XML 52 R37.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Mortgage and Other Indebtedness (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Debt Disclosure [Abstract] |
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following:
| December 31, 2013 |  | December 31, 2012
| Amount |  | Weighted Average Interest Rate (1) |  | Amount |  | Weighted Average Interest Rate (1)
Fixed-rate debt: |  |  |  |  |  |  |
Non-recourse loans on operating properties (2) | $ | 3,527,830 |  |  | 5.54% |  | $ | 3,776,245 |  |  | 5.42%
Senior unsecured notes (3) | 445,374 |  |  | 5.25% |  | — |  |  | —%
Financing method obligation (4) | 17,570 |  |  | 8.00% |  | 18,264 |  |  | 8.00%
Total fixed-rate debt | 3,990,774 |  |  | 5.52% |  | 3,794,509 |  |  | 5.43%
Variable-rate debt: |  |  |  |  |  |  |  |  |
Non-recourse term loans on operating properties | 133,712 |  |  | 3.14% |  | 123,875 |  |  | 3.36%
Recourse term loans on operating properties | 51,300 |  |  | 1.87% |  | 97,682 |  |  | 1.78%
Construction loans | 2,983 |  |  | 2.17% |  | 15,366 |  |  | 2.96%
Unsecured lines of credit | 228,754 |  |  | 1.57% |  | 475,626 |  |  | 2.07%
Secured line of credit (5) | — |  |  | —% |  | 10,625 |  |  | 2.46%
Unsecured term loans | 450,000 |  |  | 1.71% |  | 228,000 |  |  | 1.82%
Total variable-rate debt | 866,749 |  |  | 1.91% |  | 951,174 |  |  | 2.20%
Total | $ | 4,857,523 |  |  | 4.88% |  | $ | 4,745,683 |  |  | 4.79%
(1) | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs.
(2) | The Operating Partnership has four interest rate swaps on notional amounts totaling $109,830 as of December 31, 2013 and $113,885 as of December 31, 2012 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2013 and 2012.
(3) | In November 2013, the Operating Partnership issued $450,000 of senior unsecured notes in a public offering. The balance at December 31, 2013 includes a discount of $4,626 recorded upon issuance. See below for additional information.
(4) | This amount represents the noncontrolling partner's equity contribution related to Pearland Town Center that is accounted for as a financing due to certain terms of the CBL/T-C joint venture agreement. See Note 5 for further information.
(5) | The Company converted its secured line of credit to an unsecured line of credit in February 2013.
Schedule of unsecured lines of credit | The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2013:
| Total Capacity |  | Total Outstanding |  | Maturity Date |  | Extended Maturity Date
Facility A | $ | 600,000 |  |  | $ | 99,371 |  | (1) | November 2015 |  | November 2016
First Tennessee | 100,000 |  |  | 5,000 |  |  | February 2016 |  | N/A
Facility B | 600,000 |  |  | 124,383 |  | (2) | November 2016 |  | November 2017
| $ | 1,300,000 |  |  | $ | 228,754 |  |  |  |  |
(1) | There was an additional $2,000 outstanding on this facility as of December 31, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.
(2) | There was an additional $617 outstanding on this facility as of December 31, 2013 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.
Schedule of fixed rate loans | The following table presents the fixed-rate loans that are secured by the related Properties, that have been entered into since January 1, 2012:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Amount Financed or Extended (2)
2013 Activity: |  |  |  |  |  |
October |  | The Outlet Shoppes at Atlanta (3) |  | 4.90% |  | November 2023 |  | $ | 80,000 |
2012 Activity: |  |  |  |  |  |
June |  | WestGate Mall (4) |  | 4.99% |  | July 2022 |  | $ | 40,000 |
May |  | Fashion Square Mall (4) |  | 4.95% |  | June 2022 |  | 42,000 |
May |  | Jefferson Mall (4) |  | 4.75% |  | June 2022 |  | 71,190 |
May |  | Southpark Mall (5) |  | 4.85% |  | June 2022 |  | 67,000 |
May |  | CBL Center I and II (6) |  | 5.00% |  | June 2022 |  | 22,000 |
April |  | Arbor Place (4) |  | 5.10% |  | May 2022 |  | 122,000 |
March |  | Northwoods Mall (4) |  | 5.08% |  | April 2022 |  | 73,000 |
(1) | Excludes any extension options.
(2) | Net proceeds were used to reduce the outstanding balances on the Company's credit facilities unless otherwise noted.
(3) | The consolidated joint venture, Atlanta Outlet Shoppes, LLC, closed on the non-recourse loan. Net proceeds from the non-recourse mortgage loan were used to repay a $53,080 recourse construction loan. This Property is owned in a consolidated joint venture and the Company's share of the remaining excess proceeds were used to reduce outstanding balances on the Company's credit facilities.
(4) | The CMBS loan is non-recourse.
(5) | Net proceeds from this CMBS loan were used to retire an existing loan with a balance of $30,763 secured by Southpark Mall and to reduce outstanding balances on the Company's credit facilities.
(6) | The non-recourse loan with an insurance company was used to reduce outstanding balances on the Company's credit facilities, which had been used in April 2012 and February 2012 to retire the outstanding balances on the maturing loans on CBL Centers II and I of $9,078 and $12,818, respectively.
The Company has repaid the following fixed-rate loans, secured by the related Properties, since January 1, 2012:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
2013 Activity: |  |  |  |  |  |
December |  | Northpark Mall |  | 5.75% |  | March 2014 |  | $ | 32,684 |
June |  | Mid Rivers Mall (2) |  | 5.88% |  | May 2021 |  | 88,410 |
April |  | South County Center (3) |  | 4.96% |  | October 2013 |  | 71,740 |
January |  | Westmoreland Mall |  | 5.05% |  | March 2013 |  | 63,639 |
2012 Activity: |  |  |  |  |  |
October |  | Monroeville Mall |  | 5.73% |  | January 2013 |  | $ | 106,895 |
May |  | Southpark Mall (4) |  | 7.00% |  | May 2012 |  | 30,763 |
April |  | CBL Center II |  | 4.50% |  | February 2013 |  | 9,078 |
March |  | Arbor Place, Jefferson Mall, The Landing at Arbor Place, Old Hickory Mall, WestGate Mall |  | 6.50%-6.51% |  | July 2012 |  | 180,022 |
February |  | CBL Center I |  | 6.25% |  | August 2012 |  | 12,818 |
February |  | The Courtyard at Hickory Hollow, Hickory Hollow Mall (5) |  | 6.00% |  | October 2018 |  | 25,962 |
February |  | Fashion Square Mall, Northwoods Mall, Randolph Mall, Regency Mall |  | 6.50%-6.51% |  | July 2012 |  | 141,235 |
January |  | Massard Crossing, Pemberton Plaza, Willowbrook Plaza (5) |  | 7.54% |  | February 2012 |  | 34,349 |
(1) | The Company retired the loans with borrowings from its credit facilities unless otherwise noted.
(2) | The Company recorded an $8,936 loss on extinguishment of debt, which consisted of a $8,708 prepayment fee and $228 of unamortized debt issuance costs.
(3) | The Company recorded a loss on extinguishment of debt of $172 from the write-off of an unamortized discount.
(4) | Proceeds from a new loan on Southpark Mall that closed in May 2012 were used to retire the existing loan.
(5) | Hickory Hollow Mall, Massard Crossing and Willowbrook Plaza were sold and are included in discontinued operations. See Note 4 for further information.
Schedule of variable rate loans | The following table presents the variable-rate loans that are secured by the related Properties that have been entered into since January 1, 2012:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Amount Financed or Extended (2)
2013 Activity: |  |  |  |  |  |
June |  | Statesboro Crossing (3) |  | LIBOR + 1.8% |  | June 2016 |  | $ | 11,400 |
2012 Activity: |  |  |  |  |  |
April |  | Statesboro Crossing (4) |  | LIBOR + 1.0% |  | February 2013 |  | $ | 13,568 |
(1) | Excludes any extension options.
(2) | Proceeds were used to reduce the balances on the Company's credit facilities unless otherwise noted.
(3) | The non-recourse loan has two one-year extension options, which are at the Company's option, for an outside maturity date of June 2018.
(4) | The recourse loan was extended and modified to reduce the capacity from $20,911 to equal the outstanding balance of $13,568 and extend the maturity date.
The Company has repaid the following variable-rate loans that were secured by the related Properties, since January 1, 2012:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
2013 Activity: |  |  |  |  |  |
September |  | The Forum at Grandview |  | 3.19% |  | September 2013 |  | $ | 10,200 |
July |  | Alamance Crossing West |  | 3.20% |  | December 2013 |  | 16,000 |
February |  | Statesboro Crossing |  | 1.21% |  | February 2013 |  | 13,460 |
2012 Activity: |  |  |  |  |  |
September |  | RiverGate Mall |  | 3.47% |  | September 2012 |  | $ | 77,500 |
(1) | The Company retired the loans with borrowings from its credit facilities.
Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2013:
Ratio |  | Required |  | Actual
Total debt to total assets |  | < 60% |  | 54.7%
Secured debt to total assets |  | <45% (1) |  | 41.3%
Total unencumbered assets to unsecured debt |  | >150% |  | 244.9%
Consolidated income available for debt service to annual debt service charge |  | > 1.50x |  | 3.20x
(1) | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2013:
Ratio |  | Required |  | Actual
Debt to total asset value |  | < 60% |  | 51.6%
Ratio of unencumbered asset value to unsecured indebtedness |  | > 1.60x |  | 2.51x
Ratio of unencumbered NOI to unsecured interest expense |  | > 1.75x |  | 6.15x
Ratio of EBITDA to fixed charges (debt service) |  | > 1.50x |  | 2.20x
Schedule of principal repayments | As of December 31, 2013, 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:
2014 | $ | 284,205 |
2015 | 631,704 |
2016 | 922,095 |
2017 | 552,514 |
2018 | 671,936 |
Thereafter | 1,789,380 |
| 4,851,834 |
Net unamortized premiums | 5,689 |
| $ | 4,857,523 |
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
Interest Rate Derivative |  | Number of Instruments |  | Notional Amount
Interest Rate Cap |  | 1 |  | $ | 122,375 |
Interest Rate Swaps |  | 4 |  | $ | 109,830 |
Schedule of pay fixed/receive variable swap | The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2013 and 2012:
Instrument Type |  | Location in Consolidated Balance Sheet |  | Notional Amount |  | Designated Benchmark Interest Rate |  | Strike Rate |  | Fair Value at 12/31/13 |  | Fair Value at 12/31/12 |  | Maturity Date
Cap |  | Intangible lease assets and other assets |  | $ 122,375 (amortizing to $122,375) |  | 3-month LIBOR |  | 5.000 | % |  | $ | — |  |  | $ | — |  |  | Jan 2014
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 53,093 (amortizing to $48,337) |  | 1-month LIBOR |  | 2.149 | % |  | $ | (1,915 | ) |  | $ | (2,775 | ) |  | Apr 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 33,243 (amortizing to $30,276) |  | 1-month LIBOR |  | 2.187 | % |  | (1,226 | ) |  | (1,776 | ) |  | Apr 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 12,427 (amortizing to $11,313) |  | 1-month LIBOR |  | 2.142 | % |  | (446 | ) |  | (647 | ) |  | Apr 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 11,067 (amortizing to $10,083) |  | 1-month LIBOR |  | 2.236 | % |  | (420 | ) |  | (607 | ) |  | Apr 2016
|  |  |  |  |  |  |  |  |  | $ | (4,007 | ) |  | $ | (5,805 | ) |  |
Schedule of gain (loss) recognized in other comprehensive income (loss) |
Hedging Instrument |  | Gain (Loss) Recognized in OCI/L (Effective Portion) |  | Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) |  | Loss Recognized in Earnings (Effective Portion) |  | Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) |  | Gain Recognized in Earnings (Ineffective Portion)
| 2013 | 2012 | 2011 |  |  | 2013 | 2012 | 2011 |  |  | 2013 | 2012 | 2011
Interest rate contracts |  | $ | 1,815 |  | $ | (207 | ) | $ | (5,521 | ) |  | Interest Expense |  | $ | (2,297 | ) | $ | (2,267 | ) | $ | (1,904 | ) |  | Interest Expense |  | $ | — |  | $ | — |  | $ | — |

X
- Definition Schedule of Covenant Compliance [Table Text Block] + References No definition available. + Details
Name: | cbl_ScheduleOfCovenantComplianceTableTextBlock
Namespace Prefix: | cbl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Fixed Rate Loans [Table Text Block] + References No definition available. + Details
Name: | cbl_ScheduleofFixedRateLoansTableTextBlock
Namespace Prefix: | cbl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Variable Rate Loans [Table Text Block] + References No definition available. + Details
Name: | cbl_ScheduleofVariableRateLoansTableTextBlock
Namespace Prefix: | cbl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration