Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables)

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments accounted for using the equity method of accounting

At March 31, 2016, the Company had investments in the following 20 entities, which are accounted for using the equity method of accounting:



Joint Venture	Property Name	Company's Interest
Ambassador Infrastructure, LLC	Ambassador Town Center - Infrastructure Improvements	65.0%
Ambassador Town Center JV, LLC	Ambassador Town Center	65.0%
CBL/T-C, LLC	CoolSprings Galleria, Oak Park Mall and West County Center	50.0%
CBL-TRS Joint Venture, LLC	Friendly Center, The Shops at Friendly Center and a portfolio 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 Phases I and II	65.0%
G&I VIII CBL Triangle LLC	Triangle Town Center, Triangle Town Commons and Triangle Town Place	10.0%
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 Phases I, II and III	50.0%
Kentucky Oaks Mall Company	Kentucky Oaks Mall	50.0%
Mall of South Carolina L.P.	Coastal Grand	50.0%
Mall of South Carolina Outparcel L.P.	Coastal Grand Crossing and vacant land	50.0%
Port Orange I, LLC	The Pavilion at Port Orange Phase I and one office building	50.0%
River Ridge Mall JV, LLC	River Ridge Mall	25.0%
West Melbourne I, LLC	Hammock Landing Phases I and II	50.0%
York Town Center, LP	York Town Center	50.0%

Condensed combined financial statement information - unconsolidated affiliates

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



	As of
ASSETS	March 31, 2016			December 31, 2015
Investment in real estate assets	$	2,355,978		$	2,357,902
Accumulated depreciation	(595,145		)	(677,448		)
	1,760,833			1,680,454
Held for sale	68,064			—
Developments in progress	15,458			59,592
Net investment in real estate assets	1,844,355			1,740,046
Other assets	199,405			168,540
Total assets	$	2,043,760		$	1,908,586

LIABILITIES
Mortgage and other indebtedness	$	1,560,802		$	1,546,272
Other liabilities	54,059			51,357
Total liabilities	1,614,861			1,597,629

OWNERS' EQUITY
The Company	224,762			184,868
Other investors	204,137			126,089
Total owners' equity	428,899			310,957
Total liabilities and owners' equity	$	2,043,760		$	1,908,586



	Total for the Three Months Ended March 31,						Company's Share for the Three Months Ended March 31,
	2016			2015			2016			2015
Total revenues	$	64,204		$	62,472		$	30,264		$	32,835
Depreciation and amortization	(20,610		)	(19,481		)	(9,178		)	(10,317		)
Interest income	336			332			256			255
Interest expense	(13,489		)	(18,794		)	(6,585		)	(9,685		)
Operating expenses	(20,072		)	(19,306		)	(8,762		)	(9,828		)
Gain on sales of real estate assets	80,959			815			26,395			563
Net income	$	91,328		$	6,038		$	32,390		$	3,823

Financings

The following table presents the loan activity of the Company's unconsolidated affiliates in 2016:



Date	Property	Stated Interest Rate		Maturity Date ⁽¹⁾		Amount Financed or Extended
February	Port Orange ⁽²⁾	LIBOR + 2.00%		February 2018	⁽³⁾	$	58,628
February	Hammock Landing - Phase I ⁽²⁾	LIBOR + 2.00%		February 2018	⁽³⁾	43,347		⁽⁴⁾
February	Hammock Landing - Phase II ⁽²⁾	LIBOR + 2.00%		February 2018	⁽³⁾	16,757
February	Triangle Town Center, Triangle Town Place, Triangle Town Commons ⁽⁵⁾	4.00%	⁽⁶⁾	December 2018	⁽⁷⁾	171,092


(1)	Excludes any extension options.


(2)	The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 12 for more information.


(3)	The loan was modified and extended to February 2018 with a one-year extension option.


(4)	The capacity was increased from $39,475.


(5)	The loan was amended and modified in conjunction with the sale of the property to a newly formed joint venture. See above.


(6)	The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date.


(7)	The loan was extended to December 2018 with two one-year extension options.

Schedule of Variable Interest Entities

The table below lists the Company's VIEs as of March 31, 2016 under the new guidance:

Consolidated VIEs:

CBL Terrace LP

Foothills Mall Associates

High Point Development LP II

Jarnigan Road LP

Lebcon Associates

Lebcon I, Ltd

Lee Partners

Village at Orchard Hills, LLC

Statesboro Crossing, LLC

The Promenade at D'Ilberville

Madison Grandview Forum, LLC

Atlanta Outlet Shoppes, LLC

Woodstock Ga Investments, LLC

Atlanta Outlet Outparcels, LLC

El Paso Outlet Center Holding, LLC

El Paso Outlet Center II, LLC

Gettysburg Outlet Center Holding, LLC

Gettysburg Outlet Center, LLC

Louisville Outlet Shoppes, LLC

Louisville Outlet Outparcels, LLC

Unconsolidated VIEs:

JG Gulf Coast Town Center LLC

Ambassador Infrastructure, LLC

G&I VIII CBL Triangle LLC ⁽¹⁾

Triangle Town Member LLC ⁽¹⁾

(1)

As discussed above, prior to the sale of the Company's 50% interest in Triangle Town Member LLC, the Company's investment in this joint venture represented an interest in a VIE. Upon, the sale of the Company's 50% interest in Triangle Town Member LLC to G&I VIII CBL Triangle LLC, the Company determined that the new unconsolidated affiliate also represents an interest in a VIE based upon the criteria noted above.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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