Unconsolidated Affiliates and Cost Method Investments (Tables)

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investments Accounted for using the Equity method of Accounting

At December 31, 2013, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting:



Joint Venture	Property Name	Company's Interest
CBL/T-C, LLC	CoolSprings Galleria, Oak Park Mall, 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 four 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	%
Fremaux Town Center JV, LLC	Fremaux Town Center	65.0	%
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 and one office building	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	%

Condensed combined financial statement information - unconsolidated affiliates

Condensed combined financial statement information of these unconsolidated affiliates is as follows:



	December 31,
	2013			2012
ASSETS:
Investment in real estate assets	$	2,167,227		$	2,143,187
Accumulated depreciation	(555,174		)	(492,864		)
	1,612,053			1,650,323
Developments in progress	103,161			21,809
Net investment in real estate assets	1,715,214			1,672,132
Other assets	168,799			175,540
Total assets	$	1,884,013		$	1,847,672

LIABILITIES:
Mortgage and other indebtedness	$	1,468,422		$	1,456,622
Other liabilities	48,203			48,538
Total liabilities	1,516,625			1,505,160

OWNERS' EQUITY:
The Company	213,664			196,694
Other investors	153,724			145,818
Total owners' equity	367,388			342,512
Total liabilities and owners’ equity	$	1,884,013		$	1,847,672



	Year Ended December 31,
	2013			2012			2011
Revenues	$	243,215		$	251,628		$	177,222
Depreciation and amortization	(76,323		)	(82,534		)	(58,538		)
Other operating expenses	(72,166		)	(76,567		)	(53,417		)
Income from operations	94,726			92,527			65,267
Interest income	1,359			1,365			1,420
Interest expense	(76,934		)	(84,421		)	(59,972		)
Gain on sales of real estate assets	102			2,063			1,744
Net income	$	19,253		$	11,534		$	8,459

Financings

The following table presents the loan activity of the Company's unconsolidated affiliates since January 1, 2012:



Date	Property	Stated Interest Rate	Maturity Date ⁽¹⁾	Amount Financed or Extended
2013 Activity:
December	The Pavilion at Port Orange - Phase I⁽²⁾	LIBOR + 2.0%	November 2015	$	62,600
December	Hammock Landing - Phase I ⁽³⁾	LIBOR + 2.0%	November 2015	41,068
December	Hammock Landing - Phase II ⁽⁴⁾	LIBOR + 2.25%	November 2015	10,757
March	Renaissance Center - Phase II ⁽⁵⁾	3.49%	April 2023	16,000
March	Friendly Center⁽⁶⁾	3.48%	April 2023	100,000
March	Fremaux Town Center - Phase I ⁽⁷⁾	LIBOR + 2.125%	March 2016	46,000

2012 Activity:
December	West County Center ⁽⁸⁾	3.40%	December 2022	$	190,000
July	Gulf Coast Town Center - Phase III⁽⁹⁾	LIBOR + 2.5%	July 2015	7,000
February	York Town Center⁽¹⁰⁾	4.90%	February 2022	38,000
March	The Pavilion at Port Orange ⁽¹¹⁾	LIBOR + 3.5%	March 2014	64,950

(1) Excludes any extension options.

(2)

The construction loan was extended and modified to reduce the capacity from $64,950 to $62,600, reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0% and extend the maturity date. The loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. The Company has guaranteed 25% of the construction loan.


(3)	The loan was amended and restated to extend the maturity date and reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0%. The loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. The Company has guaranteed 25% of the loan.


(4)	A new construction loan to build a Carmike Cinema has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. Upon completion of the construction and opening of the Carmike Cinema, the Company's guaranty will be reduced from 100% to 25% and the loan will bear interest at a variable-rate of LIBOR + 2.0%.

(5) Net proceeds from the loan were used to retire a $15,700 loan that was scheduled to mature in April 2013.


(6)	Net proceeds from the loan were used to retire four loans, scheduled to mature in April 2013 and with an aggregate balance of $100,000, that were secured by Friendly Center, Friendly Center Office Building, First National Bank Building, Green Valley Office Building, First Citizens Bank Building, Wachovia Office Building and Bank of America Building.


(7)	The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of March 2018. The Company has guaranteed 100% of the construction loan.


(8)	Net proceeds of $189,687 were used to retire the outstanding borrowings of $142,235 under the previous loan and excess proceeds were distributed 50/50 to the Company and its joint venture partner.


(9)	Net proceeds from the loan were distributed to the Company in accordance with the terms of the joint venture agreement and were used to reduce the outstanding balances on the Company's credit facilities. The Company has guaranteed 100% of the loan.


(10)	Net proceeds from the loan, plus cash on hand, were used to retire a $39,379 loan that was scheduled to mature in March 2012.

(11)

The construction loan was extended and modified to remove a 1% LIBOR floor and reduce the capacity from $98,883 to $64,950. The joint venture paid $3,332 to reduce the outstanding balance on the loan to the new capacity amount. There is a one-year extension option on the loan, which is at the joint venture's election, for an outside maturity date of March 2015. The Company has guaranteed 100% of the construction loan. See Note (3) above for information on the extension and modification of this loan in December 2013.