Combined Guarantor Subsidiaries - Related Party Transactions

6 Months Ended

Jun. 30, 2020

Guarantor Subsidiaries

Condensed Financial Statements Captions [Line Items]

Related Party Transactions

Note 8 – Related Party Transactions

The Combined Guarantor Subsidiaries are party to management agreements with CBL & Associates Management, Inc. (“CBL Management”), which is controlled by the Operating Partnership, to manage the Guarantor Properties. The agreements provide that the Guarantor Properties pay management fees equal to a percentage of gross revenues as defined by the respective management agreements. The management fee percentage ranges from 2.5% to 3.5% based on the agreements. Within property operating expenses, management fee expense was $606 and $1,522 for the three months ended June 30, 2020 and 2019, respectively, and $1,974 and $3,014 for the six months ended June 30, 2020 and 2019, respectively.

Amounts payable to CBL Management for management fees were $42 and $394 as of June 30, 2020 and December 31, 2019, respectively.

The Combined Guarantor Subsidiaries have mortgage notes receivable with entities under common control totaling $73,786 as of June 30, 2020 and December 31, 2019. See Note 7 for more information. Interest income earned under the notes receivable were $1,014 and $959 for the three months ended June 30, 2020 and 2019, respectively, and $2,027 and $1,919 for the six months ended June 30, 2020 and 2019, respectively.

At June 30, the Combined Guarantor Subsidiaries had a receivable of $1,264 from the Operating Partnership related to credits to current tenants that were taken during the three months ended June 30, 2020 in connection with the litigation matter discussed in more detail in Note 10- Contingencies .