the remaining Properties. High Pointe Commons In the third quarter of 2016, High Pointe Commons, LP and High Pointe Commons II-HAP, LP, two 50 / 50 subsidiaries of the Company, and their joint venture partner closed on the sale of High Pointe Commons, a community center located in Harrisburg, PA, for a gross sales price of $33,800 and net proceeds of $14,962 , of which $7,481 represents each partner's share. The existing mortgages secured by the property, which had an aggregate balance of $17,388 at the time of closing, were paid off in conjunction with the sale. See Loan Repayments below for additional information on these loans. The unconsolidated affiliate recognized a gain on sale of real estate assets of $16,649 , of which each partner's share was approximately $8,324 . Additionally, the unconsolidated affiliates recorded a loss on extinguishment of debt of $393 , of which each partner's share was approximately $197 . The Company's share of the gain and share of the loss on extinguishment of debt is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. CBL-TRS Joint Venture II, LLC In the second quarter of 2016, CBL-TRS Joint Venture II, LLC, sold Renaissance Center, a community center located in Durham, NC, for a gross sales price of $129,200 and net proceeds of $80,324 , of which $40,162 represents each partner's share. In conjunction with the sale, the buyer assumed the $16,000 loan secured by the Property's second phase. The loan secured by the first phase, which had a principal balance of $31,484 as of closing, was retired. See Loan Repayments below for additional information on this loan. The unconsolidated affiliate recognized a gain on sale of real estate assets of $59,977 , of which each partner's share was approximately $29,989 . The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. JG Gulf Coast Town Center LLC - Phases I and II In the second quarter of 2016, the foreclosure process was completed and the mortgage lender received title to the mall in satisfaction of the non-recourse mortgage loan secured by Phases I and II of Gulf Coast Town Center in Ft. Myers, FL. Gulf Coast Town Center generated 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 ) 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. The joint venture recognized a gain on extinguishment of debt of $63,294 upon the disposition of Gulf Coast. The Company recognized a gain on the net investment in Gulf Coast of $29,267 upon the disposition of the Property, which is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. River Ridge Mall JV, LLC In the first quarter of 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 . The $33,500 of cash was distributed to the Company and, after closing costs, $32,819 was used to reduce outstanding balances on its lines of credit. Following the initial formation, all required future contributions will be funded on a pro rata basis. The Company has accounted for the formation of River Ridge as the sale of a partial interest and recorded a loss on impairment of $9,594 in 2016, which includes a reserve of $2,100 for future capital expenditures. See Note 4 and Note 15 for more information. The Company continues to manage and lease the ma ll. T he 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. Other An unconsolidated affiliate recognized a gain on sale of real estate assets of $501 related to the sale of an outparcel, of which each partner's share was approximately $251 . The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, 2016 2015 ASSETS: Investment in real estate assets $ 2,137,666 $ 2,357,902 Accumulated depreciation (564,612 ) (677,448 ) 1,573,054 1,680,454 Developments in progress 9,210 59,592 Net investment in real estate assets 1,582,264 1,740,046 Other assets 223,347 168,540 Total assets $ 1,805,611 $ 1,908,586 LIABILITIES: Mortgage and other indebtedness $ 1,266,046 $ 1,546,272 Other liabilities 46,160 51,357 Total liabilities 1,312,206 1,597,629 OWNERS' EQUITY: The Company 228,313 184,868 Other investors 265,092 126,089 Total owners' equity 493,405 310,957 Total liabilities and owners’ equity $ 1,805,611 $ 1,908,586 Year Ended December 31, 2016 2015 2014 Total revenues $ 250,361 $ 253,399 $ 250,248 Depreciation and amortization (83,640 ) (79,870 ) (79,059 ) Other operating expenses (76,328 ) (75,875 ) (73,218 ) Income from operations 90,393 97,654 97,971 Interest and other income 1,352 1,337 1,358 Interest expense (55,227 ) (75,485 ) (74,754 ) Gain on extinguishment of debt 62,901 — — Gain on sales of real estate assets 160,977 2,551 1,697 Net income $ 260,396 $ 26,057 $ 26,272 Financings - Unconsolidated Affiliates 2016 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December The Shops at Friendly Center (2) 3.34% April 2023 $ 60,000 June Fremaux Town Center (3) 3.70% (4) June 2026 73,000 June Ambassador Town Center (5) 3.22% (6) June 2023 47,660 February The Pavilion at Port Orange (7) LIBOR + 2.0% February 2018 (8) 58,628 February Hammock Landing - Phase I (7) LIBOR + 2.0% February 2018 (8) 43,347 (9) February Hammock Landing - Phase II (7) LIBOR + 2.0% February 2018 (8) 16,757 February Triangle Town Center, Triangle Town Place, Triangle Town Commons (10) 4.00% (11) December 2018 (12) 171,092 (1) Excludes any extension options. (2) CBL-TRS Joint Venture, LLC closed on a non-recourse loan, secured by The Shops at Friendly Center in Greensboro, NC. The new loan has a maturity date with a term of six years to coincide with the maturity date of the existing loan secured by Friendly Center. A portion of the net proceeds were used to retire a $37,640 fixed-rate loan that bore interest at 5.90% and was due to mature in January 2017. (3) Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125 . (4) The joint venture had an interest rate swap on a notional amount of $73,000 , amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on the variable-rate loan. In October 2016, the joint venture made an election under the loan agreement to convert the loan from a variable-rate to a fixed-rate loan which bears interest at 3.70% . (5) The non-recourse loan was used to retire an existing construction loan with a principal balance of $41,885 and excess proceeds were utilized to fund remaining construction costs. (6) The joint venture has an interest rate swap on a notional amount of $47,660 , amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. (7) The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 14 for more information. (8) The loan was modified and extended to February 2018 with a one -year extension option, at the joint venture's election, to February 2019. (9) The capacity was increased from $39,475 to fund an expansion. (10) The loan was amended and modified in conjunction with the sale of the Properties to a newly formed joint venture as described above. (11) The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. (12) The loan was extended to December 2018 with two one -year extension options to December 2020. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.74% during the extension period. 2015 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2015: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December Hammock Landing - Phase I (2) LIBOR + 2.0% February 2016 (3) $ 39,475 December Hammock Landing - Phase II (2) LIBOR + 2.0% February 2016 (3) 16,757 December The Pavilion at Port Orange (2) LIBOR + 2.0% February 2016 (3) 58,820 October Oak Park Mall (4) 3.97% October 2025 276,000 July Gulf Coast Town Center - Phase III (5) LIBOR + 2.0% July 2017 5,352 (1) Excludes any extension options. (2) The loan was amended and modified to extend its initial maturity date and interest rate. (3) In the first quarter of 2016, the loan was extended and modified as noted above. (4) CBL/T-C closed on a non-recourse loan, secured by Oak Park Mall in Overland Park, KS. Net proceeds were used to retire the outstanding borrowings of $275,700 under the previous loan which bore interest at 5.85% and had a December 2015 maturity date. (5) The loan was amended and modified to extend its maturity date. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership. All of the debt on the Properties owned by the unconsolidated affiliates listed above is non-recourse, except for Ambassador Infrastructure, Hammock Landing and The Pavilion at Port Orange. See Note 14 for a description of guarantees the Operating Partnership has issued related to certain unconsolidated affiliates. 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid December The Shops at Friendly Center (1) 5.90% January 2017 $ 37,640 December Triangle Town Place (2) 4.00% December 2018 29,342 September Governor's Square Mall (3) 8.23% September 2016 14,089 September High Pointe Commons - Phase I (4) 5.74% May 2017 12,401 September High Pointe Commons - PetCo (4) 3.20% July 2017 19 September High Pointe Commons - Phase II (4) 6.10% July 2017 4,968 July Kentucky Oaks Mall (5) 5.27% January 2017 19,912 April Renaissance Center - Phase I 5.61% July 2016 31,484 (1) The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See above for more information. (2) Upon the sale of Triangle Town Place, a portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place. After the debt reduction associated with the sale of Triangle Town Center, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 is $141,126 , of which the Company's share is $14,113 . (3) The Company's share of the loan was $6,692 . (4) The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50% . (5) The Company's share of the loan was $9,956 . The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid June Fremaux Town Center - Phase I (1) 2.44% August 2016 $ 40,530 June Fremaux Town Center - Phase II (1) 2.44% August 2016 30,595 June Ambassador Town Center (2) 2.24% December 2017 41,885 (1) The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See Financings above for more information. (2) The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See Financings above for more information. Cost Method Investment The Company owned a 6.2% noncontrolling interest in Jinsheng, an established mall operating and real estate development company located in Nanjing, China, which owned controlling interests in home furnishing shopping malls. In November 2016, the Company received $15,538 from Jinsheng for the redemption of its interest that had a carrying value of $5,325 and recorded a gain on investment of $10,136 . The Company had previously recorded an other-than-temporary impairment of $5,306 related to this investment in 2009 upon the decline of China's real estate market. The Company accounted for its noncontrolling interest in Jinsheng using the cost method because the Company did not exercise significant influence over Jinsheng and there was no readily determinable market value of Jinsheng’s shares since they are not publicly traded. The noncontrolling interest was reflected as Investments in Unconsolidated Affiliates in the consolidated balance sheets as of December 31, 2015 . |
MORTGAGE AND OTHER INDEBTEDNESS
MORTGAGE AND OTHER INDEBTEDNESS, NET | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
MORTGAGE AND OTHER INDEBTEDNESS, NET | MORTGAGE AND OTHER INDEBTEDNESS, NET 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 Notes, issued by the Operating Partnership in November 2013, October 2014 and December 2016, 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 December 31, 2016 . Debt of the Operating Partnership Mortgage and other indebtedness consisted of the following: December 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) $ 2,453,628 5.55% $ 2,736,538 5.68% Senior unsecured notes due 2023 (3) 446,552 5.25% 446,151 5.25% Senior unsecured notes due 2024 (4) 299,939 4.60% 299,933 4.60% Senior unsecured notes due 2026 (5) 394,260 5.95% — —% Other — —% 2,686 3.50% Total fixed-rate debt 3,594,379 5.48% 3,485,308 5.53% Variable-rate debt: Non-recourse term loans on operating Properties 19,055 3.13% 16,840 2.49% Recourse term loans on operating Properties 24,428 3.29% 25,635 2.97% Construction loan (6) 39,263 3.12% — —% Unsecured lines of credit (7) 6,024 1.82% 398,904 1.54% Unsecured term loans (8) 800,000 2.04% 800,000 1.82% Total variable-rate debt 888,770 2.15% 1,241,379 1.76% Total fixed-rate and variable-rate debt 4,483,149 4.82% 4,726,687 4.54% Unamortized deferred financing costs (17,855 ) (16,059 ) Total mortgage and other indebtedness, net $ 4,465,294 $ 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 $101,151 as of December 31, 2015 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at December 31, 2015. The swaps matured April 1, 2016. (3) The balance is net of an unamortized discount of $3,448 and $3,849 , as of December 31, 2016 and 2015 , respectively. (4) The balance is net of an unamortized discount of $61 and $67 , as of December 31, 2016 and 2015 , respectively. (5) In December 2016, the Operating Partnership issued $400,000 of senior unsecured notes in a public offering. The balance is net of an unamortized discount of $5,740 as of December 31, 2016 . (6) In the second quarter of 2016, a consolidated joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo. See below for more information. (7) The Company extended and modified its three unsecured credit facilities in October 2015. See below for additional information. (8) The Company closed on a new $350,000 unsecured term loan in October 2015. See below for further information. Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $2,655,928 at December 31, 2016 . Senior Unsecured Notes Description Issued (1) Amount Interest Rate (2) Maturity Date (3) 2026 Notes December 2016 $ 400,000 5.95% December 2026 2024 Notes October 2014 300,000 4.60% October 2024 2023 Notes November 2013 450,000 5.25% December 2023 (1) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. (2) Interest is payable semiannually in arrears. Interest was payable for the 2026 Notes, the 2024 Notes and the 2023 Notes beginning June 15, 2017 ; April 15, 2015; and June 1, 2014 , respectively. The interest rate for the 2024 Note and the 2023 Notes is 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% for the 2023 and 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of December 31, 2016 , this ratio was 30% as shown below. (3) The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026; July 15, 2024 ; and September 1, 2023 , respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the redemption date, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50% , 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively. After deducting underwriting and other offering expenses of $3,671 and a discount of $5,740 , the net proceeds from the sale of the 2026 Notes were $390,589 . The Operating Partnership used the net proceeds from the issuance of the 2026 Notes to reduce the outstanding balances on its unsecured credit facilities and for general business purposes. 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, and issuances of letters of credit. In the fourth quarter of 2015, the Company closed on the extension and modification of its three unsecured credit facilities. The $1,100,000 of total capacity consists of two $500,000 credit facilities and a $100,000 credit facility. Each facility bears interest at LIBOR plus a spread of 87.5 to 155 basis points based on the Company's credit ratings. The former credit facilities bore interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. Additionally, the annual facility fee for the aggregate $1,100,000 facility was reduced to a range of 0.125% to 0.300% , based on the Company's credit ratings. The annual facility fee on the former credit facilities ranged from 0.15% to 0.35% of the total capacity of each facility. As of December 31, 2016 , the Company's interest rate, based on its credit ratings of Baa3 from Moody's and BBB- from S&P and Fitch, is LIBOR plus 120 basis points. As of December 31, 2016 , the annual facility fee was 0.25% . The three unsecured lines of credit had a weighted-average interest rate of 1.82% at December 31, 2016 . The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2016 : Total Capacity Total Outstanding Maturity Date Extended Maturity Date Wells Fargo - Facility A $ 500,000 $ — (1) October 2019 October 2020 (2) First Tennessee 100,000 1,400 (3) October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 4,624 (5) October 2020 $ 1,100,000 $ 6,024 (1) There was $150 outstanding on this facility as of December 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 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 0.15% of the commitment amount of the credit facility. (3) 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 $123 outstanding on this facility as of December 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 In October 2015, the Company closed on a $350,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's credit facilities. The term loan bears interest at LIBOR plus a spread of 90 to 175 basis points based on the Company's credit ratings. Based on the Company's current credit ratings, the term loan bears interest at LIBOR plus 135 basis points. The loan matures in October 2017 and has two one -year extension options for an outside maturity date of October 2019. At December 31, 2016 , the outstanding borrowings of $350,000 had an interest rate of 1.94% . The Company has a $400,000 unsecured term loan, that bears interest at a variable-rate of LIBOR plus 150 basis points , based on the Company's current credit ratings, and has a maturity date of July 2018 . At December 31, 2016 , the outstanding borrowings of $400,000 had an interest rate of 2.12% . The Company also has a $50,000 unsecured term loan that matures in February 2018 . In the first quarter of 2015, the Company modified the terms of the term loan to reduce the variable interest rate from LIBOR plus 190 basis points to LIBOR plus 155 basis points . At December 31, 2016 , the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.17% . Other In the first quarter of 2016, a consolidated joint venture of the Management Company retired a term loan with a principal balance of $2,625 that bore interest at a fixed rate of 3.5% and was scheduled to mature in May 2017 . Additionally, the subsidiary of the Management Company also retired a $3,500 revolving line of credit obtained that bore interest at a variable rate of LIBOR plus 249 basis points and was scheduled to mature in June 2017 . At the time of retirement, the revolver had no amount outstanding. Fixed-Rate Debt As of December 31, 2016 , fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.00% to 8.00% . Outstanding borrowings under fixed-rate loans include net unamortized debt premiums of $2,119 that were recorded when the Company assumed debt to acquire real estate assets that was at a net above-market interest rate compared to similar debt instruments at the date of acquisition. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through June 2026, with a weighted-average maturity of 3.7 years . Financings The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015 : Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended 2016: December Cary Towne Center (2) 4.00% March 2019 (3) $ 46,716 December Greenbrier Mall (4) 5.00% December 2019 (5) 70,801 June Hamilton Place (6) 4.36% June 2026 107,000 April Hickory Point Mall (7) 5.85% December 2018 (8) 27,446 2015: September The Outlet Shoppes at Gettysburg (9) 4.80% October 2025 $ 38,450 (1) Excludes any extension options. (2) The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. (3) The loan has one two -year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021. (4) The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. (5) The loan has a one -year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. (6) Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. (7) The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only. (8) The loan has a one -year extension option at the Company's election for an outside maturity date of December 2019. (9) Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016 and 2015: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2016: October Southaven Towne Center 5.50% January 2017 $ 38,314 August Dakota Square Mall 6.23% November 2016 55,103 June Hamilton Place (2) 5.86% August 2016 98,181 April CoolSprings Crossing 4.54% April 2016 11,313 April Gunbarrel Pointe 4.64% April 2016 10,083 April Stroud Mall 4.59% April 2016 30,276 April York Galleria 4.55% April 2016 48,337 2015: September The Outlet Shoppes at Gettysburg (3) 5.87% February 2016 $ 38,112 September Eastland Mall 5.85% December 2015 59,400 July Brookfield Square 5.08% November 2015 86,621 July CherryVale Mall 5.00% October 2015 77,198 July East Towne Mall 5.00% November 2015 65,856 July West Towne Mall 5.00% November 2015 93,021 May Imperial Valley Mall 4.99% September 2015 49,486 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information. (3) The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan. Additionally, the $38,150 loan secured by Fashion Square was assumed by the buyer in conjunction with the sale of the mall in July 2016. The fixed-rate loan bore interest at 4.95% and had a maturity date of June 2022. Subsequent to December 31, 2016 , the Company retired several fixed-rate operating Property loans. See Note 19 for more information. Other The fixed-rate non-recourse loans secured by Chesterfield Mall, Midland Mall and Wausau Center are in default and in receivership at December 31, 2016 . The malls generate insufficient income levels to cover the debt service on the mortgages, which had an aggregate balance of $189,642 at December 31, 2016 . Subsequent to December 31, 2016 , the foreclosure process was complete and Midland Mall was conveyed to the lender in satisfaction of the non-recourse debt secured by the mall. See Note 19 for additional information. The Company anticipates foreclosure proceedings will be complete in early 2017 on the remaining malls. Variable-Rate Debt Term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2016 , interest rates on such variable-rate loans varied from 2.57% to 5.03% . These loans mature at various dates from June 2017 to July 2020, with a weighted-average maturity of 1.9 years, and have extension options of up to two years. Financing The following table presents the variable-rate loan, secured by the related consolidated Property, that was entered into in 2016: Date Property Stated Interest Rate Maturity Date Amount Extended June Statesboro Crossing (1) LIBOR + 1.80% June 2017 (2) $ 11,035 (1) The loan was modified to extend the maturity date. (2) The loan has a one -year extension option at the joint venture's election for an outside maturity date of June 2018. Construction Loans Financings The following table presents the construction loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015: Date Property Stated Interest Rate Maturity Date Amount Financed 2016: May The Outlet Shoppes at Laredo (1) LIBOR + 2.5% (2) May 2019 (3) $ 91,300 2015: July The Outlet Shoppes of the Bluegrass - Phase II (4) LIBOR + 2.50% July 2020 $ 11,320 May The Outlet Shoppes at Atlanta - Phase II (5) LIBOR + 2.50% December 2019 6,200 (1) The consolidated 65 / 35 joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. (2) The interest rate will be reduced to LIBOR + 2.25% once the development is complete and certain debt and operational metrics are met. (3) The loan has one 24 -month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of May 2021. (4) The Operating Partnership has guaranteed 100% of the loan of this 65 / 35 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. (5) The Operating Partnership has guaranteed 100% of the loan of this 75 / 25 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid December The Outlet Shoppes at Atlanta - Parcel Development (1) 3.02% December 2019 $ 2,124 (1) In conjunction with its sale in December 2016, a portion of the net proceeds was used to retire the loan secured by the Property. Financial 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 December 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 December 31, 2016 : Ratio Required Actual Debt to total asset value < 60% 48% Unencumbered asset value to unsecured indebtedness > 1.60x 2.4x Unencumbered NOI to unsecured interest expense > 1.75x 5.2x EBITDA to fixed charges (debt service) > 1.50x 2.5x The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Senior Unsecured Notes The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2016: Ratio Required Actual Total debt to total assets < 60% 53% Secured debt to total assets <45% (1) 30% Total unencumbered assets to unsecured debt >150% 221% Consolidated income available for debt service to annual debt service charge > 1.50x 3.0x (1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% for the 2023 Notes and the 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes. Other Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office buildings, are owned by special purpose entities, created as a requirement under certain loan agreements, that are included in the Company’s 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. Scheduled Principal Payments As of December 31, 2016 , the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows: 2017 $ 757,314 2018 711,645 2019 275,477 2020 213,608 2021 455,026 Thereafter (1) 1,887,567 4,300,637 Net unamortized discounts (7,130 ) Unamortized deferred financing costs (17,855 ) Principal balance of loans secured by Lender Malls in foreclosure (2) 189,642 Total mortgage and other indebtedness, net $ 4,465,294 (1) Excludes the $17,689 loan balance secured by Wausau Center, which is in foreclosure. (2) Represents principal balances of three non-recourse loans secured by Midland Mall, Chesterfield Mall and Wausau Center, which are in default and receivership at December 31, 2016. The loans secured by Midland Mall and Chesterfield Mall had 2016 maturity dates. Subsequent to December 31, 2016 , the foreclosure process on Midland Mall was complete. See Note 19 for additional information. Of the $757,314 of scheduled principal payments in 2017, $361,794 relates to the maturing principal balances of eight operating Property loans, $350,000 represents the principal balance of an unsecured term loan and $45,520 relates to scheduled principal amortization. Of the 2017 maturities, an operating Property loan with a principal balance of $10,962 has a one -year extension option and the $350,000 unsecured term loan has two one -year extension options, which are at the Company's option, leaving approximately $350,832 of loan maturities in 2017 that must be retired or refinanced. The Company plans to refinance the $62,355 loan secured by The Outlet Shoppes at El Paso and is evaluating whether to retire or refinance the remaining loans. Subsequent to December 31, 2016 , the Company retired several operating Property loans. See Note 19 for details. Interest Rate Hedging Instruments The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps 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/L 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. The Company's outstanding interest rate derivatives, that were designated as cash flow hedges of interest rate risk, matured on April 1, 2016. The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk in 2016 and 2015 : Instrument Type Location in Consolidated Balance Sheet Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at 12/31/15 Maturity Date Pay fixed/ Receive Accounts payable and $ 48,337 1-month 2.149 % $ (208 ) April 2016 Pay fixed/ Receive Accounts payable and $ 30,276 1-month 2.187 % (133 ) April 2016 Pay fixed/ Receive Accounts payable and $ 11,313 1-month 2.142 % (48 ) April 2016 Pay fixed/ Receive Accounts payable and $ 10,083 1-month 2.236 % (45 ) April 2016 $ (434 ) Hedging Instrument Gain Recognized in OCI/L (Effective Portion) Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) Loss Recognized in Earnings (Effective Portion) Location of Gains Recognized in Earnings (Ineffective Portion) Gain Recognized in Earnings (Ineffective Portion) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate contracts $ 434 $ 1,915 $ 1,782 Interest Expense $ (443 ) $ (2,196 ) $ (2,195 ) Interest Expense $ — $ — $ — See Notes 2 and 15 for additional information regarding the Company’s interest rate hedging instruments. |
SHAREHOLDERS' EQUITY AND PARTNE
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | SHAREHOLDERS’ EQUITY AND PARTNERS' CAPITAL Common Stock and Common Units The Company's authorized common stock consists of 350,000,000 shares at $0.01 par value per share. The Company had 170,792,645 and 170,490,948 shares of common stock issued and outstanding as of December 31, 2016 and 2015 , respectively. Partners in the Operating Partnership hold their ownership through common and special common units of limited partnership interest, hereinafter referred to as "common units." A common unit and a share of CBL's common stock have essentially the same economic characteristics, as they effectively participate equally in the net income and distributions of the Operating Partnership. For each share of common stock issued by CBL, the Operating Partnership has issued a corresponding number of common units to CBL in exchange for the proceeds from the stock issuance. The Operating Partnership had 199,085,032 and 199,748,131 common units outstanding as of December 31, 2016 and 2015 , respectively. Each limited partner in the Operating Partnership has the right to exchange all or a portion of its common units for shares of CBL's common stock, or at CBL's election, their cash equivalent. When an exchange for common stock occurs, CBL assumes the limited partner's common units in the Operating Partnership. The number of shares of common stock received by a limited partner of the Operating Partnership upon exercise of its exchange rights will be equal, on a one-for-one basis, to the number of common units exchanged by the limited partner. If CBL elects to pay cash, the amount of cash paid by the Operating Partnership to redeem the limited partner's common units will be based on the five -day trailing average of the trading price, at the time of exchange, of the shares of common stock that would otherwise have been received by the limited partner in the exchange. Neither the common units nor the shares of common stock of CBL are subject to any right of mandatory redemption. At-The-Market Equity Program On March 1, 2013, the Company entered into 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 the ATM program. In accordance with the Sales Agreements, the Company will set the parameters for the sales of shares, including the number of shares to be issued, the time period during which sales are to be made and any minimum price below which sales may not be made. The Sales Agreements provide that the sales agents will be entitled to compensation for their services at a mutually agreed commission rate not to exceed 2.0% of the gross proceeds from the sales of shares sold through the ATM program. For each share of common stock issued by 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. Since inception, the Company has sold $211,493 shares of common stock through the ATM program, at a weighted-average sales price of $25.12 , generating net proceeds of $209,596 , which were used to reduce the balances on the Company's credit facilities. Since the commencement of the ATM program, the Company has issued 8,419,298 shares of common stock and approximately $88,507 remains available that may be sold under this program as of December 31, 2016 . The Company did not sell any shares under the ATM program during 2016 or 2015. 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 the third quarter of 2015, CBL's Board of Directors authorized a common stock repurchase program, which expired on August 31, 2016. Under the program, the Company could 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. The Company was not obligated to repurchase any shares of stock under the program. No shares were repurchased under the program prior to its expiration. Common Unit Activity During 2016, the Operating Partnership elected to pay cash of $11,754 to four holders of 964,796 common units in the Operating Partnership upon the exercise of their conversion rights. During 2015, no holders of common units exercised their conversion rights. During 2014, the Operating Partnership elected to pay $4,861 in cash to four holders of 272,952 common units of limited partnership interest in the Operating Partnership upon the exercise of their conversion rights. Preferred Stock and Preferred Units The Company's authorized preferred stock consists of 15,000,000 shares at $0.01 par value per share. A description of the Company's cumulative redeemable preferred stock is listed below. The Operating Partnership issues an equivalent number of preferred units to CBL in exchange for the contribution of the proceeds from CBL to the Operating Partnership when CBL issues preferred stock. The preferred units generally have the same terms and economic characteristics as the corresponding series of preferred stock. The Company has 6,900,000 depositary shares, each representing 1/10 th of a share of CBL's 6.625% Series E Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2016 and 2015 . The Series E Preferred Stock has a liquidation preference of $250.00 per share ( $25.00 per depositary share). The dividends on the Series E Preferred Stock are cumulative, accrue from the date of issuance and are payable quarterly in arrears at a rate of $16.5625 per share ( $1.65625 per depositary share) per annum. The Company may not redeem the Series E Preferred Stock before October 12, 2017, except in limited circumstances to preserve CBL's REIT status or in connection with a change of control. On or after October 12, 2017, the Company may, at its option, redeem the Series E Preferred Stock in whole at any time or in part from time to time by paying $25.00 per depositary share, plus any accrued and unpaid dividends up to, but not including, the date of redemption. The Series E Preferred Stock generally has no stated maturity and will not be subject to any sinking fund or mandatory redemption. The Series E Preferred Stock is not convertible into any of the Company's securities, except under certain circumstances in connection with a change of control. Owners of the depositary shares representing Series E Preferred Stock generally have no voting rights except under dividend default. The Company has 18,150,000 depositary shares, each representing 1/10 th of a share of CBL's 7.375% Series D Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2016 and 2015 . The Series D Preferred Stock has a liquidation preference of $250.00 per share ( $25.00 per depositary share). The dividends on the Series D Preferred Stock are cumulative, accrue from the date of issuance and are payable quarterly in arrears at a rate of $18.4375 per share ( $1.84375 per depositary share) per annum. The Series D Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and is not convertible into any other securities of the Company. The Company may redeem shares, in whole or in part, at any time for a cash redemption price of $250.00 per share ( $25.00 per depositary share) plus accrued and unpaid dividends. Dividends - CBL CBL paid first, second and third quarter 2016 cash dividends on its common stock of $0.265 per share on April 15 th , July 15 th and October 14 th 2016 , respectively. On November 3, 2016, CBL's Board of Directors declared a fourth quarter cash dividend of $0.265 per share that was paid on January 16, 2017, to shareholders of record as of December 30, 2016. The dividend declared in the fourth quarter of 2016 , totaling $45,259 , is included in accounts payable and accrued liabilities at December 31, 2016. The total dividend included in accounts payable and accrued liabilities at December 31, 2015 was $45,179 . The allocations of dividends declared and paid for income tax purposes are as follows: Year Ended December 31, 2016 2015 2014 Dividends declared: Common stock $ 0.88 (1) $ 1.06 $ 1.00 Series D preferred stock $ 18.44 $ 18.44 $ 18.44 Series E preferred stock $ 16.56 $ 16.56 $ 16.56 Allocations: Common stock Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Return of capital — % — % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (2) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) Of the $0.265 per share dividend declared on November 3, 2016 and paid January 16, 2017, $0.081 is taxable in 2016 and $0.184 per share will be reported and is taxable in 2017. (2) The allocations for income tax purposes are the same for each series of preferred stock for each period presented. Distributions - The Operating Partnership The Operating Partnership paid first, second and third quarter 2016 cash distributions on its redeemable common units and common units of $0.7322 and $0.2692 per share, respectively, on April 15 th , July 15 th and October 14 th 2016 , respectively. On November 3, 2016, the Operating Partnership declared a fourth quarter cash distribution on its redeemable common units and common units of $0.7322 and $0.2692 per share, respectively, that was paid on January 16, 2017. The distribution declared in the fourth quarter of 2016 , totaling $9,054 , is included in accounts payable and accrued liabilities at December 31, 2016 . The total dividend included in accounts payable and accrued liabilities at December 31, 2015 was $9,310 . |
REDEEMABLE INTERESTS AND NONCON
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2016 | |
Redeemable Noncontrolling Interests and Noncontrolling Interests [Abstract] | |
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests and Noncontrolling Interests of the Company Partnership Interests in the Operating Partnership that Are Not Owned by the Company The common units that the Company does not own are reflected in the Company's consolidated balance sheets as redeemable noncontrolling interest and noncontrolling interests in the Operating Partnership. Series S Special Common Units Redeemable noncontrolling interest includes a noncontrolling 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. In July 2004, the Operating Partnership issued 1,560,940 Series S special common units (“S-SCUs”), all of which are outstanding as of December 31, 2016 , in connection with the acquisition of Monroeville Mall. Under the terms of the Operating Partnership’s limited partnership agreement, the holder of the S-SCUs has the right to exchange all or a portion of its partnership interest for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. The holder has the additional right to, at any time after the seventh anniversary of the issuance of the S-SCUs, require the Operating Partnership to acquire a qualifying property and distribute it to the holder in exchange for the S-SCUs. Generally, the acquisition price of the qualifying property cannot be more than the lesser of the consideration that would be received in a normal exchange, as discussed above, or $20,000 , subject to certain limited exceptions. Should the consideration that would be received in a normal exchange exceed the maximum property acquisition price as described in the preceding sentence, the excess portion of its partnership interest could be exchanged for shares of the Company’s stock or, at the Company’s election, their cash equivalent. The S-SCUs received a minimum distribution of $2.53825 per unit per year for the first five years, and receive a minimum distribution of $2.92875 per unit per year thereafter. Series L Special Common Units In June 2005, the Operating Partnership issued 571,700 L-SCUs, all of which are outstanding as of December 31, 2016 , in connection with the acquisition of Laurel Park Place. The L-SCUs receive a minimum distribution of $0.7572 per unit per quarter ( $3.0288 per unit per year). Upon the earlier to occur of June 1, 2020, or when the distribution on the common units exceeds $0.7572 per unit for four consecutive calendar quarters, the L-SCUs will thereafter receive a distribution equal to the amount paid on the common units. In December 2012, the Operating Partnership issued 622,278 common units valued at $14,000 to acquire the remaining 30% noncontrolling interest in Laurel Park Place. Series K Special Common Units In November 2005, the Operating Partnership issued 1,144,924 K-SCUs, all of which are outstanding as of December 31, 2016, in connection with the acquisition of Oak Park Mall, Eastland Mall and Hickory Point Mall. The K-SCUs received a dividend at a rate of 6.0% , or $2.85 per K-SCU, for the first year following the close of the transaction and receive a dividend at a rate of 6.25% , or $2.96875 per K-SCU, thereafter. When the quarterly distribution on the Operating Partnership’s common units exceeds the quarterly K-SCU distribution for four consecutive quarters, the K-SCUs will receive distributions at the rate equal to that paid on the Operating Partnership’s common units. At any time following the first anniversary of the closing date, the holders of the K-SCUs may exchange them, on a one -for- one basis, for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. Outstanding rights to convert redeemable noncontrolling interests and noncontrolling interests in the Operating Partnership to common stock were held by the following parties at December 31, 2016 and 2015 : December 31, 2016 2015 CBL’s Predecessor 18,172,690 18,172,690 Third parties 10,119,697 11,084,493 28,292,387 29,257,183 The assets and liabilities allocated to the Operating Partnership’s redeemable noncontrolling interest and noncontrolling interests are based on their ownership percentages of the Operating Partnership at December 31, 2016 and 2015 . The ownership percentages are determined by dividing the number of common units held by each of the redeemable noncontrolling interest and the noncontrolling interests at December 31, 2016 and 2015 by the total common units outstanding at December 31, 2016 and 2015 , respectively. The redeemable noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.8% at December 31, 2016 and 2015 . The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 13.4% and 14.3% at December 31, 2016 and 2015 , respectively. Income is allocated to the Operating Partnership’s redeemable noncontrolling interest and noncontrolling interests based on their weighted-average ownership during the year. The ownership percentages are determined by dividing the weighted-average number of common units held by each of the redeemable noncontrolling interest and noncontrolling interests by the total weighted-average number of common units outstanding during the year. A change in the number of shares of common stock or common units changes the percentage ownership of all partners of the Operating Partnership. A common unit is considered to be equivalent to a share of common stock since it generally is exchangeable for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As a result, an allocation is made between redeemable noncontrolling interests, shareholders’ equity and noncontrolling interests in the Operating Partnership in the Company's accompanying balance sheets to reflect the change in ownership of the Operating Partnership’s underlying equity when there is a change in the number of shares and/or common units outstanding. During 2016 , 2015 and 2014 , the Company allocated $2,454 , $2,981 and $2,937 , respectively, from shareholders’ equity to redeemable noncontrolling interest. During 2016 the Company allocated $13,625 from shareholders' equity to noncontrolling interest. During 2015 and 2014, the Company allocated $207 and $322 , respectively, from noncontrolling interest to shareholders' equity. The total redeemable noncontrolling interest in the Operating Partnership was $17,996 and $19,744 at December 31, 2016 and 2015 , respectively. The total noncontrolling interest in the Operating Partnership was $100,035 and $109,753 at December 31, 2016 and 2015 , respectively. Redeemable Noncontrolling Interests and Noncontrolling Interests in Other Consolidated Subsidiaries Redeemable noncontrolling interests included the aggregate noncontrolling ownership interest in four of the Company’s other consolidated subsidiaries held by third parties which were redeemed in the fourth quarter of 2016 for $3,800 , which was comprised of $300 in cash and a $3,500 promissory note. See Note 10 for additional information on the note. The Company recognized a net loss of $2,602 on the disposal of its interests. The loss is included in Gain on Investments in the consolidated statements of operations. The total redeemable noncontrolling interests in other consolidated subsidiaries was $5,586 at December 31, 2015 . The redeemable noncontrolling interests in other consolidated subsidiaries included the third party interest in the Company’s former subsidiary that provides security and maintenance services. The Company had 25 and 23 other consolidated subsidiaries at December 31, 2016 and 2015 , respectively, that had noncontrolling interests 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. The total noncontrolling interests in other consolidated subsidiaries were $12,103 and $4,876 at December 31, 2016 and 2015 , respectively. The assets and liabilities allocated to the redeemable noncontrolling interests and noncontrolling interests in other consolidated subsidiaries are based on the third parties’ ownership percentages in each subsidiary at December 31, 2016 and 2015 . Income is allocated to the redeemable noncontrolling interests and noncontrolling interests in other consolidated subsidiaries based on the third parties’ weighted-average ownership in each subsidiary during the year. Redeemable Interests and Noncontrolling Interests of the Operating Partnership The aggregate noncontrolling ownership interest in four of the Company’s other consolidated subsidiaries described above that were reflected as redeemable noncontrolling interest in the Company's consolidated balance sheets were also reflected as redeemable noncontrolling interest in the Operating Partnership's consolidated balance sheets. The S-SCUs described above that are reflected as redeemable noncontrolling interests in the Company's consolidated balance sheets are reflected as redeemable common units in the Operating Partnership's consolidated balance sheets. The noncontrolling interests in other consolidated subsidiaries that are held by third parties that are reflected as a component of noncontrolling interests in the Company's consolidated balance sheets comprise the entire amount that is reflected as noncontrolling interests in the Operating Partnership's consolidated balance sheets. Variable Interest Entities As discussed in Note 2 , the Company adopted ASU 2015-02 as of January 1, 2016 using a modified retrospective approach. As a result, the Operating Partnership and certain of its 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 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 VIE’s 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 December 31, 2016 and 2015 , which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2016 2015 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 914 $ 4 (1) Atlanta Outlet JV, LLC 63,361 81,128 (2) (1) CBL Terrace LP 16,714 13,509 (1) El Paso Outlet Center Holding, LLC 103,232 69,535 $ 107,337 $ 63,458 El Paso Outlet Center II, LLC 8,638 7,028 (3) (1) Foothills Mall Associates 9,811 34,997 (1) Gettysburg Outlet Center Holding, LLC 36,542 39,476 (1) Gettysburg Outlet Center, LLC 7,203 37 37,463 38,450 High Point Development LP II 1,104 55 (1) Jarnigan Road LP 41,392 20,988 (1) Laredo Outlet JV, LLC (4) 89,353 58,822 (5) (1) Lebcon Associates 47,721 121,529 (1) Lebcon I, Ltd 9,290 9,711 (1) Lee Partners 1,195 — (1) Louisville Outlet Outparcels, LLC 62 — (1) Louisville Outlet Shoppes, LLC 76,831 85,132 (6) (1) Madison Grandview Forum, LLC 33,196 13,622 (1) The Promenade at D'Iberville 84,470 46,570 (1) Statesboro Crossing, LLC 18,869 11,058 (1) Village at Orchard Hills, LLC 498 — (1) Woodstock GA Investments, LLC 9,098 3,185 (1) $ 659,494 $ 616,386 $ 144,800 $ 101,908 As of December 31, 2016 2015 Assets Liabilities Assets Liabilities Unconsolidated VIEs: Ambassador Infrastructure, LLC $ 14,279 14,279 (1) G&I VIII CBL Triangle LLC (7) 172,470 149,195 (1) JG Gulf Coast Town Center LLC (8) $ 142,021 $ 195,892 Triangle Town Member LLC (8) 98,408 171,092 $ 186,749 $ 163,474 $ 240,429 $ 366,984 (1) The joint venture was classified as a VIE in 2016 in accordance with the criteria in ASU 2015-02 noted above. Prior to the adoption of ASU 2015-02, the joint venture was not considered to be a VIE. (2) Of this total, $4,839 related to The Outlet Shoppes at Atlanta - Phase II, is guaranteed by the Operating Partnership. (3) Of this total, $6,745 related to The Outlet Shoppes at El Paso - Phase II, is guaranteed by the Operating Partnership. (4) In the second quarter of 2016, the Company formed a 65 / 35 joint venture, Laredo Outlet JV, LLC, to develop, own and operate The Outlet Shoppes at Laredo in Laredo, TX. The Company initially contributed $7,714 , which consisted of a cash contribution of $2,434 and its interest in a note receivable of $5,280 (see Note 10 ), and the third party partner contributed $10,686 , which included land and construction costs to date. The Company contributed 100% of the capital to fund the project until the pro rata 65% contribution of $19,846 was reached in the third quarter of 2016. All subsequent future contributions will be funded on a 65 / 35 pro rata basis. The Company determined that the new consolidated affiliate represents an interest in a VIE based upon the criteria noted above. (5) Of this total, $39,263 related to The Outlet Shoppes at Laredo, is guaranteed by the Operating Partnership. (6) Of this total, $10,101 relates to The Outlet Shoppes of the Bluegrass - Phase II, is guaranteed by the Operating Partnership. (7) Upon, the sale of the Company's 50% interest in Triangle Town Member LLC to G&I VIII CBL Triangle LLC in the first quarter of 2016, the Company determined that the new unconsolidated affiliate represents an interest in a VIE based upon the criteria noted above. (8) This joint venture is not a VIE as of December 31, 2016. See description of reconsideration event below. Variable Interest Entities - Reconsideration Events Triangle Town Member LLC The Company held a 50% ownership interest in this joint venture, which represented an interest in a VIE as of December 31, 2015. As noted above, the Company's 50% interest in this joint venture was sold to G&I VIII CBL Triangle LLC in the first quarter of 2016. JG Gulf Coast Town Center LLC The Company holds a 50% ownership interest in this joint venture. In the second quarter of 2016, the foreclosure process was complete and Phases I and II of Gulf Coast Town Center in Ft. Myers, FL were returned to the lender in satisfaction of the non-recourse mortgage loan secured by the Properties. The Company determined that the unconsolidated affiliate, JG Gulf Coast Town Center LLC no longer represents a VIE based upon the criteria noted above. |
MINIMUM RENTS
MINIMUM RENTS | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
MINIMUM RENTS | MINIMUM RENTS The Company receives rental income by leasing retail shopping center space under operating leases. Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2016 , as follows: 2017 $ 559,804 2018 468,622 2019 403,625 2020 341,958 2021 283,553 Thereafter 771,041 $ 2,828,603 Future minimum rents do not include percentage rents or tenant reimbursements that may become due. |
MORTGAGE AND OTHER NOTES RECEIV
MORTGAGE AND OTHER NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage and Other Notes Receivable [Abstract] | |
MORTGAGE AND OTHER NOTES RECEIVABLE | MORTGAGE AND OTHER NOTES RECEIVABLE Each of the Company's mortgage notes receivable is collateralized by either a first mortgage, a second mortgage or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. The Company reviews its mortgage and other notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. Mortgage and other notes receivable consist of the following: As of December 31, 2016 As of December 31, 2015 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 321 5.00% $ 342 One Park Place May 2022 5.00% 1,194 5.00% 1,369 Village Square (1) Mar 2018 3.75% 1,644 3.50% 1,685 Other (2) Dec 2016 - Jan 2047 3.27% - 9.50% 2,521 2.93% - 9.50% 4,380 5,680 7,776 Other Notes Receivable: ERMC (3) Sep 2021 4.00% 3,500 —% — Horizon Group (4) Jan 2017 7.00% 300 —% — Horizon Group (5) N/A —% — 7.00% 3,096 RED Development Inc. Oct 2023 5.00% 6,588 5.00% 7,366 Southwest Theaters LLC Apr 2026 5.00% 735 —% — 11,123 10,462 $ 16,803 $ 18,238 (1) In May 2016, the mortgage note receivable related to Village Square was extended to March 2018. The interest rate increased from 3.5% to 3.75% for the period from April 2016 through March 2017, with an increase to a rate of 4.0% from April 2017 through the maturity date. (2) In conjunction with the foreclosure of Gulf Coast Town Center, the Company wrote off the $1,846 balance of a note receivable. The note bore interest at a rate of 6.32% and was due to mature in March 2017. The $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default. (3) The Company received a $3,500 promissory note in conjunction with the redemption of the Company's 50% ownership interest in four consolidated subsidiaries. See Note 8 for more information. (4) In the first quarter of 2016, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $300 loan agreement with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in the development of a new shopping center. Subsequent to December 31, 2016 , the maturity date of the note receivable was extended to July 2017. See Note 19 for more information. (5) In the fourth quarter of 2015, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $5,280 loan agreement, with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in an outlet center project. In May 2016, in conjunction with the formation of the Laredo joint venture (see Note 5 ), the Company contributed its interest in the note of $5,280 as a capital contribution to the joint venture. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 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. The accounting policies of the reportable segments are the same as those described in Note 2 . Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2016 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 928,214 $ 39,259 $ 17,393 $ 43,391 $ 1,028,257 Property operating expenses (2) (268,898 ) (8,246 ) (4,293 ) (19 ) (281,456 ) Interest expense (143,903 ) (5,972 ) (285 ) (66,158 ) (216,318 ) Other expense — — — (20,326 ) (20,326 ) Gain on sales of real estate assets 481 657 3,239 25,190 29,567 Segment profit $ 515,894 $ 25,698 $ 16,054 $ (17,922 ) 539,724 Depreciation and amortization expense (292,693 ) General and administrative expense (63,332 ) Interest and other income 1,524 Loss on impairment (116,822 ) Gain on investments 7,534 Income tax benefit 2,063 Equity in earnings of unconsolidated affiliates 117,533 Income from continuing operations $ 195,531 Total assets $ 5,383,937 $ 259,966 $ 215,917 $ 244,820 $ 6,104,640 Capital expenditures (3) $ 165,230 $ 5,705 $ 6,149 $ 90,719 $ 267,803 Year Ended December 31, 2015 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 944,553 $ 40,392 $ 19,944 $ 50,129 $ 1,055,018 Property operating expenses (2) (274,288 ) (9,364 ) (4,500 ) 4,807 (283,345 ) Interest expense (166,922 ) (7,285 ) (4,236 ) (50,900 ) (229,343 ) Other expense (19 ) — — (26,938 ) (26,957 ) Gain on sales of real estate assets 264 16,260 5,071 10,637 32,232 Segment profit (loss) $ 503,588 $ 40,003 $ 16,279 $ (12,265 ) 547,605 Depreciation and amortization expense (299,069 ) General and administrative expense (62,118 ) Interest and other income 6,467 Gain on extinguishment of debt 256 Loss on impairment (105,945 ) Gain on investment 16,560 Income tax provision (2,941 ) Equity in earnings of unconsolidated affiliates 18,200 Income from continuing operations $ 119,015 Total assets $ 5,766,084 $ 252,188 $ 263,614 $ 198,105 $ 6,479,991 Capital expenditures (3) $ 393,194 $ 5,186 $ 2,299 $ 24,134 $ 424,813 Year Ended December 31, 2014 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 933,736 $ 41,527 $ 18,600 $ 66,876 $ 1,060,739 Property operating expenses (2) (282,796 ) (9,500 ) (5,260 ) 3,659 (293,897 ) Interest expense (198,758 ) (7,959 ) (2,510 ) (30,597 ) (239,824 ) Other expense (20 ) — — (32,277 ) (32,297 ) Gain on sales of real estate assets 3,537 937 107 761 5,342 Segment profit $ 455,699 $ 25,005 $ 10,937 $ 8,422 500,063 Depreciation and amortization expense (291,273 ) General and administrative expense (50,271 ) Interest and other income 14,121 Gain on extinguishment of debt 87,893 Loss on impairment (17,858 ) Income tax provision (4,499 ) Equity in earnings of unconsolidated affiliates 14,803 Income from continuing operations $ 252,979 (1) The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and, prior to the redemption of the Company's redeemable noncontrolling interests during the fourth quarter of 2016, the Company’s former consolidated subsidiary that provided security and maintenance services to third parties (see Note 8 ). (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. |
SUPPLEMENTAL AND NONCASH INFORM
SUPPLEMENTAL AND NONCASH INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL AND NONCASH INFORMATION | SUPPLEMENTAL AND NONCASH INFORMATION The Company paid cash for interest, net of amounts capitalized, in the amount of $209,566 , $226,233 and $238,531 during 2016 , 2015 and 2014 , respectively. The Company’s noncash investing and financing activities for 2016 , 2015 and 2014 were as follows: 2016 2015 2014 Accrued dividends and distributions payable $ 54,313 $ 54,489 $ 54,433 Additions to real estate assets accrued but not yet paid 24,881 26,345 25,332 Capital contribution of note receivable to joint venture (1) 5,280 — — Capital contribution from noncontrolling interest to joint venture 155 — — Write-off of notes receivable (1) 1,846 — — Mortgage debt assumed by buyer of real estate assets (2) 38,150 14,570 — Transfer of real estate assets in settlement of mortgage debt obligations: Decrease in real estate assets — — (79,398 ) Decrease in mortgage and other indebtedness — — 163,998 Decrease in operating assets and liabilities — — 4,799 Discount on issuance of 5.95% Senior Notes due 2026 5,740 — — Discount on issuance of 4.60% Senior Notes due 2024 — — 75 Note receivable from sale of Lakeshore Mall — — 10,000 Note receivable from sale of land — — 360 Deconsolidation upon formation of joint venture: (3) Decrease in real estate assets (14,025 ) — — Increase in investment in unconsolidated affiliates 14,030 — — Decrease in accounts payable and accrued liabilities (5 ) — — (1) See Note 10 for further details. (2) See Note 4 for additional information. (3) See Note 4 and Note 5 for more information. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively had a significant noncontrolling interest in EMJ Corporation ("EMJ"), a construction company that the Company engaged to build substantially all of the Company’s development Properties. This noncontrolling interest was sold in the third quarter of 2015. The Company paid approximately $26,993 and $31,398 to EMJ in 2015 and 2014 , respectively, for construction and development activities. The Company had accounts payable to EMJ of $4,121 at December 31, 2015. The Management Company provides management, development and leasing services to the Company’s unconsolidated affiliates and other affiliated partnerships. Revenues recognized for these services amounted to $9,144 , $7,748 and $9,444 in 2016 , 2015 and 2014 , respectively. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 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. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. On May 27, 2016, Tommy French filed a putative class action in the United States District Court for the Eastern District of Tennessee on behalf of himself and all persons who purchased the Company's common stock between August 8, 2013 and May 24, 2016. Two additional suits were filed shortly thereafter with similar allegations. On June 9, 2016, The Allan J. and Sherry R. Potts Living Trust filed a putative class action in the same Court on behalf of the trust and all persons who purchased the Company's common stock between August 8, 2013 and May 24, 2016, and on June 24, 2016, International Union of Painters & Allied Trades District Council No. 35 Pension Plan filed another putative class action in the same Court on behalf of itself and all persons who purchased the Company's common stock between August 9, 2011 and May 24, 2016, containing similar allegations. On July 26, 2016, motions were submitted to the Court for the consolidation of these three cases, as well as for the appointment of a lead plaintiff. On September 26, 2016, the Court granted the motion, consolidated the cases into one action, and appointed the New Mexico Educational Retirement Board as lead plaintiff and its counsel, Bernstein Liebhard, as lead counsel. The Court granted the lead plaintiff 60 days to file a consolidated amended complaint, and once filed, the Company will file a response. The previously filed complaints are all based on substantially similar allegations that certain of the Company’s financing arrangements were obtained through fraud and/or misrepresentation, and that the Company and certain of its officers and directors made materially misleading statements to the market by failing to disclose material information concerning these alleged misrepresentations, and concerning the supposed involvement by insiders of the Company in alleged trading in the Company’s stock by a United States senator on the basis of material nonpublic information. Based on these allegations, these complaints assert claims for violation of the securities laws and seek a variety of relief, including unspecified monetary damages as well as costs and attorneys’ fees. The above-referenced plaintiffs voluntarily dismissed their claims on December 20 and 21, 2016, respectively, and on January 4, 2017, the Court administratively closed the case. The Company made no payment or entered into any agreement as part of this matter, and as such, the Company now considers this matter closed. On July 29, 2016, Henry Shebitz filed a shareholder derivative suit in the Chancery Court for Hamilton County, Tennessee alleging that the Company's directors, three former directors and certain current and former officers breached their fiduciary duties by causing the Company to make materially misleading statements to the market by failing to disclose material information concerning these alleged misrepresentations, and concerning the supposed involvement by insiders of the Company in alleged trading in the Company’s stock by a United States senator on the basis of material nonpublic information. The complaint further alleged that certain of the Company's current and former officers and directors improperly engaged in transactions in the Company’s stock while in possession of material nonpublic information concerning the Company’s alleged misleading statements. The complaint purported to seek relief on behalf of the Company for unspecified damages as well as costs and attorneys’ fees. On or about January 31, 2017, the plaintiff filed a Notice of Voluntary Dismissal, and on February 2, 2017, the Court entered an order dismissing the suit without prejudice. The Company made no payment or entered into any agreement as part of this matter, and as such, the Company now considers this matter closed. Environmental Contingencies The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2022 for certain environmental claims up to $10,000 per occurrence and up to $50,000 in the aggregate, subject to deductibles and certain exclusions. Guarantees The Company may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Company’s investment in the joint venture. The Company may receive a fee from the joint venture for providing the guaranty. Additionally, when the Company issues a guaranty, the terms of the joint venture agreement typically provide that the Company may receive indemnification from the joint venture 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 consolidated balance sheets as of December 31, 2016 and 2015 : As of December 31, 2016 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Ownership Interest Outstanding Balance Percentage Guaranteed by the Company Maximum Guaranteed Amount Debt Maturity Date (1) 12/31/16 West Melbourne I, LLC - (2) 50% $ 42,847 20% (3) $ 8,569 Feb-2018 (4) $ 86 $ 99 West Melbourne I, LLC - (2) 50% 16,557 20% (3) 3,311 Feb-2018 (4) 33 87 Port Orange I, LLC 50% 57,927 20% (3) 11,586 Feb-2018 (4) 116 148 Fremaux Town Center JV, LLC - Phase I 65% — —% (5) — Aug-2016 — 62 Fremaux Town Center JV, LLC - Phase II 65% — —% (5) — Aug-2016 — 161 Ambassador Town Center JV, LLC 65% — —% (5) — Dec-2017 — 462 Ambassador Infrastructure, LLC 65% 11,700 100% (6) 11,700 Dec-2017 (7) 177 177 Total guaranty liability $ 412 $ 1,196 (1) Excludes any extension options. (2) The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively. (3) The guaranty was reduced from 25% to 20% when the loan was modified and extended in the first quarter of 2016. See Note 5 . (4) The loan has a one -year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. (5) The guaranty was removed in the second quarter of 2016 when the construction loan was retired using proceeds from a non-recourse mortgage loan. See Note 5 for additional information. (6) The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of such year as 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. (7) The loan has two one -year extension options, which are the joint venture's election, for an outside maturity date of December 2019 The Company has guaranteed the lease performance of YTC, an unconsolidated affiliate in which it owns a 50% interest, under the terms of an agreement with a third party that owns property as part of York Town Center. Under the terms of that agreement, YTC is obligated to cause performance of the third party’s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord’s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC’s performance under this agreement up to a maximum of $22,000 , which decreases by $800 annually until the guaranteed amount is reduced to $10,000 . The guaranty expires on December 31, 2020. The maximum guaranteed obligation was $14,000 as of December 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 record an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of December 31, 2016 and 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 $21,446 and $16,452 at December 31, 2016 and 2015 , respectively. Ground Leases The Company is the lessee of land at certain of its Properties under long-term operating leases, which include scheduled increases in minimum rents. The Company recognizes these scheduled rent increases on a straight-line basis over the initial lease terms. Most leases have initial terms of at least 20 years and contain one or more renewal options, generally for a minimum of 5 - or 10 -year periods. Lease expense recognized in the consolidated statements of operations for 2016 , 2015 and 2014 was $1,301 , $1,215 and $1,290 , respectively. The future obligations under these operating leases at December 31, 2016 , are as follows: 2017 $ 588 2018 594 2019 601 2020 607 2021 614 Thereafter 12,636 $ 15,640 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 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 ASC 820, Fair Value Measurements and Disclosure , ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: Level 1 – Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. Level 2 – Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. Level 3 – Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. Fair Value Measurements on a Recurring Basis The following table sets forth information regarding the Company’s financial instruments that were measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2015 . The interest rate swaps matured April 1, 2016: Fair Value Measurements at Reporting Date Using Fair Value at December 31, 2015 Quoted Prices in Significant Significant Liabilities: Interest rate swaps $ 434 $ — $ 434 $ — 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 during the years ended December 31, 2016 and 2015 . Intangible lease assets and other assets in the consolidated balance sheets included marketable securities consisting of corporate equity securities that were classified as available-for-sale. Net unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of AOCI in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. The Company sold all of its marketable securities during 2015 and realized a gain of $16,560 for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 . The Company did not recognize any realized gains or losses related to sales of marketable securities during 2016 and 2014. During the years ended December 31, 2016 , 2015 and 2014 , the Company did not recognize any write-downs for other-than-temporary impairments. 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 December 31, 2015 , that qualified as hedging instruments and were designated as cash flow hedges. The interest rate swaps are reflected in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The swaps have predominantly met the effectiveness test criteria since inception and changes in their fair values are, thus, primarily reported in OCI/L and are reclassified into earnings in the same period or periods during which the hedged item affects earnings. The fair values of the Company’s interest rate hedges, classified under Level 2, are determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Company’s credit standing, credit risk of the counterparties and reasonable estimates about relevant future market conditions. See Notes 2 and 6 for additional information regarding the Company’s interest rate hedging instruments. The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. Based on the interest rates for similar financial instruments, the carrying value of mortgage and other notes receivable is a reasonable estimate of fair value. The estimated fair value of mortgage and other indebtedness was $4,737,077 and $4,945,622 at December 31, 2016 and 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 net mortgage and other indebtedness was $4,465,294 and $4,710,628 at December 31, 2016 and 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 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. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models. See below for a description of the estimates and assumptions the Company used in its impairment analysis. See Note 2 for additional information describing the Company's impairment review process. 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 for the years ended December 31, 2016 and 2015 : 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 Losses 2016: Long-lived assets $ 46,200 $ — $ — $ 46,200 $ 116,822 2015: Long-lived assets $ 125,000 $ — $ — $ 125,000 $ 104,900 Long-lived Assets Measured at Fair Value in 2016 During the year ended December 31, 2016 , the Company recognized impairments of real estate of $116,822 when it wrote down nine malls, an associated center, a community center, three office buildings and three outparcels to their estimated fair values. The Properties are classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information. Impairment Property Location Segment Loss on Fair (1) September Randolph Mall, Regency Mall (2) Asheboro, NC; Racine, WI & Dalton, GA Malls $ 43,144 $ — September One Oyster Point & Two Oyster Point (3) Newport News, VA All Other 3,844 6,000 September Oak Branch Business Center (4) Greensboro, NC All Other 100 — September Cobblestone Village at Palm Coast (5) Palm Coast, FL Community Centers 6,448 — June The Lakes Mall & Fashion Square (6) Muskegon, MI & Saginaw, MI Malls 32,096 — June Wausau Center (7) Wausau, WI Malls 10,738 11,000 March Bonita Lakes Mall & Crossing (8) Meridian, MS Malls/Associated Centers 5,323 — March Midland Mall (9) Midland, MI Malls 4,681 29,200 March River Ridge Mall (10) Lynchburg, VA Malls 9,594 — $ 115,968 $ 46,200 (1) The long-lived asset is measured at fair value and included in Net Investment in Real Estate Assets in the Company's consolidated balance sheets at December 31, 2016 . (2) The Company wrote down the book values of the three malls to their estimated fair value of $31,318 and recorded a loss on impairment of $43,294 in the third quarter of 2016 based upon a sales price of $32,250 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. The revenues of the malls accounted for approximately 1.5% of total consolidated revenues for the trailing twelve months ended September 30, 2016. The malls were sold in December 2016. (3) In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of two office buildings to their estimated fair value as a result of a change in the expected holding period to a range of 1 to 2 years. Other factors used in the discounted cash flow analysis included a capitalization rate of 8.0% , a discount rate of 10.0% and estimated selling costs of 2.0% . The office buildings are classified as held for sale as of December 31, 2016. The revenues of the office buildings accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The office buildings were sold subsequent to December 31, 2016 . See Note 4 and Note 19 for more information. (4) The office building was sold in September 2016. A loss on impairment of $122 was recorded in the third quarter of 2016 to adjust the book value to its estimated value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. See Note 4 for more information. (5) In accordance with the Company's quarterly impairment review process, the Company recorded a loss on impairment of $6,298 in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. Other factors used in the discounted cash flow analysis included a capitalization rate of 9.0% , a discount rate of 10.75% and estimated selling costs of 2.0% . The revenue of the community center accounted for approximately 0.1% of total consolidated revenues for the trailing twelve months ended September 30, 2016. An additional impairment loss of $150 was recognized in the fourth quarter of 2016 for an adjustment to the sales price when the sale closed in December 2016. See Note 4 . (6) The Company adjusted the book value of the malls to their estimated fair value of $65,447 based upon the sales price of $66,500 in the signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of The Lakes Mall and Fashion Square accounted for approximately 1.6% of total consolidated revenues for the trailing twelve months ended June 30, 2016. These Properties were sold in July 2016. See Note 4 for additional information. (7) In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of the mall to its estimated fair value. After evaluating redevelopment options, the Company determined that an appropriate risk-adjusted return was not achievable and reduced its holding period. The mall is encumbered by a non-recourse loan with a balance of $17,689 as of December 31, 2016 and has experienced declining sales and the loss of two anchor stores. The revenues of Wausau Center accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The Company notified the lender that it would not make its scheduled July 1, 2016 debt payment and the mall is in foreclosure. See Note 6 . With the assistance of a third-party appraiser, management determined the fair value of Wausau Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a 10 -year holding period with a sale at the end of the holding period, a capitalization rate of 13.25% , a discount rate of 13.0% and estimated selling costs of 4.0% . 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. (8) The Company adjusted the book value of Bonita Lakes Mall and Bonita Lakes Crossing ("Bonita Lakes") to its estimated fair value of $27,440 , which represented the contractual sales price of $27,910 with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. See Note 4 for further information on the sale that closed in the second quarter of 2016. (9) The Company wrote down the mall to its estimated fair value. The fair value analysis used a discounted cash flow methodology with assumptions including a 10 -year holding period with a sale at the end of the holding period, a capitalization rate of 9.75% , a discount rate of 11.5% and estimated selling costs of 2.0% . The Company notified the lender that it would not pay off the loan that was scheduled to mature in August 2016 and the mall went into receivership in September 2016. See Note 6 . The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2016. The mall was returned to the lender subsequent to December 31, 2016 as the foreclosure process was complete. See Note 19 for further information. (10) 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 loss on impairment of $9,510 in the first quarter of 2016 when it adjusted the book value of the mall to its estimated net sales price based upon a contract with a third party buyer, adjusted to reflect estimated disposition costs. The impairment loss includes a $2,100 reserve for a roof and electrical work that the Company must fund in the future. An additional loss on impairment of $84 was recognized in the fourth quarter of 2016 to reflect actual closing costs. The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. The Company's investment in River Ridge is included in Investments in Unconsolidated Affiliates on the Company's consolidated balance sheets at December 31, 2016. See Note 5 for further information. Other Impairment Loss in 2016 During the year ended December 31, 2016 , the Company recorded impairments of $854 related to the sales of three outparcels. These outparcels are classified for segment reporting purposes in the All Other category. See Note 11 for segment information. Long-lived Assets Measured at Fair Value in 2015 During the year ended December 31, 2015, the Company wrote down four properties to their estimated fair values. These Properties were Chesterfield Mall, Mayfaire Community Center, Chapel Hill Crossing and Madison Square. Of these four Properties, all but Chesterfield Mall were disposed of as of December 31, 2015 as described below. In accordance with the Company's quarterly impairment review process, the Company recorded impairments of real estate of $99,969 in the fourth quarter of 2015 related to Chesterfield Mall, located in Chesterfield, MO, to write-down the depreciated book value to its estimated fair value of $125,000 as of December 31, 2015. The mall had experienced declining cash flows as competition from several new outlet shopping centers in the area impacted its sales. The fair value analysis for Chesterfield Mall as of December 31, 2015 used assumptions including an 11 -year holding period with a sale at the end of the holding period, a capitalization rate of 8.25% and a discount rate of 8.25% . The revenues of Chesterfield Mall accounted for approximately 1.5% of total consolidated revenues for the year ended December 31, 2015. The mall is in foreclosure, which is expected to be complete in early 2017. See Note 6 . The Company wrote down the book values of Chapel Hill Crossing and Mayfaire Community Center to their net sales prices and recognized a non-cash impairment of real estate of $1,914 and $397 , respectively, in the fourth quarter of 2015. Chapel Hill Crossing, an associated center located in Akron, OH was sold for $2,300 and Mayfaire Community Center located in Wilmington, NC was sold for $56,300 . See Note 4 for additional information related to these sales. The Company also recognized impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square, a mall located in Huntsville, AL, to its net sales price of $5,000 based on its sale in April 2015. See Note 4 for further information on this sale. Other Impairment Loss in 2015 During 2015, the Company recorded an impairment of real estate of $161 related to the sale of a building at a formerly owned mall for total net proceeds after sales costs of $750 , which was less than its carrying amount of $911 . The Company also recognized $884 of impairment from the sale of two outparcels. Long-lived Assets Measured at Fair Value in 2014 During the year ended December 31, 2014, the Company wrote down three properties to their estimated fair values. These properties were Chapel Hill Mall, Lakeshore Mall and Pemberton Plaza. All three of these properties were disposed of as of December 31, 2014 as described below. In accordance with the Company's quarterly impairment review process, the Company recorded impairments of real estate of $12,050 in the first quarter of 2014 related to Chapel Hill Mall, located in Akron, OH, to write-down the depreciated book value to its estimated fair value of $53,348 as of March 31, 2014. The mall had experienced declining cash flows which were insufficient to cover the debt service on the mortgage secured by the property and the non-recourse loan was in default. The revenues of Chapel Hill Mall accounted for approximately 0.4% of total consolidated revenues for the year ended December 31, 2014. In the third quarter of 2014, the Company conveyed Chapel Hill Mall to the lender by a deed-in-lieu of foreclosure. The Company recognized impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall, located in Sebring, FL, to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. The revenues of Lakeshore Mall accounted for approximately 0.2% of total consolidated revenues for the year ended December 31, 2014. In the third quarter of 2014, the Company recognized an impairment loss of $497 to write down the book value of Pemberton Plaza, a community center located in Vicksburg, MS, to its sales price. The revenues of Pemberton Plaza accounted for approximately 0.0% of total consolidated revenues for the year ended December 31, 2014. Other Impairment Loss in 2014 During 2014, the Company recorded an impairment of real estate of $105 related to the sale an outparcel for total net proceeds after sales costs of $176 , which was less than its total carrying amount of $281 . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION As of December 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 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. The Compensation Committee of the Board of Directors (the “Committee”) administers the plans. Stock Awards Under the plans, common stock may be awarded either alone, in addition to, or in tandem with other stock awards granted under the plans. The Committee has the authority to determine eligible persons to whom common stock will be awarded, the number of shares to be awarded and the duration of the vesting period, as defined. Generally, an award of common stock vests either immediately at grant or in equal installments over a period of five years. Stock awarded to independent directors is fully vested upon grant; however, the independent directors may not transfer such shares during their board term. The Committee may also provide for the issuance of common stock under the plans on a deferred basis pursuant to deferred compensation arrangements. The fair value of common stock awarded under the plans is determined based on the market price of CBL’s common stock on the grant date and the related compensation expense is recognized over the vesting period on a straight-line basis. 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. The share-based compensation cost related to the restricted stock awards was $4,681 , $4,287 and $3,442 for 2016 , 2015 and 2014 , respectively. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity. Share-based compensation cost capitalized as part of real estate assets was $351 , $274 and $268 in 2016 , 2015 and 2014 , respectively. A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2016 , and changes during the year ended December 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 (238,822 ) $ 16.57 Forfeited (12,080 ) $ 16.76 Nonvested at December 31, 2016 602,162 $ 15.41 The weighted-average grant-date fair value of shares granted during 2016 , 2015 and 2014 was $10.02 , $20.30 and $17.11 , respectively. The total fair value of shares vested during 2016 , 2015 and 2014 was $2,605 , $4,298 and $3,484 , respectively. As of December 31, 2016 , there was $6,794 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 2.7 years. Long-Term Incentive Program In 2015, the Company adopted a long-term incentive program ("LTIP") for its named executive officers, which consists of performance stock unit ("PSU") awards and annual restricted stock awards, that may be issued under the 2012 Plan. The number of shares related to the PSU awards that each named executive officer may receive upon the conclusion of a three -year performance period is determined based on the Company's achievement of specified levels of long-term total stockholder return ("TSR") performance relative to the NAREIT Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. 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 annual equal installments. Performance Stock Units In February 2016, the Company granted 282,995 PSUs at a grant-date fair value of $4.98 per PSU (the "2016 PSUs"). In March 2015, the Company granted 138,680 PSUs at a grant-date fair value of $15.52 per PSU (the "2015 PSUs"). 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. The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2016 PSUs, which had a grant date of February 10, 2016: 2016 PSUs Fair value per share on valuation date (1) $ 4.98 Risk-free interest rate (2) 0.92 % Expected share price volatility (3) 30.95 % (1) The value of the PSU awards are estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over 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. (2) The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of valuation date of February 10, 2016 for the 2016 PSUs. (3) The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three -year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. 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 $1,033 and $624 for the year ended December 31, 2016 and 2015 , respectively. Unrecognized compensation costs related to the PSUs was $1,905 as of December 31, 2016 . |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS 401(k) Plan The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least 60 days of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50% of the portion of such participant’s contribution that does not exceed 2.5% of such participant’s compensation for the plan year. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective contributions. Total contributions by the Management Company were $987 , $997 and $928 in 2016 , 2015 and 2014 , respectively. Employee Stock Purchase Plan The Company maintains an employee stock purchase plan that allows eligible employees to acquire shares of the Company’s common stock in the open market without incurring brokerage or transaction fees. Under the plan, eligible employees make payroll deductions that are used to purchase shares of the Company’s common stock. The shares are purchased at the prevailing market price of the stock at the time of purchase. Deferred Compensation Arrangements The Company has entered into an agreement with an officer that allows the officer to defer receipt of selected salary increases and/or bonus compensation for periods ranging from 5 to 10 years. The deferred compensation arrangement provides that bonus compensation is deferred in the form of a note payable to the officer. Interest accumulates on these notes at 5.0% . When an arrangement terminates, the note payable plus accrued interest is paid to the officer in cash. At December 31, 2016 and 2015 , the Company had notes payable, including accrued interest, of $122 and $81 , respectively, related to this arrangement. |
QUARTERLY INFORMATION (UNAUDITE
QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED) Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 263,078 $ 254,965 $ 251,721 $ 258,493 $ 1,028,257 Income from operations (2) 63,830 52,056 36,727 101,015 253,628 Net income (3) 41,892 73,097 670 79,872 195,531 Net income attributable to the Company 40,074 62,919 1,059 68,830 172,882 Net income (loss) attributable to common shareholders 28,851 51,696 (10,164 ) 57,607 127,990 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 (1) The sum of quarterly EPS may differ from annual EPS due to rounding. (2) Income from operations for the quarters ended March 31, 2016; June 30, 2016; and September 30, 2016 includes a loss on impairment of $19,685 ; $43,493 ; and $53,558 respectively, primarily related to properties which were sold during 2016 (see Note 4 and Note 15 ). (3) Net income for the quarter ended March 31, 2016 includes a gain of $26,395 related to the sale of a 50% interest in Triangle Town Center to a new 10 / 90 joint venture. Net income for the quarter ended June 30, 2016 includes a gain of $29,267 related to the foreclosure of Gulf Coast Town Center and a gain of $29,437 from the sale of Renaissance Center. The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations (see Note 5 ). Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 260,909 $ 253,843 $ 262,636 $ 277,630 $ 1,055,018 Income from operations (2) 85,032 89,858 94,007 8,687 277,584 Net income (loss) (3) 53,205 48,331 44,432 (26,953 ) 119,015 Net income (loss) attributable to the Company 46,164 41,895 37,569 (22,257 ) 103,371 Net income (loss) attributable to common shareholders 34,941 30,672 26,346 (33,480 ) 58,479 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.21 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.20 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 (1) The sum of quarterly EPS may differ from annual EPS due to rounding. (2) Income from operations for the quarter ended December 31, 2015 includes a $102,280 loss on impairment of real estate primarily related to Chesterfield Mall (see Note 15 ). (3) Income from continuing operations for the quarter ended March 31, 2015 includes $16,560 gain on investment related to the sale of available-for-sale securities (see Note 2 ) and also includes $14,173 and $14,065 related to gain on sales of real estate assets for the quarters ended June 30, 2015 and December 31, 2015, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In January 2017, the Company sold One Oyster Point and Two Oyster Point, two office buildings located in Newport News, VA for an aggregate sales price of $6,250 . The Company recognized impairment of real estate assets of $3,844 in the third quarter of 2016 when it wrote down the fair value of the office buildings based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. See Note 15 for additional information. In January 2017, the foreclosure of Midland Mall was complete, and the lender received the deed to the Property in satisfaction of the non-recourse debt, which had a balance of $31,953 as of December 31, 2016 . The Company expects to record a gain on extinguishment of debt of approximately $4,088 in the first quarter of 2017. In January 2017, the Company retired two operating Property loans, with an aggregate principal balance of $55,973 as of December 31, 2016 , with borrowings from its unsecured credit facilities. The loans were secured by The Plaza at Fayette in Lexington, KY and The Shoppes at St. Clair in Fairview Heights, IL. The loans were scheduled to mature in April 2017. In February 2017 and March 2017, the Company retired two operating Property loans with an aggregate principal balance of $104,179 as of December 31, 2016 with borrowings from its unsecured credit facilities. The loans were secured by Layton Hills Mall in Layton , UT and Hamilton Corner in Chattanooga, TN. Both loans were scheduled to mature in April 2017. In January 2017, the Company closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers at several of the Company's malls to control these locations for future redevelopment. The Company acquired the locations for a total consideration of $72,500 . Sears will continue to operate the department stores under new 10 -year leases. Under the terms of the leases, the Company will receive aggregate initial base rent of approximately $5,075 . Sears will be responsible for paying common area maintenance charges, taxes, insurance and utilities under the terms of the leases. The Company will have the right to terminate each Sears' lease at any time (except November through January), with six months advance notice. Additionally in January 2017, the Company closed on the acquisition of four Macy's stores located at several of the Company's malls for future redevelopment. The Company acquired the locations for $7,000 . In January 2017, the maturity date of the note receivable for $300 between the Company and Horizon Group was extended to July 2017. The note receivable was originally scheduled to mature in January 2017. |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP VALUATION AND QUALIFYING ACCOUNTS (In thousands) Year Ended December 31, 2016 2015 2014 Tenant receivables - allowance for doubtful accounts: Balance, beginning of year $ 1,923 $ 2,368 $ 2,379 Additions in allowance charged to expense 4,058 2,254 2,643 Bad debts charged against allowance (4,071 ) (2,699 ) (2,654 ) Balance, end of year $ 1,910 $ 1,923 $ 2,368 Year Ended December 31, 2016 2015 2014 Other receivables - allowance for doubtful accounts: Balance, beginning of year $ 1,276 $ 1,285 $ 1,241 Additions in allowance charged to expense — 277 3,689 Bad debts charged against allowance (438 ) (286 ) (3,645 ) Balance, end of year $ 838 $ 1,276 $ 1,285 |
Schedule III - REAL ESTATE ASSE
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition MALLS: Acadiana Mall, Lafayette, LA $ 125,829 $ 22,511 $ 145,769 $ 11,174 $ — $ 19,919 $ 159,535 $ 179,454 $ (70,172 ) 2005 Alamance Crossing, Burlington, NC 47,160 20,853 63,105 40,214 (2,803 ) 18,050 103,319 121,369 (30,642 ) 2007 Arbor Place, Atlanta (Douglasville), GA 113,574 7,862 95,330 27,305 — 7,862 122,635 130,497 (61,490 ) 1998-1999 Asheville Mall, Asheville, NC 69,722 7,139 58,747 56,912 (805 ) 6,334 115,659 121,993 (51,150 ) 1998 Brookfield Square, Brookfield, WI — 8,996 84,250 55,700 (18 ) 9,170 139,758 148,928 (62,415 ) 2001 Burnsville Center, Burnsville, MN 71,785 12,804 71,355 59,475 (1,157 ) 16,102 126,375 142,477 (56,832 ) 1998 Cary Towne Center, Cary, NC 46,716 23,688 74,432 32,675 — 24,949 105,846 130,795 (40,748 ) 2001 CherryVale Mall, Rockford, IL — 11,892 63,973 57,704 (1,667 ) 11,608 120,294 131,902 (47,789 ) 2001 Chesterfield Mall, Chesterfield, MO 140,000 11,083 282,140 (173,528 ) — 11,083 108,612 119,695 (5,246 ) 2007 College Square, Morristown, TN — 2,954 17,787 33,393 (88 ) 2,866 51,180 54,046 (23,212 ) 1987-1988 Cross Creek Mall, Fayetteville, NC 123,398 19,155 104,353 36,094 — 20,169 139,433 159,602 (48,554 ) 2003 Dakota Square Mall, Minot, ND — 4,552 87,625 25,253 4,552 112,878 117,430 (15,305 ) 2012 Eastland Mall, Bloomington, IL — 5,746 75,893 6,875 (753 ) 5,304 82,457 87,761 (31,211 ) 2005 East Towne Mall, Madison, WI — 4,496 63,867 50,590 (715 ) 3,781 114,457 118,238 (45,830 ) 2002 EastGate Mall, Cincinnati, OH 37,123 13,046 44,949 28,553 (1,017 ) 12,029 73,502 85,531 (28,211 ) 2001 Fayette Mall, Lexington, KY 162,240 25,205 84,256 106,369 — 25,205 190,625 215,830 (56,800 ) 2001 Frontier Mall, Cheyenne, WY — 2,681 15,858 21,925 (80 ) 2,601 37,783 40,384 (23,211 ) 1984-1985 Foothills Mall, Maryville, TN — 6,376 27,376 11,773 — 6,392 39,133 45,525 (26,604 ) 1996 Greenbrier Mall, Chesapeake, VA 70,801 3,181 107,355 14,121 (626 ) 2,555 121,476 124,031 (40,768 ) 2004 Hamilton Place, Chattanooga, TN 106,138 3,532 42,623 45,422 (441 ) 4,034 87,102 91,136 (50,871 ) 1986-1987 Hanes Mall, Winston-Salem, NC 146,268 17,176 133,376 53,563 (948 ) 18,629 184,538 203,167 (73,315 ) 2001 Harford Mall, Bel Air, MD — 8,699 45,704 23,104 — 8,699 68,808 77,507 (25,954 ) 2003 Hickory Point Mall, Forsyth, IL 27,446 10,731 31,728 17,036 (293 ) 10,021 48,763 58,784 (18,837 ) 2005 Honey Creek Mall, Terre Haute, IN 26,700 3,108 83,358 18,968 — 3,108 102,326 105,434 (34,643 ) 2004 Imperial Valley Mall, El Centro, CA — 35,378 70,549 3,778 — 35,378 74,327 109,705 (10,135 ) 2012 Janesville Mall, Janesville, WI — 8,074 26,009 21,659 — 8,074 47,668 55,742 (18,249 ) 1998 Jefferson Mall, Louisville, KY 66,051 13,125 40,234 28,898 (521 ) 12,604 69,132 81,736 (27,268 ) 2001 Kirkwood Mall, Bismarck, ND 37,984 3,368 118,945 20,767 3,368 139,712 143,080 (16,009 ) 2012 Laurel Park Place, Livonia, MI — 13,289 92,579 19,562 — 13,289 112,141 125,430 (43,350 ) 2005 Layton Hills Mall, Layton, UT 89,921 20,464 99,836 10,683 (340 ) 20,124 110,519 130,643 (37,440 ) 2005 Mall del Norte, Laredo, TX — 21,734 142,049 53,239 — 21,734 195,288 217,022 (78,157 ) 2004 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition Mayfaire Town Center, Wilmington, NC — 26,333 101,087 628 — 26,333 101,715 128,048 (4,952 ) 2015 Meridian Mall, Lansing, MI — 529 103,678 80,810 — 2,232 182,785 185,017 (83,060 ) 1998 Midland Mall, Midland, MI 31,953 10,321 29,429 (10,545 ) 8,898 20,308 29,206 (935 ) 2001 Mid Rivers Mall, St. Peters, MO — 16,384 170,582 19,431 (626 ) 15,758 190,013 205,771 (55,095 ) 2007 Monroeville Mall, Pittsburgh, PA — 22,911 177,214 78,215 — 25,432 252,908 278,340 (79,067 ) 2004 Northgate Mall, Chattanooga, TN — 2,330 8,960 23,441 (74 ) 2,256 32,401 34,657 (7,181 ) 2011 Northpark Mall, Joplin, MO — 9,977 65,481 45,400 — 10,962 109,896 120,858 (42,028 ) 2004 Northwoods Mall, North Charleston, SC 67,827 14,867 49,647 24,502 (2,339 ) 12,528 74,149 86,677 (28,792 ) 2001 Old Hickory Mall, Jackson, TN — 15,527 29,413 7,915 — 15,527 37,328 52,855 (15,662 ) 2001 The Outlet Shoppes at Atlanta, Woodstock, GA 83,432 8,598 100,613 (29,169 ) (740 ) 16,427 62,875 79,302 (12,222 ) 2013 The Outlet Shoppes at El Paso, El Paso, TX 69,100 7,345 98,602 12,219 7,569 110,597 118,166 (17,945 ) 2012 The Outlet Shoppes at Gettysburg, Gettysburg, PA 38,450 20,779 22,180 1,328 20,778 23,508 44,286 (4,831 ) 2012 The Outlet Shoppes at Oklahoma City, Oklahoma City, OK 62,207 7,402 50,268 13,361 — 6,833 64,198 71,031 (21,867 ) 2011 The Outlet Shoppes of the Bluegrass, Simpsonville, KY 84,837 3,193 72,962 4,096 3,193 77,058 80,251 (9,705 ) 2014 Parkdale Mall, Beaumont, TX 83,527 23,850 47,390 59,072 (307 ) 23,544 106,461 130,005 (43,060 ) 2001 Park Plaza Mall, Little Rock, AR 86,737 6,297 81,638 35,456 — 6,304 117,087 123,391 (49,628 ) 2004 Parkway Place, Huntsville, AL 36,659 6,364 67,067 5,701 6,364 72,768 79,132 (16,027 ) 2010 Pearland Town Center, Pearland, TX — 16,300 108,615 15,340 (857 ) 15,443 123,955 139,398 (39,504 ) 2008 Post Oak Mall, College Station, TX — 3,936 48,948 15,857 (327 ) 3,608 64,806 68,414 (33,951 ) 1984-1985 Richland Mall, Waco, TX — 9,874 34,793 19,760 — 9,887 54,540 64,427 (20,444 ) 2002 South County Center, St. Louis, MO — 15,754 159,249 14,403 15,754 173,652 189,406 (48,721 ) 2007 Southaven Towne Center, Southaven, MS — 8,255 29,380 13,462 — 8,896 42,619 51,515 (18,188 ) 2005 Southpark Mall, Colonial Heights, VA 62,246 9,501 73,262 38,132 — 11,282 109,613 120,895 (39,776 ) 2003 Stroud Mall, Stroudsburg, PA — 14,711 23,936 20,932 — 14,711 44,868 59,579 (18,598 ) 1998 St. Clair Square, Fairview Heights, IL — 11,027 75,620 35,095 — 11,027 110,715 121,742 (52,531 ) 1996 Sunrise Mall, Brownsville, TX — 11,156 59,047 15,417 — 11,156 74,464 85,620 (22,966 ) 2003 Turtle Creek Mall, Hattiesburg, MS — 2,345 26,418 17,838 — 3,535 43,066 46,601 (23,349 ) 1993-1995 Valley View Mall, Roanoke, VA 56,734 15,985 77,771 21,867 — 15,999 99,624 115,623 (35,147 ) 2003 Volusia Mall, Daytona Beach, FL 45,929 2,526 120,242 28,693 — 6,431 145,030 151,461 (45,827 ) 2004 Wausau Center, Wausau, WI 17,689 5,231 24,705 (13,707 ) (5,231 ) — 10,998 10,998 (387 ) 2001 West Towne Mall, Madison, WI — 9,545 83,084 51,879 — 9,545 134,963 144,508 (52,750 ) 2002 WestGate Mall, Spartanburg, SC 36,021 2,149 23,257 47,192 (432 ) 1,742 70,424 72,166 (37,706 ) 1995 Westmoreland Mall, Greensburg, PA — 4,621 84,215 26,897 (316 ) 4,305 111,112 115,417 (40,716 ) 2002 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition York Galleria, York, PA — 5,757 63,316 12,356 — 5,757 75,672 81,429 (32,799 ) 1995 ASSOCIATED CENTERS: Annex at Monroeville, Pittsburgh, PA — — 29,496 (444 ) — — 29,052 29,052 (9,159 ) 2004 CoolSprings Crossing, Nashville, TN — 2,803 14,985 5,750 — 3,554 19,984 23,538 (12,400 ) 1991-1993 Courtyard at Hickory Hollow, Nashville, TN — 3,314 2,771 (1,618 ) (231 ) 1,500 2,736 4,236 (753 ) 1998 Frontier Square, Cheyenne, WY — 346 684 434 (86 ) 260 1,118 1,378 (673 ) 1985 Gunbarrel Pointe, Chattanooga, TN — 4,170 10,874 3,491 — 4,170 14,365 18,535 (5,881 ) 2000 Hamilton Corner, Chattanooga, TN 14,258 630 5,532 8,568 734 13,996 14,730 (7,201 ) 1986-1987 Hamilton Crossing, Chattanooga, TN 9,368 4,014 5,906 6,851 (1,370 ) 2,644 12,757 15,401 (6,896 ) 1987 Harford Annex, Bel Air, MD — 2,854 9,718 1,355 — 2,854 11,073 13,927 (3,618 ) 2003 The Landing at Arbor Place, Atlanta (Douglasville), GA — 4,993 14,330 1,555 (1,886 ) 3,107 15,885 18,992 (9,015 ) 1998-1999 Layton Hills Convenience Center, Layton, UT — — 8 2,619 — — 2,627 2,627 (674 ) 2005 Layton Hills Plaza, Layton, UT — — 2 299 — — 301 301 (212 ) 2005 The Plaza at Fayette, Lexington, KY 37,146 9,531 27,646 4,169 — 9,531 31,815 41,346 (10,882 ) 2006 Parkdale Crossing, Beaumont, TX — 2,994 7,408 2,282 (355 ) 2,639 9,690 12,329 (3,471 ) 2002 The Shoppes At Hamilton Place, Chattanooga, TN — 4,894 11,700 1,614 — 4,894 13,314 18,208 (4,526 ) 2003 Sunrise Commons, Brownsville, TX — 1,013 7,525 2,520 — 1,013 10,045 11,058 (3,318 ) 2003 The Shoppes at St. Clair Square, Fairview Heights, IL 18,827 8,250 23,623 513 (5,044 ) 3,206 24,136 27,342 (8,973 ) 2007 The Terrace, Chattanooga, TN 13,057 4,166 9,929 8,117 — 6,536 15,676 22,212 (6,006 ) 1997 West Towne Crossing, Madison, WI — 1,151 2,955 7,940 — 2,126 9,920 12,046 (2,647 ) 1998 WestGate Crossing, Spartanburg, SC — 1,082 3,422 8,211 — 1,082 11,633 12,715 (4,631 ) 1997 Westmoreland Crossing, Greensburg, PA — 2,898 21,167 9,234 — 2,898 30,401 33,299 (10,820 ) 2002 COMMUNITY CENTERS: The Forum at Grandview, Madison, MS — 9,234 17,285 20,561 (684 ) 8,652 37,744 46,396 (4,808 ) 2010 Parkway Plaza, Fort Oglethorpe, GA — 2,675 13,435 6 — 2,675 13,441 16,116 (850 ) 2015 The Promenade, D'Iberville, MS — 16,278 48,806 24,886 (706 ) 17,953 71,311 89,264 (16,041 ) 2009 Statesboro Crossing, Statesboro, GA 10,962 2,855 17,805 2,235 (235 ) 2,840 19,820 22,660 (4,865 ) 2008 OFFICE BUILDINGS AND OTHER: 840 Greenbrier Circle, Chesapeake, VA — 2,096 3,091 179 — 2,096 3,270 5,366 (1,189 ) 2007 850 Greenbrier Circle, Chesapeake, VA — 3,154 6,881 (289 ) — 3,154 6,592 9,746 (1,805 ) 2007 CBL Center, Chattanooga, TN 19,170 140 24,675 181 — 140 24,856 24,996 (14,042 ) 2001 CBL Center II, Chattanooga, TN — — 13,648 1,137 — — 14,785 14,785 (4,579 ) 2008 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition One Oyster Point, Newport News, VA — 1,822 3,623 (2,128 ) — — 3,317 3,317 — 2007 Pearland Hotel, Pearland, TX — — 16,149 652 — — 16,801 16,801 (4,472 ) 2008 Pearland Office, Pearland, TX — — 7,849 2,844 — — 10,693 10,693 (2,964 ) 2009 Pearland Residential Mgmt, Pearland, TX — — 9,666 9 — — 9,675 9,675 (2,262 ) 2008 Two Oyster Point, Newport News, VA — 1,543 3,974 (2,974 ) — — 2,543 2,543 — 2007 DISPOSITIONS: Bonita Lakes Crossing, Meridian, MS — 794 4,786 (5,580 ) — — — — — 1997 Bonita Lakes Mall, Meridian, MS — 4,924 31,933 (35,872 ) (985 ) — — — — 1997 Cobblestone Village at Palm Coast, Palm Coast, FL — 6,082 12,070 (17,932 ) (220 ) — — — — 2007 The Crossings at Marshall Creek, Marshalls Creek, PA — 6,456 15,351 (21,807 ) — — — — — 2013 Fashion Square, Saginaw, MI — 15,218 64,970 (80,188 ) — — — — — 2001 The Lakes Mall, Muskegon, MI — 3,328 42,366 (45,694 ) — — — — — 2000-2001 Oak Branch Business Center, Greensboro, NC — 535 2,192 (2,727 ) — — — — — 2007 Randolph Mall, Asheboro, NC — 4,547 13,927 (18,474 ) — — — — — 2001 Regency Mall, Racine, WI — 3,539 36,839 (40,090 ) (288 ) — — — — 2001 River Ridge Mall, Lynchburg, VA — 4,824 59,052 (63,624 ) (252 ) — — — — 2003 Walnut Square, Dalton, GA — 50 15,138 (15,186 ) (2 ) — — — — 1984-1985 Other 39,263 1,332 2,272 (684 ) (324 ) 908 1,688 2,596 (1,640 ) Developments in progress consisting of construction — — — 178,355 — — 178,355 178,355 — TOTALS $ 2,534,255 $ 875,107 $ 5,584,943 $ 1,523,786 $ (36,189 ) $ 820,775 $ 7,126,872 $ 7,947,647 $ (2,427,108 ) (1) Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the Property opened or was acquired. (2) Encumbrances represent the face amount of the mortgage and other indebtedness balance at December 31, 2016 , excluding debt premium or discount. (3) The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.843 billion . (4) Depreciation for all Properties is computed over the useful life which is generally 40 years for buildings, 10 - 20 years for certain improvements and 7 - 10 years for equipment and fixtures. The changes in real estate assets and accumulated depreciation for the years ending December 31, 2016 , 2015 , and 2014 are set forth below (in thousands): Year Ended December 31, 2016 2015 2014 REAL ESTATE ASSETS: Balance at beginning of period $ 8,240,521 $ 8,187,183 $ 8,123,514 Additions during the period: Additions and improvements 263,265 230,990 282,282 Acquisitions of real estate assets — 182,747 — Deductions during the period: Disposals, deconsolidations and accumulated depreciation on impairments (435,331 ) (249,716 ) (189,372 ) Transfers from real estate assets (3,986 ) (4,738 ) (11,383 ) Impairment of real estate assets (116,822 ) (105,945 ) (17,858 ) Balance at end of period $ 7,947,647 $ 8,240,521 $ 8,187,183 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 2,382,568 $ 2,240,007 $ 2,056,357 Depreciation expense 272,697 274,544 269,602 Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired (228,157 ) (131,983 ) (85,952 ) Balance at end of period $ 2,427,108 $ 2,382,568 $ 2,240,007 |
Schedule IV - MORTGAGE NOTES RE
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | Schedule IV CBL & ASSOCIATES PROPERTIES, INC. MORTGAGE NOTES RECEIVABLE ON REAL ESTATE Name Of Center/Location Interest Rate Final Maturity Date Monthly Payment Amount (1) Balloon Payment At Maturity Prior Liens Face Amount Of Mortgage Carrying Amount Of Mortgage (2) Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest FIRST MORTGAGES: Columbia Place Outparcel 5.00% Feb-22 $ 3 $ 210 None $ 360 $ 321 $ — One Park Place - Chattanooga, TN 5.00% May-2022 21 — None 3,200 1,194 — Village Square - Houghton Lake, MI 3.75% Mar-2018 9 1,583 None 2,627 1,644 — Other 3.27% - 9.50% (3) Dec-2016 / Jan-2047 (4) 15 2,534 2,597 2,521 1,100 $ 48 $ 4,327 $ 8,784 $ 5,680 $ 1,100 (1) Equal monthly installments comprised of principal and interest, unless otherwise noted. (2) The aggregate carrying value for federal income tax purposes was $5,680 at December 31, 2016 . (3) Mortgage notes receivable aggregated in Other include a variable-rate note that bears interest at prime plus 2.0% , currently at 5.75% , and a variable-rate note that bears interest at LIBOR plus 2.50% . (4) A $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default at December 31, 2016 . See Note 10 to the consolidated financial statements for additional information. The changes in mortgage notes receivable were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Beginning balance $ 7,776 $ 9,323 $ 19,120 Additions — — 360 Payments (250 ) (1,547 ) (10,157 ) Write-Offs (1) (1,846 ) — — Ending balance $ 5,680 $ 7,776 $ 9,323 (1) See Note 10 to the consolidated financial statements for more information. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This Form 10-K provides separate consolidated financial statements for the Company and the Operating Partnership. Due to the Company's ability as general partner to control the Operating Partnership, the Company consolidates the Operating Partnership within its consolidated financial statements for financial reporting purposes. The notes to consolidated financial statements apply to both the Company and the Operating Partnership, unless specifically noted otherwise. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. |
Accounting Guidance Adopted and Not Yet Effective | Accounting Guidance Adopted In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to perform an analysis regarding an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. ASU 2014-15 was effective for annual periods ending after December 15, 2016 and for annual and interim periods thereafter. The Company adopted ASU 2014-15 as of December 31, 2016. The adoption of ASU 2014-15 did not have an impact on the Company's consolidated financial statements or disclosures. In February 2015, the FASB issued 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 Company adopted ASU 2015-02 as of January 1, 2016 using a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 8 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. See ASU 2016-17, Interests Held Through Related Parties That Are under Common Control ("ASU 2016-17") below which amends ASU 2015-02. Accounting Guidance Not Yet Effective In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled 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 , ("ASU 2015-14") 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. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing , ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. As the majority of the Company's revenue is derived from real estate lease contracts, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and expects to adopt the guidance as of January 1, 2018. It is in the process of determining which method to use for the application of this 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. Under the new guidance, common area maintenance recoveries must be accounted for as a non-lease component. The Company will be evaluating whether the bifurcation of common area maintenance will affect the timing or recognition of certain lease revenues. Also, only direct leasing costs may be capitalized under ASU 2016-02. Current guidance also allows the capitalization of indirect leasing costs. Additionally, the Company will be analyzing its current ground lease obligations under ASU 2016-02. The Company has done a preliminary assessment and continues to evaluate the potential impact the guidance may have on its consolidated financial statements and related disclosures. It is considering the practicality of adopting ASU 2016-02 concurrently with the adoption of ASU 2014-09 as the standards overlap and concurrent adoption would align them if ASU 2016-02 was adopted as of January 1, 2018. If early adoption is not practicable, the Company would adopt ASU 2016-02 as of January 1, 2019. 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 adopted ASU 2016-09 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The objective of ASU 2016-15 is to reduce diversity in practice in the classification of certain items in the statement of cash flows, including the classification of distributions received from equity method investees. For public companies, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a retrospective basis. The Company expects to adopt ASU 2016-15 as of January 1, 2018 and does not expect the guidance to have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-17 which amends the consolidation guidance in ASU 2015-02 to change how a reporting entity that is a single decision maker of a VIE should consider indirect interests in a VIE held through related parties that are under common control with the entity when determining whether it is the primary beneficiary of the VIE. ASU 2016-17 simplifies the analysis to require consideration of only an entity's proportionate indirect interest in a VIE held through a party under common control. For public companies, ASU 2016-17 is effective for fiscal years beginning after December 15, 2016 including interim periods therein. Early adoption is permitted. The guidance is to be applied retrospectively to all periods in fiscal year 2016, which is the period in which ASU 2015-02 was adopted by the Company. The Company adopted ASU 2016-17 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Restricted Cash , ("ASU 2016-18") to address diversity in practice related to the classification and presentation of changes in restricted cash. The update requires a reporting entity to explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents in reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. For public companies, ASU 2016-18 is effective on a retrospective basis for fiscal years beginning after December 15, 2017, including interim periods therein. Early adoption is permitted. The Company expects to adopt the update as of January 1, 2018 and does not expect ASU 2016-18 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. Under ASC 805, Business Combinations , the Company generally accounts for acquisitions of shopping center properties as acquisitions of a business. Under ASU 2017-01, more acquisitions are expected to be accounted for as acquisitions of assets. Transaction costs for asset acquisitions are capitalized while those related to business acquisitions are expensed. For public companies, ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods therein and is to be applied prospectively to any transactions occurring within the period of adoption. Early adoption is permitted. The Company adopted ASU 2017-01 as of January 1, 2017. The Company expects most of its future acquisitions of shopping center properties would be accounted for as acquisitions of assets in accordance with the guidance in ASU 2017-01. |
Real Estate Assets | Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. |
Carrying Value of Long-Lived Assets | Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. 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. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash of $46,119 and $34,684 was included in intangible lease assets and other assets at December 31, 2016 and 2015 , respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate and reduced by distributions received. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2016 and 2015 , the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $(6,966) and $13,334 , respectively. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. |
Deferred Financing Costs | Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $4,890 and $6,431 were included in intangible lease assets and other assets at December 31, 2016 and 2015 , respectively. Net deferred financing costs related to the Company's other indebtedness of $17,855 and $16,059 were included in net mortgage and other indebtedness at December 31, 2016 and 2015 , respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. |
Marketable Securities | Marketable Securities The Company recognized a realized gain of $16,560 , for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015. The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold were based on the specific identification method. If a decline in the value of an investment is deemed to be other than temporary, the investment is written down to fair value and an impairment loss is recognized in the current period to the extent of the decline in value. In determining when a decline in fair value below cost of an investment in marketable securities is other-than-temporary, the following factors, among others, are evaluated: • the probability of recovery; • the Company’s ability and intent to retain the security for a sufficient period of time for it to recover; • the significance of the decline in value; • the time period during which there has been a significant decline in value; • current and future business prospects and trends of earnings; • relevant industry conditions and trends relative to their historical cycles; and • market conditions. |
Interest Rate Hedging Instruments | Interest Rate Hedging Instruments The Company recognizes its derivative financial instruments in either accounts payable and accrued liabilities or intangible lease assets and other assets, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in the fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company had entered into derivative agreements as of December 31, 2015 that qualified as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of these cash flow hedges as of December 31, 2015 was $434 and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. To the extent they are effective, changes in the fair values of cash flow hedges are reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract. |
Revenue Recognition | Revenue Recognition Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. |
Gain on Sales of Real Estate Assets | Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest. |
Income Taxes | Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $3,458 , $3,460 and $4,079 during 2016 , 2015 and 2014 , respectively. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Current tax benefit (provision) $ 1,156 $ (3,093 ) $ (3,170 ) Deferred tax benefit (provision) 907 152 (1,329 ) Income tax benefit (provision) $ 2,063 $ (2,941 ) $ (4,499 ) The Company had a net deferred tax asset of $5,841 at December 31, 2016 and a net deferred tax liability of $672 at December 31, 2015 . The net deferred tax asset at December 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. As of December 31, 2016 , tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2013, 2014, 2015 and 2016. 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 consolidated statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies |
Earnings per Share and Earnings per Unit | Earnings per Unit of the Operating Partnership Basic earnings per unit ("EPU") is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. Earnings per Share of the Company Basic EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. |
Accumulated Other Comprehensive Income (Loss) | 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. 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. Other comprehensive income (loss) (“OCI/L”) includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2016 , the Operating Partnership owned interests in the following Properties: Malls (1) Associated Centers Community Centers Office Buildings Total Consolidated Properties 65 20 4 7 (2) 96 Unconsolidated Properties (3) 9 3 5 — 17 Total 74 23 9 7 113 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). (2) Includes CBL's two corporate office buildings and two office buildings classified as held for sale as of December 31, 2016 . See Note 4 and Note 19 for more information. (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 December 31, 2016 , the Operating Partnership had interests in the following Construction Properties: Malls Development 1 Expansions 3 Redevelopments 3 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Intangible Assets and Balance Sheet Classifications | The Company’s intangibles and their balance sheet classifications as of December 31, 2016 and 2015 , are summarized as follows: December 31, 2016 December 31, 2015 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 49,310 $ (38,197 ) $ 54,080 $ (39,228 ) In-place leases 110,968 (80,256 ) 113,335 (71,460 ) Tenant relationships 29,494 (6,610 ) 29,742 (5,868 ) Accounts payable and accrued liabilities: Below-market leases 87,266 (60,286 ) 89,182 (54,999 ) |
Schedule of Income Tax Provision | The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Current tax benefit (provision) $ 1,156 $ (3,093 ) $ (3,170 ) Deferred tax benefit (provision) 907 152 (1,329 ) Income tax benefit (provision) $ 2,063 $ (2,941 ) $ (4,499 ) |
Summary of Impact of Potential Dilutive Common Shares on the Denominator Used to Compute Earnings Per Share | The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU for the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Denominator – basic 199,764 199,734 Effect of performance stock units (1) 74 23 Denominator – diluted 199,838 199,757 (1) Performance stock units are contingently issuable common shares and are included in earnings per unit if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Denominator – basic 170,762 170,476 Effect of performance stock units (1) 74 23 Denominator – diluted 170,836 170,499 (1) Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2016 , 2015 and 2014 are as follows: Redeemable Noncontrolling Interests 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, 2014 $ 387 $ 333 $ (1,214 ) $ 7,539 $ (3,304 ) $ 1,903 $ 5,644 OCI before reclassifications 14 51 3,712 5,569 251 923 10,520 Amounts reclassified from AOCI (1) — — (2,195 ) — — — (2,195 ) Net year-to-date period OCI 14 51 1,517 5,569 251 923 8,325 Ending balance, December 31, 2014 401 384 303 13,108 (3,053 ) 2,826 13,969 OCI before reclassifications 32 10 3,828 160 251 72 4,353 Amounts reclassified from AOCI (1) — (394 ) (2,196 ) (13,268 ) — (2,898 ) (18,756 ) Net year-to-date period OCI/L 32 (384 ) 1,632 (13,108 ) 251 (2,826 ) (14,403 ) Ending balance, December 31, 2015 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 year-to-date period OCI/L (433 ) — (1,935 ) — 2,802 — 434 Ending balance, December 31, 2016 $ — $ — $ — $ — $ — $ — $ — (1) Reclassified $443 , $2,196 and $2,195 of interest on cash flow hedges to Interest Expense in the consolidated statement of operations for the years ended December 31, 2016 , 2015 and 2014 , respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investments in the consolidated statement of operations for the year ended December 31, 2015. |
CBL & Associates Limited Partnership | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2016 , 2015 and 2014 are as follows: Redeemable Common Units Partners' Capital Unrealized Gains (Losses) Hedging Agreements Available- for-Sale Securities Hedging Agreements Available- for-Sale Securities Total Beginning balance, January 1, 2014 $ 387 $ 333 $ (4,518 ) $ 9,442 $ 5,644 OCI before reclassifications 14 51 3,963 6,492 10,520 Amounts reclassified from AOCI (1) — — (2,195 ) — (2,195 ) Net year-to-date period OCI 14 51 1,768 6,492 8,325 Ending balance, December 31, 2014 401 384 (2,750 ) 15,934 13,969 OCI before reclassifications 33 10 4,078 232 4,353 Amounts reclassified from AOCI (1) — (394 ) (2,196 ) (16,166 ) (18,756 ) Net year-to-date period OCI/L 33 (384 ) 1,882 (15,934 ) (14,403 ) Ending balance, December 31, 2015 434 — (868 ) — (434 ) OCI before reclassifications 3 — 874 877 Amounts reclassified from AOCI (1) (437 ) — (6 ) (443 ) Net year-to-date period OCI/L (434 ) — 868 — 434 Ending balance, December 31, 2016 $ — $ — $ — $ — $ — (1) Reclassified $443 , $2,196 and $2,195 of interest on cash flow hedges to Interest Expense in the consolidated statement of operations for the years ended December 31, 2016 , 2015 and 2014 , respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investments in the consolidated statement of operations for the year ended December 31, 2015. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The following is a summary of the Company's acquisitions during the year ended December 31, 2015: Purchase Date Property Property Type Location Ownership Percentage Acquired Cash Purchase Price June 2015 Mayfaire Town Center and Community Center (1) Mall Wilmington, NC 100% $ 191,988 $ 191,988 (1) The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center is included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information. |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center: 2015 Land $ 39,598 Buildings and improvements 139,818 Tenant improvements 3,331 Above-market leases 393 In-place leases 22,673 Total assets 205,813 Below-market leases (13,825 ) Net assets acquired $ 191,988 |
DISPOSITIONS AND HELD FOR SALE
DISPOSITIONS AND HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Dispositions | The following is a summary of the Company's 2015 dispositions: Sales Price Gain Sales Date Property Property Type Location Gross Net December Mayfaire Community Center (1) Community Center (2) Wilmington, NC $ 56,300 $ 55,955 $ — December Chapel Hill Crossing (3) Associated Center Akron, OH 2,300 2,178 — 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 — $ 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 estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (2) This Property was combined with Mayfaire Town 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 estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (4) In the fourth quarter of 2015, the Company earned $625 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 earned additional consideration in 2016 for the lease of one additional specified tenant space as noted above. 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 the mall to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The following is a summary of the Company's 2014 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net September Pemberton Plaza (1) Community Center Vicksburg, MS $ 1,975 $ 1,886 $ — June Foothills Plaza Expansion Associated Center Maryville, TN 2,640 2,387 937 May Lakeshore Mall (2) Mall Sebring, FL 14,000 13,613 — $ 18,615 $ 17,886 $ 937 (1) The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (2) The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. The following is a summary of the Company's 2016 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net December Cobblestone Village at Palm Coast (1) Community Center Palm Coast, FL $ 8,500 $ 8,106 $ — December Randolph Mall, (2) Mall Asheboro, NC 32,250 31,453 — September Oak Branch Business Center (3) Office Building Greensboro, NC 2,400 2,148 — July The Lakes Mall / Fashion Square (4) Mall Muskegon, MI 66,500 65,514 273 May Bonita Lakes Mall and Crossing (5) Mall & Associated Center Meridian, MS 27,910 27,614 208 April The Crossings at Marshalls Creek Community Center Middle Smithfield, PA 23,650 21,791 3,239 March River Ridge Mall (6) Mall Lynchburg, VA 33,500 32,905 — $ 194,710 $ 189,531 $ 3,720 (1) The Company recorded a loss on impairment of $6,298 to write down the community center to its estimated fair value in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $150 was recognized in December 2016 for an adjustment to the sales price when the sale closed in December 2016. (2) The Company recorded a loss on impairment in the third quarter of 2016 of $43,294 when it wrote down the book values of the three malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. (3) The Company recognized a loss on impairment of $122 in the third quarter of 2016 to adjust the book value of the Property to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. (4) The Company recognized a loss on impairment of $32,096 in the second quarter of 2016 when it adjusted the book value of the malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. A non-recourse loan secured by Fashion Square with a principal balance of $38,150 was assumed by the buyer in conjunction with the sale. See Note 6 . (5) The Company recognized a loss on impairment of $5,323 in the first quarter of 2016 when it adjusted the book value of the Properties to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect disposition costs. (6) In the first quarter of 2016, the Company sold a 75% interest in River Ridge Mall and recorded a loss on impairment of $9,510 to adjust the book value of the mall to its estimated net sales price based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $84 was recognized in December 2016 to reflect actual closing costs. The Company retained a 25% ownership interest in the mall, which is included in Investments in Unconsolidated Affiliates as of December 31, 2016 on the Company's consolidated balance sheet. See Note 5 for more information on this new joint venture. The following is a summary of the Company's other 2014 dispositions: Balance of Non-recourse Debt Gain on Extinguishment of Debt Disposal Date Property Property Type Location October Columbia Place (1) Mall Columbia, SC $ 27,265 $ 27,171 September Chapel Hill Mall (2) Mall Akron, OH 68,563 18,296 January Citadel Mall (3) Mall Charleston, SC 68,169 43,932 $ 163,997 $ 89,399 (1) The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense. (2) The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense. (3) The mortgage lender completed the foreclosure process and received title to the mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the mall to its then estimated fair value. |
UNCONSOLIDATED AFFILIATES AND37
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Accounted for using the Equity method of Accounting | At December 31, 2016 , the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting: Joint Venture Property Name Company's Interest 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 and The Shops at Friendly 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 and Triangle Town Commons 10.0% Governor’s Square IB Governor’s Square Plaza 50.0% Governor’s Square Company Governor’s Square 47.5% JG Gulf Coast Town Center LLC Gulf Coast Town Center - Phase 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 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 the unconsolidated affiliates is as follows: December 31, 2016 2015 ASSETS: Investment in real estate assets $ 2,137,666 $ 2,357,902 Accumulated depreciation (564,612 ) (677,448 ) 1,573,054 1,680,454 Developments in progress 9,210 59,592 Net investment in real estate assets 1,582,264 1,740,046 Other assets 223,347 168,540 Total assets $ 1,805,611 $ 1,908,586 LIABILITIES: Mortgage and other indebtedness $ 1,266,046 $ 1,546,272 Other liabilities 46,160 51,357 Total liabilities 1,312,206 1,597,629 OWNERS' EQUITY: The Company 228,313 184,868 Other investors 265,092 126,089 Total owners' equity 493,405 310,957 Total liabilities and owners’ equity $ 1,805,611 $ 1,908,586 Year Ended December 31, 2016 2015 2014 Total revenues $ 250,361 $ 253,399 $ 250,248 Depreciation and amortization (83,640 ) (79,870 ) (79,059 ) Other operating expenses (76,328 ) (75,875 ) (73,218 ) Income from operations 90,393 97,654 97,971 Interest and other income 1,352 1,337 1,358 Interest expense (55,227 ) (75,485 ) (74,754 ) Gain on extinguishment of debt 62,901 — — Gain on sales of real estate assets 160,977 2,551 1,697 Net income $ 260,396 $ 26,057 $ 26,272 Financings - Unconsolidated Affiliates 2016 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December The Shops at Friendly Center (2) 3.34% April 2023 $ 60,000 June Fremaux Town Center (3) 3.70% (4) June 2026 73,000 June Ambassador Town Center (5) 3.22% (6) June 2023 47,660 February The Pavilion at Port Orange (7) LIBOR + 2.0% February 2018 (8) 58,628 February Hammock Landing - Phase I (7) LIBOR + 2.0% February 2018 (8) 43,347 (9) February Hammock Landing - Phase II (7) LIBOR + 2.0% February 2018 (8) 16,757 February Triangle Town Center, Triangle Town Place, Triangle Town Commons (10) 4.00% (11) December 2018 (12) 171,092 (1) Excludes any extension options. (2) CBL-TRS Joint Venture, LLC closed on a non-recourse loan, secured by The Shops at Friendly Center in Greensboro, NC. The new loan has a maturity date with a term of six years to coincide with the maturity date of the existing loan secured by Friendly Center. A portion of the net proceeds were used to retire a $37,640 fixed-rate loan that bore interest at 5.90% and was due to mature in January 2017. (3) Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125 . (4) The joint venture had an interest rate swap on a notional amount of $73,000 , amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on the variable-rate loan. In October 2016, the joint venture made an election under the loan agreement to convert the loan from a variable-rate to a fixed-rate loan which bears interest at 3.70% . (5) The non-recourse loan was used to retire an existing construction loan with a principal balance of $41,885 and excess proceeds were utilized to fund remaining construction costs. (6) The joint venture has an interest rate swap on a notional amount of $47,660 , amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. (7) The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 14 for more information. (8) The loan was modified and extended to February 2018 with a one -year extension option, at the joint venture's election, to February 2019. (9) The capacity was increased from $39,475 to fund an expansion. (10) The loan was amended and modified in conjunction with the sale of the Properties to a newly formed joint venture as described above. (11) The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. (12) The loan was extended to December 2018 with two one -year extension options to December 2020. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.74% during the extension period. 2015 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2015: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December Hammock Landing - Phase I (2) LIBOR + 2.0% February 2016 (3) $ 39,475 December Hammock Landing - Phase II (2) LIBOR + 2.0% February 2016 (3) 16,757 December The Pavilion at Port Orange (2) LIBOR + 2.0% February 2016 (3) 58,820 October Oak Park Mall (4) 3.97% October 2025 276,000 July Gulf Coast Town Center - Phase III (5) LIBOR + 2.0% July 2017 5,352 (1) Excludes any extension options. (2) The loan was amended and modified to extend its initial maturity date and interest rate. (3) In the first quarter of 2016, the loan was extended and modified as noted above. (4) CBL/T-C closed on a non-recourse loan, secured by Oak Park Mall in Overland Park, KS. Net proceeds were used to retire the outstanding borrowings of $275,700 under the previous loan which bore interest at 5.85% and had a December 2015 maturity date. (5) The loan was amended and modified to extend its maturity date. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership. |
Schedule of fixed rate loans | 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid December The Shops at Friendly Center (1) 5.90% January 2017 $ 37,640 December Triangle Town Place (2) 4.00% December 2018 29,342 September Governor's Square Mall (3) 8.23% September 2016 14,089 September High Pointe Commons - Phase I (4) 5.74% May 2017 12,401 September High Pointe Commons - PetCo (4) 3.20% July 2017 19 September High Pointe Commons - Phase II (4) 6.10% July 2017 4,968 July Kentucky Oaks Mall (5) 5.27% January 2017 19,912 April Renaissance Center - Phase I 5.61% July 2016 31,484 (1) The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See above for more information. (2) Upon the sale of Triangle Town Place, a portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place. After the debt reduction associated with the sale of Triangle Town Center, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 is $141,126 , of which the Company's share is $14,113 . (3) The Company's share of the loan was $6,692 . (4) The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50% . (5) The Company's share of the loan was $9,956 . The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid June Fremaux Town Center - Phase I (1) 2.44% August 2016 $ 40,530 June Fremaux Town Center - Phase II (1) 2.44% August 2016 30,595 June Ambassador Town Center (2) 2.24% December 2017 41,885 (1) The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See Financings above for more information. (2) The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See Financings above for more information. The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015 : Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended 2016: December Cary Towne Center (2) 4.00% March 2019 (3) $ 46,716 December Greenbrier Mall (4) 5.00% December 2019 (5) 70,801 June Hamilton Place (6) 4.36% June 2026 107,000 April Hickory Point Mall (7) 5.85% December 2018 (8) 27,446 2015: September The Outlet Shoppes at Gettysburg (9) 4.80% October 2025 $ 38,450 (1) Excludes any extension options. (2) The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. (3) The loan has one two -year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021. (4) The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. (5) The loan has a one -year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. (6) Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. (7) The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only. (8) The loan has a one -year extension option at the Company's election for an outside maturity date of December 2019. (9) Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016 and 2015: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2016: October Southaven Towne Center 5.50% January 2017 $ 38,314 August Dakota Square Mall 6.23% November 2016 55,103 June Hamilton Place (2) 5.86% August 2016 98,181 April CoolSprings Crossing 4.54% April 2016 11,313 April Gunbarrel Pointe 4.64% April 2016 10,083 April Stroud Mall 4.59% April 2016 30,276 April York Galleria 4.55% April 2016 48,337 2015: September The Outlet Shoppes at Gettysburg (3) 5.87% February 2016 $ 38,112 September Eastland Mall 5.85% December 2015 59,400 July Brookfield Square 5.08% November 2015 86,621 July CherryVale Mall 5.00% October 2015 77,198 July East Towne Mall 5.00% November 2015 65,856 July West Towne Mall 5.00% November 2015 93,021 May Imperial Valley Mall 4.99% September 2015 49,486 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information. (3) The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan. |
MORTGAGE AND OTHER INDEBTEDNE38
MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following: December 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) $ 2,453,628 5.55% $ 2,736,538 5.68% Senior unsecured notes due 2023 (3) 446,552 5.25% 446,151 5.25% Senior unsecured notes due 2024 (4) 299,939 4.60% 299,933 4.60% Senior unsecured notes due 2026 (5) 394,260 5.95% — —% Other — —% 2,686 3.50% Total fixed-rate debt 3,594,379 5.48% 3,485,308 5.53% Variable-rate debt: Non-recourse term loans on operating Properties 19,055 3.13% 16,840 2.49% Recourse term loans on operating Properties 24,428 3.29% 25,635 2.97% Construction loan (6) 39,263 3.12% — —% Unsecured lines of credit (7) 6,024 1.82% 398,904 1.54% Unsecured term loans (8) 800,000 2.04% 800,000 1.82% Total variable-rate debt 888,770 2.15% 1,241,379 1.76% Total fixed-rate and variable-rate debt 4,483,149 4.82% 4,726,687 4.54% Unamortized deferred financing costs (17,855 ) (16,059 ) Total mortgage and other indebtedness, net $ 4,465,294 $ 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 $101,151 as of December 31, 2015 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at December 31, 2015. The swaps matured April 1, 2016. (3) The balance is net of an unamortized discount of $3,448 and $3,849 , as of December 31, 2016 and 2015 , respectively. (4) The balance is net of an unamortized discount of $61 and $67 , as of December 31, 2016 and 2015 , respectively. (5) In December 2016, the Operating Partnership issued $400,000 of senior unsecured notes in a public offering. The balance is net of an unamortized discount of $5,740 as of December 31, 2016 . (6) In the second quarter of 2016, a consolidated joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo. See below for more information. (7) The Company extended and modified its three unsecured credit facilities in October 2015. See below for additional information. (8) The Company closed on a new $350,000 unsecured term loan in October 2015. See below for further information. Description Issued (1) Amount Interest Rate (2) Maturity Date (3) 2026 Notes December 2016 $ 400,000 5.95% December 2026 2024 Notes October 2014 300,000 4.60% October 2024 2023 Notes November 2013 450,000 5.25% December 2023 (1) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. (2) Interest is payable semiannually in arrears. Interest was payable for the 2026 Notes, the 2024 Notes and the 2023 Notes beginning June 15, 2017 ; April 15, 2015; and June 1, 2014 , respectively. The interest rate for the 2024 Note and the 2023 Notes is 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% for the 2023 and 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of December 31, 2016 , this ratio was 30% as shown below. (3) The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026; July 15, 2024 ; and September 1, 2023 , respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the redemption date, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50% , 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively. |
Schedule of unsecured lines of credit | The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2016 : Total Capacity Total Outstanding Maturity Date Extended Maturity Date Wells Fargo - Facility A $ 500,000 $ — (1) October 2019 October 2020 (2) First Tennessee 100,000 1,400 (3) October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 4,624 (5) October 2020 $ 1,100,000 $ 6,024 (1) There was $150 outstanding on this facility as of December 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 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 0.15% of the commitment amount of the credit facility. (3) 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 $123 outstanding on this facility as of December 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 fixed rate loans | 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid December The Shops at Friendly Center (1) 5.90% January 2017 $ 37,640 December Triangle Town Place (2) 4.00% December 2018 29,342 September Governor's Square Mall (3) 8.23% September 2016 14,089 September High Pointe Commons - Phase I (4) 5.74% May 2017 12,401 September High Pointe Commons - PetCo (4) 3.20% July 2017 19 September High Pointe Commons - Phase II (4) 6.10% July 2017 4,968 July Kentucky Oaks Mall (5) 5.27% January 2017 19,912 April Renaissance Center - Phase I 5.61% July 2016 31,484 (1) The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See above for more information. (2) Upon the sale of Triangle Town Place, a portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place. After the debt reduction associated with the sale of Triangle Town Center, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 is $141,126 , of which the Company's share is $14,113 . (3) The Company's share of the loan was $6,692 . (4) The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50% . (5) The Company's share of the loan was $9,956 . The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid June Fremaux Town Center - Phase I (1) 2.44% August 2016 $ 40,530 June Fremaux Town Center - Phase II (1) 2.44% August 2016 30,595 June Ambassador Town Center (2) 2.24% December 2017 41,885 (1) The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See Financings above for more information. (2) The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See Financings above for more information. The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015 : Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended 2016: December Cary Towne Center (2) 4.00% March 2019 (3) $ 46,716 December Greenbrier Mall (4) 5.00% December 2019 (5) 70,801 June Hamilton Place (6) 4.36% June 2026 107,000 April Hickory Point Mall (7) 5.85% December 2018 (8) 27,446 2015: September The Outlet Shoppes at Gettysburg (9) 4.80% October 2025 $ 38,450 (1) Excludes any extension options. (2) The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. (3) The loan has one two -year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021. (4) The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. (5) The loan has a one -year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. (6) Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. (7) The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only. (8) The loan has a one -year extension option at the Company's election for an outside maturity date of December 2019. (9) Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016 and 2015: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2016: October Southaven Towne Center 5.50% January 2017 $ 38,314 August Dakota Square Mall 6.23% November 2016 55,103 June Hamilton Place (2) 5.86% August 2016 98,181 April CoolSprings Crossing 4.54% April 2016 11,313 April Gunbarrel Pointe 4.64% April 2016 10,083 April Stroud Mall 4.59% April 2016 30,276 April York Galleria 4.55% April 2016 48,337 2015: September The Outlet Shoppes at Gettysburg (3) 5.87% February 2016 $ 38,112 September Eastland Mall 5.85% December 2015 59,400 July Brookfield Square 5.08% November 2015 86,621 July CherryVale Mall 5.00% October 2015 77,198 July East Towne Mall 5.00% November 2015 65,856 July West Towne Mall 5.00% November 2015 93,021 May Imperial Valley Mall 4.99% September 2015 49,486 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information. (3) The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan. |
Schedule of variable rate loans | The following table presents the variable-rate loan, secured by the related consolidated Property, that was entered into in 2016: Date Property Stated Interest Rate Maturity Date Amount Extended June Statesboro Crossing (1) LIBOR + 1.80% June 2017 (2) $ 11,035 (1) The loan was modified to extend the maturity date. (2) The loan has a one -year extension option at the joint venture's election for an outside maturity date of June 2018. |
Schedule of loans secured by real estate | The following table presents the construction loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015: Date Property Stated Interest Rate Maturity Date Amount Financed 2016: May The Outlet Shoppes at Laredo (1) LIBOR + 2.5% (2) May 2019 (3) $ 91,300 2015: July The Outlet Shoppes of the Bluegrass - Phase II (4) LIBOR + 2.50% July 2020 $ 11,320 May The Outlet Shoppes at Atlanta - Phase II (5) LIBOR + 2.50% December 2019 6,200 (1) The consolidated 65 / 35 joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. (2) The interest rate will be reduced to LIBOR + 2.25% once the development is complete and certain debt and operational metrics are met. (3) The loan has one 24 -month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of May 2021. (4) The Operating Partnership has guaranteed 100% of the loan of this 65 / 35 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. (5) The Operating Partnership has guaranteed 100% of the loan of this 75 / 25 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid December The Outlet Shoppes at Atlanta - Parcel Development (1) 3.02% December 2019 $ 2,124 (1) In conjunction with its sale in December 2016, a portion of the net proceeds was used to retire the loan secured by the Property. |
Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2016: Ratio Required Actual Total debt to total assets < 60% 53% Secured debt to total assets <45% (1) 30% Total unencumbered assets to unsecured debt >150% 221% Consolidated income available for debt service to annual debt service charge > 1.50x 3.0x (1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% for the 2023 Notes and the 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2016 : Ratio Required Actual Debt to total asset value < 60% 48% Unencumbered asset value to unsecured indebtedness > 1.60x 2.4x Unencumbered NOI to unsecured interest expense > 1.75x 5.2x EBITDA to fixed charges (debt service) > 1.50x 2.5x |
Schedule of principal repayments | As of December 31, 2016 , the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows: 2017 $ 757,314 2018 711,645 2019 275,477 2020 213,608 2021 455,026 Thereafter (1) 1,887,567 4,300,637 Net unamortized discounts (7,130 ) Unamortized deferred financing costs (17,855 ) Principal balance of loans secured by Lender Malls in foreclosure (2) 189,642 Total mortgage and other indebtedness, net $ 4,465,294 (1) Excludes the $17,689 loan balance secured by Wausau Center, which is in foreclosure. (2) Represents principal balances of three non-recourse loans secured by Midland Mall, Chesterfield Mall and Wausau Center, which are in default and receivership at December 31, 2016. The loans secured by Midland Mall and Chesterfield Mall had 2016 maturity dates. Subsequent to December 31, 2016 , the foreclosure process on Midland Mall was complete. See Note 19 for additional information. |
Schedule of pay fixed/receive variable swap | The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk in 2016 and 2015 : Instrument Type Location in Consolidated Balance Sheet Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at 12/31/15 Maturity Date Pay fixed/ Receive Accounts payable and $ 48,337 1-month 2.149 % $ (208 ) April 2016 Pay fixed/ Receive Accounts payable and $ 30,276 1-month 2.187 % (133 ) April 2016 Pay fixed/ Receive Accounts payable and $ 11,313 1-month 2.142 % (48 ) April 2016 Pay fixed/ Receive Accounts payable and $ 10,083 1-month 2.236 % (45 ) April 2016 $ (434 ) |
Schedule of gain (loss) recognized in other comprehensive income (loss) | Hedging Instrument Gain Recognized in OCI/L (Effective Portion) Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) Loss Recognized in Earnings (Effective Portion) Location of Gains Recognized in Earnings (Ineffective Portion) Gain Recognized in Earnings (Ineffective Portion) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate contracts $ 434 $ 1,915 $ 1,782 Interest Expense $ (443 ) $ (2,196 ) $ (2,195 ) Interest Expense $ — $ — $ — |
SHAREHOLDERS' EQUITY AND PART39
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Dividends Declared and Paid For Income Tax Purposes | The allocations of dividends declared and paid for income tax purposes are as follows: Year Ended December 31, 2016 2015 2014 Dividends declared: Common stock $ 0.88 (1) $ 1.06 $ 1.00 Series D preferred stock $ 18.44 $ 18.44 $ 18.44 Series E preferred stock $ 16.56 $ 16.56 $ 16.56 Allocations: Common stock Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Return of capital — % — % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (2) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) Of the $0.265 per share dividend declared on November 3, 2016 and paid January 16, 2017, $0.081 is taxable in 2016 and $0.184 per share will be reported and is taxable in 2017. (2) The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
REDEEMABLE INTERESTS AND NONC40
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Redeemable Noncontrolling Interests and Noncontrolling Interests [Abstract] | |
Schedule of Redeemable Noncontrolling Interest Conversion Right | Outstanding rights to convert redeemable noncontrolling interests and noncontrolling interests in the Operating Partnership to common stock were held by the following parties at December 31, 2016 and 2015 : December 31, 2016 2015 CBL’s Predecessor 18,172,690 18,172,690 Third parties 10,119,697 11,084,493 28,292,387 29,257,183 |
Schedule of Variable Interest Entities | The table below lists the Company's VIEs as of December 31, 2016 and 2015 , which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2016 2015 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 914 $ 4 (1) Atlanta Outlet JV, LLC 63,361 81,128 (2) (1) CBL Terrace LP 16,714 13,509 (1) El Paso Outlet Center Holding, LLC 103,232 69,535 $ 107,337 $ 63,458 El Paso Outlet Center II, LLC 8,638 7,028 (3) (1) Foothills Mall Associates 9,811 34,997 (1) Gettysburg Outlet Center Holding, LLC 36,542 39,476 (1) Gettysburg Outlet Center, LLC 7,203 37 37,463 38,450 High Point Development LP II 1,104 55 (1) Jarnigan Road LP 41,392 20,988 (1) Laredo Outlet JV, LLC (4) 89,353 58,822 (5) (1) Lebcon Associates 47,721 121,529 (1) Lebcon I, Ltd 9,290 9,711 (1) Lee Partners 1,195 — (1) Louisville Outlet Outparcels, LLC 62 — (1) Louisville Outlet Shoppes, LLC 76,831 85,132 (6) (1) Madison Grandview Forum, LLC 33,196 13,622 (1) The Promenade at D'Iberville 84,470 46,570 (1) Statesboro Crossing, LLC 18,869 11,058 (1) Village at Orchard Hills, LLC 498 — (1) Woodstock GA Investments, LLC 9,098 3,185 (1) $ 659,494 $ 616,386 $ 144,800 $ 101,908 As of December 31, 2016 2015 Assets Liabilities Assets Liabilities Unconsolidated VIEs: Ambassador Infrastructure, LLC $ 14,279 14,279 (1) G&I VIII CBL Triangle LLC (7) 172,470 149,195 (1) JG Gulf Coast Town Center LLC (8) $ 142,021 $ 195,892 Triangle Town Member LLC (8) 98,408 171,092 $ 186,749 $ 163,474 $ 240,429 $ 366,984 (1) The joint venture was classified as a VIE in 2016 in accordance with the criteria in ASU 2015-02 noted above. Prior to the adoption of ASU 2015-02, the joint venture was not considered to be a VIE. (2) Of this total, $4,839 related to The Outlet Shoppes at Atlanta - Phase II, is guaranteed by the Operating Partnership. (3) Of this total, $6,745 related to The Outlet Shoppes at El Paso - Phase II, is guaranteed by the Operating Partnership. (4) In the second quarter of 2016, the Company formed a 65 / 35 joint venture, Laredo Outlet JV, LLC, to develop, own and operate The Outlet Shoppes at Laredo in Laredo, TX. The Company initially contributed $7,714 , which consisted of a cash contribution of $2,434 and its interest in a note receivable of $5,280 (see Note 10 ), and the third party partner contributed $10,686 , which included land and construction costs to date. The Company contributed 100% of the capital to fund the project until the pro rata 65% contribution of $19,846 was reached in the third quarter of 2016. All subsequent future contributions will be funded on a 65 / 35 pro rata basis. The Company determined that the new consolidated affiliate represents an interest in a VIE based upon the criteria noted above. (5) Of this total, $39,263 related to The Outlet Shoppes at Laredo, is guaranteed by the Operating Partnership. (6) Of this total, $10,101 relates to The Outlet Shoppes of the Bluegrass - Phase II, is guaranteed by the Operating Partnership. (7) Upon, the sale of the Company's 50% interest in Triangle Town Member LLC to G&I VIII CBL Triangle LLC in the first quarter of 2016, the Company determined that the new unconsolidated affiliate represents an interest in a VIE based upon the criteria noted above. (8) This joint venture is not a VIE as of December 31, 2016. See description of reconsideration event below. |
MINIMUM RENTS (Tables)
MINIMUM RENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Schedule of Future Minimum Rents Scheduled to be Received Under Noncancellable Tenant Leases | Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2016 , as follows: 2017 $ 559,804 2018 468,622 2019 403,625 2020 341,958 2021 283,553 Thereafter 771,041 $ 2,828,603 |
MORTGAGE AND OTHER NOTES RECE42
MORTGAGE AND OTHER NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 As of December 31, 2015 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 321 5.00% $ 342 One Park Place May 2022 5.00% 1,194 5.00% 1,369 Village Square (1) Mar 2018 3.75% 1,644 3.50% 1,685 Other (2) Dec 2016 - Jan 2047 3.27% - 9.50% 2,521 2.93% - 9.50% 4,380 5,680 7,776 Other Notes Receivable: ERMC (3) Sep 2021 4.00% 3,500 —% — Horizon Group (4) Jan 2017 7.00% 300 —% — Horizon Group (5) N/A —% — 7.00% 3,096 RED Development Inc. Oct 2023 5.00% 6,588 5.00% 7,366 Southwest Theaters LLC Apr 2026 5.00% 735 —% — 11,123 10,462 $ 16,803 $ 18,238 (1) In May 2016, the mortgage note receivable related to Village Square was extended to March 2018. The interest rate increased from 3.5% to 3.75% for the period from April 2016 through March 2017, with an increase to a rate of 4.0% from April 2017 through the maturity date. (2) In conjunction with the foreclosure of Gulf Coast Town Center, the Company wrote off the $1,846 balance of a note receivable. The note bore interest at a rate of 6.32% and was due to mature in March 2017. The $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default. (3) The Company received a $3,500 promissory note in conjunction with the redemption of the Company's 50% ownership interest in four consolidated subsidiaries. See Note 8 for more information. (4) In the first quarter of 2016, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $300 loan agreement with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in the development of a new shopping center. Subsequent to December 31, 2016 , the maturity date of the note receivable was extended to July 2017. See Note 19 for more information. (5) In the fourth quarter of 2015, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $5,280 loan agreement, with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in an outlet center project. In May 2016, in conjunction with the formation of the Laredo joint venture (see Note 5 ), the Company contributed its interest in the note of $5,280 as a capital contribution to the joint venture. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2016 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 928,214 $ 39,259 $ 17,393 $ 43,391 $ 1,028,257 Property operating expenses (2) (268,898 ) (8,246 ) (4,293 ) (19 ) (281,456 ) Interest expense (143,903 ) (5,972 ) (285 ) (66,158 ) (216,318 ) Other expense — — — (20,326 ) (20,326 ) Gain on sales of real estate assets 481 657 3,239 25,190 29,567 Segment profit $ 515,894 $ 25,698 $ 16,054 $ (17,922 ) 539,724 Depreciation and amortization expense (292,693 ) General and administrative expense (63,332 ) Interest and other income 1,524 Loss on impairment (116,822 ) Gain on investments 7,534 Income tax benefit 2,063 Equity in earnings of unconsolidated affiliates 117,533 Income from continuing operations $ 195,531 Total assets $ 5,383,937 $ 259,966 $ 215,917 $ 244,820 $ 6,104,640 Capital expenditures (3) $ 165,230 $ 5,705 $ 6,149 $ 90,719 $ 267,803 Year Ended December 31, 2015 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 944,553 $ 40,392 $ 19,944 $ 50,129 $ 1,055,018 Property operating expenses (2) (274,288 ) (9,364 ) (4,500 ) 4,807 (283,345 ) Interest expense (166,922 ) (7,285 ) (4,236 ) (50,900 ) (229,343 ) Other expense (19 ) — — (26,938 ) (26,957 ) Gain on sales of real estate assets 264 16,260 5,071 10,637 32,232 Segment profit (loss) $ 503,588 $ 40,003 $ 16,279 $ (12,265 ) 547,605 Depreciation and amortization expense (299,069 ) General and administrative expense (62,118 ) Interest and other income 6,467 Gain on extinguishment of debt 256 Loss on impairment (105,945 ) Gain on investment 16,560 Income tax provision (2,941 ) Equity in earnings of unconsolidated affiliates 18,200 Income from continuing operations $ 119,015 Total assets $ 5,766,084 $ 252,188 $ 263,614 $ 198,105 $ 6,479,991 Capital expenditures (3) $ 393,194 $ 5,186 $ 2,299 $ 24,134 $ 424,813 Year Ended December 31, 2014 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 933,736 $ 41,527 $ 18,600 $ 66,876 $ 1,060,739 Property operating expenses (2) (282,796 ) (9,500 ) (5,260 ) 3,659 (293,897 ) Interest expense (198,758 ) (7,959 ) (2,510 ) (30,597 ) (239,824 ) Other expense (20 ) — — (32,277 ) (32,297 ) Gain on sales of real estate assets 3,537 937 107 761 5,342 Segment profit $ 455,699 $ 25,005 $ 10,937 $ 8,422 500,063 Depreciation and amortization expense (291,273 ) General and administrative expense (50,271 ) Interest and other income 14,121 Gain on extinguishment of debt 87,893 Loss on impairment (17,858 ) Income tax provision (4,499 ) Equity in earnings of unconsolidated affiliates 14,803 Income from continuing operations $ 252,979 (1) The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and, prior to the redemption of the Company's redeemable noncontrolling interests during the fourth quarter of 2016, the Company’s former consolidated subsidiary that provided security and maintenance services to third parties (see Note 8 ). (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. |
SUPPLEMENTAL AND NONCASH INFO44
SUPPLEMENTAL AND NONCASH INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2016 , 2015 and 2014 were as follows: 2016 2015 2014 Accrued dividends and distributions payable $ 54,313 $ 54,489 $ 54,433 Additions to real estate assets accrued but not yet paid 24,881 26,345 25,332 Capital contribution of note receivable to joint venture (1) 5,280 — — Capital contribution from noncontrolling interest to joint venture 155 — — Write-off of notes receivable (1) 1,846 — — Mortgage debt assumed by buyer of real estate assets (2) 38,150 14,570 — Transfer of real estate assets in settlement of mortgage debt obligations: Decrease in real estate assets — — (79,398 ) Decrease in mortgage and other indebtedness — — 163,998 Decrease in operating assets and liabilities — — 4,799 Discount on issuance of 5.95% Senior Notes due 2026 5,740 — — Discount on issuance of 4.60% Senior Notes due 2024 — — 75 Note receivable from sale of Lakeshore Mall — — 10,000 Note receivable from sale of land — — 360 Deconsolidation upon formation of joint venture: (3) Decrease in real estate assets (14,025 ) — — Increase in investment in unconsolidated affiliates 14,030 — — Decrease in accounts payable and accrued liabilities (5 ) — — (1) See Note 10 for further details. (2) See Note 4 for additional information. (3) See Note 4 and Note 5 for more information. |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 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 consolidated balance sheets as of December 31, 2016 and 2015 : As of December 31, 2016 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Ownership Interest Outstanding Balance Percentage Guaranteed by the Company Maximum Guaranteed Amount Debt Maturity Date (1) 12/31/16 West Melbourne I, LLC - (2) 50% $ 42,847 20% (3) $ 8,569 Feb-2018 (4) $ 86 $ 99 West Melbourne I, LLC - (2) 50% 16,557 20% (3) 3,311 Feb-2018 (4) 33 87 Port Orange I, LLC 50% 57,927 20% (3) 11,586 Feb-2018 (4) 116 148 Fremaux Town Center JV, LLC - Phase I 65% — —% (5) — Aug-2016 — 62 Fremaux Town Center JV, LLC - Phase II 65% — —% (5) — Aug-2016 — 161 Ambassador Town Center JV, LLC 65% — —% (5) — Dec-2017 — 462 Ambassador Infrastructure, LLC 65% 11,700 100% (6) 11,700 Dec-2017 (7) 177 177 Total guaranty liability $ 412 $ 1,196 (1) Excludes any extension options. (2) The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively. (3) The guaranty was reduced from 25% to 20% when the loan was modified and extended in the first quarter of 2016. See Note 5 . (4) The loan has a one -year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. (5) The guaranty was removed in the second quarter of 2016 when the construction loan was retired using proceeds from a non-recourse mortgage loan. See Note 5 for additional information. (6) The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of such year as 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. (7) The loan has two one -year extension options, which are the joint venture's election, for an outside maturity date of December 2019 |
Schedule of Future Obligations Under Operating Leases | The future obligations under these operating leases at December 31, 2016 , are as follows: 2017 $ 588 2018 594 2019 601 2020 607 2021 614 Thereafter 12,636 $ 15,640 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Assets and Liabilities | The following table sets forth information regarding the Company’s financial instruments that were measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2015 . The interest rate swaps matured April 1, 2016: Fair Value Measurements at Reporting Date Using Fair Value at December 31, 2015 Quoted Prices in Significant Significant Liabilities: Interest rate swaps $ 434 $ — $ 434 $ — |
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 for the years ended December 31, 2016 and 2015 : 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 Losses 2016: Long-lived assets $ 46,200 $ — $ — $ 46,200 $ 116,822 2015: Long-lived assets $ 125,000 $ — $ — $ 125,000 $ 104,900 |
Schedule of Impairment on Real Estate Properties | The Properties are classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information. Impairment Property Location Segment Loss on Fair (1) September Randolph Mall, Regency Mall (2) Asheboro, NC; Racine, WI & Dalton, GA Malls $ 43,144 $ — September One Oyster Point & Two Oyster Point (3) Newport News, VA All Other 3,844 6,000 September Oak Branch Business Center (4) Greensboro, NC All Other 100 — September Cobblestone Village at Palm Coast (5) Palm Coast, FL Community Centers 6,448 — June The Lakes Mall & Fashion Square (6) Muskegon, MI & Saginaw, MI Malls 32,096 — June Wausau Center (7) Wausau, WI Malls 10,738 11,000 March Bonita Lakes Mall & Crossing (8) Meridian, MS Malls/Associated Centers 5,323 — March Midland Mall (9) Midland, MI Malls 4,681 29,200 March River Ridge Mall (10) Lynchburg, VA Malls 9,594 — $ 115,968 $ 46,200 (1) The long-lived asset is measured at fair value and included in Net Investment in Real Estate Assets in the Company's consolidated balance sheets at December 31, 2016 . (2) The Company wrote down the book values of the three malls to their estimated fair value of $31,318 and recorded a loss on impairment of $43,294 in the third quarter of 2016 based upon a sales price of $32,250 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. The revenues of the malls accounted for approximately 1.5% of total consolidated revenues for the trailing twelve months ended September 30, 2016. The malls were sold in December 2016. (3) In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of two office buildings to their estimated fair value as a result of a change in the expected holding period to a range of 1 to 2 years. Other factors used in the discounted cash flow analysis included a capitalization rate of 8.0% , a discount rate of 10.0% and estimated selling costs of 2.0% . The office buildings are classified as held for sale as of December 31, 2016. The revenues of the office buildings accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The office buildings were sold subsequent to December 31, 2016 . See Note 4 and Note 19 for more information. (4) The office building was sold in September 2016. A loss on impairment of $122 was recorded in the third quarter of 2016 to adjust the book value to its estimated value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. See Note 4 for more information. (5) In accordance with the Company's quarterly impairment review process, the Company recorded a loss on impairment of $6,298 in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. Other factors used in the discounted cash flow analysis included a capitalization rate of 9.0% , a discount rate of 10.75% and estimated selling costs of 2.0% . The revenue of the community center accounted for approximately 0.1% of total consolidated revenues for the trailing twelve months ended September 30, 2016. An additional impairment loss of $150 was recognized in the fourth quarter of 2016 for an adjustment to the sales price when the sale closed in December 2016. See Note 4 . (6) The Company adjusted the book value of the malls to their estimated fair value of $65,447 based upon the sales price of $66,500 in the signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of The Lakes Mall and Fashion Square accounted for approximately 1.6% of total consolidated revenues for the trailing twelve months ended June 30, 2016. These Properties were sold in July 2016. See Note 4 for additional information. (7) In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of the mall to its estimated fair value. After evaluating redevelopment options, the Company determined that an appropriate risk-adjusted return was not achievable and reduced its holding period. The mall is encumbered by a non-recourse loan with a balance of $17,689 as of December 31, 2016 and has experienced declining sales and the loss of two anchor stores. The revenues of Wausau Center accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The Company notified the lender that it would not make its scheduled July 1, 2016 debt payment and the mall is in foreclosure. See Note 6 . With the assistance of a third-party appraiser, management determined the fair value of Wausau Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a 10 -year holding period with a sale at the end of the holding period, a capitalization rate of 13.25% , a discount rate of 13.0% and estimated selling costs of 4.0% . 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. (8) The Company adjusted the book value of Bonita Lakes Mall and Bonita Lakes Crossing ("Bonita Lakes") to its estimated fair value of $27,440 , which represented the contractual sales price of $27,910 with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. See Note 4 for further information on the sale that closed in the second quarter of 2016. (9) The Company wrote down the mall to its estimated fair value. The fair value analysis used a discounted cash flow methodology with assumptions including a 10 -year holding period with a sale at the end of the holding period, a capitalization rate of 9.75% , a discount rate of 11.5% and estimated selling costs of 2.0% . The Company notified the lender that it would not pay off the loan that was scheduled to mature in August 2016 and the mall went into receivership in September 2016. See Note 6 . The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2016. The mall was returned to the lender subsequent to December 31, 2016 as the foreclosure process was complete. See Note 19 for further information. (10) 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 loss on impairment of $9,510 in the first quarter of 2016 when it adjusted the book value of the mall to its estimated net sales price based upon a contract with a third party buyer, adjusted to reflect estimated disposition costs. The impairment loss includes a $2,100 reserve for a roof and electrical work that the Company must fund in the future. An additional loss on impairment of $84 was recognized in the fourth quarter of 2016 to reflect actual closing costs. The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. The Company's investment in River Ridge is included in Investments in Unconsolidated Affiliates on the Company's consolidated balance sheets at December 31, 2016. See Note 5 for further information. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Summary of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2016 , and changes during the year ended December 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 (238,822 ) $ 16.57 Forfeited (12,080 ) $ 16.76 Nonvested at December 31, 2016 602,162 $ 15.41 |
Summary of Assumptions used in the Monte Carlo Simulation Pricing Models | The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2016 PSUs, which had a grant date of February 10, 2016: 2016 PSUs Fair value per share on valuation date (1) $ 4.98 Risk-free interest rate (2) 0.92 % Expected share price volatility (3) 30.95 % (1) The value of the PSU awards are estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over 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. (2) The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of valuation date of February 10, 2016 for the 2016 PSUs. (3) The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three -year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. |
QUARTERLY INFORMATION (UNAUDI48
QUARTERLY INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 263,078 $ 254,965 $ 251,721 $ 258,493 $ 1,028,257 Income from operations (2) 63,830 52,056 36,727 101,015 253,628 Net income (3) 41,892 73,097 670 79,872 195,531 Net income attributable to the Company 40,074 62,919 1,059 68,830 172,882 Net income (loss) attributable to common shareholders 28,851 51,696 (10,164 ) 57,607 127,990 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 (1) The sum of quarterly EPS may differ from annual EPS due to rounding. (2) Income from operations for the quarters ended March 31, 2016; June 30, 2016; and September 30, 2016 includes a loss on impairment of $19,685 ; $43,493 ; and $53,558 respectively, primarily related to properties which were sold during 2016 (see Note 4 and Note 15 ). (3) Net income for the quarter ended March 31, 2016 includes a gain of $26,395 related to the sale of a 50% interest in Triangle Town Center to a new 10 / 90 joint venture. Net income for the quarter ended June 30, 2016 includes a gain of $29,267 related to the foreclosure of Gulf Coast Town Center and a gain of $29,437 from the sale of Renaissance Center. The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations (see Note 5 ). Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 260,909 $ 253,843 $ 262,636 $ 277,630 $ 1,055,018 Income from operations (2) 85,032 89,858 94,007 8,687 277,584 Net income (loss) (3) 53,205 48,331 44,432 (26,953 ) 119,015 Net income (loss) attributable to the Company 46,164 41,895 37,569 (22,257 ) 103,371 Net income (loss) attributable to common shareholders 34,941 30,672 26,346 (33,480 ) 58,479 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.21 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.20 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 (1) The sum of quarterly EPS may differ from annual EPS due to rounding. (2) Income from operations for the quarter ended December 31, 2015 includes a $102,280 loss on impairment of real estate primarily related to Chesterfield Mall (see Note 15 ). (3) Income from continuing operations for the quarter ended March 31, 2015 includes $16,560 gain on investment related to the sale of available-for-sale securities (see Note 2 ) and also includes $14,173 and $14,065 related to gain on sales of real estate assets for the quarters ended June 30, 2015 and December 31, 2015, respectively. |
ORGANIZATION (Details)
ORGANIZATION (Details) shares in Millions | 12 Months Ended | |
Dec. 31, 2016propertyassociated_centermixed_use_centerstatemallcommunity_centersubsidiaryoffice_buildingshares | Dec. 31, 2015property | |
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 | 74 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 23 | |
Number of community centers in which interest is owned by the partnership | community_center | 9 | |
Number of office buildings in which interest is owned by the partnership | office_building | 7 | |
Number of real estate properties | property | 113 | 4 |
Parent | ||
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 | 65 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 20 | |
Number of community centers in which interest is owned by the partnership | community_center | 4 | |
Number of office buildings in which interest is owned by the partnership | office_building | 7 | |
Number of real estate properties | property | 96 | |
Number of mixed-use centers owned | mixed_use_center | 1 | |
Number of Malls under development | 1 | |
Number of Malls under expansion | 3 | |
Number of mall redevelopments under construction | 3 | |
Percentage ownership of the sole general partner in partnership (in hundredths) | 9.10% | |
Percentage of non controlling limited partner interest of third parties in Operating partnership (in hundredth) | 5.10% | |
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 (in hundredths) | 11.00% | |
Noncontrolling Interests | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership | 9 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 3 | |
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 | 0 | |
Number of real estate properties | property | 17 | |
Number of office buildings held for sale | office_building | 2 | |
Subsidiaries | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of states in which entity operates | state | 27 | |
Percentage ownership interest in qualified subsidiaries (in hundredths) | 100.00% | |
Number of subsidiaries owned by the company | subsidiary | 2 | |
Percentage ownership of the sole general partner in partnership (in hundredths) | 1.00% | |
Percentage of limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (in hundredths) | 84.80% | |
Combined percentage ownership by the subsidiaries in operating partnership (in hundredths) | 85.80% | |
Subsidiaries | Parent | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of office buildings in which interest is owned by the partnership | office_building | 2 |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Real Estate Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net amortization expense of acquired intangibles | $ 8,687 | $ 12,939 | $ 13,973 |
Future amortization expense, 2017 | 6,378 | ||
Future amortization expense, 2018 | 3,589 | ||
Future amortization expense, 2019 | 2,502 | ||
Future amortization expense, 2020 | 1,923 | ||
Future amortization expense, 2021 | 1,882 | ||
Interest expense capitalized | 2,182 | 3,697 | $ 7,122 |
Intangible lease assets and other assets | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 49,310 | 54,080 | |
Intangible lease assets and liabilities, Accumulated Amortization | (38,197) | (39,228) | |
Intangible lease assets and other assets | In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 110,968 | 113,335 | |
Intangible lease assets and liabilities, Accumulated Amortization | (80,256) | (71,460) | |
Intangible lease assets and other assets | Tenant relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 29,494 | 29,742 | |
Intangible lease assets and liabilities, Accumulated Amortization | (6,610) | (5,868) | |
Accounts payable and accrued liabilities | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 87,266 | 89,182 | |
Intangible lease assets and liabilities, Accumulated Amortization | $ (60,286) | $ (54,999) | |
Buildings | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 40 years | ||
Certain Improvements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years | ||
Certain Improvements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 20 years | ||
Equipment and Fixtures | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 7 years | ||
Equipment and Fixtures | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Restricted cash and cash equivalents | $ 46,119 | $ 34,684 |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Tenant Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for doubtful accounts | $ 4,058 | $ 2,254 | $ 2,643 |
SUMMARY OF SIGNIFICANT ACCOUN53
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investments in Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Net difference between investment and underlying equity in unconsolidated affiliates | $ (6,966) | $ 13,334 |
SUMMARY OF SIGNIFICANT ACCOUN54
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Financing Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | $ 17,855 | $ 16,059 | |
Amortization expense | 5,010 | 7,116 | $ 6,910 |
Accumulated amortization | 13,370 | 12,413 | |
Intangible lease assets and other assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | 4,890 | 6,431 | |
Mortgage and Other Indebtedness | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | $ 17,855 | $ 16,059 |
SUMMARY OF SIGNIFICANT ACCOUN55
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Marketable Securities) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain on sale of available-for-sale securities | $ 0 | $ 16,560,000 | $ 0 |
Proceeds from sale of available-for-sale securities | 20,755,000 | ||
Common Stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Adjusted Cost | $ 4,195,000 |
SUMMARY OF SIGNIFICANT ACCOUN56
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Interest Rate Hedging Instruments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Accounting Policies [Abstract] | |
Fair value of cash flow hedges | $ 434 |
SUMMARY OF SIGNIFICANT ACCOUN57
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Tenant reimbursements period related to certain capital expenditures, minimum (in years) | 5 years |
Tenant reimbursements period related to certain capital expenditures, maximum (in years) | 15 years |
SUMMARY OF SIGNIFICANT ACCOUN58
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Percentage of taxable income required to be distributed to shareholders | 90.00% | ||
State tax expense | $ 3,458 | $ 3,460 | $ 4,079 |
Current tax benefit (provision) | 1,156 | (3,093) | (3,170) |
Deferred tax benefit (provision) | 907 | 152 | (1,329) |
Income tax benefit (provision) | 2,063 | (2,941) | $ (4,499) |
Net deferred tax asset | $ 5,841 | ||
Net deferred tax liability | $ (672) |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 3.60% |
SUMMARY OF SIGNIFICANT ACCOUN60
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CBL & Associates Properties, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator – basic (in shares) | 170,762 | 170,476 | 170,247 |
Effect of performance stock units (in shares) | 74 | 23 | |
Denominator – diluted (in shares) | 170,836 | 170,499 | 170,247 |
CBL & Associates Limited Partnership | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator – basic (in shares) | 199,764 | 199,734 | 199,660 |
Effect of performance stock units (in shares) | 74 | 23 | |
Denominator – diluted (in shares) | 199,838 | 199,757 | 199,660 |
SUMMARY OF SIGNIFICANT ACCOUN61
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Components of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
OCI before reclassifications | $ 877 | $ 4,353 | $ 10,520 |
Amounts reclassified from AOCI | (443) | (18,756) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Realized gain on available-for-sale securities, reclassified | 16,560 | ||
Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 433 | 401 | 387 |
OCI before reclassifications | 3 | 32 | 14 |
Amounts reclassified from AOCI | (436) | 0 | 0 |
Total other comprehensive income (loss) | (433) | 32 | 14 |
Ending balance, shareholders' equity | 0 | 433 | 401 |
Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 384 | 333 |
OCI before reclassifications | 0 | 10 | 51 |
Amounts reclassified from AOCI | 0 | (394) | 0 |
Total other comprehensive income (loss) | 0 | (384) | 51 |
Ending balance, shareholders' equity | 0 | 0 | 384 |
The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 1,935 | 303 | (1,214) |
OCI before reclassifications | 814 | 3,828 | 3,712 |
Amounts reclassified from AOCI | (2,749) | (2,196) | (2,195) |
Total other comprehensive income (loss) | (1,935) | 1,632 | 1,517 |
Ending balance, shareholders' equity | 0 | 1,935 | 303 |
Interest on cash flow hedges reclassified to interest expense | (443) | (2,196) | (2,195) |
The Company/Partner's Capital, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 13,108 | 7,539 |
OCI before reclassifications | 0 | 160 | 5,569 |
Amounts reclassified from AOCI | 0 | (13,268) | 0 |
Total other comprehensive income (loss) | 0 | (13,108) | 5,569 |
Ending balance, shareholders' equity | 0 | 0 | 13,108 |
Noncontrolling Interests, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (2,802) | (3,053) | (3,304) |
OCI before reclassifications | 60 | 251 | 251 |
Amounts reclassified from AOCI | 2,742 | 0 | 0 |
Total other comprehensive income (loss) | 2,802 | 251 | 251 |
Ending balance, shareholders' equity | 0 | (2,802) | (3,053) |
Noncontrolling Interests, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 2,826 | 1,903 |
OCI before reclassifications | 0 | 72 | 923 |
Amounts reclassified from AOCI | 0 | (2,898) | 0 |
Total other comprehensive income (loss) | 0 | (2,826) | 923 |
Ending balance, shareholders' equity | 0 | 0 | 2,826 |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (434) | 13,969 | 5,644 |
Ending balance, shareholders' equity | 0 | (434) | 13,969 |
CBL And Associates Limited Partnership [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
OCI before reclassifications | 877 | 4,353 | 10,520 |
Amounts reclassified from AOCI | (443) | (18,756) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Realized gain on available-for-sale securities, reclassified | 16,560 | ||
CBL And Associates Limited Partnership [Member] | Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 434 | 401 | 387 |
OCI before reclassifications | 3 | 33 | 14 |
Amounts reclassified from AOCI | (437) | 0 | 0 |
Total other comprehensive income (loss) | (434) | 33 | 14 |
Ending balance, shareholders' equity | 0 | 434 | 401 |
CBL And Associates Limited Partnership [Member] | Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 384 | 333 |
OCI before reclassifications | 0 | 10 | 51 |
Amounts reclassified from AOCI | 0 | (394) | 0 |
Total other comprehensive income (loss) | 0 | (384) | 51 |
Ending balance, shareholders' equity | 0 | 0 | 384 |
CBL And Associates Limited Partnership [Member] | The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (868) | (2,750) | (4,518) |
OCI before reclassifications | 874 | 4,078 | 3,963 |
Amounts reclassified from AOCI | (6) | (2,196) | (2,195) |
Total other comprehensive income (loss) | 868 | 1,882 | 1,768 |
Ending balance, shareholders' equity | 0 | (868) | (2,750) |
Interest on cash flow hedges reclassified to interest expense | (443) | (2,196) | (2,195) |
CBL And Associates Limited Partnership [Member] | The Company/Partner's Capital, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 15,934 | 9,442 |
OCI before reclassifications | 232 | 6,492 | |
Amounts reclassified from AOCI | (16,166) | 0 | |
Total other comprehensive income (loss) | 0 | (15,934) | 6,492 |
Ending balance, shareholders' equity | 0 | 0 | 15,934 |
CBL And Associates Limited Partnership [Member] | AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (434) | 13,969 | 5,644 |
Ending balance, shareholders' equity | $ 0 | $ (434) | $ 13,969 |
ACQUISITIONS (Summary) (Details
ACQUISITIONS (Summary) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 18, 2015 | |
Business Acquisition [Line Items] | |||||||||||||
Purchase Price | $ 191,988 | ||||||||||||
Revenues | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 277,630 | $ 262,636 | 253,843 | $ 260,909 | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 | ||
Net income | $ 79,872 | $ 670 | $ 73,097 | $ 41,892 | $ (26,953) | $ 44,432 | $ 48,331 | $ 53,205 | $ 195,531 | $ 119,015 | |||
Mayfaire Community Center | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ownership Percentage Acquired | 100.00% | ||||||||||||
Cash | $ 191,988 | ||||||||||||
Purchase Price | $ 191,988 | ||||||||||||
Revenues | $ 8,982 | ||||||||||||
Net income | $ 410 |
ACQUISITIONS (Assets Acquired L
ACQUISITIONS (Assets Acquired Liabilities Assumed) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Land | $ 39,598 |
Buildings and improvements | 139,818 |
Tenant improvements | 3,331 |
Above-market leases | 393 |
In-place leases | 22,673 |
Total assets | 205,813 |
Below-market leases | (13,825) |
Net assets acquired | $ 191,988 |
DISPOSITIONS AND HELD FOR SAL64
DISPOSITIONS AND HELD FOR SALE (Summary) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2016USD ($)office_building | Sep. 30, 2016USD ($) | Jul. 31, 2016USD ($) | May 31, 2016USD ($) | Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 30, 2015USD ($) | Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | May 31, 2014USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2016USD ($)office_building | Sep. 30, 2016USD ($)mall | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)outparceloffice_building | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | Apr. 30, 2014USD ($) | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 194,710 | $ 104,860 | $ 18,615 | |||||||||||||||||||||||||||||
Sales Price, Net | 189,531 | 103,537 | 17,886 | |||||||||||||||||||||||||||||
Gain/ (Loss) | 3,720 | 21,331 | 937 | |||||||||||||||||||||||||||||
Loss on impairment | $ 116,822 | 105,945 | 17,858 | |||||||||||||||||||||||||||||
Real estate held for sale as percentage of total assets | 0.10% | 0.10% | 0.10% | |||||||||||||||||||||||||||||
Note receivable from sale of mall | $ 16,803 | $ 18,238 | $ 16,803 | $ 18,238 | $ 16,803 | 18,238 | ||||||||||||||||||||||||||
Fair value of long-lived assets | 46,200 | 125,000 | 46,200 | 125,000 | 46,200 | 125,000 | ||||||||||||||||||||||||||
Gain on extinguishment of debt | 256 | |||||||||||||||||||||||||||||||
Fair Value, Inputs, Level 3 | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Fair value of long-lived assets | 46,200 | 125,000 | 46,200 | 125,000 | 46,200 | 125,000 | ||||||||||||||||||||||||||
Notes Receivable | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Note receivable from sale of mall | 11,123 | 10,462 | 11,123 | 10,462 | 11,123 | 10,462 | ||||||||||||||||||||||||||
EastGate Crossing | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Net proceeds from related to the lease of a tenant space | 574 | |||||||||||||||||||||||||||||||
Earn out proceeds, amount earned | 625 | |||||||||||||||||||||||||||||||
Columbia Place, Chapel Hill Mall and Citadel Mall | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 163,997 | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | 89,399 | |||||||||||||||||||||||||||||||
Cobblestone Village at Palm Coast | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | 8,500 | |||||||||||||||||||||||||||||||
Sales Price, Net | 8,106 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||
Loss on impairment | 150 | $ 6,298 | ||||||||||||||||||||||||||||||
Randolph Mall, Regency Mall, and Walnut Square | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | 32,250 | |||||||||||||||||||||||||||||||
Sales Price, Net | 31,453 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | |||||||||||||||||||||||||||||||
Loss on impairment | (150) | $ 43,294 | ||||||||||||||||||||||||||||||
Number of Malls with Impairment | mall | 3 | |||||||||||||||||||||||||||||||
Oak Branch Business Center, Greensboro, NC | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 2,400 | |||||||||||||||||||||||||||||||
Sales Price, Net | 2,148 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 122 | (22) | ||||||||||||||||||||||||||||||
The Lakes and Fashion Square | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 66,500 | |||||||||||||||||||||||||||||||
Sales Price, Net | 65,514 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 273 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 32,096 | |||||||||||||||||||||||||||||||
Bonita Lakes Mall and Crossing | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 27,910 | |||||||||||||||||||||||||||||||
Sales Price, Net | 27,614 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 208 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 5,323 | |||||||||||||||||||||||||||||||
The Crossings at Marshalls Creek | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 23,650 | |||||||||||||||||||||||||||||||
Sales Price, Net | 21,791 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 3,239 | |||||||||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 33,500 | |||||||||||||||||||||||||||||||
Sales Price, Net | 32,905 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 84 | $ 9,510 | $ 9,594 | |||||||||||||||||||||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | ||||||||||||||||||||||||||||||
EastGate Crossing | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 21,060 | |||||||||||||||||||||||||||||||
Sales Price, Net | 20,688 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 13,491 | |||||||||||||||||||||||||||||||
Net proceeds from related to the lease of a tenant space | $ 657 | |||||||||||||||||||||||||||||||
Mortgage debt assumed by buyer of real estate assets | $ 14,570 | $ 38,150 | 14,570 | 0 | ||||||||||||||||||||||||||||
Mayfaire Community Center | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | 56,300 | |||||||||||||||||||||||||||||||
Sales Price, Net | 55,955 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||
Loss on impairment | 397 | |||||||||||||||||||||||||||||||
Chapel Hill Crossing | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | 2,300 | |||||||||||||||||||||||||||||||
Sales Price, Net | 2,178 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||
Loss on impairment | 1,914 | |||||||||||||||||||||||||||||||
Waynesville Commons | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 14,500 | |||||||||||||||||||||||||||||||
Sales Price, Net | 14,289 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 5,071 | |||||||||||||||||||||||||||||||
Madison Plaza | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 5,700 | |||||||||||||||||||||||||||||||
Sales Price, Net | 5,472 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 2,769 | |||||||||||||||||||||||||||||||
Madison Square | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 5,000 | |||||||||||||||||||||||||||||||
Sales Price, Net | 4,955 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 2,620 | |||||||||||||||||||||||||||||||
Pemberton Plaza | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 1,975 | |||||||||||||||||||||||||||||||
Sales Price, Net | 1,886 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 497 | |||||||||||||||||||||||||||||||
Foothills Plaza Expansion | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 2,640 | |||||||||||||||||||||||||||||||
Sales Price, Net | 2,387 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 937 | |||||||||||||||||||||||||||||||
Lakeshore Mall | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 14,000 | |||||||||||||||||||||||||||||||
Sales Price, Net | 13,613 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 106 | $ 5,100 | ||||||||||||||||||||||||||||||
Lakeshore Mall | Fair Value, Inputs, Level 3 | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Fair value of long-lived assets | $ 13,780 | |||||||||||||||||||||||||||||||
Lakeshore Mall | Notes Receivable | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Note receivable from sale of mall | 10,000 | |||||||||||||||||||||||||||||||
Lakeshore Mall | Cash | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Sales Price, Net | $ 4,000 | |||||||||||||||||||||||||||||||
Columbia Place | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Loss on impairment | $ 50,683 | |||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | $ 27,265 | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 27,171 | |||||||||||||||||||||||||||||||
Non-cash default interest expense | $ 3,181 | |||||||||||||||||||||||||||||||
Chapel Hill Suburban | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Loss on impairment | 12,050 | |||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 68,563 | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 18,296 | |||||||||||||||||||||||||||||||
Non-cash default interest expense | 1,514 | |||||||||||||||||||||||||||||||
Citadel Mall | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Loss on impairment | $ 20,453 | |||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | $ 68,169 | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 43,932 | |||||||||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Company's ownership interest (as a percent) | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||||||||||
Mortgages | Fashion Square, Saginaw, MI | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Mortgage note payables assumed | $ 38,150 | |||||||||||||||||||||||||||||||
Outparcel Sale | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Gain on sales of real estate assets | $ 21,385 | |||||||||||||||||||||||||||||||
Number of outparcels sold | outparcel | 18 | |||||||||||||||||||||||||||||||
Parking Deck Project | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Gain on sales of real estate assets | $ 2,184 | |||||||||||||||||||||||||||||||
Parcel Project | The Outlet Shoppes at Atlanta - Parcel Development | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Gain on sales of real estate assets | $ 1,621 | |||||||||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Number of office buildings held for sale | office_building | 2 | 2 | 2 | |||||||||||||||||||||||||||||
CBL & Associates Properties, Inc. | ||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||
Loss on impairment | $ 116,822 | 105,945 | 17,858 | |||||||||||||||||||||||||||||
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 | |||||||||||||||||||||||||||||
Held for sale | [1] | $ 5,861 | 0 | $ 5,861 | 0 | 5,861 | 0 | |||||||||||||||||||||||||
Note receivable from sale of mall | [1] | $ 16,803 | $ 18,238 | $ 16,803 | $ 18,238 | 16,803 | 18,238 | |||||||||||||||||||||||||
Gain on extinguishment of debt | $ 0 | $ 256 | $ 87,893 | |||||||||||||||||||||||||||||
[1] | As of December 31, 2016, includes $659,494 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $463,362 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8. |
UNCONSOLIDATED AFFILIATES AND65
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Details) - entity | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |||
Number of entities - equity method of accounting | 17 | ||
Governor’s Square Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 47.50% | ||
River Ridge Mall JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 25.00% | ||
Parent Company | Ambassador Infrastructure, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | Ambassador Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | CBL/T-C, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | CBL-TRS Joint Venture, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | El Paso Outlet Outparcels, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Fremaux Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | G&I VIII CBL Triangle LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 10.00% | ||
Parent Company | Governor’s Square IB | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | JG Gulf Coast Town Center LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | 50.00% | |
Parent Company | Kentucky Oaks Mall Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Mall of South Carolina L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Mall of South Carolina Outparcel L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Port Orange I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | River Ridge Mall JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 25.00% | 25.00% | |
Parent Company | West Melbourne I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | York Town Center, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% |
UNCONSOLIDATED AFFILIATES AND66
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Joint Ventures) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)office_building | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($)subsidiary | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | $ 194,710 | $ 104,860 | $ 18,615 | |||||||||
Sales Price, Net | 189,531 | 103,537 | 17,886 | |||||||||
Gain on sales of real estate assets | $ 14,065 | $ 14,173 | 29,567 | 32,232 | 5,342 | |||||||
Mortgage and other indebtedness, variable-rate debt | $ 888,770 | $ 888,770 | 1,241,379 | 888,770 | 1,241,379 | |||||||
Gain on extinguishment of debt | 256 | |||||||||||
Gain on investments | $ 16,560 | 7,534 | 16,560 | 87,893 | ||||||||
Loss on impairment | $ 116,822 | 105,945 | 17,858 | |||||||||
Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | $ 2,820 | |||||||||||
High Pointe Commons, LP and High Pointe Commons II-HAP, LP | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of subsidiaries owned by the company | subsidiary | 2 | |||||||||||
JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on investments | $ 29,267 | |||||||||||
River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | 25.00% | |||||||||
Corporate Joint Venture | CBL-TRS Joint Venture, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of office buildings sold | office_building | 4 | |||||||||||
Sales price, gross | $ 26,000 | |||||||||||
Sales Price, Net | 25,406 | $ 14,962 | ||||||||||
Gain on sales of real estate assets | 51 | |||||||||||
Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 30,250 | $ 174,000 | ||||||||||
Sales Price, Net | 29,802 | |||||||||||
Gain on sales of real estate assets | 2,538 | $ 80,979 | ||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 29,342 | $ 29,342 | $ 29,342 | |||||||||
Joint venture, ownership percentage | 90.00% | 50.00% | 90.00% | 50.00% | 90.00% | |||||||
Equity contribution | $ 3,060 | |||||||||||
Corporate Joint Venture | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 33,800 | |||||||||||
Gain on sales of real estate assets | $ 16,649 | |||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||
Gain on extinguishment of debt | $ 393 | |||||||||||
Corporate Joint Venture | Renaissance Center | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | 80,324 | |||||||||||
Gain on sales of real estate assets | 59,977 | |||||||||||
Corporate Joint Venture | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on extinguishment of debt | $ 63,294 | |||||||||||
Corporate Joint Venture | River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 75.00% | 75.00% | ||||||||||
Parent Company | CBL-TRS Joint Venture, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||
Parent Company | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | $ 282 | |||||||||||
Joint venture, ownership percentage | 10.00% | 50.00% | 10.00% | 50.00% | 10.00% | |||||||
Parent Company | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||
Parent Company | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||
Parent Company | River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||||
CBL & Associates Properties, Inc. | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | $ 29,567 | 32,232 | 5,342 | |||||||||
Gain on extinguishment of debt | 0 | 256 | 87,893 | |||||||||
Gain on investments | 7,534 | 16,560 | 0 | |||||||||
Loss on impairment | 116,822 | 105,945 | $ 17,858 | |||||||||
Unconsolidated Affiliate and Other Affiliated Partnerships | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | 501 | |||||||||||
Other Ownership Interest | Corporate Joint Venture | CBL-TRS Joint Venture, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | $ 12,703 | |||||||||||
Gain on sales of real estate assets | 25 | |||||||||||
Other Ownership Interest | Corporate Joint Venture | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | $ 7,481 | |||||||||||
Gain on sales of real estate assets | 8,324 | |||||||||||
Gain on extinguishment of debt | 197 | |||||||||||
Other Ownership Interest | Corporate Joint Venture | Renaissance Center | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | $ 40,162 | |||||||||||
Gain on sales of real estate assets | 29,989 | |||||||||||
Other Ownership Interest | Unconsolidated Affiliate and Other Affiliated Partnerships | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | 251 | |||||||||||
Mortgages | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Extinguishment of debt | $ 17,388 | |||||||||||
Mortgages | Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage note payables assumed | $ 171,092 | $ 171,092 | ||||||||||
Mortgages | Parent Company | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage note payables assumed | 17,109 | 17,109 | ||||||||||
Mortgages | Other Ownership Interest | Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage note payables assumed | 85,546 | 85,546 | ||||||||||
Non Recourse Loans On Operating Properties | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 19,055 | $ 19,055 | $ 16,840 | 19,055 | $ 16,840 | |||||||
Non Recourse Loans On Operating Properties | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage and other indebtedness, variable-rate debt | 190,800 | |||||||||||
Non Recourse Loans On Operating Properties | CBL & Associates Properties, Inc. | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage and other indebtedness, variable-rate debt | 95,400 | |||||||||||
Renaissance Center | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 129,200 | |||||||||||
Gain on sales of real estate assets | 29,437 | |||||||||||
Renaissance Center - Phase I | Mortgages | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage debt assumed by buyer of real estate assets | 16,000 | |||||||||||
Defeasance of debt in disposition | $ 31,484 | |||||||||||
River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 33,500 | |||||||||||
Sales Price, Net | $ 32,905 | |||||||||||
Loss on impairment | $ 84 | 9,510 | 9,594 | |||||||||
Reserve for future capital expenditures | 2,100 | $ 2,100 | ||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | ||||||||||
River Ridge Mall JV, LLC | Corporate Joint Venture | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Cash contributed by third party | 33,500 | |||||||||||
Quoted market value | $ 7,000 | 7,000 | ||||||||||
Repayment of long term line of credit | $ 32,819 |
UNCONSOLIDATED AFFILIATES AND67
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Summarized Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Investment in real estate assets | $ 2,137,666 | $ 2,357,902 | |
Accumulated depreciation | (564,612) | (677,448) | |
Investment in real estate, net | 1,573,054 | 1,680,454 | |
Developments in progress | 9,210 | 59,592 | |
Net investment in real estate assets | 1,582,264 | 1,740,046 | |
Other assets | 223,347 | 168,540 | |
Total assets | 1,805,611 | 1,908,586 | |
Mortgage and other indebtedness | 1,266,046 | 1,546,272 | |
Other liabilities | 46,160 | 51,357 | |
Total liabilities | 1,312,206 | 1,597,629 | |
The Company | 228,313 | 184,868 | |
Other investors | 265,092 | 126,089 | |
Total owners' equity | 493,405 | 310,957 | |
Total liabilities and owners’ equity | 1,805,611 | 1,908,586 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 250,361 | 253,399 | $ 250,248 |
Depreciation and amortization | (83,640) | (79,870) | (79,059) |
Other operating expenses | (76,328) | (75,875) | (73,218) |
Income from operations | 90,393 | 97,654 | 97,971 |
Interest and other income | 1,352 | 1,337 | 1,358 |
Interest expense | (55,227) | (75,485) | (74,754) |
Gain on extinguishment of debt | 62,901 | 0 | 0 |
Gain on sales of real estate assets | 160,977 | 2,551 | 1,697 |
Net income | $ 260,396 | $ 26,057 | $ 26,272 |
UNCONSOLIDATED AFFILIATES AND68
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Joint Venture Financings) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)extension_option | Jun. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016 | Dec. 31, 2015USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Dec. 31, 2016USD ($)extension_option | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 31, 2016 | |
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 0 | $ 0 | $ 360 | ||||||||
Mortgage and other indebtedness, variable-rate debt | $ 888,770 | $ 1,241,379 | 888,770 | 1,241,379 | |||||||
Mortgage and other indebtedness, net | 4,465,294 | 4,710,628 | 4,465,294 | 4,710,628 | |||||||
Construction loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, variable-rate debt | 39,263 | 0 | 39,263 | 0 | |||||||
Non Recourse Loans On Operating Properties | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, variable-rate debt | 19,055 | 16,840 | 19,055 | $ 16,840 | |||||||
The Shops at Friendly Center | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 60,000 | ||||||||||
Debt instrument, term | 6 years | ||||||||||
Mortgage and other indebtedness, net | $ 37,640 | 37,640 | |||||||||
Fremaux Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 73,000 | ||||||||||
Fremaux Town Center JV, LLC | Construction loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, net | 71,125 | 71,125 | |||||||||
Ambassador Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 47,660 | ||||||||||
Ambassador Town Center JV, LLC | Construction loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, net | $ 41,885 | 41,885 | |||||||||
The Pavilion at Port Orange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 58,628 | 58,820 | |||||||||
Hammock Landing - Phase I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | 43,347 | 39,475 | $ 39,475 | ||||||||
Hammock Landing - Phase II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | 16,757 | $ 16,757 | |||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 171,092 | ||||||||||
Extension option, term (years) | 1 year | ||||||||||
Number of extension options available | extension_option | 2 | 2 | |||||||||
Port Orange and Hammock Landing - Phase I and II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage Guaranteed by the Company | 20.00% | 25.00% | |||||||||
Extension option, term (years) | 1 year | ||||||||||
Oak Park Mall | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 276,000 | ||||||||||
Gulf Coast Town Center - Phase III | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 5,352 | ||||||||||
LIBOR | The Shops at Friendly Center | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.34% | 3.34% | |||||||||
LIBOR | Fremaux Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.699% | 3.699% | |||||||||
LIBOR | Ambassador Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.22% | ||||||||||
LIBOR | The Pavilion at Port Orange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | 2.00% | 2.00% | ||||||||
LIBOR | Hammock Landing - Phase I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | 2.00% | 2.00% | ||||||||
LIBOR | Hammock Landing - Phase II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | 2.00% | 2.00% | ||||||||
LIBOR | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 4.00% | 4.00% | 5.74% | 4.00% | 5.74% | ||||||
LIBOR | Oak Park Mall | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.97% | ||||||||||
LIBOR | Gulf Coast Town Center - Phase III | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | ||||||||||
Oak Park Mall | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 5.85% | ||||||||||
Oak Park Mall | Non Recourse Loans On Operating Properties | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 275,700 | ||||||||||
Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount of interest rate swaps held | $ 101,151 | $ 101,151 | |||||||||
Interest Rate Swap | Fremaux Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount of interest rate swaps held | $ 73,000 | $ 73,000 | |||||||||
Derivative liability | 52,130 | 52,130 | |||||||||
Interest Rate Swap | Ambassador Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount of interest rate swaps held | 47,660 | 47,660 | |||||||||
Derivative liability | $ 38,866 | $ 38,866 | |||||||||
FIxed Rate Loan Maturing in January 2017 | LIBOR | The Shops at Friendly Center | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 5.90% | 5.90% | |||||||||
If Extension One is Exercised | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, lender fees | $ 5,000 | $ 5,000 | |||||||||
Debt instrument, commitment fee percentage | 0.50% | 0.50% | |||||||||
If Extension Two is Exercised | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, lender fees | $ 8,000 | $ 8,000 | |||||||||
Debt instrument, commitment fee percentage | 0.75% | 0.75% | |||||||||
If Extension Two is Exercised | LIBOR | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 5.737% | 5.737% |
UNCONSOLIDATED AFFILIATES AND69
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Repayments) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 0 | $ 0 | $ 360 | |||||
The Shops at Friendly Center | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.90% | 5.90% | ||||||
Principal Balance Repaid | $ 37,640 | |||||||
Mortgage loan | $ 60,000 | |||||||
Triangle Town Place | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 4.00% | 4.00% | ||||||
Principal Balance Repaid | $ 29,342 | |||||||
Governor’s Square Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 8.23% | |||||||
Principal Balance Repaid | $ 14,089 | |||||||
Joint venture, ownership percentage | 47.50% | 47.50% | ||||||
High Pointe Commons - Phase I | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.74% | |||||||
Principal Balance Repaid | $ 12,401 | |||||||
High Pointe Commons - PetCo | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 3.20% | |||||||
Principal Balance Repaid | $ 19 | |||||||
Joint venture, ownership percentage | 50.00% | |||||||
High Pointe Commons - Phase II | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 6.10% | |||||||
Principal Balance Repaid | $ 4,968 | |||||||
Kentucky Oaks Mall Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.27% | |||||||
Principal Balance Repaid | $ 19,912 | |||||||
Renaissance Center - Phase I | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.61% | |||||||
Principal Balance Repaid | $ 31,484 | |||||||
Triangle Town Center and Triangle Town Commons | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 141,126 | |||||||
Fremaux Town Center JV, LLC - Phase I | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 2.44% | |||||||
Principal Balance Repaid | $ 40,530 | |||||||
Fremaux Town Center JV, LLC - Phase II | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 2.44% | |||||||
Principal Balance Repaid | $ 30,595 | |||||||
Ambassador Town Center JV, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 2.24% | |||||||
Principal Balance Repaid | $ 41,885 | |||||||
Mortgage loan | 47,660 | |||||||
Fremaux Town Center JV, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 73,000 | |||||||
Parent | Governor’s Square Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal Balance Repaid | $ 6,692 | |||||||
Parent | Kentucky Oaks Mall Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal Balance Repaid | $ 9,956 | |||||||
Parent | Triangle Town Center and Triangle Town Commons | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 14,113 |
UNCONSOLIDATED AFFILIATES AND70
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Cost Method Investments) (Details) - Jinsheng - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2016 | Dec. 31, 2009 | Dec. 31, 2016 | |
Cost Method Investments [Abstract] | |||
Percentage of ownership interest in Jinsheng (in hundredths) | 6.20% | ||
Cost-method investments, payments received for redemption of interest | $ 15,538 | ||
Cost method investments | 5,325 | ||
Cost-method investment, gain | $ 10,136 | ||
Cost-method investment, OTTI recognized | $ 5,306 |
MORTGAGE AND OTHER INDEBTEDNE71
MORTGAGE AND OTHER INDEBTEDNESS, NET (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loanderivative_instrument | Oct. 31, 2015USD ($)loan | |
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 3,594,379,000 | $ 3,485,308,000 | |
Mortgage and other indebtedness, variable-rate debt | 888,770,000 | 1,241,379,000 | |
Total fixed-rate and variable-rate debt | 4,483,149,000 | 4,726,687,000 | |
Deferred financing costs | 17,855,000 | 16,059,000 | |
Mortgage and other indebtedness | $ 4,465,294,000 | $ 4,710,628,000 | |
Weighted average interest rate (percent) | 4.82% | 4.54% | |
Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 350,000,000 | ||
Weighted average interest rate (percent) | 1.94% | ||
Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Number of debt instruments | loan | 4 | ||
Number of instruments held | derivative_instrument | 4 | ||
Notional amount of interest rate swaps held | $ 101,151,000 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Notice required to redeem debt (days) | 30 days | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Notice required to redeem debt (days) | 60 days | ||
Non Recourse Loans On Operating Properties | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 2,453,628,000 | 2,736,538,000 | |
Mortgage and other indebtedness, variable-rate debt | 19,055,000 | 16,840,000 | |
Senior unsecured notes due 2023 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | 446,552,000 | 446,151,000 | |
Debt instrument, face value | $ 450,000,000 | ||
Senior unsecured notes due 2023 | Treasury Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate (percent) | 0.40% | ||
Senior unsecured notes due 2024 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 299,939,000 | 299,933,000 | |
Debt instrument, unamortized discount | 61,000 | 67,000 | |
Debt instrument, face value | $ 300,000,000 | ||
Senior unsecured notes due 2024 | Treasury Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate (percent) | 0.35% | ||
Senior unsecured notes due 2024 | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 40.00% | ||
Senior unsecured notes due 2024 | Maximum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 45.00% | ||
Senior unsecured notes due 2026 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 394,260,000 | 0 | |
Deferred financing costs | 3,671,000 | ||
Debt instrument, unamortized discount | 5,740,000 | ||
Debt instrument, face value | 400,000,000 | ||
Proceeds from debt | $ 390,589,000 | ||
Senior unsecured notes due 2026 | Treasury Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate (percent) | 0.50% | ||
Senior unsecured notes due 2026 | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 40.00% | ||
Other | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 0 | 2,686,000 | |
Recourse term loans on operating Properties | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | 24,428,000 | 25,635,000 | |
Construction loan | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | 39,263,000 | 0 | |
Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 6,024,000 | 398,904,000 | |
Unsecured term loans | |||
Debt Instrument [Line Items] | |||
Number of debt instruments | loan | 3 | 3 | |
Mortgage and other indebtedness, variable-rate debt | $ 800,000,000 | 800,000,000 | |
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, unamortized discount | $ 3,448,000 | $ 3,849,000 | |
Senior Unsecured Notes | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 40.00% | ||
Recourse and Nonrecourse Term Loans | |||
Debt Instrument [Line Items] | |||
Secured non-recourse and recourse term loans | $ 2,655,928,000 | ||
Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 5.48% | 5.53% | |
Fixed Rate Interest | Non Recourse Loans On Operating Properties | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 5.55% | 5.68% | |
Fixed Rate Interest | Senior unsecured notes due 2023 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 5.25% | 5.25% | |
Fixed Rate Interest | Senior unsecured notes due 2024 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 4.60% | 4.60% | |
Fixed Rate Interest | Senior unsecured notes due 2026 | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 0 | ||
Weighted average interest rate (percent) | 5.95% | ||
Fixed Rate Interest | Other | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 0.00% | 3.50% | |
Fixed Rate Interest | Senior Notes Due 2023 and 2024 | Minimum | |||
Debt Instrument [Line Items] | |||
Increase in variable interest rate basis | 0.25% | ||
Fixed Rate Interest | Senior Notes Due 2023 and 2024 | Maximum | |||
Debt Instrument [Line Items] | |||
Increase in variable interest rate basis | 1.00% | ||
Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 2.15% | 1.76% | |
Variable Rate Interest | Non Recourse Loans On Operating Properties | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 3.13% | 2.49% | |
Variable Rate Interest | Recourse term loans on operating Properties | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 3.29% | 2.97% | |
Variable Rate Interest | Construction loan | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 3.12% | 0.00% | |
Variable Rate Interest | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 1.82% | 1.54% | |
Variable Rate Interest | Unsecured term loans | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 2.04% | 1.82% | |
Actual | Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 30.00% |
MORTGAGE AND OTHER INDEBTEDNE72
MORTGAGE AND OTHER INDEBTEDNESS, NET (Unsecured Lines of Credit and Unsecured Term Loans)(Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2015USD ($)extension_option | Mar. 31, 2015 | Dec. 31, 2016USD ($)extension_optioncredit_line | Dec. 31, 2015USD ($)credit_line | |
Debt Instrument [Line Items] | ||||
Mortgage and other indebtedness, variable-rate debt | $ 888,770,000 | $ 1,241,379,000 | ||
Weighted average interest rate (percent) | 4.82% | 4.54% | ||
Mortgage and other indebtedness, net | $ 4,465,294,000 | $ 4,710,628,000 | ||
Loan, outstanding amount | $ 3,594,379,000 | 3,485,308,000 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Number of extension options available | extension_option | 1 | |||
Unsecured lines of credit | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_line | 3 | |||
Secured credit facility, borrowing capacity | $ 1,100,000,000 | $ 1,100,000,000 | ||
Credit facility, facility fee percentage | 0.25% | |||
Weighted-average interest rate | 1.82% | |||
Mortgage and other indebtedness, variable-rate debt | $ 6,024,000 | |||
Unsecured lines of credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.20% | |||
Unsecured lines of credit | Minimum | ||||
Debt Instrument [Line Items] | ||||
Credit facility, commitment fee percentage | 0.125% | 0.15% | ||
Unsecured lines of credit | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 0.875% | 1.00% | ||
Unsecured lines of credit | Maximum | ||||
Debt Instrument [Line Items] | ||||
Credit facility, commitment fee percentage | 0.30% | 0.35% | ||
Unsecured lines of credit | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.55% | 1.75% | ||
Unsecured lines of credit | Wells Fargo Bank | ||||
Debt Instrument [Line Items] | ||||
Credit facility, extension fee percentage | 0.15% | |||
Unsecured lines of credit 3 and 4 | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_line | 2 | |||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||
Unsecured line of credit 5 | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | $ 100,000,000 | |||
Wells Fargo - Facility A | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||
Mortgage and other indebtedness, variable-rate debt | 0 | |||
Amount outstanding on letter of credit | 150,000 | |||
First Tennessee | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | 100,000,000 | |||
Mortgage and other indebtedness, variable-rate debt | 1,400,000 | |||
Additional secured and unsecured lines of credit with commitment | $ 20,000,000 | |||
First Tennessee | Wells Fargo Bank | ||||
Debt Instrument [Line Items] | ||||
Credit facility, extension fee percentage | 0.20% | |||
Wells Fargo - Facility B | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||
Mortgage and other indebtedness, variable-rate debt | 4,624,000 | |||
Amount outstanding on letter of credit | 123,000 | |||
Unsecured Line of Credit, Facilities A and B | ||||
Debt Instrument [Line Items] | ||||
Additional secured and unsecured lines of credit with commitment | $ 30,000,000 | |||
Unsecured term loan 4 | ||||
Debt Instrument [Line Items] | ||||
Mortgage and other indebtedness, variable-rate debt | $ 350,000,000 | |||
Number of extension options available | extension_option | 2 | |||
Extension option, term (years) | 1 year | |||
Weighted average interest rate (percent) | 1.94% | |||
Unsecured term loan 4 | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 0.90% | |||
Unsecured term loan 4 | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.75% | |||
Unsecured term loan 4 | Weighted Average | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.35% | |||
Unsecured Term Loan 1 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate (percent) | 2.17% | |||
Debt instrument, face value | $ 400,000,000 | |||
Mortgage and other indebtedness, net | $ 400,000,000 | |||
Interest Rate at Repayment Date (percent) | 2.12% | |||
Unsecured Term Loan 1 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.50% | |||
Unsecured Term Loan 2 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face value | $ 50,000,000 | |||
Mortgage and other indebtedness, net | $ 50,000,000 | |||
Unsecured Term Loan 2 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.90% | 1.55% |
MORTGAGE AND OTHER INDEBTEDNE73
MORTGAGE AND OTHER INDEBTEDNESS, NET (Other) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, net | $ 4,465,294,000 | $ 4,710,628,000 | |
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Extinguishment of debt | $ 2,625,000 | ||
Stated interest rate (percent) | 3.50% | ||
Other Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Secured credit facility, borrowing capacity | $ 3,500,000 | ||
Secured credit facility, amount outstanding | $ 0 | ||
Other Variable Rate Debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 2.49% | ||
Chesterfield Mall, Midland Mall, and Wausau Center | Mortgages | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, net | $ 189,642,000 |
MORTGAGE AND OTHER INDEBTEDNE74
MORTGAGE AND OTHER INDEBTEDNESS, NET (Fixed Rate Loans Financed) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($)extension_option | Jun. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($)extension_option | Jan. 01, 2018 | Nov. 30, 2016 | |
Debt Instrument [Line Items] | ||||||||||
Net unamortized premiums | $ 7,130 | $ 7,130 | ||||||||
Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net unamortized premiums | $ (2,119) | $ (2,119) | ||||||||
Weighted average remaining term to maturity (years) | 3 years 7 months 26 days | |||||||||
Cary Towne Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 4.00% | 4.00% | 8.50% | |||||||
Amount Financed | $ 46,716 | |||||||||
Number of extension options available | extension_option | 1 | 1 | ||||||||
Extension option, term (years) | 2 years | |||||||||
Greenbrier Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.00% | 5.00% | 5.91% | |||||||
Amount Financed | $ 70,801 | |||||||||
Extension option, term (years) | 1 year | |||||||||
Hamilton Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 4.36% | |||||||||
Amount Financed | $ 107,000 | |||||||||
Principal Balance Repaid | 98,181 | |||||||||
Hickory Point | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.85% | |||||||||
Amount Financed | $ 27,446 | |||||||||
Extension option, term (years) | 1 year | |||||||||
Outlet Shoppes at Gettysburg | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 4.80% | |||||||||
Amount Financed | $ 38,450 | |||||||||
Principal Balance Repaid | 38,112 | |||||||||
Outlet Shoppes at Gettysburg | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal Balance Repaid | $ 38,112 | |||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of extension options available | extension_option | 1 | 1 | ||||||||
Minimum | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest, percentage rate | 4.00% | 4.00% | ||||||||
Maximum | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest, percentage rate | 8.00% | 8.00% | ||||||||
Real Estate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | $ 98,181 | |||||||||
Real Estate Loan | Hamilton Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.86% | |||||||||
Scenario, Forecast | Greenbrier Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.4075% | |||||||||
Monthly principal payments required | $ 325 | $ 300 | $ 225 |
MORTGAGE AND OTHER INDEBTEDNE75
MORTGAGE AND OTHER INDEBTEDNESS, NET (Fixed Rate Loans Repaid) (Details) - USD ($) $ in Thousands | 1 Months Ended | |||||||||
Oct. 31, 2016 | Aug. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Sep. 30, 2015 | Jul. 31, 2015 | May 31, 2015 | Dec. 31, 2016 | Jul. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||||||
Mortgage and other indebtedness, net | $ 4,465,294 | $ 4,710,628 | ||||||||
Southaven Towne Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.50% | |||||||||
Principal Balance Repaid | $ 38,314 | |||||||||
Dakota Square Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 6.23% | |||||||||
Principal Balance Repaid | $ 55,103 | |||||||||
Hamilton Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.86% | |||||||||
Principal Balance Repaid | $ 98,181 | |||||||||
Loan amount | $ 107,000 | |||||||||
Stated interest rate (percent) | 4.36% | |||||||||
Cool Springs Crossing | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.54% | |||||||||
Principal Balance Repaid | $ 11,313 | |||||||||
Gunbarrel Pointe | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.64% | |||||||||
Principal Balance Repaid | $ 10,083 | |||||||||
Stroud Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.59% | |||||||||
Principal Balance Repaid | $ 30,276 | |||||||||
York Galleria | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.55% | |||||||||
Principal Balance Repaid | $ 48,337 | |||||||||
Outlet Shoppes at Gettysburg | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.87% | |||||||||
Principal Balance Repaid | $ 38,112 | |||||||||
Loan amount | $ 38,450 | |||||||||
Stated interest rate (percent) | 4.80% | |||||||||
Outlet Shoppes at Gettysburg | Non-Recourse Mortgage Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loan amount | $ 38,450 | |||||||||
Eastland Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.85% | |||||||||
Principal Balance Repaid | $ 59,400 | |||||||||
Brookfield Square | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.08% | |||||||||
Principal Balance Repaid | $ 86,621 | |||||||||
CherryVale Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||
Principal Balance Repaid | $ 77,198 | |||||||||
East Towne Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||
Principal Balance Repaid | $ 65,856 | |||||||||
West Towne Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||
Principal Balance Repaid | $ 93,021 | |||||||||
Imperial Valley Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.99% | |||||||||
Principal Balance Repaid | $ 49,486 | |||||||||
Fashion Square | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Mortgage and other indebtedness, net | $ 38,150 | |||||||||
Stated interest rate (percent) | 4.95% |
MORTGAGE AND OTHER INDEBTEDNE76
MORTGAGE AND OTHER INDEBTEDNESS, NET (Variable Rate Loans Financed) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2016 | |
Statesboro Crossing, LLC | ||
Debt Instrument [Line Items] | ||
Extension option, term (years) | 1 year | |
Amount Financed | $ 11,035 | |
Statesboro Crossing, LLC | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.80% | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted average remaining term to maturity (years) | 1 year 10 months 24 days | |
Minimum | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Variable interest, percentage rate | 2.57% | |
Maximum | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Variable interest, percentage rate | 5.03% | |
Extension option, term (years) | 2 years |
MORTGAGE AND OTHER INDEBTEDNE77
MORTGAGE AND OTHER INDEBTEDNESS, NET (Construction Loans Financed) (Details) $ in Thousands | 1 Months Ended | |||
May 31, 2016USD ($)extension_option | Jul. 31, 2015USD ($) | May 31, 2015USD ($) | Dec. 31, 2014 | |
Laredo Outlet JV, LLC | ||||
Debt Instrument [Line Items] | ||||
Amount Financed | $ 91,300 | |||
Laredo Outlet JV, LLC | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.50% | |||
The Outlet Shoppes of the Bluegrass - Phase II | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.35% | |||
Amount Financed | $ 11,320 | |||
Percentage Guaranteed by the Company | 100.00% | |||
The Outlet Shoppes of the Bluegrass - Phase II | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.50% | |||
The Outlet Shoppes at Atlanta - Phase II | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.35% | |||
Amount Financed | $ 6,200 | |||
Percentage Guaranteed by the Company | 100.00% | |||
The Outlet Shoppes at Atlanta - Phase II | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.50% | |||
Laredo Outlet JV, LLC | ||||
Debt Instrument [Line Items] | ||||
Percentage Guaranteed by the Company | 100.00% | |||
Number of extension options available | extension_option | 1 | |||
Extension option, term (years) | 24 months | |||
Laredo Outlet JV, LLC | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 65.00% | |||
Laredo Outlet JV, LLC | Corporate Joint Venture | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 35.00% | |||
The Outlet Shoppes of Laredo, Phase I | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (percent) | 2.25% | |||
The Outlet Shoppes of the Bluegrass - Phase II | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 65.00% | |||
The Outlet Shoppes of the Bluegrass - Phase II | Corporate Joint Venture | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 35.00% | |||
The Outlet Shoppes at Atlanta - Phase II | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 75.00% | |||
The Outlet Shoppes at Atlanta - Phase II | Corporate Joint Venture | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 25.00% |
MORTGAGE AND OTHER INDEBTEDNE78
MORTGAGE AND OTHER INDEBTEDNESS, NET (Construction Loan Repaid) (Details) - The Outlet Shoppes at Atlanta, Woodstock, GA $ in Thousands | 1 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Interest Rate at Repayment Date (percent) | 3.02% |
Principal Balance Repaid | $ 2,124 |
MORTGAGE AND OTHER INDEBTEDNE79
MORTGAGE AND OTHER INDEBTEDNESS, NET (Covenants) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Non Recourse Loans On Operating Properties | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 50,000,000 |
Recourse term loans on operating Properties | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 150,000,000 |
Senior Unsecured Notes | Minimum | |
Debt Instrument [Line Items] | |
Secured debt to total assets (percent) (less than) | 40.00% |
Senior unsecured notes due 2026 | Minimum | |
Debt Instrument [Line Items] | |
Secured debt to total assets (percent) (less than) | 40.00% |
Required | Unsecured Credit Facility and Term Loan | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 60.00% |
Total unencumbered assets to unsecured debt (percent) | 160.00% |
Unencumbered NOI to unsecured interest expense (percent) | 175.00% |
EBITDA to fixed charges (debt service) (percent) | 150.00% |
Required | Senior Unsecured Notes | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 60.00% |
Total unencumbered assets to unsecured debt (percent) | 150.00% |
Secured debt to total assets (percent) (less than) | 45.00% |
Consolidated income available for debt service to annual debt service charge (percent) | 150.00% |
Actual | Unsecured Credit Facility and Term Loan | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 48.00% |
Total unencumbered assets to unsecured debt (percent) | 240.00% |
Unencumbered NOI to unsecured interest expense (percent) | 520.00% |
EBITDA to fixed charges (debt service) (percent) | 250.00% |
Actual | Senior Unsecured Notes | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 53.00% |
Total unencumbered assets to unsecured debt (percent) | 221.00% |
Secured debt to total assets (percent) (less than) | 30.00% |
Consolidated income available for debt service to annual debt service charge (percent) | 300.00% |
MORTGAGE AND OTHER INDEBTEDNE80
MORTGAGE AND OTHER INDEBTEDNESS, NET (Scheduled Principal Payments) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)loanextension_option | Dec. 31, 2015USD ($) | |
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 757,314 | |
2,018 | 711,645 | |
2,019 | 275,477 | |
2,020 | 213,608 | |
2,021 | 455,026 | |
Thereafter | 1,887,567 | |
Total | 4,300,637 | |
Net unamortized discounts | (7,130) | |
Unamortized deferred financing costs | (17,855) | $ (16,059) |
Mortgage and other indebtedness, net | 4,465,294 | $ 4,710,628 |
Operating Property Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 361,794 | |
Number of operating property loans | loan | 8 | |
Unsecured Term Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 350,000 | |
Number of extension options available | extension_option | 2 | |
Extension option, term (years) | 1 year | |
Mortgages | Operating Property Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 10,962 | |
Extension option, term (years) | 1 year | |
Mortgages | Remaining Loans | ||
Maturities of Long-term Debt [Abstract] | ||
2,017 | $ 350,832 | |
Principal Amortization | ||
Maturities of Long-term Debt [Abstract] | ||
2,017 | 45,520 | |
Chesterfield Mall, Midland Mall, and Wausau Center | Mortgages | ||
Maturities of Long-term Debt [Abstract] | ||
Mortgage and other indebtedness, net | $ 189,642 | |
Number of debt instruments | loan | 3 | |
Wausau Center | Mortgages | ||
Maturities of Long-term Debt [Abstract] | ||
Mortgage and other indebtedness, net | $ 17,689 | |
The Outlet Shoppes at El Paso, El Paso, TX | ||
Maturities of Long-term Debt [Abstract] | ||
Secured loan | $ 62,355 |
MORTGAGE AND OTHER INDEBTEDNE81
MORTGAGE AND OTHER INDEBTEDNESS, NET (Derivative Instrument Risk) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value | $ (434) | ||
Pay fixed/Receive variable swap 1 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 48,337 | ||
Amortizing interest rate swap | $ 48,337 | ||
Strike rate (percent) | 2.149% | ||
Fair value | $ (208) | ||
Pay fixed/Receive variable swap 2 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 30,276 | ||
Amortizing interest rate swap | $ 30,276 | ||
Strike rate (percent) | 2.187% | ||
Fair value | $ (133) | ||
Pay fixed/Receive variable swap 3 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 11,313 | ||
Amortizing interest rate swap | $ 11,313 | ||
Strike rate (percent) | 2.142% | ||
Fair value | $ (48) | ||
Pay fixed/Receive variable swap 4 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 10,083 | ||
Amortizing interest rate swap | $ 10,083 | ||
Strike rate (percent) | 2.236% | ||
Fair value | $ (45) | ||
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain Recognized in OCI/L (Effective Portion) | 434 | $ 1,915 | $ 1,782 |
Interest rate contracts | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized in Earnings (Effective Portion) | (443) | (2,196) | (2,195) |
Gain Recognized in Earnings (Ineffective Portion) | $ 0 | $ 0 | $ 0 |
SHAREHOLDERS' EQUITY AND PART82
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)shares | Dec. 31, 2016USD ($)unitholder$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014USD ($)unitholdershares | |
Common Stock [Abstract] | ||||
Stock repurchase program, authorized amount | $ | $ 200,000 | |||
Shares repurchased in period | shares | 0 | |||
Redemption of units, value | $ | $ 11,754,000 | $ 4,861,000 | ||
Number of holders of common units who received cash for their units | unitholder | 4 | 4 | ||
Redeemable noncontrolling interest, units exercised for conversion (shares) | shares | 964,796 | 272,952 | ||
Preferred Stock [Abstract] | ||||
Preferred stock, shares authorized (in shares) | shares | 15,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
Public offering, shares issued | shares | 335,417 | 278,093 | 246,168 | |
Operating Partnership | ||||
Common Stock [Abstract] | ||||
Common units outstanding | shares | 199,085,032 | 199,748,131 | ||
Operating Partnership | Common Units | ||||
Common Stock [Abstract] | ||||
Noncontrolling interest conversion, calculation of trailing average of trading price, term (days) | 5 days | |||
Common Stock | ||||
Common Stock [Abstract] | ||||
Common stock, shares authorized (in shares) | shares | 350,000,000 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
Common stock, shares outstanding (in shares) | shares | 170,792,645 | 170,490,948 | ||
Preferred Stock [Abstract] | ||||
Public offering, shares issued | shares | 8,419,298 | |||
Series E preferred stock | ||||
Preferred Stock [Abstract] | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Public offering, shares issued | shares | 6,900,000 | 6,900,000 | ||
Preferred stock represented by one depository share (in shares) | shares | 0.1 | 0.1 | ||
Dividend rate (in thousandths) | 6.625% | 6.625% | ||
Preferred stock, liquidation preference per share | $ / shares | $ 250 | |||
Depositary shares, liquidation preference (in dollars per share) | $ / shares | 25 | |||
Dividends in arrears per share (in dollars per share) | $ / shares | 16.5625 | |||
Dividends in arrears per depositary share (in dollars per share) | $ / shares | 1.65625 | |||
7.375% Series D Cumulative Redeemable Preferred Stock | ||||
Preferred Stock [Abstract] | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock represented by one depository share (in shares) | shares | 0.1 | 0.1 | ||
Dividend rate (in thousandths) | 7.375% | 7.375% | ||
Preferred stock, liquidation preference per share | $ / shares | $ 250 | |||
Depositary shares, liquidation preference (in dollars per share) | $ / shares | 25 | |||
Dividends in arrears per share (in dollars per share) | $ / shares | 18.4375 | |||
Dividends in arrears per depositary share (in dollars per share) | $ / shares | $ 1.84375 | |||
Depositary shares outstanding | shares | 18,150,000 | 18,150,000 |
SHAREHOLDERS' EQUITY AND PART83
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (At-The-Market Equity Program) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 01, 2013 | |
Class of Stock [Line Items] | ||||
Common stock offering, maximum aggregate price | $ 300,000,000 | |||
Commission to sales agent, percent | 2.00% | |||
Issuance of shares of stock (in shares) | 335,417 | 278,093 | 246,168 | |
Common stock offering, maximum remaining aggregate price | $ 88,507,000 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Issuance of shares of stock (in shares) | 8,419,298 | |||
Net proceeds | $ 209,596,000 | |||
At The Market Stock Sales | ||||
Class of Stock [Line Items] | ||||
Issuance of shares of stock (in shares) | 211,493,000 | |||
Proceeds from sale of common stock weighted average price per share | $ 25.12 |
SHAREHOLDERS' EQUITY AND PART84
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Allocations of Dividends and Declared and Paid For Income Tax Purposes) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 16, 2017 | Oct. 14, 2016 | Jul. 15, 2016 | Apr. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | $ 0.265 | $ 0.265 | $ 0.265 | ||||
Dividends payable | $ 45,259 | $ 45,179 | |||||
Common Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 0.88 | $ 1.06 | $ 1 | ||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Common Stock | Ordinary income | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Common Stock | Capital gains 25% rate | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Common Stock | Return of capital | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Series D preferred stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 18.44 | $ 18.44 | $ 18.44 | ||||
Series E preferred stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 16.56 | $ 16.56 | $ 16.56 | ||||
Preferred Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Preferred Stock | Ordinary income | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Preferred Stock | Capital gains 25% rate | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Subsequent Event | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | $ 0.265 | ||||||
Tax Year 2016 | Subsequent Event | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | 0.081 | ||||||
Tax Year 2017 | Subsequent Event | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | $ 0.184 |
SHAREHOLDERS' EQUITY AND PART85
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Distributions - Operating Partnership) (Details) - CBL & Associates Limited Partnership - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Nov. 03, 2016 | Apr. 15, 2016 | |
Distribution Made to Limited Partner [Line Items] | ||||
Cash distributions paid | $ 9,054 | $ 9,310 | ||
Redeemable Common Units | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distributions declared, amount (in usd per share) | $ 0.7322 | $ 0.7322 | ||
Common Units | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distributions declared, amount (in usd per share) | $ 0.2692 | $ 0.2692 |
REDEEMABLE INTERESTS AND NONC86
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Operating Partnership (Details) - Operating Partnership $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2005quarter$ / sharesshares | Jul. 31, 2004USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($)shares | Jun. 30, 2005quarter$ / sharesshares | |
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 28,292,387,000 | 29,257,183,000 | |||||
Redeemable noncontrolling interest, ownership percentage by noncontrolling owners | 0.80% | 0.80% | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 13.40% | 14.30% | |||||
Redeemable noncontrolling interest, allocation from (to) shareholders' equity, adjustment | $ | $ 2,454 | $ 2,981 | $ 2,937 | ||||
Noncontrolling interest, allocation from (to) Shareholders' Equity, adjustment | $ | $ 13,625 | $ (207) | $ (322) | ||||
CBL’s Predecessor | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 18,172,690,000 | 18,172,690,000 | |||||
Third parties | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 10,119,697,000 | 11,084,493,000 | |||||
The Company | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Redeemable noncontrolling interests | $ | $ 17,996 | $ 19,744 | |||||
Partners' capital attributable to noncontrolling interest | $ | $ 100,035 | $ 109,753 | |||||
S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 1,560,940 | ||||||
Limited partnership agreement, noncontrolling interest redemption right, acquisition price threshold of qualifying property | $ | $ 20,000 | ||||||
L-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 571,700 | ||||||
Limited partnership agreement, condition to participate in distribution at common unit rate, number of consecutive quarters of distribution exceeding minimum (years) | quarter | 4 | ||||||
Common Units | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 622,278 | ||||||
Partnership units, value | $ | $ 14,000 | ||||||
Business acquisition, ownership percentage acquired | 30.00% | ||||||
K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 1,144,924 | ||||||
Limited partnership agreement, condition to participate in distribution at common unit rate, number of consecutive quarters of distribution exceeding minimum (years) | quarter | 4 | ||||||
First Five Years | S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 2.53825 | ||||||
Limited partnership agreement, annual distribution term (years) | 5 years | ||||||
After Five Years | S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 2.92875 | ||||||
Earlier of June 1, 2020 Or When Distribution Exceeds Minimum | L-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 3.0288 | ||||||
Limited partnership agreement, quarterly distribution term, amount per unit (in usd per unit) | $ / shares | $ 0.7572 | ||||||
First Year | K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Partnership unit, dividend rate (percentage) | 6.00% | ||||||
Partnership unit, dividends (in dollars per unit) | $ / shares | $ 2.85 | ||||||
After First Year | K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Partnership unit, dividend rate (percentage) | 6.25% | ||||||
Partnership unit, dividends (in dollars per unit) | $ / shares | $ 2.96875 | ||||||
Limited partnership agreement, redemption right, conversion rate to common stock, per share (shares) | 1 |
REDEEMABLE INTERESTS AND NONC87
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Other Consolidated Subsidiaries and Variable Interest Entities (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2015USD ($)subsidiary | Dec. 31, 2014USD ($) | Jun. 30, 2016 | Mar. 31, 2016 | |
Redeemable Noncontrolling Interest [Line Items] | ||||||
Number of other consolidated subsidiaries | subsidiary | 25 | 25 | 23 | |||
Redeemable noncontrolling interest, redemption value, note receivable amount | $ 0 | $ 0 | $ 360 | |||
Total assets | $ 186,749 | 186,749 | 240,429 | |||
Total liabilities | 163,474 | 163,474 | 366,984 | |||
Other Consolidated Subsidiaries | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest, net gain (loss) on disposal of interest | (2,602) | |||||
Redeemable noncontrolling interests | 5,586 | |||||
Other noncontrolling interests | $ 12,103 | $ 12,103 | 4,876 | |||
Contain Redemption Provisions | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Number of other consolidated subsidiaries | subsidiary | 4 | 4 | ||||
Triangle Town Member LLC | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Total assets | 98,408 | |||||
Total liabilities | 171,092 | |||||
JG Gulf Coast Town Center LLC | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Total assets | 142,021 | |||||
Total liabilities | $ 195,892 | |||||
Triangle Town Member LLC | Parent Company | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Joint venture, ownership percentage | 10.00% | 10.00% | 50.00% | |||
JG Gulf Coast Town Center LLC | Parent Company | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||
Notes Receivable | Other Consolidated Subsidiaries | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest, redemption value | $ 3,800 | $ 3,800 | ||||
Redeemable noncontrolling interest, redemption value, cash amount | 300 | $ 300 | ||||
Redeemable noncontrolling interest, redemption value, note receivable amount | $ 3,500 |
REDEEMABLE INTERESTS AND NONC88
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Variable Interest Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 31, 2016 | Mar. 31, 2016 | |
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | $ 659,494 | $ 144,800 | |||||
Liabilities, Consolidated | 616,386 | 101,908 | |||||
Assets, Unconsolidated | 186,749 | 240,429 | |||||
Liabilities, Unconsolidated | 163,474 | 366,984 | |||||
Capital contribution of note receivable to joint venture | 5,280 | 0 | $ 0 | ||||
Atlanta Outlet Outparcels, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 914 | ||||||
Liabilities, Consolidated | 4 | ||||||
Atlanta Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 63,361 | ||||||
Liabilities, Consolidated | 81,128 | ||||||
CBL Terrace LP | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 16,714 | ||||||
Liabilities, Consolidated | 13,509 | ||||||
El Paso Outlet Center Holding, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 103,232 | 107,337 | |||||
Liabilities, Consolidated | 69,535 | 63,458 | |||||
El Paso Outlet Center II, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 8,638 | ||||||
Liabilities, Consolidated | 7,028 | ||||||
Guaranteed amount | 6,745 | ||||||
Foothills Mall Associates | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 9,811 | ||||||
Liabilities, Consolidated | 34,997 | ||||||
Gettysburg Outlet Center Holding, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 36,542 | ||||||
Liabilities, Consolidated | 39,476 | ||||||
Gettysburg Outlet Center, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 7,203 | 37,463 | |||||
Liabilities, Consolidated | 37 | 38,450 | |||||
High Point Development LP II | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 1,104 | ||||||
Liabilities, Consolidated | 55 | ||||||
Jarnigan Road LP | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 41,392 | ||||||
Liabilities, Consolidated | 20,988 | ||||||
Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 89,353 | ||||||
Liabilities, Consolidated | 58,822 | ||||||
Guaranteed amount | 39,263 | ||||||
Lebcon Associates | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 47,721 | ||||||
Liabilities, Consolidated | 121,529 | ||||||
Lebcon I, Ltd | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 9,290 | ||||||
Liabilities, Consolidated | 9,711 | ||||||
Lee Partners | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 1,195 | ||||||
Liabilities, Consolidated | 0 | ||||||
Louisville Outlet Outparcels, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 62 | ||||||
Liabilities, Consolidated | 0 | ||||||
Louisville Outlet Shoppes, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 76,831 | ||||||
Liabilities, Consolidated | 85,132 | ||||||
Madison Grandview Forum, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 33,196 | ||||||
Liabilities, Consolidated | 13,622 | ||||||
The Promenade at D'Iberville | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 84,470 | ||||||
Liabilities, Consolidated | 46,570 | ||||||
Statesboro Crossing, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 18,869 | ||||||
Liabilities, Consolidated | 11,058 | ||||||
Village at Orchard Hills, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 498 | ||||||
Liabilities, Consolidated | 0 | ||||||
Woodstock GA Investments, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 9,098 | ||||||
Liabilities, Consolidated | 3,185 | ||||||
Ambassador Infrastructure, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 14,279 | ||||||
Liabilities, Unconsolidated | 14,279 | ||||||
G&I VIII CBL Triangle LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 172,470 | ||||||
Liabilities, Unconsolidated | 149,195 | ||||||
JG Gulf Coast Town Center LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 142,021 | ||||||
Liabilities, Unconsolidated | 195,892 | ||||||
Triangle Town Member LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 98,408 | ||||||
Liabilities, Unconsolidated | $ 171,092 | ||||||
The Outlet Shoppes at Atlanta - Phase II | |||||||
Variable Interest Entity [Line Items] | |||||||
Guaranteed amount | 4,839 | ||||||
The Outlet Shoppes of the Bluegrass - Phase II | |||||||
Variable Interest Entity [Line Items] | |||||||
Guaranteed amount | $ 10,101 | ||||||
Parent Company | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 65.00% | 65.00% | 65.00% | ||||
Amount of contribution | $ 19,846 | $ 7,714 | |||||
Cash contribution | 2,434 | ||||||
Percentage of capital contributed | 100.00% | ||||||
Parent Company | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 65.00% | ||||||
Capital contribution of note receivable to joint venture | $ 5,280 | ||||||
Parent Company | Triangle Town Member LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 10.00% | 50.00% | |||||
Parent Company | JG Gulf Coast Town Center LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 50.00% | 50.00% | |||||
Corporate Joint Venture | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 35.00% | 35.00% | |||||
Cash contributed by third party | $ 10,686 | ||||||
Corporate Joint Venture | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 35.00% | ||||||
Corporate Joint Venture | Triangle Town Member LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 90.00% | 50.00% |
MINIMUM RENTS (Details)
MINIMUM RENTS (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 559,804 |
2,018 | 468,622 |
2,019 | 403,625 |
2,020 | 341,958 |
2,021 | 283,553 |
Thereafter | 771,041 |
Total | $ 2,828,603 |
MORTGAGE AND OTHER NOTES RECE90
MORTGAGE AND OTHER NOTES RECEIVABLE (Details) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2016 | Apr. 30, 2016 | Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | |
Mortgage and Other Notes Receivable [Line Items] | ||||||
Percentage of assignment of the partnership interest | 100.00% | |||||
Interest rate (percent) | 7.00% | |||||
Mortgage and other notes receivable balance, fully collectible | $ 16,803,000 | $ 18,238,000 | ||||
Write-off of note receivable | 1,846,000 | 0 | $ 0 | |||
Note receivable from sale of land | $ 0 | $ 0 | $ 360,000 | |||
Columbia Place Outparcel | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 5.00% | ||||
One Park Place | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 5.00% | ||||
Village Square | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 3.75% | 3.50% | ||||
ERMC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 4.00% | 0.00% | ||||
Horizon Group | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 0.00% | |||||
Horizon Group | Mortgage Note Payable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Debt instrument, face value | $ 300,000 | |||||
Horizon Group, 2 | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 0.00% | 7.00% | ||||
Horizon Group, 2 | Mortgage Note Payable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Debt instrument, face value | $ 5,280,000 | |||||
RED Development Inc. | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 5.00% | ||||
Woodstock land | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 0.00% | ||||
Mortgage Holdings, LLC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Number of subsidiaries owned by the company | subsidiary | 2 | |||||
Mortgage Receivable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 5,680,000 | $ 7,776,000 | ||||
Mortgage Receivable | Columbia Place Outparcel | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 321,000 | 342,000 | ||||
Mortgage Receivable | One Park Place | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 1,194,000 | 1,369,000 | ||||
Mortgage Receivable | Village Square | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 3.75% | 3.50% | ||||
Mortgage and other notes receivable balance, fully collectible | $ 1,644,000 | 1,685,000 | ||||
Interest rate in one year (as a percent) | 4.00% | |||||
Mortgage Receivable | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 2,521,000 | 4,380,000 | ||||
Notes Receivable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 11,123,000 | 10,462,000 | ||||
Notes Receivable | ERMC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 3,500,000 | 0 | ||||
Note receivable from sale of land | $ 3,500,000 | |||||
Company's ownership interest (as a percent) | 50.00% | |||||
Number of subsidiaries owned by the company | subsidiary | 4 | |||||
Notes Receivable | Horizon Group | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 300,000 | 0 | ||||
Notes Receivable | Horizon Group, 2 | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 0 | 3,096,000 | ||||
Notes Receivable | RED Development Inc. | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 6,588,000 | 7,366,000 | ||||
Notes Receivable | Woodstock land | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 735,000 | $ 0 | ||||
Notes Receivable | JG Gulf Coast Town Center LLC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Note receivable, interest rate (as a percent) | 6.32% | |||||
Minimum | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 3.27% | 2.93% | ||||
Maximum | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 9.50% | 9.50% | ||||
JG Gulf Coast Town Center LLC | Notes Receivable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Write-off of note receivable | $ 1,846,000 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 277,630 | $ 262,636 | $ 253,843 | $ 260,909 | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 |
Property operating expenses | (281,456) | (283,345) | (293,897) | ||||||||
Interest expense | (216,318) | (229,343) | (239,824) | ||||||||
Other expense | (20,326) | (26,957) | (32,297) | ||||||||
Gain on sales of real estate assets | 14,065 | $ 14,173 | 29,567 | 32,232 | 5,342 | ||||||
Segment profit | 539,724 | 547,605 | 500,063 | ||||||||
Depreciation and amortization expense | (292,693) | (299,069) | (291,273) | ||||||||
General and administrative expense | (63,332) | (62,118) | (50,271) | ||||||||
Interest and other income | 1,524 | 6,467 | 14,121 | ||||||||
Gain on extinguishment of debt | 256 | ||||||||||
Loss on impairment | (116,822) | (105,945) | (17,858) | ||||||||
Gain on investments | $ 16,560 | 7,534 | 16,560 | 87,893 | |||||||
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) | ||||||||
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 | ||||||||
Income from continuing operations | 195,531 | 119,015 | 252,979 | ||||||||
Total assets | 6,104,640 | 6,479,991 | 6,104,640 | 6,479,991 | |||||||
Capital expenditures | 267,803 | 424,813 | |||||||||
Malls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 928,214 | 944,553 | 933,736 | ||||||||
Property operating expenses | (268,898) | (274,288) | (282,796) | ||||||||
Interest expense | (143,903) | (166,922) | (198,758) | ||||||||
Other expense | 0 | (19) | (20) | ||||||||
Gain on sales of real estate assets | 481 | 264 | 3,537 | ||||||||
Segment profit | 515,894 | 503,588 | 455,699 | ||||||||
Total assets | 5,383,937 | 5,766,084 | 5,383,937 | 5,766,084 | |||||||
Capital expenditures | 165,230 | 393,194 | |||||||||
Associated Centers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 39,259 | 40,392 | 41,527 | ||||||||
Property operating expenses | (8,246) | (9,364) | (9,500) | ||||||||
Interest expense | (5,972) | (7,285) | (7,959) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 657 | 16,260 | 937 | ||||||||
Segment profit | 25,698 | 40,003 | 25,005 | ||||||||
Total assets | 259,966 | 252,188 | 259,966 | 252,188 | |||||||
Capital expenditures | 5,705 | 5,186 | |||||||||
Community Centers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,393 | 19,944 | 18,600 | ||||||||
Property operating expenses | (4,293) | (4,500) | (5,260) | ||||||||
Interest expense | (285) | (4,236) | (2,510) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 3,239 | 5,071 | 107 | ||||||||
Segment profit | 16,054 | 16,279 | 10,937 | ||||||||
Total assets | 215,917 | 263,614 | 215,917 | 263,614 | |||||||
Capital expenditures | 6,149 | 2,299 | |||||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 43,391 | 50,129 | 66,876 | ||||||||
Property operating expenses | (19) | 4,807 | 3,659 | ||||||||
Interest expense | (66,158) | (50,900) | (30,597) | ||||||||
Other expense | (20,326) | (26,938) | (32,277) | ||||||||
Gain on sales of real estate assets | 25,190 | 10,637 | 761 | ||||||||
Segment profit | (17,922) | (12,265) | $ 8,422 | ||||||||
Total assets | $ 244,820 | $ 198,105 | 244,820 | 198,105 | |||||||
Capital expenditures | $ 90,719 | $ 24,134 |
SUPPLEMENTAL AND NONCASH INFO92
SUPPLEMENTAL AND NONCASH INFORMATION (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Significant Noncash Transactions [Line Items] | ||||
Cash paid for interest, net of amounts capitalized | $ 209,566 | $ 226,233 | $ 238,531 | |
Accrued dividends and distributions payable | 54,313 | 54,489 | 54,433 | |
Additions to real estate assets accrued but not yet paid | 24,881 | 26,345 | 25,332 | |
Capital contribution of note receivable to joint venture | 5,280 | 0 | 0 | |
Capital contribution from noncontrolling interest to joint venture | 155 | 0 | 0 | |
Write-off of note receivable | 1,846 | 0 | 0 | |
Note receivable from sale of land | $ 0 | $ 0 | 360 | |
Weighted average interest rate (percent) | 4.82% | 4.54% | ||
EastGate Crossing, Cincinnati, OH | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Mortgage debt assumed by buyer of real estate assets | $ 14,570 | $ 38,150 | $ 14,570 | 0 |
Columbia Place, Chapel Hill Mall and Citadel Mall | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Decrease in real estate assets | 0 | 0 | (79,398) | |
Decrease in mortgage and other indebtedness | 0 | 0 | 163,998 | |
Decrease in operating assets and liabilities | 0 | 0 | 4,799 | |
Lakeshore Mall | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Note receivable from sale of Lakeshore Mall | 0 | 0 | 10,000 | |
Senior unsecured notes due 2026 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Discount on issuance of Senior Notes | 5,740 | 0 | 0 | |
4.60% Senior Notes Due 2024 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Discount on issuance of Senior Notes | $ 0 | 0 | 75 | |
Senior Unsecured Notes | Senior unsecured notes due 2026 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Weighted average interest rate (percent) | 5.95% | |||
Senior Unsecured Notes | 4.60% Senior Notes Due 2024 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Weighted average interest rate (percent) | 4.60% | |||
Partnership Interest | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Decrease in real estate assets | $ (14,025) | 0 | 0 | |
Increase in investment in unconsolidated affiliates | 14,030 | 0 | 0 | |
Decrease in accounts payable and accrued liabilities | $ (5) | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor and Certain Officers | |||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | $ 26,993 | $ 31,398 | |
Accounts payable to related party | 4,121 | ||
Unconsolidated Affiliate and Other Affiliated Partnerships | |||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $ 9,144 | $ 7,748 | $ 9,444 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | Jul. 29, 2016defendant | Jun. 24, 2016claim | Feb. 29, 2016 | Jan. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2016USD ($)extension_option | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Guarantor Obligations [Line Items] | ||||||||
Loss contingency, new claims filed | claim | 3 | |||||||
Environmental liability insurance, maximum coverage per incident | $ 10,000,000 | |||||||
Environmental liability insurance, aggregate coverage limit | 50,000,000 | |||||||
Guarantees [Abstract] | ||||||||
Obligation recorded to reflect guaranty | 412,000 | $ 1,196,000 | ||||||
Performance Bonds [Abstract] | ||||||||
Malpractice Loss Contingency, Letters of Credit and Surety Bonds | $ 21,446,000 | 16,452,000 | ||||||
Initial term of lease (years) | 20 years | |||||||
Lease expense | $ 1,301,000 | 1,215,000 | $ 1,290,000 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||
2,017 | 588,000 | |||||||
2,018 | 594,000 | |||||||
2,019 | 601,000 | |||||||
2,020 | 607,000 | |||||||
2,021 | 614,000 | |||||||
Thereafter | 12,636,000 | |||||||
Total lease payments due | $ 15,640,000 | |||||||
Minimum | ||||||||
Guarantees [Abstract] | ||||||||
Number of extension options available | extension_option | 1 | |||||||
Performance Bonds [Abstract] | ||||||||
Term of renewal option (years) | 5 years | |||||||
Maximum | ||||||||
Performance Bonds [Abstract] | ||||||||
Term of renewal option (years) | 10 years | |||||||
West Melbourne I, LLC - Phase I | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 50.00% | |||||||
Outstanding Balance | $ 42,847,000 | |||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
Maximum Guaranteed Amount | $ 8,569,000 | |||||||
Obligation recorded to reflect guaranty | $ 86,000 | 99,000 | ||||||
West Melbourne I, LLC - Phase II | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 50.00% | |||||||
Outstanding Balance | $ 16,557,000 | |||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
Maximum Guaranteed Amount | $ 3,311,000 | |||||||
Obligation recorded to reflect guaranty | $ 33,000 | 87,000 | ||||||
Port Orange I, LLC | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 50.00% | |||||||
Outstanding Balance | $ 57,927,000 | |||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
Maximum Guaranteed Amount | $ 11,586,000 | |||||||
Obligation recorded to reflect guaranty | $ 116,000 | 148,000 | ||||||
Extension option, term (years) | 1 year | |||||||
Fremaux Town Center JV, LLC - Phase I | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 0 | |||||||
Percentage Guaranteed by the Company | 0.00% | |||||||
Maximum Guaranteed Amount | $ 0 | |||||||
Obligation recorded to reflect guaranty | $ 0 | 62,000 | ||||||
Fremaux Town Center JV, LLC - Phase II | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 0 | |||||||
Percentage Guaranteed by the Company | 0.00% | |||||||
Maximum Guaranteed Amount | $ 0 | |||||||
Obligation recorded to reflect guaranty | $ 0 | 161,000 | ||||||
Ambassador Town Center JV, LLC | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 0 | |||||||
Percentage Guaranteed by the Company | 0.00% | |||||||
Maximum Guaranteed Amount | $ 0 | |||||||
Obligation recorded to reflect guaranty | $ 0 | 462,000 | ||||||
Ambassador Infrastructure, LLC | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 11,700,000 | |||||||
Percentage Guaranteed by the Company | 100.00% | |||||||
Maximum Guaranteed Amount | $ 11,700,000 | |||||||
Obligation recorded to reflect guaranty | $ 177,000 | $ 177,000 | ||||||
Extension option, term (years) | 1 year | |||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||
Number of extension options available | extension_option | 2 | |||||||
West Melbourne I, II and Port Orange I | ||||||||
Guarantees [Abstract] | ||||||||
Percentage Guaranteed by the Company | 20.00% | 25.00% | ||||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,200 or more | ||||||||
Guarantees [Abstract] | ||||||||
Percentage Guaranteed by the Company | 50.00% | |||||||
PILOT Payment threshold for change in guarantor percentage | $ 1,200,000 | |||||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,400 or more | ||||||||
Guarantees [Abstract] | ||||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
PILOT Payment threshold for change in guarantor percentage | $ 1,400,000 | |||||||
York Town Center, LP | ||||||||
Guarantees [Abstract] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||
Initial maximum guaranteed amount of third party's construction loan | $ 22,000,000 | |||||||
Annual reductions to the guarantor's obligations | 800,000 | |||||||
Guaranteed minimum exposure amount | 10,000,000 | |||||||
Guaranteed amount of the outstanding loan | $ 14,000,000 | |||||||
Percentage of guaranty obligation agreed to be reimbursed by joint venture partner (in hundredths) | 50.00% | |||||||
Director | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Loss contingency, number of defendants | defendant | 3 |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring Basis (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)derivative_instrument | Dec. 31, 2014USD ($) | |
Liabilities: | |||
Interest rate swaps | $ 434,000 | ||
Net realized gains and losses on sale of available-for-sale securities | $ 0 | 16,560,000 | $ 0 |
Proceeds from sale of available-for-sale securities | 20,755,000 | ||
Fair value of mortgage and other indebtedness | 4,737,077,000 | 4,945,622,000 | |
Mortgage and other indebtedness | $ 4,465,294,000 | 4,710,628,000 | |
Common Stock | |||
Liabilities: | |||
Adjusted cost | $ 4,195,000 | ||
Interest Rate Swap | Fair Value, Measurements, Recurring | |||
Liabilities: | |||
Number of instruments held | derivative_instrument | 4 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Liabilities: | |||
Interest rate swaps | $ 0 | ||
Significant Other Observable Inputs (Level 2) | |||
Liabilities: | |||
Interest rate swaps | 434,000 | ||
Significant Unobservable Inputs (Level 3) | |||
Liabilities: | |||
Interest rate swaps | $ 0 |
FAIR VALUE MEASUREMENTS - Nonre
FAIR VALUE MEASUREMENTS - Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-lived assets | $ 46,200 | $ 125,000 | |
Loss on impairment | 116,822 | 105,945 | $ 17,858 |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-lived assets | 46,200 | 125,000 | |
Lakeshore Mall, Pemberton Plaza, and Chapel Hill | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 116,822 | ||
Madison Square and Citadel Mall | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 104,900 |
FAIR VALUE MEASUREMENTS - Long-
FAIR VALUE MEASUREMENTS - Long-Lived Assets Measure at Fair Value (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)property | Sep. 30, 2016USD ($)mall | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)property | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)propertymalloutparceloffice_buildinganchor_store | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)propertyoutparcel | Dec. 31, 2014USD ($)property | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 116,822 | $ 105,945 | $ 17,858 | ||||||||||||||||
Fair Value | $ 46,200 | $ 125,000 | 46,200 | 125,000 | |||||||||||||||
Purchase Price | $ 191,988 | ||||||||||||||||||
Mortgage and other indebtedness, net | $ 4,465,294 | $ 4,710,628 | $ 4,465,294 | $ 4,710,628 | |||||||||||||||
Number of properties disposed of | property | 3 | ||||||||||||||||||
Number of properties written down | property | 113 | 4 | 113 | 4 | |||||||||||||||
Air Transportation Equipment | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 105 | ||||||||||||||||||
Net proceeds from sale of real estate | 176 | ||||||||||||||||||
Real estate investment property, net | $ 281 | ||||||||||||||||||
Fair Value, Inputs, Level 3 | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Fair Value | $ 46,200 | $ 125,000 | $ 46,200 | $ 125,000 | |||||||||||||||
The Lakes and Fashion Square, Wausau Center, Bonita Lakes, Midland Mall and Ridge River Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 116,822 | ||||||||||||||||||
Number of Malls with Impairment | mall | 9 | ||||||||||||||||||
Number of Office Buildings with Impairment | office_building | 3 | ||||||||||||||||||
Number of Stores with Impairment | outparcel | 3 | ||||||||||||||||||
Randolph Mall, Regency Mall, and Walnut Square | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 43,144 | (150) | $ 43,294 | ||||||||||||||||
Number of Malls with Impairment | mall | 3 | ||||||||||||||||||
Fair Value | 31,318 | 0 | $ 31,318 | $ 0 | $ 31,318 | ||||||||||||||
Purchase Price | 32,250 | 32,250 | $ 32,250 | ||||||||||||||||
Concentration risk, percent of total revenue | 1.50% | ||||||||||||||||||
One and Two Oyster Point | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 3,844 | ||||||||||||||||||
Number of Office Buildings with Impairment | office_building | 2 | ||||||||||||||||||
Fair Value | 6,000 | $ 6,000 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.30% | ||||||||||||||||||
Capitalization rate (as a percent) | 8.00% | ||||||||||||||||||
Discount rate (as a percent) | 10.00% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||
Oak Branch Business Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 100 | (22) | 122 | ||||||||||||||||
Fair Value | 0 | $ 0 | |||||||||||||||||
Cobblestone Village at Palm Coast | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 6,448 | 150 | $ 6,298 | ||||||||||||||||
Fair Value | 0 | 0 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.10% | ||||||||||||||||||
Capitalization rate (as a percent) | 9.00% | ||||||||||||||||||
Discount rate (as a percent) | 10.75% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||
The Lakes and Fashion Square | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 32,096 | ||||||||||||||||||
Fair Value | 65,447 | 0 | 0 | $ 65,447 | |||||||||||||||
Purchase Price | 66,500 | $ 66,500 | |||||||||||||||||
Concentration risk, percent of total revenue | 1.60% | ||||||||||||||||||
Wausau Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 10,738 | ||||||||||||||||||
Fair Value | 11,000 | $ 11,000 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.30% | ||||||||||||||||||
Holding period (in years) | 10 years | ||||||||||||||||||
Capitalization rate (as a percent) | 13.25% | ||||||||||||||||||
Discount rate (as a percent) | 13.00% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 4.00% | ||||||||||||||||||
Number of stores sold | anchor_store | 2 | ||||||||||||||||||
Bonita Lakes Mall and Crossing | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 5,323 | ||||||||||||||||||
Fair Value | 27,440 | 0 | $ 27,440 | $ 0 | $ 27,440 | ||||||||||||||
Purchase Price | 27,910 | 27,910 | $ 27,910 | ||||||||||||||||
Concentration risk, percent of total revenue | 0.70% | ||||||||||||||||||
Midland Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 4,681 | ||||||||||||||||||
Fair Value | 29,200 | $ 29,200 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||||||||
Holding period (in years) | 10 years | ||||||||||||||||||
Capitalization rate (as a percent) | 9.75% | ||||||||||||||||||
Discount rate (as a percent) | 11.50% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||
River Ridge Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 9,594 | 84 | 9,510 | ||||||||||||||||
Fair Value | 0 | $ 0 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||||||||
Outparcel Sale | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 884 | ||||||||||||||||||
Non-cash impairment of long-lived asset | $ 854 | ||||||||||||||||||
Number of properties disposed of | 3 | 2 | |||||||||||||||||
Chesterfield Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 99,969 | ||||||||||||||||||
Fair Value | 125,000 | $ 125,000 | |||||||||||||||||
Concentration risk, percent of total revenue | 1.50% | ||||||||||||||||||
Holding period (in years) | 11 years | ||||||||||||||||||
Capitalization rate (as a percent) | 8.25% | ||||||||||||||||||
Discount rate (as a percent) | 8.25% | ||||||||||||||||||
Chapel Hill Crossing | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 1,914 | ||||||||||||||||||
Net proceeds from sale of real estate | 2,300 | ||||||||||||||||||
Mayfaire Community Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 397 | ||||||||||||||||||
Net proceeds from sale of real estate | 56,300 | ||||||||||||||||||
Madison Square | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 2,620 | ||||||||||||||||||
Fair Value | $ 5,000 | ||||||||||||||||||
Burlington | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 161 | ||||||||||||||||||
Net proceeds from sale of real estate | 750 | ||||||||||||||||||
Carrying amount | $ 911 | $ 911 | |||||||||||||||||
Chapel Hill Suburban | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 12,050 | ||||||||||||||||||
Concentration risk, percent of total revenue | 0.40% | ||||||||||||||||||
Chapel Hill Suburban | Fair Value, Inputs, Level 3 | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Fair Value | 53,348 | ||||||||||||||||||
Lakeshore Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 106 | $ 5,100 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.20% | ||||||||||||||||||
Lakeshore Mall | Fair Value, Inputs, Level 3 | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Fair Value | $ 13,780 | ||||||||||||||||||
Pemberton Plaza | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 497 | ||||||||||||||||||
Concentration risk, percent of total revenue | 0.00% | ||||||||||||||||||
Minimum | One and Two Oyster Point | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Holding period (in years) | 1 year | ||||||||||||||||||
Maximum | One and Two Oyster Point | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Holding period (in years) | 2 years | ||||||||||||||||||
Non Recourse Loans On Operating Properties | Wausau Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Mortgage and other indebtedness, net | 17,689 | $ 17,689 | |||||||||||||||||
River Ridge Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 84 | 9,510 | $ 9,594 | ||||||||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | |||||||||||||||||
Reserve for future capital expenditures | $ 2,100 | $ 2,100 | |||||||||||||||||
Retail Site | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 115,968 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands | Feb. 10, 2016$ / shares | Feb. 29, 2016$ / sharesshares | Mar. 31, 2015$ / sharesshares | Dec. 31, 2016USD ($)planinstallment$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of share-based compensation plans | plan | 2 | |||||
Number of shares authorized | shares | 10,400,000 | |||||
Award vesting period (years) | 5 years | |||||
Share-based compensation expense | $ | $ 4,681 | $ 4,287 | $ 3,442 | |||
Share-based compensation cost capitalized as part of real estate assets | $ | 351 | $ 274 | $ 268 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 6,794 | |||||
Compensation cost to be recognized over a weighted average period | 2 years 8 months 12 days | |||||
Restricted Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested, beginning of period (in shares) | shares | 533,404 | |||||
Granted (in shares) | shares | 319,660 | |||||
Vested (in shares) | shares | (238,822) | |||||
Forfeited (in shares) | shares | (12,080) | |||||
Nonvested, end of period (in shares) | shares | 602,162 | 533,404 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
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 | $ 20.30 | $ 17.11 | |||
Weighted average grant-date fair value, vested (in dollars per share) | $ / shares | 16.57 | |||||
Weighted average grant-date fair value, forfeited (in dollars per share) | $ / shares | 16.76 | |||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 15.41 | $ 19.19 | ||||
Total fair value of shares vested | $ | $ 2,605 | $ 4,298 | $ 3,484 | |||
Vesting percentage | 20.00% | |||||
Number of annual installments | installment | 4 | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ | $ 1,033 | $ 624 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Granted (in shares) | shares | 282,995 | 138,680 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Weighted average grant-date fair value, granted (in dollars per share) | $ / shares | $ 4.98 | $ 15.52 | ||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 4.98 | |||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 1,905 | |||||
Service period (in years) | 3 years | |||||
Risk-free interest rate (as a percent) | 0.92% | |||||
Expected share price volatility (as a percent) | 30.95% | |||||
Performance Shares | Vested at conclusion of performance period | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Vesting percentage | 60.00% | |||||
Performance Shares | Remaining percentage after performance period | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Vesting percentage | 40.00% | |||||
Performance Shares | Vested each year for the first two anniversaries after conclusion of performance period | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Vesting percentage | 20.00% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, age of eligibility (years) | 21 years | ||
Defined contribution plan, required service period prior to plan participation (days) | 60 days | ||
Defined contribution plan, employer matching contribution (percent) | 50.00% | ||
Defined contribution plan, maximum annual contribution per employee (percent) | 2.50% | ||
Defined contribution plan, employer discretionary contribution amount | $ 987 | $ 997 | $ 928 |
Deferred compensation arrangement with individual, interest rate on notes payable (percent) | 5.00% | ||
Deferred compensation arrangement with individual, notes payable plus accrued interest | $ 122 | $ 81 | |
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period (years) | 5 years | ||
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period (years) | 10 years |
QUARTERLY INFORMATION (UNAUD100
QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | ||||||||||||
Total revenues | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 277,630 | $ 262,636 | $ 253,843 | $ 260,909 | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 | |
Income from operations | 101,015 | 36,727 | 52,056 | 63,830 | 8,687 | 94,007 | 89,858 | 85,032 | 253,628 | 277,584 | ||
Net income (loss) | 79,872 | 670 | 73,097 | 41,892 | (26,953) | 44,432 | 48,331 | 53,205 | 195,531 | 119,015 | ||
Net income attributable to the Company | 68,830 | 1,059 | 62,919 | 40,074 | (22,257) | 37,569 | 41,895 | 46,164 | 172,882 | 103,371 | ||
Net income (loss) attributable to common shareholders | $ 57,607 | $ (10,164) | $ 51,696 | $ 28,851 | $ (33,480) | $ 26,346 | $ 30,672 | $ 34,941 | $ 127,990 | $ 58,479 | ||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Net income (loss) attributable to common shareholders (in usd per share) | $ 0.34 | $ (0.06) | $ 0.30 | $ 0.17 | $ (0.20) | $ 0.15 | $ 0.18 | $ 0.21 | $ 0.75 | $ 0.34 | ||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Net income (loss) attributable to common shareholders (in usd per share) | $ 0.34 | $ (0.06) | $ 0.30 | $ 0.17 | $ (0.20) | $ 0.15 | $ 0.18 | $ 0.20 | $ 0.75 | $ 0.34 | ||
Loss on impairment of real estate | $ 116,822 | $ 105,945 | 17,858 | |||||||||
Gain on sales of real estate assets | $ 14,065 | $ 14,173 | 29,567 | 32,232 | 5,342 | |||||||
Gain on investments | $ 16,560 | $ 7,534 | $ 16,560 | $ 87,893 | ||||||||
2016 Dispositions | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Loss on impairment of real estate | $ 53,558 | $ 43,493 | $ 19,685 | |||||||||
Triangle Town Center | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 26,395 | |||||||||||
JG Gulf Coast Town Center LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on investments | 29,267 | |||||||||||
Renaissance Center | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 29,437 | |||||||||||
Chesterfield Mall | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Loss on impairment of real estate | $ 102,280 | |||||||||||
Triangle Town Member LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 2,820 | |||||||||||
Parent Company | Triangle Town Member LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 282 | |||||||||||
Company's ownership interest (as a percent) | 10.00% | 10.00% | 50.00% | 10.00% | ||||||||
Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 2,538 | $ 80,979 | ||||||||||
Company's ownership interest (as a percent) | 90.00% | 90.00% | 50.00% | 90.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 28, 2017USD ($)loan | Jan. 31, 2017USD ($)office_buildingloanstore | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Subsequent Event [Line Items] | ||||||||
Sales price, gross | $ 194,710 | $ 104,860 | $ 18,615 | |||||
Loss on impairment | 116,822 | 105,945 | $ 17,858 | |||||
Mortgage and other indebtedness, variable-rate debt | 888,770 | 1,241,379 | ||||||
Mortgage and other notes receivable | 16,803 | 18,238 | ||||||
Non Recourse Loans On Operating Properties | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | 19,055 | 16,840 | ||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price | $ 7,000 | |||||||
One and Two Oyster Point | ||||||||
Subsequent Event [Line Items] | ||||||||
Loss on impairment | $ 3,844 | |||||||
One and Two Oyster Point | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of office buildings sold | office_building | 2 | |||||||
Sales price, gross | $ 6,250 | |||||||
Loss on impairment | $ 3,844 | |||||||
Midland Mall, Midland, MI | ||||||||
Subsequent Event [Line Items] | ||||||||
Loss on impairment | $ 4,681 | |||||||
Midland Mall, Midland, MI | Non Recourse Loans On Operating Properties | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | 31,953 | |||||||
Midland Mall, Midland, MI | Subsequent Event | Non Recourse Loans On Operating Properties | ||||||||
Subsequent Event [Line Items] | ||||||||
Gain on extinguishment of debt | $ 4,088 | |||||||
The Plaza at Lafayette and The Shoppes at St. Clair | Mortgages | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | 55,973 | |||||||
The Plaza at Lafayette and The Shoppes at St. Clair | Subsequent Event | Mortgages | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of loans retired | loan | 2 | |||||||
Hamilton Corner, Chattanooga, TN | Subsequent Event | Mortgages | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | $ 104,179 | |||||||
Number of loans retired | loan | 2 | |||||||
Sears Department Stores | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of business acquired | store | 5 | |||||||
Sears Auto Centers | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of business acquired | store | 2 | |||||||
Sears Department Stores and Auto Centers | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price | $ 72,500 | |||||||
Lease term (in years) | 10 years | |||||||
Monthly lease revenue receivable | $ 5,075 | |||||||
Required notice period for cancellation of lease (in months) | 6 months | |||||||
Macy's | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of business acquired | store | 4 | |||||||
Notes Receivable | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other notes receivable | 11,123 | 10,462 | ||||||
Horizon Group | Notes Receivable | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other notes receivable | $ 300 | $ 0 | ||||||
Horizon Group | Notes Receivable | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other notes receivable | $ 300 |
Schedule II - VALUATION AND 102
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Tenant Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | $ 1,923 | $ 2,368 | $ 2,379 |
Additions in allowance charged to expense | 4,058 | 2,254 | 2,643 |
Bad debts charged against allowance | (4,071) | (2,699) | (2,654) |
Balance, end of year | 1,910 | 1,923 | 2,368 |
Allowance for Other Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | 1,276 | 1,285 | 1,241 |
Additions in allowance charged to expense | 0 | 277 | 3,689 |
Bad debts charged against allowance | (438) | (286) | (3,645) |
Balance, end of year | $ 838 | $ 1,276 | $ 1,285 |
Schedule III - REAL ESTATE A103
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,534,255 | |||
Initial Cost, Land | 875,107 | |||
Initial Cost, Buildings and Improvements | 5,584,943 | |||
Costs Capitalized Subsequent to Acquisition | 1,523,786 | |||
Sales of Outparcel Land | (36,189) | |||
Gross Amounts at Which Carried at Close of Period, Land | 820,775 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,126,872 | |||
Gross Amounts at Which Carried at Close of Period, Total | 7,947,647 | $ 8,240,521 | $ 8,187,183 | $ 8,123,514 |
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,427,108) | $ (2,382,568) | $ (2,240,007) | $ (2,056,357) |
Land and buildings and improvements, gross | $ 7,843,000 | |||
Buildings | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 40 years | |||
Certain Improvements | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Certain Improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 20 years | |||
Equipment and Fixtures | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 7 years | |||
Equipment and Fixtures | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Acadiana Mall, Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 125,829 | |||
Initial Cost, Land | 22,511 | |||
Initial Cost, Buildings and Improvements | 145,769 | |||
Costs Capitalized Subsequent to Acquisition | 11,174 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 19,919 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 159,535 | |||
Gross Amounts at Which Carried at Close of Period, Total | 179,454 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (70,172) | |||
Alamance Crossing, Burlington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 47,160 | |||
Initial Cost, Land | 20,853 | |||
Initial Cost, Buildings and Improvements | 63,105 | |||
Costs Capitalized Subsequent to Acquisition | 40,214 | |||
Sales of Outparcel Land | (2,803) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,050 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 103,319 | |||
Gross Amounts at Which Carried at Close of Period, Total | 121,369 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (30,642) | |||
Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 113,574 | |||
Initial Cost, Land | 7,862 | |||
Initial Cost, Buildings and Improvements | 95,330 | |||
Costs Capitalized Subsequent to Acquisition | 27,305 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,862 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 122,635 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,497 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (61,490) | |||
Asheville Mall, Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 69,722 | |||
Initial Cost, Land | 7,139 | |||
Initial Cost, Buildings and Improvements | 58,747 | |||
Costs Capitalized Subsequent to Acquisition | 56,912 | |||
Sales of Outparcel Land | (805) | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,334 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 115,659 | |||
Gross Amounts at Which Carried at Close of Period, Total | 121,993 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (51,150) | |||
Brookfield Square, Brookfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,996 | |||
Initial Cost, Buildings and Improvements | 84,250 | |||
Costs Capitalized Subsequent to Acquisition | 55,700 | |||
Sales of Outparcel Land | (18) | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,758 | |||
Gross Amounts at Which Carried at Close of Period, Total | 148,928 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (62,415) | |||
Burnsville Center, Burnsville, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 71,785 | |||
Initial Cost, Land | 12,804 | |||
Initial Cost, Buildings and Improvements | 71,355 | |||
Costs Capitalized Subsequent to Acquisition | 59,475 | |||
Sales of Outparcel Land | (1,157) | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,102 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 126,375 | |||
Gross Amounts at Which Carried at Close of Period, Total | 142,477 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (56,832) | |||
Cary Towne Center, Cary, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 46,716 | |||
Initial Cost, Land | 23,688 | |||
Initial Cost, Buildings and Improvements | 74,432 | |||
Costs Capitalized Subsequent to Acquisition | 32,675 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 24,949 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 105,846 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,795 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,748) | |||
CherryVale Mall, Rockford, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,892 | |||
Initial Cost, Buildings and Improvements | 63,973 | |||
Costs Capitalized Subsequent to Acquisition | 57,704 | |||
Sales of Outparcel Land | (1,667) | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,608 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 120,294 | |||
Gross Amounts at Which Carried at Close of Period, Total | 131,902 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,789) | |||
Chesterfield Mall, Chesterfield, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 140,000 | |||
Initial Cost, Land | 11,083 | |||
Initial Cost, Buildings and Improvements | 282,140 | |||
Costs Capitalized Subsequent to Acquisition | (173,528) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,083 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 108,612 | |||
Gross Amounts at Which Carried at Close of Period, Total | 119,695 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,246) | |||
College Square, Morristown, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,954 | |||
Initial Cost, Buildings and Improvements | 17,787 | |||
Costs Capitalized Subsequent to Acquisition | 33,393 | |||
Sales of Outparcel Land | (88) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,866 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 51,180 | |||
Gross Amounts at Which Carried at Close of Period, Total | 54,046 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,212) | |||
Cross Creek Mall, Fayetteville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 123,398 | |||
Initial Cost, Land | 19,155 | |||
Initial Cost, Buildings and Improvements | 104,353 | |||
Costs Capitalized Subsequent to Acquisition | 36,094 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,169 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,433 | |||
Gross Amounts at Which Carried at Close of Period, Total | 159,602 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,554) | |||
Dakota Square Mall, Minot, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,552 | |||
Initial Cost, Buildings and Improvements | 87,625 | |||
Costs Capitalized Subsequent to Acquisition | 25,253 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 4,552 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,878 | |||
Gross Amounts at Which Carried at Close of Period, Total | 117,430 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,305) | |||
Eastland Mall, Bloomington, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,746 | |||
Initial Cost, Buildings and Improvements | 75,893 | |||
Costs Capitalized Subsequent to Acquisition | 6,875 | |||
Sales of Outparcel Land | (753) | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 82,457 | |||
Gross Amounts at Which Carried at Close of Period, Total | 87,761 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (31,211) | |||
East Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,496 | |||
Initial Cost, Buildings and Improvements | 63,867 | |||
Costs Capitalized Subsequent to Acquisition | 50,590 | |||
Sales of Outparcel Land | (715) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,781 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 114,457 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,238 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (45,830) | |||
EastGate Mall, Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,123 | |||
Initial Cost, Land | 13,046 | |||
Initial Cost, Buildings and Improvements | 44,949 | |||
Costs Capitalized Subsequent to Acquisition | 28,553 | |||
Sales of Outparcel Land | (1,017) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,029 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,502 | |||
Gross Amounts at Which Carried at Close of Period, Total | 85,531 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,211) | |||
Fayette Mall, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 162,240 | |||
Initial Cost, Land | 25,205 | |||
Initial Cost, Buildings and Improvements | 84,256 | |||
Costs Capitalized Subsequent to Acquisition | 106,369 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,205 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 190,625 | |||
Gross Amounts at Which Carried at Close of Period, Total | 215,830 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (56,800) | |||
Frontier Mall, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,681 | |||
Initial Cost, Buildings and Improvements | 15,858 | |||
Costs Capitalized Subsequent to Acquisition | 21,925 | |||
Sales of Outparcel Land | (80) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,601 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,783 | |||
Gross Amounts at Which Carried at Close of Period, Total | 40,384 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,211) | |||
Foothills Mall, Maryville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,376 | |||
Initial Cost, Buildings and Improvements | 27,376 | |||
Costs Capitalized Subsequent to Acquisition | 11,773 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,392 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 39,133 | |||
Gross Amounts at Which Carried at Close of Period, Total | 45,525 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,604) | |||
Greenbrier Mall, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 70,801 | |||
Initial Cost, Land | 3,181 | |||
Initial Cost, Buildings and Improvements | 107,355 | |||
Costs Capitalized Subsequent to Acquisition | 14,121 | |||
Sales of Outparcel Land | (626) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,555 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 121,476 | |||
Gross Amounts at Which Carried at Close of Period, Total | 124,031 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,768) | |||
Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 106,138 | |||
Initial Cost, Land | 3,532 | |||
Initial Cost, Buildings and Improvements | 42,623 | |||
Costs Capitalized Subsequent to Acquisition | 45,422 | |||
Sales of Outparcel Land | (441) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,034 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 87,102 | |||
Gross Amounts at Which Carried at Close of Period, Total | 91,136 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (50,871) | |||
Hanes Mall, Winston-Salem, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 146,268 | |||
Initial Cost, Land | 17,176 | |||
Initial Cost, Buildings and Improvements | 133,376 | |||
Costs Capitalized Subsequent to Acquisition | 53,563 | |||
Sales of Outparcel Land | (948) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,629 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 184,538 | |||
Gross Amounts at Which Carried at Close of Period, Total | 203,167 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (73,315) | |||
Harford Mall, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,699 | |||
Initial Cost, Buildings and Improvements | 45,704 | |||
Costs Capitalized Subsequent to Acquisition | 23,104 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,699 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 68,808 | |||
Gross Amounts at Which Carried at Close of Period, Total | 77,507 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (25,954) | |||
Hickory Point Mall, Forsyth, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,446 | |||
Initial Cost, Land | 10,731 | |||
Initial Cost, Buildings and Improvements | 31,728 | |||
Costs Capitalized Subsequent to Acquisition | 17,036 | |||
Sales of Outparcel Land | (293) | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,021 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 48,763 | |||
Gross Amounts at Which Carried at Close of Period, Total | 58,784 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,837) | |||
Honey Creek Mall, Terre Haute, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,700 | |||
Initial Cost, Land | 3,108 | |||
Initial Cost, Buildings and Improvements | 83,358 | |||
Costs Capitalized Subsequent to Acquisition | 18,968 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,108 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 102,326 | |||
Gross Amounts at Which Carried at Close of Period, Total | 105,434 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (34,643) | |||
Imperial Valley Mall, El Centro, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 35,378 | |||
Initial Cost, Buildings and Improvements | 70,549 | |||
Costs Capitalized Subsequent to Acquisition | 3,778 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 35,378 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,327 | |||
Gross Amounts at Which Carried at Close of Period, Total | 109,705 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,135) | |||
Janesville Mall, Janesville, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,074 | |||
Initial Cost, Buildings and Improvements | 26,009 | |||
Costs Capitalized Subsequent to Acquisition | 21,659 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,074 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 47,668 | |||
Gross Amounts at Which Carried at Close of Period, Total | 55,742 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,249) | |||
Jefferson Mall, Louisville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 66,051 | |||
Initial Cost, Land | 13,125 | |||
Initial Cost, Buildings and Improvements | 40,234 | |||
Costs Capitalized Subsequent to Acquisition | 28,898 | |||
Sales of Outparcel Land | (521) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,604 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 69,132 | |||
Gross Amounts at Which Carried at Close of Period, Total | 81,736 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (27,268) | |||
Kirkwood Mall, Bismarck, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,984 | |||
Initial Cost, Land | 3,368 | |||
Initial Cost, Buildings and Improvements | 118,945 | |||
Costs Capitalized Subsequent to Acquisition | 20,767 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 3,368 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,712 | |||
Gross Amounts at Which Carried at Close of Period, Total | 143,080 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,009) | |||
Laurel Park Place, Livonia, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 13,289 | |||
Initial Cost, Buildings and Improvements | 92,579 | |||
Costs Capitalized Subsequent to Acquisition | 19,562 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 13,289 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,141 | |||
Gross Amounts at Which Carried at Close of Period, Total | 125,430 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,350) | |||
Layton Hills Mall, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 89,921 | |||
Initial Cost, Land | 20,464 | |||
Initial Cost, Buildings and Improvements | 99,836 | |||
Costs Capitalized Subsequent to Acquisition | 10,683 | |||
Sales of Outparcel Land | (340) | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,124 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,519 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,643 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,440) | |||
Mall del Norte, Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 21,734 | |||
Initial Cost, Buildings and Improvements | 142,049 | |||
Costs Capitalized Subsequent to Acquisition | 53,239 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 21,734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 195,288 | |||
Gross Amounts at Which Carried at Close of Period, Total | 217,022 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (78,157) | |||
Mayfaire Town Center, Wilmington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 26,333 | |||
Initial Cost, Buildings and Improvements | 101,087 | |||
Costs Capitalized Subsequent to Acquisition | 628 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 26,333 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 101,715 | |||
Gross Amounts at Which Carried at Close of Period, Total | 128,048 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,952) | |||
Meridian Mall, Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 529 | |||
Initial Cost, Buildings and Improvements | 103,678 | |||
Costs Capitalized Subsequent to Acquisition | 80,810 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,232 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 182,785 | |||
Gross Amounts at Which Carried at Close of Period, Total | 185,017 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (83,060) | |||
Midland Mall, Midland, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,953 | |||
Initial Cost, Land | 10,321 | |||
Initial Cost, Buildings and Improvements | 29,429 | |||
Costs Capitalized Subsequent to Acquisition | (10,545) | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 8,898 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 20,308 | |||
Gross Amounts at Which Carried at Close of Period, Total | 29,206 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (935) | |||
Mid Rivers Mall, St. Peters, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,384 | |||
Initial Cost, Buildings and Improvements | 170,582 | |||
Costs Capitalized Subsequent to Acquisition | 19,431 | |||
Sales of Outparcel Land | (626) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,758 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 190,013 | |||
Gross Amounts at Which Carried at Close of Period, Total | 205,771 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,095) | |||
Monroeville Mall, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 22,911 | |||
Initial Cost, Buildings and Improvements | 177,214 | |||
Costs Capitalized Subsequent to Acquisition | 78,215 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,432 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 252,908 | |||
Gross Amounts at Which Carried at Close of Period, Total | 278,340 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (79,067) | |||
Northgate Mall, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,330 | |||
Initial Cost, Buildings and Improvements | 8,960 | |||
Costs Capitalized Subsequent to Acquisition | 23,441 | |||
Sales of Outparcel Land | (74) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,256 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 32,401 | |||
Gross Amounts at Which Carried at Close of Period, Total | 34,657 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,181) | |||
Northpark Mall, Joplin, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,977 | |||
Initial Cost, Buildings and Improvements | 65,481 | |||
Costs Capitalized Subsequent to Acquisition | 45,400 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,962 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,896 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,858 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,028) | |||
Northwoods Mall, North Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 67,827 | |||
Initial Cost, Land | 14,867 | |||
Initial Cost, Buildings and Improvements | 49,647 | |||
Costs Capitalized Subsequent to Acquisition | 24,502 | |||
Sales of Outparcel Land | (2,339) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,528 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,149 | |||
Gross Amounts at Which Carried at Close of Period, Total | 86,677 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,792) | |||
Old Hickory Mall, Jackson, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,527 | |||
Initial Cost, Buildings and Improvements | 29,413 | |||
Costs Capitalized Subsequent to Acquisition | 7,915 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,527 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,328 | |||
Gross Amounts at Which Carried at Close of Period, Total | 52,855 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,662) | |||
The Outlet Shoppes at Atlanta, Woodstock, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 83,432 | |||
Initial Cost, Land | 8,598 | |||
Initial Cost, Buildings and Improvements | 100,613 | |||
Costs Capitalized Subsequent to Acquisition | (29,169) | |||
Sales of Outparcel Land | (740) | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,427 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 62,875 | |||
Gross Amounts at Which Carried at Close of Period, Total | 79,302 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,222) | |||
The Outlet Shoppes at El Paso, El Paso, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 69,100 | |||
Initial Cost, Land | 7,345 | |||
Initial Cost, Buildings and Improvements | 98,602 | |||
Costs Capitalized Subsequent to Acquisition | 12,219 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 7,569 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,597 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,166 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (17,945) | |||
The Outlet Shoppes at Gettysburg, Gettysburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,450 | |||
Initial Cost, Land | 20,779 | |||
Initial Cost, Buildings and Improvements | 22,180 | |||
Costs Capitalized Subsequent to Acquisition | 1,328 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 20,778 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 23,508 | |||
Gross Amounts at Which Carried at Close of Period, Total | 44,286 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,831) | |||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,207 | |||
Initial Cost, Land | 7,402 | |||
Initial Cost, Buildings and Improvements | 50,268 | |||
Costs Capitalized Subsequent to Acquisition | 13,361 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,833 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 64,198 | |||
Gross Amounts at Which Carried at Close of Period, Total | 71,031 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (21,867) | |||
The Outlet Shoppes of the Bluegrass, Simpsonville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 84,837 | |||
Initial Cost, Land | 3,193 | |||
Initial Cost, Buildings and Improvements | 72,962 | |||
Costs Capitalized Subsequent to Acquisition | 4,096 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 3,193 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 77,058 | |||
Gross Amounts at Which Carried at Close of Period, Total | 80,251 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,705) | |||
Parkdale Mall, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 83,527 | |||
Initial Cost, Land | 23,850 | |||
Initial Cost, Buildings and Improvements | 47,390 | |||
Costs Capitalized Subsequent to Acquisition | 59,072 | |||
Sales of Outparcel Land | (307) | |||
Gross Amounts at Which Carried at Close of Period, Land | 23,544 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 106,461 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,005 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,060) | |||
Park Plaza Mall, Little Rock, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 86,737 | |||
Initial Cost, Land | 6,297 | |||
Initial Cost, Buildings and Improvements | 81,638 | |||
Costs Capitalized Subsequent to Acquisition | 35,456 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 117,087 | |||
Gross Amounts at Which Carried at Close of Period, Total | 123,391 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (49,628) | |||
Parkway Place, Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,659 | |||
Initial Cost, Land | 6,364 | |||
Initial Cost, Buildings and Improvements | 67,067 | |||
Costs Capitalized Subsequent to Acquisition | 5,701 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 6,364 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 72,768 | |||
Gross Amounts at Which Carried at Close of Period, Total | 79,132 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,027) | |||
Pearland Town Center, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,300 | |||
Initial Cost, Buildings and Improvements | 108,615 | |||
Costs Capitalized Subsequent to Acquisition | 15,340 | |||
Sales of Outparcel Land | (857) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,443 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 123,955 | |||
Gross Amounts at Which Carried at Close of Period, Total | 139,398 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (39,504) | |||
Post Oak Mall, College Station, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,936 | |||
Initial Cost, Buildings and Improvements | 48,948 | |||
Costs Capitalized Subsequent to Acquisition | 15,857 | |||
Sales of Outparcel Land | (327) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,608 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 64,806 | |||
Gross Amounts at Which Carried at Close of Period, Total | 68,414 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (33,951) | |||
Richland Mall, Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,874 | |||
Initial Cost, Buildings and Improvements | 34,793 | |||
Costs Capitalized Subsequent to Acquisition | 19,760 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,887 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 54,540 | |||
Gross Amounts at Which Carried at Close of Period, Total | 64,427 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,444) | |||
South County Center, St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,754 | |||
Initial Cost, Buildings and Improvements | 159,249 | |||
Costs Capitalized Subsequent to Acquisition | 14,403 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 15,754 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 173,652 | |||
Gross Amounts at Which Carried at Close of Period, Total | 189,406 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,721) | |||
Southaven Towne Center, Southaven, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,255 | |||
Initial Cost, Buildings and Improvements | 29,380 | |||
Costs Capitalized Subsequent to Acquisition | 13,462 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,896 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 42,619 | |||
Gross Amounts at Which Carried at Close of Period, Total | 51,515 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,188) | |||
Southpark Mall, Colonial Heights, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,246 | |||
Initial Cost, Land | 9,501 | |||
Initial Cost, Buildings and Improvements | 73,262 | |||
Costs Capitalized Subsequent to Acquisition | 38,132 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,282 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,613 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,895 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (39,776) | |||
Stroud Mall, Stroudsburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 14,711 | |||
Initial Cost, Buildings and Improvements | 23,936 | |||
Costs Capitalized Subsequent to Acquisition | 20,932 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 14,711 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 44,868 | |||
Gross Amounts at Which Carried at Close of Period, Total | 59,579 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,598) | |||
St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,027 | |||
Initial Cost, Buildings and Improvements | 75,620 | |||
Costs Capitalized Subsequent to Acquisition | 35,095 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,027 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,715 | |||
Gross Amounts at Which Carried at Close of Period, Total | 121,742 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (52,531) | |||
Sunrise Mall, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,156 | |||
Initial Cost, Buildings and Improvements | 59,047 | |||
Costs Capitalized Subsequent to Acquisition | 15,417 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,156 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,464 | |||
Gross Amounts at Which Carried at Close of Period, Total | 85,620 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (22,966) | |||
Turtle Creek Mall, Hattiesburg, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,345 | |||
Initial Cost, Buildings and Improvements | 26,418 | |||
Costs Capitalized Subsequent to Acquisition | 17,838 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,535 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 43,066 | |||
Gross Amounts at Which Carried at Close of Period, Total | 46,601 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,349) | |||
Valley View Mall, Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 56,734 | |||
Initial Cost, Land | 15,985 | |||
Initial Cost, Buildings and Improvements | 77,771 | |||
Costs Capitalized Subsequent to Acquisition | 21,867 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,999 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 99,624 | |||
Gross Amounts at Which Carried at Close of Period, Total | 115,623 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (35,147) | |||
Volusia Mall, Daytona Beach, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 45,929 | |||
Initial Cost, Land | 2,526 | |||
Initial Cost, Buildings and Improvements | 120,242 | |||
Costs Capitalized Subsequent to Acquisition | 28,693 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,431 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 145,030 | |||
Gross Amounts at Which Carried at Close of Period, Total | 151,461 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (45,827) | |||
Wausau Center, Wausau, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,689 | |||
Initial Cost, Land | 5,231 | |||
Initial Cost, Buildings and Improvements | 24,705 | |||
Costs Capitalized Subsequent to Acquisition | (13,707) | |||
Sales of Outparcel Land | (5,231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,998 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,998 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (387) | |||
West Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,545 | |||
Initial Cost, Buildings and Improvements | 83,084 | |||
Costs Capitalized Subsequent to Acquisition | 51,879 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,545 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 134,963 | |||
Gross Amounts at Which Carried at Close of Period, Total | 144,508 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (52,750) | |||
WestGate Mall, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,021 | |||
Initial Cost, Land | 2,149 | |||
Initial Cost, Buildings and Improvements | 23,257 | |||
Costs Capitalized Subsequent to Acquisition | 47,192 | |||
Sales of Outparcel Land | (432) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,742 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 70,424 | |||
Gross Amounts at Which Carried at Close of Period, Total | 72,166 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,706) | |||
Westmoreland Mall, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,621 | |||
Initial Cost, Buildings and Improvements | 84,215 | |||
Costs Capitalized Subsequent to Acquisition | 26,897 | |||
Sales of Outparcel Land | (316) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,305 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 111,112 | |||
Gross Amounts at Which Carried at Close of Period, Total | 115,417 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,716) | |||
York Galleria, York, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,757 | |||
Initial Cost, Buildings and Improvements | 63,316 | |||
Costs Capitalized Subsequent to Acquisition | 12,356 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,757 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 75,672 | |||
Gross Amounts at Which Carried at Close of Period, Total | 81,429 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (32,799) | |||
Annex at Monroeville, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 29,496 | |||
Costs Capitalized Subsequent to Acquisition | (444) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 29,052 | |||
Gross Amounts at Which Carried at Close of Period, Total | 29,052 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,159) | |||
CoolSprings Crossing, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,803 | |||
Initial Cost, Buildings and Improvements | 14,985 | |||
Costs Capitalized Subsequent to Acquisition | 5,750 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,554 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 19,984 | |||
Gross Amounts at Which Carried at Close of Period, Total | 23,538 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,400) | |||
Courtyard at Hickory Hollow, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,314 | |||
Initial Cost, Buildings and Improvements | 2,771 | |||
Costs Capitalized Subsequent to Acquisition | (1,618) | |||
Sales of Outparcel Land | (231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,500 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,736 | |||
Gross Amounts at Which Carried at Close of Period, Total | 4,236 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (753) | |||
Frontier Square, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 346 | |||
Initial Cost, Buildings and Improvements | 684 | |||
Costs Capitalized Subsequent to Acquisition | 434 | |||
Sales of Outparcel Land | (86) | |||
Gross Amounts at Which Carried at Close of Period, Land | 260 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,118 | |||
Gross Amounts at Which Carried at Close of Period, Total | 1,378 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (673) | |||
Gunbarrel Pointe, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,170 | |||
Initial Cost, Buildings and Improvements | 10,874 | |||
Costs Capitalized Subsequent to Acquisition | 3,491 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,365 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,535 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,881) | |||
Hamilton Corner, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,258 | |||
Initial Cost, Land | 630 | |||
Initial Cost, Buildings and Improvements | 5,532 | |||
Costs Capitalized Subsequent to Acquisition | 8,568 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,996 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,730 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,201) | |||
Hamilton Crossing, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,368 | |||
Initial Cost, Land | 4,014 | |||
Initial Cost, Buildings and Improvements | 5,906 | |||
Costs Capitalized Subsequent to Acquisition | 6,851 | |||
Sales of Outparcel Land | (1,370) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,644 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 12,757 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,401 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,896) | |||
Harford Annex, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,854 | |||
Initial Cost, Buildings and Improvements | 9,718 | |||
Costs Capitalized Subsequent to Acquisition | 1,355 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,854 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,073 | |||
Gross Amounts at Which Carried at Close of Period, Total | 13,927 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,618) | |||
The Landing at Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,993 | |||
Initial Cost, Buildings and Improvements | 14,330 | |||
Costs Capitalized Subsequent to Acquisition | 1,555 | |||
Sales of Outparcel Land | (1,886) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,107 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,885 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,992 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,015) | |||
Layton Hills Convenience Center, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 2,619 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,627 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,627 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (674) | |||
Layton Hills Plaza, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 299 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 301 | |||
Gross Amounts at Which Carried at Close of Period, Total | 301 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (212) | |||
The Plaza at Fayette, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,146 | |||
Initial Cost, Land | 9,531 | |||
Initial Cost, Buildings and Improvements | 27,646 | |||
Costs Capitalized Subsequent to Acquisition | 4,169 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,531 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 31,815 | |||
Gross Amounts at Which Carried at Close of Period, Total | 41,346 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,882) | |||
Parkdale Crossing, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,994 | |||
Initial Cost, Buildings and Improvements | 7,408 | |||
Costs Capitalized Subsequent to Acquisition | 2,282 | |||
Sales of Outparcel Land | (355) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,639 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,690 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,329 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,471) | |||
The Shoppes At Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,894 | |||
Initial Cost, Buildings and Improvements | 11,700 | |||
Costs Capitalized Subsequent to Acquisition | 1,614 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,894 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,314 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,208 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,526) | |||
Sunrise Commons, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,013 | |||
Initial Cost, Buildings and Improvements | 7,525 | |||
Costs Capitalized Subsequent to Acquisition | 2,520 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,013 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,045 | |||
Gross Amounts at Which Carried at Close of Period, Total | 11,058 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,318) | |||
The Shoppes at St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,827 | |||
Initial Cost, Land | 8,250 | |||
Initial Cost, Buildings and Improvements | 23,623 | |||
Costs Capitalized Subsequent to Acquisition | 513 | |||
Sales of Outparcel Land | (5,044) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,206 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,136 | |||
Gross Amounts at Which Carried at Close of Period, Total | 27,342 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,973) | |||
The Terrace, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,057 | |||
Initial Cost, Land | 4,166 | |||
Initial Cost, Buildings and Improvements | 9,929 | |||
Costs Capitalized Subsequent to Acquisition | 8,117 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,536 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,676 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,212 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,006) | |||
West Towne Crossing, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,151 | |||
Initial Cost, Buildings and Improvements | 2,955 | |||
Costs Capitalized Subsequent to Acquisition | 7,940 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,126 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,920 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,046 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,647) | |||
WestGate Crossing, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,082 | |||
Initial Cost, Buildings and Improvements | 3,422 | |||
Costs Capitalized Subsequent to Acquisition | 8,211 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,082 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,633 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,715 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,631) | |||
Westmoreland Crossing, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,898 | |||
Initial Cost, Buildings and Improvements | 21,167 | |||
Costs Capitalized Subsequent to Acquisition | 9,234 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,898 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 30,401 | |||
Gross Amounts at Which Carried at Close of Period, Total | 33,299 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,820) | |||
The Forum at Grandview, Madison, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,234 | |||
Initial Cost, Buildings and Improvements | 17,285 | |||
Costs Capitalized Subsequent to Acquisition | 20,561 | |||
Sales of Outparcel Land | (684) | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,652 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,744 | |||
Gross Amounts at Which Carried at Close of Period, Total | 46,396 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,808) | |||
Parkway Plaza, Fort Oglethorpe, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,675 | |||
Initial Cost, Buildings and Improvements | 13,435 | |||
Costs Capitalized Subsequent to Acquisition | 6 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,675 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,441 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,116 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (850) | |||
The Promenade, D'Iberville, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,278 | |||
Initial Cost, Buildings and Improvements | 48,806 | |||
Costs Capitalized Subsequent to Acquisition | 24,886 | |||
Sales of Outparcel Land | (706) | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,953 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 71,311 | |||
Gross Amounts at Which Carried at Close of Period, Total | 89,264 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,041) | |||
Statesboro Crossing, Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,962 | |||
Initial Cost, Land | 2,855 | |||
Initial Cost, Buildings and Improvements | 17,805 | |||
Costs Capitalized Subsequent to Acquisition | 2,235 | |||
Sales of Outparcel Land | (235) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,840 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 19,820 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,660 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,865) | |||
840 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,096 | |||
Initial Cost, Buildings and Improvements | 3,091 | |||
Costs Capitalized Subsequent to Acquisition | 179 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,096 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,270 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,366 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,189) | |||
850 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,154 | |||
Initial Cost, Buildings and Improvements | 6,881 | |||
Costs Capitalized Subsequent to Acquisition | (289) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,154 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,592 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,746 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,805) | |||
CBL Center, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,170 | |||
Initial Cost, Land | 140 | |||
Initial Cost, Buildings and Improvements | 24,675 | |||
Costs Capitalized Subsequent to Acquisition | 181 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 140 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,856 | |||
Gross Amounts at Which Carried at Close of Period, Total | 24,996 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (14,042) | |||
CBL Center II, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 13,648 | |||
Costs Capitalized Subsequent to Acquisition | 1,137 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,785 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,785 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,579) | |||
One Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,822 | |||
Initial Cost, Buildings and Improvements | 3,623 | |||
Costs Capitalized Subsequent to Acquisition | (2,128) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,317 | |||
Gross Amounts at Which Carried at Close of Period, Total | 3,317 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Pearland Hotel, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 16,149 | |||
Costs Capitalized Subsequent to Acquisition | 652 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 16,801 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,801 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,472) | |||
Pearland Office, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 7,849 | |||
Costs Capitalized Subsequent to Acquisition | 2,844 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,693 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,693 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,964) | |||
Pearland Residential Mgmt, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 9,666 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,262) | |||
Two Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,543 | |||
Initial Cost, Buildings and Improvements | 3,974 | |||
Costs Capitalized Subsequent to Acquisition | (2,974) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,543 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,543 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Bonita Lakes Crossing, Meridian, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 794 | |||
Initial Cost, Buildings and Improvements | 4,786 | |||
Costs Capitalized Subsequent to Acquisition | (5,580) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Bonita Lakes Mall, Meridian, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,924 | |||
Initial Cost, Buildings and Improvements | 31,933 | |||
Costs Capitalized Subsequent to Acquisition | (35,872) | |||
Sales of Outparcel Land | (985) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Cobblestone Village at Palm Coast, Palm Coast, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,082 | |||
Initial Cost, Buildings and Improvements | 12,070 | |||
Costs Capitalized Subsequent to Acquisition | (17,932) | |||
Sales of Outparcel Land | (220) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
The Crossings at Marshall Creek, Marshalls Creek, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,456 | |||
Initial Cost, Buildings and Improvements | 15,351 | |||
Costs Capitalized Subsequent to Acquisition | (21,807) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Fashion Square, Saginaw, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,218 | |||
Initial Cost, Buildings and Improvements | 64,970 | |||
Costs Capitalized Subsequent to Acquisition | (80,188) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
The Lakes Mall, Muskegon, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,328 | |||
Initial Cost, Buildings and Improvements | 42,366 | |||
Costs Capitalized Subsequent to Acquisition | (45,694) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Oak Branch Business Center, Greensboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 535 | |||
Initial Cost, Buildings and Improvements | 2,192 | |||
Costs Capitalized Subsequent to Acquisition | (2,727) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Randolph Mall, Asheboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,547 | |||
Initial Cost, Buildings and Improvements | 13,927 | |||
Costs Capitalized Subsequent to Acquisition | (18,474) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Regency Mall, Racine, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,539 | |||
Initial Cost, Buildings and Improvements | 36,839 | |||
Costs Capitalized Subsequent to Acquisition | (40,090) | |||
Sales of Outparcel Land | (288) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
River Ridge Mall, Lynchburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,824 | |||
Initial Cost, Buildings and Improvements | 59,052 | |||
Costs Capitalized Subsequent to Acquisition | (63,624) | |||
Sales of Outparcel Land | (252) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Walnut Square, Dalton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 50 | |||
Initial Cost, Buildings and Improvements | 15,138 | |||
Costs Capitalized Subsequent to Acquisition | (15,186) | |||
Sales of Outparcel Land | (2) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 39,263 | |||
Initial Cost, Land | 1,332 | |||
Initial Cost, Buildings and Improvements | 2,272 | |||
Costs Capitalized Subsequent to Acquisition | (684) | |||
Sales of Outparcel Land | (324) | |||
Gross Amounts at Which Carried at Close of Period, Land | 908 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,688 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,596 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,640) | |||
Developments in progress consisting of construction and Development Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 178,355 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 178,355 | |||
Gross Amounts at Which Carried at Close of Period, Total | 178,355 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | $ 0 |
Schedule III - REAL ESTATE A104
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 8,240,521 | $ 8,187,183 | $ 8,123,514 |
Additions and improvements | 263,265 | 230,990 | 282,282 |
Acquisitions of real estate assets | 0 | 182,747 | 0 |
Disposals, deconsolidations and accumulated depreciation on impairments | (435,331) | (249,716) | (189,372) |
Transfers from real estate assets | (3,986) | (4,738) | (11,383) |
Impairment of real estate assets | (116,822) | (105,945) | (17,858) |
Balance at end of period | 7,947,647 | 8,240,521 | 8,187,183 |
Accumulated depreciation, beginning of period | 2,382,568 | 2,240,007 | 2,056,357 |
Depreciation expense | 272,697 | 274,544 | 269,602 |
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (228,157) | (131,983) | (85,952) |
Accumulated depreciation, end of period | $ 2,427,108 | $ 2,382,568 | $ 2,240,007 |
Schedule IV - MORTGAGE NOTES105
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 7.00% | ||
Monthly payment amount | $ 48 | ||
Balloon Payment At Maturity | 4,327 | ||
Face Amount Of Mortgage | 8,784 | ||
Carrying Amount of Mortgage | 5,680 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | 1,100 | ||
Mortgage and other notes receivable | 16,803 | $ 18,238 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Beginning balance | 7,776 | 9,323 | $ 19,120 |
Additions | 0 | 0 | 360 |
Payments | (250) | (1,547) | (10,157) |
Write-Offs | (1,846) | 0 | 0 |
Ending balance | 5,680 | 7,776 | $ 9,323 |
Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Monthly payment amount | 15 | ||
Balloon Payment At Maturity | 2,534 | ||
Face Amount Of Mortgage | 2,597 | ||
Carrying Amount of Mortgage | 2,521 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 1,100 | ||
Interest rate, current variable rate (percent) | 5.75% | ||
Other | Prime Rate | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.00% | ||
Columbia Place Outparcel | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | $ 3 | ||
Balloon Payment At Maturity | 210 | ||
Face Amount Of Mortgage | 360 | ||
Carrying Amount of Mortgage | 321 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
One Park Place - Chattanooga, TN | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | $ 21 | ||
Balloon Payment At Maturity | 0 | ||
Face Amount Of Mortgage | 3,200 | ||
Carrying Amount of Mortgage | 1,194 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
Village Square - Houghton Lake, MI | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 3.75% | ||
Monthly payment amount | $ 9 | ||
Balloon Payment At Maturity | 1,583 | ||
Face Amount Of Mortgage | 2,627 | ||
Carrying Amount of Mortgage | 1,644 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
New Garden Crossing | First Mortgage | LIBOR | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.50% | ||
Minimum | Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 3.27% | ||
Maximum | Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 9.50% | ||
Mortgage Receivable | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage and other notes receivable | $ 5,680 | $ 7,776 | |
The Promenade, D'Iberville, MS | Mortgage Receivable | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage and other notes receivable | $ 1,100 |