Delaware | 1-12494 | 62-1545718 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421 | ||||
(Address of principal executive office, including zip code) | ||||
423.855.0001 | ||||
(Registrant's telephone number, including area code) | ||||
N/A | ||||
(Former name, former address and former fiscal year, if changed since last report) |
£ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
£ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
£ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
£ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 | Other Events. |
Exhibit Number | Description |
12 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
23 | Consent of Deloitte & Touche LLP |
99.1 | Items 6, 7, 8, 9A, 15(a)(1) and (2) and 15(c) of the Company's Annual Report on Form 10-K for the year ended December 31, 2012, as revised to reflect certain properties as discontinued operations in accordance with ASC 205-20 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Year Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 185,578 | $ | 154,515 | $ | 128,059 | $ | 104,106 | $ | 74,684 | |||||||||
Fixed charges less capitalized interest and preferred dividends | 244,432 | 267,442 | 285,169 | 286,242 | 301,522 | ||||||||||||||
Distributed income of equity investees | 17,074 | 9,586 | 4,959 | 12,665 | 15,661 | ||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | — | (1,646 | ) | — | — | |||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (3,729 | ) | (4,158 | ) | (4,203 | ) | (4,901 | ) | (3,886 | ) | |||||||||
Total earnings | $ | 443,355 | $ | 427,385 | $ | 412,338 | $ | 398,112 | $ | 387,981 | |||||||||
Combined fixed charges(1): | |||||||||||||||||||
Interest expense (2) | $ | 244,432 | $ | 267,442 | $ | 285,169 | $ | 286,242 | $ | 301,522 | |||||||||
Capitalized interest | 2,671 | 4,955 | 3,577 | 6,807 | 19,218 | ||||||||||||||
Preferred dividends (3) | 68,197 | 63,020 | 53,289 | 42,555 | 42,082 | ||||||||||||||
Total combined fixed charges | $ | 315,300 | $ | 335,417 | $ | 342,035 | $ | 335,604 | $ | 362,822 | |||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.41 | 1.27 | 1.21 | 1.19 | 1.07 |
(1) | The interest portion of rental expense is not calculated because the rental expense of the Company is not significant. | ||||||
(2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. | ||||||
(3) | Includes preferred distributions to the Company's partner in CW Joint Venture, LLC. |
Year Ended December 31, (1) | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Total revenues | $ | 1,032,677 | $ | 1,049,962 | $ | 1,043,818 | $ | 1,051,341 | $ | 1,095,100 | |||||||||
Total operating expenses | 654,245 | 691,382 | 642,969 | 660,152 | 722,583 | ||||||||||||||
Income from operations | 378,432 | 358,580 | 400,849 | 391,189 | 372,517 | ||||||||||||||
Interest and other income | 3,955 | 2,582 | 3,868 | 5,200 | 10,000 | ||||||||||||||
Interest expense | (244,432 | ) | (267,072 | ) | (281,102 | ) | (286,242 | ) | (301,522 | ) | |||||||||
Gain (loss) on extinguishment of debt | 265 | 1,029 | — | (601 | ) | — | |||||||||||||
Gain (loss) on investments | 45,072 | — | 888 | (9,260 | ) | (17,181 | ) | ||||||||||||
Gain on sales of real estate assets | 2,286 | 59,396 | 2,887 | 3,820 | 10,870 | ||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 8,313 | 6,138 | (188 | ) | 5,489 | 2,831 | |||||||||||||
Income tax benefit (provision) | (1,404 | ) | 269 | 6,417 | 1,222 | (13,495 | ) | ||||||||||||
Income from continuing operations | 192,487 | 160,922 | 133,619 | 110,817 | 64,020 | ||||||||||||||
Discontinued operations | (17,968 | ) | 24,072 | (35,450 | ) | (117,882 | ) | (608 | ) | ||||||||||
Net income (loss) | 174,519 | 184,994 | 98,169 | (7,065 | ) | 63,412 | |||||||||||||
Net (income) loss attributable to noncontrolling interests in: | |||||||||||||||||||
Operating partnership | (19,267 | ) | (25,841 | ) | (11,018 | ) | 17,845 | (7,495 | ) | ||||||||||
Other consolidated subsidiaries | (23,652 | ) | (25,217 | ) | (25,001 | ) | (25,769 | ) | (24,330 | ) | |||||||||
Net income (loss) attributable to the Company | 131,600 | 133,936 | 62,150 | (14,989 | ) | 31,587 | |||||||||||||
Preferred dividends | (47,511 | ) | (42,376 | ) | (32,619 | ) | (21,818 | ) | (21,819 | ) | |||||||||
Net income (loss) available to common shareholders | $ | 84,089 | $ | 91,560 | $ | 29,531 | $ | (36,807 | ) | $ | 9,768 | ||||||||
Basic per share data attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.64 | $ | 0.49 | $ | 0.40 | $ | 0.40 | $ | 0.15 | |||||||||
Net income (loss) attributable to common shareholders | $ | 0.54 | $ | 0.62 | $ | 0.21 | $ | (0.35 | ) | $ | 0.15 | ||||||||
Weighted average shares outstanding | 154,762 | 148,289 | 138,375 | 106,366 | 66,313 | ||||||||||||||
Diluted per share data attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.64 | $ | 0.49 | $ | 0.40 | $ | 0.40 | $ | 0.15 | |||||||||
Net income (loss) attributable to common shareholders | $ | 0.54 | $ | 0.62 | $ | 0.21 | $ | (0.35 | ) | $ | 0.15 | ||||||||
Weighted average common and potential dilutive common shares outstanding | 154,807 | 148,334 | 138,416 | 106,366 | 66,418 | ||||||||||||||
Amounts attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 98,708 | $ | 72,805 | $ | 55,349 | $ | 42,585 | $ | 10,112 | |||||||||
Discontinued operations | (14,619 | ) | 18,755 | (25,817 | ) | (79,392 | ) | (344 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 84,089 | $ | 91,560 | $ | 29,532 | $ | (36,807 | ) | $ | 9,768 | ||||||||
Dividends declared per common share | $ | 0.88 | $ | 0.84 | $ | 0.80 | $ | 0.58 | $ | 2.01 |
December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
BALANCE SHEET DATA: | |||||||||||||||||||
Net investment in real estate assets | $ | 6,328,982 | $ | 6,005,670 | $ | 6,890,137 | $ | 7,095,035 | $ | 7,321,480 | |||||||||
Total assets | 7,089,736 | 6,719,428 | 7,506,554 | 7,729,110 | 8,034,335 | ||||||||||||||
Total mortgage and other indebtedness | 4,745,683 | 4,489,355 | 5,209,747 | 5,616,139 | 6,095,676 | ||||||||||||||
Redeemable noncontrolling interests | 464,082 | 456,105 | 458,213 | 444,259 | 439,672 | ||||||||||||||
Shareholders’ equity: | |||||||||||||||||||
Redeemable preferred stock | 25 | 23 | 12 | 12 | 12 | ||||||||||||||
Other shareholders’ equity | 1,328,668 | 1,263,255 | 1,300,326 | 1,117,884 | 788,512 | ||||||||||||||
Total shareholders’ equity | 1,328,693 | 1,263,278 | 1,300,338 | 1,117,896 | 788,524 | ||||||||||||||
Noncontrolling interests | 192,404 | 207,113 | 223,605 | 302,483 | 380,472 | ||||||||||||||
Total equity | $ | 1,521,097 | $ | 1,470,391 | $ | 1,523,943 | $ | 1,420,379 | $ | 1,168,996 |
Year Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
OTHER DATA: | |||||||||||||||||||
Cash flows provided by (used in): | |||||||||||||||||||
Operating activities | $ | 481,515 | $ | 441,836 | $ | 429,792 | $ | 431,638 | $ | 419,093 | |||||||||
Investing activities | (246,670 | ) | (27,645 | ) | (5,558 | ) | (160,302 | ) | (360,601 | ) | |||||||||
Financing activities | (212,689 | ) | (408,995 | ) | (421,400 | ) | (275,834 | ) | (71,512 | ) | |||||||||
Funds From Operations ("FFO") of the Operating Partnership (2) | 458,159 | 422,697 | 394,841 | 397,068 | 376,273 | ||||||||||||||
FFO allocable to Company shareholders | 372,758 | 329,323 | 287,563 | 267,425 | 213,347 |
(1) | Please refer to Notes 3, 5 and 15 to the consolidated financial statements for a description of acquisitions, joint venture transactions and impairment charges that have impacted the comparability of the financial information presented. Also, please refer to Note 4 to the consolidated financial statements for a description of discontinued operations that resulted in revisions to certain amounts previously reported. |
(2) | Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for the definition of FFO, which does not represent cash flows from operations as defined by accounting principles generally accepted in the United States and is not necessarily indicative of the cash available to fund all cash requirements. A reconciliation of FFO to net income (loss) attributable to common shareholders is presented on page 28. |
Property | Location | Date Opened /Acquired | ||
New Developments: | ||||
The Outlet Shoppes at Oklahoma City (1) | Oklahoma City, OK | August 2011 | ||
Waynesville Commons | Waynesville, NC | October 2012 | ||
Acquisitions: | ||||
Northgate Mall | Chattanooga, TN | September 2011 | ||
The Outlet Shoppes at El Paso (1) | El Paso, TX | April 2012 | ||
The Outlet Shoppes at Gettysburg (2) | Gettysburg, PA | April 2012 | ||
Dakota Square Mall | Minot, ND | May 2012 | ||
Kirkwood Mall (3) | Bismarck, ND | December 2012 |
Property | Location | Date Opened/Acquired | ||
New Developments: | ||||
The Pavilion at Port Orange (1) | Port Orange, FL | March 2010 | ||
The Forum at Grandview - Phase I | Madison, MS | November 2010 | ||
The Outlet Shoppes at Oklahoma City (2) | Oklahoma City, OK | August 2011 | ||
Acquisition: | ||||
Northgate Mall | Chattanooga, TN | September 2011 |
(1) | The Pavilion at Port Orange is a 50/50 joint venture that is accounted for using the equity method of accounting and is included in equity in earnings (losses) of unconsolidated affiliates in the accompanying consolidated statements of operations. |
(2) | The Outlet Shoppes at Oklahoma City is a 75/25 joint venture, which is included in the accompanying consolidated statements of operations on a consolidated basis. |
Year Ended December 31, | ||||||||
2012 | 2011 | |||||||
Net income attributable to the Company | $ | 131,600 | $ | 133,936 | ||||
Adjustments: (1) | ||||||||
Depreciation and amortization | 307,519 | 307,989 | ||||||
Interest expense | 285,769 | 303,116 | ||||||
Abandoned projects expense | (39 | ) | 94 | |||||
Gain on sales of real estate assets | (6,496 | ) | (60,841 | ) | ||||
Gain on extinguishment of debt | (265 | ) | (32,463 | ) | ||||
Gain on investments | (45,072 | ) | — | |||||
Write-down of mortgage notes receivable | — | 1,900 | ||||||
Loss on impairment of real estate | 50,840 | 58,729 | ||||||
Income tax provision (benefit) | 1,404 | (269 | ) | |||||
Net income attributable to noncontrolling interest in earnings of operating partnership | 19,267 | 25,841 | ||||||
(Gain) loss on discontinued operations | (938 | ) | 1 | |||||
Operating partnership's share of total NOI | 743,589 | 738,033 | ||||||
General and administrative expenses | 51,251 | 44,751 | ||||||
Management fees and non-property level revenues | (27,729 | ) | (22,827 | ) | ||||
Operating partnership's share of property NOI | 767,111 | 759,957 | ||||||
Non-comparable NOI | (36,361 | ) | (43,981 | ) | ||||
Total same-center NOI | 730,750 | 715,976 | ||||||
Less lease termination fees | (3,456 | ) | (2,945 | ) | ||||
Total same-center NOI, excluding lease termination fees | $ | 727,294 | $ | 713,031 |
(1) | Adjustments are based on our pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated Properties. |
Year Ended December 31, | |||||
2012 | 2011 | ||||
Malls | 89.8 | % | 87.8 | % | |
Associated centers | 4.1 | % | 3.9 | % | |
Community centers | 1.2 | % | 1.7 | % | |
Mortgages, office buildings and other | 4.9 | % | 6.6 | % |
As of December 31, | |||||
2012 | 2011 | ||||
Total portfolio (1) | 94.6 | % | 93.6 | % | |
Total mall portfolio (1) | 94.6 | % | 94.1 | % | |
Stabilized malls (1) | 94.5 | % | 94.2 | % | |
Non-stabilized malls (2) | 100.0 | % | 92.1 | % | |
Associated centers | 94.8 | % | 93.4 | % | |
Community centers | 95.9 | % | 91.5 | % |
(1) | Excludes occupancy for Kirkwood Mall, which was acquired in December 2012. |
(2) | Represents occupancy for The Outlet Shoppes at Oklahoma City as of December 31, 2012 and occupancy for Pearland Town Center and The Outlet Shoppes at Oklahoma City as of December 31, 2011. Pearland Town Center is classified as a stabilized mall in 2012. |
December 31, | |||||||
2012 | 2011 | ||||||
Stabilized malls (1) | $ | 29.72 | $ | 29.68 | |||
Non-stabilized malls (2) | 22.81 | 23.92 | |||||
Associated centers | 11.90 | 11.65 | |||||
Community centers | 16.02 | 14.38 | |||||
Office buildings | 18.62 | 17.68 |
(1) | Excludes average annual base rents for Kirkwood Mall, which was acquired December 2012. Average annual bases rents as of December 31, 2012 were impacted by the addition of two outlet centers acquired in 2012, which have lower average base rents than traditional malls and one mall acquired in 2012 that has lower average base rents than our stabilized mall portfolio. |
(2) | Represents average annual base rents for The Outlet Shoppes at Oklahoma City as of December 31, 2012 and average annual base rents for Pearland Town Center and The Outlet Shoppes at Oklahoma City as of December 31, 2011. Pearland Town Center is classified as a stabilized Mall in 2012. |
Property Type | Square Feet | Prior Gross Rent PSF | New Initial Gross Rent PSF | % Change Initial | New Average Gross Rent PSF (2) | % Change Average | |||||||||||||||
All Property Types (1) | 2,892,058 | $ | 38.74 | $ | 40.55 | 4.7 | % | $ | 41.86 | 8.1 | % | ||||||||||
Stabilized Malls | 2,642,733 | 40.49 | 42.50 | 5.0 | % | 43.87 | 8.4 | % | |||||||||||||
New leases | 487,734 | 43.36 | 50.48 | 16.4 | % | 53.49 | 23.4 | % | |||||||||||||
Renewal leases | 2,154,999 | 39.83 | 40.69 | 2.2 | % | 41.69 | 4.7 | % |
(1) | Includes stabilized malls, associated centers, community centers and office buildings with the exception of Kirkwood Mall, which was acquired in December 2012. |
Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted Average Interest Rate (1) | ||||||||||||||
December 31, 2012: | ||||||||||||||||||
Fixed-rate debt: | ||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,776,245 | $ | (89,530 | ) | $ | 660,563 | $ | 4,347,278 | 5.48 | % | |||||||
Financing method obligation (3) | 18,264 | — | — | 18,264 | ||||||||||||||
Total fixed-rate debt | 3,794,509 | (89,530 | ) | 660,563 | 4,365,542 | 5.48 | % | |||||||||||
Variable-rate debt: | ||||||||||||||||||
Non-recourse term loans on operating properties | 123,875 | — | — | 123,875 | 3.36 | % | ||||||||||||
Recourse term loans on operating properties | 97,682 | — | 128,491 | 226,173 | 2.16 | % | ||||||||||||
Construction loans | 15,366 | — | — | 15,366 | 2.96 | % | ||||||||||||
Unsecured lines of credit (4) | 475,626 | — | — | 475,626 | 2.07 | % | ||||||||||||
Secured lines of credit | 10,625 | — | — | 10,625 | 2.46 | % | ||||||||||||
Unsecured term loans | 228,000 | — | — | 228,000 | 1.82 | % | ||||||||||||
Total variable-rate debt | 951,174 | — | 128,491 | 1,079,665 | 2.39 | % | ||||||||||||
Total | $ | 4,745,683 | $ | (89,530 | ) | $ | 789,054 | $ | 5,445,207 | 4.86 | % |
Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted Average Interest Rate (1) | ||||||||||||||
December 31, 2011: | ||||||||||||||||||
Fixed-rate debt: | ||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,637,979 | $ | (30,416 | ) | $ | 658,470 | $ | 4,266,033 | 5.58 | % | |||||||
Recourse term loans on operating properties | 77,112 | — | — | 77,112 | 5.89 | % | ||||||||||||
Financing method obligation (3) | 18,264 | — | — | 18,264 | ||||||||||||||
Total fixed-rate debt | 3,733,355 | (30,416 | ) | 658,470 | 4,361,409 | 5.58 | % | |||||||||||
Variable-rate debt: | ||||||||||||||||||
Non-recourse term loans on operating properties | 168,750 | — | 19,716 | 188,466 | 2.88 | % | ||||||||||||
Recourse term loans on operating properties | 124,439 | (726 | ) | 130,455 | 254,168 | 3.32 | % | |||||||||||
Construction loans | 25,921 | — | — | 25,921 | 3.32 | % | ||||||||||||
Secured lines of credit | 27,300 | — | — | 27,300 | 3.03 | % | ||||||||||||
Unsecured term loans | 409,590 | — | — | 409,590 | 1.67 | % | ||||||||||||
Total variable-rate debt | 756,000 | (726 | ) | 150,171 | 905,445 | 2.47 | % | |||||||||||
Total | $ | 4,489,355 | $ | (31,142 | ) | $ | 808,641 | $ | 5,266,854 | 5.04 | % |
(1) | Weighted average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. |
(2) | We had four interest rate swaps on notional amounts outstanding totaling $113.9 million as of December 31, 2012 and $117.7 million as of December 31, 2011 related to four of our variable-rate loans on operating Properties to effectively fix the interest rates on these loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2012 and 2011. |
(3) | This amount represents the noncontrolling partner's equity contribution that is accounted for as a financing due to certain terms of the joint venture agreement related to Pearland Town Center, in which we own an 88.0% interest. See Note 5 to the consolidated financial statements for further information. |
(4) | We converted two of our credit facilities from secured facilities to unsecured facilities in November 2012. |
Total Capacity | Total Outstanding | Maturity Date | Extended Maturity Date | ||||||||
Facility A | 600,000 | 300,297 | (1) | November 2015 | November 2016 | ||||||
Facility B | 600,000 | 175,329 | November 2016 | November 2017 | |||||||
$ | 1,200,000 | $ | 475,626 |
(1) | There was an additional $601 outstanding on this facility as of December 31, 2012 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. |
Ratio | Required | Actual | ||
Debt to total asset value | < 60% | 52.6% | ||
Ratio of unencumbered asset value to unsecured indebtedness | > 1.60x | 3.13x | ||
Ratio of unencumbered NOI to unsecured interest expense | > 1.75x | 11.41x | ||
Ratio of EBITDA to fixed charges (debt service) | >1.50x | 2.00x |
Instrument Type | Location in Consolidated Balance Sheet | Outstanding Notional Amount | Designated Benchmark Interest Rate | Strike Rate | Fair Value at 12/31/12 | Fair Value at 12/31/11 | Maturity Date | ||||||||||||
Cap | Intangible lease assets and other assets | $ 123,875 (amortizing to $122,375) | 3-month LIBOR | 5.000 | % | $ | — | $ | — | January 2014 | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 55,057 (amortizing to $48,337) | 1-month LIBOR | 2.149 | % | $ | (2,775 | ) | $ | (2,674 | ) | April 2016 | |||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 34,469 (amortizing to $30,276) | 1-month LIBOR | 2.187 | % | (1,776 | ) | (1,725 | ) | April 2016 | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 12,887 (amortizing to $11,313) | 1-month LIBOR | 2.142 | % | (647 | ) | (622 | ) | April 2016 | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 11,472 (amortizing to $10,083) | 1-month LIBOR | 2.236 | % | (607 | ) | (596 | ) | April 2016 | |||||||||
$ | (5,805 | ) | $ | (5,617 | ) |
Shares Outstanding | Stock Price (1) | Value | ||||||||
Common stock and operating partnership units | 190,855 | $ | 21.21 | $ | 4,048,035 | |||||
7.375% Series D Cumulative Redeemable Preferred Stock | 1,815 | 250.00 | 453,750 | |||||||
6.625% Series E Cumulative Redeemable Preferred Stock | 690 | 250.00 | 172,500 | |||||||
Total market equity | 4,674,285 | |||||||||
Company’s share of total debt | 5,445,207 | |||||||||
Total market capitalization | $ | 10,119,492 | ||||||||
Debt-to-total-market capitalization ratio | 53.8 | % |
(1) | Stock price for common stock and Operating Partnership units equals the closing price of our common stock on December 31, 2012. The |
Payments Due By Period | |||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | |||||||||||||||
Long-term debt: | |||||||||||||||||||
Total consolidated debt service (1) | $ | 5,942,128 | $ | 733,648 | $ | 1,671,749 | $ | 1,589,818 | $ | 1,946,913 | |||||||||
Noncontrolling interests' share in other consolidated subsidiaries | (108,317 | ) | (5,614 | ) | (11,279 | ) | (52,627 | ) | (38,797 | ) | |||||||||
Our share of unconsolidated affiliates debt service (2) | 928,851 | 162,101 | 404,046 | 189,061 | 173,643 | ||||||||||||||
Our share of total debt service obligations | 6,762,662 | 890,135 | 2,064,516 | 1,726,252 | 2,081,759 | ||||||||||||||
Operating leases: (3) | |||||||||||||||||||
Ground leases on consolidated properties | 32,372 | 775 | 1,573 | 1,613 | 28,411 | ||||||||||||||
Purchase obligations: (4) | |||||||||||||||||||
Construction contracts on consolidated properties | 6,491 | 6,491 | — | — | — | ||||||||||||||
Total contractual obligations | $ | 6,801,525 | $ | 897,401 | $ | 2,066,089 | $ | 1,727,865 | $ | 2,110,170 |
(1) | Represents principal and interest payments due under the terms of mortgage and other indebtedness and includes $1,218,183 of variable-rate debt service on ten operating Properties, one construction loan, one secured credit facility and two unsecured credit facilities. The construction loan and credit facilities do not require scheduled principal payments. The future interest payments are projected based on the interest rates that were in effect at December 31, 2012. See to the consolidated financial statements for additional information regarding the terms of long-term debt. |
(2) | Includes $137,914 of variable-rate debt service. Future contractual obligations have been projected using the same assumptions as used in (1) above. |
(3) | Obligations where we own the buildings and improvements, but lease the underlying land under long-term ground leases. The maturities of these leases range from 2014 to 2089 and generally provide for renewal options. |
(4) | Represents the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2012, but were not complete. The contracts are primarily for development of Properties. |
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
Tenant allowances (1) | $ | 56,657 | $ | 46,403 | |||
Renovations | 28,106 | 23,300 | |||||
Deferred maintenance: | |||||||
Parking lot and parking lot lighting | 18,163 | 8,793 | |||||
Roof repairs and replacements | 8,427 | 3,312 | |||||
Other capital expenditures | 11,567 | 8,707 | |||||
Total deferred maintenance | 38,157 | 20,812 | |||||
Total capital expenditures | $ | 122,920 | $ | 90,515 |
(1) | Tenant allowances primarily relate to new leases. Tenant allowances related to renewal leases were not material for the periods presented. |
Properties Opened During the Year Ended December 31, 2012 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total Project Square Feet | |||||||||||||||||
Property | Location | Total Cost (1) | Cost to Date (2) | Date Opened | Initial Unleveraged Yield | ||||||||||||
Community Center: | |||||||||||||||||
Waynesville Commons | Waynesville, NC | 127,585 | $ | 9,987 | $ | 9,505 | October-12 | 10.6% | |||||||||
Community Center Expansion: | |||||||||||||||||
The Forum at Grandview - Phase II (3) | Madison, MS | 83,060 | $ | 16,826 | $ | 13,119 | April-12 | 7.6% | |||||||||
Mall /Open-Air Center Expansion: | |||||||||||||||||
The Shoppes at Southaven Towne Center - Phase I | Southaven, MS | 15,557 | $ | 1,828 | $ | 1,614 | November-12 | 16.4% | |||||||||
Mall Redevelopment: | |||||||||||||||||
Foothills Mall/Plaza - Carmike Cinemas | Maryville, TN | 45,276 | $ | 8,337 | $ | 8,718 | March-12 | 7.3% | |||||||||
Outlet Center Expansion: | |||||||||||||||||
The Outlet Shoppes at Oklahoma City - Phase II (3) | Oklahoma City, OK | 27,850 | $ | 6,668 | $ | 5,055 | November-12 | 11.4% | |||||||||
Total Properties Opened | 299,328 | $ | 43,646 | $ | 38,011 |
(1) | Total cost is presented net of reimbursements to be received. |
(2) | Cost to date does not reflect reimbursements until they are received. |
(3) | These Properties are 75/25 joint ventures. Total cost and cost to date are reflected at 100%. |
Properties Under Development at December 31, 2012 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total Project Square Feet | |||||||||||||||||
Property | Location | Total Cost (1) | Cost to Date (2) | Expected Opening Date | Initial Unleveraged Yield | ||||||||||||
Community Center: | |||||||||||||||||
The Crossings at Marshalls Creek | Middle Smithfield, PA | 104,525 | $ | 18,983 | $ | 11,312 | Summer-13 | 9.8% | |||||||||
Mall Expansion: | |||||||||||||||||
Volusia Mall - Restaurant District | Daytona Beach, FL | 28,000 | $ | 8,951 | $ | 4,107 | Fall-13 | 11.0% | |||||||||
Mall Redevelopments: | |||||||||||||||||
Monroeville Mall - JC Penney/Cinemark | Pittsburgh, PA | 464,792 | $ | 26,178 | $ | 8,784 | October-12/Winter-13 | 7.6% | |||||||||
Southpark Mall - Dick's Sporting Goods | Colonial Heights, VA | 91,770 | 9,891 | 860 | Fall-13 | 6.6% | |||||||||||
556,562 | $ | 36,069 | $ | 9,644 | |||||||||||||
Outlet Center: | |||||||||||||||||
The Outlet Shoppes at Atlanta (3) | Woodstock, GA | 370,456 | $ | 80,490 | $ | 31,468 | July-13 | 10.0% | |||||||||
Total Under Development | 1,059,543 | $ | 144,493 | $ | 56,531 | ||||||||||||
(1) | Total cost is presented net of reimbursements to be received. |
(2) | Cost to date does not reflect reimbursements until they are received. |
(3) | This Property is a 75/25 joint venture. Total cost and cost to date are reflected at 100%. |
▪ | Third parties may approach us with opportunities in which they have obtained land and performed some pre-development activities, but they may not have sufficient access to the capital resources or the development and leasing expertise to bring the project to fruition. We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment. We typically earn development fees from the joint venture and provide management and leasing services to the property for a fee once the property is placed in operation. |
▪ | We determine that we may have the opportunity to capitalize on the value we have created in a Property by selling an interest in the Property to a third party. This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth. When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the Property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture. |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net income attributable to common shareholders | $ | 84,089 | $ | 91,560 | $ | 29,532 | |||||
Noncontrolling interest in income of operating partnership | 19,267 | 25,841 | 11,018 | ||||||||
Depreciation and amortization expense of: | |||||||||||
Consolidated properties | 265,192 | 270,828 | 279,936 | ||||||||
Unconsolidated affiliates | 43,956 | 32,538 | 27,445 | ||||||||
Discontinued operations | 3,442 | 5,542 | 11,836 | ||||||||
Non-real estate assets | (1,841 | ) | (2,488 | ) | (4,182 | ) | |||||
Noncontrolling interests' share of depreciation and amortization | (5,071 | ) | (919 | ) | (605 | ) | |||||
Loss on impairment of real estate, net of tax benefit | 50,343 | 56,557 | 40,240 | ||||||||
Gain on depreciable property | (652 | ) | (56,763 | ) | — | ||||||
(Gain) loss on discontinued operations, net of tax | (566 | ) | 1 | (379 | ) | ||||||
Funds from operations of the operating partnership | 458,159 | 422,697 | 394,841 | ||||||||
Gain on extinguishment of debt | (265 | ) | (32,463 | ) | — | ||||||
Gain on investments | (45,072 | ) | — | $ | 888 | ||||||
Funds from operations of the operating partnership, as adjusted | $ | 412,822 | $ | 390,234 | $ | 395,729 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Funds from operations of the operating partnership | $ | 458,159 | $ | 422,697 | $ | 394,841 | |||||
Percentage allocable to common shareholders (1) | 81.36 | % | 77.91 | % | 72.83 | % | |||||
Funds from operations allocable to common shareholders | $ | 372,758 | $ | 329,323 | $ | 287,563 | |||||
Funds from operations of the operating partnership, as adjusted | $ | 412,822 | $ | 390,234 | $ | 395,729 | |||||
Percentage allocable to common shareholders (1) | 81.36 | % | 77.91 | % | 72.83 | % | |||||
Funds from operations allocable to Company shareholders, as adjusted | $ | 335,872 | $ | 304,031 | $ | 288,209 |
(1) | Represents the weighted average number of common shares outstanding for the period divided by the sum of the weighted average number of common shares and the weighted average number of Operating Partnership units held by noncontrolling interests during the period. |
(1) | Consolidated Financial Statements | Page Number |
(2) | Exhibits | |
The Exhibit Index attached to this report is incorporated by reference into this Item 15(a)(3). |
INDEX TO FINANCIAL STATEMENTS | |
Page Number | |
December 31, | |||||||
ASSETS | 2012 | 2011 | |||||
Real estate assets: | |||||||
Land | $ | 905,339 | $ | 851,303 | |||
Buildings and improvements | 7,228,293 | 6,777,776 | |||||
8,133,632 | 7,629,079 | ||||||
Accumulated depreciation | (1,972,031 | ) | (1,762,149 | ) | |||
6,161,601 | 5,866,930 | ||||||
Held for sale | 29,425 | 14,033 | |||||
Developments in progress | 137,956 | 124,707 | |||||
Net investment in real estate assets | 6,328,982 | 6,005,670 | |||||
Cash and cash equivalents | 78,248 | 56,092 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,977 and $1,760 in 2012 and 2011, respectively | 78,963 | 74,160 | |||||
Other, net of allowance for doubtful accounts of $1,270 and $1,400 in 2012 and 2011, respectively | 8,467 | 11,592 | |||||
Mortgage and other notes receivable | 25,967 | 34,239 | |||||
Investments in unconsolidated affiliates | 259,810 | 304,710 | |||||
Intangible lease assets and other assets | 309,299 | 232,965 | |||||
$ | 7,089,736 | $ | 6,719,428 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness | $ | 4,745,683 | $ | 4,489,355 | |||
Accounts payable and accrued liabilities | 358,874 | 303,577 | |||||
Total liabilities | 5,104,557 | 4,792,932 | |||||
Commitments and contingencies (Note 14) | |||||||
Redeemable noncontrolling interests: | |||||||
Redeemable noncontrolling partnership interests | 40,248 | 32,271 | |||||
Redeemable noncontrolling preferred joint venture interest | 423,834 | 423,834 | |||||
Total redeemable noncontrolling interests | 464,082 | 456,105 | |||||
Shareholders' equity: | |||||||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||||||
7.75% Series C Cumulative Redeemable Preferred Stock, 460,000 shares outstanding in 2011 | — | 5 | |||||
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding | 18 | 18 | |||||
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding in 2012 | 7 | — | |||||
Common Stock, $.01 par value, 350,000,000 shares authorized, 161,309,652 and 148,364,037 issued and outstanding in 2012 and 2011, respectively | 1,613 | 1,484 | |||||
Additional paid-in capital | 1,773,630 | 1,657,927 | |||||
Accumulated other comprehensive income | 6,986 | 3,425 | |||||
Dividends in excess of cumulative earnings | (453,561 | ) | (399,581 | ) | |||
Total shareholders' equity | 1,328,693 | 1,263,278 | |||||
Noncontrolling interests | 192,404 | 207,113 | |||||
Total equity | 1,521,097 | 1,470,391 | |||||
$ | 7,089,736 | $ | 6,719,428 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
REVENUES: | |||||||||||
Minimum rents | $ | 662,018 | $ | 667,090 | $ | 663,156 | |||||
Percentage rents | 17,995 | 17,149 | 17,367 | ||||||||
Other rents | 22,659 | 22,427 | 22,535 | ||||||||
Tenant reimbursements | 287,866 | 301,510 | 305,095 | ||||||||
Management, development and leasing fees | 10,772 | 6,935 | 6,416 | ||||||||
Other | 31,367 | 34,851 | 29,249 | ||||||||
Total revenues | 1,032,677 | 1,049,962 | 1,043,818 | ||||||||
OPERATING EXPENSES: | |||||||||||
Property operating | 145,590 | 148,715 | 143,785 | ||||||||
Depreciation and amortization | 265,192 | 270,828 | 279,936 | ||||||||
Real estate taxes | 90,368 | 91,586 | 94,650 | ||||||||
Maintenance and repairs | 52,387 | 55,301 | 54,536 | ||||||||
General and administrative | 51,251 | 44,750 | 43,383 | ||||||||
Loss on impairment of real estate | 24,379 | 51,304 | 1,156 | ||||||||
Other | 25,078 | 28,898 | 25,523 | ||||||||
Total operating expenses | 654,245 | 691,382 | 642,969 | ||||||||
Income from operations | 378,432 | 358,580 | 400,849 | ||||||||
Interest and other income | 3,955 | 2,582 | 3,868 | ||||||||
Interest expense | (244,432 | ) | (267,072 | ) | (281,102 | ) | |||||
Gain on extinguishment of debt | 265 | 1,029 | — | ||||||||
Gain on investments | 45,072 | — | 888 | ||||||||
Gain on sales of real estate assets | 2,286 | 59,396 | 2,887 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 8,313 | 6,138 | (188 | ) | |||||||
Income tax (provision) benefit | (1,404 | ) | 269 | 6,417 | |||||||
Income from continuing operations | 192,487 | 160,922 | 133,619 | ||||||||
Operating income (loss) of discontinued operations | (18,906 | ) | 24,073 | (35,828 | ) | ||||||
Gain (loss) on discontinued operations | 938 | (1 | ) | 379 | |||||||
Net income | 174,519 | 184,994 | 98,170 | ||||||||
Net income attributable to noncontrolling interests in: | |||||||||||
Operating partnership | (19,267 | ) | (25,841 | ) | (11,018 | ) | |||||
Other consolidated subsidiaries | (23,652 | ) | (25,217 | ) | (25,001 | ) | |||||
Net income attributable to the Company | 131,600 | 133,936 | 62,151 | ||||||||
Preferred dividends | (47,511 | ) | (42,376 | ) | (32,619 | ) | |||||
Net income attributable to common shareholders | $ | 84,089 | $ | 91,560 | $ | 29,532 | |||||
Basic per share data attributable to common shareholders: | |||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.64 | $ | 0.49 | $ | 0.40 | |||||
Discontinued operations | (0.10 | ) | 0.13 | (0.19 | ) | ||||||
Net income attributable to common shareholders | $ | 0.54 | $ | 0.62 | $ | 0.21 | |||||
Weighted average common shares outstanding | 154,762 | 148,289 | 138,375 | ||||||||
Diluted per share data attributable to common shareholders: | |||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.64 | $ | 0.49 | $ | 0.40 | |||||
Discontinued operations | (0.10 | ) | 0.13 | (0.19 | ) | ||||||
Net income attributable to common shareholders | $ | 0.54 | $ | 0.62 | $ | 0.21 | |||||
Weighted average common and potential dilutive common shares outstanding | 154,807 | 148,334 | 138,416 | ||||||||
Amounts attributable to common shareholders: | |||||||||||
Income from continuing operations, net of preferred dividends | $ | 98,708 | $ | 72,805 | $ | 55,349 | |||||
Discontinued operations | (14,619 | ) | 18,755 | (25,817 | ) | ||||||
Net income attributable to common shareholders | $ | 84,089 | $ | 91,560 | $ | 29,532 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net income | $ | 174,519 | $ | 184,994 | $ | 98,170 | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized holding gain (loss) on available-for-sale securities | 4,426 | (214 | ) | 8,402 | |||||||
Reclassification to net income of realized (gain) loss on available-for-sale securities | (224 | ) | 22 | 114 | |||||||
Unrealized gain (loss) on hedging instruments | (207 | ) | (5,521 | ) | 2,742 | ||||||
Unrealized loss on foreign currency translation adjustment | — | — | (156 | ) | |||||||
Reclassification to net income of realized loss on foreign currency adjustment | — | — | 169 | ||||||||
Total other comprehensive income (loss) | 3,995 | (5,713 | ) | 11,271 | |||||||
Comprehensive income | 178,514 | 179,281 | 109,441 | ||||||||
Comprehensive income attributable to noncontrolling interests in: | |||||||||||
Operating partnership | (19,701 | ) | (24,558 | ) | (14,925 | ) | |||||
Other consolidated subsidiaries | (23,652 | ) | (25,217 | ) | (25,001 | ) | |||||
Comprehensive income attributable to the Company | $ | 135,161 | $ | 129,506 | $ | 69,515 |
(in thousands, except share data) | Equity | ||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Partnership Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, December 31, 2009 | 22,689 | 12 | 1,379 | 1,399,654 | 491 | (283,640 | ) | 1,117,896 | 302,483 | 1,420,379 | |||||||||||||||||||||||||
Net income | 4,333 | — | — | — | — | 62,151 | 62,151 | 11,016 | 73,167 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | (304 | ) | — | — | — | 7,364 | — | 7,364 | 4,211 | 11,575 | |||||||||||||||||||||||||
Issuance of 1,115,000 shares of Series D preferred stock in equity offerings | — | 11 | — | 229,336 | — | — | 229,347 | — | 229,347 | ||||||||||||||||||||||||||
Conversion of 9,807,013 operating partnership special common units to shares of common stock | — | — | 98 | 56,240 | — | — | 56,338 | (56,338 | ) | — | |||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (112,418 | ) | (112,418 | ) | — | (112,418 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (32,619 | ) | (32,619 | ) | — | (32,619 | ) | |||||||||||||||||||||||
Issuance of 130,367 shares of common stock and restricted common stock | — | — | 1 | 213 | — | — | 214 | — | 214 | ||||||||||||||||||||||||||
Cancellation of 17,790 shares of restricted common stock | — | — | — | (175 | ) | — | — | (175 | ) | — | (175 | ) | |||||||||||||||||||||||
Exercise of stock options | — | — | 1 | 1,455 | — | — | 1,456 | — | 1,456 | ||||||||||||||||||||||||||
Accrual under deferred compensation arrangements | — | — | — | 41 | — | — | 41 | — | 41 | ||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,211 | — | — | 2,211 | — | 2,211 | ||||||||||||||||||||||||||
Additions to deferred financing costs | — | — | — | — | — | — | — | 34 | 34 | ||||||||||||||||||||||||||
Income tax effect of share-based compensation | (10 | ) | — | — | (1,468 | ) | — | — | (1,468 | ) | (337 | ) | (1,805 | ) | |||||||||||||||||||||
Adjustment for noncontrolling interests | 3,139 | — | — | (15,572 | ) | — | — | (15,572 | ) | 12,433 | (3,139 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 14,428 | — | — | (14,428 | ) | — | — | (14,428 | ) | — | (14,428 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | (9,896 | ) | — | — | — | — | — | — | (55,131 | ) | (55,131 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests in Operating Partnership | — | — | — | — | — | — | — | 5,234 | 5,234 | ||||||||||||||||||||||||||
Balance, December 31, 2010 | $ | 34,379 | $ | 23 | $ | 1,479 | $ | 1,657,507 | $ | 7,855 | $ | (366,526 | ) | $ | 1,300,338 | $ | 223,605 | $ | 1,523,943 |
Net income | 4,940 | — | — | — | — | 133,936 | 133,936 | 25,473 | 159,409 | ||||||||||||||||||||||||||
Other comprehensive loss | (48 | ) | — | — | — | (4,430 | ) | — | (4,430 | ) | (1,235 | ) | (5,665 | ) | |||||||||||||||||||||
Conversion of 125,100 operating partnership special common units to shares of common stock | — | — | 1 | 728 | — | — | 729 | (729 | ) | — | |||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (124,615 | ) | (124,615 | ) | — | (124,615 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (42,376 | ) | (42,376 | ) | — | (42,376 | ) | |||||||||||||||||||||||
Issuance of 190,812 shares of common stock and restricted common stock | — | — | 2 | 276 | — | — | 278 | — | 278 | ||||||||||||||||||||||||||
Cancellation of 16,082 shares of restricted common stock | — | — | — | (125 | ) | — | — | (125 | ) | — | (125 | ) | |||||||||||||||||||||||
Exercise of stock options | — | — | 2 | 1,953 | — | — | 1,955 | — | 1,955 | ||||||||||||||||||||||||||
Accrual under deferred compensation arrangements | — | — | — | 56 | — | — | 56 | — | 56 | ||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 1,629 | — | — | 1,629 | — | 1,629 | ||||||||||||||||||||||||||
Adjustment for noncontrolling interests | 3,005 | — | — | (5,205 | ) | — | — | (5,205 | ) | 2,200 | (3,005 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,108 | ) | — | — | 1,108 | — | — | 1,108 | — | 1,108 | |||||||||||||||||||||||||
Distributions to noncontrolling interests | (8,897 | ) | — | — | — | — | — | — | (44,239 | ) | (44,239 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests in Operating Partnership | — | — | — | — | — | — | — | 2,038 | 2,038 | ||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 32,271 | $ | 23 | $ | 1,484 | $ | 1,657,927 | $ | 3,425 | $ | (399,581 | ) | $ | 1,263,278 | $ | 207,113 | $ | 1,470,391 |
(in thousands, except share data) | Equity | ||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Partnership Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, December 31, 2011 | 32,271 | 23 | 1,484 | 1,657,927 | 3,425 | (399,581 | ) | 1,263,278 | 207,113 | 1,470,391 | |||||||||||||||||||||||||
Net income | 4,445 | — | — | — | — | 131,600 | 131,600 | 17,772 | 149,372 | ||||||||||||||||||||||||||
Other comprehensive income | 21 | — | — | — | 3,561 | — | 3,561 | 413 | 3,974 | ||||||||||||||||||||||||||
Issuance of 690,000 shares of Series E preferred stock in equity offering | — | 7 | — | 166,713 | — | — | 166,720 | — | 166,720 | ||||||||||||||||||||||||||
Redemption of Series C preferred stock | — | (5 | ) | — | (111,222 | ) | — | (3,773 | ) | (115,000 | ) | — | (115,000 | ) | |||||||||||||||||||||
Conversion of 12,466,000 operating partnership common units to shares of common stock | — | — | 125 | 59,613 | — | — | 59,738 | (59,738 | ) | — | |||||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | — | — | — | — | — | — | — | (9,863 | ) | (9,863 | ) | ||||||||||||||||||||||||
Issuance of noncontrolling interest in Operating Partnership | — | — | — | — | — | — | — | 14,000 | 14,000 | ||||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (138,069 | ) | (138,069 | ) | — | (138,069 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (43,738 | ) | (43,738 | ) | — | (43,738 | ) | |||||||||||||||||||||||
Issuance of 232,560 shares of common stock and restricted common stock | — | — | 2 | 728 | — | — | 730 | — | 730 | ||||||||||||||||||||||||||
Cancellation of 39,779 shares of restricted common stock | — | — | — | (633 | ) | — | — | (633 | ) | — | (633 | ) | |||||||||||||||||||||||
Exercise of stock options | — | — | 2 | 4,452 | — | — | 4,454 | — | 4,454 | ||||||||||||||||||||||||||
Accrual under deferred compensation arrangements | — | — | — | 44 | — | — | 44 | — | 44 | ||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 3,863 | — | — | 3,863 | — | 3,863 | ||||||||||||||||||||||||||
Accelerated vesting of share-based compensation | — | — | — | (725 | ) | — | — | (725 | ) | — | (725 | ) | |||||||||||||||||||||||
Issuance of 42,484 shares of common stock under deferred compensation arrangement | — | — | — | (615 | ) | — | — | (615 | ) | — | (615 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 3,197 | — | — | (3,360 | ) | — | — | (3,360 | ) | 163 | (3,197 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 8,778 | — | — | (3,155 | ) | — | — | (3,155 | ) | (5,623 | ) | (8,778 | ) | ||||||||||||||||||||||
Distributions to noncontrolling interests | (8,464 | ) | — | — | — | — | — | — | (34,119 | ) | (34,119 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests in Operating Partnership | — | — | — | — | — | — | — | 7,120 | 7,120 | ||||||||||||||||||||||||||
Purchase of noncontrolling interests in other consolidated subsidiaries | — | — | — | — | — | — | — | 40,962 | 40,962 | ||||||||||||||||||||||||||
Acquire controlling interest in shopping center property | — | — | — | — | — | — | — | 14,204 | 14,204 | ||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 40,248 | $ | 25 | $ | 1,613 | $ | 1,773,630 | $ | 6,986 | $ | (453,561 | ) | $ | 1,328,693 | $ | 192,404 | $ | 1,521,097 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 174,519 | $ | 184,994 | $ | 98,170 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 268,634 | 276,370 | 291,772 | ||||||||
Amortization of deferred finance costs and debt premiums (discounts) | 7,896 | 10,239 | 7,414 | ||||||||
Net amortization of intangible lease assets and liabilities | (1,263 | ) | (906 | ) | (1,384 | ) | |||||
Gain on sales of real estate assets | (5,323 | ) | (59,396 | ) | (2,887 | ) | |||||
Realized foreign currency loss | — | — | 169 | ||||||||
(Gain) loss on discontinued operations | (938 | ) | 1 | (379 | ) | ||||||
Write-off of development projects | (39 | ) | 94 | 392 | |||||||
Share-based compensation expense | 3,740 | 1,783 | 2,313 | ||||||||
Income tax effect of share-based compensation | — | — | (1,815 | ) | |||||||
Net realized (gain) loss on sale of available-for-sale securities | (224 | ) | 22 | 114 | |||||||
Write-down of mortgage and other notes receivable | — | 1,900 | — | ||||||||
Gain on investments | (45,072 | ) | — | (888 | ) | ||||||
Loss on impairment of real estate from continuing operations | 24,379 | 51,304 | 1,156 | ||||||||
Loss on impairment of real estate from discontinued operations | 26,461 | 7,425 | 39,084 | ||||||||
Gain on extinguishment of debt | (265 | ) | (32,463 | ) | — | ||||||
Equity in (earnings) losses of unconsolidated affiliates | (8,313 | ) | (6,138 | ) | 188 | ||||||
Distributions of earnings from unconsolidated affiliates | 17,074 | 9,586 | 4,959 | ||||||||
Provision for doubtful accounts | 1,523 | 1,743 | 2,891 | ||||||||
Change in deferred tax accounts | 3,095 | (5,695 | ) | 2,031 | |||||||
Changes in: | |||||||||||
Tenant and other receivables | (2,150 | ) | (5,986 | ) | (6,693 | ) | |||||
Other assets | 2,136 | 6,084 | (1,215 | ) | |||||||
Accounts payable and accrued liabilities | 15,645 | 875 | (5,600 | ) | |||||||
Net cash provided by operating activities | 481,515 | 441,836 | 429,792 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Additions to real estate assets | (217,827 | ) | (205,379 | ) | (143,586 | ) | |||||
Acquisitions of real estate assets | (96,099 | ) | (11,500 | ) | — | ||||||
(Additions) reductions to restricted cash | (1,063 | ) | (14,719 | ) | 20,987 | ||||||
Additions to cash held in escrow | (15,000 | ) | — | — | |||||||
Purchase of partners' interest in unconsolidated affiliates | (14,280 | ) | — | (15,773 | ) | ||||||
Proceeds from sales of real estate assets | 76,950 | 244,647 | 138,614 | ||||||||
Additions to mortgage and other notes receivable | (3,584 | ) | (15,173 | ) | — | ||||||
Payments received on mortgage notes receivable | 3,002 | 7,479 | 1,609 | ||||||||
Purchases of available-for-sale securities | — | — | (9,610 | ) | |||||||
Additional investments in and advances to unconsolidated affiliates | (8,809 | ) | (35,499 | ) | (23,604 | ) | |||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 43,173 | 17,907 | 31,776 | ||||||||
Changes in other assets | (13,133 | ) | (15,408 | ) | (5,971 | ) | |||||
Net cash used in investing activities | (246,670 | ) | (27,645 | ) | (5,558 | ) | |||||
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from mortgage and other indebtedness | $ | 1,869,140 | $ | 1,933,770 | $ | 893,378 | |||||
Principal payments on mortgage and other indebtedness | (1,884,935 | ) | (2,086,461 | ) | (1,336,436 | ) | |||||
Additions to deferred financing costs | (7,384 | ) | (19,629 | ) | (4,855 | ) | |||||
Proceeds from issuances of common stock | 172 | 179 | 153 | ||||||||
Proceeds from issuances of preferred stock | 166,720 | — | 229,347 | ||||||||
Purchase of minority interest in the Operating Partnership | (9,863 | ) | — | — | |||||||
Proceeds from exercises of stock options | 4,454 | 1,955 | 1,456 | ||||||||
Redemption of preferred stock | (115,000 | ) | — | — | |||||||
Income tax effect of share-based compensation | — | — | 1,815 | ||||||||
Contributions from noncontrolling interests | 7,120 | 2,079 | 5,234 | ||||||||
Distributions to noncontrolling interests | (65,635 | ) | (75,468 | ) | (86,093 | ) | |||||
Dividends paid to holders of preferred stock | (43,738 | ) | (42,376 | ) | (35,670 | ) | |||||
Dividends paid to common shareholders | (133,740 | ) | (123,044 | ) | (89,729 | ) | |||||
Net cash used in financing activities | (212,689 | ) | (408,995 | ) | (421,400 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 22,156 | 5,196 | 2,834 | ||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 56,092 | 50,896 | 48,062 | ||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 78,248 | $ | 56,092 | $ | 50,896 | |||||
December 31, 2012 | December 31, 2011 | ||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||
Intangible lease assets and other assets: | |||||||||||||||
Above-market leases | $ | 69,360 | $ | (37,454 | ) | $ | 55,642 | $ | (33,954 | ) | |||||
In-place leases | 117,631 | (46,767 | ) | 54,838 | (36,753 | ) | |||||||||
Tenant relationships | 27,880 | (3,350 | ) | 27,318 | (2,853 | ) | |||||||||
Accounts payable and accrued liabilities: | |||||||||||||||
Below-market leases | 104,012 | (57,625 | ) | 66,627 | (51,755 | ) |
• | 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. |
• | Market conditions. |
Gross Unrealized | |||||||||||||||
Adjusted Cost | Gains | Losses | Fair Value | ||||||||||||
December 31, 2012: | |||||||||||||||
Common stocks | $ | 4,195 | $ | 12,361 | $ | — | $ | 16,556 | |||||||
Government and government sponsored entities | 11,123 | — | — | 11,123 | |||||||||||
$ | 15,318 | $ | 12,361 | $ | — | $ | 27,679 | ||||||||
December 31, 2011: | |||||||||||||||
Common stocks | $ | 4,207 | $ | 9,480 | $ | (5 | ) | $ | 13,682 | ||||||
Mutual funds | 928 | 23 | — | 951 | |||||||||||
Mortgage/asset-backed securities | 1,717 | 10 | (4 | ) | 1,723 | ||||||||||
Government and government sponsored entities | 15,058 | 45 | (1,542 | ) | 13,561 | ||||||||||
Corporate bonds | 636 | 26 | — | 662 | |||||||||||
International bonds | 33 | 1 | — | 34 | |||||||||||
$ | 22,579 | $ | 9,585 | $ | (1,551 | ) | $ | 30,613 |
Year Ended December 31, | ||||||||
2012 | 2011 | 2010 | ||||||
Denominator – basic | 154,762 | 148,289 | 138,375 | |||||
Stock Options | 3 | 3 | 2 | |||||
Deemed shares related to deferred compensation arrangements | 42 | 42 | 39 | |||||
Denominator – diluted | 154,807 | 148,334 | 138,416 |
December 31, 2012 | |||||||||||||||
As reported in: | |||||||||||||||
Redeemable Noncontrolling Interests | Shareholders' Equity | Noncontrolling Interests | Total | ||||||||||||
Net unrealized gain (loss) on hedging agreements | $ | 373 | $ | (2,756 | ) | $ | (3,563 | ) | $ | (5,946 | ) | ||||
Net unrealized gain on available-for-sale securities | 353 | 9,742 | 2,263 | 12,358 | |||||||||||
Accumulated other comprehensive income (loss) | $ | 726 | $ | 6,986 | $ | (1,300 | ) | $ | 6,412 |
December 31, 2011 | |||||||||||||||
As reported in: | |||||||||||||||
Redeemable Noncontrolling Interests | Shareholders' Equity | Noncontrolling Interests | Total | ||||||||||||
Net unrealized gain (loss) on hedging agreements | $ | 377 | $ | (2,628 | ) | $ | (3,488 | ) | $ | (5,739 | ) | ||||
Net unrealized gain on available-for-sale securities | 328 | 6,053 | 1,775 | 8,156 | |||||||||||
Accumulated other comprehensive income (loss) | $ | 705 | $ | 3,425 | $ | (1,713 | ) | $ | 2,417 |
Land | $ | 41,878 | ||
Buildings and improvements | 309,827 | |||
Investments in unconsolidated affiliates | 3,864 | |||
Tenant improvements | 13,603 | |||
Above-market leases | 11,069 | |||
In-place leases | 49,521 | |||
Total assets | 429,762 | |||
Mortgage note payable assumed | (206,924 | ) | ||
Debt premium | (13,710 | ) | ||
Below-market leases | (36,627 | ) | ||
Noncontrolling interest | (60,295 | ) | ||
Net assets acquired | $ | 112,206 |
Land | $ | 46,188 | ||
Buildings and improvements | 68,723 | |||
Tenant improvements | 1,826 | |||
Above-market leases | 4,382 | |||
In-place leases | 17,591 | |||
Total assets | 138,710 | |||
Mortgage note payable assumed | (52,546 | ) | ||
Debt premium | (1,624 | ) | ||
Below-market leases | (3,546 | ) | ||
Value of Company's interest in joint ventures | (65,494 | ) | ||
Net assets acquired | $ | 15,500 |
Land | $ | 2,330 | ||
Buildings and improvements | 8,220 | |||
Above-market leases | 2,030 | |||
In-place leases | 1,570 | |||
Total assets | 14,150 | |||
Below-market leases | (2,650 | ) | ||
Net assets acquired | $ | 11,500 | ||
Joint Venture | Property Name | Company's Interest | |||
CBL/T-C, LLC | CoolSprings Galleria, Oak Park Mall, West County Center and Pearland Town Center | 60.3 | % | ||
CBL-TRS Joint Venture, LLC | Friendly Center, The Shops at Friendly Center and a portfolio of six office buildings | 50.0 | % | ||
CBL-TRS Joint Venture II, LLC | Renaissance Center | 50.0 | % | ||
El Paso Outlet Outparcels, LLC | The Outlet Shoppes at El Paso (vacant land) | 50.0 | % | ||
Governor’s Square IB | Governor’s Plaza | 50.0 | % | ||
Governor’s Square Company | Governor’s Square | 47.5 | % | ||
High Pointe Commons, LP | High Pointe Commons | 50.0 | % | ||
High Pointe Commons II-HAP, LP | High Pointe Commons - Christmas Tree Shop | 50.0 | % | ||
JG Gulf Coast Town Center LLC | Gulf Coast Town Center | 50.0 | % | ||
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50.0 | % | ||
Mall of South Carolina L.P. | Coastal Grand—Myrtle Beach | 50.0 | % | ||
Mall of South Carolina Outparcel L.P. | Coastal Grand—Myrtle Beach (Coastal Grand Crossing and vacant land) | 50.0 | % | ||
Port Orange I, LLC | The Pavilion at Port Orange Phase I | 50.0 | % | ||
Triangle Town Member LLC | Triangle Town Center, Triangle Town Commons and Triangle Town Place | 50.0 | % | ||
West Melbourne I, LLC | Hammock Landing Phases I and II | 50.0 | % | ||
York Town Center, LP | York Town Center | 50.0 | % |
• | 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. |
December 31, | |||||||
2012 | 2011 | ||||||
ASSETS: | |||||||
Investment in real estate assets | $ | 2,143,187 | $ | 2,239,160 | |||
Accumulated depreciation | (492,864 | ) | (447,121 | ) | |||
1,650,323 | 1,792,039 | ||||||
Developments in progress | 21,809 | 19,640 | |||||
Net investment in real estate assets | 1,672,132 | 1,811,679 | |||||
Other assets | 175,540 | 190,465 | |||||
Total assets | $ | 1,847,672 | $ | 2,002,144 | |||
LIABILITIES: | |||||||
Mortgage and other indebtedness | 1,456,622 | 1,478,601 | |||||
Other liabilities | 48,538 | 51,818 | |||||
Total liabilities | 1,505,160 | 1,530,419 | |||||
OWNERS' EQUITY: | |||||||
The Company | 196,694 | 267,136 | |||||
Other investors | 145,818 | 204,589 | |||||
Total owners' equity | 342,512 | 471,725 | |||||
Total liabilities and owners’ equity | 1,847,672 | 2,002,144 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 (1) | |||||||||
Revenues | $ | 251,628 | $ | 177,222 | $ | 154,078 | |||||
Depreciation and amortization | (82,534 | ) | (58,538 | ) | (53,951 | ) | |||||
Other operating expenses | (76,567 | ) | (53,417 | ) | (48,723 | ) | |||||
Income from operations | 92,527 | 65,267 | 51,404 | ||||||||
Interest income | 1,365 | 1,420 | 1,112 | ||||||||
Interest expense | (84,421 | ) | (59,972 | ) | (55,161 | ) | |||||
Gain on sales of real estate assets | 2,063 | 1,744 | 1,492 | ||||||||
Income from discontinued operations | — | — | 166 | ||||||||
Net income (loss) | $ | 11,534 | $ | 8,459 | $ | (987 | ) |
December 31, 2012 | December 31, 2011 | ||||||||||||
Amount | Weighted Average Interest Rate (1) | Amount | Weighted Average Interest Rate (1) | ||||||||||
Fixed-rate debt: | |||||||||||||
Non-recourse loans on operating properties (2) | $ | 3,776,245 | 5.43 | % | $ | 3,637,979 | 5.55 | % | |||||
Recourse term loans on operating properties | — | — | % | 77,112 | 5.89 | % | |||||||
Financing method obligation (3) | 18,264 | 18,264 | |||||||||||
Total fixed-rate debt | 3,794,509 | 5.43 | % | 3,733,355 | 5.54 | % | |||||||
Variable-rate debt: | |||||||||||||
Non-recourse term loans on operating properties | 123,875 | 3.36 | % | 168,750 | 3.03 | % | |||||||
Recourse term loans on operating properties | 97,682 | 1.78 | % | 124,439 | 2.29 | % | |||||||
Construction loans | 15,366 | 2.96 | % | 25,921 | 3.25 | % | |||||||
Unsecured lines of credit (4) | 475,626 | 2.07 | % | — | — | % | |||||||
Secured lines of credit | 10,625 | 2.46 | % | 27,300 | 3.03 | % | |||||||
Unsecured term loans | 228,000 | 1.82 | % | 409,590 | 1.67 | % | |||||||
Total variable-rate debt | 951,174 | 2.20 | % | 756,000 | 2.18 | % | |||||||
Total | $ | 4,745,683 | 4.79 | % | $ | 4,489,355 | 4.99 | % |
(1) | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs. |
(2) | The Company had four interest rate swaps on notional amounts totaling $113,885 as of December 31, 2012 and $117,700 as of December 31, 2011 related to its variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2012 and 2011. |
(3) | This amount represents the noncontrolling partner's equity contribution related to Pearland Town Center that is accounted for as a financing due to certain terms of the CBL/T-C joint venture agreement. See Note 5 for further information. |
(4) | The Company converted two of its credit facilities from secured facilities to unsecured facilities in November 2012. |
Total Capacity | Total Outstanding | Maturity Date | Extended Maturity Date | ||||||||
Facility A | 600,000 | 300,297 | (1) | November 2015 | November 2016 | ||||||
Facility B | 600,000 | 175,329 | November 2016 | November 2017 | |||||||
$ | 1,200,000 | $ | 475,626 |
(1) | There was an additional $601 outstanding on this facility as of December 31, 2012 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. |
Ratio | Required | Actual | ||
Debt to total asset value | < 60% | 52.6% | ||
Ratio of unencumbered asset value to unsecured indebtedness | > 1.60x | 3.13x | ||
Ratio of unencumbered NOI to unsecured interest expense | > 1.75x | 11.41x | ||
Ratio of EBITDA to fixed charges (debt service) | > 1.50x | 2.00x |
2013 | $ | 503,171 | |
2014 | 714,874 | ||
2015 | 559,012 | ||
2016 | 779,514 | ||
2017 | 552,682 | ||
Thereafter | 1,623,600 | ||
4,732,853 | |||
Net unamortized premiums | 12,830 | ||
$ | 4,745,683 |
Interest Rate Derivative | Number of Instruments | Notional Amount | |||||
Interest Rate Cap | 1 | $ | 123,875 | ||||
Interest Rate Swaps | 4 | $ | 113,885 |
Instrument Type | Location in Consolidated Balance Sheet | Notional Amount | Designated Benchmark Interest Rate | Strike Rate | Fair Value at 12/31/12 | Fair Value at 12/31/11 | Maturity Date | ||||||||||||
Cap | Intangible lease assets and other assets | $ 123,875 (amortizing to $122,375) | 3-month LIBOR | 5.000 | % | $ | — | $ | — | Jan 2014 | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 55,057 (amortizing to $48,337) | 1-month LIBOR | 2.149 | % | $ | (2,775 | ) | $ | (2,674 | ) | Apr 2016 | |||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 34,469 (amortizing to $30,276) | 1-month LIBOR | 2.187 | % | (1,776 | ) | (1,725 | ) | Apr 2016 | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 12,887 (amortizing to $11,313) | 1-month LIBOR | 2.142 | % | (647 | ) | (622 | ) | Apr 2016 | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 11,472 (amortizing to $10,083) | 1-month LIBOR | 2.236 | % | (607 | ) | (596 | ) | Apr 2016 | |||||||||
$ | (5,805 | ) | $ | (5,617 | ) |
Hedging Instrument | Gain (Loss) 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 Gain (Loss) Recognized in Earnings (Ineffective Portion) | Gain Recognized in Earnings (Ineffective Portion) | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||
Interest rate contracts | $ | (207 | ) | $ | (5,521 | ) | $ | 2,742 | Interest Expense | $ | (2,267 | ) | $ | (1,904 | ) | $ | (2,883 | ) | Interest Expense | $ | — | $ | — | $ | 23 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Dividends declared: | |||||||||||
Common stock | $ | 0.83 | (1) | $ | 0.84 | $ | 0.80 | ||||
Series C preferred stock | $ | 14.53 | (2) | $ | 19.38 | $ | 19.38 | ||||
Series D preferred stock | $ | 18.44 | $ | 18.44 | $ | 18.44 | |||||
Series E preferred stock | $ | 3.91 | (3) | $ | — | $ | — | ||||
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 (4) | |||||||||||
Ordinary income | 100.00 | % | 100.00 | % | 100.00 | % | |||||
Capital gains 25% rate | — | % | — | % | — | % | |||||
Total | 100.00 | % | 100.00 | % | 100.00 | % |
(1) | Of the $0.22 per share dividend declared on November 18, 2012 and paid January 16, 2013, $0.17 per share is taxable in 2012 and $0.05 per share will be reported and is taxable in 2013. |
(2) | Represents the three regular quarterly dividends paid in 2012, prior to the redemption on November 5, 2012. |
(3) | Represents dividends for the partial quarter covering October 5, 2012 through December 31, 2012. |
(4) | The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
December 31, | |||||
2012 | 2011 | ||||
Jacobs | — | 13,044,407 | |||
CBL’s Predecessor | 18,172,690 | 18,604,156 | |||
Third parties | 11,372,897 | 10,368,016 | |||
Total Operating Partnership Units | 29,545,587 | 42,016,579 |
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
Beginning Balance | $ | 423,834 | $ | 423,834 | |||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 20,686 | 20,637 | |||||
Distributions to redeemable noncontrolling preferred joint venture interest | (20,686 | ) | (20,637 | ) | |||
Ending Balance | $ | 423,834 | $ | 423,834 |
2013 | $ | 606,929 | |
2014 | 531,262 | ||
2015 | 469,128 | ||
2016 | 398,254 | ||
2017 | 325,306 | ||
Thereafter | 1,071,570 | ||
$ | 3,402,449 |
Beginning Balance, January 1, 2011 | $ | — | |
Additions in allowance charged to expense | 1,900 | ||
Reduction for charges against allowance | (1,900 | ) | |
Ending Balance, December 31, 2011 | $ | — |
Year Ended December 31, 2012 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 929,423 | $ | 42,380 | $ | 11,966 | $ | 48,908 | $ | 1,032,677 | ||||||||||
Property operating expenses (2) | (296,298 | ) | (10,480 | ) | (4,084 | ) | 22,517 | (288,345 | ) | |||||||||||
Interest expense | (216,217 | ) | (8,453 | ) | (2,568 | ) | (17,194 | ) | (244,432 | ) | ||||||||||
Other expense | — | — | — | (25,078 | ) | (25,078 | ) | |||||||||||||
Gain on sales of real estate assets | 1,188 | 202 | 677 | 219 | 2,286 | |||||||||||||||
Segment profit | $ | 418,096 | $ | 23,649 | $ | 5,991 | $ | 29,372 | $ | 477,108 | ||||||||||
Depreciation and amortization expense | (265,192 | ) | ||||||||||||||||||
General and administrative expense | (51,251 | ) | ||||||||||||||||||
Interest and other income | 3,955 | |||||||||||||||||||
Gain on extinguishment of debt | 265 | |||||||||||||||||||
Loss on impairment of real estate (4) | (24,379 | ) | ||||||||||||||||||
Gain on investment | 45,072 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 8,313 | |||||||||||||||||||
Income tax provision | (1,404 | ) | ||||||||||||||||||
Income from continuing operations | $ | 192,487 | ||||||||||||||||||
Total assets | $ | 6,213,801 | $ | 302,225 | $ | 203,261 | $ | 370,449 | $ | 7,089,736 | ||||||||||
Capital expenditures (3) | $ | 608,190 | $ | 6,630 | $ | 13,884 | $ | 76,319 | $ | 705,023 |
Year Ended December 31, 2011 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 951,152 | $ | 41,505 | $ | 10,639 | $ | 46,666 | $ | 1,049,962 | ||||||||||
Property operating expenses (2) | (304,479 | ) | (10,689 | ) | (2,978 | ) | 22,544 | (295,602 | ) | |||||||||||
Interest expense | (233,777 | ) | (8,841 | ) | (3,894 | ) | (20,560 | ) | (267,072 | ) | ||||||||||
Other expense | — | — | — | (28,898 | ) | (28,898 | ) | |||||||||||||
Gain (loss) on sales of real estate assets | (13,329 | ) | 306 | 1,135 | 71,284 | 59,396 | ||||||||||||||
Segment profit | $ | 399,567 | $ | 22,281 | $ | 4,902 | $ | 91,036 | 517,786 | |||||||||||
Depreciation and amortization expense | (270,828 | ) | ||||||||||||||||||
General and administrative expense | (44,750 | ) | ||||||||||||||||||
Interest and other income | 2,582 | |||||||||||||||||||
Gain on extinguishment of debt | 1,029 | |||||||||||||||||||
Loss on impairment of real estate (4) | (51,304 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 6,138 | |||||||||||||||||||
Income tax benefit | 269 | |||||||||||||||||||
Income from continuing operations (4) | $ | 160,922 | ||||||||||||||||||
Total assets | $ | 5,954,414 | $ | 308,858 | $ | 265,675 | $ | 190,481 | $ | 6,719,428 | ||||||||||
Capital expenditures (3) | $ | 265,478 | $ | 213,364 | $ | 21,452 | $ | 16,984 | $ | 517,278 |
Year Ended December 31, 2010 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 953,893 | $ | 40,311 | $ | 8,140 | $ | 41,474 | $ | 1,043,818 | ||||||||||
Property operating expenses (2) | (306,168 | ) | (10,528 | ) | (1,948 | ) | 25,673 | (292,971 | ) | |||||||||||
Interest expense | (228,346 | ) | (7,794 | ) | (2,609 | ) | (42,353 | ) | (281,102 | ) | ||||||||||
Other expense | — | — | — | (25,523 | ) | (25,523 | ) | |||||||||||||
Gain (loss) on sales of real estate assets | 1,754 | — | 1,144 | (11 | ) | 2,887 | ||||||||||||||
Segment profit | $ | 421,133 | $ | 21,989 | $ | 4,727 | $ | (740 | ) | 447,109 | ||||||||||
Depreciation and amortization expense | (279,936 | ) | ||||||||||||||||||
General and administrative expense | (43,383 | ) | ||||||||||||||||||
Interest and other income | 3,868 | |||||||||||||||||||
Gain on investment | 888 | |||||||||||||||||||
Loss on impairment of real estate (4) | (1,156 | ) | ||||||||||||||||||
Equity in losses of unconsolidated affiliates | (188 | ) | ||||||||||||||||||
Income tax benefit | 6,417 | |||||||||||||||||||
Income from continuing operations (4) | $ | 133,619 | ||||||||||||||||||
Total assets | $ | 6,561,098 | $ | 325,395 | $ | 67,252 | $ | 552,809 | $ | 7,506,554 | ||||||||||
Capital expenditures (3) | $ | 98,277 | $ | 7,931 | $ | 25,050 | $ | 53,856 | $ | 185,114 |
(1) | The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Company’s subsidiary that provides security and maintenance services. |
(2) | Property operating expenses include property operating, real estate taxes and maintenance and repairs. |
(3) | Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
(4) | The referenced amounts for the years ended December 31, 2011 and 2010 have been restated. See Note 2 for more information. Loss on impairment of real estate for the year ended December 31, 2012 consisted of $20,315 related to Malls, $3,000 related to Associated Centers and $1,064 related to All Other. Loss on impairment of real estate for the year ended December 31, 2011 consisted of $50,683 related to Malls and $621 related to All Other. Loss on impairment of real estate for the year ended December 31, 2010 consisted of $1,156 related to All Other. |
2012 | 2011 | 2010 | |||||||||
Accrued dividends and distributions payable | $ | 43,689 | $ | 41,717 | $ | 41,833 | |||||
Additions to real estate assets accrued but not yet paid | 22,468 | 21,771 | 19,125 | ||||||||
Issuance of noncontrolling interests in Operating Partnership | 14,000 | — | — | ||||||||
Conversion of operating partnership units to common stock | 59,738 | 729 | 56,338 | ||||||||
Addition to real estate assets from conversion of note receivable | 4,522 | — | — | ||||||||
Assumption of mortgage notes payable in acquisitions | 220,634 | — | — | ||||||||
Consolidation of joint venture: | |||||||||||
Decrease in investment in unconsolidated affiliates | (15,643 | ) | — | (15,175 | ) | ||||||
Increase in real estate assets | 111,407 | — | 33,706 | ||||||||
Increase in intangible lease and other assets | 18,426 | — | 3,240 | ||||||||
Increase in mortgage and other indebtedness | 54,169 | — | 21,753 | ||||||||
Deconsolidation of joint ventures: | |||||||||||
Decrease in real estate assets | — | 365,971 | — | ||||||||
Decrease in intangible lease and other assets | — | 26,798 | — | ||||||||
Decrease in mortgage notes payable | — | (266,224 | ) | — | |||||||
Increase in investment in unconsolidated affiliates | — | (123,651 | ) | — | |||||||
Decrease in accounts payable and accrued liabilities | — | (4,395 | ) | — | |||||||
Additions to real estate assets from forgiveness of mortgage note receivable | — | 2,235 | — | ||||||||
Notes receivable from sale of interest in unconsolidated affiliate | — | — | 1,001 | ||||||||
Distribution of real estate assets from unconsolidated affiliate | — | — | 12,210 | ||||||||
Issuance of additional redeemable noncontrolling preferred joint venture interests | — | — | 2,146 | ||||||||
Reclassification of mortgage and other notes receivable to other assets | — | — | 7,269 |
2013 | $ | 775 | |
2014 | 783 | ||
2015 | 790 | ||
2016 | 806 | ||
2017 | 807 | ||
Thereafter | 28,411 | ||
$ | 32,372 |
Fair Value Measurements at Reporting Date Using | |||||||||||
Fair Value at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Assets: | |||||||||||
Available-for-sale securities | 27,679 | 16,556 | — | 11,123 | |||||||
Privately held debt and equity securities | 2,475 | — | — | 2,475 | |||||||
Interest rate cap | — | — | — | — | |||||||
Liabilities: | |||||||||||
Interest rate swaps | 5,805 | — | 5,805 | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Fair Value at December 31, 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Available-for-sale securities | $ | 30,613 | $ | 18,784 | $ | — | $ | 11,829 | |||||||
Privately held debt and equity securities | 2,475 | — | — | 2,475 | |||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | 5,617 | $ | — | $ | 5,617 | $ | — |
Available For Sale Securities - Government and Government Sponsored Entities | ||||
Balance, January 1, 2011 | $ | 11,829 | ||
Change in unrealized loss included in other comprehensive income | 1,542 | |||
Transfer out of Level 3 (1) | (2,248 | ) | ||
Balance, December 31, 2012 | $ | 11,123 |
(1) | The TIF bonds were adjusted to their net realizable value as of December 31, 2012 with the difference in estimate recorded as a transfer to long-lived assets. See for additional information related to the redemption of the bonds in January 2013. |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value at December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Losses | |||||||||||||||
Assets: | |||||||||||||||||||
Long-lived assets | $ | 8,604 | $ | — | $ | — | $ | 8,604 | $ | 23,315 |
The Courtyard at Hickory Hollow | |||
Beginning carrying value, January 1, 2012 | $ | 5,754 | |
Capital expenditures | 644 | ||
Depreciation expense | (124 | ) | |
Loss on impairment of real estate | (3,000 | ) | |
Ending carrying value, December 31, 2012 | $ | 3,274 |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Fair Value at December 31, 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Losses | |||||||||||||||
Asset: | |||||||||||||||||||
Long-lived asset | $ | 6,141 | $ | — | $ | — | $ | 6,141 | $ | 50,683 |
Columbia Place | |||
Beginning carrying value, January 1, 2011 | $ | 58,207 | |
Capital expenditures | 142 | ||
Depreciation expense | (1,525 | ) | |
Loss on impairment of real estate | (50,683 | ) | |
Ending carrying value, December 31, 2011 | $ | 6,141 |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||
Outstanding at January 1, 2012 | 281,725 | $ | 18.27 | |||||||||
Cancelled | (15,375 | ) | $ | 18.27 | ||||||||
Exercised | (266,350 | ) | $ | 18.27 | ||||||||
Outstanding at December 31, 2012 | — | $ | — | 0 | $ | — | ||||||
Vested and exercisable at December 31, 2012 | — | $ | — | 0 | $ | — |
Shares | Weighted Average Grant-Date Fair Value | |||||
Nonvested at January 1, 2012 | 289,290 | $ | 16.09 | |||
Granted | 295,465 | $ | 19.09 | |||
Vested | (228,415 | ) | $ | 18.48 | ||
Forfeited | (9,480 | ) | $ | 16.64 | ||
Nonvested at December 31, 2012 | 346,860 | $ | 17.06 |
December 31, | |||||||
2012 | 2011 | ||||||
ASSETS: | |||||||
Net investment in real estate assets | $ | 6,328,982 | $ | 6,005,670 | |||
Other assets | 761,243 | 713,889 | |||||
Total assets | $ | 7,090,225 | $ | 6,719,559 | |||
LIABILITIES: | |||||||
Mortgage and other indebtedness | $ | 4,745,683 | $ | 4,489,355 | |||
Other liabilities | 358,800 | 303,578 | |||||
Total liabilities | 5,104,483 | 4,792,933 | |||||
Redeemable noncontrolling interests | 465,596 | 456,105 | |||||
Partners’ capital | 1,456,650 | 1,466,241 | |||||
Noncontrolling interests | 63,496 | 4,280 | |||||
Total partners’ capital and noncontrolling interests | 1,520,146 | 1,470,521 | |||||
Total liabilities, redeemable noncontrolling interests, partners’ capital and noncontrolling interests | $ | 7,090,225 | $ | 6,719,559 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Total revenues | $ | 1,032,677 | $ | 1,049,961 | $ | 1,043,818 | |||||
Depreciation and amortization | (265,192 | ) | (270,828 | ) | (279,936 | ) | |||||
Other operating expenses | (389,053 | ) | (420,554 | ) | (363,033 | ) | |||||
Income from operations | 378,432 | 358,579 | 400,849 | ||||||||
Interest and other income | 3,955 | 2,583 | 3,909 | ||||||||
Interest expense | (244,432 | ) | (267,072 | ) | (281,101 | ) | |||||
Gain on extinguishment of debt | 265 | 1,029 | — | ||||||||
Gain on investments | 45,072 | — | 888 | ||||||||
Gain on sales of real estate assets | 2,286 | 59,396 | 2,887 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 8,313 | 6,138 | (188 | ) | |||||||
Income tax benefit (provision) | (1,404 | ) | 269 | 6,417 | |||||||
Income from continuing operations | 192,487 | 160,922 | 133,661 | ||||||||
Operating income (loss) of discontinued operations | (18,906 | ) | 24,073 | (35,828 | ) | ||||||
Gain (loss) on discontinued operations | 938 | (1 | ) | 379 | |||||||
Net income | 174,519 | 184,994 | 98,212 | ||||||||
Noncontrolling interest in earnings of other consolidated subsidiaries | (23,652 | ) | (25,217 | ) | (25,001 | ) | |||||
Net income attributable to partners of the operating partnership | $ | 150,867 | $ | 159,777 | $ | 73,211 |
Year Ended December 31, 2012 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total (1) | ||||||||||||||
Total revenues | $ | 246,469 | $ | 251,844 | $ | 256,359 | $ | 278,005 | $ | 1,032,677 | |||||||||
Income from operations (2) | 91,702 | 94,400 | 96,331 | 95,999 | 378,432 | ||||||||||||||
Income from continuing operations (3) | 34,533 | 36,100 | 37,425 | 84,429 | 192,487 | ||||||||||||||
Discontinued operations | 2,018 | 3,293 | (24,933 | ) | 1,654 | (17,968 | ) | ||||||||||||
Net income | 36,551 | 39,393 | 12,492 | 86,083 | 174,519 | ||||||||||||||
Net income attributable to the Company | 26,049 | 29,391 | 8,074 | 68,086 | 131,600 | ||||||||||||||
Net income (loss) attributable to common shareholders | 15,455 | 18,797 | (2,520 | ) | 52,357 | 84,089 | |||||||||||||
Basic per share data attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.09 | $ | 0.11 | $ | 0.11 | $ | 0.32 | $ | 0.64 | |||||||||
Net income (loss) attributable to common shareholders | $ | 0.10 | $ | 0.12 | $ | (0.02 | ) | $ | 0.33 | $ | 0.54 | ||||||||
Diluted per share data attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.09 | $ | 0.11 | $ | 0.11 | $ | 0.32 | $ | 0.64 | |||||||||
Net income (loss) attributable to common shareholders | $ | 0.10 | $ | 0.12 | $ | (0.02 | ) | $ | 0.33 | $ | 0.54 |
Year Ended December 31, 2011 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total (1) | ||||||||||||||
Total revenues | $ | 262,678 | $ | 258,039 | $ | 264,699 | $ | 264,546 | $ | 1,049,962 | |||||||||
Income from operations (4) | 97,933 | 96,041 | 51,257 | 113,349 | 358,580 | ||||||||||||||
Income (loss) from continuing operations (5) | 36,283 | 32,813 | (18,499 | ) | 110,325 | 160,922 | |||||||||||||
Discontinued operations | 27,625 | (3,281 | ) | 179 | (451 | ) | 24,072 | ||||||||||||
Net income (loss) | 63,908 | 29,532 | (18,320 | ) | 109,874 | 184,994 | |||||||||||||
Net income (loss) attributable to the Company | 47,319 | 20,376 | (16,726 | ) | 82,967 | 133,936 | |||||||||||||
Net income (loss) attributable to common shareholders | 36,725 | 9,782 | (27,320 | ) | 72,373 | 91,560 | |||||||||||||
Basic per share data attributable to common shareholders: | |||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 0.11 | $ | 0.08 | $ | (0.19 | ) | $ | 0.49 | $ | 0.49 | ||||||||
Net income (loss) attributable to common shareholders | $ | 0.25 | $ | 0.07 | $ | (0.18 | ) | $ | 0.49 | $ | 0.62 | ||||||||
Diluted per share data attributable to common shareholders: | |||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 0.11 | $ | 0.08 | $ | (0.19 | ) | $ | 0.49 | $ | 0.49 | ||||||||
Net income (loss) attributable to common shareholders | $ | 0.25 | $ | 0.07 | $ | (0.18 | ) | $ | 0.49 | $ | 0.62 |
(1) | The sum of quarterly earnings per share may differ from annual earnings per share due to rounding. |
(2) | Income from operations for the quarter ended December 31, 2012 includes a loss on impairment of real estate assets of $20,315 to write down the book value of vacant land available for expansion (see Note 15). |
(3) | Income from continuing operations for the quarter ended December 31, 2012 includes a $45,072 gain on investment related to the Company's acquisition of a joint venture partner's interest in one Property (see Note 3). |
(4) | Income from operations for the quarter ended September 30, 2011 includes a $50,683 loss on impairment of real estate related to one Mall (see Note 15). |
(5) | Income from continuing operations for the quarter ended December 31, 2011 includes a $54,327 gain on sale of real estate for the sale of a partial interest in several Properties as part of the CBL/T-C joint venture (see Note 5). |
Related Party Transactions (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Predecessor and Certain Officers [Member]
|
|||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | $ 49,153 | $ 59,668 | $ 36,922 |
Accounts payable to related party | 2,096 | 6,721 | |
Electrical And Mechanical Supplier Subcontractor [Member]
|
|||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | 15 | 981 | 1,189 |
Electrical and Mechanical Supplier Direct [Member]
|
|||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | 0 | 86 | 203 |
Unconsolidated Afflilate and Other Affliliated Partnerships [Member]
|
|||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $ 7,531 | $ 4,822 | $ 4,835 |
Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 10, 2012
|
Sep. 30, 2012
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2012
Government and government sponsored entities [Member]
|
Dec. 31, 2011
Government and government sponsored entities [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Recurring [Member]
Equity Securities [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Equity Securities [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Equity Securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2012
Fair Value, Measurements, Nonrecurring [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
|
Dec. 31, 2012
Interest Rate Cap [Member]
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2012
Interest Rate Swap [Member]
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2012
Courtyard at Hickory Hollow [Member]
|
Dec. 31, 2011
Courtyard at Hickory Hollow [Member]
|
Dec. 31, 2012
Columbia Place [Member]
|
Dec. 31, 2010
Columbia Place [Member]
|
Sep. 30, 2011
Columbia Place [Member]
Fair Value, Measurements, Nonrecurring [Member]
|
Sep. 30, 2011
Outparcel Sale [Member]
Fair Value, Measurements, Nonrecurring [Member]
|
Dec. 31, 2012
Outparcel Sale [Member]
Fair Value, Measurements, Nonrecurring [Member]
|
Dec. 31, 2010
Outparcel Sale [Member]
Fair Value, Measurements, Nonrecurring [Member]
|
Dec. 31, 2012
Minimum [Member]
|
Dec. 31, 2012
Maximum [Member]
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Marketable Securities, Realized Gain (Loss) | $ 224 | $ 22 | $ 114 | |||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Cap Rate | 10.00% | 12.00% | ||||||||||||||||||||||||||||||||||||||
Assumed Capitalization Rate Range Used To Determine Fair Value | .1 | .12 | ||||||||||||||||||||||||||||||||||||||
Long-lived assets fair value disclosure | 8,604 | 6,141 | 3,274 | 5,754 | 6,141 | 58,207 | ||||||||||||||||||||||||||||||||||
Loss on impairment of real estate | 24,379 | [1] | 51,304 | [1] | 1,156 | [1] | 23,315 | (621) | (1,064) | 1,156 | ||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | |||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 27,679 | 30,613 | 11,123 | 13,561 | 27,679 | 30,613 | 16,556 | 18,784 | 11,123 | 11,829 | ||||||||||||||||||||||||||||||
Privately held debt and equity securities | 2,475 | 2,475 | 2,475 | 2,475 | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities | 5,805 | 5,617 | 5,805 | 5,617 | ||||||||||||||||||||||||||||||||||||
Number of instruments held | 1 | 4 | ||||||||||||||||||||||||||||||||||||||
Net realized gains and losses on sale of available-for-sale securities | 224 | (22) | (114) | |||||||||||||||||||||||||||||||||||||
Fair value of mortgage and other indebtedness | 5,058,411 | 4,836,028 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 1,542 | |||||||||||||||||||||||||||||||||||||||
Transfer out of Level 3 | (2,248) | [2] | ||||||||||||||||||||||||||||||||||||||
Proceeds from Divestiture of Businesses | 12,983 | 1,477 | 1,186 | |||||||||||||||||||||||||||||||||||||
Real Estate Investment Property, Net | 6,328,982 | 6,005,670 | 6,063 | 2,098 | 2,250 | |||||||||||||||||||||||||||||||||||
Real Estate, Capital Expenditures | 142 | 644 | ||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion and Amortization | $ 265,192 | $ 270,828 | $ 279,936 | $ (124) | ||||||||||||||||||||||||||||||||||||
|
Mortgage and Other Notes Receivable
|
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||
Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||||||||||||
Mortgage and Other Notes Receivable | MORTGAGE AND OTHER NOTES RECEIVABLE Each of the Company's mortgage notes receivable is collateralized by either a first mortgage, a second mortgage or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. Interest rates on mortgage and other notes receivable range from 2.7% to 12.0%, with a weighted average interest rate of 7.33% and 8.76% at December 31, 2012 and 2011, respectively. Maturities of these notes receivable range from May 2014 to January 2047. In May 2012, Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, entered into a $6,581 loan agreement with an entity that owns an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. The Company owns a 75.0% interest in The Outlet Shoppes at Atlanta through its joint venture Atlanta Outlet Shoppes, LLC. The note receivable bears interest of 10.0% through its maturity date in May 2014 and is secured by the entity's interest in the adjacent land. In September 2011, the Company and a noncontrolling interest investor purchased a mezzanine loan with a face amount of $5,879 for $5,300, which represented a discount of $579. The borrower under the mezzanine loan was an entity that owned The Outlet Shoppes at Gettysburg, an outlet shopping center located in Gettysburg, PA. The loan bore interest at the greater of LIBOR plus 900 basis points or 10% and matured on February 11, 2016. The terms of the mezzanine loan agreement provided that the Company and its noncontrolling interest investor could, subject to approval of the senior lender, convert the mezzanine loan into equity of the borrower. Upon conversion, the Company and noncontrolling investor would own 50.0% and 12.6%, respectively, of the borrower. The terms also provided that the Company could elect to acquire an additional 10% interest in borrower for a total interest of 60%. In April 2012, the Company and its noncontrolling interest partner exercised their rights under the terms of the agreement with the borrower and converted the mezzanine loan into a member interest in the outlet shopping center. See Note 3 for additional information. In December 2011, the Company entered into a loan agreement pursuant to which the Company loaned $9,150 to an entity that owned The Outlet Shoppes at El Paso, an outlet shopping center located in El Paso, TX. The note receivable bore interest of 13.0% through June 9, 2013, and thereafter, at the greater of 13.0% or LIBOR plus 900 basis points. The loan matured upon the earlier of (i) 60 days prior to the maturity date of the senior loan on the outlet shopping center or (ii) the date on which the senior loan was fully repaid. The terms of the loan agreement provided that if the Company did not elect to acquire a 75% interest in the borrower, the Company could convert the loan into a non-voting common interest in the borrower, subject to the approval of the senior lender. In April 2012, the Company acquired a 75.0% interest in the outlet shopping center and the borrower used a portion of the proceeds to repay the $9,150 mezzanine loan to the Company. See Note 3 for additional information. The Company reviews its mortgage and other notes receivable to determine if the balances are realizable based on factors affecting the collectibility of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. During the first quarter of 2011, the Company was notified that a receivable due in March 2011 of $3,735 would not be repaid. The receivable was secured by land and, as such, the Company recorded an allowance for credit losses of $1,500 in other expense and wrote down the amount of the note receivable to the estimated fair value of the land. The Company did not accrue any interest on the receivable for the three months ended March 31, 2011 and has written off any interest that was accrued and outstanding on the loan. The Company gained title to the land during the third quarter of 2011 and reclassified the balance of the note receivable to land. During the third quarter of 2011 the Company wrote off a note receivable from a tenant in the amount of $400. A rollforward of the allowance for credit losses for the year ended December 31, 2011 is as follows:
As of December 31, 2012, the Company believes that its mortgage and other notes receivable balance of $25,967 is fully collectible. See subsequent event related to Woodstock GA Investments, LLC note receivable in Note 20. |
Summary of Significant Accounting Policies (Revenue Recognition) (Details)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Summary of Significant 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 |
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||
REVENUES: | ||||||||||
Minimum rents | $ 662,018 | $ 667,090 | $ 663,156 | |||||||
Percentage rents | 17,995 | 17,149 | 17,367 | |||||||
Other rents | 22,659 | 22,427 | 22,535 | |||||||
Tenant reimbursements | 287,866 | 301,510 | 305,095 | |||||||
Management, development and leasing fees | 10,772 | 6,935 | 6,416 | |||||||
Other | 31,367 | 34,851 | 29,249 | |||||||
Total revenues | 1,032,677 | 1,049,962 | 1,043,818 | |||||||
OPERATING EXPENSES: | ||||||||||
Property operating | 145,590 | 148,715 | 143,785 | |||||||
Depreciation and amortization | 265,192 | 270,828 | 279,936 | |||||||
Real estate taxes | 90,368 | 91,586 | 94,650 | |||||||
Maintenance and repairs | 52,387 | 55,301 | 54,536 | |||||||
General and administrative | 51,251 | 44,750 | 43,383 | |||||||
Loss on impairment of real estate | 24,379 | [1] | 51,304 | [1] | 1,156 | [1] | ||||
Other | 25,078 | 28,898 | 25,523 | |||||||
Total operating expenses | 654,245 | 691,382 | 642,969 | |||||||
Income from operations | 378,432 | 358,580 | 400,849 | |||||||
Interest and other income | 3,955 | 2,582 | 3,868 | |||||||
Interest expense | (244,432) | (267,072) | (281,102) | |||||||
Gain on extinguishment of debt | 265 | 1,029 | 0 | |||||||
Gain on investments | 45,072 | 0 | 888 | |||||||
Gains on Sales of Investment Real Estate | 2,286 | 59,396 | 2,887 | |||||||
Equity in earnings (losses) of unconsolidated affiliates | 8,313 | 6,138 | (188) | |||||||
Income tax provision (benefit) | (1,404) | 269 | 6,417 | |||||||
Income from continuing operations | 192,487 | 160,922 | [1] | 133,619 | [1] | |||||
Operating income (loss) of discontinued operations | (18,906) | 24,073 | (35,828) | |||||||
Gain (loss) on discontinued operations | 938 | (1) | 379 | |||||||
Net income | 174,519 | 184,994 | 98,170 | |||||||
Net income attributable to noncontrolling interests in: | ||||||||||
Operating partnership | (19,267) | (25,841) | (11,018) | |||||||
Other consolidated subsidiaries | (23,652) | (25,217) | (25,001) | |||||||
Net income attributable to the Company | 131,600 | 133,936 | 62,151 | |||||||
Preferred dividends | (47,511) | (42,376) | (32,619) | |||||||
Net income attributable to common shareholders | 84,089 | 91,560 | 29,532 | |||||||
Basic per share data attributable to common shareholders: | ||||||||||
Income from continuing operations, net of preferred dividends | $ 0.64 | [2] | $ 0.49 | $ 0.40 | ||||||
Discontinued operations | $ (0.10) | $ 0.13 | $ (0.19) | |||||||
Net income attributable to common shareholders | $ 0.54 | [2] | $ 0.62 | $ 0.21 | ||||||
Weighted average common shares outstanding | 154,762 | 148,289 | 138,375 | |||||||
Diluted per share data attributable to common shareholders: | ||||||||||
Income from continuing operations, net of preferred dividends | $ 0.64 | [2] | $ 0.49 | $ 0.40 | ||||||
Discontinued operations | $ (0.10) | $ 0.13 | $ (0.19) | |||||||
Net income attributable to common shareholders | $ 0.54 | [2] | $ 0.62 | $ 0.21 | ||||||
Weighted average common and potential dilutive common shares outstanding | 154,807 | 148,334 | 138,416 | |||||||
Amounts attributable to common shareholders: | ||||||||||
Income from continuing operations, net of preferred dividends | 98,708 | 72,805 | 55,349 | |||||||
Discontinued operations | (14,619) | 18,755 | (25,817) | |||||||
Net income attributable to common shareholders | $ 84,089 | $ 91,560 | $ 29,532 | |||||||
|
Acquisitions
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 2012 Acquisitions In December 2012, the Company acquired a 49.0% joint venture interest in Kirkwood Mall in Bismarck, ND. The Company paid $39,754 for its 49.0% share, which was based on a total value of $121,500 including a $40,368 non-recourse loan. The Company executed an agreement to acquire the remaining 51.0% interest within 90 days subject to the lender's approval to assume the loan, which bears interest of 5.75% and matures in April 2018. As the loan bears interest at an above-market rate, the Company recorded a debt premium of $2,970, computed using an estimated market interest rate of 4.25%. In May 2012, the Company acquired Dakota Square Mall in Minot, ND. The purchase price of $91,475 consisted of $32,474 in cash and the assumption of a $59,001 non-recourse loan that bears interest at a fixed rate of 6.23% and matures in November 2016. The Company recorded a debt premium of $3,040, computed using an estimated market interest rate of 4.75%, since the debt assumed was at an above-market interest rate compared to similar debt instruments at the date of acquisition. In April 2012, the Company and its noncontrolling interest partner exercised their rights under the terms of a mezzanine loan agreement with the borrower, which owned The Outlet Shoppes at Gettysburg in Gettysburg, PA, to convert the mezzanine loan into a member interest in the outlet shopping center. After conversion, the Company owns a 50.0% interest in the outlet center. The investment of $24,837 consisted of a $4,522 converted mezzanine loan and the assumption of $20,315 of debt. The $40,631 of debt, of which our share is 50.0%, bears interest at a fixed rate of 5.87% and matures in February 2016. In April 2012, the Company acquired a 75.0% joint venture interest in The Outlet Shoppes at El Paso, an outlet shopping center located in El Paso, TX for $31,592 and a 50.0% joint venture interest in outparcel land adjacent to The Outlet Shoppes at El Paso (see Note 5) for $3,864 for a total of $35,456. The amount paid for the Company's 75.0% and 50.0% interests was based on a total value of $116,775 including a non-recourse loan of $66,924, which bears interest at a fixed rate of 7.06% and matures in December 2017. The debt assumed was at an above-market rate compared to similar debt instruments at the date of acquisition, so the Company recorded a debt premium of $7,700 (of which $5,775 represents the Company's 75.0% share), computed using an estimated market interest rate of 4.75%. The entity that owned The Outlet Shoppes at El Paso used a portion of the cash proceeds to repay a $9,150 mezzanine loan provided by the Company. After considering the repayment of the mezzanine loan to the Company, the net consideration paid by the Company in connection with this transaction was $28,594. The following table summarizes the preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date for acquisitions listed above as of December 31, 2012:
In December 2012, the Company acquired the remaining 40.0% interests in Imperial Valley Mall L.P., Imperial Valley Peripheral L.P. and Imperial Valley Commons L.P. in El Centro, CA from its joint venture partner. Imperial Valley Commons, L.P. was classified as a variable interest entity prior to the acquisition of the remaining 40.0% interest and was accounted for on a consolidated basis. We recorded a gain on investment of $45,072 related to the acquisition of our joint venture partner's interest. Imperial Valley Mall L.P. and Imperial Valley Peripheral L.P. were unconsolidated affiliates accounted for using the equity method of accounting. As of the purchase date, all three joint ventures are accounted for on a consolidated basis in the Company's operations. The interests were acquired for total consideration of $36,518, which consists of $15,500 in cash and $21,018 related to the assumption of the joint venture partner's share of the loan secured by Imperial Valley Mall. The following table summarizes the preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date for Imperial Valley Mall as of December 31, 2012:
The Company has not yet finalized its allocation of the purchase price of Kirkwood Mall and Imperial Valley Mall, included in the tables above, as it is awaiting certain valuation information for assets acquired and liabilities assumed to complete its allocations. A final determination of the purchase price allocation will be made in 2013. The pro forma effect of the 2012 acquisitions described above was not material. 2011 Acquisition In September 2011, the Company purchased Northgate Mall located in Chattanooga, TN, for a total cash purchase price of $11,500 plus transaction costs of $672. The results of operations of Northgate Mall are included in the consolidated financial statements beginning on the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date:
2010 Acquisition In October 2010, the Company acquired the remaining 50% interest in Parkway Place in Huntsville, AL, from its joint venture partner. The interest was acquired for total consideration of $38,775, which consisted of $17,831 in a combination of cash paid by the Company and a distribution from the joint venture to the joint venture partner and the assumption of the joint venture partner’s share of the loan secured by Parkway Place with a principal balance of $20,944 at the time of purchase. |
Employee Benefit Plans
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Employee Benefit Plans [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 90 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 $929, $820 and $957 in 2012, 2011 and 2010, 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 agreements with certain of its officers that allow the officers to defer receipt of selected salary increases and/or bonus compensation for periods ranging from 5 to 10 years. For certain officers, the deferred compensation arrangements provide that when the salary increase or bonus compensation is earned and deferred, shares of the Company’s common stock issuable under the Amended and Restated Stock Incentive Plan are deemed set aside for the amount deferred. The number of shares deemed set aside is determined by dividing the amount of compensation deferred by the fair value of the Company’s common stock on the deferral date, as defined in the arrangements. The shares set aside are deemed to receive dividends equivalent to those paid on the Company’s common stock, which are then deemed to be reinvested in the Company’s common stock in accordance with the Company’s dividend reinvestment plan. When an arrangement terminates, the Company will issue shares of the Company’s common stock to the officer equivalent to the number of shares deemed to have accumulated under the officer’s arrangement. The Company accrues compensation expense related to these agreements as the compensation is earned during the term of the agreement. At December 31, 2012 and 2011, there were 0 and 68,906 shares, respectively, that were deemed set aside in accordance with these arrangements. For other officers, the deferred compensation arrangements provide that their 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, 2012 and 2011, the Company had notes payable, including accrued interest, of $124 and $81, respectively, related to these arrangements. |
Mortgage and Other Indebtedness, Derivative Instrument Risk (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2012
Interest Rate Swap [Member]
|
Dec. 31, 2011
Interest Rate Swap [Member]
|
Dec. 31, 2012
Interest Rate Cap [Member]
|
Mar. 31, 2012
Interest Rate Cap [Member]
|
Dec. 31, 2011
Interest Rate Cap [Member]
|
Dec. 31, 2012
Interest Rate Contract [Member]
|
Dec. 31, 2011
Interest Rate Contract [Member]
|
Dec. 31, 2010
Interest Rate Contract [Member]
|
Dec. 31, 2012
Interest Rate Contract [Member]
Interest Expense [Member]
|
Dec. 31, 2011
Interest Rate Contract [Member]
Interest Expense [Member]
|
Dec. 31, 2010
Interest Rate Contract [Member]
Interest Expense [Member]
|
Dec. 31, 2012
Pay Fixed Receive Variable Swap1 [Member]
|
Dec. 31, 2011
Pay Fixed Receive Variable Swap1 [Member]
|
Dec. 31, 2012
Pay fixed and receive variable swap 2 [Member]
|
Dec. 31, 2011
Pay fixed and receive variable swap 2 [Member]
|
Dec. 31, 2012
Pay fixed and receive variable swap 3 [Member]
|
Dec. 31, 2011
Pay fixed and receive variable swap 3 [Member]
|
Dec. 31, 2012
Pay fixed and receive variable swap 4 [Member]
|
Dec. 31, 2011
Pay fixed and receive variable swap 4 [Member]
|
|||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | December 31, 2011 | ||||||||||||||||||||||||
Number of instruments held | 4 | 1 | |||||||||||||||||||||||
Notional amount of interest rate swaps held | $ 113,885 | $ 117,700 | $ 123,875 | $ 125,000 | $ 55,057 | $ 34,469 | $ 12,887 | $ 11,472 | |||||||||||||||||
Amortizing interest rate swap | 122,375 | 48,337 | 30,276 | 11,313 | 10,083 | ||||||||||||||||||||
Weighted average interest rate | 4.99% | [1] | 4.79% | [1] | |||||||||||||||||||||
Designated benchmark interest rate | 3-month LIBOR | 1-month LIBOR | 1-month LIBOR | 1-month LIBOR | 1-month LIBOR | ||||||||||||||||||||
Strike rate | 5.00% | 2.149% | 2.187% | 2.142% | 2.236% | ||||||||||||||||||||
Fair value | 0 | 0 | (2,775) | (2,674) | (1,776) | (1,725) | (647) | (622) | (607) | (596) | |||||||||||||||
Maturity date | Jan. 01, 2014 | Apr. 01, 2016 | Apr. 01, 2016 | Apr. 01, 2016 | Apr. 01, 2016 | ||||||||||||||||||||
Gain Recognized in OCI/L (Effective Portion) | (207) | (5,521) | 2,742 | ||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,267) | (1,904) | (2,883) | ||||||||||||||||||||||
Gain Recognized in Earnings (Ineffective Portion) | 0 | 0 | 23 | ||||||||||||||||||||||
Reclassification of losses currently reported in accumulated other comprehensive income to interest expense in the next twelve months | $ 2,219 | ||||||||||||||||||||||||
|
Summary of Significant Accounting Policies (Earnings Per Share) (Details)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Summary of Significant Accounting Policies [Abstract] | |||
Intangible Assets Disclosure [Text Block] | December 31, 2011 | ||
Denominator - basic earnings per share | 154,762 | 148,289 | 138,375 |
Stock Options | 3 | 3 | 2 |
Deemed shares related to deferred compensation arragements | 42 | 42 | 39 |
Denominator - diluted earnings per share | 154,807 | 148,334 | 138,416 |
Segment Information
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Summary of Significant Accounting Policies [Line Items] | |||
Provision for doubtful accounts | $ 1,523 | $ 1,743 | $ 2,891 |
Allowance for Tenant Receivables [Member]
|
|||
Summary of Significant Accounting Policies [Line Items] | |||
Provision for doubtful accounts | $ 1,532 | $ 1,676 | $ 2,722 |
Supplemental and Noncash Information (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2012, 2011 and 2010 were as follows:
|
Subsequent Events
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On February 22, 2013, the Company closed on an amended and restated agreement of its $105,000 secured credit facility with First Tennessee Bank, NA. The facility was converted from secured to unsecured with a capacity of $100,000 and a maturity date of February 2016. Amounts outstanding bear interest at an annual rate equal to one-month LIBOR plus a spread of 155 to 210 basis points, depending on the Company's leverage ratio. Under the terms of the agreement, the Company also obtained a $50,000 unsecured term loan that bears interest at LIBOR plus 190 basis points and matures in February 2018. The $100,000 facility also provides that in the event the Company obtains an investment grade rating, it may make a one-time irrevocable election to use its credit rating to determine the interest rate on the facility. If the Company were to make such an election, the facility would bear interest at an annual rate equal to LIBOR plus a spread of 100 to 175 basis points. In February 2013, Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, received $3,525 of the balance on its $6,581 note receivable. In February 2013, the Company retired an operating property loan with a principal balance of $13,482 outstanding as of December 31, 2012 with borrowings from its secured credit facility. The loan was secured by Statesboro Crossing in Statesboro, GA. In January 2013, the Company retired an operating property loan with a principal balance of $63,639 outstanding as of December 31, 2012 with borrowings from its unsecured credit facilities. The loan was secured by Westmoreland Mall in Greensburg, PA. In January 2013, TIF bonds, received in a private placement as consideration for infrastructure improvements made by the Company related to the development of a community center, were redeemed for $12,000. The Company adjusted the value of the bonds to their net realizable value as of December 31, 2012. Subsequent to December 31, 2012, the Company and Jinsheng amended the secured note to extend the maturity date until May 2013. Furthermore, the secured note will bear interest of 8.0% until the extended maturity date and, if not paid prior to or on the maturity date, will thereafter bear interest at 30.0%. |
Quarterly Information (Unaudited)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Information (Unaudited) | QUARTERLY INFORMATION (UNAUDITED) The following quarterly information differs from previously reported amounts due to the reclassifications of the results of operations of certain long-lived assets to discontinued operations for all periods presented. See Note 4 for further information.
|
Redeemable Noncontrolling Interests and Noncontrolling Interests (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2012 and 2011:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units is as follows:
|
Fair Value Measurements (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Assets and Liabilities | The following tables set forth information regarding the Company’s financial instruments that are measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2012 and 2011:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Level 3 |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following tables set forth information regarding the Company’s assets that are measured at fair value on a nonrecurring basis, restated for discontinued operations for all periods presented:
In December 2012, the Company acquired the remaining 40.0% interest in Imperial Valley Commons L.P., a joint venture in which the Company held a 60.0% ownership interest. In accordance with the Company's impairment review process described in Note 2, the Company recorded a non-cash impairment of real estate of $20,315 in the fourth quarter of 2012, related to vacant land available for the future expansion of Imperial Valley Commons located in El Centro, CA, to write down the book value as of December 31, 2012 from $25,645 to $5,330. Development of this asset has been negatively impacted by recent economic conditions and other competition in the market area that have affected pre-development leasing activity. In accordance with the Company's impairment review process described in Note 2, the Company recorded a non-cash impairment of real estate of $3,000 in the third quarter of 2012 related to |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | The following tables set forth information regarding the Company’s assets that are measured at fair value on a nonrecurring basis, restated for discontinued operations for all periods presented:
|
|
Summary of Significant Accounting Policies (Investments in Unconsolidated Affiliates) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Summary of Significant Accounting Policies [Abstract] | ||
Net difference between investment and underlying equity in unconsolidated affiliates, amortization period (in years) | 40 years | |
Net difference between investment and underlying equity in unconsolidated affiliates | $ 11,674 | $ 2,456 |
Unconsolidated Affiliates, Noncontrolling Interests and Cost Method Investments (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Accounted for using the Equity method of Accounting | At December 31, 2012, the Company had investments in the following 16 entities, which are accounted for using the equity method of accounting:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed combined financial statement information - unconsolidated affiliates | Condensed combined financial statement information of these unconsolidated affiliates is as follows:
(1) The results of operations of Plaza del Sol, which was sold in June 2010, have been reflected as discontinued operations. |
Mortgage and Other Indebtedness (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
Loans
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Jan. 31, 2013
Repayment of Debt [Member]
Loans
|
Dec. 31, 2012
Minimum [Member]
Extension_Options
|
Dec. 31, 2012
Interest Rate Swap [Member]
|
Dec. 31, 2011
Interest Rate Swap [Member]
|
Dec. 31, 2012
Letter of Credit 2 [Member]
|
Dec. 31, 2012
Secured Line of Credit 3 [Member]
|
Dec. 31, 2012
Secured Line of Credit 3 [Member]
Minimum [Member]
|
Dec. 31, 2012
Secured Line of Credit 3 [Member]
Maximum [Member]
|
Dec. 31, 2012
Secured Line of Credit 1 [Member]
|
Dec. 31, 2012
Secured Line of Credit Two, Reduced Capacity [Member]
|
Dec. 31, 2012
Unsecured Line of Credit A [Member]
|
Dec. 31, 2012
Unsecured Line of Credit B [Member]
|
Dec. 31, 2012
Unsecured lines of credit [Member]
|
Dec. 31, 2012
Unsecured lines of credit [Member]
Minimum [Member]
|
Jan. 31, 2013
Unsecured lines of credit [Member]
Minimum [Member]
|
Dec. 31, 2012
Unsecured lines of credit [Member]
Maximum [Member]
|
Jan. 31, 2013
Unsecured lines of credit [Member]
Maximum [Member]
|
Dec. 31, 2012
Unsecured Term Loan 2 [Member]
|
Dec. 31, 2012
Fixed Rate Interest [Member]
|
Dec. 31, 2011
Fixed Rate Interest [Member]
|
Dec. 31, 2012
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Variable Rate Interest Member [Member]
|
Dec. 31, 2012
Non-recourse Loans on Operating Properties [Member]
|
Dec. 31, 2011
Non-recourse Loans on Operating Properties [Member]
|
Mar. 31, 2011
Non-recourse Loans on Operating Properties [Member]
|
Dec. 31, 2012
Non-recourse Loans on Operating Properties [Member]
Fixed Rate Interest [Member]
|
Dec. 31, 2011
Non-recourse Loans on Operating Properties [Member]
Fixed Rate Interest [Member]
|
Dec. 31, 2012
Non-recourse Loans on Operating Properties [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Non-recourse Loans on Operating Properties [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2012
Recourse Term Loans on Operating Properties [Member]
|
Dec. 31, 2011
Recourse Term Loans on Operating Properties [Member]
|
Dec. 31, 2012
Recourse Term Loans on Operating Properties [Member]
Fixed Rate Interest [Member]
|
Dec. 31, 2011
Recourse Term Loans on Operating Properties [Member]
Fixed Rate Interest [Member]
|
Dec. 31, 2012
Recourse Term Loans on Operating Properties [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Recourse Term Loans on Operating Properties [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2012
Financing method obligation [Member]
|
Dec. 31, 2011
Financing method obligation [Member]
|
Dec. 31, 2012
Construction Loans [Member]
|
Dec. 31, 2011
Construction Loans [Member]
|
Dec. 31, 2012
Construction Loans [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Construction Loans [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2012
Unsecured lines of credit [Member]
|
Dec. 31, 2011
Unsecured lines of credit [Member]
|
Dec. 31, 2012
Unsecured lines of credit [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Unsecured lines of credit [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2012
Secured Lines of Credit [Member]
Properties
CreditLines
|
Dec. 31, 2011
Secured Lines of Credit [Member]
|
Dec. 31, 2012
Secured Lines of Credit [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Secured Lines of Credit [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
CreditLines
|
Dec. 31, 2011
Unsecured Term Loans [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
Unsecured Term Loan 1 [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
Unsecured Term Loan 1 [Member]
Minimum [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
Unsecured Term Loan 1 [Member]
Maximum [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
Unsecured Term Loan 2 [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
Unsecured Term Loan 2 [Member]
Minimum [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
Unsecured Term Loan 2 [Member]
Maximum [Member]
|
Dec. 31, 2012
Unsecured Term Loans [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Unsecured Term Loans [Member]
Variable Rate Interest Member [Member]
|
Dec. 31, 2011
Non Recourse Term Loans On Operating Properties [Member]
Loans
|
Sep. 30, 2011
Non Recourse Term Loans On Operating Properties [Member]
|
Mar. 31, 2011
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2012
Recourse and Nonrecourse Term Loans Member [Member]
|
Mar. 31, 2011
Recourse and Nonrecourse Term Loans Member [Member]
|
Dec. 31, 2011
Partial Recourse Loans On Operating Properties [Member]
|
Mar. 31, 2011
Partial Recourse Loans On Operating Properties [Member]
|
Dec. 31, 2012
Fixed Rate Operating Loans [Member]
Y
|
Dec. 31, 2012
Fixed Rate Operating Loans [Member]
Minimum [Member]
|
Dec. 31, 2012
Fixed Rate Operating Loans [Member]
Maximum [Member]
|
Dec. 31, 2012
Variable Rate Debt [Member]
Minimum [Member]
Y
|
Dec. 31, 2012
Variable Rate Debt [Member]
Maximum [Member]
|
Jun. 30, 2011
Park Plaza Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2012
Property mortgage closings during the first quarter [Member]
|
Dec. 31, 2012
Property mortgage closings during the first quarter [Member]
|
Jun. 30, 2012
Property mortgage closings during the second quarter [Member]
|
Jun. 30, 2012
Property mortgage closings during the second quarter [Member]
Minimum [Member]
|
Jun. 30, 2012
Property mortgage closings during the second quarter [Member]
Maximum [Member]
|
Feb. 28, 2013
Statesboro Crossing [Member]
|
Jun. 30, 2012
Statesboro Crossing [Member]
|
Mar. 31, 2012
Statesboro Crossing [Member]
|
Dec. 31, 2012
West County Center [Member]
|
Dec. 31, 2011
Cross Creek Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
Outlet Shoppes at Oklahoma City [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
Alamance Crossing [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Sep. 30, 2011
Alamance Crossing [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
Asheville Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Sep. 30, 2011
Asheville Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
Fayette Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Jun. 30, 2011
Fayette Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Mar. 31, 2011
Fayette Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
Mid Rivers Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Jun. 30, 2011
Mid Rivers Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Mar. 31, 2011
Mid Rivers Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
Panama City Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Jun. 30, 2011
Parkdale Mall and Parkdale Crossing [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Jun. 30, 2011
Eastgate Mall [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Jun. 30, 2011
Wasau Center [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Jun. 30, 2011
Hamilton Crossing [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
St. Clair Square [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Sep. 30, 2011
St. Clair Square [Member]
Non Recourse Term Loans On Operating Properties [Member]
|
Dec. 31, 2011
The Promenade at Dlberville [Member]
Recourse Term Loans on Operating Properties [Member]
|
Mar. 31, 2011
The Promenade at Dlberville [Member]
Recourse Term Loans on Operating Properties [Member]
|
Dec. 31, 2011
Hammock Landing Phase II [Member]
Recourse Term Loans on Operating Properties [Member]
|
Mar. 31, 2011
Hammock Landing Phase II [Member]
Recourse Term Loans on Operating Properties [Member]
|
Mar. 31, 2011
Stroud Mall [Member]
Partial Recourse Loans On Operating Properties [Member]
|
Mar. 31, 2011
York Galleria [Member]
Partial Recourse Loans On Operating Properties [Member]
|
Mar. 31, 2011
Gunbarrel Pointe [Member]
Partial Recourse Loans On Operating Properties [Member]
|
Mar. 31, 2011
Coolsprings Crossing [Member]
Partial Recourse Loans On Operating Properties [Member]
|
Dec. 31, 2012
CBL Center [Member]
|
Mar. 31, 2012
Northwoods Mall [Member]
|
Dec. 31, 2012
CBL Center II [Member]
|
Dec. 31, 2012
Southpark Mall [Member]
|
Dec. 31, 2012
Monroeville Mall [Member]
|
Dec. 31, 2012
Regional Mall [Member]
|
Dec. 31, 2012
Regional Mall [Member]
|
Dec. 31, 2012
Columbia Place [Member]
|
Dec. 31, 2012
Outlet Shoppes at Atlanta [Member]
|
Dec. 31, 2012
The Forum at Grand View [Member]
|
|||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other indebtedness, fixed rate | $ 3,794,509 | $ 3,733,355 | $ 3,776,245 | [1] | $ 3,637,979 | [1] | $ 0 | [1] | $ 77,112 | [1] | $ 18,264 | [2] | $ 18,264 | [2] | $ 27,265 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other indebtedness, variable-rate debt | 951,174 | 756,000 | 10,625 | [3] | 300,297 | [3] | 175,329 | 475,626 | 123,875 | 168,750 | 97,682 | 124,439 | 15,366 | 25,921 | 475,626 | [4] | 0 | [4] | 10,625 | 27,300 | 228,000 | 409,590 | 127,209 | 228,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other indebtedness | 4,745,683 | 4,489,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Interest Rate | 4.79% | [5] | 4.99% | [5] | 5.43% | [5] | 5.54% | [5] | 2.20% | [5] | 2.18% | [5] | 5.64% | [1],[5] | 5.43% | [1],[5] | 5.55% | [1],[5] | 3.36% | [5] | 3.03% | [5] | 0.00% | [1],[5] | 5.89% | [1],[5] | 1.78% | [5] | 2.29% | [5] | 2.96% | [5] | 3.25% | [5] | 2.07% | [4],[5] | 0.00% | [4],[5] | 2.46% | [5] | 3.03% | [5] | 1.82% | [5] | 1.67% | [5] | 4.57% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of instruments held | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount of interest rate swaps held | 113,885 | 117,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured non-recourse and recourse term loans | 4,653,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Modification of Credit Facilities, Fees Paid | 4,259 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 15, 2015 | Nov. 13, 2015 | Nov. 13, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Period of Extension Option | 1 year | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date After Extension Options | Jun. 15, 2016 | Nov. 13, 2016 | Nov. 13, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit, Option Exercise, Fee Charged, Percent | 0.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of secured lines of credit | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis spread on variable rate | 90000.00% | 17500.00% | 27500.00% | 15500.00% | 10000.00% | 21000.00% | 17500.00% | 0.95% | 1.40% | 1.50% | 1.80% | 2.40% | 0.00% | 0.00% | 2.00% | 27500.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | 0.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, unused capacity, fee percentage | 0.15% | 0.25% | 0.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average interest rate | 2.07% | 1.82% | 2.46% | 4.946% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured credit facility, borrowing capacity | 105,000 | 525,000 | 520,000 | 600,000 | 600,000 | 1,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount outstanding on letter of credit | 1,475 | 601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional secured and unsecured lines of credit with commitment | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, capacity available for specific purpose | 14,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of term loan | 77,500 | 381,568 | 13,482 | 142,235 | 56,823 | 39,274 | 51,847 | 61,346 | 84,733 | 74,748 | 36,317 | 9,078 | 12,818 | 30,763 | 106,895 | 44,480 | 178 | 2,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties collateralizing loans | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of assets pledged as collateral | 130,786 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantors Percentage Obligation for Construction loan | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Maximum Borrowing Capacity | 13,568 | 20,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans closed | 5 | 2 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest, percentage rate | 5.00% | 4.54% | 8.50% | 4.75% | 5.099% | 4.54% | 5.73% | 5.83% | 5.80% | 5.42% | 5.88% | 5.075% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized premium | 12,830 | 12,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average maturity (Years) | 4.90 | 2.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 69,823 | 22,000 | 268,905 | 128,800 | 277,000 | 120,165 | 7,540 | 99,400 | 342,190 | 190,000 | 140,000 | 60,000 | 50,800 | 78,000 | 185,000 | 92,000 | 95,000 | 44,100 | 19,800 | 10,605 | 58,000 | 3,300 | 36,365 | 58,100 | 12,100 | 13,600 | 73,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Term in Years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of operating property loans | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest, percentage rate | 1.21% | 3.36% | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 125,000 | $ 69,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of one-year extension options available | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, percentage of reference rate added to basis points | 75.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Minimum Rents (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2012 | $ 606,929 |
2013 | 531,262 |
2014 | 469,128 |
2015 | 398,254 |
2016 | 325,306 |
Thereafter | 1,071,570 |
Total | $ 3,402,449 |
Unconsolidated Affiliates, Noncontrolling Interests and Cost Method Investments (Cost Method Investments) (Details) (Jinsheng [Member], USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Feb. 28, 2007
|
|
Cost Method Investments [Abstract] | ||
Percentage of ownership interest in Jinsheng (in hundredths) | 6.20% | |
Number of Malls Owned by Subsidiary | 8 | |
Number of series 2 ordinary shares secured against convertible security notes | 16,565,534 | |
Noncontrolling Interest, Increase in Ownership Percentage | 2.275% | |
Receivable with Imputed Interest, Face Amount | $ 4,875 | |
Notes Receivable, Fair Value Disclosure | 4,513 | |
Discount | 362 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
|
||
Cost Method Investments [Abstract] | ||
Notes Receivable, Fair Value Disclosure | $ 2,475 |
Quarterly Information (Unaudited) (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Information (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Information | The following quarterly information differs from previously reported amounts due to the reclassifications of the results of operations of certain long-lived assets to discontinued operations for all periods presented. See Note 4 for further information.
|
Shareholders' Equity (Allocations of Dividends and Declared and Paid For Income Tax Purposes) (Details) (USD $)
|
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||||||
Common Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Allocation of Dividends Declared and Paid | $ 0.83 | [1] | $ 0.84 | $ 0.80 | ||||||||||
Percentage of Allocation of Dividends Declared and Paid | 100.00% | 100.00% | 100.00% | |||||||||||
Series C Preferred Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Allocation of Dividends Declared and Paid | $ 14.53 | [2] | $ 19.38 | $ 19.38 | ||||||||||
Series D Preferred Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Allocation of Dividends Declared and Paid | $ 18.44 | $ 18.44 | $ 18.44 | |||||||||||
Series E Preferred Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Allocation of Dividends Declared and Paid | $ 3.91 | [3] | ||||||||||||
Preferred Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Percentage of Allocation of Dividends Declared and Paid | 100.00% | [4] | 100.00% | [4] | 100.00% | [4] | ||||||||
Ordinary Income [Member] | Common Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Percentage of Allocation of Dividends Declared and Paid | 100.00% | 100.00% | 100.00% | |||||||||||
Ordinary Income [Member] | Preferred Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Percentage of Allocation of Dividends Declared and Paid | 100.00% | [4] | 100.00% | [4] | 100.00% | [4] | ||||||||
Capital Gains 25% rate [Member] | Common Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Percentage of Allocation of Dividends Declared and Paid | 0.00% | 0.00% | 0.00% | |||||||||||
Capital Gains 25% rate [Member] | Preferred Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Percentage of Allocation of Dividends Declared and Paid | 0.00% | [4] | 0.00% | [4] | 0.00% | [4] | ||||||||
Return of Captial [Member] | Common Stock [Member]
|
||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||
Percentage of Allocation of Dividends Declared and Paid | 0.00% | 0.00% | 0.00% | |||||||||||
|
Operating Partnership
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | OPERATING PARTNERSHIP The Company presents the condensed consolidated financial statements of the Operating Partnership since substantially all of the Company’s business is conducted through it and, therefore, it reflects the financial position and performance of the Company’s Properties in absolute terms regardless of the ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. These statements are provided for informational purposes only and their disclosure is not required. The condensed consolidated financial statement information for the Operating Partnership is presented as follows:
|
Organization and Basis of Presentation
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 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 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. As of December 31, 2012, the Operating Partnership owned controlling interests in 77 regional malls/open-air and outlet centers (including one mixed-use center), 28 associated centers (each located adjacent to a regional mall), six community centers and 13 office buildings, including CBL’s corporate office building. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. At December 31, 2012, the Operating Partnership owned non-controlling interests in nine regional malls/ open-air centers, four associated centers, four community centers and seven office buildings. Because one or more of the other partners have substantive participating rights, the Operating Partnership does not control these partnerships and joint ventures and, accordingly, accounts for these investments using the equity method. The Operating Partnership had controlling interests in one outlet center, owned in a 75%/25% joint venture, under construction at December 31, 2012. The Operating Partnership also had controlling interests in one community center, one mall expansion and two mall redevelopments under construction at December 31, 2012. 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, 2012, 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 a 83.5% limited partner interest for a combined interest held by CBL of 84.5%. The noncontrolling interest in the Operating Partnership is held primarily by CBL & Associates, Inc., its shareholders and affiliates and certain senior officers of the Company, 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 (collectively “CBL’s Predecessor”). At December 31, 2012, CBL’s Predecessor owned a 9.5% limited partner interest and various third parties owned a 6.0% limited partner interest in the Operating Partnership. CBL’s Predecessor also owned 3.1 million shares of CBL’s common stock at December 31, 2012, for a combined effective interest of 11.2% in the Operating Partnership. The Operating Partnership conducts CBL’s property management and development activities through its wholly-owned subsidiary, CBL & Associates Management, Inc. (the “Management Company”), to comply with certain requirements of the Internal Revenue Code. CBL, the Operating Partnership and the Management Company are collectively referred to herein as “the Company.” |
Discontinued Operations
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS The results of operations of the Properties described below, as well as any gains or impairment losses related to these Properties, are included in discontinued operations for all periods presented, as applicable. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the consolidated financial statements herein have been revised to reflect the operations of three office buildings that were sold in the first quarter of 2013 as discontinued operations because their operations have been reflected as discontinued operations in the Company's Form 10-Q filings with the SEC for the quarters ending March 31, 2013 and June 30, 2013. In March 2013, the Company sold three office buildings. One office building, 1500 Sunday Drive, located in Raleigh, NC, was sold for a gross sales price of $8,300 less commissions and customary closing costs for a net sales price of $7,862. The Company recorded a $549 loss related to the sale of this office building in the first quarter of 2013. Additionally, the Company sold its Peninsula I and II office buildings, located in Newport News, VA, for a gross sales price of $5,250 less commissions and customary closing costs for a net sales price of $5,121. The Company recorded a gain of $598 attributable to the sale of the Peninsula I and II buildings in the first quarter of 2013. Net proceeds from these sales were used to reduce the outstanding borrowings on the Company's credit facilities. In January 2013, the Company sold its Lake Point and SunTrust Bank office buildings, located in Greensboro, NC, for a gross sales price of $30,875 less commissions and customary closing costs for a net sales price of $30,490. Net proceeds from the sale were used the reduce the outstanding borrowings on the Company's credit facilities. These office buildings were classified as held for sale as of December 31, 2012. In the first quarter of 2013, the Company recorded a gain of $823 attributable to the sale. In December 2012, the Company sold Willowbrook Plaza, a community center located in Houston, TX, for a gross sales price of $24,450 less commissions and customary closing costs for a net sales price of $24,171. Proceeds from the sale were used to reduce the outstanding borrowings on the Company's credit facilities. In accordance with the Company's quarterly impairment review process, the Company recorded a loss on impairment of real estate of $17,743 during the third quarter of 2012 to write down the book value of this Property to its then estimated fair value. In October 2012, the Company sold Towne Mall, located in Franklin, OH and Hickory Hollow Mall, located in Antioch, TN. Towne Mall sold for a gross sales price of $950 less commissions and customary closings costs for a net sales price of $892. Hickory Hollow Mall sold for a gross sales price of $1,000 less commissions and customary closing costs for a net sales price of $966. Net proceeds from the sale of both malls were used to reduce the outstanding borrowings on the Company's credit facilities. In the third quarter of 2012, the Company recorded a loss on impairment of real estate of $419 and $8,047, respectively, to write down the book value of both Properties to the expected net sales price. In July 2012, the Company sold Massard Crossing, a community center located in Fort Smith, AR, for a gross sales price of $7,803 less commissions and customary closing costs for a net sales price of $7,432. Proceeds from the sale were used to reduce the outstanding borrowings on the Company's credit facilities. The Company recorded a gain of $98 attributable to the sale in the third quarter of 2012. In March 2012, the Company completed the sale of the second phase of Settlers Ridge, a community center located in Robinson Township, PA, for a gross sales price of $19,144 less commissions and customary closing costs for a net sales price of $18,951. Proceeds from the sale were used to reduce the outstanding borrowings on the Company's credit facilities. The Company recorded a gain of $883 attributable to the sale in the first quarter of 2012. The Company recorded a loss on impairment of real estate of $4,457 in the second quarter of 2011 to write down the book value of this Property to its then estimated fair value. There were no results of operations for this Property for the year ended December 31, 2010 as it was under development during that period. In January 2012, the Company sold Oak Hollow Square, a community center located in High Point, NC, for a gross sales price of $14,247. Net proceeds of $13,796 were used to reduce the outstanding balance on the Company's unsecured term loan. The Company recorded a loss on impairment of real estate of $255 in the first quarter of 2012 related to the true-up of certain estimated amounts to actual amounts. The Company recorded a loss on impairment of real estate of $729 in the fourth quarter of 2011 to write down the book value of this Property to the estimated net sales price. In November 2011, the Company completed the sale of Westridge Square, a community center located in Greensboro, NC, for a sales price of $26,125 less commissions and customary closing costs for a net sales price of $25,768. Proceeds from the sale were used to reduce the outstanding borrowings on the unsecured term facility used to acquire the Starmount Properties. In February 2011, the Company completed the sale of Oak Hollow Mall in High Point, NC, for a gross sales price of $9,000. Net proceeds from the sale were used to retire the outstanding principal balance and accrued interest of $40,281 on the non-recourse loan secured by the Property in accordance with the lender’s agreement to modify the outstanding principal balance and accrued interest to equal the net sales price for the Property and, as a result, the Company recorded a gain on the extinguishment of debt of $31,434 in the first quarter of 2011. The Company also recorded a loss on impairment of real estate in the first quarter of 2011 of $2,746 to write down the book value of the Property to the net sales price. In the second quarter of 2010, the Company recorded a loss on impairment of real estate of $25,435 related to the Property to write down its depreciated book value to its then estimated fair value. In October 2010, the Company completed the sale of Pemberton Square, a mall located in Vicksburg, MS, for a sales price of $1,863 less commissions and customary closing costs for a net sales price of $1,782. The Company recorded a gain of $379 attributable to the sale in the fourth quarter of 2010. Proceeds from the sale were used to reduce the outstanding borrowings on the Company’s credit facilities. In December 2010, the Company completed the sale of Milford Marketplace, a community center located in Milford, CT, and the conveyance of its ownership interest in the first phase of Settlers Ridge, a community center located in Robinson Township, PA, for a sales price of $111,835 less commissions and customary closing costs for a net sales price of $110,709. The Company recorded a loss on impairment of real estate of $12,363 in the fourth quarter of 2010 to reflect the fair value of the Properties at the time of the sale. Net proceeds from the sale, after repayment of a construction loan, were used to reduce the outstanding borrowings on the Company’s credit facilities. In December 2010, the Company completed the sale of Lakeview Pointe, a community center located in Stillwater, OK, for a sales price of $21,000 less commissions and customary closing costs for a net sales price of $20,631. The Company recorded a loss on impairment of real estate of $1,302 in the fourth quarter of 2010 to reflect the fair value of the Property at the time of sale. Net proceeds from the sale, after repayment of a construction loan, were used to reduce the outstanding borrowings on the Company’s secured credit facilities. Total revenues of the centers and office buildings described above that are included in discontinued operations were $14,078, $21,547 and $34,337 in 2012, 2011 and 2010, respectively. The total net investment in real estate assets at the time of sale for the office buildings sold during 2013 was $42,607. There were no outstanding loans on the office buildings that were sold in 2013. The total net investment in real estate assets at the time of sale for the centers sold during 2012 was $51,184. There were no outstanding loans on any of the centers sold during 2012. Discontinued operations for the years ended December 31, 2012, 2011 and 2010 also include true-ups of estimated expense to actual amounts for Properties sold during previous years. |
Mortgage and Other Notes Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 10, 2012
|
Dec. 31, 2012
Woodstock GA Investments LLC [Member]
|
May 31, 2012
Woodstock GA Investments LLC [Member]
|
Sep. 30, 2012
Mezzanine Loan [Member]
|
Sep. 30, 2012
Mezzanine Loan [Member]
Noncontrolling Interest Investor [Member]
|
Dec. 31, 2012
Outlet Shopping Center [Member]
|
Dec. 31, 2012
Interest Born at the Greater Of: [Member]
Outlet Shopping Center [Member]
|
Sep. 30, 2012
Interest Born at the Greater Of: [Member]
Mezzanine Loan [Member]
|
Apr. 20, 2012
Outlet Shoppes at El Paso [Member]
|
Mar. 31, 2012
Outlet Shoppes at El Paso [Member]
|
|
Mortgage and Other Notes Receivable [Line Items] | |||||||||||||||
Percentage of assignment of the partnership interest | 100.00% | ||||||||||||||
Interest rates on mortgage and other notes receivable range , minimum | 2.70% | ||||||||||||||
Interest rates on mortgage and other notes receivable range, maximum | 12.00% | ||||||||||||||
Interest Rate | 7.33% | 8.76% | 10.00% | 13.00% | 13.00% | ||||||||||
Intangible Assets Disclosure [Text Block] | December 31, 2011 | ||||||||||||||
Loan purchased, face amount | $ 5,879 | $ 9,150 | |||||||||||||
Loan purchased, cost | 6,581 | 5,300 | |||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||||||||||||
Loan purchased, discount | 579 | ||||||||||||||
Basis spread on variable rate | 90000.00% | ||||||||||||||
Loans receivable, variable rate spread | 10.00% | ||||||||||||||
Ownership interest upon conversion | 50.00% | 12.60% | |||||||||||||
Additional ownership interest acquirable upon election | 10.00% | ||||||||||||||
Potential ownership interest if additional election is made | 60.00% | ||||||||||||||
Loan agreement | 9,150 | ||||||||||||||
Variable rate basis | LIBOR plus 900 basis points | ||||||||||||||
Ownership interest in borrower if optional ownership election is made | 75.00% | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | 75.00% | |||||||||||||
Uncollectible receivable | 3,735 | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
Beginning Balance, January 1, 2011 | 0 | 0 | 0 | ||||||||||||
Additions in allowance charged to expense | 1,500 | 1,900 | |||||||||||||
Reduction for charges against allowance | (400) | (1,900) | |||||||||||||
Ending Balance, December 31, 2011 | 1,500 | 1,900 | |||||||||||||
Mortgage and other notes receivable balance, fully collectible | $ 25,967 | $ 34,239 |
Summary of Significant Accounting Policies
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated. Certain historical amounts have been reclassified to conform to the current year presentation. The financial results of certain Properties are reported as discontinued operations in the consolidated financial statements. Except where noted, the information presented in the Notes to Consolidated Financial Statements excludes discontinued operations. In March 2013, the Company sold three office buildings for total net proceeds of approximately $12,983. As a result, the financial statements and other disclosures herein have been revised to reclassify amounts related to these sales as discontinued operations. Accounting Guidance Adopted In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”). The objective of ASU 2011-04 is to align fair value measurements and related disclosure requirements under GAAP and International Financial Reporting Standards (“IFRSs”), thus improving the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRSs. For public entities, this guidance was effective for interim and annual periods beginning after December 15, 2011 and should be applied prospectively. The adoption of ASU 2011-04 did not have a material impact on the Company's consolidated financial statements. In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”). The objective of this accounting update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. ASU 2011-05 requires that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but continuous statements of net income and other comprehensive income. For public entities, this guidance was effective for interim and annual periods beginning after December 15, 2011 and should be applied retrospectively. In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (“ASU 2011-12”). This guidance defers the changes in ASU 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income ("AOCI"). Other requirements of ASU 2011-05 are not affected by ASU 2011-12. The guidance in ASU 2011-12 was effective at the same time as ASU 2011-05 so that entities would not be required to comply with the presentation requirements in ASU 2011-05 that ASU 2011-12 deferred. The adoption of this guidance changed the presentation format of the Company's consolidated financial statements but did not have an impact on the amounts reported in those statements. In December 2011, the FASB issued ASU No. 2011-10, Derecognition of in Substance Real Estate - a Scope Clarification (“ASU 2011-10”). This guidance applies to the derecognition of in substance real estate when the parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate because of a default by the subsidiary on its nonrecourse debt. Under ASU 2011-10, the reporting entity should apply the guidance in Accounting Standards Codification ("ASC") 360-20, Property, Plant and Equipment - Real Estate Sales, to determine whether it should derecognize the in substance real estate. Generally, the requirements to derecognize in substance real estate would not be met before the legal transfer of the real estate to the lender and the extinguishment of the related nonrecourse indebtedness. Thus, even if the reporting entity ceases to have a controlling financial interest under ASC 810-10, Consolidation - Overall, it would continue to include the real estate, debt, and the results of the subsidiary's operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. ASU 2011-10 should be applied on a prospective basis to deconsolidation events occurring after the effective date. For public companies, this guidance is effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012. Early adoption is permitted. The Company elected to adopt ASU 2011-10 effective January 1, 2012. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. Accounting Pronouncements Not Yet Effective In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). The objective of ASU 2013-02 is to improve reporting of reclassifications out of AOCI by presenting information about such reclassifications and their corresponding effect on net income primarily in one place either on the face of the financial statements or in the notes. ASU 2013-02 requires an entity to disclose information by component for significant amounts reclassified out of AOCI if the amounts reclassified are required to be reclassified under GAAP to net income in their entirety in the same reporting period. For amounts not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 established the effective date and guidance for the presentation of reclassification adjustments which ASU 2011-12 deferred. For public companies, this guidance is effective on a prospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2012. ASU 2013-02 does not change the calculation of net income or comprehensive income and will not have an impact on the amounts reported in the Company's consolidated financial statements. 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, 2012 and 2011, are summarized as follows:
These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The increase in net carrying value of intangibles from December 31, 2011 to December 31, 2012 was primarily due to the 2012 acquisitions of Dakota Square Mall, The Outlet Shoppes at Gettysburg and The Outlet Shoppes at El Paso as described in Note 3. The total net amortization expense of the above intangibles was $10,550, $7,137 and $8,224 in 2012, 2011 and 2010, respectively. The estimated total net amortization expense for the next five succeeding years is $17,488 in 2013, $13,921 in 2014, $10,885 in 2015, $6,541 in 2016 and $4,848 in 2017. Total interest expense capitalized was $2,671, $4,955 and $3,334 in 2012, 2011 and 2010, respectively. Carrying Value of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when its estimated future undiscounted cash flows are less than its carrying value. The Company estimates fair value using the undiscounted cash flows expected to be generated by each Property, which are based on a number of assumptions such as leasing expectations, operating budgets, estimated useful lives, future maintenance expenditures, intent to hold for use and capitalization rates. If it is determined that impairment has occurred, the amount of the impairment charge is equal to the excess of the asset’s carrying value over its estimated fair value. These assumptions are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates and costs to operate each Property. As these factors are difficult to predict and are subject to future events that may alter the assumptions used, 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 2012, 2011 and 2010. 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 $42,880 and $41,817 was included in intangible lease assets and other assets at December 31, 2012 and 2011, 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, as well as contributions from tenants to be used for future marketing activities. The Company’s restricted cash included $110 and $117 as of December 31, 2012 and 2011, respectively, related to funds held in a trust account for certain construction costs associated with our developments. 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 collectibility 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 $1,532, $1,676 and $2,722 for 2012, 2011 and 2010, 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 non-controlling 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 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, 2012 and 2011, the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates was $11,674 and $2,456, respectively, which is generally amortized over a period of 40 years. 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 2012, 2011 and 2010. See Note 5 for further discussion. Deferred Financing Costs Net deferred financing costs of $24,821 and $27,674 were included in intangible lease assets and other assets at December 31, 2012 and 2011, 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 was $10,391, $12,933 and $12,223 in 2012, 2011 and 2010, respectively. Accumulated amortization was $8,932 and $17,781 as of December 31, 2012 and 2011, respectively. Marketable Securities Intangible lease assets and other assets include marketable securities consisting of corporate equity securities, mortgage / asset-backed securities, mutual funds and bonds that are classified as available for sale. 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) in redeemable noncontrolling interests, shareholders’ equity and noncontrolling interests. Realized gains and losses are recorded in other income. Gains or losses on securities sold are based on the specific identification method. The Company recognized net realized gains on sales of available-for-sale securities of $224 in 2012 and net realized losses on sales of available-for-sale securities of $22 and $114 in 2011 and 2010, respectively. 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:
There were no other-than-temporary impairments of marketable securities incurred during 2012, 2011 and 2010. The following is a summary of the marketable securities held by the Company as of December 31, 2012 and 2011:
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 has entered into derivative agreements as of December 31, 2012 and 2011 that qualify 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, 2012 and 2011 was $5,805 and $5,617, respectively, 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 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. Gains on Sales of Real Estate Assets Gains on sales of real estate assets are 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 and the portion of the gain attributable to the Company’s ownership interest is deferred. 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 $3,795, $4,062 and $4,663 during 2012, 2011 and 2010, 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 provision of $1,404 in 2012 and an income tax benefit of $269 and $6,417 in 2011 and 2010 respectively. The income tax provision in 2012 consisted of a current income tax benefit of $1,691 and a deferred income tax provision of $3,095. The income tax benefit in 2011 consisted of a current income tax provision of $5,426 and a deferred income tax benefit of $5,695. The income tax benefit in 2010 consisted of a current income tax benefit of $8,448 and a deferred income tax provision of $2,031, The Company had a net deferred tax asset of $6,607 and $8,012 at December 31, 2012 and 2011, respectively. The net deferred tax asset at December 31, 2012 and 2011 is included in intangible lease assets and other assets and primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2012, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2009, 2010, 2011 and 2012. 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 statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company reported nominal interest and penalty amounts in 2012, 2011 and 2010. 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; however, no single tenant collectively accounted for more than 3.2% of the Company’s total revenues in 2012, 2011 or 2010. Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS:
There was no anti-dilutive effect of stock options in 2012. The dilutive effect of stock options of 23 and 61 shares for the years ended December 31, 2011, and 2010, respectively, were excluded from the computations of diluted EPS because the effect of including the stock options would have been anti-dilutive. See Note 7 for information regarding significant equity offerings that affected per share amounts for each period presented. Comprehensive Income Comprehensive income 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, interest rate hedge agreements and foreign currency translation adjustments. The components of accumulated other comprehensive income (loss) as of December 31, 2012 and 2011 are as follows:
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. |
Share-Based Compensation (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of company stock activities | The Company’s stock option activity for the year ended December 31, 2012 is summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of company stock award | A summary of the status of the Company’s stock awards as of December 31, 2012, and changes during the year ended December 31, 2012, is presented below:
|
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated. Certain historical amounts have been reclassified to conform to the current year presentation. The financial results of certain Properties are reported as discontinued operations in the consolidated financial statements. Except where noted, the information presented in the Notes to Consolidated Financial Statements excludes discontinued operations. In March 2013, the Company sold three office buildings for total net proceeds of approximately $12,983. As a result, the financial statements and other disclosures herein have been revised to reclassify amounts related to these sales as discontinued operations. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Guidance Adopted | Accounting Guidance Adopted In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU 2011-04”). The objective of ASU 2011-04 is to align fair value measurements and related disclosure requirements under GAAP and International Financial Reporting Standards (“IFRSs”), thus improving the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRSs. For public entities, this guidance was effective for interim and annual periods beginning after December 15, 2011 and should be applied prospectively. The adoption of ASU 2011-04 did not have a material impact on the Company's consolidated financial statements. In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”). The objective of this accounting update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. ASU 2011-05 requires that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but continuous statements of net income and other comprehensive income. For public entities, this guidance was effective for interim and annual periods beginning after December 15, 2011 and should be applied retrospectively. In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (“ASU 2011-12”). This guidance defers the changes in ASU 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income ("AOCI"). Other requirements of ASU 2011-05 are not affected by ASU 2011-12. The guidance in ASU 2011-12 was effective at the same time as ASU 2011-05 so that entities would not be required to comply with the presentation requirements in ASU 2011-05 that ASU 2011-12 deferred. The adoption of this guidance changed the presentation format of the Company's consolidated financial statements but did not have an impact on the amounts reported in those statements. In December 2011, the FASB issued ASU No. 2011-10, Derecognition of in Substance Real Estate - a Scope Clarification (“ASU 2011-10”). This guidance applies to the derecognition of in substance real estate when the parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate because of a default by the subsidiary on its nonrecourse debt. Under ASU 2011-10, the reporting entity should apply the guidance in Accounting Standards Codification ("ASC") 360-20, Property, Plant and Equipment - Real Estate Sales, to determine whether it should derecognize the in substance real estate. Generally, the requirements to derecognize in substance real estate would not be met before the legal transfer of the real estate to the lender and the extinguishment of the related nonrecourse indebtedness. Thus, even if the reporting entity ceases to have a controlling financial interest under ASC 810-10, Consolidation - Overall, it would continue to include the real estate, debt, and the results of the subsidiary's operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. ASU 2011-10 should be applied on a prospective basis to deconsolidation events occurring after the effective date. For public companies, this guidance is effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012. Early adoption is permitted. The Company elected to adopt ASU 2011-10 effective January 1, 2012. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Pronouncements Not Yet Effective | Accounting Pronouncements Not Yet Effective In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). The objective of ASU 2013-02 is to improve reporting of reclassifications out of AOCI by presenting information about such reclassifications and their corresponding effect on net income primarily in one place either on the face of the financial statements or in the notes. ASU 2013-02 requires an entity to disclose information by component for significant amounts reclassified out of AOCI if the amounts reclassified are required to be reclassified under GAAP to net income in their entirety in the same reporting period. For amounts not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 established the effective date and guidance for the presentation of reclassification adjustments which ASU 2011-12 deferred. For public companies, this guidance is effective on a prospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2012. ASU 2013-02 does not change the calculation of net income or comprehensive income and will not have an impact on the amounts reported in the Company's consolidated financial statements. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. The Company’s intangibles and their balance sheet classifications as of December 31, 2012 and 2011, are summarized as follows:
These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The increase in net carrying value of intangibles from December 31, 2011 to December 31, 2012 was primarily due to the 2012 acquisitions of Dakota Square Mall, The Outlet Shoppes at Gettysburg and The Outlet Shoppes at El Paso as described in Note 3. The total net amortization expense of the above intangibles was $10,550, $7,137 and $8,224 in 2012, 2011 and 2010, respectively. The estimated total net amortization expense for the next five succeeding years is $17,488 in 2013, $13,921 in 2014, $10,885 in 2015, $6,541 in 2016 and $4,848 in 2017. Total interest expense capitalized was $2,671, $4,955 and $3,334 in 2012, 2011 and 2010, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value of Long-Lived Assets | Carrying Value of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when its estimated future undiscounted cash flows are less than its carrying value. The Company estimates fair value using the undiscounted cash flows expected to be generated by each Property, which are based on a number of assumptions such as leasing expectations, operating budgets, estimated useful lives, future maintenance expenditures, intent to hold for use and capitalization rates. If it is determined that impairment has occurred, the amount of the impairment charge is equal to the excess of the asset’s carrying value over its estimated fair value. These assumptions are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates and costs to operate each Property. As these factors are difficult to predict and are subject to future events that may alter the assumptions used, 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 2012, 2011 and 2010. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $42,880 and $41,817 was included in intangible lease assets and other assets at December 31, 2012 and 2011, 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, as well as contributions from tenants to be used for future marketing activities. The Company’s restricted cash included $110 and $117 as of December 31, 2012 and 2011, respectively, related to funds held in a trust account for certain construction costs associated with our developments. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Double 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 collectibility 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 $1,532, $1,676 and $2,722 for 2012, 2011 and 2010, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 non-controlling 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 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, 2012 and 2011, the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates was $11,674 and $2,456, respectively, which is generally amortized over a period of 40 years. 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 2012, 2011 and 2010. See Note 5 for further discussion. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Financing Costs | Deferred Financing Costs Net deferred financing costs of $24,821 and $27,674 were included in intangible lease assets and other assets at December 31, 2012 and 2011, 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 was $10,391, $12,933 and $12,223 in 2012, 2011 and 2010, respectively. Accumulated amortization was $8,932 and $17,781 as of December 31, 2012 and 2011, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities Intangible lease assets and other assets include marketable securities consisting of corporate equity securities, mortgage / asset-backed securities, mutual funds and bonds that are classified as available for sale. 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) in redeemable noncontrolling interests, shareholders’ equity and noncontrolling interests. Realized gains and losses are recorded in other income. Gains or losses on securities sold are based on the specific identification method. The Company recognized net realized gains on sales of available-for-sale securities of $224 in 2012 and net realized losses on sales of available-for-sale securities of $22 and $114 in 2011 and 2010, respectively. 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:
There were no other-than-temporary impairments of marketable securities incurred during 2012, 2011 and 2010. The following is a summary of the marketable securities held by the Company as of December 31, 2012 and 2011:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 has entered into derivative agreements as of December 31, 2012 and 2011 that qualify 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, 2012 and 2011 was $5,805 and $5,617, respectively, 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 | 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 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. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains on Sales of Real Estate Assets | Gains on Sales of Real Estate Assets Gains on sales of real estate assets are 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 and the portion of the gain attributable to the Company’s ownership interest is deferred. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $3,795, $4,062 and $4,663 during 2012, 2011 and 2010, 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 provision of $1,404 in 2012 and an income tax benefit of $269 and $6,417 in 2011 and 2010 respectively. The income tax provision in 2012 consisted of a current income tax benefit of $1,691 and a deferred income tax provision of $3,095. The income tax benefit in 2011 consisted of a current income tax provision of $5,426 and a deferred income tax benefit of $5,695. The income tax benefit in 2010 consisted of a current income tax benefit of $8,448 and a deferred income tax provision of $2,031, The Company had a net deferred tax asset of $6,607 and $8,012 at December 31, 2012 and 2011, respectively. The net deferred tax asset at December 31, 2012 and 2011 is included in intangible lease assets and other assets and primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2012, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2009, 2010, 2011 and 2012. 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 statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company reported nominal interest and penalty amounts in 2012, 2011 and 2010. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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; however, no single tenant collectively accounted for more than 3.2% of the Company’s total revenues in 2012, 2011 or 2010. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS:
There was no anti-dilutive effect of stock options in 2012. The dilutive effect of stock options of 23 and 61 shares for the years ended December 31, 2011, and 2010, respectively, were excluded from the computations of diluted EPS because the effect of including the stock options would have been anti-dilutive. See Note 7 for information regarding significant equity offerings that affected per share amounts for each period presented. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income Comprehensive income 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, interest rate hedge agreements and foreign currency translation adjustments. The components of accumulated other comprehensive income (loss) as of December 31, 2012 and 2011 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. |
Mortgage and Other Indebtedness (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of covenant compliance | The following presents the Company's compliance with key unsecured debt covenant compliance ratios as of December 31, 2012:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of principal repayments | As of December 31, 2012, 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of December 31, 2012, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 as of December 31, 2012 and 2011:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gain (loss) recognized in other comprehensive income (loss) |
|
Redeemable Noncontrolling Interests and Noncontrolling Interests Other Consolidated Subsidiaries and Variable Interest Entities (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
Subsidiaries
|
Dec. 31, 2011
Subsidiaries
|
Dec. 31, 2010
|
Dec. 10, 2012
|
Dec. 31, 2012
Operating Partnership [Member]
|
Dec. 31, 2011
Operating Partnership [Member]
|
Dec. 31, 2012
Other Consolidated Subsidiaries [Member]
|
Dec. 31, 2011
Other Consolidated Subsidiaries [Member]
|
Dec. 27, 2012
Kirkwood Mall Mezz, LLC [Member]
|
Apr. 20, 2012
El Paso Outlet Center Holding, LLC [Member]
|
Dec. 31, 2012
PPG Venture I LP [Member]
|
Dec. 31, 2011
PPG Venture I LP [Member]
|
Dec. 31, 2012
Imperial Valley Commons, L.P. [Member]
|
Dec. 31, 2011
Imperial Valley Commons, L.P. [Member]
|
Dec. 31, 2012
Gettysburg Outlet Holding, LLC [Member]
|
Apr. 17, 2012
Outlet Shoppes at Gettysburg [Member]
|
Dec. 31, 2012
PJV Units [Member]
Other Consolidated Subsidiaries [Member]
|
Dec. 31, 2011
PJV Units [Member]
Other Consolidated Subsidiaries [Member]
|
|
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||
Redeemable Noncontrolling Interest, Units Converted to Common | 12,690,628 | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | $ 14,000 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | 49.00% | ||||||||||||||||
Common stock, shares issued | 12,466,000 | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 464,082 | 456,105 | 465,596 | 456,105 | 430,247 | 430,069 | ||||||||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | ||||||||||||||||||
Redeemable noncontrolling preferred joint venture interest | 423,834 | 423,834 | 423,834 | |||||||||||||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 20,686 | 20,637 | ||||||||||||||||
Distribution to redeemable noncontrolling preferred joint venture interest | (20,686) | (20,637) | ||||||||||||||||
Issuance of preferred joint venture interest | 0 | 0 | 2,146 | |||||||||||||||
Redeemable noncontrolling preferred joint venture interest | 423,834 | 423,834 | 423,834 | 423,834 | ||||||||||||||
Number of Other Consolidated Subsidiaries | 26 | 18 | ||||||||||||||||
Noncontrolling interests in other consolidated subsidiaries | 63,497 | 4,280 | ||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 10.00% | 60.00% | ||||||||||||||||
Joint Venture Total Assets | 102,936 | 121,499 | 49,373 | 26,680 | 45,047 | |||||||||||||
Joint Venture Mortgage Note Payable | 34,349 | |||||||||||||||||
Joint Venture Partner Interest, Ownership Percentage | 51.00% | |||||||||||||||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | $ 40,368 | $ 66,367 | $ 40,170 |
Segment Information (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Reportable Segments |
|
Redeemable Noncontrolling Interests and Noncontrolling Interests Operating Partnership (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 10, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
Operating Partnership [Member]
|
Dec. 31, 2011
Operating Partnership [Member]
|
Nov. 30, 2012
Operating Partnership [Member]
|
Dec. 02, 2010
Operating Partnership [Member]
|
Dec. 31, 2012
Operating Partnership [Member]
Jacobs [Member]
|
Dec. 31, 2011
Operating Partnership [Member]
Jacobs [Member]
|
Dec. 31, 2012
Operating Partnership [Member]
CBL's Predecessor [Member]
|
Dec. 31, 2011
Operating Partnership [Member]
CBL's Predecessor [Member]
|
Dec. 31, 2012
Operating Partnership [Member]
Third Parties [Member]
|
Dec. 31, 2011
Operating Partnership [Member]
Third Parties [Member]
|
Dec. 31, 2012
Operating Partnership [Member]
The Company [Member]
|
Dec. 31, 2011
Operating Partnership [Member]
The Company [Member]
|
Nov. 30, 2012
Operating Partnership [Member]
Common Units [Member]
|
Nov. 30, 2012
Operating Partnership [Member]
Special Common Units [Member]
Minimum [Member]
|
Dec. 02, 2010
Operating Partnership [Member]
Special Common Units [Member]
Minimum [Member]
|
Nov. 30, 2012
Operating Partnership [Member]
Special Common Units [Member]
Maximum [Member]
|
Dec. 02, 2010
Operating Partnership [Member]
Special Common Units [Member]
Maximum [Member]
|
Jul. 31, 2004
Operating Partnership [Member]
S-SCUs [Member]
|
Jun. 30, 2005
Operating Partnership [Member]
L-SCUs [Member]
Quarters
|
Nov. 30, 2005
Operating Partnership [Member]
K-SCUs [Member]
|
Jun. 30, 2005
Operating Partnership [Member]
K-SCUs [Member]
Quarters
|
Mar. 31, 2011
Operating Partnership [Member]
J-SCUs [Member]
|
Mar. 28, 2011
Operating Partnership [Member]
J-SCUs [Member]
|
Dec. 31, 2011
Operating Partnership [Member]
J-SCUs [Member]
|
Jul. 31, 2004
Operating Partnership [Member]
First Five Years [Member]
S-SCUs [Member]
|
Jul. 31, 2004
Operating Partnership [Member]
After Five Years [Member]
S-SCUs [Member]
|
Jun. 30, 2005
Operating Partnership [Member]
Earlier of June 1, 2020 Or When Distribution Exceeds Minimum [Member]
L-SCUs [Member]
|
Nov. 30, 2005
Operating Partnership [Member]
First Year [Member]
K-SCUs [Member]
|
Nov. 30, 2005
Operating Partnership [Member]
After First Year [Member]
K-SCUs [Member]
|
Mar. 31, 2012
Operating Partnership [Member]
Prior to March 31, 2011 [Member]
J-SCUs [Member]
Quarters
|
Dec. 31, 2012
Other Consolidated Subsidiaries [Member]
|
Dec. 31, 2011
Other Consolidated Subsidiaries [Member]
|
|
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | ||||||||||||||||||||||||||||||||||
Units of Partnership Interest, Amount | 29,545,587,000 | 42,016,579,000 | 0 | 13,044,407,000 | 18,172,690,000 | 18,604,156,000 | 11,372,897,000 | 10,368,016,000 | 1,560,940 | 571,700 | 1,144,924 | ||||||||||||||||||||||||
Limited Partnership Agreement, Noncontrolling Interest Redemption Right, Acquisition Price Threshold of Qaulifying Porperty | $ 20,000 | ||||||||||||||||||||||||||||||||||
Limited Partnership Agreement, Quarterly Distribution Term, Amount Per Unit | $ 0.7572 | $ 0.3628125 | |||||||||||||||||||||||||||||||||
Limited Partnership Agreement, Annual Distribution Term, Amount Per Unit | $ 2.53825 | $ 2.92875 | $ 3.0288 | $ 1.45125 | |||||||||||||||||||||||||||||||
Limited Partnership Agreement, Redemption Right, Conversion Rate to Common Stock of Parent Per Share | 1 | ||||||||||||||||||||||||||||||||||
Limited Partnership Agreement, Condition to Participate in Distribution at Same Rate as Common Unit, Number of Consecutive Quarters of Distribution Exceeding Minimum | 4 | 4 | |||||||||||||||||||||||||||||||||
Limited Partnership Agreement, Partnership Unit Dividend Rate | 6.00% | 6.25% | |||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Conversion Rights Exercised for Common Stock | 125,100 | 9,807,013 | |||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Units Converted to Common | 12,690,628 | 15,435,754 | |||||||||||||||||||||||||||||||||
Limited Partnership Agreement, Distribution Adjustment Condition, Common Unit Quarterly Distirbution Benchmark per Unit | $ 0.21875 | ||||||||||||||||||||||||||||||||||
Limited Partnership Agreement, Condition to Distribution Adjustment, Number of Consecutive Quarters of Common Unit Distribution Under Threshold | 4 | ||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.80% | ||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 14.70% | 21.30% | |||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Allocation From (To) Shareholders' Equity, Adjustment During Period | 3,197 | 3,005 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest, Allocation From (To) Shareholders' Equity, Adjustment During Period | 163 | 2,200 | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | 464,082 | 456,105 | 465,596 | 456,105 | 33,835 | 26,036 | 430,247 | 430,069 | |||||||||||||||||||||||||||
Partners' Capital Attributable to Noncontrolling Interest | 63,496 | 4,280 | 128,907 | 202,833 | |||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Limited Partners Distribution Declared | 1,143 | ||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Limited Partners Distribution Declared | $ 7,062 | $ 9,418 | |||||||||||||||||||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ 0.22 | $ 0.7322 | $ 0.7322 | $ 0.7572 | $ 0.7572 |
Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details) (Customer Concentration Risk [Member])
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Customer Concentration Risk [Member]
|
|
Summary of Significant Accounting Policies [Line Items] | |
Concentration Risk, Percentage | 3.20% |