XML 39 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables)
 6 Months Ended
Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Investments accounted for using the equity method of accounting
At June 30, 2014, 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
CBL/T-C, LLC
CoolSprings Galleria, Oak Park Mall and West County Center
50.0%
CBL-TRS Joint Venture, LLC
Friendly Center, The Shops at Friendly Center and a portfolio
   of four office buildings
50.0%
CBL-TRS Joint Venture II, LLC
Renaissance 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
65.0%
Governor’s Square IB
Governor’s Plaza
50.0%
Governor’s Square Company
Governor’s Square
47.5%
High Pointe Commons, LP
High Pointe Commons
50.0%
High Pointe Commons II-HAP, LP
High Pointe Commons - Christmas Tree Shop
50.0%
JG Gulf Coast Town Center LLC
Gulf Coast Town Center
50.0%
Kentucky Oaks Mall Company
Kentucky Oaks Mall
50.0%
Mall of South Carolina L.P.
Coastal Grand—Myrtle Beach
50.0%
Mall of South Carolina Outparcel L.P.
Coastal Grand—Myrtle Beach (Coastal Grand Crossing
   and vacant land)
50.0%
Port Orange I, LLC
The Pavilion at Port Orange Phase I and one office building
50.0%
Triangle Town Member LLC
Triangle Town Center, Triangle Town Commons
   and Triangle Town Place
50.0%
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 these unconsolidated affiliates is as follows:
 
As of
ASSETS
June 30,
2014
 
December 31,
2013
Investment in real estate assets
$
2,227,426

 
$
2,167,227

Accumulated depreciation
(587,591
)
 
(555,174
)
 
1,639,835

 
1,612,053

Developments in progress
63,131

 
103,161

Net investment in real estate assets
1,702,966

 
1,715,214

Other assets
170,795

 
168,799

    Total assets
$
1,873,761

 
$
1,884,013

 
 
 
 
LIABILITIES
 
 
 
Mortgage and other indebtedness
$
1,476,916

 
$
1,468,422

Other liabilities
41,945

 
48,203

    Total liabilities
1,518,861

 
1,516,625

 
 
 
 
OWNERS' EQUITY
 
 
 
The Company
204,856

 
213,664

Other investors
150,044

 
153,724

Total owners' equity
354,900

 
367,388

    Total liabilities and owners' equity
$
1,873,761

 
$
1,884,013

 
Total for the Three Months
Ended June 30,
 
Company's Share for the
Three Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
Total revenues
$
61,400

 
$
60,024

 
$
32,066

 
$
30,776

Depreciation and amortization
(19,230
)
 
(19,122
)
 
(10,256
)
 
(9,923
)
Interest income
339

 
338

 
259

 
235

Interest expense
(18,746
)
 
(19,043
)
 
(9,662
)
 
(9,764
)
Operating expenses
(17,488
)
 
(17,443
)
 
(8,989
)
 
(8,595
)
Net income
$
6,275

 
$
4,754

 
$
3,418

 
$
2,729

 
Total for the Six Months
Ended June 30,
 
Company's Share for the
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
Total revenues
$
123,221

 
$
120,743

 
$
64,018

 
$
62,446

Depreciation and amortization
(38,017
)
 
(38,270
)
 
(20,117
)
 
(19,871
)
Interest income
679

 
677

 
518

 
470

Interest expense
(37,304
)
 
(38,711
)
 
(19,153
)
 
(19,836
)
Operating expenses
(35,669
)
 
(36,195
)
 
(18,164
)
 
(17,861
)
Net income
$
12,910

 
$
8,244

 
$
7,102

 
$
5,348
Loan activity, unconsolidated affiliates
The following table presents the loan activity of the Company's unconsolidated affiliates since January 1, 2014:
Date
 
Property
 
Stated
Interest
Rate
 
Maturity Date
 
Amount Financed
or Extended
February
 
Fremaux Town Center - Phase I (1)
 
LIBOR + 2.125%
 
March 2016
(2) 
$
47,291

(1)
Fremaux Town Center JV, LLC ("Fremaux") amended and restated its March 2013 loan agreement to increase the capacity on its construction loan from $46,000 to $47,291 for additional development costs related to Fremaux Town Center. The Company has guaranteed 100% of the loan.
Redeemable non-controlling preferred joint venture interest
The 2013 activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units that the Company redeemed in September 2013 is as follows:
 
 
Six Months Ended
June 30, 2013
Beginning Balance
 
$
423,834

Net income attributable to redeemable noncontrolling preferred joint venture interest
 
10,228

Distributions to redeemable noncontrolling preferred joint venture interest
 
(10,285
)
Ending Balance
 
$
423,777