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Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables) | 9 Months Ended
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Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract] |
Investments accounted for using the equity method of accounting | At September 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 Phases I and II | 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 | September 30, 2014 |  | December 31, 2013
Investment in real estate assets | $ | 2,243,113 |  |  | $ | 2,167,227 |
Accumulated depreciation | (603,622 | ) |  | (555,174 | )
| 1,639,491 |  |  | 1,612,053 |
Developments in progress | 57,875 |  |  | 103,161 |
Net investment in real estate assets | 1,697,366 |  |  | 1,715,214 |
Other assets | 183,920 |  |  | 168,799 |
Total assets | $ | 1,881,286 |  |  | $ | 1,884,013 |
LIABILITIES |  |  |
Mortgage and other indebtedness | $ | 1,505,907 |  |  | $ | 1,468,422 |
Other liabilities | 47,765 |  |  | 48,203 |
Total liabilities | 1,553,672 |  |  | 1,516,625 |
OWNERS' EQUITY |  |  |
The Company | 187,714 |  |  | 213,664 |
Other investors | 139,900 |  |  | 153,724 |
Total owners' equity | 327,614 |  |  | 367,388 |
Total liabilities and owners' equity | $ | 1,881,286 |  |  | $ | 1,884,013 |
| Total for the Three Months Ended September 30, |  | Company's Share for the Three Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Total revenues | $ | 61,781 |  |  | $ | 59,348 |  |  | $ | 32,371 |  |  | $ | 30,556 |
Depreciation and amortization | (19,776 | ) |  | (18,889 | ) |  | (10,537 | ) |  | (9,877 | )
Interest income | 336 |  |  | 340 |  |  | 257 |  |  | 242 |
Interest expense | (18,861 | ) |  | (19,150 | ) |  | (9,719 | ) |  | (9,840 | )
Operating expenses | (17,788 | ) |  | (18,045 | ) |  | (9,134 | ) |  | (8,822 | )
Gain on sales of real estate assets | 1,119 |  |  | 21 |  |  | 698 |  |  | 11 |
Net income | $ | 6,811 |  |  | $ | 3,625 |  |  | $ | 3,936 |  |  | $ | 2,270 |
| Total for the Nine Months Ended September 30, |  | Company's Share for the Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Total revenues | $ | 185,002 |  |  | $ | 180,091 |  |  | $ | 96,389 |  |  | $ | 93,002 |
Depreciation and amortization | (57,793 | ) |  | (57,158 | ) |  | (30,654 | ) |  | (29,748 | )
Interest income | 1,015 |  |  | 1,017 |  |  | 775 |  |  | 713 |
Interest expense | (56,165 | ) |  | (57,861 | ) |  | (28,872 | ) |  | (29,677 | )
Operating expenses | (53,457 | ) |  | (54,240 | ) |  | (27,298 | ) |  | (26,683 | )
Gain on sales of real estate assets | 1,119 |  |  | 21 |  |  | 698 |  |  | 11 |
Net income | $ | 19,721 |  |  | $ | 11,870 |  |  | $ | 11,038 |  |  | $ | 7,618 |
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 (1) |  | Amount Financed or Extended
August |  | Fremaux Town Center - Phase I (2) |  | LIBOR + 2.0% |  | August 2016 | (3) | $ | 47,291 |
August |  | Fremaux Town Center - Phase II (4) |  | LIBOR + 2.0% |  | August 2016 | (3) | 32,100 |
July |  | Coastal Grand-Myrtle Beach (5) |  | 4.09% |  | August 2024 |  | 126,000 |
February |  | Fremaux Town Center - Phase I (6) |  | LIBOR + 2.125% |  | March 2016 |  | 47,291 |
(1) Excludes any extension options.
(2) | Fremaux Town Center JV, LLC ("Fremaux") amended and modified its Phase I construction loan to change the maturity date and interest rate. Additionally, the Company's guarantee of the loan was reduced from 100% to 50% of the outstanding principal loan amount. See Note 12 for further information on future guarantee reductions.
(3) | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of August 2018.
(4) | The Company has guaranteed 100% of the construction loan. See Note 12 for further information on future guarantee reductions.
(5) | Two subsidiaries of Mall of South Carolina L.P. and Mall of South Carolina Outparcel L.P., closed on a non-recourse loan, secured by Coastal Grand-Myrtle Beach in Myrtle Beach, SC. Net proceeds were used to retire the outstanding borrowings under the previous loan, which had a balance of $75,238 as well as to pay off $18,000 of subordinated notes to the Company and its joint venture partner, each of which held $9,000. See Note 8 for additional information. Excess proceeds were distributed 50/50 to the Company and its partner.
(6) | 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 had guaranteed 100% of the loan. The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of March 2018. See Note 2 and Note 3 above for information on the extension and modification of the Phase I loan in August 2014.
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:
|  | Nine Months Ended September 30, 2013
Beginning Balance |  | $ | 423,834 |
Net income attributable to redeemable noncontrolling preferred joint venture interest |  | 14,637 |
Distributions to redeemable noncontrolling preferred joint venture interest |  | (19,894 | )
Reduction to preferred liquidation value of PJV units |  | (10,000 | )
Redemption of noncontrolling preferred joint venture interest |  | (408,577 | )
Ending Balance |  | $ | — |

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