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Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Statements, Captions [Line Items]



Description	Issued ⁽¹⁾	Amount		Interest Rate ⁽²⁾	Maturity Date⁽³⁾
2023 Notes	November 2013	$	450,000	5.25%	December 2023
2024 Notes	October 2014	300,000		4.60%	October 2024
2026 Notes	December 2016 / September 2017	625,000		5.95%	December 2026


(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. The interest rate for the 2024 Notes 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%. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of September 30, 2019, this ratio was 34% 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 respective dates noted above, 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.

Net mortgage and other indebtedness consisted of the following:



	September 30, 2019			December 31, 2018
	Amount		Weighted- Average Interest Rate ⁽¹⁾	Amount		Weighted- Average Interest Rate ⁽¹⁾
Fixed-rate debt:
Non-recourse loans on operating properties	$	1,495,896	5.21%	$	1,783,097	5.33%
Senior unsecured notes due 2023 ⁽²⁾	447,775		5.25%	447,423		5.25%
Senior unsecured notes due 2024⁽³⁾	299,958		4.60%	299,953		4.60%
Senior unsecured notes due 2026 ⁽⁴⁾	617,260		5.95%	616,635		5.95%
Total fixed-rate debt	2,860,889		5.31%	3,147,108		5.37%



	September 30, 2019				December 31, 2018
	Amount			Weighted- Average Interest Rate ⁽¹⁾	Amount			Weighted- Average Interest Rate ⁽¹⁾
Variable-rate debt:
Recourse loans on operating properties	56,178			4.71%	68,607			4.97%
Construction loan	21,061			4.99%	8,172			5.25%
Secured line of credit	304,769			4.35%	—			—%
Unsecured lines of credit	—			—%	183,972			3.90%
Secured term loan	473,750			4.35%	—			—%
Unsecured term loans	—			—%	695,000			4.21%
Total variable-rate debt	855,758			4.39%	955,751			4.21%
Total fixed-rate and variable-rate debt	3,716,647			5.10%	4,102,859			5.10%
Unamortized deferred financing costs	(17,640		)		(15,963		)
Liabilities related to assets held for sale ⁽⁵⁾	—				(43,716		)
Total mortgage and other indebtedness, net	$	3,699,007			$	4,043,180


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


(2)	The balance is net of an unamortized discount of $2,225 and $2,577 as of September 30, 2019 and December 31, 2018, respectively.


(3)	The balance is net of an unamortized discount of $42 and $47 as of September 30, 2019 and December 31, 2018, respectively.


(4)	The balance is net of an unamortized discount of $7,740 and $8,365 as of September 30, 2019 and December 31, 2018, respectively.

(5)

Represents a non-recourse mortgage loan secured by Cary Towne Center that was classified on the condensed consolidated balance sheet as liabilities related to assets held for sale as of December 31, 2018.

Schedule of Principal Repayments

As of September 30, 2019, 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:



2019 ⁽¹⁾	$	117,948
2020	246,342
2021	551,962
2022	469,036
2023	1,189,130
2024	404,496
Thereafter	747,740
	3,726,654
Unamortized discounts	(10,007		)
Unamortized deferred financing costs	(17,640		)
Total mortgage and other indebtedness, net	$	3,699,007

(1)

Reflects payments for the fiscal period October 1, 2019 through December 31, 2019.

Guarantor Subsidiaries

Condensed Financial Statements, Captions [Line Items]

Schedule of Net Mortgage Notes Payable

Mortgage notes payable, net, consisted of the following:



	Interest Rate ⁽¹⁾	Maturity Date	September 30, 2019			December 31, 2018
Property
Acadiana Mall ⁽²⁾	5.67%	Apr-17	$	—		$	119,760
Greenbrier Mall	5.41%	Dec-19	65,401			68,101
Park Plaza Mall	5.28%	Apr-21	79,090			81,287
Arbor Place Mall	5.10%	May-22	107,456			109,209
Total mortgage notes payable	5.23%		251,947			378,357
Unamortized deferred financing costs			(174		)	(361		)
Total mortgage notes payable, net			$	251,773		$	377,996


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

(2)

See Note 6 related to the retirement of this loan.

Schedule of Principal Repayments

As of September 30, 2019, the scheduled principal amortization and balloon payments of the Combined Guarantor Subsidiaries' mortgage notes payable, excluding extensions available at the Combined Guarantor Subsidiaries' option, are as follows:



2019 ⁽¹⁾	$	66,757
2020	5,574
2021	77,843
2022	101,773
	251,947
Unamortized deferred financing costs	(174		)
Total mortgage notes payable, net	$	251,773

(1)

Reflects payments for the fiscal period October 1, 2019 through December 31, 2019.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details