DELAWARE (CBL & ASSOCIATES PROPERTIES, INC.) | 62-1545718 | |
DELAWARE (CBL & ASSOCIATES LIMITED PARTNERSHIP) | 62-1542285 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | |||
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller Reporting Company o |
CBL & Associates Limited Partnership | |||
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller Reporting Company o |
CBL & Associates Properties, Inc. | Yes o | No x | |
CBL & Associates Limited Partnership | Yes o | No x |
• | enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | condensed consolidated financial statements; |
• | certain accompanying notes to condensed consolidated financial statements, including Note 5 - Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments; Note 6 - Mortgage and Other Indebtedness; Note 7 - Comprehensive Income; and Note 11 - Earnings per Share and Earnings per Unit; |
• | controls and procedures in Item 4 of Part I of this report; |
• | information concerning unregistered sales of equity securities and use of proceeds in Item 2 of Part II of this report; and |
• | certifications of the Chief Executive Officer and Chief Financial Officer included as Exhibits 31.1 through 32.4. |
PART I | FINANCIAL INFORMATION | |
CBL & Associates Properties, Inc. | ||
CBL & Associates Limited Partnership | ||
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
ASSETS (1) | June 30, 2016 | December 31, 2015 | |||||
Real estate assets: | |||||||
Land | $ | 851,541 | $ | 876,668 | |||
Buildings and improvements | 7,000,254 | 7,287,862 | |||||
7,851,795 | 8,164,530 | ||||||
Accumulated depreciation | (2,369,696 | ) | (2,382,568 | ) | |||
5,482,099 | 5,781,962 | ||||||
Held for sale | 65,300 | — | |||||
Developments in progress | 116,469 | 75,991 | |||||
Net investment in real estate assets | 5,663,868 | 5,857,953 | |||||
Cash and cash equivalents | 21,139 | 36,892 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,918 and $1,923 in 2016 and 2015, respectively | 99,905 | 87,286 | |||||
Other, net of allowance for doubtful accounts of $1,275 and $1,276 in 2016 and 2015, respectively | 16,711 | 17,958 | |||||
Mortgage and other notes receivable | 15,703 | 18,238 | |||||
Investments in unconsolidated affiliates | 275,101 | 276,383 | |||||
Intangible lease assets and other assets | 187,709 | 185,281 | |||||
$ | 6,280,136 | $ | 6,479,991 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | $ | 4,540,479 | $ | 4,710,628 | |||
Accounts payable and accrued liabilities | 284,219 | 344,434 | |||||
Liabilities related to assets held for sale | 38,237 | — | |||||
Total liabilities (1) | 4,862,935 | 5,055,062 | |||||
Commitments and contingencies (Note 12) | |||||||
Redeemable noncontrolling interests | 17,833 | 25,330 | |||||
Shareholders' equity: | |||||||
Preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
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 | 7 | 7 | |||||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,789,867 and 170,490,948 issued and outstanding in 2016 and 2015, respectively | 1,708 | 1,705 | |||||
Additional paid-in capital | 1,971,591 | 1,970,333 | |||||
Accumulated other comprehensive income | — | 1,935 | |||||
Dividends in excess of cumulative earnings | (699,001 | ) | (689,028 | ) | |||
Total shareholders' equity | 1,274,323 | 1,284,970 | |||||
Noncontrolling interests | 125,045 | 114,629 | |||||
Total equity | 1,399,368 | 1,399,599 | |||||
$ | 6,280,136 | $ | 6,479,991 |
(1) | As of June 30, 2016, includes $601,652 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $470,789 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 167,216 | $ | 166,428 | $ | 337,845 | $ | 335,509 | |||||||
Percentage rents | 2,692 | 2,412 | 7,365 | 6,549 | |||||||||||
Other rents | 4,819 | 4,421 | 9,881 | 9,592 | |||||||||||
Tenant reimbursements | 70,096 | 70,224 | 143,462 | 142,357 | |||||||||||
Management, development and leasing fees | 4,067 | 2,663 | 6,648 | 5,441 | |||||||||||
Other | 6,075 | 7,695 | 12,842 | 15,304 | |||||||||||
Total revenues | 254,965 | 253,843 | 518,043 | 514,752 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 31,060 | 32,866 | 69,688 | 71,770 | |||||||||||
Depreciation and amortization | 72,205 | 71,239 | 148,711 | 147,505 | |||||||||||
Real estate taxes | 22,834 | 22,549 | 45,862 | 45,334 | |||||||||||
Maintenance and repairs | 11,790 | 12,407 | 26,338 | 26,623 | |||||||||||
General and administrative | 16,475 | 16,215 | 33,643 | 33,445 | |||||||||||
Loss on impairment | 43,493 | 2,781 | 63,178 | 2,781 | |||||||||||
Other | 5,052 | 5,928 | 14,737 | 12,404 | |||||||||||
Total operating expenses | 202,909 | 163,985 | 402,157 | 339,862 | |||||||||||
Income from operations | 52,056 | 89,858 | 115,886 | 174,890 | |||||||||||
Interest and other income | 251 | 389 | 611 | 5,663 | |||||||||||
Interest expense | (53,187 | ) | (58,754 | ) | (108,418 | ) | (117,911 | ) | |||||||
Gain on extinguishment of debt | — | 256 | 6 | 256 | |||||||||||
Gain on investment | — | — | — | 16,560 | |||||||||||
Equity in earnings of unconsolidated affiliates | 64,349 | 4,881 | 96,739 | 8,704 | |||||||||||
Income tax benefit (provision) | 51 | (2,472 | ) | 588 | (1,556 | ) | |||||||||
Income from continuing operations before gain on sales of real estate assets | 63,520 | 34,158 | 105,412 | 86,606 | |||||||||||
Gain on sales of real estate assets | 9,577 | 14,173 | 9,577 | 14,930 | |||||||||||
Net income | 73,097 | 48,331 | 114,989 | 101,536 | |||||||||||
Net (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (8,483 | ) | (4,946 | ) | (13,428 | ) | (11,118 | ) | |||||||
Other consolidated subsidiaries | (1,695 | ) | (1,490 | ) | 1,432 | (2,359 | ) | ||||||||
Net income attributable to the Company | 62,919 | 41,895 | 102,993 | 88,059 | |||||||||||
Preferred dividends | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income attributable to common shareholders | $ | 51,696 | $ | 30,672 | $ | 80,547 | $ | 65,613 | |||||||
Basic and diluted per share data attributable to common shareholders: | |||||||||||||||
Net income attributable to common shareholders | $ | 0.30 | $ | 0.18 | $ | 0.47 | $ | 0.38 | |||||||
Weighted-average common and potential dilutive common shares outstanding | 170,792 | 170,494 | 170,731 | 170,457 | |||||||||||
Dividends declared per common share | $ | 0.265 | $ | 0.265 | $ | 0.530 | $ | 0.530 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 73,097 | $ | 48,331 | $ | 114,989 | $ | 101,536 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized holding gain on available-for-sale securities | — | — | — | 242 | |||||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | — | — | (16,560 | ) | ||||||||||
Unrealized gain on hedging instruments | — | 1,216 | 877 | 2,099 | |||||||||||
Reclassification of hedging effect on earnings | — | (646 | ) | (443 | ) | (1,169 | ) | ||||||||
Total other comprehensive income (loss) | — | 570 | 434 | (15,388 | ) | ||||||||||
Comprehensive income | 73,097 | 48,901 | 115,423 | 86,148 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | (8,483 | ) | (5,014 | ) | (13,491 | ) | (8,032 | ) | |||||||
Other consolidated subsidiaries | (1,695 | ) | (1,490 | ) | 1,432 | (2,359 | ) | ||||||||
Comprehensive income attributable to the Company | $ | 62,919 | $ | 42,397 | $ | 103,364 | $ | 75,757 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, January 1, 2015 | $ | 37,559 | $ | 25 | $ | 1,703 | $ | 1,958,198 | $ | 13,411 | $ | (566,785 | ) | $ | 1,406,552 | $ | 143,376 | $ | 1,549,928 | ||||||||||||||||
Net income | 2,261 | — | — | — | — | 88,059 | 88,059 | 11,216 | 99,275 | ||||||||||||||||||||||||||
Other comprehensive loss | (375 | ) | — | — | — | (12,302 | ) | — | (12,302 | ) | (2,711 | ) | (15,013 | ) | |||||||||||||||||||||
Performance stock units | — | — | — | 312 | — | — | 312 | — | 312 | ||||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (90,362 | ) | (90,362 | ) | — | (90,362 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (22,446 | ) | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||||
Issuances of 272,498 shares of common stock and restricted common stock | — | — | 3 | 589 | — | — | 592 | — | 592 | ||||||||||||||||||||||||||
Conversion of Operating Partnership common units to shares of common stock | — | — | — | — | — | — | — | (286 | ) | (286 | ) | ||||||||||||||||||||||||
Cancellation of 40,238 shares of restricted common stock | — | — | (1 | ) | (730 | ) | — | — | (731 | ) | — | (731 | ) | ||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,613 | — | — | 2,613 | — | 2,613 | ||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 15 | 15 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests | (2,754 | ) | — | — | — | — | — | — | (19,830 | ) | (19,830 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 311 | — | — | 1,317 | — | — | 1,317 | (1,628 | ) | (311 | ) | ||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 5,942 | — | — | (5,071 | ) | — | — | (5,071 | ) | (871 | ) | (5,942 | ) | ||||||||||||||||||||||
Balance, June 30, 2015 | $ | 42,944 | $ | 25 | $ | 1,705 | $ | 1,957,228 | $ | 1,109 | $ | (591,534 | ) | $ | 1,368,533 | $ | 129,281 | $ | 1,497,814 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, January 1, 2016 | $ | 25,330 | $ | 25 | $ | 1,705 | $ | 1,970,333 | $ | 1,935 | $ | (689,028 | ) | $ | 1,284,970 | $ | 114,629 | $ | 1,399,599 | ||||||||||||||||
Net income (loss) | (1,975 | ) | — | — | — | — | 102,993 | 102,993 | 13,971 | 116,964 | |||||||||||||||||||||||||
Other comprehensive income | 3 | — | — | — | 371 | — | 371 | 60 | 431 | ||||||||||||||||||||||||||
Performance stock units | — | — | — | 516 | — | — | 516 | — | 516 | ||||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (90,520 | ) | (90,520 | ) | — | (90,520 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (22,446 | ) | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||||
Issuances of 327,326 shares of common stock and restricted common stock | — | — | 3 | 385 | — | — | 388 | — | 388 | ||||||||||||||||||||||||||
Cancellation of 28,407 shares of restricted common stock | — | — | — | (224 | ) | — | — | (224 | ) | — | (224 | ) | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 1,969 | — | — | 1,969 | — | 1,969 | ||||||||||||||||||||||||||
Redemptions of Operating Partnership common units | — | — | — | — | — | — | — | (146 | ) | (146 | ) | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 10,686 | 10,686 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests | (4,211 | ) | — | — | — | — | — | — | (19,163 | ) | (19,163 | ) | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 1,000 | — | — | (3,130 | ) | (2,306 | ) | — | (5,436 | ) | 4,436 | (1,000 | ) | ||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (2,314 | ) | — | — | 1,742 | — | — | 1,742 | 572 | 2,314 | |||||||||||||||||||||||||
Balance, June 30, 2016 | $ | 17,833 | $ | 25 | $ | 1,708 | $ | 1,971,591 | $ | — | $ | (699,001 | ) | $ | 1,274,323 | $ | 125,045 | $ | 1,399,368 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 114,989 | $ | 101,536 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 148,711 | 147,505 | |||||
Net amortization of deferred finance costs and debt premiums | 1,476 | 2,626 | |||||
Net amortization of intangible lease assets and liabilities | (288 | ) | 33 | ||||
Gain on sales of real estate assets | (9,577 | ) | (14,930 | ) | |||
Write-off of development projects | 33 | 125 | |||||
Share-based compensation expense | 2,851 | 3,406 | |||||
Net realized gain on sale of available-for-sale securities | — | (16,560 | ) | ||||
Loss on impairment | 63,178 | 2,781 | |||||
Gain on extinguishment of debt | (6 | ) | (256 | ) | |||
Equity in earnings of unconsolidated affiliates | (96,739 | ) | (8,704 | ) | |||
Distributions of earnings from unconsolidated affiliates | 8,582 | 9,780 | |||||
Provision for doubtful accounts | 2,223 | 1,938 | |||||
Change in deferred tax accounts | (320 | ) | 153 | ||||
Changes in: | |||||||
Tenant and other receivables | (13,595 | ) | (2,960 | ) | |||
Other assets | (5,616 | ) | (833 | ) | |||
Accounts payable and accrued liabilities | (1,741 | ) | (6,247 | ) | |||
Net cash provided by operating activities | 214,161 | 219,393 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (103,322 | ) | (94,231 | ) | |||
Acquisition of real estate assets | — | (191,988 | ) | ||||
(Additions) reductions to restricted cash | (8,064 | ) | 3,315 | ||||
Proceeds from sales of real estate assets | 88,583 | 24,233 | |||||
Additions to mortgage and other notes receivable | (3,259 | ) | — | ||||
Payments received on mortgage and other notes receivable | 515 | 264 | |||||
Net proceeds from sales of available-for-sale securities | — | 20,755 | |||||
Additional investments in and advances to unconsolidated affiliates | (3,650 | ) | (7,650 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 60,060 | 9,789 | |||||
Changes in other assets | (2,498 | ) | (5,295 | ) | |||
Net cash provided by (used in) investing activities | 28,365 | (240,808 | ) |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 439,113 | $ | 421,289 | |||
Principal payments on mortgage and other indebtedness | (570,838 | ) | (271,516 | ) | |||
Additions to deferred financing costs | (79 | ) | (190 | ) | |||
Additions to debt issuance costs | (837 | ) | — | ||||
Proceeds from issuances of common stock | 87 | 101 | |||||
Purchase of noncontrolling interest in the Operating Partnership | (146 | ) | (286 | ) | |||
Contributions from noncontrolling interests | 10,686 | 15 | |||||
Distributions to noncontrolling interests | (23,378 | ) | (22,588 | ) | |||
Dividends paid to holders of preferred stock | (22,446 | ) | (22,446 | ) | |||
Dividends paid to common shareholders | (90,441 | ) | (90,301 | ) | |||
Net cash provided by (used in) financing activities | (258,279 | ) | 14,078 | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (15,753 | ) | (7,337 | ) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 36,892 | 37,938 | |||||
CASH AND CASH EQUIVALENTS, end of period | $ | 21,139 | $ | 30,601 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 109,109 | $ | 115,467 |
ASSETS (1) | June 30, 2016 | December 31, 2015 | |||||
Real estate assets: | |||||||
Land | $ | 851,541 | $ | 876,668 | |||
Buildings and improvements | 7,000,254 | 7,287,862 | |||||
7,851,795 | 8,164,530 | ||||||
Accumulated depreciation | (2,369,696 | ) | (2,382,568 | ) | |||
5,482,099 | 5,781,962 | ||||||
Held for sale | 65,300 | — | |||||
Developments in progress | 116,469 | 75,991 | |||||
Net investment in real estate assets | 5,663,868 | 5,857,953 | |||||
Cash and cash equivalents | 21,132 | 36,887 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,918 and $1,923 in 2016 and 2015, respectively | 99,905 | 87,286 | |||||
Other, net of allowance for doubtful accounts of $1,275 and $1,276 in 2016 and 2015, respectively | 16,662 | 17,958 | |||||
Mortgage and other notes receivable | 15,703 | 18,238 | |||||
Investments in unconsolidated affiliates | 275,636 | 276,946 | |||||
Intangible lease assets and other assets | 187,589 | 185,162 | |||||
$ | 6,280,495 | $ | 6,480,430 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness, net | $ | 4,540,479 | $ | 4,710,628 | |||
Accounts payable and accrued liabilities | 284,248 | 344,434 | |||||
Liabilities related to assets held for sale | 38,237 | — | |||||
Total liabilities (1) | 4,862,964 | 5,055,062 | |||||
Commitments and contingencies (Note 12) | |||||||
Redeemable interests: | |||||||
Redeemable noncontrolling interests | 2,754 | 5,586 | |||||
Redeemable common units | 15,079 | 19,744 | |||||
Total redeemable interests | 17,833 | 25,330 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 8,319 | 8,435 | |||||
Limited partners | 812,175 | 822,383 | |||||
Accumulated other comprehensive loss | — | (868 | ) | ||||
Total partners' capital | 1,385,706 | 1,395,162 | |||||
Noncontrolling interests | 13,992 | 4,876 | |||||
Total capital | 1,399,698 | 1,400,038 | |||||
$ | 6,280,495 | $ | 6,480,430 |
(1) | As of June 30, 2016, includes $601,652 of assets related to consolidated variable interest entities that can only be used to settle obligations of the consolidated variable interest entities and $470,789 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5. |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Operations (In thousands, except per unit data) (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 167,216 | $ | 166,428 | $ | 337,845 | $ | 335,509 | |||||||
Percentage rents | 2,692 | 2,412 | 7,365 | 6,549 | |||||||||||
Other rents | 4,819 | 4,421 | 9,881 | 9,592 | |||||||||||
Tenant reimbursements | 70,096 | 70,224 | 143,462 | 142,357 | |||||||||||
Management, development and leasing fees | 4,067 | 2,663 | 6,648 | 5,441 | |||||||||||
Other | 6,075 | 7,695 | 12,842 | 15,304 | |||||||||||
Total revenues | 254,965 | 253,843 | 518,043 | 514,752 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 31,060 | 32,866 | 69,688 | 71,770 | |||||||||||
Depreciation and amortization | 72,205 | 71,239 | 148,711 | 147,505 | |||||||||||
Real estate taxes | 22,834 | 22,549 | 45,862 | 45,334 | |||||||||||
Maintenance and repairs | 11,790 | 12,407 | 26,338 | 26,623 | |||||||||||
General and administrative | 16,475 | 16,215 | 33,643 | 33,445 | |||||||||||
Loss on impairment | 43,493 | 2,781 | 63,178 | 2,781 | |||||||||||
Other | 5,052 | 5,928 | 14,737 | 12,404 | |||||||||||
Total operating expenses | 202,909 | 163,985 | 402,157 | 339,862 | |||||||||||
Income from operations | 52,056 | 89,858 | 115,886 | 174,890 | |||||||||||
Interest and other income | 251 | 389 | 611 | 5,663 | |||||||||||
Interest expense | (53,187 | ) | (58,754 | ) | (108,418 | ) | (117,911 | ) | |||||||
Gain on extinguishment of debt | — | 256 | 6 | 256 | |||||||||||
Gain on investment | — | — | — | 16,560 | |||||||||||
Equity in earnings of unconsolidated affiliates | 64,349 | 4,881 | 96,739 | 8,704 | |||||||||||
Income tax benefit (provision) | 51 | (2,472 | ) | 588 | (1,556 | ) | |||||||||
Income from continuing operations before gain on sales of real estate assets | 63,520 | 34,158 | 105,412 | 86,606 | |||||||||||
Gain on sales of real estate assets | 9,577 | 14,173 | 9,577 | 14,930 | |||||||||||
Net income | 73,097 | 48,331 | 114,989 | 101,536 | |||||||||||
Net (income) loss attributable to noncontrolling interests | (1,695 | ) | (1,490 | ) | 1,432 | (2,359 | ) | ||||||||
Net income attributable to the Operating Partnership | 71,402 | 46,841 | 116,421 | 99,177 | |||||||||||
Distributions to preferred unitholders | (11,223 | ) | (11,223 | ) | (22,446 | ) | (22,446 | ) | |||||||
Net income attributable to common unitholders | $ | 60,179 | $ | 35,618 | $ | 93,975 | $ | 76,731 | |||||||
Basic and diluted per unit data attributable to common unitholders: | |||||||||||||||
Net income attributable to common unitholders | $ | 0.30 | $ | 0.18 | $ | 0.47 | $ | 0.38 | |||||||
Weighted-average common and potential dilutive common units outstanding | 200,045 | 199,751 | 199,986 | 199,716 | |||||||||||
Distributions declared per common unit | $ | 0.273 | $ | 0.273 | $ | 0.546 | $ | 0.546 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 73,097 | $ | 48,331 | $ | 114,989 | $ | 101,536 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized holding gain on available-for-sale securities | — | — | — | 242 | |||||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | — | — | (16,560 | ) | ||||||||||
Unrealized gain on hedging instruments | — | 1,216 | 877 | 2,099 | |||||||||||
Reclassification of hedging effect on earnings | — | (646 | ) | (443 | ) | (1,169 | ) | ||||||||
Total other comprehensive income (loss) | — | 570 | 434 | (15,388 | ) | ||||||||||
Comprehensive income | 73,097 | 48,901 | 115,423 | 86,148 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (1,695 | ) | (1,490 | ) | 1,432 | (2,359 | ) | ||||||||
Comprehensive income of the Operating Partnership | $ | 71,402 | $ | 47,411 | $ | 116,855 | $ | 83,789 |
Redeemable Interests | Number of | Common Units | |||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Common Units | Total Redeemable Interests | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Total Partners' Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2015 | $ | 6,455 | $ | 31,104 | $ | 37,559 | 25,050 | 199,532 | $ | 565,212 | $ | 9,789 | $ | 953,349 | $ | 13,183 | $ | 1,541,533 | $ | 8,908 | $ | 1,550,441 | |||||||||||||||||||||||
Net income | 1,668 | 593 | 2,261 | — | — | 22,446 | 781 | 75,357 | — | 98,584 | 691 | 99,275 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | — | (375 | ) | (375 | ) | — | — | — | — | — | (15,013 | ) | (15,013 | ) | — | (15,013 | ) | ||||||||||||||||||||||||||||
Performance stock units | — | — | — | — | — | — | 3 | 309 | — | 312 | — | 312 | |||||||||||||||||||||||||||||||||
Distributions declared - common units | — | (1,126 | ) | (1,126 | ) | — | — | — | (1,066 | ) | (106,765 | ) | — | (107,831 | ) | — | (107,831 | ) | |||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (22,446 | ) | — | — | — | (22,446 | ) | — | (22,446 | ) | ||||||||||||||||||||||||||||||
Issuances of common units | — | — | — | — | 273 | — | — | 592 | — | 592 | — | 592 | |||||||||||||||||||||||||||||||||
Redemption of common units | — | — | — | — | (15 | ) | — | — | (286 | ) | — | (286 | ) | — | (286 | ) | |||||||||||||||||||||||||||||
Cancellation of restricted common units | — | — | — | — | (40 | ) | — | — | (731 | ) | — | (731 | ) | — | (731 | ) | |||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | 27 | 2,586 | — | 2,613 | — | 2,613 | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | — | 15 | 15 | |||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (1,628 | ) | — | (1,628 | ) | — | — | — | — | — | — | — | (2,360 | ) | (2,360 | ) | |||||||||||||||||||||||||||||
Allocation of partners' capital | — | 311 | 311 | — | — | — | (56 | ) | (354 | ) | — | (410 | ) | — | (410 | ) | |||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (291 | ) | 6,233 | 5,942 | — | — | — | (61 | ) | (5,880 | ) | — | (5,941 | ) | — | (5,941 | ) | ||||||||||||||||||||||||||||
Balance, June 30, 2015 | $ | 6,204 | $ | 36,740 | $ | 42,944 | 25,050 | 199,750 | $ | 565,212 | $ | 9,417 | $ | 918,177 | $ | (1,830 | ) | $ | 1,490,976 | $ | 7,254 | $ | 1,498,230 |
Redeemable Interests | Number of | Common Units | |||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Common Units | Total Redeemable Interests | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Total Partners' Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||||||||||
Balance, January 1, 2016 | $ | 5,586 | $ | 19,744 | $ | 25,330 | 25,050 | 199,748 | $ | 565,212 | $ | 8,435 | $ | 822,383 | $ | (868 | ) | $ | 1,395,162 | $ | 4,876 | $ | 1,400,038 | ||||||||||||||||||||||
Net income | (2,691 | ) | 716 | (1,975 | ) | — | — | 22,446 | 954 | 92,305 | — | 115,705 | 1,259 | 116,964 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | 3 | 3 | — | — | — | — | 431 | 431 | — | 431 | ||||||||||||||||||||||||||||||||||
Performance stock units | — | — | — | — | — | — | 5 | 511 | — | 516 | — | 516 | |||||||||||||||||||||||||||||||||
Distributions declared - common units | — | (2,286 | ) | (2,286 | ) | — | — | — | (1,064 | ) | (105,790 | ) | — | (106,854 | ) | — | (106,854 | ) | |||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (22,446 | ) | — | — | (22,446 | ) | — | (22,446 | ) | |||||||||||||||||||||||||||||||
Issuances of common units | — | — | — | — | 327 | — | — | 388 | — | 388 | — | 388 | |||||||||||||||||||||||||||||||||
Redemptions of common units | — | — | — | — | (15 | ) | — | — | (146 | ) | — | (146 | ) | — | (146 | ) | |||||||||||||||||||||||||||||
Cancellation of restricted common units | — | — | — | — | (28 | ) | — | — | (224 | ) | — | (224 | ) | — | (224 | ) | |||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | 20 | 1,949 | — | 1,969 | — | 1,969 | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | 10,686 | 10,686 | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (1,925 | ) | — | (1,925 | ) | — | — | — | — | — | — | (2,829 | ) | (2,829 | ) | ||||||||||||||||||||||||||||||
Allocation of partners' capital | — | 1,000 | 1,000 | — | — | — | (55 | ) | (1,491 | ) | 437 | (1,109 | ) | — | (1,109 | ) | |||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | 1,784 | (4,098 | ) | (2,314 | ) | — | — | — | 24 | 2,290 | — | 2,314 | — | 2,314 | |||||||||||||||||||||||||||||||
Balance, June 30, 2016 | $ | 2,754 | $ | 15,079 | $ | 17,833 | 25,050 | 200,032 | $ | 565,212 | $ | 8,319 | $ | 812,175 | $ | — | $ | 1,385,706 | $ | 13,992 | $ | 1,399,698 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 114,989 | $ | 101,536 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 148,711 | 147,505 | |||||
Net amortization of deferred finance costs and debt premiums | 1,476 | 2,626 | |||||
Net amortization of intangible lease assets and liabilities | (288 | ) | 33 | ||||
Gain on sales of real estate assets | (9,577 | ) | (14,930 | ) | |||
Write-off of development projects | 33 | 125 | |||||
Share-based compensation expense | 2,851 | 3,406 | |||||
Net realized gain on sale of available-for-sale securities | — | (16,560 | ) | ||||
Loss on impairment | 63,178 | 2,781 | |||||
Gain on extinguishment of debt | (6 | ) | (256 | ) | |||
Equity in earnings of unconsolidated affiliates | (96,739 | ) | (8,704 | ) | |||
Distributions of earnings from unconsolidated affiliates | 8,610 | 9,778 | |||||
Provision for doubtful accounts | 2,223 | 1,938 | |||||
Change in deferred tax accounts | (320 | ) | 153 | ||||
Changes in: | |||||||
Tenant and other receivables | (13,546 | ) | (2,960 | ) | |||
Other assets | (5,616 | ) | (833 | ) | |||
Accounts payable and accrued liabilities | (1,820 | ) | (6,263 | ) | |||
Net cash provided by operating activities | 214,159 | 219,375 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (103,322 | ) | (94,231 | ) | |||
Acquisition of real estate assets | — | (191,988 | ) | ||||
(Additions) reductions to restricted cash | (8,064 | ) | 3,315 | ||||
Proceeds from sales of real estate assets | 88,583 | 24,233 | |||||
Additions to mortgage and other notes receivable | (3,259 | ) | — | ||||
Payments received on mortgage and other notes receivable | 515 | 264 | |||||
Net proceeds from sales of available-for-sale securities | — | 20,755 | |||||
Additional investments in and advances to unconsolidated affiliates | (3,650 | ) | (7,650 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 60,060 | 9,789 | |||||
Changes in other assets | (2,498 | ) | (5,295 | ) | |||
Net cash provided by (used in) investing activities | 28,365 | (240,808 | ) |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 439,113 | $ | 421,289 | |||
Principal payments on mortgage and other indebtedness | (570,838 | ) | (271,516 | ) | |||
Additions to deferred financing costs | (79 | ) | (190 | ) | |||
Additions to debt issuance costs | (837 | ) | — | ||||
Proceeds from issuances of common units | 87 | 101 | |||||
Redemption of common units | (146 | ) | (286 | ) | |||
Contributions from noncontrolling interests | 10,686 | 15 | |||||
Distributions to noncontrolling interests | (7,044 | ) | (5,113 | ) | |||
Distributions to preferred unitholders | (22,446 | ) | (22,446 | ) | |||
Distributions to common unitholders | (106,775 | ) | (107,771 | ) | |||
Net cash provided by (used in) financing activities | (258,279 | ) | 14,083 | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (15,755 | ) | (7,350 | ) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 36,887 | 37,926 | |||||
CASH AND CASH EQUIVALENTS, end of period | $ | 21,132 | $ | 30,576 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 109,109 | $ | 115,467 |
Malls (1) | Associated Centers | Community Centers | Office Buildings (2) | Total | ||||||||||
Consolidated properties | 70 | 20 | 5 | 8 | 103 | |||||||||
Unconsolidated properties (3) | 10 | 4 | 5 | 5 | 24 | |||||||||
Total | 80 | 24 | 10 | 13 | 127 |
(1) | Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). |
(2) | Includes CBL's corporate office buildings. |
(3) | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. |
Consolidated Properties | Unconsolidated Properties | ||||||||||
Malls | Community Centers | Malls | Community Centers | ||||||||
Development | 1 | — | — | — | |||||||
Expansions | 3 | 1 | 1 | 2 | |||||||
Redevelopments | 4 | — | 1 | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Fair Value at December 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | 434 | $ | — | $ | 434 | $ | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Loss | |||||||||||||||
2016: | |||||||||||||||||||
Long-lived assets | $ | 105,647 | $ | — | $ | — | $ | 105,647 | $ | 62,348 |
Sales Price | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | Gain | ||||||||||||
May | Bonita Lakes Mall and Crossing (1) | Mall & Associated Center | Meridian, MS | $ | 27,910 | $ | 27,770 | $ | 140 | |||||||||
April | The Crossings at Marshalls Creek | Community Center | Middle Smithfield, PA | 23,650 | 21,799 | 3,281 | ||||||||||||
March | River Ridge Mall (2) | Mall | Lynchburg, VA | 33,500 | 32,959 | — | ||||||||||||
$ | 85,060 | $ | 82,528 | $ | 3,421 |
(1) | The Company recognized a loss on impairment of real estate of $5,323 in the first quarter of 2016 when it adjusted the book value of the properties to their contractual sales price, adjusted to reflect disposition costs. See Note 3 for more information. |
(2) | In March 2016, the Company sold a 75% interest in River Ridge Mall, located in Lynchburg, VA. In the first quarter of 2016, the Company recorded a non-cash impairment of real estate of $9,510 to adjust the book value of the property to its net sales price. See Note 3 for more information. The Company retained a 25% ownership interest in the property, which is included in investments in unconsolidated affiliates as of June 30, 2016 on the Company's condensed consolidated balance sheet. See Note 5 for more information on this new joint venture. |
Sales Price | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | Gain | ||||||||||||
December | Mayfaire Community Center (1) | Community Center (2) | Wilmington, NC | $ | 56,300 | $ | 55,955 | $ | — | |||||||||
December | Chapel Hill Crossing (3) | Associated Center | Akron, OH | 2,300 | 2,178 | — | ||||||||||||
November | Waynesville Commons | Community Center | Waynesville, NC | 14,500 | 14,289 | 5,071 | ||||||||||||
July | Madison Plaza | Associated Center | Huntsville, AL | 5,700 | 5,472 | 2,769 | ||||||||||||
June | EastGate Crossing (4) | Associated Center | Cincinnati, OH | 21,060 | 20,688 | 13,491 | ||||||||||||
April | Madison Square (5) | Mall | Huntsville, AL | 5,000 | 4,955 | — | ||||||||||||
$ | 104,860 | $ | 103,537 | $ | 21,331 |
(1) | The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its net sales price. |
(2) | This property was combined with Mayfaire Towne Center in the Malls category for segment reporting purposes. |
(3) | The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its net sales price. |
(4) | In the fourth quarter of 2015, the Company earned $625 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. In the second quarter of 2016, the Company earned $508 of contingent consideration related to lease of an additional specified tenant space and received $478 of net proceeds. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale. |
(5) | The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price. |
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% |
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 Phase III | 50.0% |
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50.0% |
Mall of South Carolina L.P. | Coastal Grand | 50.0% |
Mall of South Carolina Outparcel L.P. | Coastal Grand Crossing and vacant land | 50.0% |
Port Orange I, LLC | The Pavilion at Port Orange Phase I 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% |
• | 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. |
2016 | ||||
Land | $ | 14,421 | ||
Buildings and improvements | 132,230 | |||
Tenant improvements | 1,206 | |||
Above-market leases | 11,599 | |||
In-place leases | 22,538 | |||
Total assets | 181,994 | |||
Below-market leases | (7,994 | ) | ||
Net assets acquired | $ | 174,000 |
As of | |||||||
ASSETS | June 30, 2016 | December 31, 2015 | |||||
Investment in real estate assets | $ | 2,184,268 | $ | 2,357,902 | |||
Accumulated depreciation | (549,935 | ) | (677,448 | ) | |||
1,634,333 | 1,680,454 | ||||||
Developments in progress | 17,709 | 59,592 | |||||
Net investment in real estate assets | 1,652,042 | 1,740,046 | |||||
Other assets | 241,951 | 168,540 | |||||
Total assets | $ | 1,893,993 | $ | 1,908,586 | |||
LIABILITIES | |||||||
Mortgage and other indebtedness | $ | 1,333,293 | $ | 1,546,272 | |||
Other liabilities | 56,261 | 51,357 | |||||
Total liabilities | 1,389,554 | 1,597,629 | |||||
OWNERS' EQUITY | |||||||
The Company | 236,005 | 184,868 | |||||
Other investors | 268,434 | 126,089 | |||||
Total owners' equity | 504,439 | 310,957 | |||||
Total liabilities and owners' equity | $ | 1,893,993 | $ | 1,908,586 |
Total for the Three Months Ended June 30, | Company's Share for the Three Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Total revenues | $ | 62,854 | $ | 63,111 | $ | 29,836 | $ | 32,958 | |||||||
Depreciation and amortization | (22,248 | ) | (19,641 | ) | (9,156 | ) | (10,303 | ) | |||||||
Interest income | 332 | 335 | 256 | 257 | |||||||||||
Interest expense | (14,181 | ) | (18,589 | ) | (7,093 | ) | (9,587 | ) | |||||||
Operating expenses | (18,333 | ) | (17,468 | ) | (8,421 | ) | (9,045 | ) | |||||||
Gain on extinguishment of debt | 63,294 | — | — | — | |||||||||||
Income from continuing operations before gain on sales of real estate assets | 71,718 | 7,748 | 5,422 | 4,280 | |||||||||||
Gain on sales of real estate assets | 60,377 | 619 | 58,927 | 601 | |||||||||||
Net income | $ | 132,095 | $ | 8,367 | $ | 64,349 | $ | 4,881 | |||||||
Total for the Six Months Ended June 30, | Company's Share for the Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Total revenues | $ | 127,058 | $ | 125,583 | $ | 60,100 | $ | 65,793 | |||||||
Depreciation and amortization | (42,858 | ) | (39,122 | ) | (18,334 | ) | (20,620 | ) | |||||||
Interest income | 668 | 667 | 512 | 512 | |||||||||||
Interest expense | (27,670 | ) | (37,383 | ) | (13,678 | ) | (19,272 | ) | |||||||
Operating expenses | (38,405 | ) | (36,774 | ) | (17,183 | ) | (18,873 | ) | |||||||
Gain on extinguishment of debt | 63,294 | — | — | — | |||||||||||
Income from continuing operations before gain on sales of real estate assets | 82,087 | 12,971 | 11,417 | 7,540 | |||||||||||
Gain on sales of real estate assets | 141,336 | 1,434 | 85,322 | 1,164 | |||||||||||
Net income | $ | 223,423 | $ | 14,405 | $ | 96,739 | $ | 8,704 |
Date | Property | Stated Interest Rate | Maturity Date (1) | Amount Financed or Extended | |||||||
June | Fremaux Town Center (2) | 3.70% | (3) | June 2026 | $ | 73,000 | |||||
June | Ambassador Town Center (4) | 3.22% | (5) | June 2023 | 47,660 | ||||||
February | Port Orange (6) | LIBOR + 2.0% | February 2018 | (7) | 58,628 | ||||||
February | Hammock Landing - Phase I (6) | LIBOR + 2.0% | February 2018 | (7) | 43,347 | (8) | |||||
February | Hammock Landing - Phase II (6) | LIBOR + 2.0% | February 2018 | (7) | 16,757 | ||||||
February | Triangle Town Center, Triangle Town Place, Triangle Town Commons (9) | 4.00% | (10) | December 2018 | (11) | 171,092 |
(1) | Excludes any extension options. |
(2) | Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125. |
(3) | The joint venture has an interest rate swap on a notional amount of $73,000, amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
(4) | The non-recourse loan was used to retire an existing construction loan with a balance of $41,900 and excess proceeds were utilized to fund remaining construction costs. |
(5) | The joint venture has an interest rate swap on a notional amount of $47,660, amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
(6) | The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 12 for more information. |
(7) | The loan was modified and extended to February 2018 with a one-year extension option. |
(8) | The capacity was increased from $39,475 to fund the expansion. |
(9) | The loan was amended and modified in conjunction with the sale of the property to a newly formed joint venture. See previous section in Note 5 for additional information. |
(10) | The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. |
(11) | The loan was extended to December 2018 with two one-year extension options. |
Consolidated VIEs: |
Atlanta Outlet Outparcels, LLC |
Atlanta Outlet Shoppes, LLC |
CBL Terrace LP |
El Paso Outlet Center Holding, LLC |
El Paso Outlet Center II, LLC |
Foothills Mall Associates |
Gettysburg Outlet Center Holding, LLC |
Gettysburg Outlet Center, LLC |
High Point Development LP II |
Jarnigan Road LP |
Laredo Outlet Shoppes, LLC (1) |
Lebcon Associates |
Lebcon I, Ltd |
Lee Partners |
Louisville Outlet Outparcels, LLC |
Louisville Outlet Shoppes, LLC |
Madison Grandview Forum, LLC |
The Promenade at D'Ilberville |
Statesboro Crossing, LLC |
Village at Orchard Hills, LLC |
Woodstock Ga Investments, LLC |
Unconsolidated VIEs: (2) |
Ambassador Infrastructure, LLC |
G&I VIII CBL Triangle LLC (3) |
(1) | In May 2016, the Company formed a 65/35 joint venture, Laredo Outlet Shoppes, LLC, to develop, own and operate The Outlet Shoppes of Laredo in Laredo, TX. The Company initially contributed $7,714, which consisted of a cash contribution of $2,434 and its interest in a note receivable of $5,280 (see Note 8), and the third party partner contributed $10,686 which included land and construction costs to date. The Company will be responsible for contributing 100% of the capital to fund the project until the pro rata 65% contribution is reached. All subsequent future contributions will be funded on a 65/35 pro rata basis. As of June 30, 2016, the Company had funded $15,493 of the project costs and only $4,353 remained to be funded by the company to reach the pro rata 65% contribution level. The Company determined that the new consolidated affiliate represents an interest in a VIE based upon the criteria noted above. |
(2) | In June 2016, the foreclosure process was completed and Phases I and II of Gulf Coast Town Center in Ft. Myers, FL were returned to the lender in satisfaction of the non-recourse mortgage loan. As of June 30, 2016, the Company determined that the unconsolidated affiliate, JG Gulf Coast Town Center LLC, no longer represents an interest in a VIE based upon the criteria noted above. |
(3) | 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 represents an interest in a VIE based upon the criteria noted above. |
June 30, 2016 | December 31, 2015 | ||||||||||
Amount | Weighted- Average Interest Rate (1) | Amount | Weighted- Average Interest Rate (1) | ||||||||
Fixed-rate debt: | |||||||||||
Non-recourse loans on operating properties (2) (3) | $ | 2,613,566 | 5.66% | $ | 2,736,538 | 5.68% | |||||
Senior unsecured notes due 2023 (4) | 446,349 | 5.25% | 446,151 | 5.25% | |||||||
Senior unsecured notes due 2024 (5) | 299,936 | 4.60% | 299,933 | 4.60% | |||||||
Other | — | —% | 2,686 | 3.50% | |||||||
Total fixed-rate debt | 3,359,851 | 5.51% | 3,485,308 | 5.53% | |||||||
Variable-rate debt: | |||||||||||
Non-recourse term loans on operating properties | 19,266 | 2.88% | 16,840 | 2.49% | |||||||
Recourse term loans on operating properties | 25,921 | 3.05% | 25,635 | 2.97% | |||||||
Unsecured lines of credit | 388,912 | 1.65% | 398,904 | 1.54% | |||||||
Unsecured term loans | 800,000 | 1.89% | 800,000 | 1.82% | |||||||
Total variable-rate debt | 1,234,099 | 1.86% | 1,241,379 | 1.76% | |||||||
Total fixed-rate and variable-rate debt | 4,593,950 | 4.53% | 4,726,687 | 4.54% | |||||||
Unamortized deferred financing costs | (15,234 | ) | (16,059 | ) | |||||||
Liabilities related to assets held for sale (3) | (38,237 | ) | — | ||||||||
Total mortgage and other indebtedness | $ | 4,540,479 | $ | 4,710,628 |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. |
(2) | The Operating Partnership had four interest rate swaps on notional amounts totaling $101,151 as of December 31, 2015 related to four variable-rate loans on consolidated operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at December 31, 2015. The swaps matured April 1, 2016. |
(3) | Includes a $38,237 mortgage loan secured by Fashion Square that is classified on the condensed consolidated balance sheets as Liabilities Related to Assets Held for Sale. See Note 4. |
(4) | The balance is net of an unamortized discount of $3,651 and $3,849 as of June 30, 2016 and December 31, 2015, respectively. |
(5) | The balance is net of an unamortized discount of $64 and $67 as of June 30, 2016 and December 31, 2015, respectively. |
Total Capacity | Total Outstanding | Maturity Date | Extended Maturity Date | ||||||||||
Wells Fargo - Facility A | $ | 500,000 | $ | — | (1) | October 2019 | October 2020 | (2) | |||||
First Tennessee | 100,000 | 3,200 | (3) | October 2019 | October 2020 | (4) | |||||||
Wells Fargo - Facility B | 500,000 | 385,712 | (5) | October 2020 | |||||||||
$ | 1,100,000 | $ | 388,912 |
(1) | There was $350 outstanding on this facility as of June 30, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. |
(2) | The extension option is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility. |
(3) | Up to $20,000 of the capacity on this facility can be used for letters of credit. |
(4) | The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. |
(5) | There was an additional $5,464 outstanding on this facility as of June 30, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. |
Ratio | Required | Actual | ||
Debt to total asset value | < 60% | 48% | ||
Unencumbered asset value to unsecured indebtedness | > 1.6x | 2.3x | ||
Unencumbered NOI to unsecured interest expense | > 1.75x | 5.0x | ||
EBITDA to fixed charges (debt service) | > 1.5x | 2.4x |
Ratio | Required | Actual | ||
Total debt to total assets | < 60% | 53% | ||
Secured debt to total assets | < 45% (1) | 31% | ||
Total unencumbered assets to unsecured debt | > 150% | 223% | ||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 3.3x |
(1) | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%. |
Date | Property | Stated Interest Rate | Maturity Date | Amount Financed or Extended | ||||||
June | Hamilton Place (1) | 4.36% | June 2026 | $ | 107,000 | |||||
June | Statesboro Crossing (2) | LIBOR + 1.80% | June 2017 | (3) | 11,035 | |||||
April | Hickory Point Mall (4) | 5.85% | December 2018 | (5) | 27,446 |
(1) | Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. |
(2) | The loan was modified to extend the maturity date. |
(3) | The loan has a one-year extension option at the Company's election for an outside maturity date of June 2018. |
(4) | The loan was modified to extend the maturity date. The interest rate remains at 5.85% but future amortization payments have been eliminated. |
(5) | The loan has a one-year extension option at the Company's election for an outside maturity date of December 2019. |
Date | Property | Stated Interest Rate | Maturity Date | Amount Financed | ||||||
May | The Outlet Shoppes of Laredo (1) | LIBOR + 2.5% | (2) | May 2019 | (3) | $ | 91,300 |
(1) | The consolidated 65/35 joint venture closed on a construction loan for the development of The Outlet Shoppes of Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. |
(2) | The interest rate will be reduced to LIBOR + 2.25% once the development is complete and certain debt and operational metrics are met. |
(3) | The loan has one 24-month extension option, which is at the joint venture's election, for an outside maturity date of May 2021. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid | ||||||
June | Hamilton Place (1) | 5.86% | August 2016 | $ | 98,181 | |||||
April | CoolSprings Crossing (2) | 4.54% | April 2016 | 11,313 | ||||||
April | Gunbarrel Pointe (2) | 4.64% | April 2016 | 10,083 | ||||||
April | Stroud Mall (2) | 4.59% | April 2016 | 30,276 | ||||||
April | York Galleria (2) | 4.55% | April 2016 | 48,337 |
(1) | The Company retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information. |
(2) | The Company used proceeds from dispositions to retire the loan. |
2016 | $ | 327,669 | ||
2017 | 842,315 | |||
2018 | 710,542 | |||
2019 | 126,468 | |||
2020 | 596,563 | |||
Thereafter | 1,990,738 | |||
4,594,295 | ||||
Net unamortized premiums | (345 | ) | ||
$ | 4,593,950 |
Instrument Type | Location in Condensed Consolidated Balance Sheet | Notional Amount Outstanding | Designated Benchmark Interest Rate | Strike Rate | Fair Value at 6/30/16 | Fair Value at 12/31/15 | Maturity Date | |||||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $48,337 (amortizing to $48,337) | 1-month LIBOR | 2.149% | $ | — | $ | (208 | ) | April 2016 | ||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $30,276 (amortizing to $30,276) | 1-month LIBOR | 2.187% | — | (133 | ) | April 2016 | ||||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $11,313 (amortizing to $11,313) | 1-month LIBOR | 2.142% | — | (48 | ) | April 2016 | ||||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $10,083 (amortizing to $10,083) | 1-month LIBOR | 2.236% | — | (45 | ) | April 2016 | ||||||||||
$ | — | $ | (434 | ) |
Gain Recognized in OCI/L (Effective Portion) | Location of Losses Reclassified from AOCI into Earnings (Effective Portion) | Loss Recognized in Earnings (Effective Portion) | Location of Gain Recognized in Earnings (Ineffective Portion) | Gain Recognized in Earnings (Ineffective Portion) | ||||||||||||||||||||||||
Hedging Instrument | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 570 | Interest Expense | $ | — | $ | (646 | ) | Interest Expense | $ | — | $ | — |
Gain Recognized in OCI/L (Effective Portion) | Location of Losses Reclassified from AOCI into Earnings (Effective Portion) | Loss Recognized in Earnings (Effective Portion) | Location of Gain Recognized in Earnings (Ineffective Portion) | Gain Recognized in Earnings (Ineffective Portion) | ||||||||||||||||||||||||
Hedging Instrument | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Interest rate contracts | $ | 434 | $ | 930 | Interest Expense | $ | (443 | ) | $ | (1,169 | ) | Interest Expense | $ | — | $ | — |
Redeemable Noncontrolling Interests | The Company | Noncontrolling Interests | |||||||||||||
Unrealized Gains (Losses) - Hedging Agreements | Total | ||||||||||||||
Beginning balance, April 1, 2015 | $ | 404 | $ | 607 | $ | (3,000 | ) | $ | (1,989 | ) | |||||
OCI before reclassifications | 6 | 1,148 | 62 | 1,216 | |||||||||||
Amounts reclassified from AOCI (1) | — | (646 | ) | — | (646 | ) | |||||||||
Net current quarterly period OCI | 6 | 502 | 62 | 570 | |||||||||||
Ending balance, June 30, 2015 | $ | 410 | $ | 1,109 | $ | (2,938 | ) | $ | (1,419 | ) |
(1) | Reclassified $646 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. |
Redeemable Noncontrolling Interests | The Company | Noncontrolling Interests | |||||||||||||
Unrealized Gains (Losses) - Hedging Agreements | Total | ||||||||||||||
Beginning balance, January 1, 2016 | $ | 433 | $ | 1,935 | $ | (2,802 | ) | $ | (434 | ) | |||||
OCI before reclassifications | 3 | 814 | 60 | 877 | |||||||||||
Amounts reclassified from AOCI (1) | (436 | ) | (2,749 | ) | 2,742 | (443 | ) | ||||||||
Net current year-to-date period OCI | (433 | ) | (1,935 | ) | 2,802 | 434 | |||||||||
Ending balance, June 30, 2016 | $ | — | $ | — | $ | — | $ | — |
(1) | Reclassified $443 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. The cash flow hedges matured April 1, 2016. |
Redeemable Noncontrolling Interests | The Company | Noncontrolling Interests | |||||||||||||||||||||||||
Unrealized Gains (Losses) | |||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | |||||||||||||||||||||
Beginning balance, January 1, 2015 | $ | 401 | $ | 384 | $ | 303 | $ | 13,108 | $ | (3,053 | ) | $ | 2,826 | $ | 13,969 | ||||||||||||
OCI before reclassifications | 9 | 10 | 1,975 | 160 | 115 | 72 | 2,341 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (1,169 | ) | (13,268 | ) | — | (2,898 | ) | (17,729 | ) | |||||||||||||||
Net current year-to-date period OCI | 9 | (384 | ) | 806 | (13,108 | ) | 115 | (2,826 | ) | (15,388 | ) | ||||||||||||||||
Ending balance, June 30, 2015 | $ | 410 | $ | — | $ | 1,109 | $ | — | $ | (2,938 | ) | $ | — | $ | (1,419 | ) |
(1) | Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment and reclassified $1,169 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. |
Redeemable Common Units | Partners' Capital | ||||||||||
Unrealized Gains (Losses) - Hedging Agreements | Total | ||||||||||
Beginning balance, April 1, 2015 | $ | 404 | $ | (2,393 | ) | $ | (1,989 | ) | |||
OCI before reclassifications | 7 | 1,209 | 1,216 | ||||||||
Amounts reclassified from AOCI (1) | — | (646 | ) | (646 | ) | ||||||
Net current quarterly period OCI | 7 | 563 | 570 | ||||||||
Ending balance, June 30, 2015 | $ | 411 | $ | (1,830 | ) | $ | (1,419 | ) |
(1) | Reclassified $646 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. |
Redeemable Common Units | Partners' Capital | ||||||||||
Unrealized Gains (Losses) - Hedging Agreements | Total | ||||||||||
Beginning balance, January 1, 2016 | $ | 434 | $ | (868 | ) | $ | (434 | ) | |||
OCI before reclassifications | 3 | 874 | 877 | ||||||||
Amounts reclassified from AOCI (1) | (437 | ) | (6 | ) | (443 | ) | |||||
Net current year-to-date period OCI | (434 | ) | 868 | 434 | |||||||
Ending balance, June 30, 2016 | $ | — | $ | — | $ | — |
(1) | Reclassified $443 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. The cash flow hedges matured April 1, 2016. |
Redeemable Common Units | Partners' Capital | ||||||||||||||||||
Unrealized Gains (Losses) | |||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | |||||||||||||||
Beginning balance, January 1, 2015 | $ | 401 | $ | 384 | $ | (2,750 | ) | $ | 15,934 | $ | 13,969 | ||||||||
OCI before reclassifications | 10 | 10 | 2,089 | 232 | 2,341 | ||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (1,169 | ) | (16,166 | ) | (17,729 | ) | ||||||||||
Net current year-to-date period OCI | 10 | (384 | ) | 920 | (15,934 | ) | (15,388 | ) | |||||||||||
Ending balance, June 30, 2015 | $ | 411 | $ | — | $ | (1,830 | ) | $ | — | $ | (1,419 | ) |
(1) | Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment and reclassified $1,169 of interest on cash flow hedges to Interest Expense in the condensed consolidated statement of operations. |
As of June 30, 2016 | As of December 31, 2015 | |||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | ||||||||||
Mortgages: | ||||||||||||||
Columbia Place Outparcel | Feb 2022 | 5.00% | $ | 330 | 5.00% | $ | 342 | |||||||
Park Place | May 2022 | 5.00% | 1,290 | 5.00% | 1,369 | |||||||||
Village Square (1) | Mar 2018 | 3.75% | 1,667 | 3.50% | 1,685 | |||||||||
Other | Dec 2016 - Jan 2047 | 2.93% - 9.50% | 4,368 | 2.93% - 9.50% | 4,380 | |||||||||
7,655 | 7,776 | |||||||||||||
Other Notes Receivable: | ||||||||||||||
Horizon Group (2) | Nov 2016 | —% | — | 7.00% | 3,096 | |||||||||
RED Development Inc. | Nov 2023 | 5.00% | 6,982 | 5.00% | 7,366 | |||||||||
Southwest Theaters | Apr 2026 | 5.00% | 766 | —% | — | |||||||||
Other | Jan 2017 | 7.00% | 300 | —% | — | |||||||||
8,048 | 10,462 | |||||||||||||
$ | 15,703 | $ | 18,238 |
(1) | In May 2016, the mortgage note receivable related to Village Square was extended to March 2018. The interest rate increased from 3.5% to 3.75% for the period from April 2016 through March 2017, with an increase to a rate of 4.0% from April 2017 through the maturity date. |
(2) | In May 2016, in conjunction with the formation of the Laredo joint venture (see Note 5), the Company contributed its interest in the note of $5,280 as a capital contribution to the joint venture. |
Three Months Ended June 30, 2016 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 232,746 | $ | 9,857 | $ | 4,488 | $ | 7,874 | $ | 254,965 | ||||||||||
Property operating expenses (2) | (65,409 | ) | (2,127 | ) | (1,260 | ) | 3,112 | (65,684 | ) | |||||||||||
Interest expense | (35,486 | ) | (1,431 | ) | (66 | ) | (16,204 | ) | (53,187 | ) | ||||||||||
Other expense | — | — | — | (5,052 | ) | (5,052 | ) | |||||||||||||
Gain on sales of real estate assets | 140 | 478 | 3,281 | 5,678 | 9,577 | |||||||||||||||
Segment profit (loss) | $ | 131,991 | $ | 6,777 | $ | 6,443 | $ | (4,592 | ) | 140,619 | ||||||||||
Depreciation and amortization expense | (72,205 | ) | ||||||||||||||||||
General and administrative expense | (16,475 | ) | ||||||||||||||||||
Interest and other income | 251 | |||||||||||||||||||
Loss on impairment | (43,493 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 64,349 | |||||||||||||||||||
Income tax benefit | 51 | |||||||||||||||||||
Income from continuing operations | $ | 73,097 | ||||||||||||||||||
Capital expenditures (3) | $ | 12,770 | $ | 1,671 | $ | 540 | $ | 16,393 | $ | 31,374 |
Three Months Ended June 30, 2015 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 223,744 | $ | 10,064 | $ | 5,013 | $ | 15,022 | $ | 253,843 | ||||||||||
Property operating expenses (2) | (65,048 | ) | (2,350 | ) | (1,154 | ) | 730 | (67,822 | ) | |||||||||||
Interest expense | (43,882 | ) | (1,873 | ) | (1,035 | ) | (11,964 | ) | (58,754 | ) | ||||||||||
Other expense | — | — | — | (5,928 | ) | (5,928 | ) | |||||||||||||
Gain on sales of real estate assets | — | 13,491 | — | 682 | 14,173 | |||||||||||||||
Segment profit (loss) | $ | 114,814 | $ | 19,332 | $ | 2,824 | $ | (1,458 | ) | 135,512 | ||||||||||
Depreciation and amortization expense | (71,239 | ) | ||||||||||||||||||
General and administrative expense | (16,215 | ) | ||||||||||||||||||
Interest and other income | 389 | |||||||||||||||||||
Gain on extinguishment of debt | 256 | |||||||||||||||||||
Loss on impairment | (2,781 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 4,881 | |||||||||||||||||||
Income tax provision | (2,472 | ) | ||||||||||||||||||
Income from continuing operations | $ | 48,331 | ||||||||||||||||||
Capital expenditures (3) | $ | 229,931 | $ | 4,518 | $ | 1,197 | $ | 17,340 | $ | 252,986 |
Six Months Ended June 30, 2016 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 471,488 | $ | 20,099 | $ | 9,970 | $ | 16,486 | $ | 518,043 | ||||||||||
Property operating expenses (2) | (140,786 | ) | (4,699 | ) | (2,403 | ) | 6,000 | (141,888 | ) | |||||||||||
Interest expense | (69,881 | ) | (3,133 | ) | (364 | ) | (35,040 | ) | (108,418 | ) | ||||||||||
Other expense | — | — | — | (14,737 | ) | (14,737 | ) | |||||||||||||
Gain on sales of real estate assets | 140 | 478 | 3,281 | 5,678 | 9,577 | |||||||||||||||
Segment profit (loss) | $ | 260,961 | $ | 12,745 | $ | 10,484 | $ | (21,613 | ) | 262,577 | ||||||||||
Depreciation and amortization expense | (148,711 | ) | ||||||||||||||||||
General and administrative expense | (33,643 | ) | ||||||||||||||||||
Interest and other income | 611 | |||||||||||||||||||
Gain on extinguishment of debt | 6 | |||||||||||||||||||
Loss on impairment | (63,178 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 96,739 | |||||||||||||||||||
Income tax benefit | 588 | |||||||||||||||||||
Income from continuing operations | $ | 114,989 | ||||||||||||||||||
Capital expenditures (3) | $ | 61,321 | $ | 3,097 | $ | 968 | $ | 17,134 | $ | 82,520 |
Six Months Ended June 30, 2015 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 454,015 | $ | 20,471 | $ | 9,694 | $ | 30,572 | $ | 514,752 | ||||||||||
Property operating expenses (2) | (138,997 | ) | (4,946 | ) | (2,278 | ) | 2,494 | (143,727 | ) | |||||||||||
Interest expense | (87,580 | ) | (3,829 | ) | (2,230 | ) | (24,272 | ) | (117,911 | ) | ||||||||||
Other expense | — | — | — | (12,404 | ) | (12,404 | ) | |||||||||||||
Gain on sales of real estate assets | 264 | 13,491 | — | 1,175 | 14,930 | |||||||||||||||
Segment profit (loss) | $ | 227,702 | $ | 25,187 | $ | 5,186 | $ | (2,435 | ) | 255,640 | ||||||||||
Depreciation and amortization expense | (147,505 | ) | ||||||||||||||||||
General and administrative expense | (33,445 | ) | ||||||||||||||||||
Interest and other income | 5,663 | |||||||||||||||||||
Gain on extinguishment of debt | 256 | |||||||||||||||||||
Loss on impairment | (2,781 | ) | ||||||||||||||||||
Gain on investment | 16,560 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 8,704 | |||||||||||||||||||
Income tax provision | (1,556 | ) | ||||||||||||||||||
Income from continuing operations | $ | 101,536 | ||||||||||||||||||
Capital expenditures (3) | $ | 260,297 | $ | 1,390 | $ | 1,395 | $ | 13,429 | $ | 276,511 |
Total Assets | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
June 30, 2016 | $ | 5,538,204 | $ | 247,326 | $ | 266,368 | $ | 228,238 | $ | 6,280,136 | ||||||||||
December 31, 2015 | $ | 5,766,084 | $ | 252,188 | $ | 263,614 | $ | 198,105 | $ | 6,479,991 | ||||||||||
(1) | The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the 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. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Denominator – basic | 170,792 | 170,494 | 170,731 | 170,457 | |||||||
Effect of performance stock units (1) | — | — | — | — | |||||||
Denominator – diluted | 170,792 | 170,494 | 170,731 | 170,457 |
(1) | Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 13 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Denominator – basic | 200,045 | 199,751 | 199,986 | 199,716 | |||||||
Effect of performance stock units (1) | — | — | — | — | |||||||
Denominator – diluted | 200,045 | 199,751 | 199,986 | 199,716 |
(1) | Performance stock units are contingently issuable common units and are included in earnings per unit if the effect is dilutive. See Note 13 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. |
As of June 30, 2016 | Obligation recorded to reflect guaranty | |||||||||||||||||||||
Unconsolidated Affiliate | Company's Ownership Interest | Outstanding Balance | Percentage Guaranteed by the Operating Partnership | Maximum Guaranteed Amount | Debt Maturity Date (1) | 6/30/2016 | 12/31/2015 | |||||||||||||||
West Melbourne I, LLC - Phase I | 50% | $ | 43,147 | 20% | (2) | $ | 8,629 | Feb-2018 | (3) | $ | 86 | $ | 99 | |||||||||
West Melbourne I, LLC - Phase II | 50% | 16,677 | 20% | (2) | 3,335 | Feb-2018 | (3) | 33 | 87 | |||||||||||||
Port Orange I, LLC | 50% | 58,348 | 20% | (2) | 11,670 | Feb-2018 | (3) | 117 | 148 | |||||||||||||
Fremaux Town Center JV, LLC - Phase I | 65% | — | —% | (4) | — | Aug-2016 | — | 62 | ||||||||||||||
Fremaux Town Center JV, LLC - Phase II | 65% | — | —% | (4) | — | Aug-2016 | — | 161 | ||||||||||||||
Ambassador Town Center JV, LLC | 65% | — | —% | (4) | — | Dec-2017 | — | 462 | ||||||||||||||
Ambassador Infrastructure, LLC | 65% | 11,700 | 100% | (5) | 11,700 | Dec-2017 | (6) | 177 | 177 | |||||||||||||
Total guaranty liability | $ | 413 | $ | 1,196 |
(1) | Excludes any extension options. |
(2) | The guaranty was reduced from 25% to 20% when the loan was modified and extended in February 2016. See Note 5. |
(3) | The loan has a one-year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. |
(4) | The guaranty was removed in June 2016 when the construction loan was retired using proceeds from a non-recourse mortgage loan. See Note 5 for additional information. |
(5) | The guaranty will be reduced to 50% on March 1st of such year as payment-in-lieu of taxes ("PILOT") payments received and attributed to the prior calendar year by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. |
(6) | The loan has two one-year extension options, which are the unconsolidated affiliate's election, for an outside maturity date of December 2019. |
Shares | Weighted Average Grant-Date Fair Value | |||||
Nonvested at January 1, 2016 | 533,404 | $ | 19.19 | |||
Granted | 319,660 | $ | 10.02 | |||
Vested | (200,889 | ) | $ | 16.46 | ||
Forfeited | (9,560 | ) | $ | 17.04 | ||
Nonvested at June 30, 2016 | 642,615 | $ | 15.52 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Accrued dividends and distributions payable | $ | 54,565 | $ | 54,490 | |||
Additions to real estate assets accrued but not yet paid | 12,571 | 10,301 | |||||
Assumption of mortgage loan from sale of EastGate Crossing (1) | — | 14,570 |
(1) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Current tax benefit (provision) | $ | (368 | ) | $ | (2,826 | ) | $ | 268 | $ | (1,403 | ) | ||||
Deferred tax benefit (provision) | 419 | 354 | 320 | (153 | ) | ||||||||||
Income tax benefit (provision) | $ | 51 | $ | (2,472 | ) | $ | 588 | $ | (1,556 | ) |
• | general industry, economic and business conditions; |
• | interest rate fluctuations; |
• | costs and availability of capital and capital requirements; |
• | costs and availability of real estate; |
• | inability to consummate acquisition opportunities and other risks associated with acquisitions; |
• | competition from other companies and retail formats; |
• | changes in retail demand and rental rates in our markets; |
• | shifts in customer demands; |
• | tenant bankruptcies or store closings; |
• | changes in vacancy rates at our properties; |
• | changes in operating expenses; |
• | changes in applicable laws, rules and regulations; |
• | sales of real property; |
• | changes in our credit ratings; and |
• | the ability to obtain suitable equity and/or debt financing and the continued availability of financing in the amounts and on the terms necessary to support our future refinancing requirements and business. |
Malls (1) | Associated Centers | Community Centers | Office Buildings (2) | Total | ||||||||||
Consolidated properties | 70 | 20 | 5 | 8 | 103 | |||||||||
Unconsolidated properties (3) | 10 | 4 | 5 | 5 | 24 | |||||||||
Total | 80 | 24 | 10 | 13 | 127 |
(1) | Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). |
(2) | Includes our corporate office buildings. |
(3) | We account for these investments using the equity method because one or more of the other partners have substantive participating rights. |
Consolidated Properties | Unconsolidated Properties | ||||||||||
Malls | Community Centers | Malls | Community Centers | ||||||||
Development | 1 | — | — | — | |||||||
Expansions | 3 | 1 | 1 | 2 | |||||||
Redevelopments | 4 | — | 1 | — |
Property | Location | Date Opened/ Acquired | ||
New Developments: | ||||
Ambassador Town Center (1) | Lafayette, LA | April 2016 | ||
Parkway Plaza | Fort Oglethorpe, GA | March 2015 | ||
Acquisition: | ||||
Mayfaire Town Center | Wilmington, NC | June 2015 |
(1) | Ambassador Town Center is a 65/35 joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of operations. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 73,097 | $ | 48,331 | $ | 114,989 | $ | 101,536 | |||||||
Adjustments: (1) | |||||||||||||||
Depreciation and amortization | 79,306 | 79,391 | 162,597 | 163,343 | |||||||||||
Interest expense | 58,602 | 66,639 | 118,739 | 133,786 | |||||||||||
Abandoned projects expense | 32 | — | 33 | 125 | |||||||||||
Gain on sales of real estate assets | (68,504 | ) | (14,774 | ) | (94,899 | ) | (16,094 | ) | |||||||
Gain on investment | — | — | — | (16,560 | ) | ||||||||||
Gain on extinguishment of debt | — | (256 | ) | (6 | ) | (256 | ) | ||||||||
Loss on impairment | 43,493 | 2,781 | 63,178 | 2,781 | |||||||||||
Income tax (benefit) provision | (51 | ) | 2,472 | (588 | ) | 1,556 | |||||||||
Lease termination fees | (394 | ) | (1,731 | ) | (1,345 | ) | (3,037 | ) | |||||||
Straight-line rent and above- and below-market lease amortization | (2,317 | ) | (1,071 | ) | (3,542 | ) | (2,401 | ) | |||||||
Net (income) loss attributable to noncontrolling interests in other consolidated subsidiaries | (1,695 | ) | (1,490 | ) | 1,432 | (2,359 | ) | ||||||||
General and administrative expenses | 16,475 | 16,215 | 33,643 | 33,445 | |||||||||||
Management fees and non-property level revenues | (6,293 | ) | (5,580 | ) | (11,069 | ) | (17,038 | ) | |||||||
Operating Partnership's share of property NOI | 191,751 | 190,927 | 383,162 | 378,827 | |||||||||||
Non-comparable NOI | (9,468 | ) | (14,702 | ) | (23,165 | ) | (29,839 | ) | |||||||
Total same-center NOI | $ | 182,283 | $ | 176,225 | $ | 359,997 | $ | 348,988 |
(1) | Adjustments are based on our Operating Partnership's pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties. |
(1) | Stabilized malls – Malls that have completed their initial lease-up and have been open for more than three complete calendar years. |
(2) | Non-stabilized malls - Malls that are in their initial lease-up phase. After three complete calendar years of operation, they are reclassified on January 1 of the fourth calendar year to the stabilized mall category. The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta were classified as non-stabilized malls as of June 30, 2016. The Outlet Shoppes of the Bluegrass, The Outlet Shoppes at Atlanta and Fremaux Town Center were classified as non-stabilized malls as of June 30, 2015. |
(3) | Excluded malls - We exclude malls from our core portfolio if they fall in the following categories, for which operational metrics are excluded: |
a. | Lender Properties - Properties for which we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender. As of June 30, 2016, Chesterfield Mall, Midland Mall and Wausau Center were classified as Lender Properties. As of June 30, 2015, Gulf Coast Town Center, Triangle Town Center and Triangle Town Place were classified as Lender Properties. In the first quarter of 2016, Triangle Town Center and Triangle Town Place were recategorized as Minority Interest Properties as described below. In the second quarter of 2016, the foreclosure of Gulf Coast Town Center was complete. Lender Properties are excluded from our same-center pool as decisions made while in discussions with the lender may lead to metrics that do not provide relevant information related to the condition of these properties or they may be under cash management agreements with the respective servicers. |
b. | Repositioning Properties - Properties where we have determined that the current format of the property no longer represents the best use of the property and we are in the process of evaluating alternative strategies for the property, which may include major redevelopment or an alternative retail or non-retail format, or after evaluating alternative strategies for the property, we have determined that the property no longer meets our criteria for long-term investment. The steps taken to reposition these properties, such as signing tenants to short-term leases, which are not included in occupancy percentages, or leasing to regional or local tenants, which typically do not report sales, may lead to metrics which do not provide relevant information related to the condition of these properties. Therefore, traditional performance measures, such as occupancy percentages and leasing metrics, exclude Repositioning Properties. Cary Towne Center and Hickory Point are classified as Repositioning Properties as of June 30, 2016. Chesterfield Mall and Wausau Center were categorized as Repositioning Properties as of June 30, 2015. Chesterfield Mall was reclassified to the Lender Property category as of March 31, 2016. Wausau Center was moved from Repositioning to the Lender Property category as of June 30, 2016 when it was determined after evaluating redevelopment options that an appropriate risk-adjusted return was not achievable and the mall should be returned to the lender |
c. | Minority Interest Properties - Properties in which we have a 25% or less ownership interest. As of June 30, 2016, we had two malls and an associated center in the Minority Interest Property category. Triangle Town Center and Triangle Town Place were reclassified from the Lender Property category in February 2016 upon the Company's sale of its 50% interest in these properties to a newly formed joint venture in which the Company has a 10% ownership interest. The associated debt on these properties was restructured in conjunction with the sale. The Company also sold a 75% interest in River Ridge Mall to a new joint venture in March 2016. See Note 5 to the condensed consolidated financial statements for more information on these unconsolidated affiliates. |
Six Months Ended June 30, | |||||
2016 | 2015 | ||||
Malls | 91.3 | % | 88.2 | % | |
Associated centers | 3.9 | % | 4.0 | % | |
Community centers | 1.7 | % | 1.9 | % | |
Mortgages, office buildings and other | 3.1 | % | 5.9 | % |
As of June 30, | |||||
2016 | 2015 | ||||
Total portfolio | 92.6 | % | 91.0 | % | |
Total mall portfolio | 91.6 | % | 90.0 | % | |
Same-center malls | 91.7 | % | 90.2 | % | |
Stabilized malls | 91.6 | % | 89.9 | % | |
Non-stabilized malls (2) | 92.3 | % | 95.5 | % | |
Associated centers | 95.6 | % | 94.1 | % | |
Community centers | 96.8 | % | 96.8 | % |
(1) | As noted above, excluded properties are not included in occupancy metrics. |
(2) | Represents occupancy for The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta as of June 30, 2016 and occupancy for The Outlet Shoppes of the Bluegrass, The Outlet Shoppes at Atlanta and Fremaux Town Center as of June 30, 2015. Fremaux Town Center was classified as a community center as of June 30, 2016. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Operating portfolio: | |||||||||||
New leases | 492,265 | 344,889 | 821,864 | 705,684 | |||||||
Renewal leases | 673,185 | 473,721 | 1,434,110 | 1,224,792 | |||||||
Development portfolio: | |||||||||||
New leases | 378,382 | 105,582 | 510,068 | 278,618 | |||||||
Total leased | 1,543,832 | 924,192 | 2,766,042 | 2,209,094 |
As of June 30, | |||||||
2016 | 2015 | ||||||
Same-center malls | $ | 31.82 | $ | 31.42 | |||
Stabilized malls | 31.95 | 31.26 | |||||
Non-stabilized malls (2) | 26.06 | 25.19 | |||||
Associated centers (3) | 13.99 | 13.23 | |||||
Community centers (3) | 15.60 | 15.74 | |||||
Office buildings (3) | 19.67 | 19.50 |
(1) | As noted above, excluded properties are not included in base rent. |
(2) | Represents average annual base rents for The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta as of June 30, 2016 and average annual base rents for The Outlet Shoppes of the Bluegrass, The Outlet Shoppes at Atlanta and Fremaux Town Center as of June 30, 2015. Fremaux Town Center was classified as a community center as of June 30, 2016. |
(3) | Includes annual base rent per square foot for all leased locations regardless of size. |
Property Type | Square Feet | Prior Gross Rent PSF | New Initial Gross Rent PSF | % Change Initial | New Average Gross Rent PSF (1) | % Change Average | |||||||||||||||
Quarter: | |||||||||||||||||||||
All Property Types (2) | 513,851 | $ | 42.60 | $ | 44.20 | 3.8 | % | $ | 45.90 | 7.7 | % | ||||||||||
Stabilized malls | 473,342 | 44.10 | 45.75 | 3.7 | % | 47.54 | 7.8 | % | |||||||||||||
New leases | 167,979 | 36.72 | 43.75 | 19.1 | % | 46.20 | 25.8 | % | |||||||||||||
Renewal leases | 305,363 | 48.18 | 46.84 | (2.8 | )% | 48.28 | 0.2 | % | |||||||||||||
Year-to-Date: | |||||||||||||||||||||
All Property Types (2) | 1,066,765 | $ | 40.80 | $ | 41.62 | 2.0 | % | $ | 43.00 | 5.4 | % | ||||||||||
Stabilized malls | 994,143 | 42.10 | 42.88 | 1.9 | % | 44.31 | 5.2 | % | |||||||||||||
New leases | 280,218 | 38.20 | 45.26 | 18.5 | % | 47.83 | 25.2 | % | |||||||||||||
Renewal leases | 713,925 | 43.62 | 41.94 | (3.9 | )% | 42.93 | (1.6 | )% |
(1) | Average gross rent does not incorporate allowable future increases for recoverable common area expenses. |
(2) | Includes stabilized malls, associated centers, community centers and office buildings. |
Number of Leases | Square Feet | Term (in years) | Initial Rent PSF | Average Rent PSF | Expiring Rent PSF | Initial Rent Spread | Average Rent Spread | |||||||||||||||||||||||||||
Commencement 2016: | ||||||||||||||||||||||||||||||||||
New | 104 | 324,391 | 8.65 | $ | 48.76 | $ | 51.42 | $ | 40.46 | $ | 8.30 | 20.5 | % | $ | 10.96 | 27.1 | % | |||||||||||||||||
Renewal | 401 | 1,190,328 | 3.67 | 40.81 | 41.65 | 41.44 | (0.63 | ) | (1.5 | )% | 0.21 | 0.5 | % | |||||||||||||||||||||
Commencement 2016 Total | 505 | 1,514,719 | 4.70 | $ | 42.51 | $ | 43.74 | $ | 41.23 | $ | 1.28 | 3.1 | % | $ | 2.51 | 6.1 | % | |||||||||||||||||
Commencement 2017: | ||||||||||||||||||||||||||||||||||
New | 7 | 14,147 | 9.70 | $ | 73.43 | $ | 77.84 | $ | 67.62 | $ | 5.81 | 8.6 | % | $ | 10.22 | 15.1 | % | |||||||||||||||||
Renewal | 40 | 113,927 | 4.38 | 40.97 | 41.77 | 39.64 | 1.33 | 3.4 | % | 2.13 | 5.4 | % | ||||||||||||||||||||||
Commencement 2017 Total | 47 | 128,074 | 5.17 | $ | 44.56 | $ | 45.76 | $ | 42.73 | $ | 1.83 | 4.3 | % | $ | 3.03 | 7.1 | % | |||||||||||||||||
Total 2016/2017 | 552 | 1,642,793 | 4.74 | $ | 42.67 | $ | 43.90 | $ | 41.35 | $ | 1.32 | 3.2 | % | $ | 2.55 | 6.2 | % |
Six Months Ended June 30, | |||||||||||
2016 | 2015 | Change | |||||||||
Net cash provided by operating activities | $ | 214,161 | $ | 219,393 | $ | (5,232 | ) | ||||
Net cash provided by (used in) investing activities | 28,365 | (240,808 | ) | 269,173 | |||||||
Net cash provided by (used in) financing activities | (258,279 | ) | 14,078 | (272,357 | ) | ||||||
Net cash flows | $ | (15,753 | ) | $ | (7,337 | ) | $ | (8,416 | ) |
June 30, 2016 | Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted- Average Interest Rate (1) | |||||||||||||
Fixed-rate debt: | ||||||||||||||||||
Non-recourse loans on operating properties (2) (3) | $ | 2,613,566 | $ | (110,236 | ) | $ | 551,369 | $ | 3,054,699 | 5.39% | ||||||||
Senior unsecured notes due 2023 (4) | 446,349 | — | — | 446,349 | 5.25% | |||||||||||||
Senior unsecured notes due 2024 (5) | 299,936 | — | — | 299,936 | 4.60% | |||||||||||||
Total fixed-rate debt | 3,359,851 | (110,236 | ) | 551,369 | 3,800,984 | 5.31% | ||||||||||||
Variable-rate debt: | ||||||||||||||||||
Non-recourse term loans on operating properties | 19,266 | (7,575 | ) | 2,399 | 14,090 | 2.94% | ||||||||||||
Recourse term loans on operating properties | 25,921 | — | 71,471 | 97,392 | 2.62% | |||||||||||||
Unsecured lines of credit | 388,912 | — | — | 388,912 | 1.65% | |||||||||||||
Unsecured term loans | 800,000 | — | — | 800,000 | 1.89% | |||||||||||||
Total variable-rate debt | 1,234,099 | (7,575 | ) | 73,870 | 1,300,394 | 1.89% | ||||||||||||
Total fixed-rate and variable-rate debt | 4,593,950 | (117,811 | ) | 625,239 | 5,101,378 | 4.44% | ||||||||||||
Unamortized deferred financing costs | (15,234 | ) | 739 | (3,001 | ) | (17,496 | ) | |||||||||||
Liabilities related to assets held for sale (3) | (38,237 | ) | — | — | (38,237 | ) | ||||||||||||
Total mortgage and other indebtedness | $ | 4,540,479 | $ | (117,072 | ) | $ | 622,238 | $ | 5,045,645 |
December 31, 2015 | Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted- Average Interest Rate (1) | |||||||||||||
Fixed-rate debt: | ||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 2,736,538 | $ | (110,411 | ) | $ | 664,249 | $ | 3,290,376 | 5.51% | ||||||||
Senior unsecured notes due 2023 (4) | 446,151 | — | — | 446,151 | 5.25% | |||||||||||||
Senior unsecured notes due 2024 (5) | 299,933 | — | — | 299,933 | 4.60% | |||||||||||||
Other | 2,686 | (1,343 | ) | — | 1,343 | 3.50% | ||||||||||||
Total fixed-rate debt | 3,485,308 | (111,754 | ) | 664,249 | 4,037,803 | 5.41% | ||||||||||||
Variable-rate debt: | ||||||||||||||||||
Non-recourse term loans on operating properties | 16,840 | (6,981 | ) | 2,546 | 12,405 | 2.55% | ||||||||||||
Recourse term loans on operating properties | 25,635 | — | 102,377 | 128,012 | 2.51% | |||||||||||||
Construction loans | — | — | 30,047 | 30,047 | 2.12% | |||||||||||||
Unsecured lines of credit | 398,904 | — | — | 398,904 | 1.54% | |||||||||||||
Unsecured term loans | 800,000 | — | — | 800,000 | 1.82% | |||||||||||||
Total variable-rate debt | 1,241,379 | (6,981 | ) | 134,970 | 1,369,368 | 1.81% | ||||||||||||
Total fixed-rate and variable-rate debt | 4,726,687 | (118,735 | ) | 799,219 | 5,407,171 | 4.50% | ||||||||||||
Unamortized deferred financing costs | (16,059 | ) | 855 | (1,486 | ) | (16,690 | ) | |||||||||||
Total mortgage and other indebtedness | $ | 4,710,628 | $ | (117,880 | ) | $ | 797,733 | $ | 5,390,481 |
(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 with notional amounts outstanding totaling $101,151 as of December 31, 2015 related to four of our variable-rate loans on consolidated operating properties to effectively fix the interest rates on these loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2015. The swaps matured April 1, 2016. We have two interest rate swaps with notional amounts outstanding totaling $120,660 as of June 30, 2016 related to two of our variable-rate loans on unconsolidated operating properties to effectively fix the interest rates on these loans. Therefore, there amounts are reflected in fixed-rate debt at June 30, 2016. |
(3) | Includes a $38,237 mortgage loan secured by Fashion Square that is classified on the condensed consolidated balance sheets as Liabilities Related to Assets Held for Sale. See Note 4 to the condensed consolidated financial statements. |
(4) | Net of unamortized discount of $3,651 and $3,849 as of June 30, 2016 and December 31, 2015, respectively. |
(5) | Net of unamortized discount of $64 and $67 as of June 30, 2016 and December 31, 2015, respectively. |
Balance | ||||
As of June 30, 2016 (1) | ||||
Consolidated Properties: | ||||
Greenbrier Mall | $ | 71,265 | (2) | |
Midland Mall | 32,021 | (3) | ||
Chesterfield Mall | 140,000 | (3) | ||
Dakota Square Mall | 55,199 | (4) | ||
298,485 | ||||
Unconsolidated Property: | ||||
Governor's Square Mall | 6,874 | (4) | ||
2016 Maturities at pro rata share | $ | 305,359 |
(1) | Based on original maturity date. |
(2) | We are in discussions with the lender to extend the maturity date on this loan. |
(3) | We plan to return these properties to the respective lenders as part of the foreclosure process. |
(4) | We plan to retire these loans using availability on our credit lines. |
Date | Property | Consolidated/ Unconsolidated Property | Stated Interest Rate | Maturity Date (1) | Amount Financed or Extended | ||||||||
June | Hamilton Place (2) | Consolidated | 4.36% | June 2026 | $ | 107,000 | |||||||
June | Statesboro Crossing (3) | Consolidated | LIBOR + 1.80% | June 2017 | (4) | 11,035 | |||||||
June | Fremaux Town Center (5) | Unconsolidated | 3.70% | (6) | June 2026 | 73,000 | |||||||
June | Ambassador Town Center (7) | Unconsolidated | 3.22% | (8) | June 2023 | 47,660 | |||||||
May | The Outlet Shoppes of Laredo (9) | Consolidated | LIBOR + 2.5% | (10) | May 2019 | (11) | 91,300 | ||||||
April | Hickory Point Mall (12) | Consolidated | 5.85% | (13) | December 2018 | (13) | 27,446 | ||||||
February | Port Orange (14) | Unconsolidated | LIBOR + 2.0% | February 2018 | (15) | 58,628 | |||||||
February | Hammock Landing - Phase I (14) | Unconsolidated | LIBOR + 2.0% | February 2018 | (15) | 43,347 | (16) | ||||||
February | Hammock Landing - Phase II (14) | Unconsolidated | LIBOR + 2.0% | February 2018 | (15) | 16,757 | |||||||
February | Triangle Town Center, Triangle Town Place, Triangle Town Commons (17) | Unconsolidated | 4.00% | (18) | December 2018 | (19) | 171,092 |
(1) | Excludes any extension options. |
(2) | Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. Our share of excess proceeds was used to reduce outstanding balances on our credit facilities. |
(3) | The loan was modified to extend the maturity date. |
(4) | The loan has a one-year extension option at our election for an outside maturity date of June 2018. |
(5) | Net proceeds from the non-recourse loan were used to retire two existing construction loans with an aggregate balance of $71,125. |
(6) | The joint venture has an interest rate swap on a notional amount of $73,000, amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
(7) | The non-recourse loan was used to retire an existing construction loan with a balance of $41,900 and excess proceeds were utilized to fund remaining construction costs. |
(8) | The joint venture has an interest rate swap on a notional amount of $47,660, amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
(9) | The consolidated 65/35 joint venture closed on a construction loan for the development of The Outlet Shoppes of Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. |
(10) | The interest rate will be reduced to LIBOR + 2.25% once the development is complete and certain debt and operational metrics are met. |
(11) | The loan has one 24-month extension option, which is at the joint venture's election, for an outside maturity date of May 2021. |
(12) | The loan was modified to extend the maturity date. The interest rate remains at 5.85% but future amortization payments have been eliminated. |
(13) | The loan has a one-year extension option at our election for an outside maturity date of December 2019. |
(14) | The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 12 to the condensed consolidated financial statements for more information. |
(15) | The loan was modified and extended to February 2018 with a one-year extension option. |
(16) | The capacity was increased from $39,475 to fund the expansion. |
(17) | The loan was amended and modified in conjunction with the sale of the property to a newly formed joint venture. See Note 5 to the condensed consolidated financial statements for more information. |
(18) | The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. |
(19) | The loan was extended to December 2018 with two one-year extension options. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid | ||||||
June | Hamilton Place (1) | 5.86% | August 2016 | $ | 98,181 | |||||
April | CoolSprings Crossing (2) | 4.54% | April 2016 | 11,313 | ||||||
April | Gunbarrel Pointe (2) | 4.64% | April 2016 | 10,083 | ||||||
April | Stroud Mall (2) | 4.59% | April 2016 | 30,276 | ||||||
April | York Galleria (2) | 4.55% | April 2016 | 48,337 |
(1) | We retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information. |
(2) | We used proceeds from dispositions to retire the loan. |
Instrument Type | Location in Condensed Consolidated Balance Sheet | Notional Amount Outstanding | Designated Benchmark Interest Rate | Strike Rate | Fair Value at 6/30/16 | Fair Value at 12/31/15 | Maturity Date | ||||||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $48,337 (amortizing to $48,337) | 1-month LIBOR | 2.149 | % | $ | — | $ | (208 | ) | April 2016 | ||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $30,276 (amortizing to $30,276) | 1-month LIBOR | 2.187 | % | — | (133 | ) | April 2016 | ||||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $11,313 (amortizing to $11,313) | 1-month LIBOR | 2.142 | % | — | (48 | ) | April 2016 | ||||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $10,083 (amortizing to $10,083) | 1-month LIBOR | 2.236 | % | — | (45 | ) | April 2016 | ||||||||||
$ | — | $ | (434 | ) |
Shares Outstanding | Stock Price (1) | Value | ||||||||
Common stock and operating partnership units | 200,032 | $ | 9.31 | $ | 1,862,298 | |||||
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 | 2,488,548 | |||||||||
Company’s share of total debt | 5,101,378 | |||||||||
Total market capitalization | $ | 7,589,926 | ||||||||
Debt-to-total-market capitalization ratio | 67.2 | % |
(1) | Stock price for common stock and Operating Partnership units equals the closing price of CBL's common stock on June 30, 2016. The stock prices for the preferred stock represent the liquidation preference of each respective series of preferred stock. |
Ratio | Required | Actual | ||
Debt to total asset value | < 60% | 48% | ||
Unencumbered asset value to unsecured indebtedness | > 1.6x | 2.3x | ||
Unencumbered NOI to unsecured interest expense | > 1.75x | 5.0x | ||
EBITDA to fixed charges (debt service) | > 1.5x | 2.4x |
Ratio | Required | Actual | ||
Total debt to total assets | < 60% | 53% | ||
Secured debt to total assets | < 45% (1) | 31% | ||
Total unencumbered assets to unsecured debt | > 150% | 223% | ||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 3.3x |
(1) | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Tenant allowances (1) | $ | 21,251 | $ | 19,344 | $ | 32,896 | $ | 32,040 | |||||||
Renovations | 1,507 | 9,883 | 4,621 | 12,046 | |||||||||||
Deferred maintenance: | |||||||||||||||
Parking lot and parking lot lighting | 2,045 | 5,535 | 2,765 | 7,447 | |||||||||||
Roof repairs and replacements | 374 | 1,178 | 1,043 | 2,109 | |||||||||||
Other capital expenditures | 1,703 | 1,093 | 5,828 | 2,159 | |||||||||||
Total deferred maintenance | 4,122 | 7,806 | 9,636 | 11,715 | |||||||||||
Capitalized overhead | 1,622 | 1,710 | 2,948 | 3,709 | |||||||||||
Capitalized interest | 448 | 1,024 | 996 | 2,232 | |||||||||||
Total capital expenditures | $ | 28,950 | $ | 39,767 | $ | 51,097 | $ | 61,742 |
(1) | Tenant allowances primarily relate to new leases. Tenant allowances related to renewal leases were not material for the periods presented. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Opening Date | Initial Unleveraged Yield | ||||||||||||
Community Center: | |||||||||||||||||||
Ambassador Town Center | Lafayette, LA | 65% | 431,139 | $ | 40,295 | $ | 28,929 | Apr-16 | 8.5% | ||||||||||
Mall Expansion: | |||||||||||||||||||
Kirkwood Mall - Self Development (Panera Bread, Verizon, Caribou Coffee) | Bismarck, ND | 100% | 12,570 | 3,702 | 3,382 | Mar-16 | 10.5% | ||||||||||||
Mall Redevelopment: | |||||||||||||||||||
CoolSprings Galleria - Sears Redevelopment (American Girl, Cheesecake Factory) | Nashville, TN | 50% | 193,137 | 37,091 | 9,269 | May-16 | 7.2% | ||||||||||||
Total Properties Opened | 636,846 | $ | 81,088 | $ | 41,580 |
(1) | Total cost is presented net of reimbursements to be received. |
(2) | Cost to date does not reflect reimbursements until they are received. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Expected Opening Date | Initial Unleveraged Yield | ||||||||||||
Outlet Center: | |||||||||||||||||||
The Outlet Shoppes of Laredo | Laredo, TX | 65% | 357,756 | $ | 69,630 | $ | 10,515 | Spring-17 | 9.6% | ||||||||||
Mall Expansions: | |||||||||||||||||||
Dakota Square expansion | Minot, ND | 100% | 23,922 | 7,453 | 1,068 | Fall-16 | 7.5% | ||||||||||||
Friendly Center - Cheesecake Factory | Greensboro, NC | 50% | 9,156 | 2,307 | 807 | Fall-16 | 10.8% | ||||||||||||
Friendly Center - Shops | Greensboro, NC | 50% | 12,765 | 2,638 | 1,423 | Fall-16 | 8.1% | ||||||||||||
Hamilton Place - Theatre | Chattanooga, TN | 100% | 30,169 | 5,409 | 3,085 | Fall-16 | 9.1% | ||||||||||||
Mayfaire Town Center - Phase I | Wilmington, NC | 100% | 67,766 | 19,072 | 2,791 | Fall-16 | 8.4% | ||||||||||||
143,778 | 36,879 | 9,174 | |||||||||||||||||
Community Center Expansions: | |||||||||||||||||||
The Forum at Grandview - Expansion | Madison, MS | 75% | 24,516 | 5,624 | 653 | Fall-16 | 8.5% | ||||||||||||
Hammock Landing - Expansion | West Melbourne, FL | 50% | 23,717 | 2,351 | 1,374 | Fall-16 | 10.7% | ||||||||||||
High Pointe Commons - (Petco) | Harrisburg, PA | 50% | 12,885 | 1,055 | 452 | Oct-16 | 10.5% | ||||||||||||
61,118 | 9,030 | 2,479 | |||||||||||||||||
Mall Redevelopments: | |||||||||||||||||||
College Square - JCP Redevelopment (Dick's/ULTA) | Morristown, TN | 100% | 90,879 | 14,992 | 5,677 | Fall-16 | 7.6% | ||||||||||||
Northpark Mall - (Dunham's Sports) | Joplin, MO | 100% | 80,524 | 3,362 | 1,523 | Fall-16 | 9.5% | ||||||||||||
Oak Park Mall - Self Development | Overland Park, KS | 50% | 6,735 | 1,210 | 915 | Summer-16 | 8.2% | ||||||||||||
Randolph Mall - JCP Redevelopment (Ross/ULTA) | Asheboro, NC | 100% | 33,796 | 4,372 | 3,928 | Summer-16 | 7.8% | ||||||||||||
York Galleria Mall - Partial JCP Redevelopment (H&M/Shops) | York, PA | 100% | 42,672 | 5,582 | 913 | Fall-16 | 7.8% | ||||||||||||
York Galleria Mall - Partial JCP Redevelopment (Gold's Gym/Shops) | York, PA | 100% | 40,832 | 5,658 | 90 | Spring-17 | 12.8% | ||||||||||||
295,438 | 35,176 | 13,046 | |||||||||||||||||
Total Properties Under Development | 858,090 | $ | 150,715 | $ | 35,214 | ||||||||||||||
(1) Total Cost is presented net of reimbursements to be received. | |||||||||||||||||||
(2) Cost to Date does not reflect reimbursements until they are received. |
• | 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. |
As of June 30, 2016 | Obligation recorded to reflect guaranty | |||||||||||||||||||||
Unconsolidated Affiliate | Company's Ownership Interest | Outstanding Balance | Percentage Guaranteed by the Operating Partnership | Maximum Guaranteed Amount | Debt Maturity Date (1) | 6/30/2016 | 12/31/2015 | |||||||||||||||
West Melbourne I, LLC - Phase I | 50% | $ | 43,147 | 20% | (2) | $ | 8,629 | Feb-2018 | (3) | $ | 86 | $ | 99 | |||||||||
West Melbourne I, LLC - Phase II | 50% | 16,677 | 20% | (2) | 3,335 | Feb-2018 | (3) | 33 | 87 | |||||||||||||
Port Orange I, LLC | 50% | 58,348 | 20% | (2) | 11,670 | Feb-2018 | (3) | 117 | 148 | |||||||||||||
Fremaux Town Center JV, LLC - Phase I | 65% | — | —% | (4) | — | Aug-2016 | — | 62 | ||||||||||||||
Fremaux Town Center JV, LLC - Phase II | 65% | — | —% | (4) | — | Aug-2016 | — | 161 | ||||||||||||||
Ambassador Town Center JV, LLC | 65% | — | —% | (4) | — | Dec-2017 | — | 462 | ||||||||||||||
Ambassador Infrastructure, LLC | 65% | 11,700 | 100% | (5) | 11,700 | Dec-2017 | (6) | 177 | 177 | |||||||||||||
Total guaranty liability | $ | 413 | $ | 1,196 |
(1) | Excludes any extension options. |
(2) | The guaranty was reduced from 25% to 20% when the loan was modified and extended in February 2016. See Note 5 to the condensed consolidated financial statements. |
(3) | The loan has a one-year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. |
(4) | The guaranty was removed in June 2016 when the construction loan was retired using proceeds from a non-recourse mortgage loan. See Note 5 to the condensed consolidated financial statements or additional information. |
(5) | The guaranty will be reduced to 50% on March 1st of such year as PILOT payments received and attributed to the prior calendar year by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. |
(6) | The loan has two one-year extension options, which are the unconsolidated affiliate's election, for an outside maturity date of December 2019. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income attributable to common shareholders | $ | 51,696 | $ | 30,672 | $ | 80,547 | $ | 65,613 | |||||||
Noncontrolling interest in income of Operating Partnership | 8,483 | 4,946 | 13,428 | 11,118 | |||||||||||
Depreciation and amortization expense of: | |||||||||||||||
Consolidated properties | 72,205 | 71,239 | 148,711 | 147,505 | |||||||||||
Unconsolidated affiliates | 9,156 | 10,303 | 18,334 | 20,620 | |||||||||||
Non-real estate assets | (722 | ) | (731 | ) | (1,559 | ) | (1,573 | ) | |||||||
Noncontrolling interests' share of depreciation and amortization | (2,055 | ) | (2,151 | ) | (4,448 | ) | (4,782 | ) | |||||||
Loss on impairment | 43,493 | 2,781 | 63,178 | 2,781 | |||||||||||
Gain on depreciable property, net of tax | (35,521 | ) | (12,129 | ) | (35,521 | ) | (12,196 | ) | |||||||
FFO allocable to Operating Partnership common unitholders | 146,735 | 104,930 | 282,670 | 229,086 | |||||||||||
Litigation settlements, net of related expenses (1) | — | 3,004 | 1,707 | (1,654 | ) | ||||||||||
Nonrecurring professional fees expense (1) | 1,119 | — | 1,119 | — | |||||||||||
Gain on investment | — | — | — | (16,560 | ) | ||||||||||
Equity in earnings from disposals of unconsolidated affiliates | (29,235 | ) | — | (55,630 | ) | — | |||||||||
Gain on extinguishment of debt | — | (256 | ) | — | (256 | ) | |||||||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 118,619 | $ | 107,678 | $ | 229,866 | $ | 210,616 | |||||||
FFO per diluted share | $ | 0.73 | $ | 0.53 | $ | 1.41 | $ | 1.15 | |||||||
FFO, as adjusted, per diluted share | $ | 0.59 | $ | 0.54 | $ | 1.15 | $ | 1.05 | |||||||
Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted | 200,045 | 199,751 | 199,986 | 199,716 |
(1) | Litigation settlement income is included in interest and other income in the Condensed Consolidated Statements of Operations. Litigation expense, including settlements paid, is included in general and administrative expense in the Condensed Consolidated Statements of Operations. Nonrecurring professional fees expense is included in general and administrative expense in the Condensed Consolidated Statements of Operations. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Diluted EPS attributable to common shareholders | $ | 0.30 | $ | 0.18 | $ | 0.47 | $ | 0.38 | |||||||
Eliminate amounts per share excluded from FFO: | |||||||||||||||
Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests | 0.39 | 0.40 | 0.81 | 0.82 | |||||||||||
Loss on impairment | 0.22 | 0.01 | 0.31 | 0.01 | |||||||||||
Gain on depreciable property, net of tax | (0.18 | ) | (0.06 | ) | (0.18 | ) | (0.06 | ) | |||||||
FFO per diluted share | $ | 0.73 | $ | 0.53 | $ | 1.41 | $ | 1.15 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
FFO allocable to Operating Partnership common unitholders | $ | 146,735 | $ | 104,930 | $ | 282,670 | $ | 229,086 | |||||||
Percentage allocable to common shareholders (1) | 85.38 | % | 85.35 | % | 85.37 | % | 85.35 | % | |||||||
FFO allocable to common shareholders | $ | 125,282 | $ | 89,558 | $ | 241,315 | $ | 195,525 | |||||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 118,619 | $ | 107,678 | $ | 229,866 | $ | 210,616 | |||||||
Percentage allocable to common shareholders (1) | 85.38 | % | 85.35 | % | 85.37 | % | 85.35 | % | |||||||
FFO allocable to common shareholders, as adjusted | $ | 101,277 | $ | 91,903 | $ | 196,237 | $ | 179,761 |
(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. |
Period | Total Number of Shares Purchased (1) (2) | Average Price Paid per Share (3) | Total Number of Shares Purchased as Part of a Publicly Announced Plan (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan (2) | ||||||||||||||
April 1–30, 2016 | 137 | $ | 11.70 | — | $ | — | ||||||||||||
May 1–31, 2016 | 104 | 11.04 | — | — | ||||||||||||||
June 1–30, 2016 | — | — | — | — | ||||||||||||||
Total | 241 | $ | 11.42 | — | $ | — |
(1) | Represents shares surrendered to the Company by employees to satisfy federal and state income tax requirements related to the vesting of shares of restricted stock. |
(2) | Does not include any activity under the $200 million common stock repurchase program approved by the Company's Board of Directors in July 2015, pursuant to which no shares were repurchased during the quarter. |
(3) | Represents the market value of the common stock on the vesting date for the shares of restricted stock, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements. |
Exhibit Number | Description | |
12.1 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of CBL & Associates Properties, Inc. | |
12.2 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of CBL & Associates Limited Partnership | |
12.3 | Computation of Ratio of Earnings to Fixed Charges of CBL & Associates Properties, Inc. | |
12.4 | Computation of Ratio of Earnings to Fixed Charges of CBL & Associates Limited Partnership | |
31.1 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
31.2 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
31.3 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
31.4 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
32.1 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
32.2 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
32.3 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
32.4 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
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 |
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 17,662 | $ | 94,388 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | $ | 148,817 | |||||||||||||
Fixed charges less capitalized interest and preferred dividends | 108,649 | 117,911 | 229,458 | 239,844 | 231,934 | 242,357 | 262,978 | ||||||||||||||||||||
Distributed income of equity investees | 8,582 | 9,780 | 21,095 | 21,866 | 15,995 | 17,074 | 9,586 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | — | (197 | ) | (63 | ) | (44 | ) | — | — | |||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (70 | ) | (128 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | (4,158 | ) | |||||||||||||
Total earnings | $ | 134,823 | $ | 221,951 | $ | 353,960 | $ | 504,049 | $ | 349,822 | $ | 434,842 | $ | 417,223 | |||||||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 108,649 | $ | 117,911 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | $ | 262,978 | |||||||||||||
Capitalized interest | 996 | 2,204 | 4,153 | 7,246 | 5,837 | 2,671 | 4,955 | ||||||||||||||||||||
Preferred dividends (3) | 22,446 | 22,446 | 44,892 | 44,892 | 59,529 | 68,197 | 63,020 | ||||||||||||||||||||
Total combined fixed charges and preferred dividends | $ | 132,091 | $ | 142,561 | $ | 278,503 | $ | 291,982 | $ | 297,300 | $ | 313,225 | $ | 330,953 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.02 | 1.56 | 1.27 | 1.73 | 1.18 | 1.39 | 1.26 | ||||||||||||||||||||
(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, through September 2013 when the outstanding perpetual preferred joint venture units were redeemed. |
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 17,662 | $ | 94,388 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | $ | 148,817 | |||||||||||||
Fixed charges less capitalized interest and preferred dividends | 108,649 | 117,911 | 229,458 | 239,844 | 231,934 | 242,357 | 262,978 | ||||||||||||||||||||
Distributed income of equity investees | 8,610 | 9,778 | 21,092 | 21,866 | 15,995 | 17,074 | 9,586 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | — | (197 | ) | (63 | ) | (44 | ) | — | — | |||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (70 | ) | (128 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | (4,158 | ) | |||||||||||||
Total earnings | $ | 134,851 | $ | 221,949 | $ | 353,957 | $ | 504,049 | $ | 349,822 | $ | 434,842 | $ | 417,223 | |||||||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 108,649 | $ | 117,911 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | $ | 262,978 | |||||||||||||
Capitalized interest | 996 | 2,204 | 4,153 | 7,246 | 5,837 | 2,671 | 4,955 | ||||||||||||||||||||
Preferred dividends (3) | 22,446 | 22,446 | 44,892 | 44,892 | 59,529 | 68,197 | 63,020 | ||||||||||||||||||||
Total combined fixed charges and preferred dividends | $ | 132,091 | $ | 142,561 | $ | 278,503 | $ | 291,982 | $ | 297,300 | $ | 313,225 | $ | 330,953 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.02 | 1.56 | 1.27 | 1.73 | 1.18 | 1.39 | 1.26 | ||||||||||||||||||||
(1) | The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant. |
(2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
(3) | Includes preferred distributions to the Operating Partnership's partner in CW Joint Venture, LLC, through September 2013 when the outstanding perpetual preferred joint venture units were redeemed. |
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 17,662 | $ | 94,388 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | $ | 148,817 | |||||||||||||
Fixed charges less capitalized interest | 108,649 | 117,911 | 229,458 | 239,844 | 231,934 | 242,357 | 262,978 | ||||||||||||||||||||
Distributed income of equity investees | 8,582 | 9,780 | 21,095 | 21,866 | 15,995 | 17,074 | 9,586 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | — | (197 | ) | (63 | ) | (44 | ) | — | — | |||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (70 | ) | (128 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | (4,158 | ) | |||||||||||||
Total earnings | $ | 134,823 | $ | 221,951 | $ | 353,960 | $ | 504,049 | $ | 349,822 | $ | 434,842 | $ | 417,223 | |||||||||||||
Fixed charges (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 108,649 | $ | 117,911 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | $ | 262,978 | |||||||||||||
Capitalized interest | 996 | 2,204 | 4,153 | 7,246 | 5,837 | 2,671 | 4,955 | ||||||||||||||||||||
Total fixed charges | $ | 109,645 | $ | 120,115 | $ | 233,611 | $ | 247,090 | $ | 237,771 | $ | 245,028 | $ | 267,933 | |||||||||||||
Ratio of earnings to fixed charges | 1.23 | 1.85 | 1.52 | 2.04 | 1.47 | 1.77 | 1.56 | ||||||||||||||||||||
(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. |
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 17,662 | $ | 94,388 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | $ | 148,817 | |||||||||||||
Fixed charges less capitalized interest | 108,649 | 117,911 | 229,458 | 239,844 | 231,934 | 242,357 | 262,978 | ||||||||||||||||||||
Distributed income of equity investees | 8,610 | 9,778 | 21,092 | 21,866 | 15,995 | 17,074 | 9,586 | ||||||||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | — | (197 | ) | (63 | ) | (44 | ) | — | — | |||||||||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (70 | ) | (128 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | (4,158 | ) | |||||||||||||
Total earnings | $ | 134,851 | $ | 221,949 | $ | 353,957 | $ | 504,049 | $ | 349,822 | $ | 434,842 | $ | 417,223 | |||||||||||||
Fixed charges (1): | |||||||||||||||||||||||||||
Interest expense (2) | $ | 108,649 | $ | 117,911 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | $ | 262,978 | |||||||||||||
Capitalized interest | 996 | 2,204 | 4,153 | 7,246 | 5,837 | 2,671 | 4,955 | ||||||||||||||||||||
Total fixed charges | $ | 109,645 | $ | 120,115 | $ | 233,611 | $ | 247,090 | $ | 237,771 | $ | 245,028 | $ | 267,933 | |||||||||||||
Ratio of earnings to fixed charges | 1.23 | 1.85 | 1.52 | 2.04 | 1.47 | 1.77 | 1.56 | ||||||||||||||||||||
(1) | The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant. |
(2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Properties, Inc.; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Properties, Inc.; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Limited Partnership; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Limited Partnership; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 02, 2016 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | |
Entity Central Index Key | 0000910612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 170,792,798 | |
CBL & Associates Limited Partnership | ||
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & Associates Limited Partnership | |
Entity Central Index Key | 0000915140 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Balance Sheets (Unaudited) (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Tenant receivables allowance for doubtful accounts | $ 1,918 | $ 1,923 |
Other receivables allowance for doubtful accounts | $ 1,275 | $ 1,276 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 170,789,867 | 170,490,948 |
Common stock, shares outstanding | 170,789,867 | 170,490,948 |
Series D Preferred Stock | ||
Preferred stock, dividend rate (as a percent) | 7.375% | 7.375% |
Preferred stock, shares outstanding | 1,815,000 | 1,815,000 |
Series E Preferred Stock | ||
Preferred stock, dividend rate (as a percent) | 6.625% | 6.625% |
Preferred stock, shares outstanding | 690,000 | 690,000 |
CBL & Associates Limited Partnership | ||
Tenant receivables allowance for doubtful accounts | $ 1,918 | $ 1,923 |
Other receivables allowance for doubtful accounts | $ 1,275 | $ 1,276 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
REVENUES: | ||||
Minimum rents | $ 167,216 | $ 166,428 | $ 337,845 | $ 335,509 |
Percentage rents | 2,692 | 2,412 | 7,365 | 6,549 |
Other rents | 4,819 | 4,421 | 9,881 | 9,592 |
Tenant reimbursements | 70,096 | 70,224 | 143,462 | 142,357 |
Management, development and leasing fees | 4,067 | 2,663 | 6,648 | 5,441 |
Other | 6,075 | 7,695 | 12,842 | 15,304 |
Total revenues | 254,965 | 253,843 | 518,043 | 514,752 |
OPERATING EXPENSES: | ||||
Property operating | 31,060 | 32,866 | 69,688 | 71,770 |
Depreciation and amortization | 72,205 | 71,239 | 148,711 | 147,505 |
Real estate taxes | 22,834 | 22,549 | 45,862 | 45,334 |
Maintenance and repairs | 11,790 | 12,407 | 26,338 | 26,623 |
General and administrative | 16,475 | 16,215 | 33,643 | 33,445 |
Loss on impairment | 43,493 | 2,781 | 63,178 | 2,781 |
Other | 5,052 | 5,928 | 14,737 | 12,404 |
Total operating expenses | 202,909 | 163,985 | 402,157 | 339,862 |
Income from operations | 52,056 | 89,858 | 115,886 | 174,890 |
Interest and other income | 251 | 389 | 611 | 5,663 |
Interest expense | (53,187) | (58,754) | (108,418) | (117,911) |
Gain on extinguishment of debt | 0 | 256 | 6 | 256 |
Gain on investment | 0 | 0 | 0 | 16,560 |
Equity in earnings of unconsolidated affiliates | 64,349 | 4,881 | 96,739 | 8,704 |
Income tax benefit (provision) | 51 | (2,472) | 588 | (1,556) |
Income from continuing operations before gain on sales of real estate assets | 63,520 | 34,158 | 105,412 | 86,606 |
Gain on sales of real estate assets | 9,577 | 14,173 | 9,577 | 14,930 |
Net income | 73,097 | 48,331 | 114,989 | 101,536 |
Net (income) loss attributable to noncontrolling interests in: | ||||
Operating Partnership | (8,483) | (4,946) | (13,428) | (11,118) |
Other consolidated subsidiaries/Net (income) loss attributable to noncontrolling interests | (1,695) | (1,490) | 1,432 | (2,359) |
Net income attributable to the Company/Operating Partnership | 62,919 | 41,895 | 102,993 | 88,059 |
Preferred dividends/distributions to preferred unitholders | (11,223) | (11,223) | (22,446) | (22,446) |
Net income attributable to common shareholders/unitholders | $ 51,696 | $ 30,672 | $ 80,547 | $ 65,613 |
Diluted per share data attributable to common shareholders/unitholders: | ||||
Net income attributable to common shareholders/unitholders, diluted (in dollars per share) | $ 0.30 | $ 0.18 | $ 0.47 | $ 0.38 |
Weighted-average common and potential dilutive common shares/units outstanding, diluted (in shares) | 170,792 | 170,494 | 170,731 | 170,457 |
Dividends declared per common share/unit (in dollars per share) | $ 0.265 | $ 0.265 | $ 0.53 | $ 0.530 |
CBL & Associates Limited Partnership | ||||
REVENUES: | ||||
Minimum rents | $ 167,216 | $ 166,428 | $ 337,845 | $ 335,509 |
Percentage rents | 2,692 | 2,412 | 7,365 | 6,549 |
Other rents | 4,819 | 4,421 | 9,881 | 9,592 |
Tenant reimbursements | 70,096 | 70,224 | 143,462 | 142,357 |
Management, development and leasing fees | 4,067 | 2,663 | 6,648 | 5,441 |
Other | 6,075 | 7,695 | 12,842 | 15,304 |
Total revenues | 254,965 | 253,843 | 518,043 | 514,752 |
OPERATING EXPENSES: | ||||
Property operating | 31,060 | 32,866 | 69,688 | 71,770 |
Depreciation and amortization | 72,205 | 71,239 | 148,711 | 147,505 |
Real estate taxes | 22,834 | 22,549 | 45,862 | 45,334 |
Maintenance and repairs | 11,790 | 12,407 | 26,338 | 26,623 |
General and administrative | 16,475 | 16,215 | 33,643 | 33,445 |
Loss on impairment | 43,493 | 2,781 | 63,178 | 2,781 |
Other | 5,052 | 5,928 | 14,737 | 12,404 |
Total operating expenses | 202,909 | 163,985 | 402,157 | 339,862 |
Income from operations | 52,056 | 89,858 | 115,886 | 174,890 |
Interest and other income | 251 | 389 | 611 | 5,663 |
Interest expense | (53,187) | (58,754) | (108,418) | (117,911) |
Gain on extinguishment of debt | 0 | 256 | 6 | 256 |
Gain on investment | 0 | 0 | 0 | 16,560 |
Equity in earnings of unconsolidated affiliates | 64,349 | 4,881 | 96,739 | 8,704 |
Income tax benefit (provision) | 51 | (2,472) | 588 | (1,556) |
Income from continuing operations before gain on sales of real estate assets | 63,520 | 34,158 | 105,412 | 86,606 |
Gain on sales of real estate assets | 9,577 | 14,173 | 9,577 | 14,930 |
Net income | 73,097 | 48,331 | 114,989 | 101,536 |
Net (income) loss attributable to noncontrolling interests in: | ||||
Other consolidated subsidiaries/Net (income) loss attributable to noncontrolling interests | (1,695) | (1,490) | 1,432 | (2,359) |
Net income attributable to the Company/Operating Partnership | 71,402 | 46,841 | 116,421 | 99,177 |
Preferred dividends/distributions to preferred unitholders | (11,223) | (11,223) | (22,446) | (22,446) |
Net income attributable to common shareholders/unitholders | $ 60,179 | $ 35,618 | $ 93,975 | $ 76,731 |
Diluted per share data attributable to common shareholders/unitholders: | ||||
Net income attributable to common shareholders/unitholders, diluted (in dollars per share) | $ 0.30 | $ 0.18 | $ 0.47 | $ 0.38 |
Weighted-average common and potential dilutive common shares/units outstanding, diluted (in shares) | 200,045 | 199,751 | 199,986 | 199,716 |
Dividends declared per common share/unit (in dollars per share) | $ 0.273 | $ 0.273 | $ 0.546 | $ 0.546 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Net income | $ 73,097 | $ 48,331 | $ 114,989 | $ 101,536 |
Other comprehensive income (loss): | ||||
Unrealized holding gain on available-for-sale securities | 0 | 0 | 0 | 242 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | 0 | (16,560) |
Unrealized gain on hedging instruments | 0 | 1,216 | 877 | 2,099 |
Reclassification of hedging effect on earnings | 0 | (646) | (443) | (1,169) |
Total other comprehensive income (loss) | 0 | 570 | 434 | (15,388) |
Comprehensive income | 73,097 | 48,901 | 115,423 | 86,148 |
Comprehensive (income) loss attributable to noncontrolling interests in: | ||||
Operating Partnership | (8,483) | (5,014) | (13,491) | (8,032) |
Other consolidated subsidiaries/Comprehensive (income) loss attributable to noncontrolling interests | (1,695) | (1,490) | 1,432 | (2,359) |
Comprehensive income attributable to the Company | 62,919 | 42,397 | 103,364 | 75,757 |
CBL & Associates Limited Partnership | ||||
Net income | 73,097 | 48,331 | 114,989 | 101,536 |
Other comprehensive income (loss): | ||||
Unrealized holding gain on available-for-sale securities | 0 | 0 | 0 | 242 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | 0 | (16,560) |
Unrealized gain on hedging instruments | 0 | 1,216 | 877 | 2,099 |
Reclassification of hedging effect on earnings | 0 | (646) | (443) | (1,169) |
Total other comprehensive income (loss) | 0 | 570 | 434 | (15,388) |
Comprehensive income | 73,097 | 48,901 | 115,423 | 86,148 |
Comprehensive (income) loss attributable to noncontrolling interests in: | ||||
Other consolidated subsidiaries/Comprehensive (income) loss attributable to noncontrolling interests | (1,695) | (1,490) | 1,432 | (2,359) |
Comprehensive income attributable to the Company | $ 71,402 | $ 47,411 | $ 116,855 | $ 83,789 |
Condensed Consolidated Statements of Equity/Capital (Unaudited) - USD ($) $ in Thousands |
Total |
Redeemable Noncontrolling Interests |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income |
Dividends in Excess of Cumulative Earnings |
Dividends in Excess of Cumulative Earnings
Preferred Units
|
Total Shareholders' Equity |
Noncontrolling Interests |
CBL & Associates Limited Partnership |
CBL & Associates Limited Partnership
Preferred Units
|
CBL & Associates Limited Partnership
Common Units
|
CBL & Associates Limited Partnership
General Partner
|
CBL & Associates Limited Partnership
Limited Partners
|
CBL & Associates Limited Partnership
Accumulated Other Comprehensive Income
|
CBL & Associates Limited Partnership
Total Shareholders' Equity
|
CBL & Associates Limited Partnership
Noncontrolling Interests
|
CBL & Associates Limited Partnership
Redeemable Noncontrolling Interests
|
CBL & Associates Limited Partnership
Redeemable Common Units
|
CBL & Associates Limited Partnership
Redeemable Noncontrolling Interests
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance, redeemable noncontrolling partnership interests at Dec. 31, 2014 | $ 37,559 | $ 6,455 | $ 31,104 | $ 37,559 | |||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 2,261 | 1,668 | 593 | 2,261 | |||||||||||||||||
Other comprehensive income (loss) | $ (15,013) | (375) | $ (12,302) | $ (12,302) | $ (2,711) | $ (15,013) | $ (15,013) | $ (15,013) | (375) | (375) | |||||||||||
Dividends declared - common stock/units | (90,362) | $ (90,362) | (90,362) | (107,831) | $ (1,066) | $ (106,765) | (107,831) | (1,126) | (1,126) | ||||||||||||
Distributions to noncontrolling interests | (19,830) | (2,754) | (19,830) | (2,360) | $ (2,360) | (1,628) | (1,628) | ||||||||||||||
Allocation of partners' capital | (410) | (56) | (354) | (410) | 311 | 311 | |||||||||||||||
Adjustment for noncontrolling interests | (311) | 311 | $ 1,317 | 1,317 | (1,628) | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,942) | 5,942 | (5,071) | (5,071) | (871) | (5,941) | (61) | (5,880) | (5,941) | (291) | 6,233 | 5,942 | |||||||||
Ending Balance, redeemable noncontrolling partnership interests at Jun. 30, 2015 | 42,944 | 6,204 | 36,740 | 42,944 | |||||||||||||||||
Beginning Balance at Dec. 31, 2014 | 1,549,928 | $ 25 | $ 1,703 | 1,958,198 | 13,411 | (566,785) | 1,406,552 | 143,376 | |||||||||||||
Beginning balance, units at Dec. 31, 2014 | 25,050,000 | 199,532,000 | |||||||||||||||||||
Beginning balance at Dec. 31, 2014 | 1,550,441 | $ 565,212 | 9,789 | 953,349 | 13,183 | 1,541,533 | 8,908 | ||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 99,275 | 88,059 | 88,059 | 11,216 | 99,275 | 22,446 | 781 | 75,357 | 98,584 | 691 | |||||||||||
Other comprehensive income (loss) | (15,013) | (375) | (12,302) | (12,302) | (2,711) | (15,013) | (15,013) | (15,013) | (375) | (375) | |||||||||||
Performance stock units | 312 | 312 | 312 | 312 | 3 | 309 | 312 | ||||||||||||||
Dividends/Distributions declared - common stock/units | (90,362) | (90,362) | (90,362) | (107,831) | (1,066) | (106,765) | (107,831) | (1,126) | (1,126) | ||||||||||||
Dividends/Distributions declared - preferred stock/units | $ (22,446) | $ (22,446) | (22,446) | (22,446) | $ (22,446) | (22,446) | |||||||||||||||
Issuances of common units (in units) | 272,498 | 273,000 | |||||||||||||||||||
Issuances of common units | 592 | 592 | 592 | ||||||||||||||||||
Issuance of common stock and restricted common stock | $ 592 | 3 | 589 | 592 | |||||||||||||||||
Conversion of Operating Partnership common units to shares of common stock | $ (286) | (286) | |||||||||||||||||||
Redemption of common units, units | (15,000) | ||||||||||||||||||||
Redemptions of common units | (286) | (286) | (286) | ||||||||||||||||||
Cancellation of restricted common stock/units, units | (40,238) | (40,000) | |||||||||||||||||||
Cancellation of restricted common stock/units | $ (731) | (1) | (730) | (731) | (731) | (731) | (731) | ||||||||||||||
Amortization of deferred compensation | 2,613 | 2,613 | 2,613 | 2,613 | 27 | 2,586 | 2,613 | ||||||||||||||
Contributions from noncontrolling interests | 15 | 15 | 15 | 15 | |||||||||||||||||
Distributions to noncontrolling interests | (19,830) | (2,754) | (19,830) | (2,360) | (2,360) | (1,628) | (1,628) | ||||||||||||||
Allocation of partners' capital | (410) | (56) | (354) | (410) | 311 | 311 | |||||||||||||||
Adjustment for noncontrolling interests | (311) | 311 | 1,317 | 1,317 | (1,628) | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,942) | 5,942 | (5,071) | (5,071) | (871) | (5,941) | (61) | (5,880) | (5,941) | (291) | 6,233 | 5,942 | |||||||||
Ending Balance at Jun. 30, 2015 | 1,497,814 | 25 | 1,705 | 1,957,228 | 1,109 | (591,534) | 1,368,533 | 129,281 | |||||||||||||
Ending balance, units at Jun. 30, 2015 | 25,050,000 | 199,750,000 | |||||||||||||||||||
Ending balance at Jun. 30, 2015 | 1,498,230 | $ 565,212 | 9,417 | 918,177 | (1,830) | 1,490,976 | 7,254 | ||||||||||||||
Beginning Balance, redeemable noncontrolling partnership interests at Dec. 31, 2015 | 25,330 | 19,744 | 5,586 | 19,744 | 25,330 | ||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | (1,975) | (2,691) | 716 | (1,975) | |||||||||||||||||
Other comprehensive income (loss) | 431 | 3 | 371 | 371 | 60 | 431 | 431 | 431 | 3 | 3 | |||||||||||
Dividends declared - common stock/units | (90,520) | (90,520) | (90,520) | (106,854) | (1,064) | (105,790) | (106,854) | (2,286) | (2,286) | ||||||||||||
Distributions to noncontrolling interests | (19,163) | (4,211) | (19,163) | (2,829) | (2,829) | (1,925) | (1,925) | ||||||||||||||
Allocation of partners' capital | (1,109) | (55) | (1,491) | 437 | (1,109) | 1,000 | 1,000 | ||||||||||||||
Adjustment for noncontrolling interests | (1,000) | 1,000 | (3,130) | (2,306) | (5,436) | 4,436 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 2,314 | (2,314) | 1,742 | 1,742 | 572 | 2,314 | 24 | 2,290 | 2,314 | 1,784 | (4,098) | (2,314) | |||||||||
Ending Balance, redeemable noncontrolling partnership interests at Jun. 30, 2016 | 17,833 | 15,079 | 2,754 | 15,079 | 17,833 | ||||||||||||||||
Beginning Balance at Dec. 31, 2015 | 1,399,599 | 25 | 1,705 | 1,970,333 | 1,935 | (689,028) | 1,284,970 | 114,629 | |||||||||||||
Beginning balance, units at Dec. 31, 2015 | 25,050,000 | 199,748,000 | |||||||||||||||||||
Beginning balance at Dec. 31, 2015 | 1,400,038 | $ 565,212 | 8,435 | 822,383 | (868) | 1,395,162 | 4,876 | ||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 116,964 | 102,993 | 102,993 | 13,971 | 116,964 | 22,446 | 954 | 92,305 | 115,705 | 1,259 | |||||||||||
Other comprehensive income (loss) | 431 | 3 | 371 | 371 | 60 | 431 | 431 | 431 | 3 | 3 | |||||||||||
Performance stock units | 516 | 516 | 516 | 516 | 5 | 511 | 516 | ||||||||||||||
Dividends/Distributions declared - common stock/units | (90,520) | (90,520) | (90,520) | (106,854) | (1,064) | (105,790) | (106,854) | (2,286) | (2,286) | ||||||||||||
Dividends/Distributions declared - preferred stock/units | $ (22,446) | (22,446) | (22,446) | (22,446) | $ (22,446) | (22,446) | |||||||||||||||
Issuances of common units (in units) | 327,326 | 327,000 | |||||||||||||||||||
Issuances of common units | 388 | 388 | 388 | ||||||||||||||||||
Issuance of common stock and restricted common stock | $ 388 | 3 | 385 | 388 | |||||||||||||||||
Redemption of common units, units | (15,000) | ||||||||||||||||||||
Redemptions of common units | (146) | (146) | (146) | ||||||||||||||||||
Cancellation of restricted common stock/units, units | (28,407) | (28,000) | |||||||||||||||||||
Cancellation of restricted common stock/units | $ (224) | (224) | (224) | (224) | (224) | (224) | |||||||||||||||
Amortization of deferred compensation | 1,969 | 1,969 | 1,969 | 1,969 | 20 | 1,949 | 1,969 | ||||||||||||||
Redemptions of Operating Partnership common units | (146) | (146) | |||||||||||||||||||
Contributions from noncontrolling interests | 10,686 | 10,686 | 10,686 | 10,686 | |||||||||||||||||
Distributions to noncontrolling interests | (19,163) | (4,211) | (19,163) | (2,829) | (2,829) | (1,925) | (1,925) | ||||||||||||||
Allocation of partners' capital | (1,109) | (55) | (1,491) | 437 | (1,109) | 1,000 | 1,000 | ||||||||||||||
Adjustment for noncontrolling interests | (1,000) | 1,000 | (3,130) | (2,306) | (5,436) | 4,436 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 2,314 | $ (2,314) | 1,742 | 1,742 | 572 | 2,314 | 24 | 2,290 | 2,314 | $ 1,784 | $ (4,098) | $ (2,314) | |||||||||
Ending Balance at Jun. 30, 2016 | $ 1,399,368 | $ 25 | $ 1,708 | $ 1,971,591 | $ 0 | $ (699,001) | $ 1,274,323 | $ 125,045 | |||||||||||||
Ending balance, units at Jun. 30, 2016 | 25,050,000 | 200,032,000 | |||||||||||||||||||
Ending balance at Jun. 30, 2016 | $ 1,399,698 | $ 565,212 | $ 8,319 | $ 812,175 | $ 0 | $ 1,385,706 | $ 13,992 |
Condensed Consolidated Statements of Equity/Capital (Unaudited) (Parenthetical) - shares |
6 Months Ended | |
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Jun. 30, 2016 |
Jun. 30, 2015 |
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Statement of Stockholders' Equity [Abstract] | ||
Issuances of common and restricted stock, shares | 327,326 | 272,498 |
Cancellation of restricted common stock/units, shares | 28,407 | 40,238 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | ||||
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Jun. 30, 2016 |
Jun. 30, 2015 |
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CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | $ 114,989 | $ 101,536 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 148,711 | 147,505 | |||
Net amortization of deferred finance costs and debt premiums | 1,476 | 2,626 | |||
Net amortization of intangible lease assets and liabilities | (288) | 33 | |||
Gain on sales of real estate assets | (9,577) | (14,930) | |||
Write-off of development projects | 33 | 125 | |||
Share-based compensation expense | 2,851 | 3,406 | |||
Net realized gain on sale of available-for-sale securities | 0 | (16,560) | |||
Loss on impairment | 63,178 | 2,781 | |||
Gain on extinguishment of debt | (6) | (256) | |||
Equity in earnings of unconsolidated affiliates | (96,739) | (8,704) | |||
Distributions of earnings from unconsolidated affiliates | 8,582 | 9,780 | |||
Provision for doubtful accounts | 2,223 | 1,938 | |||
Change in deferred tax accounts | (320) | 153 | |||
Changes in: | |||||
Tenant and other receivables | (13,595) | (2,960) | |||
Other assets | (5,616) | (833) | |||
Accounts payable and accrued liabilities | (1,741) | (6,247) | |||
Net cash provided by operating activities | 214,161 | 219,393 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Additions to real estate assets | (103,322) | (94,231) | |||
Acquisition of real estate assets | 0 | (191,988) | |||
(Additions) reductions to restricted cash | (8,064) | 3,315 | |||
Proceeds from sales of real estate assets | 88,583 | 24,233 | |||
Additions to mortgage and other notes receivable | (3,259) | 0 | |||
Payments received on mortgage and other notes receivable | 515 | 264 | |||
Net proceeds from sales of available-for-sale securities | 0 | 20,755 | |||
Additional investments in and advances to unconsolidated affiliates | (3,650) | (7,650) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 60,060 | 9,789 | |||
Changes in other assets | (2,498) | (5,295) | |||
Net cash provided by (used in) investing activities | 28,365 | (240,808) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from mortgage and other indebtedness | 439,113 | 421,289 | |||
Principal payments on mortgage and other indebtedness | (570,838) | (271,516) | |||
Additions to deferred financing costs | (79) | (190) | |||
Additions to debt issuance costs | (837) | 0 | |||
Proceeds from issuances of common stock | 87 | 101 | |||
Purchase of noncontrolling interest in the Operating Partnership | (146) | (286) | |||
Contributions from noncontrolling interests | 10,686 | 15 | |||
Distributions to noncontrolling interests | (23,378) | (22,588) | |||
Dividends paid to holders of preferred stock | (22,446) | (22,446) | |||
Dividends paid to common shareholders | (90,441) | (90,301) | |||
Net cash provided by (used in) financing activities | (258,279) | 14,078 | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (15,753) | (7,337) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 36,892 | [1] | 37,938 | ||
CASH AND CASH EQUIVALENTS, end of period | 21,139 | [1] | 30,601 | ||
SUPPLEMENTAL INFORMATION: | |||||
Cash paid for interest, net of amounts capitalized | 109,109 | 115,467 | |||
CBL & Associates Limited Partnership | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | 114,989 | 101,536 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 148,711 | 147,505 | |||
Net amortization of deferred finance costs and debt premiums | 1,476 | 2,626 | |||
Net amortization of intangible lease assets and liabilities | (288) | 33 | |||
Gain on sales of real estate assets | (9,577) | (14,930) | |||
Write-off of development projects | 33 | 125 | |||
Share-based compensation expense | 2,851 | 3,406 | |||
Net realized gain on sale of available-for-sale securities | 0 | (16,560) | |||
Loss on impairment | 63,178 | 2,781 | |||
Gain on extinguishment of debt | (6) | (256) | |||
Equity in earnings of unconsolidated affiliates | (96,739) | (8,704) | |||
Distributions of earnings from unconsolidated affiliates | 8,610 | 9,778 | |||
Provision for doubtful accounts | 2,223 | 1,938 | |||
Change in deferred tax accounts | (320) | 153 | |||
Changes in: | |||||
Tenant and other receivables | (13,546) | (2,960) | |||
Other assets | (5,616) | (833) | |||
Accounts payable and accrued liabilities | (1,820) | (6,263) | |||
Net cash provided by operating activities | 214,159 | 219,375 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Additions to real estate assets | (103,322) | (94,231) | |||
Acquisition of real estate assets | 0 | (191,988) | |||
(Additions) reductions to restricted cash | (8,064) | 3,315 | |||
Proceeds from sales of real estate assets | 88,583 | 24,233 | |||
Additions to mortgage and other notes receivable | (3,259) | 0 | |||
Payments received on mortgage and other notes receivable | 515 | 264 | |||
Net proceeds from sales of available-for-sale securities | 0 | 20,755 | |||
Additional investments in and advances to unconsolidated affiliates | (3,650) | (7,650) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 60,060 | 9,789 | |||
Changes in other assets | (2,498) | (5,295) | |||
Net cash provided by (used in) investing activities | 28,365 | (240,808) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from mortgage and other indebtedness | 439,113 | 421,289 | |||
Principal payments on mortgage and other indebtedness | (570,838) | (271,516) | |||
Additions to deferred financing costs | (79) | (190) | |||
Additions to debt issuance costs | (837) | 0 | |||
Proceeds from issuances of common stock | 87 | 101 | |||
Redemption of common units | (146) | (286) | |||
Contributions from noncontrolling interests | 10,686 | 15 | |||
Distributions to noncontrolling interests | (7,044) | (5,113) | |||
Dividends paid to holders of preferred stock | (22,446) | (22,446) | |||
Dividends paid to common shareholders | (106,775) | (107,771) | |||
Net cash provided by (used in) financing activities | (258,279) | 14,083 | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (15,755) | (7,350) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 36,887 | [1] | 37,926 | ||
CASH AND CASH EQUIVALENTS, end of period | 21,132 | [1] | 30,576 | ||
SUPPLEMENTAL INFORMATION: | |||||
Cash paid for interest, net of amounts capitalized | $ 109,109 | $ 115,467 | |||
|
Organization and Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation CBL & Associates Properties, Inc. (“CBL”), a Delaware corporation, is a self-managed, self-administered, fully-integrated real estate investment trust (“REIT”) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. Its properties are located in 27 states, but are primarily in the southeastern and midwestern United States. CBL conducts substantially all of its business through CBL & Associates Limited Partnership (the “Operating Partnership”), which is a variable interest entity ("VIE"). In accordance with the guidance in ASC 810, Consolidations, the Company is exempt from providing further disclosures related to the Operating Partnership's VIE classification. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. As of June 30, 2016, the Operating Partnership owned interests in the following properties:
At June 30, 2016, the Operating Partnership had interests in the following properties under development:
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 June 30, 2016, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned an 84.4% limited partner interest for a combined interest held by CBL of 85.4%. As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries. The noncontrolling interest in the Operating Partnership is held by CBL & Associates, Inc., its shareholders and affiliates and certain senior officers of the Company (collectively "CBL's Predecessor"), all of which contributed their interests in certain real estate properties and joint ventures to the Operating Partnership in exchange for a limited partner interest when the Operating Partnership was formed in November 1993, and by various third parties. At June 30, 2016, CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 5.5% limited partner interest in the Operating Partnership. CBL's Predecessor also owned 3.7 million shares of CBL’s common stock at June 30, 2016, for a total combined effective interest of 10.9% in the Operating Partnership. The Operating Partnership conducts the Company’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 of 1986, as amended (the “Internal Revenue Code”). The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended June 30, 2016 are not necessarily indicative of the results to be obtained for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2015. |
Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Adopted In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 5 but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures that were noted. Accounting Guidance Not Yet Effective In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. The Company is evaluating the impact that these updates may have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company expects to adopt ASU 2016-02 as of January 1, 2019 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company expects to adopt ASU 2016-09 as of January 1, 2017 and is currently assessing the potential impact of adopting the new guidance on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: Level 1 – Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. Level 2 – Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. Level 3 – Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. Fair Value Measurements on a Recurring Basis The following table sets forth information regarding the Company’s financial instruments that were measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of December 31, 2015. The interest rate swaps matured April 1, 2016:
The Company recognizes transfers in and out of every level at the end of each reporting period. There were no transfers between Levels 1, 2, or 3 for any periods presented. The Company uses interest rate swaps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps as December 31, 2015, that qualified as hedging instruments and were designated as cash flow hedges. These swaps matured on April 1, 2016. The interest rate swaps are reflected in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. The swaps have met the effectiveness test criteria since inception and changes in their fair values were, thus, reported in other comprehensive income (loss) ("OCI/L") and reclassified into earnings in the same period or periods during which the hedged items affected earnings. The fair values of the Company’s interest rate hedges, classified under Level 2, were determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Company’s credit standing, credit risk of the counterparties and reasonable estimates about relevant future market conditions. See Note 6 for further information regarding the Company’s interest rate hedging instruments. The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. Based on the interest rates for similar financial instruments, the carrying value of mortgage and other notes receivable is a reasonable estimate of fair value. The estimated fair value of mortgage and other indebtedness was $4,890,967 and $4,945,622 at June 30, 2016 and December 31, 2015, respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently. The carrying amount of mortgage and other indebtedness was $4,540,479 and $4,710,628 at June 30, 2016 and December 31, 2015, respectively. Fair Value Measurements on a Nonrecurring Basis The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income ("NOI"), occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges:
Long-lived Assets Measured at Fair Value in 2016 During the six months ended June 30, 2016, the Company recognized impairments of real estate of $62,348 when it wrote down six malls and an associated center to their estimated fair values. The following properties are classified in the Malls category for segment reporting purposes: The Lakes Mall and Fashion Square, Wausau Center, Bonita Lakes Mall, Midland Mall and River Ridge Mall. Bonita Lakes Crossing is classified in the Associated Centers category for segment reporting purposes. See Note 9. The Company recognized impairments of real estate of $32,096 in the second quarter of 2016 when it adjusted the book value of The Lakes and Fashion Square, two malls located in Michigan, to their estimated fair value of $65,447 based upon the sales price of $66,500 in the signed contract with a third party buyer, adjusted to reflect disposition costs. The revenues of The Lakes and Fashion Square accounted for approximately 1.6% of total consolidated revenues for the trailing twelve months ended June 30, 2016. These properties were classified as held for sale as of June 30, 2016 until their sale in July 2016. See Note 4 and Note 16 for additional information. In accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of $10,738 in the second quarter of 2016 related to Wausau Center, a mall located in Wausau, WI, to write-down the depreciated book value to its estimated fair value of $11,000 as of June 30, 2016. After evaluating redevelopment options, the Company determined that an appropriate risk-adjusted return was not achievable and reduced its holding period. The mall is encumbered by a non-recourse loan with a balance of $17,689 as of June 30, 2016 and has experienced declining sales and the loss of two anchor stores. The revenues of Wausau Center accounted for approximately 0.4% of total consolidated revenues for the trailing twelve months ended June 30, 2016. The Company notified the lender that it would not make its scheduled July 1, 2016 debt payment and is in discussions with the lender to begin the foreclosure process. With the assistance of a third-party appraiser, management determined the fair value of Wausau Center using a discounted cash flow methodology as of June 30, 2016. The discounted cash flow used assumptions including an 10-year holding period with a sale at the end of the holding period, a capitalization rate of 13.25% and a discount rate of 13.0%. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. In accordance with the Company's quarterly impairment review process, the Company recorded impairments of real estate of $5,323 as of March 31, 2016 when it adjusted the book value of Bonita Lakes Mall and Bonita Lakes Crossing ("Bonita Lakes"), located in Meridian, MS, to its estimated fair value of $27,440, which represented the contractual sales price of $27,910 with a third party buyer, adjusted to reflect disposition costs. The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. See Note 4 for further information on the sale that closed in the second quarter of 2016. The Company recognized a non-cash impairment of $4,681 on Midland Mall, located in Midland, MI, when it wrote down the mall to its estimated fair value of $29,200 as of March 31, 2016. The fair value analysis of Midland Mall was determined using a discounted cash flow methodology as of March 31, 2016. The discounted cash flow used assumptions including an 10-year holding period with a sale at the end of the holding period, a capitalization rate of 9.75% and a discount rate of 11.5%. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. The Company plans to exit this investment when the non-recourse loan secured by the property matures later this year and recognized an impairment upon the change in its plans to hold the investment. The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. The Company sold a 75% interest in its wholly-owned investment in River Ridge Mall to a newly formed joint venture in March 2016 and recognized a non-cash impairment of $9,510 when it adjusted the book value to its net sales price. The impairment loss includes a $2,100 reserve for a roof and electrical work that the Company must fund as part of the joint venture agreement. The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. The Company's 25% share of River Ridge, the Company's 25% share in property contributed by the other partner and the $2,100 reserve noted above is included in investment in unconsolidated affiliates on the Company's consolidated balance sheet at March 31, 2016 with a fair value of $20,033. See Note 5 for further information. Other Impairment Loss in 2016 During the six months ended June 30, 2016, the Company recorded impairments of $830 related to the sales of three outparcels. |
Acquisitions, Dispositions and Held for Sale |
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Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions, Dispositions and Held for Sale | Acquisitions, Dispositions and Held for Sale Acquisitions The Company did not acquire any consolidated shopping center properties during the six months ended June 30, 2016. On June 18, 2015, the Company acquired a 100% interest in Mayfaire Town Center and Community Center, in Wilmington, NC, for a total cash purchase price of $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 of income was included in the consolidated financial statements for the year ended December 31, 2015. The pro forma effect of this acquisition was not material. Subsequent to its acquisition, the Company sold Mayfaire Community Center in December 2015. See details below. Dispositions and Held for Sale The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the shopping center properties described below, as well as any related impairment loss, are included in income from continuing operations for all periods presented, as applicable. 2016 Net proceeds realized from the 2016 dispositions were used to retire maturing loans and reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2016 dispositions:
See Note 16 for information on the sale of The Lakes Mall and Fashion Square subsequent to June 30, 2016. These properties are classified as held for sale and the $65,300 on the Company's condensed consolidated balance sheet represents the net investment in real estate assets at June 30, 2016, which approximates 1.0% of the Company's total assets as of June 30, 2016. A nonrecourse loan secured by Fashion Square with a balance of $38,237 as of June 30, 2016 is classified on the Company's condensed consolidated balance sheet as Liabilities Related to Assets Held for Sale. 2015 Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions:
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Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments | Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments Unconsolidated Affiliates At June 30, 2016, the Company had investments in the following 19 entities, which are accounted for using the equity method of accounting:
Although the Company had majority ownership of certain joint ventures during 2016 and 2015, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:
As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting. CBL-TRS Joint Venture II, LLC In April 2016, CBL-TRS Joint Venture II, LLC, a subsidiary of the Company, and its 50/50 joint venture partner sold Renaissance Center, a community center located in Durham, NC, for a gross sales price of $129,200 and net proceeds of $80,324, of which $40,162 represents each partner's share. In conjunction with the sale, the buyer assumed the $16,000 loan secured by the property's second phase. The loan secured by the first phase, which had a balance of $31,641 as of closing, was retired. The unconsolidated affiliate recognized a gain on sale of real estate assets of $58,876, of which each partner's share was approximately $29,438. G&I VIII CBL Triangle LLC In February 2016, G&I VIII CBL Triangle LLC, a newly formed 10/90 joint venture between the Company and DRA Advisors, acquired Triangle Town Center, Triangle Town Commons and Triangle Town Place from an existing 50/50 joint venture, Triangle Town Member LLC, between the Company and The R.E. Jacobs Group for $174,000, including the assumption of the $171,092 loan, of which each selling partner's share was $85,546 as of the closing date. Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the $171,092 loan, of which the Company's share is $17,109. See information on the new loan under Financings below. The Company also made an equity contribution of $3,060 to the joint venture at closing to fund certain items. The Company continues to lease and manage the properties. The joint venture is accounted for using the equity method of accounting. The following table summarizes the allocation of the estimated fair values of the tangible and identifiable intangible assets acquired as of the February 2016 acquisition date for the G&I VIII CBL Triangle LLC joint venture:
River Ridge Mall JV, LLC In the first quarter of 2016, the Company entered into a 25/75 joint venture, River Ridge Mall JV, LLC, ("River Ridge") with an unaffiliated partner. The Company contributed River Ridge Mall, located in Lynchburg, VA, to River Ridge and the partner contributed $33,500 of cash and an anchor parcel at River Ridge Mall that it already owned having a value of $7,000. Of the $33,500 of cash contributed to the Company, after closing costs, $32,819 was used to reduce outstanding balances on our lines of credit. Following the initial formation, all required future contributions will be funded on a pro rata basis. The joint venture is accounted for using the equity method of accounting. The Company has accounted for the formation of River Ridge as the sale of a partial interest and recorded a non-cash loss on impairment of real estate of $9,510 in the first quarter of 2016, which includes a reserve of $2,100 for future capital expenditures. See Note 3 for more information. The Company continues to manage and lease the mall. The Company has the right to require its 75% partner to purchase its 25% interest in River Ridge if the Company ceases to manage the property at the partner's election. Condensed combined financial statement information of these unconsolidated affiliates is as follows:
Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016:
All of the debt on the properties owned by the unconsolidated affiliates is non-recourse, except for Ambassador Infrastructure, West Melbourne and Port Orange. See Note 12 for a description of guarantees the Company has issued related to certain unconsolidated affiliates. Subsequent to June 30, 2016, an unconsolidated affiliate retired a loan. See Note 16 for more information. JG Gulf Coast Town Center LLC - Phases I and II In June 2016, the foreclosure process was completed and the mortgage lender received title to the mall in satisfaction of the non-recourse mortgage loan secured by Phases I and II of Gulf Coast Town Center in Ft. Myers, FL. Gulf Coast Town Center generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $190,800 (of which the Company's 50% share was $95,400) and a contractual maturity date of July 2017. In the third quarter of 2015, the lender on the loan began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. The Company recognized a gain on the net investment in Gulf Coast of $29,267, which is included in Equity in Earnings of Unconsolidated Affiliates in the condensed consolidated statements of operations. Redeemable Interests of the Operating Partnership Redeemable common units of $15,079 and $19,744 at June 30, 2016 and December 31, 2015, respectively, include a partnership interest in the Operating Partnership for which the partnership agreement includes redemption provisions that may require the Operating Partnership to redeem the partnership interest for real property. Redeemable noncontrolling interests of $2,754 and $5,586 at June 30, 2016 and December 31, 2015, respectively, include the aggregate noncontrolling ownership interest in consolidated subsidiaries that is held by third parties and for which the related partnership agreements contain redemption provisions at the holder's election that allow for redemption through cash and/or properties. The change relates to the reclassification of AOCI upon the maturity of the Company's hedges. See Note 7. Noncontrolling Interests of the Operating Partnership Noncontrolling interests include the aggregate noncontrolling ownership interest in the Operating Partnership's consolidated subsidiaries that is held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. Total noncontrolling interests were $13,992 and $4,876, as of June 30, 2016 and December 31, 2015, respectively. Noncontrolling Interests of the Company The noncontrolling interests of the Company include the third party interests discussed above as well as the aggregate noncontrolling partnership interest in the Operating Partnership that is not owned by the Company and for which each of the noncontrolling limited partners has the right to exchange all or a portion of its partnership interests for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As of June 30, 2016, the Company's total noncontrolling interests of $125,045 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $111,053 and $13,992, respectively. The Company's total noncontrolling interests at December 31, 2015 of $114,629 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $109,753 and $4,876, respectively. In June 2016, the Company elected to pay cash of $146 to three holders of 14,796 common units in the Operating Partnership upon the exercise of their conversion rights. Cost Method Investment The Company owns a 6.2% noncontrolling interest in subsidiaries of Jinsheng, an established mall operating and real estate development company located in Nanjing, China. The Company accounts for its noncontrolling interest in Jinsheng using the cost method because the Company does not exercise significant influence over Jinsheng and there is no readily determinable market value of Jinsheng’s shares since they are not publicly traded. The carrying amount of this investment was $5,325 at June 30, 2016 and December 31, 2015. The noncontrolling interest is reflected as investment in unconsolidated affiliates in the accompanying condensed consolidated balance sheets. Variable Interest Entities As discussed in Note 2, effective January 1, 2016, the Company adopted ASU 2015-02. As a result, the Operating Partnership and certain of our subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights. However, the Company was not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, the adoption of ASU 2015-02 affected disclosure only and did not change amounts within the condensed consolidated financial statements. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. The table below lists the Company's VIEs as of June 30, 2016 under ASC 2015-02:
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Mortgage and Other Indebtedness |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Indebtedness | Mortgage and Other Indebtedness Debt of the Company CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt. CBL is a limited guarantor of the 5.25% and 4.60% senior unsecured notes, issued by the Operating Partnership in November 2013 and October 2014, respectively, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of June 30, 2016. Debt of the Operating Partnership Mortgage and other indebtedness consisted of the following:
Senior Unsecured Notes In the fourth quarter of 2014, the Operating Partnership issued $300,000 of senior unsecured notes, which bear interest at 4.60% payable semiannually beginning April 15, 2015 and mature on October 15, 2024 (the “2024 Notes”). In the fourth quarter of 2013, the Operating Partnership issued $450,000 of senior unsecured notes, which bear interest at 5.25% payable semiannually beginning June 1, 2014 and mature on December 1, 2023 (the “2023 Notes”). The respective interest rate on each of the 2024 Notes and the 2023 Notes (collectively, the “Notes”) will be subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days’ notice to the holders of the Notes to be redeemed. The 2024 Notes may be redeemed prior to July 15, 2024 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2024 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2024 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.35%, plus accrued and unpaid interest. On or after July 15, 2024, the 2024 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest. The 2023 Notes may be redeemed prior to September 1, 2023 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2023 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2023 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.40%, plus accrued and unpaid interest. On or after September 1, 2023, the 2023 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2023 Notes to be redeemed plus accrued and unpaid interest. Unsecured Lines of Credit The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, as well as issuances of letters of credit. Each facility bears interest at LIBOR plus a spread of 0.875% to 1.55% based on the Company's credit ratings. As of June 30, 2016, the Company's interest rate based on its credit ratings of Baa3 from Moody's Investors Service ("Moody's") and BBB- from Standard & Poor's ("S&P") and Fitch Ratings ("Fitch") is LIBOR plus 120 basis points. Additionally, the Company pays an annual facility fee that ranges from 0.125% to 0.3% of the total capacity of each facility based on the Company's credit ratings. As of June 30, 2016, the annual facility fee was 0.25%. The three unsecured lines of credit had a weighted-average interest rate of 1.65% at June 30, 2016. The following summarizes certain information about the Company's unsecured lines of credit as of June 30, 2016:
Unsecured Term Loans The Company has a $350,000 unsecured term loan, which bears interest at a variable rate of LIBOR plus 1.35% based on the Company's current credit ratings. The loan matures in October 2017 and has two one-year extension options for an outside maturity date of October 2019. At June 30, 2016, the outstanding borrowings of $350,000 had an interest rate of 1.80%. The Company has a $400,000 unsecured term loan, which bears interest at a variable rate of LIBOR plus 1.50% based on the Company's current credit ratings and has a maturity date of July 2018. At June 30, 2016, the outstanding borrowings of $400,000 had an interest rate of 1.96%. The Company also has a $50,000 unsecured term loan that matures in February 2018. The term loan bears interest at a variable rate of LIBOR plus 1.55%. At June 30, 2016, the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.02%. Covenants and Restrictions The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all financial covenants and restrictions at June 30, 2016. Unsecured Lines of Credit and Unsecured Term Loans The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of June 30, 2016:
The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Senior Unsecured Notes The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of June 30, 2016:
The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes. Other Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office building, are owned by special purpose entities, created as a requirement under certain loan agreements, that are included in the Company’s condensed consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. Mortgages on Operating Properties Financings The following table presents the loans, secured by the related consolidated properties, that were entered into in 2016:
Construction Loan The following table presents the construction loan, secured by the related consolidated property, that was entered into in 2016:
Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016:
Scheduled Principal Payments As of June 30, 2016, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows:
Of the $327,669 of scheduled principal payments in 2016, $298,485 relates to the maturing principal balance of four operating property loans and $29,184 represents scheduled principal amortization. Excluding the loans secured by Midland Mall and Chesterfield Mall, which the Company plans to return to the respective lenders, the Company has $126,464 of loan maturities in 2016 that must be retired or refinanced. The Company is in discussions with the lender to extend the maturity date of the $71,265 loan secured by Greenbrier Mall and plans to retire the $55,199 loan secured by Dakota Square Mall using availability on its credit lines. The Company’s mortgage and other indebtedness had a weighted-average maturity of 4.2 years as of June 30, 2016 and 4.4 years as of December 31, 2015. Interest Rate Hedge Instruments The Company records its derivative instruments in its condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The Company's outstanding interest rate derivatives, that were designated as cash flow hedges of interest rate risk, matured on April 1, 2016.
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Comprehensive Income |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income Accumulated Other Comprehensive Income of the Company Comprehensive income (loss) of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. The Company did not have any AOCI for the three months ended June 30, 2016. The changes in the components of AOCI for the three months ended June 30, 2015 are as follows:
The changes in the components of AOCI for the six months ended June 30, 2016 and 2015 are as follows:
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. The Operating Partnership did not have any AOCI for the three months ended June 30, 2016. The changes in the components of AOCI for the three months ended June 30, 2015 are as follows:
The changes in the components of AOCI for the six months ended June 30, 2016 and 2015 are as follows:
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Mortgage and Other Notes Receivable |
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Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Notes Receivable | Mortgage and Other Notes Receivable Each of the Company’s mortgage notes receivable is collateralized by either a first mortgage, a second mortgage, or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government-sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. The Company believes that its mortgage and other notes receivable balance is fully collectable as of June 30, 2016. Mortgage and other notes receivable consist of the following:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. Information on the Company’s reportable segments is presented as follows:
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Equity and Capital |
6 Months Ended |
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Jun. 30, 2016 | |
Equity [Abstract] | |
Equity and Capital | Equity and Capital At-The-Market Equity Program On March 1, 2013, the Company entered into separate controlled equity offering sales agreements (collectively, the "Sales Agreements") with a number of sales agents to sell shares of CBL's common stock, having an aggregate offering price of up to $300,000, from time to time in "at-the-market" equity offerings (as defined in Rule 415 of the Securities Act of 1933, as amended) or in negotiated transactions (the "ATM program"). In accordance with the Sales Agreements, the Company sets the parameters for the sales of shares, including the number of shares to be issued, the time period during which sales are to be made and any minimum price below which sales may not be made. The Sales Agreements provide that the sales agents are entitled to compensation for their services at a mutually agreed commission rate not to exceed 2.0% of the gross proceeds from the sales of shares sold through the ATM program. For each share of common stock issued by CBL, the Operating Partnership issues a corresponding number of common units of limited partnership interest to CBL in exchange for the contribution of the proceeds from the stock issuance. The Company includes only share issuances that have settled in the calculation of shares outstanding at the end of each period. The Company has not sold any shares under the ATM program since 2013. Since the commencement of the ATM program, CBL has issued 8,419,298 shares of common stock, at a weighted-average sales price of $25.12 per share, and approximately $88,507 remains available that may be sold under this program as of June 30, 2016. Actual future sales under this program, if any, will depend on a variety of factors including but not limited to market conditions, the trading price of CBL's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available under the ATM program. Common Stock Repurchase Program In July 2015, CBL's Board of Directors authorized a common stock repurchase program. Under the program, the Company may purchase up to $200,000 of CBL's common stock from time to time, in the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions, through August 31, 2016. The Company is not obligated to repurchase any shares of stock under the program and it may terminate the program at any time. As of June 30, 2016, no shares were repurchased under the program. |
Earnings per Share and Earnings per Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share and Earnings per Unit | Earnings per Share and Earnings per Unit Earnings per Share of the Company Basic earnings per share (“EPS”) is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS:
Earnings per Unit of the Operating Partnership Basic earnings per unit (“EPU”) is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU:
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Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies | Contingencies Litigation The Company is currently involved in certain litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. On May 27, 2016, Tommy French filed a putative class action in the United States District Court for the Eastern District of Tennessee on behalf of himself and all persons who purchased the Company's common stock between August 8, 2013 and May 24, 2016. Two additional suits were filed shortly thereafter with similar allegations. On June 9, 2016, The Allan J. and Sherry R. Potts Living Trust filed a putative class action in the same Court on behalf of the trust and all persons who purchased the Company's common stock between August 8, 2013 and May 24, 2016, and on June 24, 2016, International Union of Painters & Allied Trades District Council No. 35 Pension Plan filed another putative class action in the same Court on behalf of itself and all persons who purchased the Company's common stock between August 9, 2011 and May 24, 2016, containing similar allegations. On July 26, 2016, motions were submitted to the Court for the consolidation of these three cases, as well as for the appointment of a lead plaintiff. The deadline for the Court to act to appoint a lead plaintiff is September 1, 2016. All three of these complaints are based on substantially similar allegations that certain of the Company’s financing arrangements were obtained through fraud and/or misrepresentation, and that the Company and certain of its officers and directors made materially misleading statements to the market by failing to disclose material information concerning these alleged misrepresentations, and concerning the supposed involvement by insiders of the Company in alleged trading in the Company’s stock by a United States senator on the basis of material nonpublic information. Based on these allegations, these complaints assert claims for violation of the securities laws and seek a variety of relief, including unspecified monetary damages as well as costs and attorneys’ fees. The Company believes these complaints are without merit and intends to defend itself vigorously. On July 29, 2016, Henry Shebitz filed a shareholder derivative suit in the Chancery Court for Hamilton County, Tennessee alleging that the Company's directors, three former directors and certain current and former officers breached their fiduciary duties by causing the Company to make materially misleading statements to the market by failing to disclose material information concerning these alleged misrepresentations, and concerning the supposed involvement by insiders of the Company in alleged trading in the Company’s stock by a United States senator on the basis of material nonpublic information. The complaint further alleges that certain of the Company's current and former officers and directors improperly engaged in transactions in the Company’s stock while in possession of material nonpublic information concerning the Company’s alleged misleading statements. The complaint purports to seek relief on behalf of the Company for unspecified damages as well as costs and attorneys’ fees. The Company believes that this complaint is without merit and intend to defend against it vigorously. Environmental Contingencies The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2022 for certain environmental claims up to $10,000 per occurrence and up to $50,000 in the aggregate, subject to deductibles and certain exclusions. At certain locations, individual policies are in place. Guarantees The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership’s investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture partner or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise. The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015:
The Company has guaranteed the lease performance of York Town Center, LP ("YTC"), an unconsolidated affiliate in which the Company owns a 50% interest, under the terms of an agreement with a third party that owns property as part of York Town Center. Under the terms of that agreement, YTC is obligated to cause performance of the third party’s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord’s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC’s performance under this agreement up to a maximum of $22,000, which decreases by $800 annually until the guaranteed amount is reduced to $10,000. The guaranty expires on December 31, 2020. The maximum guaranteed obligation was $14,800 as of June 30, 2016. The Company entered into an agreement with its joint venture partner under which the joint venture partner has agreed to reimburse the Company 50% of any amounts it is obligated to fund under the guaranty. The Company did not include an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of June 30, 2016 and December 31, 2015. Performance Bonds The Company has issued various bonds that it would have to satisfy in the event of non-performance. The total amount outstanding on these bonds was $16,250 and $16,452 at June 30, 2016 and December 31, 2015, respectively. |
Share-Based Compensation |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation As of June 30, 2016, there were two share-based compensation plans under which the Company has outstanding awards, the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan") and the CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan ("the 1993 Plan"). The Company can only make new awards under the 2012 Plan, which was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. The Company did not issue any new awards under the 1993 Plan, which was approved by the Company's shareholders in May 2003, between the adoption of the 2012 Plan to replace the 1993 Plan in May 2012 and the termination of the 1993 Plan (as to new awards) on May 5, 2013. As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expense associated with the Company's share-based compensation plans. Restricted Stock Awards The Company may make restricted stock awards to independent directors, officers and its employees under the 2012 Plan. These awards are generally granted based on the performance of the Company and its employees. None of these awards have performance requirements other than a service condition of continued employment, unless otherwise provided. Compensation expense is recognized on a straight-line basis over the requisite service period. Share-based compensation expense related to the restricted stock awards was $707 and $679 for the three months ended June 30, 2016 and 2015, respectively, and $1,948 and $2,923 for the six months ended June 30, 2016 and 2015, respectively. Share-based compensation cost capitalized as part of real estate assets was $77 and $74 for the three months ended June 30, 2016 and 2015, respectively, and $191 and $153 for the six months ended June 30, 2016 and 2015, respectively. A summary of the status of the Company’s nonvested restricted stock awards as of June 30, 2016, and changes during the six months ended June 30, 2016, is presented below:
As of June 30, 2016, there was $8,603 of total unrecognized compensation cost related to nonvested stock awards granted under the plans, which is expected to be recognized over a weighted-average period of 3.1 years. Long-Term Incentive Program In 2015, the Company adopted a long-term incentive program ("LTIP") for its named executive officers, which consists of performance stock unit ("PSU") awards and annual restricted stock awards, that may be issued under the 2012 Plan. The number of shares related to the PSU awards that each named executive officer may receive upon the conclusion of a three-year performance period is determined based on the Company's achievement of specified levels of long-term total stockholder return ("TSR") performance relative to the National Association of Real Estate Investment Trusts ("NAREIT") Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. Shares earned pursuant to the PSU awards vest 60% at the conclusion of the performance period while the remaining 40% of the PSU award vests 20% on each of the first two anniversaries thereafter. Annual Restricted Stock Awards Under the LTIP, annual restricted stock awards consist of shares of time-vested restricted stock awarded based on a qualitative evaluation of the performance of the Company and the named executive officer during the fiscal year. Annual restricted stock awards under the LTIP vest 20% on the date of grant with the remainder vesting in four equal annual installments. Performance Stock Units The fair value of the PSU awards are estimated on the date of grant using a Monte Carlo Simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. In February 2016, the Company granted 282,995 PSUs at a grant-date fair value of $4.98 per PSU. In March 2015, the Company granted 138,680 PSUs at a grant-date fair value of $15.52 per PSU. Compensation cost is recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. Share-based compensation expense related to the PSUs was $258 and $156 for the three months ended June 30, 2016 and 2015, respectively. Share-based compensation expense related to the PSUs was $516 and $312 for the six months ended June 30, 2016 and 2015, respectively. Unrecognized compensation costs related to the PSUs was $2,421 as of June 30, 2016. |
Noncash Investing and Financing Activities |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash Investing and Financing Activities | Noncash Investing and Financing Activities The Company’s noncash investing and financing activities were as follows for the six months ended June 30, 2016 and 2015:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates and it may not be able to qualify as a REIT for four subsequent years. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $997 and $742 during the three months ended June 30, 2016 and 2015, respectively, and $2,025 and $1,820 during the six months ended June 30, 2016 and 2015, respectively. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance resulting from changes in circumstances that may affect the realizability of the related deferred tax asset is included in income or expense, as applicable. The Company recorded an income tax benefit (provision) as follows for the three and six month periods ended June 30, 2016 and 2015:
The Company had a net deferred tax asset of $3,264 at June 30, 2016 and a net deferred tax liability of $672 at December 31, 2015. The net deferred tax asset at June 30, 2016 is included in intangible lease assets and other assets. The net deferred tax liability at December 31, 2015 is included in accounts payable and accrued liabilities. These balances primarily consisted of operating expense accruals and differences between book and tax depreciation. The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its condensed consolidated statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company reported nominal interest and penalty amounts for the six month periods ended June 30, 2016 and 2015, respectively. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In July 2016, the Company sold The Lakes Mall and Fashion Square, two malls located in Michigan, for an aggregate sales price of $66,500, including the assumption of a $38,237 loan secured by Fashion Square. The Company recognized a non-cash impairment of real estate of $32,096 in the second quarter of 2016 when it adjusted the book value to the aggregate net sales price. See Note 3 and Note 4 for additional information related to these malls. In July 2016, Kentucky Oaks Mall Company, a 50/50 unconsolidated joint venture, retired a loan secured by Kentucky Oaks Mall, which had a balance of $19,912 (of which the Company's share was $9,956). The loan bore interest at a fixed-rate of 5.27% and was scheduled to mature in January 2017. |
Recent Accounting Pronouncements (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended June 30, 2016 are not necessarily indicative of the results to be obtained for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2015. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Adopted In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 5 but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures that were noted. Accounting Guidance Not Yet Effective In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. The Company is evaluating the impact that these updates may have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company expects to adopt ASU 2016-02 as of January 1, 2019 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company expects to adopt ASU 2016-09 as of January 1, 2017 and is currently assessing the potential impact of adopting the new guidance on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. |
Organization and Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Properties Owned by Operating Partnership | As of June 30, 2016, the Operating Partnership owned interests in the following properties:
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Properties Under Development | At June 30, 2016, the Operating Partnership had interests in the following properties under development:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth information regarding the Company’s financial instruments that were measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of December 31, 2015. The interest rate swaps matured April 1, 2016:
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Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges:
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Acquisitions, Dispositions and Held for Sale (Tables) |
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Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dispositions | The following is a summary of the Company's 2016 dispositions:
The following is a summary of the Company's 2015 dispositions:
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Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using the equity method of accounting | At June 30, 2016, the Company had investments in the following 19 entities, which are accounted for using the equity method of accounting:
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Condensed combined financial statement information - unconsolidated affiliates | Condensed combined financial statement information of these unconsolidated affiliates is as follows:
Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016:
The following table summarizes the allocation of the estimated fair values of the tangible and identifiable intangible assets acquired as of the February 2016 acquisition date for the G&I VIII CBL Triangle LLC joint venture:
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Schedule of Variable Interest Entities | The table below lists the Company's VIEs as of June 30, 2016 under ASC 2015-02:
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Mortgage and Other Indebtedness (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following:
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Schedule of line of credit facilities | The following summarizes certain information about the Company's unsecured lines of credit as of June 30, 2016:
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Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of June 30, 2016:
The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of June 30, 2016:
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Schedule of fixed rate loans | The following table presents the loans, secured by the related consolidated properties, that were entered into in 2016:
Construction Loan The following table presents the construction loan, secured by the related consolidated property, that was entered into in 2016:
The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016:
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Schedule of principal repayments | As of June 30, 2016, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows:
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Schedule of pay fixed/receive variable swap |
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Schedule of gain (loss) recognized in other comprehensive income (loss) |
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Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The changes in the components of AOCI for the three months ended June 30, 2015 are as follows:
The changes in the components of AOCI for the six months ended June 30, 2016 and 2015 are as follows:
The changes in the components of AOCI for the three months ended June 30, 2015 are as follows:
The changes in the components of AOCI for the six months ended June 30, 2016 and 2015 are as follows:
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Mortgage and Other Notes Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of mortgage and other notes receivable | Mortgage and other notes receivable consist of the following:
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows:
|
Earnings per Share and Earnings per Unit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CBL & Associates Limited Partnership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU:
|
Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of guarantees | The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015:
|
Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of company stock award | A summary of the status of the Company’s nonvested restricted stock awards as of June 30, 2016, and changes during the six months ended June 30, 2016, is presented below:
|
Noncash Investing and Financing Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities were as follows for the six months ended June 30, 2016 and 2015:
|
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of income tax benefit (provision) | The Company recorded an income tax benefit (provision) as follows for the three and six month periods ended June 30, 2016 and 2015:
|
Organization and Basis of Presentation (Details) shares in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
property
associated_center
mixed_use_center
state
mall
community_center
subsidiary
office_building
shares
| |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of states in which entity operates | state | 27 |
Number of regional malls/open-air centers in which interest is owned by the partnership | 80 |
Number of associated centers in which interest is owned by the partnership | associated_center | 24 |
Number of community centers in which interest is owned by the partnership | community_center | 10 |
Number of office buildings in which interest is owned by the partnership | office_building | 13 |
Number of properties | property | 127 |
CBL & Associates Limited Partnership | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of subsidiaries owned by the company | subsidiary | 2 |
Percentage ownership of the sole general partner in partnership | 1.00% |
Percentage of limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership | 84.40% |
Combined percentage ownership by the subsidiaries in operating partnership | 85.40% |
Consolidated properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of Mall Under Development | 1 |
Number of regional malls/open-air centers in which interest is owned by the partnership | 70 |
Number of associated centers in which interest is owned by the partnership | associated_center | 20 |
Number of community centers in which interest is owned by the partnership | community_center | 5 |
Number of office buildings in which interest is owned by the partnership | office_building | 8 |
Number of properties | property | 103 |
Number of mixed-use centers owned | mixed_use_center | 1 |
Number of malls under expansion | 3 |
Number of community centers under expansion | community_center | 1 |
Number of malls under redevelopments | 4 |
Percentage ownership interest in qualified subsidiaries | 100.00% |
Percentage of non controlling limited partner interest ownership of CBL's Predecessor in the Operating Partnership | 9.10% |
Percentage of non controlling limited partner interest of third parties in Operating partnership | 5.50% |
Number of company's common stock owned by CBL's Predecessor (in shares) | shares | 3.7 |
Total combined effective interest of CBL's Predecessor in Operating Partnership (as a percent) | 10.90% |
Unconsolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of regional malls/open-air centers in which interest is owned by the partnership | 10 |
Number of associated centers in which interest is owned by the partnership | associated_center | 4 |
Number of community centers in which interest is owned by the partnership | community_center | 5 |
Number of office buildings in which interest is owned by the partnership | office_building | 5 |
Number of properties | property | 24 |
Number of malls under expansion | 1 |
Number of community centers under expansion | 2 |
Number of malls under redevelopments | 1 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Liabilities: | |||||
Interest rate swaps | $ 434 | ||||
Fair value of real estate investments | $ 105,647 | $ 105,647 | |||
Impairment of Real Estate | 43,493 | $ 2,781 | 63,178 | $ 2,781 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Liabilities: | |||||
Interest rate swaps | 0 | ||||
Significant Other Observable Inputs (Level 2) | |||||
Liabilities: | |||||
Interest rate swaps | 434 | ||||
Significant Unobservable Inputs (Level 3) | |||||
Liabilities: | |||||
Interest rate swaps | $ 0 | ||||
Fair value of real estate investments | $ 105,647 | 105,647 | |||
The Lakes and Fashion Square, Wausau Center, Bonita Lakes, Midland Mall and Ridge River Mall | |||||
Liabilities: | |||||
Impairment of Real Estate | $ 62,348 |
Fair Value Measurements (Narrative) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
mall
|
Mar. 31, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
mall
outparcel
anchor_store
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
derivative_instrument
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term debt, fair value | $ 4,890,967 | $ 4,890,967 | $ 4,890,967 | $ 4,945,622 | |||||
Mortgage and other indebtedness, net | 4,540,479 | 4,540,479 | 4,540,479 | 4,710,628 | |||||
Loss on impairment | 43,493 | $ 2,781 | 63,178 | $ 2,781 | |||||
Fair value of real estate investments | 105,647 | 105,647 | 105,647 | ||||||
Long-term debt | $ 4,540,479 | 4,540,479 | $ 4,540,479 | $ 4,710,628 | |||||
Outparcel Sale | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loss on impairment | $ 830 | ||||||||
Number of properties disposed of | outparcel | 3 | ||||||||
River Ridge Mall | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||
River Ridge Mall | Corporate Joint Venture | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Percentage of equity interest in real estate property | 75.00% | 75.00% | 75.00% | ||||||
Anchor Parcel at River Ridge Mall | Corporate Joint Venture | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | 25.00% | ||||||
The Lakes and Fashion Square, Wausau Center, Bonita Lakes, Midland Mall and Ridge River Mall | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loss on impairment | $ 62,348 | ||||||||
Number of malls with impairment | mall | 6 | ||||||||
The Lakes and Fashion Square | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loss on impairment | $ 32,096 | ||||||||
Number of malls with impairment | mall | 2 | ||||||||
Fair value of real estate investments | $ 65,447 | $ 65,447 | $ 65,447 | ||||||
Sales price | 66,500 | 66,500 | $ 66,500 | ||||||
Percentage of total consolidated revenues | 1.60% | ||||||||
Wausau Center | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loss on impairment | 10,738 | ||||||||
Fair value of real estate investments | 11,000 | $ 11,000 | $ 11,000 | ||||||
Percentage of total consolidated revenues | 0.40% | ||||||||
Number of properties disposed of | anchor_store | 2 | ||||||||
Holding period (up to) (in years) | 10 years | ||||||||
Capitalization rate (as a percent) | 13.25% | ||||||||
Discount rate (as a percent) | 13.00% | ||||||||
Wausau Center | Non-recourse loan | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term debt | $ 17,689 | $ 17,689 | $ 17,689 | ||||||
Bonita Lakes Mall and Crossing | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair value of real estate investments | $ 27,440 | $ 27,440 | $ 27,440 | ||||||
Sales price | 27,910 | 27,910 | $ 27,910 | ||||||
Percentage of total consolidated revenues | 0.70% | ||||||||
Midland Mall | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loss on impairment | 4,681 | ||||||||
Fair value of real estate investments | 29,200 | $ 29,200 | $ 29,200 | ||||||
Percentage of total consolidated revenues | 0.60% | ||||||||
Holding period (up to) (in years) | 10 years | ||||||||
Capitalization rate (as a percent) | 9.75% | ||||||||
Discount rate (as a percent) | 11.50% | ||||||||
River Ridge Mall | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair value of real estate investments | $ 20,033 | $ 20,033 | $ 20,033 | ||||||
Percentage of total consolidated revenues | 0.60% | ||||||||
Interest Rate Swap | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Number of Instruments | derivative_instrument | 4 | ||||||||
Bonita Lakes Mall and Crossing | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loss on impairment | 5,323 | ||||||||
River Ridge Mall | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loss on impairment | 9,510 | ||||||||
Ownership percentage sold | 75.00% | 75.00% | |||||||
Reserve for capital expenditures | $ 2,100 |
Acquisitions, Dispositions and Held for Sale (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2016 |
Apr. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Nov. 30, 2015 |
Jul. 31, 2015 |
Jun. 30, 2015 |
Apr. 30, 2015 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Jun. 18, 2015 |
|||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 85,060 | $ 104,860 | |||||||||||||||||
Sales Price, Net | 82,528 | 103,537 | |||||||||||||||||
Gain | 3,421 | 21,331 | |||||||||||||||||
Loss on impairment | $ 43,493 | $ 2,781 | 63,178 | $ 2,781 | |||||||||||||||
Held for sale | [1] | $ 0 | $ 65,300 | $ 0 | $ 65,300 | $ 0 | 0 | ||||||||||||
Real estate held-for-sale as a percentage of total assets | 1.00% | 1.00% | |||||||||||||||||
Liabilities related to assets held for sale | 0 | $ 38,237 | 0 | $ 38,237 | 0 | $ 0 | |||||||||||||
River Ridge Mall | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||
Bonita Lakes Mall and Crossing | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 27,910 | ||||||||||||||||||
Sales Price, Net | 27,770 | ||||||||||||||||||
Gain | $ 140 | ||||||||||||||||||
Loss on impairment | $ 5,323 | ||||||||||||||||||
The Crossings at Marshalls Creek | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 23,650 | ||||||||||||||||||
Sales Price, Net | 21,799 | ||||||||||||||||||
Gain | $ 3,281 | ||||||||||||||||||
River Ridge Mall | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 33,500 | ||||||||||||||||||
Sales Price, Net | 32,959 | ||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||
Loss on impairment | $ 9,510 | ||||||||||||||||||
Ownership percentage sold | 75.00% | 75.00% | |||||||||||||||||
Mayfaire Community Center | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | 56,300 | ||||||||||||||||||
Sales Price, Net | 55,955 | ||||||||||||||||||
Gain | 0 | ||||||||||||||||||
Loss on impairment | 397 | ||||||||||||||||||
Chapel Hill Crossing | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | 2,300 | ||||||||||||||||||
Sales Price, Net | 2,178 | ||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||
Loss on impairment | 1,914 | ||||||||||||||||||
Waynesville Commons | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 14,500 | ||||||||||||||||||
Sales Price, Net | 14,289 | ||||||||||||||||||
Gain | $ 5,071 | ||||||||||||||||||
Madison Plaza | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 5,700 | ||||||||||||||||||
Sales Price, Net | 5,472 | ||||||||||||||||||
Gain | $ 2,769 | ||||||||||||||||||
Eastgate Crossing | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 21,060 | ||||||||||||||||||
Sales Price, Net | 20,688 | ||||||||||||||||||
Gain | 13,491 | ||||||||||||||||||
Earn out proceeds, amount earned | $ 508 | 625 | |||||||||||||||||
Proceeds from lease of tenant space | $ 478 | $ 574 | |||||||||||||||||
Mortgage loan assumed at sale | $ 14,570 | ||||||||||||||||||
Madison Square | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Sales Price, Gross | $ 5,000 | ||||||||||||||||||
Sales Price, Net | 4,955 | ||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||
Loss on impairment | $ 2,620 | ||||||||||||||||||
Mayfaire Community Center | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Business combination, ownership percentage | 100.00% | ||||||||||||||||||
Sales price | $ 191,988 | ||||||||||||||||||
Revenue from acquiree included in consolidated financial statements | 8,982 | ||||||||||||||||||
Income from acquiree included in consolidated financial statements | $ 410 | ||||||||||||||||||
|
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Unconsolidated Affiliates) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
extension_option
entity
|
May 31, 2016
USD ($)
|
Feb. 29, 2016
USD ($)
|
Jan. 31, 2016 |
Jun. 30, 2016
USD ($)
extension_option
entity
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
extension_option
entity
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Mar. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of entities - equity method of accounting | entity | 19 | 19 | 19 | |||||||
ASSETS | ||||||||||
Investment in real estate assets | $ 2,184,268 | $ 2,184,268 | $ 2,184,268 | $ 2,357,902 | ||||||
Accumulated depreciation | (549,935) | (549,935) | (549,935) | (677,448) | ||||||
Real estate investment net, before development in process | 1,634,333 | 1,634,333 | 1,634,333 | 1,680,454 | ||||||
Developments in progress | 17,709 | 17,709 | 17,709 | 59,592 | ||||||
Net investment in real estate assets | 1,652,042 | 1,652,042 | 1,652,042 | 1,740,046 | ||||||
Other assets | 241,951 | 241,951 | 241,951 | 168,540 | ||||||
Total assets | 1,893,993 | 1,893,993 | 1,893,993 | 1,908,586 | ||||||
LIABILITIES | ||||||||||
Mortgage and other indebtedness | 1,333,293 | 1,333,293 | 1,333,293 | 1,546,272 | ||||||
Other liabilities | 56,261 | 56,261 | 56,261 | 51,357 | ||||||
Total liabilities | 1,389,554 | 1,389,554 | 1,389,554 | 1,597,629 | ||||||
OWNERS' EQUITY | ||||||||||
The Company | 236,005 | 236,005 | 236,005 | 184,868 | ||||||
Other investors | 268,434 | 268,434 | 268,434 | 126,089 | ||||||
Total owners' equity | 504,439 | 504,439 | 504,439 | 310,957 | ||||||
Total liabilities and owners' equity | 1,893,993 | 1,893,993 | 1,893,993 | 1,908,586 | ||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Total revenues | 62,854 | $ 63,111 | 127,058 | $ 125,583 | ||||||
Depreciation and amortization | (22,248) | (19,641) | (42,858) | (39,122) | ||||||
Interest income | 332 | 335 | 668 | 667 | ||||||
Interest expense | (14,181) | (18,589) | (27,670) | (37,383) | ||||||
Operating expenses | (18,333) | (17,468) | (38,405) | (36,774) | ||||||
Gain on extinguishment of debt | 63,294 | 0 | 63,294 | 0 | ||||||
Income from continuing operations before gain on sales of real estate assets | 71,718 | 7,748 | 82,087 | 12,971 | ||||||
Gain on sales of real estate assets | 60,377 | 619 | 141,336 | 1,434 | ||||||
Net income | 132,095 | 8,367 | 223,423 | 14,405 | ||||||
Long-term debt | $ 4,540,479 | $ 4,540,479 | $ 4,540,479 | 4,710,628 | ||||||
Debt instrument, option extension term (in years) | 24 months | |||||||||
Number of extension options available | extension_option | 1 | 1 | 1 | |||||||
Interest Rate Swap | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Derivative, Notional Amount | 101,151 | |||||||||
Ambassador Infrastructure, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 65.00% | 65.00% | 65.00% | |||||||
Ambassador Town Center JV, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 65.00% | 65.00% | 65.00% | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Amount Financed or Extended | $ 47,660 | |||||||||
Ambassador Town Center JV, LLC | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 3.22% | 3.22% | 3.22% | |||||||
Ambassador Town Center JV, LLC | Interest Rate Swap | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Derivative, Notional Amount | $ 47,660 | $ 47,660 | $ 47,660 | |||||||
Derivative, amount after amortization | 38,866 | 38,866 | 38,866 | |||||||
Ambassador Town Center JV, LLC | Construction Loans | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Long-term debt | $ 41,900 | $ 41,900 | $ 41,900 | |||||||
CBL/T-C, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
CBL-TRS Joint Venture, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
El Paso Outlet Outparcels, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
Fremaux Town Center JV, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 65.00% | 65.00% | 65.00% | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Amount Financed or Extended | $ 73,000 | |||||||||
Fremaux Town Center JV, LLC | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 3.699% | 3.699% | 3.699% | |||||||
Fremaux Town Center JV, LLC | Interest Rate Swap | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Derivative, Notional Amount | $ 73,000 | $ 73,000 | $ 73,000 | |||||||
Derivative, amount after amortization | 52,130 | 52,130 | 52,130 | |||||||
Fremaux Town Center JV, LLC | Construction Loans | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Long-term debt | $ 71,125 | $ 71,125 | $ 71,125 | |||||||
G&I VIII CBL Triangle LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 10.00% | 10.00% | 10.00% | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Debt instrument, option extension term (in years) | 1 year | |||||||||
Number of extension options available | extension_option | 2 | 2 | 2 | |||||||
Governor’s Square IB | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
Governor’s Square Company | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 47.50% | 47.50% | 47.50% | |||||||
High Pointe Commons, LP | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
High Pointe Commons II-HAP, LP | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
JG Gulf Coast Town Center LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
Kentucky Oaks Mall Company | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
Mall of South Carolina L.P. | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
Mall of South Carolina Outparcel L.P. | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
Port Orange I, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
River Ridge Mall JV, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | 25.00% | 25.00% | ||||||
West Melbourne I, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
York Town Center, LP | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | 50.00% | |||||||
Port Orange | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Amount Financed or Extended | $ 58,628 | |||||||||
Port Orange | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 2.00% | 2.00% | 2.00% | |||||||
Hammock Landing Phase I | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Amount Financed or Extended | $ 43,347 | $ 39,475 | ||||||||
Hammock Landing Phase I | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 2.00% | 2.00% | 2.00% | |||||||
Hammock Landing Phase II | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Amount Financed or Extended | $ 16,757 | |||||||||
Hammock Landing Phase II | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 2.00% | 2.00% | 2.00% | |||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Amount Financed or Extended | $ 171,092 | |||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 4.00% | 4.00% | 4.00% | 5.74% | ||||||
Port Orange and Hammock Landing - Phase I and II | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Percentage Guaranteed by the Operating Partnership | 20.00% | 25.00% | ||||||||
Debt instrument, option extension term (in years) | 1 year | |||||||||
The Outlet Shoppes of Laredo, once development is complete and certain debt and operational metrics are met | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 2.25% | 2.25% | 2.25% | |||||||
Laredo Outlet Shoppes, LLC | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Amount Financed or Extended | $ 91,300 | |||||||||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||||||||
Laredo Outlet Shoppes, LLC | LIBOR | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Stated Interest Rate (as a percentage) | 2.50% | 2.50% | 2.50% | |||||||
The Company/Partners' Capital | ||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Total revenues | $ 29,836 | 32,958 | $ 60,100 | 65,793 | ||||||
Depreciation and amortization | (9,156) | (10,303) | (18,334) | (20,620) | ||||||
Interest income | 256 | 257 | 512 | 512 | ||||||
Interest expense | (7,093) | (9,587) | (13,678) | (19,272) | ||||||
Operating expenses | (8,421) | (9,045) | (17,183) | (18,873) | ||||||
Gain on extinguishment of debt | 0 | 0 | 0 | 0 | ||||||
Income from continuing operations before gain on sales of real estate assets | 5,422 | 4,280 | 11,417 | 7,540 | ||||||
Gain on sales of real estate assets | 58,927 | 601 | 85,322 | 1,164 | ||||||
Net income | $ 64,349 | $ 4,881 | $ 96,739 | $ 8,704 | ||||||
Corporate Joint Venture | G&I VIII CBL Triangle LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 90.00% | |||||||||
ASSETS | ||||||||||
Land | $ 14,421 | |||||||||
Buildings and improvements | 132,230 | |||||||||
Tenant improvements | 1,206 | |||||||||
Above-market leases | 11,599 | |||||||||
In-place leases | 22,538 | |||||||||
Below-market leases | (7,994) | |||||||||
Net assets acquired | 174,000 | |||||||||
Total assets | $ 181,994 | |||||||||
Corporate Joint Venture | River Ridge Mall JV, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 75.00% | |||||||||
Corporate Joint Venture | Triangle Town Center, Triangle Town Commons and Triangle Town Place | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | |||||||||
Corporate Joint Venture | Laredo Outlet Shoppes, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 35.00% | 35.00% | 35.00% | 35.00% | ||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Cash contributed by third party | $ 10,686 | |||||||||
Parent Company | G&I VIII CBL Triangle LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 10.00% | |||||||||
Parent Company | River Ridge Mall JV, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 25.00% | |||||||||
Parent Company | Triangle Town Center, Triangle Town Commons and Triangle Town Place | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 50.00% | |||||||||
Parent Company | Laredo Outlet Shoppes, LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of equity interest in real estate property | 65.00% | 65.00% | 65.00% | 65.00% | ||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||||||
Contribution amount | $ 15,493 | $ 7,714 | ||||||||
Cash contributed | 2,434 | |||||||||
Interest in note receivable contributed | $ 5,280 | |||||||||
Capital contribution, percentage until pro rata basis is reached | 100.00% | 100.00% | 100.00% | |||||||
Amount remaining to be funded by company to reach pro rate contribution level | $ 4,353 | $ 4,353 | $ 4,353 |
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Unconsolidated Affiliates) (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2016 |
Mar. 31, 2016 |
Feb. 29, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Schedule of Equity Method Investments [Line Items] | |||||||||
Net proceeds from sale of real estate | $ 82,528 | $ 103,537 | |||||||
Gain on sales of real estate assets | $ 9,577 | $ 14,173 | 9,577 | $ 14,930 | |||||
Loss on impairment | 43,493 | 2,781 | 63,178 | 2,781 | |||||
Mortgage and other indebtedness amount carrying value | 1,234,099 | 1,234,099 | 1,241,379 | ||||||
Gain on investment | $ 0 | $ 0 | $ 0 | $ 16,560 | |||||
G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 10.00% | 10.00% | |||||||
River Ridge Mall | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | 25.00% | 25.00% | |||||
JG Gulf Coast Town Center LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | |||||||
Gain on investment | $ 29,267 | ||||||||
River Ridge Mall | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net proceeds from sale of real estate | $ 32,959 | ||||||||
Loss on impairment | $ 9,510 | ||||||||
Reserve for capital expenditures | $ 2,100 | ||||||||
Ownership percentage sold | 75.00% | 75.00% | |||||||
Mortgages | Renaissance Center - Phase I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt retired | $ 31,641 | ||||||||
Non-recourse loan | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage and other indebtedness amount carrying value | $ 19,266 | $ 19,266 | $ 16,840 | ||||||
Non-recourse loan | JG Gulf Coast Town Center LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage and other indebtedness amount carrying value | 190,800 | 190,800 | |||||||
Parent Company | Renaissance Center | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 50.00% | ||||||||
Parent Company | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 10.00% | ||||||||
Parent Company | Triangle Town Center LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 50.00% | ||||||||
Parent Company | River Ridge Mall | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 25.00% | 25.00% | |||||||
Parent Company | Mortgages | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage note payables assumed | $ 17,109 | ||||||||
Corporate Joint Venture | Renaissance Center | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 5000.00% | ||||||||
Sales price | $ 129,200 | ||||||||
Net proceeds from sale of real estate | 80,324 | ||||||||
Gain on sales of real estate assets | 58,876 | ||||||||
Corporate Joint Venture | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 90.00% | ||||||||
Sales price | $ 174,000 | ||||||||
Value of equity contributed | $ 3,060 | ||||||||
Corporate Joint Venture | Triangle Town Center LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 50.00% | ||||||||
Corporate Joint Venture | River Ridge Mall | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of equity interest in real estate property | 75.00% | 75.00% | |||||||
Corporate Joint Venture | River Ridge Mall | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Cash contributed by third party | $ 33,500 | ||||||||
Value of equity method investment | $ 7,000 | 7,000 | |||||||
Cash used to reduce balances on lines of credit | $ 32,819 | ||||||||
Corporate Joint Venture | Mortgages | Renaissance Center | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage note payables assumed | 16,000 | ||||||||
Corporate Joint Venture | Mortgages | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage note payables assumed | $ 171,092 | ||||||||
Corporate Joint Venture | Other Ownership Interest | Renaissance Center | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net proceeds from sale of real estate | 40,162 | ||||||||
Gain on sales of real estate assets | $ 29,438 | ||||||||
Corporate Joint Venture | Other Ownership Interest | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage note payables assumed | $ 85,546 | ||||||||
CBL & Associates Properties, Inc. | Non-recourse loan | JG Gulf Coast Town Center LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage and other indebtedness amount carrying value | $ 95,400 | $ 95,400 |
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Redeemable Interests, Noncontrolling Interests, Cost Method Investment and Variable Interest Entities) (Details) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2016
USD ($)
shareholder
shares
|
May 31, 2016
USD ($)
|
Feb. 29, 2016 |
Dec. 31, 2015
USD ($)
|
|
Jinsheng | ||||
Noncontrolling Interest [Line Items] | ||||
Percentage ownership interest in qualified subsidiaries | 6.20% | |||
Carrying amount of investment | $ 5,325 | $ 5,325 | ||
Third Party Interests | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable interests | 15,079 | 19,744 | ||
Noncontrolling interests | 111,053 | 109,753 | ||
Other Consolidated Subsidiaries | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable interests | 2,754 | 5,586 | ||
Noncontrolling interests | 13,992 | 4,876 | ||
Noncontrolling Interests | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 125,045 | $ 114,629 | ||
Parent Company | Laredo Outlet Shoppes, LLC | ||||
Noncontrolling Interest [Line Items] | ||||
Percentage of equity interest in real estate property | 65.00% | 65.00% | ||
Parent Company | Triangle Town Center LLC | ||||
Noncontrolling Interest [Line Items] | ||||
Percentage of equity interest in real estate property | 50.00% | |||
Corporate Joint Venture | Laredo Outlet Shoppes, LLC | ||||
Noncontrolling Interest [Line Items] | ||||
Cash contributed by third party | $ 10,686 | |||
Percentage of equity interest in real estate property | 35.00% | 35.00% | ||
Corporate Joint Venture | Triangle Town Center LLC | ||||
Noncontrolling Interest [Line Items] | ||||
Percentage of equity interest in real estate property | 50.00% | |||
Common Units | ||||
Noncontrolling Interest [Line Items] | ||||
Cash paid to common unit holders upon exercise of conversion rights | $ 146 | |||
Number of common unitholders who received cash for exercising conversion rights | shareholder | 3 | |||
Number of units converted upon exercise of conversion rights | shares | 14,796 |
Mortgage and Other Indebtedness (Details) |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
loan
extension_option
credit_line
|
Dec. 31, 2015
USD ($)
loan
derivative_instrument
|
Dec. 31, 2014
USD ($)
|
Oct. 31, 2014 |
Dec. 31, 2013
USD ($)
|
Nov. 30, 2013 |
|
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 4.53% | 4.54% | ||||
Long-term debt, percentage bearing fixed interest, amount | $ 3,359,851,000 | $ 3,485,308,000 | ||||
Mortgage and other indebtedness amount carrying value | 1,234,099,000 | 1,241,379,000 | ||||
Total fixed-rate and variable-rate debt | 4,593,950,000 | 4,726,687,000 | ||||
Unamortized deferred financing costs | (15,234,000) | (16,059,000) | ||||
Liabilities related to assets held for sale | (38,237,000) | 0 | ||||
Total mortgage and other indebtedness | $ 4,540,479,000 | $ 4,710,628,000 | ||||
Number of extension options available | extension_option | 1 | |||||
Debt instrument, option extension term (in years) | 24 months | |||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, extension fee (percent) | 0.15% | |||||
Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.51% | 5.53% | ||||
Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.86% | 1.76% | ||||
Interest Rate Swap | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | loan | 4 | |||||
Derivative, Number of Instruments Held | derivative_instrument | 4 | |||||
Derivative, Notional Amount | $ 101,151,000 | |||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | credit_line | 3 | |||||
Mortgage and other indebtedness amount carrying value | $ 388,912,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.20% | |||||
Annual facility Fee (percent) | 0.25% | |||||
Total Capacity | $ 1,100,000,000 | |||||
Unsecured lines of credit | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate (as a percentage) | 0.875% | |||||
Annual facility Fee (percent) | 0.125% | |||||
Unsecured lines of credit | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.55% | |||||
Annual facility Fee (percent) | 0.30% | |||||
Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 400,000,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.50% | |||||
Interest rate at period end (as a percent) | 1.96% | |||||
Wells Fargo - Facility A | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 0 | |||||
Total Capacity | 500,000,000 | |||||
First Tennessee | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | 3,200,000 | |||||
Total Capacity | $ 100,000,000 | |||||
First Tennessee | Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, extension fee (percent) | 0.20% | |||||
Wells Fargo - Facility B | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 385,712,000 | |||||
Total Capacity | 500,000,000 | |||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Total Capacity | 30,000,000 | |||||
Letter of credit, outstanding | 5,464,000 | |||||
First Tennessee Bank | ||||||
Debt Instrument [Line Items] | ||||||
Total Capacity | 20,000,000 | |||||
Unsecured Term Loan 2 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 350,000,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.35% | |||||
Number of extension options available | extension_option | 2 | |||||
Debt instrument, option extension term (in years) | 1 year | |||||
Interest rate at period end (as a percent) | 1.80% | |||||
Unsecured Term Loan 3 | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.02% | |||||
Debt instrument, face amount | $ 50,000,000 | |||||
Loan agreement, basis spread on variable rate (as a percentage) | 1.55% | |||||
Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Number of unsecured term loans | loan | 3 | |||||
Unsecured Debt | Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 300,000,000 | |||||
Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 450,000,000 | |||||
Notice required to redeem debt, term | 30 days | |||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Senior Unsecured Notes | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 40.00% | |||||
Senior Unsecured Notes | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | ||||
Senior Unsecured Notes | Fixed Rate Interest | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, increase in variable interest rate | 0.25% | |||||
Senior Unsecured Notes | Fixed Rate Interest | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, increase in variable interest rate | 1.00% | |||||
Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | $ 299,936,000 | $ 299,933,000 | ||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Senior Notes Due 2024 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 4.60% | 4.60% | 4.60% | 4.60% | ||
Senior Notes Due 2024 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, basis spread on variable rate | 0.35% | |||||
Senior Notes Due 2024 | Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | $ 64,000 | $ 67,000 | ||||
Non-recourse loans on operating properties | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | 2,613,566,000 | 2,736,538,000 | ||||
Mortgage and other indebtedness amount carrying value | 19,266,000 | $ 16,840,000 | ||||
Debt instrument, debt default threshold, minimum loan amount | $ 50,000,000 | |||||
Non-recourse loans on operating properties | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.66% | 5.68% | ||||
Non-recourse loans on operating properties | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.88% | 2.49% | ||||
Senior Notes Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | $ 446,349,000 | $ 446,151,000 | ||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Senior Notes Due 2023 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 40.00% | |||||
Senior Notes Due 2023 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 45.00% | |||||
Senior Notes Due 2023 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | ||||
Senior Notes Due 2023 | Fixed Rate Operating Loans | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | $ 3,651,000 | $ 3,849,000 | ||||
Senior Notes Due 2023 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, basis spread on variable rate | 0.40% | |||||
Other | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, percentage bearing fixed interest, amount | $ 0 | $ 2,686,000 | ||||
Other | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 0.00% | 3.50% | ||||
Recourse term loans on operating properties | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 25,921,000 | $ 25,635,000 | ||||
Debt instrument, debt default threshold, minimum loan amount | $ 150,000,000 | |||||
Recourse term loans on operating properties | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 3.05% | 2.97% | ||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 388,912,000 | $ 398,904,000 | ||||
Unsecured lines of credit | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.65% | 1.54% | ||||
Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness amount carrying value | $ 800,000,000 | $ 800,000,000 | ||||
Unsecured term loans | Variable Rate Interest Member | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.89% | 1.82% | ||||
Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Letter of credit, outstanding | $ 350,000 | |||||
Debt Covenant Requirement | Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 45.00% | |||||
Total debt to total asset value (as a percent) | 60.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 150.00% | |||||
Consolidated income available for debt service to annual debt service charge (as a percent) | 150.00% | |||||
Debt Covenant Requirement | Unsecured Credit Facility and Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Total debt to total asset value (as a percent) | 60.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 160.00% | |||||
Unencumbered NOI to unsecured interest expense (as a percent) | 175.00% | |||||
EBITDA to fixed charges (debt service) (as a percent) | 150.00% | |||||
Debt Covenant Ratios Actual | Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (as a percent) | 31.00% | |||||
Total debt to total asset value (as a percent) | 53.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 223.00% | |||||
Consolidated income available for debt service to annual debt service charge (as a percent) | 330.00% | |||||
Debt Covenant Ratios Actual | Unsecured Credit Facility and Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Total debt to total asset value (as a percent) | 48.00% | |||||
Total Unencumbered Assets to Unsecured Debt (as a percent) | 230.00% | |||||
Unencumbered NOI to unsecured interest expense (as a percent) | 500.00% | |||||
EBITDA to fixed charges (debt service) (as a percent) | 240.00% |
Mortgage and Other Indebtedness (Operating Properties) (Details) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
loan
extension_option
|
Apr. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
loan
extension_option
|
Dec. 31, 2015
USD ($)
|
May 31, 2016 |
|
Mortgages on Operating Properties [Abstract] | |||||
Debt instrument, option extension term | 24 months | ||||
Number of extension options available | extension_option | 1 | 1 | |||
Schedule of principal repayments [Abstract] | |||||
2016 | $ 327,669 | $ 327,669 | |||
2017 | 842,315 | 842,315 | |||
2018 | 710,542 | 710,542 | |||
2019 | 126,468 | 126,468 | |||
2020 | 596,563 | 596,563 | |||
Thereafter | 1,990,738 | 1,990,738 | |||
Mortgage and other indebtedness | 4,594,295 | 4,594,295 | |||
Net unamortized premiums | (345) | (345) | |||
Total fixed-rate and variable-rate debt | 4,593,950 | 4,593,950 | $ 4,726,687 | ||
Long-term debt | $ 4,540,479 | $ 4,540,479 | $ 4,710,628 | ||
Weighted average maturity of mortgage and other indebtedness (in years) | 4 years 2 months 6 days | 4 years 4 months 24 days | |||
Hamilton Place | |||||
Mortgages on Operating Properties [Abstract] | |||||
Stated Interest Rate (as a percentage) | 4.36% | 4.36% | |||
Amount Financed or Extended | $ 107,000 | ||||
Interest rate at repayment date (as a percent) | 5.86% | 5.86% | |||
Principal Balance Repaid | $ 98,181 | ||||
Statesboro Crossing | |||||
Mortgages on Operating Properties [Abstract] | |||||
Stated Interest Rate (as a percentage) | 1.80% | ||||
Amount Financed or Extended | $ 11,035 | ||||
Debt instrument, option extension term | 1 year | ||||
Hickory Point Mall | |||||
Mortgages on Operating Properties [Abstract] | |||||
Stated Interest Rate (as a percentage) | 5.85% | 5.85% | 5.85% | ||
Amount Financed or Extended | $ 27,446 | ||||
Cool Springs Crossing | |||||
Mortgages on Operating Properties [Abstract] | |||||
Interest rate at repayment date (as a percent) | 4.54% | ||||
Principal Balance Repaid | $ 11,313 | ||||
Gunbarrel Pointe | |||||
Mortgages on Operating Properties [Abstract] | |||||
Interest rate at repayment date (as a percent) | 4.64% | ||||
Principal Balance Repaid | $ 10,083 | ||||
Stroud Mall | |||||
Mortgages on Operating Properties [Abstract] | |||||
Interest rate at repayment date (as a percent) | 4.59% | ||||
Principal Balance Repaid | $ 30,276 | ||||
York Galleria | |||||
Mortgages on Operating Properties [Abstract] | |||||
Interest rate at repayment date (as a percent) | 4.55% | ||||
Principal Balance Repaid | $ 48,337 | ||||
Operating property loan | |||||
Mortgages on Operating Properties [Abstract] | |||||
Debt retired | $ 98,181 | ||||
Operating property loan | Hamilton Place | |||||
Mortgages on Operating Properties [Abstract] | |||||
Stated Interest Rate (as a percentage) | 5.86% | 5.86% | |||
Operating property loan | Greenbrier Mall | |||||
Schedule of principal repayments [Abstract] | |||||
Long-term debt | $ 71,265 | $ 71,265 | |||
Operating property loan | Operating Property Loan with 2016 Maturity Date | |||||
Schedule of principal repayments [Abstract] | |||||
2016 | $ 298,485 | $ 298,485 | |||
Operating property loan | Principal balance | |||||
Schedule of principal repayments [Abstract] | |||||
Number of debt instruments | loan | 4 | 4 | |||
Operating property loan | Principal amortization | |||||
Schedule of principal repayments [Abstract] | |||||
2016 | $ 29,184 | $ 29,184 | |||
Real estate loan to be retired or refinanced | |||||
Schedule of principal repayments [Abstract] | |||||
2016 | 126,464 | 126,464 | |||
Real estate loan to be retired | Dakota Square Mall | |||||
Schedule of principal repayments [Abstract] | |||||
Long-term debt | $ 55,199 | 55,199 | |||
Laredo Outlet Shoppes, LLC | |||||
Mortgages on Operating Properties [Abstract] | |||||
Amount Financed | $ 91,300 | ||||
Percentage Guaranteed by the Operating Partnership | 100.00% | ||||
Parent Company | Laredo Outlet Shoppes, LLC | |||||
Mortgages on Operating Properties [Abstract] | |||||
Percentage of equity interest in real estate property | 65.00% | 65.00% | 65.00% | ||
Corporate Joint Venture | Laredo Outlet Shoppes, LLC | |||||
Mortgages on Operating Properties [Abstract] | |||||
Percentage of equity interest in real estate property | 35.00% | 35.00% | 35.00% | ||
LIBOR | Laredo Outlet Shoppes, LLC | |||||
Mortgages on Operating Properties [Abstract] | |||||
Stated Interest Rate (as a percentage) | 2.50% | 2.50% | |||
LIBOR | The Outlet Shoppes of Laredo, once development is complete and certain debt and operational metrics are met | |||||
Mortgages on Operating Properties [Abstract] | |||||
Stated Interest Rate (as a percentage) | 2.25% | 2.25% |
Mortgage and Other Indebtedness (Derivative Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair Value | $ 0 | $ (434) |
Cash Flow Hedging | Pay fixed receive variable swap One | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 48,337 | |
Amortized amount | $ 48,337 | |
Strike Rate (as a percent) | 2.149% | |
Fair Value | $ 0 | (208) |
Cash Flow Hedging | Pay fixed receive variable swap Two | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 30,276 | |
Amortized amount | $ 30,276 | |
Strike Rate (as a percent) | 2.187% | |
Fair Value | $ 0 | (133) |
Cash Flow Hedging | Pay fixed receive variable swap Three | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 11,313 | |
Amortized amount | $ 11,313 | |
Strike Rate (as a percent) | 2.142% | |
Fair Value | $ 0 | (48) |
Cash Flow Hedging | Pay fixed receive variable swap Four | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount Outstanding | 10,083 | |
Amortized amount | $ 10,083 | |
Strike Rate (as a percent) | 2.236% | |
Fair Value | $ 0 | $ (45) |
Mortgage and Other Indebtedness (Derivative Instrument Risk) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss Recognized in Earnings (Effective Portion) | $ 0 | $ (646) | $ (443) | $ (1,169) |
Gain Recognized in Earnings (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest rate contracts/hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain Recognized in OCI/L (Effective Portion) | $ 0 | $ 570 | $ 434 | $ 930 |
Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, Beginning Balance | $ (1,989) | $ (434) | $ 13,969 | |
OCI before reclassifications, Hedging Agreements | $ 0 | 1,216 | 877 | 2,099 |
OCI before reclassifications, Available-for-Sale Securities | 0 | 0 | 0 | 242 |
OCI before reclassifications, Total | 1,216 | 877 | 2,341 | |
Amounts reclassified from AOCI, Hedging Agreements | 0 | (646) | (443) | (1,169) |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |||
Amounts reclassified from AOCI, Total | (646) | (443) | (17,729) | |
Total other comprehensive income (loss) | 0 | 570 | 434 | (15,388) |
Accumulated other comprehensive income, Ending Balance | 0 | (1,419) | 0 | (1,419) |
Redeemable Noncontrolling Interests/Redeemable Common Units | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 404 | 433 | 401 | |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 384 | |||
OCI before reclassifications, Hedging Agreements | 6 | 3 | 9 | |
OCI before reclassifications, Available-for-Sale Securities | 10 | |||
Amounts reclassified from AOCI, Hedging Agreements | 0 | (436) | 0 | |
Amounts reclassified from AOCI, Available-for-Sale securities | (394) | |||
Net OCI, Hedging Agreements | 6 | (433) | 9 | |
Net OCI, Available-for-Sale Securities | (384) | |||
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | 410 | 0 | 410 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 0 | ||
The Company/Partners' Capital | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 607 | 1,935 | 303 | |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 13,108 | |||
OCI before reclassifications, Hedging Agreements | 1,148 | 814 | 1,975 | |
OCI before reclassifications, Available-for-Sale Securities | 160 | |||
Amounts reclassified from AOCI, Hedging Agreements | (646) | (2,749) | (1,169) | |
Amounts reclassified from AOCI, Available-for-Sale securities | (13,268) | |||
Net OCI, Hedging Agreements | 502 | (1,935) | 806 | |
Net OCI, Available-for-Sale Securities | (13,108) | |||
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | 1,109 | 0 | 1,109 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 0 | ||
Noncontrolling Interests | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | (3,000) | (2,802) | (3,053) | |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 2,826 | |||
OCI before reclassifications, Hedging Agreements | 62 | 60 | 115 | |
OCI before reclassifications, Available-for-Sale Securities | 72 | |||
Amounts reclassified from AOCI, Hedging Agreements | 0 | 2,742 | 0 | |
Amounts reclassified from AOCI, Available-for-Sale securities | (2,898) | |||
Net OCI, Hedging Agreements | 62 | 2,802 | 115 | |
Net OCI, Available-for-Sale Securities | (2,826) | |||
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | (2,938) | 0 | (2,938) |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 0 | ||
CBL & Associates Limited Partnership | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, Beginning Balance | (1,989) | (434) | 13,969 | |
OCI before reclassifications, Total | 1,216 | 877 | 2,341 | |
Amounts reclassified from AOCI, Hedging Agreements | (646) | (443) | (1,169) | |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |||
Amounts reclassified from AOCI, Total | (646) | (443) | (17,729) | |
Total other comprehensive income (loss) | 570 | 434 | (15,388) | |
Accumulated other comprehensive income, Ending Balance | 0 | (1,419) | 0 | (1,419) |
CBL & Associates Limited Partnership | Redeemable Noncontrolling Interests/Redeemable Common Units | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | 404 | 434 | 401 | |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 384 | |||
OCI before reclassifications, Hedging Agreements | 7 | 3 | 10 | |
OCI before reclassifications, Available-for-Sale Securities | 10 | |||
Amounts reclassified from AOCI, Hedging Agreements | 0 | (437) | 0 | |
Amounts reclassified from AOCI, Available-for-Sale securities | (394) | |||
Net OCI, Hedging Agreements | 7 | (434) | 10 | |
Net OCI, Available-for-Sale Securities | (384) | |||
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | 0 | 411 | 0 | 411 |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | 0 | 0 | ||
CBL & Associates Limited Partnership | The Company/Partners' Capital | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income, Hedging Agreements, Beginning Balance | (2,393) | (868) | (2,750) | |
Accumulated other comprehensive income, Available-for-Sale Securities, Beginning Balance | 15,934 | |||
OCI before reclassifications, Hedging Agreements | 1,209 | 874 | 2,089 | |
OCI before reclassifications, Available-for-Sale Securities | 232 | |||
Amounts reclassified from AOCI, Hedging Agreements | (646) | (6) | (1,169) | |
Amounts reclassified from AOCI, Available-for-Sale securities | (16,166) | |||
Net OCI, Hedging Agreements | 563 | 868 | 920 | |
Net OCI, Available-for-Sale Securities | (15,934) | |||
Accumulated other comprehensive income, Hedging Agreements, Ending Balance | $ 0 | (1,830) | $ 0 | (1,830) |
Accumulated other comprehensive income, Available-for-Sale Securities, Ending Balance | $ 0 | $ 0 |
Comprehensive Income (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, Hedging Agreements | $ 0 | $ 646 | $ 443 | $ 1,169 |
Amounts reclassified from AOCI, Available-for-Sale securities | 16,560 | |||
CBL & Associates Limited Partnership | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI, Hedging Agreements | $ 646 | $ 443 | 1,169 | |
Amounts reclassified from AOCI, Available-for-Sale securities | $ 16,560 |
Mortgage and Other Notes Receivable (Details) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
May 31, 2016 |
Apr. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Percentage of assignment of the partnership interest | 100.00% | |||||
Mortgage and other notes receivable | [1] | $ 15,703 | $ 18,238 | |||
Mortgages | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable | $ 7,655 | $ 7,776 | ||||
Mortgages | Columbia Place Outparcel | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest Rate, mortgage loans on real estate (as a percent) | 5.00% | 5.00% | ||||
Mortgage and other notes receivable | $ 330 | $ 342 | ||||
Mortgages | Park Place | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest Rate, mortgage loans on real estate (as a percent) | 5.00% | 5.00% | ||||
Mortgage and other notes receivable | $ 1,290 | $ 1,369 | ||||
Mortgages | Village Square | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest Rate, mortgage loans on real estate (as a percent) | 3.75% | 3.50% | 3.75% | 3.50% | ||
Mortgage and other notes receivable | $ 1,667 | $ 1,685 | ||||
Interest Rate, mortgage loans on real estate in April 2017 (as a percent) | 4.00% | |||||
Mortgages | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable | $ 4,368 | $ 4,380 | ||||
Mortgages | Other | Minimum | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest Rate, mortgage loans on real estate (as a percent) | 2.93% | 2.93% | ||||
Mortgages | Other | Maximum | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest Rate, mortgage loans on real estate (as a percent) | 9.50% | 9.50% | ||||
Other Notes Receivable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable | $ 8,048 | $ 10,462 | ||||
Other Notes Receivable | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable | $ 300 | $ 0 | ||||
Interest Rate, other notes receivable (as a percent) | 7.00% | 0.00% | ||||
Other Notes Receivable | Horizon Group | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable | $ 0 | $ 3,096 | ||||
Interest Rate, other notes receivable (as a percent) | 0.00% | 7.00% | ||||
Other Notes Receivable | RED Development Inc. | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable | $ 6,982 | $ 7,366 | ||||
Interest Rate, other notes receivable (as a percent) | 5.00% | 5.00% | ||||
Other Notes Receivable | Southwest Theaters | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable | $ 766 | $ 0 | ||||
Interest Rate, other notes receivable (as a percent) | 5.00% | 0.00% | ||||
Laredo Outlet Shoppes, LLC | Parent Company | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest in note receivable contributed | $ 5,280 | |||||
|
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 254,965 | $ 253,843 | $ 518,043 | $ 514,752 | |||
Property operating expenses | (65,684) | (67,822) | (141,888) | (143,727) | |||
Interest expense | (53,187) | (58,754) | (108,418) | (117,911) | |||
Other expense | (5,052) | (5,928) | (14,737) | (12,404) | |||
Gain on sales of real estate assets | 9,577 | 14,173 | 9,577 | 14,930 | |||
Segment profit (loss) | 140,619 | 135,512 | 262,577 | 255,640 | |||
Depreciation and amortization expense | (72,205) | (71,239) | (148,711) | (147,505) | |||
General and administrative expense | (16,475) | (16,215) | (33,643) | (33,445) | |||
Interest and other income | 251 | 389 | 611 | 5,663 | |||
Gain on extinguishment of debt | 0 | 256 | 6 | 256 | |||
Loss on impairment | (43,493) | (2,781) | (63,178) | (2,781) | |||
Gain on investment | 0 | 0 | 0 | 16,560 | |||
Equity in earnings of unconsolidated affiliates | 64,349 | 4,881 | 96,739 | 8,704 | |||
Income tax benefit (provision) | 51 | (2,472) | 588 | (1,556) | |||
Income from continuing operations | 73,097 | 48,331 | 114,989 | 101,536 | |||
Capital expenditures | 31,374 | 252,986 | 82,520 | 276,511 | |||
Total Assets | [1] | 6,280,136 | 6,280,136 | $ 6,479,991 | |||
Malls | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 5,538,204 | 5,538,204 | 5,766,084 | ||||
Associated Centers | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 247,326 | 247,326 | 252,188 | ||||
Community Centers | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 266,368 | 266,368 | 263,614 | ||||
All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 228,238 | 228,238 | $ 198,105 | ||||
Operating Segments | Malls | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 232,746 | 223,744 | 471,488 | 454,015 | |||
Property operating expenses | (65,409) | (65,048) | (140,786) | (138,997) | |||
Interest expense | (35,486) | (43,882) | (69,881) | (87,580) | |||
Other expense | 0 | 0 | 0 | 0 | |||
Gain on sales of real estate assets | 140 | 0 | 140 | 264 | |||
Segment profit (loss) | 131,991 | 114,814 | 260,961 | 227,702 | |||
Capital expenditures | 12,770 | 229,931 | 61,321 | 260,297 | |||
Operating Segments | Associated Centers | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 9,857 | 10,064 | 20,099 | 20,471 | |||
Property operating expenses | (2,127) | (2,350) | (4,699) | (4,946) | |||
Interest expense | (1,431) | (1,873) | (3,133) | (3,829) | |||
Other expense | 0 | 0 | 0 | 0 | |||
Gain on sales of real estate assets | 478 | 13,491 | 478 | 13,491 | |||
Segment profit (loss) | 6,777 | 19,332 | 12,745 | 25,187 | |||
Capital expenditures | 1,671 | 4,518 | 3,097 | 1,390 | |||
Operating Segments | Community Centers | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 4,488 | 5,013 | 9,970 | 9,694 | |||
Property operating expenses | (1,260) | (1,154) | (2,403) | (2,278) | |||
Interest expense | (66) | (1,035) | (364) | (2,230) | |||
Other expense | 0 | 0 | 0 | 0 | |||
Gain on sales of real estate assets | 3,281 | 0 | 3,281 | 0 | |||
Segment profit (loss) | 6,443 | 2,824 | 10,484 | 5,186 | |||
Capital expenditures | 540 | 1,197 | 968 | 1,395 | |||
Operating Segments | All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 7,874 | 15,022 | 16,486 | 30,572 | |||
Property operating expenses | 3,112 | 730 | 6,000 | 2,494 | |||
Interest expense | (16,204) | (11,964) | (35,040) | (24,272) | |||
Other expense | (5,052) | (5,928) | (14,737) | (12,404) | |||
Gain on sales of real estate assets | 5,678 | 682 | 5,678 | 1,175 | |||
Segment profit (loss) | (4,592) | (1,458) | (21,613) | (2,435) | |||
Capital expenditures | $ 16,393 | $ 17,340 | $ 17,134 | $ 13,429 | |||
|
Equity and Capital (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jul. 31, 2015 |
Mar. 01, 2013 |
|
Targeted or Tracking Stock, Stock [Line Items] | ||||
Common stock offering, maximum aggregate price | $ 300,000,000 | |||
Commission to sales agent, maximum (percent) | 2.00% | |||
Number of shares settled | 327,326 | 272,498 | ||
Common stock offering, maximum aggregate price still available | $ 88,507,000 | |||
Stock repurchase program, authorized amount (in shares) | $ 200,000,000 | |||
Number of shares repurchased | 0 | |||
At The Market Stock Sales | ||||
Targeted or Tracking Stock, Stock [Line Items] | ||||
Number of shares settled | 8,419,298.000 | |||
Weighted-average sales price (in usd per share) | $ 25.12 |
Earnings Per Share and Earnings per Unit (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Denominator - basic (in shares) | 170,792 | 170,494 | 170,731 | 170,457 |
Effect of performance stock units (in shares) | 0 | 0 | 0 | 0 |
Denominator - diluted (in shares) | 170,792 | 170,494 | 170,731 | 170,457 |
CBL & Associates Limited Partnership | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Denominator - basic (in shares) | 200,045 | 199,751 | 199,986 | 199,716 |
Effect of performance stock units (in shares) | 0 | 0 | 0 | 0 |
Denominator - diluted (in shares) | 200,045 | 199,751 | 199,986 | 199,716 |
Contingencies (Details) |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
Jul. 29, 2016
defendant
|
Jun. 24, 2016
claim
|
Jun. 30, 2016
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Loss contingency, new claims filed | claim | 3 | ||
Environmental liability insurance, maximum coverage per incident | $ 10,000,000 | ||
Environmental liability insurance, annual coverage limit. | $ 50,000,000 | ||
Former Director | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Loss contingency, number of defendants | defendant | 3 |
Contingencies (Guarantees) (Details) |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 29, 2016 |
Jan. 31, 2016 |
Jun. 30, 2016
USD ($)
extension_option
|
Dec. 31, 2015
USD ($)
|
|
Guarantor Obligations [Line Items] | ||||
Obligation recorded to reflect guaranty | $ 413,000 | $ 1,196,000 | ||
Debt instrument, option extension term (in years) | 24 months | |||
Number of extension options available | extension_option | 1 | |||
Total amount outstanding on bonds | $ 16,250,000 | 16,452,000 | ||
West Melbourne I, LLC - Phase I | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 50.00% | |||
Outstanding Balance | $ 43,147,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 8,629,000 | |||
Obligation recorded to reflect guaranty | $ 86,000 | 99,000 | ||
West Melbourne I, LLC - Phase II | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 50.00% | |||
Outstanding Balance | $ 16,677,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 3,335,000 | |||
Obligation recorded to reflect guaranty | $ 33,000 | 87,000 | ||
Port Orange I, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 50.00% | |||
Outstanding Balance | $ 58,348,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 11,670,000 | |||
Obligation recorded to reflect guaranty | $ 117,000 | 148,000 | ||
Fremaux Town Center JV, LLC - Phase I | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 0 | |||
Percentage Guaranteed by the Operating Partnership | 0.00% | |||
Maximum Guaranteed Amount | $ 0 | |||
Obligation recorded to reflect guaranty | $ 0 | 62,000 | ||
Fremaux Town Center JV, LLC - Phase II | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 0 | |||
Percentage Guaranteed by the Operating Partnership | 0.00% | |||
Maximum Guaranteed Amount | $ 0 | |||
Obligation recorded to reflect guaranty | $ 0 | 161,000 | ||
Ambassador Town Center JV, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 0 | |||
Percentage Guaranteed by the Operating Partnership | 0.00% | |||
Maximum Guaranteed Amount | $ 0 | |||
Obligation recorded to reflect guaranty | $ 0 | 462,000 | ||
Ambassador Infrastructure, LLC | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 65.00% | |||
Outstanding Balance | $ 11,700,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 11,700,000 | |||
Obligation recorded to reflect guaranty | $ 177,000 | $ 177,000 | ||
Debt instrument, option extension term (in years) | 1 year | |||
Number of extension options available | extension_option | 2 | |||
West Melbourne I, II and Port Orange I | ||||
Guarantor Obligations [Line Items] | ||||
Percentage Guaranteed by the Operating Partnership | 20.00% | 25.00% | ||
Debt instrument, option extension term (in years) | 1 year | |||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,200 or more | ||||
Guarantor Obligations [Line Items] | ||||
Percentage Guaranteed by the Operating Partnership | 50.00% | |||
PILOT payment threshold for change in guarantors percentage | $ 1,200,000 | |||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,400 or more | ||||
Guarantor Obligations [Line Items] | ||||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
PILOT payment threshold for change in guarantors percentage | $ 1,400,000 | |||
York Town Center, LP | ||||
Guarantor Obligations [Line Items] | ||||
Company's Ownership Interest (as a percent) | 50.00% | |||
Maximum guaranteed amount of YTC's performance | $ 22,000,000 | |||
Annual reductions to guarantors obligations | 800,000 | |||
Guaranteed minimum exposure amount | 10,000,000 | |||
Maximum guaranteed obligation | $ 14,800,000 | |||
Reimburse Obligations (as a percent) | 50.00% |
Share-Based Compensation (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|---|
Feb. 29, 2016
$ / shares
shares
|
Mar. 31, 2015
$ / shares
shares
|
Jun. 30, 2016
USD ($)
plan
$ / shares
shares
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
installment
plan
$ / shares
shares
|
Jun. 30, 2015
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of share-based compensation plans | plan | 2 | 2 | ||||
Number of shares authorized under plan | 10,400,000 | 10,400,000 | ||||
Share-based compensation cost capitalized as part of real estate assets | $ | $ 77 | $ 74 | $ 191 | $ 153 | ||
Weighted Average Grant-Date Fair Value | ||||||
Unrecognized compensation cost related to nonvested stock awards | $ | 8,603 | $ 8,603 | ||||
Compensation cost to be recognized over a weighted average period | 3 years 1 month 20 days | |||||
Vested at conclusion of performance period | ||||||
Weighted Average Grant-Date Fair Value | ||||||
Vesting percentage | 60.00% | |||||
Remaining percentage after performance period | ||||||
Weighted Average Grant-Date Fair Value | ||||||
Vesting percentage | 40.00% | |||||
Vested each year for the first two anniversaries after conclusion of performance period | ||||||
Weighted Average Grant-Date Fair Value | ||||||
Vesting percentage | 20.00% | |||||
Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ | $ 707 | 679 | $ 1,948 | 2,923 | ||
Shares | ||||||
Nonvested, beginning of period (in shares) | 533,404 | |||||
Granted (in shares) | 319,660 | |||||
Vested (in shares) | (200,889) | |||||
Forfeited (in shares) | (9,560) | |||||
Nonvested, end of period (in shares) | 642,615 | 642,615 | ||||
Weighted Average Grant-Date Fair Value | ||||||
Weighted average grant date fair value, nonvested, beginning of period (in dollars per share) | $ / shares | $ 19.19 | |||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 10.02 | |||||
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 16.46 | |||||
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 17.04 | |||||
Weighted average grant date fair value, nonvested, end of period (in dollars per share) | $ / shares | $ 15.52 | $ 15.52 | ||||
Number of annual installment for awards to vest | installment | 4 | |||||
Restricted Stock Awards | Vested on date of grant | ||||||
Weighted Average Grant-Date Fair Value | ||||||
Vesting percentage | 20.00% | |||||
Performance Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ | $ 258 | $ 156 | $ 516 | $ 312 | ||
Shares | ||||||
Granted (in shares) | 282,995 | 138,680 | ||||
Weighted Average Grant-Date Fair Value | ||||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 4.98 | $ 15.52 | ||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 2,421 | $ 2,421 | ||||
Performance period (in years) | 3 years |
Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Other Significant Noncash Transactions [Line Items] | ||
Accrued dividends and distributions payable | $ 54,565 | $ 54,490 |
Additions to real estate assets accrued but not yet paid | 12,571 | 10,301 |
Eastgate Crossing | ||
Other Significant Noncash Transactions [Line Items] | ||
Assumption of mortgage loan from sale of EastGate Crossing | $ 0 | $ 14,570 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||||
Percentage of taxable income required to be distributed to shareholders | 90.00% | ||||
State tax expense | $ 997 | $ 742 | $ 2,025 | $ 1,820 | |
Current tax benefit (provision) | (368) | (2,826) | 268 | (1,403) | |
Deferred tax benefit (provision) | 419 | 354 | 320 | (153) | |
Income tax benefit (provision) | 51 | $ (2,472) | 588 | $ (1,556) | |
Net deferred tax asset | $ 3,264 | $ 3,264 | |||
Net deferred tax liability | $ 672 |
Subsequent Events (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
Jul. 31, 2016
USD ($)
mall
|
Jun. 30, 2016
USD ($)
mall
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
|
Subsequent Event [Line Items] | |||||
Loss on impairment | $ 43,493 | $ 2,781 | $ 63,178 | $ 2,781 | |
The Lakes and Fashion Square | |||||
Subsequent Event [Line Items] | |||||
Number of malls with impairment | mall | 2 | ||||
Sales price | $ 66,500 | $ 66,500 | |||
Loss on impairment | $ 32,096 | ||||
The Lakes and Fashion Square | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Number of malls with impairment | mall | 2 | ||||
Sales price | $ 66,500 | ||||
Loss on impairment | $ 32,096 | ||||
Kentucky Oaks Mall Company | |||||
Subsequent Event [Line Items] | |||||
Percentage of equity interest in real estate property | 50.00% | 50.00% | |||
Parent Company | Kentucky Oaks Mall Company | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Percentage of equity interest in real estate property | 5000.00% | ||||
Corporate Joint Venture | Kentucky Oaks Mall Company | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Percentage of equity interest in real estate property | 5000.00% | ||||
Mortgages | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Debt retired | $ 9,956 | ||||
Mortgages | Fashion Square | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Mortgage note payables assumed | 38,237 | ||||
Mortgages | Kentucky Oaks Mall Company | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Debt retired | $ 19,912 | ||||
Stated Interest Rate (as a percentage) | 5.27% |
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