MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Mortgage and Other Indebtedness, Net

Mortgage and other indebtedness, net, consisted of the following:

	December 31, 2020						December 31, 2019
	Amount			Weighted- Average Interest Rate (1)			Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse loans on operating Properties	$	1,120,203			5.12	%	$	1,330,561			5.27	%
Senior unsecured notes due 2023 (2)		—			—			447,894			5.25	%
Senior unsecured notes due 2024 (3)		—			—			299,960			4.60	%
Senior unsecured notes due 2026 (4)		—			—			617,473			5.95	%
Total fixed-rate debt		1,120,203			5.12	%		2,695,888			5.35	%
Variable-rate debt:
Recourse loans on operating Properties		68,061			4.69	%		41,950			4.34	%
Construction loan		—			—			29,400			4.60	%
Secured line of credit		—			—			310,925			3.94	%
Secured term loan		—			—			465,000			3.94	%
Total variable-rate debt		68,061			4.69	%		847,275			3.98	%
Total fixed-rate and variable-rate debt		1,188,264			5.10	%		3,543,163			5.02	%
Unamortized deferred financing costs (5)		(3,433	)					(16,148	)
Total mortgage and other indebtedness, net	$	1,184,831					$	3,527,015

Mortgage and other indebtedness included in liabilities subject to compromise consisted of the following:

	December 31, 2020					December 31, 2019
	Amount		Weighted- Average Interest Rate (1)			Amount		Weighted- Average Interest Rate (1)
Fixed-rate debt:
Senior unsecured notes due 2023 (6)	$	450,000		5.25	%	$	—		—
Senior unsecured notes due 2024 (6)		300,000		4.60	%		—		—
Senior unsecured notes due 2026 (6)		625,000		5.95	%		—		—
Total fixed-rate debt		1,375,000		5.43	%		—		—
Variable-rate debt:
Secured line of credit (7)		675,926		9.50	%		—		—
Secured term loan (7)		438,750		9.50	%		—		—
Total variable-rate debt		1,114,676		9.50	%		—		—
Total fixed-rate and variable-rate debt		2,489,676		7.25	%		—		—
Unpaid accrued interest (8)		57,644					—
Prepetition unsecured or under secured liabilities		4,170
Total liabilities subject to compromise	$	2,551,490				$	—

(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 $2,106 as of December 31, 2019.

(3) The balance is net of an unamortized discount of $40 as of December 31, 2019.

(4) The balance is net of an unamortized discount of $7,527 as of December 31, 2019.

(5) Unamortized deferred financing costs amounting to $3,106 for certain property-level, non-recourse mortgage loans may be required to be written off in the event that a waiver or restructuring of terms cannot be negotiated and the debt is either redeemed or otherwise extinguished.

(6) In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the senior unsecured notes subsequent to the filing of the Chapter 11 Cases. In accordance with ASC 852, unamortized deferred financing costs and debt discounts of $14,231, previously included in mortgage and other indebtedness, net in the Company’s consolidated balance sheets, related to the senior unsecured notes were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization. The outstanding amount of the senior unsecured notes is included in liabilities subject to compromise in the accompanying consolidated balance sheets as of December 31, 2020.

(7) The administrative agent informed the Company that interest will accrue on all outstanding obligations at the post-default rate, which is equal to the rate that otherwise would be in effect plus 5.0%. The post-default interest rate at December 31, 2020 was 9.50%. In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the secured credit facility subsequent to the filing of the Chapter 11 Cases. In accordance with ASC 852, unamortized deferred financing costs of $4,098, previously included in mortgage and other indebtedness, net in the Company’s consolidated balance sheets, related to the secured term loan were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization. Additionally, unamortized deferred financing costs amounting to $6,965, previously included in intangible lease assets and other assets in the Company’s consolidated balance sheets, related to the secured line of credit were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization. The outstanding amount of the secured credit facility is included in liabilities subject to compromise in the accompanying consolidated balance sheets as of December 31, 2020.

(8) Represents interest accrued on the secured credit facility and senior unsecured notes prior to the filing of the Chapter 11 Cases.

Description	Issued (2)	Amount		Interest Rate			Maturity Date
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) Subsequent to December 31, 2020, the Company entered into an amended and restated Restructuring Support Agreement with its credit facility lenders and unsecured noteholders that provides for a fully consensual comprehensive restructuring. See Note 20 for additional information.

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

Schedule of Loan Repayments

The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2020 and 2019:

Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid (1)
2020:
February	Parkway Place	6.50%	July 2020	$	33,186
February	Valley View Mall	6.50%	July 2020		51,360
				$	84,546
2019:
April	Honey Creek Mall (2)	8.00%	July 2019	$	23,539
December	The Terrace	7.25%	June 2020		11,931
				$	35,470

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

(2) The Company retired the loan using proceeds from the refinancing of the loan secured by Volusia Mall as well as proceeds from the sale of Honey Creek Mall.

Summary of Dispositions

The following is a summary of the Company's dispositions for which the fixed-rate loan secured by the mall was extinguished:

Sale/Transfer Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Balance of Non-recourse Debt		Gain on Extinguishment of Debt
2020:
August	Hickory Point Mall (1)	5.85%	December 2019	$	27,446	$	15,446
December	Burnsville Mall (1)	6.00%	July 2020		64,233		17,075
				$	91,679	$	32,521
2019:
January	Acadiana Mall (1)	5.67%	April 2017	$	119,760	$	61,795
January	Cary Towne Center (2)	4.00%	June 2018		43,716		9,927
				$	163,476	$	71,722

(1) The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the Property.

(2) The Company sold the mall for $31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven.

Summary of Non Recourse Loans

The non-recourse loans that are in default at December 31, 2020 are as follows:

Property	Location	Interest Rate	Scheduled Maturity Date	Loan Amount
Greenbrier Mall	Chesapeake, VA	5.41%	Dec-19	$	61,647
EastGate Mall	Cincinnati, OH	5.83%	Apr-21		31,181
Park Plaza	Little Rock, AR	5.28%	Apr-21		76,805
Asheville Mall	Asheville, NC	5.80%	Sep-21		62,121

Schedule of Principal Repayments

As of December 31, 2020, 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, are as follows:

2021	$	560,128
2022		407,638
2023		1,502,276
2024		343,571
2025		38,355
Thereafter		764,325
Total (1)		3,616,293
Principal balance of loan with a maturity date prior to December 31, 2020 (2)		61,647
Total mortgage and other indebtedness, net	$	3,677,940

(1) Includes $2,489,676 of liabilities subject to compromise in the accompanying consolidated balance sheets as of December 31, 2020, and as the expected maturity date is subject to the outcome of the Chapter 11 Cases, the original, legal maturity dates are reflected in this table.

(2) Represents the aggregate principal balance as of December 31, 2020 of one non-recourse loan, secured by Greenbrier Mall which was in default. The loan secured by Greenbrier Mall matured in December 2019.