Unconsolidated Affiliates and Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments accounted for using the equity method of accounting

At March 31, 2017, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting:



Joint Venture	Property Name	Company's Interest
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 and The Shops at Friendly Center	50.0%
El Paso Outlet Outparcels, LLC	The Outlet Shoppes at El Paso (vacant land)	50.0%
Fremaux Town Center JV, LLC	Fremaux Town Center - Phases I and II	65.0%
G&I VIII CBL Triangle LLC	Triangle Town Center and Triangle Town Commons	10.0%
Governor’s Square IB	Governor’s Square Plaza	50.0%
Governor’s Square Company	Governor’s Square	47.5%
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	50.0%
River Ridge Mall JV, LLC	River Ridge Mall	25.0%
West Melbourne I, LLC	Hammock Landing - Phases I and II	50.0%
York Town Center, LP	York Town Center	50.0%

Condensed combined financial statement information - unconsolidated affiliates

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



ASSETS	March 31, 2017			December 31, 2016
Investment in real estate assets	$	2,142,570		$	2,137,666
Accumulated depreciation	(580,084		)	(564,612		)
	1,562,486			1,573,054
Developments in progress	11,182			9,210
Net investment in real estate assets	1,573,668			1,582,264
Other assets	212,682			223,347
Total assets	$	1,786,350		$	1,805,611

LIABILITIES
Mortgage and other indebtedness, net	$	1,260,645		$	1,266,046
Other liabilities	41,864			46,160
Total liabilities	1,302,509			1,312,206

OWNERS' EQUITY
The Company	224,340			228,313
Other investors	259,501			265,092
Total owners' equity	483,841			493,405
Total liabilities and owners' equity	$	1,786,350		$	1,805,611



	Total for the Three Months Ended March 31,
	2017			2016
Total revenues	$	59,699		$	64,204
Depreciation and amortization	(20,629		)	(20,610		)
Interest income	400			336
Interest expense	(12,838		)	(13,489		)
Operating expenses	(18,748		)	(20,072		)
Income from continuing operations before gain on sales of real estate assets	7,884			10,369
Gain (loss) on sales of real estate assets	(71		)	80,959
Net income ⁽¹⁾	$	7,813		$	91,328


(1)	The Company's pro rata share of net income is $5,373 and $32,390 for the three months ended March 31, 2017 and 2016, respectively.

Schedule of Variable Interest Entities

The table below lists the Company's VIEs as of March 31, 2017:

Consolidated VIEs:

Atlanta Outlet Outparcels, LLC

Atlanta Outlet JV, 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 JV, LLC

Lebcon Associates

Lebcon I, Ltd

Lee Partners

Louisville Outlet Outparcels, LLC

Louisville Outlet Shoppes, LLC

Madison Grandview Forum, LLC

The Promenade at D'Iberville

Statesboro Crossing, LLC

Village at Orchard Hills, LLC

Unconsolidated VIEs:

Ambassador Infrastructure, LLC

G&I VIII CBL Triangle LLC

- Definition

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

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