MORTGAGE AND OTHER INDEBTEDNESS, NET

Debt of the Company

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt.

CBL is a limited guarantor of the Notes, issued by the Operating Partnership in November 2013, October 2014 and December 2016, respectively, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of December 31, 2016.

Debt of the Operating Partnership

Mortgage and other indebtedness consisted of the following:



	December 31, 2016				December 31, 2015
	Amount			Weighted Average Interest Rate ⁽¹⁾	Amount			Weighted Average Interest Rate ⁽¹⁾
Fixed-rate debt:
Non-recourse loans on operating Properties ⁽²⁾	$	2,453,628		5.55%	$	2,736,538		5.68%
Senior unsecured notes due 2023 ⁽³⁾	446,552			5.25%	446,151			5.25%
Senior unsecured notes due 2024 ⁽⁴⁾	299,939			4.60%	299,933			4.60%
Senior unsecured notes due 2026 ⁽⁵⁾	394,260			5.95%	—			—%
Other	—			—%	2,686			3.50%
Total fixed-rate debt	3,594,379			5.48%	3,485,308			5.53%
Variable-rate debt:
Non-recourse term loans on operating Properties	19,055			3.13%	16,840			2.49%
Recourse term loans on operating Properties	24,428			3.29%	25,635			2.97%
Construction loan ⁽⁶⁾	39,263			3.12%	—			—%
Unsecured lines of credit ⁽⁷⁾	6,024			1.82%	398,904			1.54%
Unsecured term loans ⁽⁸⁾	800,000			2.04%	800,000			1.82%
Total variable-rate debt	888,770			2.15%	1,241,379			1.76%
Total fixed-rate and variable-rate debt	4,483,149			4.82%	4,726,687			4.54%
Unamortized deferred financing costs	(17,855		)		(16,059		)
Total mortgage and other indebtedness, net	$	4,465,294			$	4,710,628


(1)	Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.


(2)	The Operating Partnership had four interest rate swaps on notional amounts totaling $101,151 as of December 31, 2015 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at December 31, 2015. The swaps matured April 1, 2016.


(3)	The balance is net of an unamortized discount of $3,448 and $3,849, as of December 31, 2016 and 2015, respectively.


(4)	The balance is net of an unamortized discount of $61 and $67, as of December 31, 2016 and 2015, respectively.


(5)	In December 2016, the Operating Partnership issued $400,000 of senior unsecured notes in a public offering. The balance is net of an unamortized discount of $5,740 as of December 31, 2016.


(6)	In the second quarter of 2016, a consolidated joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo. See below for more information.


(7)	The Company extended and modified its three unsecured credit facilities in October 2015. See below for additional information.


(8)	The Company closed on a new $350,000 unsecured term loan in October 2015. See below for further information.

Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $2,655,928 at December 31, 2016.

Senior Unsecured Notes



Description	Issued ⁽¹⁾	Amount		Interest Rate ⁽²⁾	Maturity Date⁽³⁾
2026 Notes	December 2016	$	400,000	5.95%	December 2026
2024 Notes	October 2014	300,000		4.60%	October 2024
2023 Notes	November 2013	450,000		5.25%	December 2023


(1)	Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above.

(2)

Interest is payable semiannually in arrears. Interest was payable for the 2026 Notes, the 2024 Notes and the 2023 Notes beginning June 15, 2017; April 15, 2015; and June 1, 2014, respectively. The interest rate for the 2024 Note and the 2023 Notes is subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45% for the 2023 and 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of December 31, 2016, this ratio was 30% as shown below.

(3)

The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026; July 15, 2024; and September 1, 2023, respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the redemption date, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50%, 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively.

After deducting underwriting and other offering expenses of $3,671 and a discount of $5,740, the net proceeds from the sale of the 2026 Notes were $390,589. The Operating Partnership used the net proceeds from the issuance of the 2026 Notes to reduce the outstanding balances on its unsecured credit facilities and for general business purposes.

Unsecured Lines of Credit

The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, and issuances of letters of credit. In the fourth quarter of 2015, the Company closed on the extension and modification of its three unsecured credit facilities. The $1,100,000 of total capacity consists of two $500,000 credit facilities and a $100,000 credit facility.

Each facility bears interest at LIBOR plus a spread of 87.5 to 155 basis points based on the Company's credit ratings. The former credit facilities bore interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. Additionally, the annual facility fee for the aggregate $1,100,000 facility was reduced to a range of 0.125% to 0.300%, based on the Company's credit ratings. The annual facility fee on the former credit facilities ranged from 0.15% to 0.35% of the total capacity of each facility.

As of December 31, 2016, the Company's interest rate, based on its credit ratings of Baa3 from Moody's and BBB- from S&P and Fitch, is LIBOR plus 120 basis points. As of December 31, 2016, the annual facility fee was 0.25%. The three unsecured lines of credit had a weighted-average interest rate of 1.82% at December 31, 2016.

The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2016:



	Total Capacity		Total Outstanding			Maturity Date	Extended Maturity Date
Wells Fargo - Facility A	$	500,000	$	—	⁽¹⁾	October 2019	October 2020	⁽²⁾
First Tennessee	100,000		1,400		⁽³⁾	October 2019	October 2020	⁽⁴⁾
Wells Fargo - Facility B	500,000		4,624		⁽⁵⁾	October 2020
	$	1,100,000	$	6,024


(1)	There was $150 outstanding on this facility as of December 31, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit.


(2)	The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility.


(3)	Up to $20,000 of the capacity on this facility can be used for letters of credit.


(4)	The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility.


(5)	There was an additional $123 outstanding on this facility as of December 31, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit.

Unsecured Term Loans

In October 2015, the Company closed on a $350,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's credit facilities. The term loan bears interest at LIBOR plus a spread of 90 to 175 basis points based on the Company's credit ratings. Based on the Company's current credit ratings, the term loan bears interest at LIBOR plus 135 basis points. The loan matures in October 2017 and has two one-year extension options for an outside maturity date of October 2019. At December 31, 2016, the outstanding borrowings of $350,000 had an interest rate of 1.94%.

The Company has a $400,000 unsecured term loan, that bears interest at a variable-rate of LIBOR plus 150 basis points, based on the Company's current credit ratings, and has a maturity date of July 2018. At December 31, 2016, the outstanding borrowings of $400,000 had an interest rate of 2.12%.

The Company also has a $50,000 unsecured term loan that matures in February 2018. In the first quarter of 2015, the Company modified the terms of the term loan to reduce the variable interest rate from LIBOR plus 190 basis points to LIBOR plus 155 basis points. At December 31, 2016, the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.17%.

Other

In the first quarter of 2016, a consolidated joint venture of the Management Company retired a term loan with a principal balance of $2,625 that bore interest at a fixed rate of 3.5% and was scheduled to mature in May 2017. Additionally, the subsidiary of the Management Company also retired a $3,500 revolving line of credit obtained that bore interest at a variable rate of LIBOR plus 249 basis points and was scheduled to mature in June 2017. At the time of retirement, the revolver had no amount outstanding.

Fixed-Rate Debt

As of December 31, 2016, fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.00% to 8.00%. Outstanding borrowings under fixed-rate loans include net unamortized debt premiums of $2,119 that were recorded when the Company assumed debt to acquire real estate assets that was at a net above-market interest rate compared to similar debt instruments at the date of acquisition. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through June 2026, with a weighted-average maturity of 3.7 years.

Financings

The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015:



Date	Property	Stated Interest Rate	Maturity Date ⁽¹⁾		Amount Financedor Extended
2016:
December	Cary Towne Center⁽²⁾	4.00%	March 2019	⁽³⁾	$	46,716
December	Greenbrier Mall ⁽⁴⁾	5.00%	December 2019	⁽⁵⁾	70,801
June	Hamilton Place ⁽⁶⁾	4.36%	June 2026		107,000
April	Hickory Point Mall ⁽⁷⁾	5.85%	December 2018	⁽⁸⁾	27,446

2015:
September	The Outlet Shoppes at Gettysburg ⁽⁹⁾	4.80%	October 2025		$	38,450


(1)	Excludes any extension options.


(2)	The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans.


(3)	The loan has one two-year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021.


(4)	The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest.


(5)	The loan has a one-year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest.


(6)	Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities.


(7)	The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only.


(8)	The loan has a one-year extension option at the Company's election for an outside maturity date of December 2019.


(9)	Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016.

Loan Repayments

The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016 and 2015:



Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid ⁽¹⁾
2016:
October	Southaven Towne Center	5.50%	January 2017	$	38,314
August	Dakota Square Mall	6.23%	November 2016	55,103
June	Hamilton Place ⁽²⁾	5.86%	August 2016	98,181
April	CoolSprings Crossing	4.54%	April 2016	11,313
April	Gunbarrel Pointe	4.64%	April 2016	10,083
April	Stroud Mall	4.59%	April 2016	30,276
April	York Galleria	4.55%	April 2016	48,337

2015:
September	The Outlet Shoppes at Gettysburg ⁽³⁾	5.87%	February 2016	$	38,112
September	Eastland Mall	5.85%	December 2015	59,400
July	Brookfield Square	5.08%	November 2015	86,621
July	CherryVale Mall	5.00%	October 2015	77,198
July	East Towne Mall	5.00%	November 2015	65,856
July	West Towne Mall	5.00%	November 2015	93,021
May	Imperial Valley Mall	4.99%	September 2015	49,486


(1)	The Company retired the loans with borrowings from its credit facilities unless otherwise noted.


(2)	The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information.


(3)	The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan.

Additionally, the $38,150 loan secured by Fashion Square was assumed by the buyer in conjunction with the sale of the mall in July 2016. The fixed-rate loan bore interest at 4.95% and had a maturity date of June 2022.

Subsequent to December 31, 2016, the Company retired several fixed-rate operating Property loans. See Note 19 for more information.

Other

The fixed-rate non-recourse loans secured by Chesterfield Mall, Midland Mall and Wausau Center are in default and in receivership at December 31, 2016. The malls generate insufficient income levels to cover the debt service on the mortgages, which had an aggregate balance of $189,642 at December 31, 2016. Subsequent to December 31, 2016, the foreclosure process was complete and Midland Mall was conveyed to the lender in satisfaction of the non-recourse debt secured by the mall. See Note 19 for additional information. The Company anticipates foreclosure proceedings will be complete in early 2017 on the remaining malls.

Variable-Rate Debt

Term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2016, interest rates on such variable-rate loans varied from 2.57% to 5.03%. These loans mature at various dates from June 2017 to July 2020, with a weighted-average maturity of 1.9 years, and have extension options of up to two years.

Financing

The following table presents the variable-rate loan, secured by the related consolidated Property, that was entered into in 2016:



Date	Property	Stated Interest Rate	Maturity Date		Amount Extended
June	Statesboro Crossing ⁽¹⁾	LIBOR + 1.80%	June 2017	⁽²⁾	$	11,035


(1)	The loan was modified to extend the maturity date.


(2)	The loan has a one-year extension option at the joint venture's election for an outside maturity date of June 2018.

Construction Loans

Financings

The following table presents the construction loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015:



Date	Property	Stated Interest Rate		Maturity Date		Amount Financed
2016:
May	The Outlet Shoppes at Laredo ⁽¹⁾	LIBOR + 2.5%	⁽²⁾	May 2019	⁽³⁾	$	91,300

2015:
July	The Outlet Shoppes of the Bluegrass - Phase II ⁽⁴⁾	LIBOR + 2.50%		July 2020		$	11,320
May	The Outlet Shoppes at Atlanta - Phase II ⁽⁵⁾	LIBOR + 2.50%		December 2019		6,200


(1)	The consolidated 65/35 joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan.


(2)	The interest rate will be reduced to LIBOR + 2.25% once the development is complete and certain debt and operational metrics are met.


(3)	The loan has one 24-month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of May 2021.


(4)	The Operating Partnership has guaranteed 100% of the loan of this 65/35 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met.


(5)	The Operating Partnership has guaranteed 100% of the loan of this 75/25 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met.

Loan Repayment

The Company repaid the following construction loan, secured by the related consolidated Property, in 2016:



Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid
December	The Outlet Shoppes at Atlanta - Parcel Development ⁽¹⁾	3.02%	December 2019	$	2,124


(1)	In conjunction with its sale in December 2016, a portion of the net proceeds was used to retire the loan secured by the Property.

Financial Covenants and Restrictions

The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2016.

Unsecured Lines of Credit and Unsecured Term Loans

The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2016:



Ratio	Required	Actual
Debt to total asset value	< 60%	48%
Unencumbered asset value to unsecured indebtedness	> 1.60x	2.4x
Unencumbered NOI to unsecured interest expense	> 1.75x	5.2x
EBITDA to fixed charges (debt service)	> 1.50x	2.5x

The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities.

Senior Unsecured Notes

The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2016:



Ratio	Required	Actual
Total debt to total assets	< 60%	53%
Secured debt to total assets	<45% ⁽¹⁾	30%
Total unencumbered assets to unsecured debt	>150%	221%
Consolidated income available for debt service to annual debt service charge	> 1.50x	3.0x


(1)	On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% for the 2023 Notes and the 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less.

The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes.

Other

Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office buildings, are owned by special purpose entities, created as a requirement under certain loan agreements, that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these Properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these Properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company.

Scheduled Principal Payments

As of December 31, 2016, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows:



2017	$	757,314
2018	711,645
2019	275,477
2020	213,608
2021	455,026
Thereafter ⁽¹⁾	1,887,567
	4,300,637
Net unamortized discounts	(7,130		)
Unamortized deferred financing costs	(17,855		)
Principal balance of loans secured by Lender Malls in foreclosure ⁽²⁾	189,642
Total mortgage and other indebtedness, net	$	4,465,294


(1)	Excludes the $17,689 loan balance secured by Wausau Center, which is in foreclosure.


(2)	Represents principal balances of three non-recourse loans secured by Midland Mall, Chesterfield Mall and Wausau Center, which are in default and receivership at December 31, 2016. The loans secured by Midland Mall and Chesterfield Mall had 2016 maturity dates. Subsequent to December 31, 2016, the foreclosure process on Midland Mall was complete. See Note 19 for additional information.

Of the $757,314 of scheduled principal payments in 2017, $361,794 relates to the maturing principal balances of eight operating Property loans, $350,000 represents the principal balance of an unsecured term loan and $45,520 relates to scheduled principal amortization. Of the 2017 maturities, an operating Property loan with a principal balance of $10,962 has a one-year extension option and the $350,000 unsecured term loan has two one-year extension options, which are at the Company's option, leaving approximately $350,832 of loan maturities in 2017 that must be retired or refinanced. The Company plans to refinance the $62,355 loan secured by The Outlet Shoppes at El Paso and is evaluating whether to retire or refinance the remaining loans. Subsequent to December 31, 2016, the Company retired several operating Property loans. See Note 19 for details.

Interest Rate Hedging Instruments

The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in AOCI/L and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

The Company's outstanding interest rate derivatives, that were designated as cash flow hedges of interest rate risk, matured on April 1, 2016. The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk in 2016 and 2015:



Instrument Type	Location in Consolidated Balance Sheet	Notional Amount	Designated Benchmark Interest Rate	Strike Rate		Fair Value at 12/31/15			Maturity Date
Pay fixed/ Receive 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	)



Hedging Instrument	Gain Recognized in OCI/L (Effective Portion)						Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion)	Loss Recognized in Earnings (Effective Portion)									Location of Gains Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	2016		2015		2014			2016			2015			2014				2016		2015		2014
Interest rate contracts	$	434	$	1,915	$	1,782	Interest Expense	$	(443	)	$	(2,196	)	$	(2,195	)	Interest Expense	$	—	$	—	$	—

See Notes 2 and 15 for additional information regarding the Company’s interest rate hedging instruments.