Unconsolidated Affiliates and Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments accounted for using the equity method of accounting

At June 30, 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	June 30, 2017			December 31, 2016
Investment in real estate assets	$	2,149,393		$	2,137,666
Accumulated depreciation	(595,825		)	(564,612		)
	1,553,568			1,573,054
Developments in progress	12,533			9,210
Net investment in real estate assets	1,566,101			1,582,264
Other assets	212,655			223,347
Total assets	$	1,778,756		$	1,805,611

LIABILITIES
Mortgage and other indebtedness, net	$	1,256,445		$	1,266,046
Other liabilities	43,314			46,160
Total liabilities	1,299,759			1,312,206

OWNERS' EQUITY
The Company	222,817			228,313
Other investors	256,180			265,092
Total owners' equity	478,997			493,405
Total liabilities and owners' equity	$	1,778,756		$	1,805,611



	Total for the Three Months Ended June 30,
	2017			2016
Total revenues	$	58,156		$	62,854
Depreciation and amortization	(19,496		)	(22,248		)
Interest income	430			332
Interest expense	(13,146		)	(14,181		)
Operating expenses	(16,639		)	(18,333		)
Gain on extinguishment of debt	—			63,294
Income from continuing operations before gain on sales of real estate assets	9,305			71,718
Gain (loss) on sales of real estate assets	(6		)	60,377
Net income ⁽¹⁾	$	9,299		$	132,095


(1)	The Company's pro rata share of net income is $6,325 and $64,349 for the three months ended June 30, 2017 and 2016, respectively.



	Total for the Six Months Ended June 30,
	2017			2016
Total revenues	$	117,855		$	127,058
Depreciation and amortization	(40,125		)	(42,858		)
Interest income	830			668
Interest expense	(25,984		)	(27,670		)
Operating expenses	(35,387		)	(38,405		)
Gain on extinguishment of debt	—			63,294
Income from continuing operations before gain on sales of real estate assets	17,189			82,087
Gain (loss) on sales of real estate assets	(77		)	141,336
Net income ⁽¹⁾	$	17,112		$	223,423


(1)	The Company's pro rata share of net income is $11,698 and $96,739 for the six months ended June 30, 2017 and 2016, respectively.

Schedule of Variable Interest Entities

The table below lists the Company's consolidated VIEs as of June 30, 2017:



Consolidated VIEs:		Property Name
Atlanta Outlet Outparcels, LLC		The Outlet Shoppes at Atlanta (vacant land)
Atlanta Outlet JV, LLC		The Outlet Shoppes at Atlanta
CBL Terrace LP		The Terrace
El Paso Outlet Center Holding, LLC		The Outlet Shoppes at El Paso
El Paso Outlet Center II, LLC		The Outlet Shoppes at El Paso - Phase II
Gettysburg Outlet Center Holding, LLC		The Outlet Shoppes at Gettysburg
Gettysburg Outlet Center, LLC		The Outlet Shoppes at Gettysburg (vacant land)
High Point Development LP II		Oak Hollow - Barnes & Noble
Jarnigan Road LP		CBL Center, CBL Center II, The Shoppes at Hamilton Place and Regal Cinema
Laredo Outlet JV, LLC		The Outlet Shoppes at Laredo
Lebcon Associates		Hamilton Place and outparcel, Hamilton Corner, Hamilton Place - Sears Parcel
Lebcon I, Ltd		Hamilton Crossing and Hamilton Crossing - Expansion
Lee Partners		One Park Place
Louisville Outlet Outparcels, LLC		The Outlet Shoppes of the Bluegrass (vacant land)
Louisville Outlet Shoppes, LLC		The Outlet Shoppes of the Bluegrass
Madison Grandview Forum, LLC		The Forum at Grandview
The Promenade at D'Iberville		The Promenade
Statesboro Crossing, LLC		Statesboro Crossing

The table below lists the Company's unconsolidated VIEs as of June 30, 2017:



Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC ⁽¹⁾	$	—	$	11,035
G&I VIII CBL Triangle LLC	2,103		2,103


(1)	The debt is guaranteed by the Operating Partnership at 100%. See Note 12 for more information.

- 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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