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Mortgage and Other Indebtedness (Tables) | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following:
| September 30, 2014 |  | December 31, 2013
| Amount |  | Weighted- Average Interest Rate (1) |  | Amount |  | Weighted- Average Interest Rate (1)
Fixed-rate debt: |  |  |  |  |  |  |
Non-recourse loans on operating properties (2) | $ | 3,337,037 |  |  | 5.53% |  | $ | 3,527,830 |  |  | 5.54%
Senior unsecured notes (3) | 445,678 |  |  | 5.25% |  | 445,374 |  |  | 5.25%
Other (4) | 6,175 |  |  | 3.50% |  | — |  |  | —%
Financing obligation (5) | — |  |  | —% |  | 17,570 |  |  | 8.00%
Total fixed-rate debt | 3,788,890 |  |  | 5.49% |  | 3,990,774 |  |  | 5.52%
Variable-rate debt: |  |  |  |  |  |  |  |  |
Non-recourse term loans on operating properties | 17,191 |  |  | 2.28% |  | 133,712 |  |  | 3.14%
Recourse term loans on operating properties | 90,374 |  |  | 2.00% |  | 51,300 |  |  | 1.87%
Construction loans | 6,742 |  |  | 2.90% |  | 2,983 |  |  | 2.17%
Unsecured lines of credit | 358,224 |  |  | 1.55% |  | 228,754 |  |  | 1.57%
Unsecured term loans | 450,000 |  |  | 1.70% |  | 450,000 |  |  | 1.71%
Total variable-rate debt | 922,531 |  |  | 1.69% |  | 866,749 |  |  | 1.91%
Total | $ | 4,711,421 |  |  | 4.75% |  | $ | 4,857,523 |  |  | 4.88%
(1) | Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs.
(2) | The Company had four interest rate swaps on notional amounts totaling $106,677 as of September 30, 2014 and $109,830 as of December 31, 2013 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at September 30, 2014 and December 31, 2013.
(3) | Net of discount in the amount of $4,322 and $4,626 as of September 30, 2014 and December 31, 2013, respectively.
(4) | A subsidiary of the Management Company entered into a term loan in May 2014.
(5) | This amount represented the noncontrolling partner's unreturned equity contribution related to Pearland Town Center that was accounted for as a financing due to certain terms of the CBL/T-C, LLC joint venture agreement. In March 2014, the Company purchased the noncontrolling interest as described below.
Schedule of line of credit facilities | The following summarizes certain information about the Company's unsecured lines of credit as of September 30, 2014:
|  | Total Capacity |  | Total Outstanding |  | Maturity Date |  | Extended Maturity Date (1)
Wells Fargo - Facility A |  | $ | 600,000 |  |  | $ | 201,841 |  | (2) | November 2015 |  | November 2016
First Tennessee |  | 100,000 |  |  | 7,000 |  | (3) | February 2016 |  | N/A
Wells Fargo - Facility B |  | 600,000 |  |  | 149,383 |  | (4) | November 2016 |  | November 2017
|  | $ | 1,300,000 |  |  | $ | 358,224 |  |  |  |  |
(1) | The extension options are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility.
(2) | There was an additional $1,525 outstanding on this facility as of September 30, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.
(3) | There was an additional $113 outstanding on this facility as of September 30, 2014 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit.
(4) | There was an additional $123 outstanding on this facility as of September 30, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.
Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of September 30, 2014:
Ratio |  | Required |  | Actual
Debt to total asset value |  | < 60% |  | 50.0%
Unencumbered asset value to unsecured indebtedness |  | > 1.60x |  | 2.42x
Unencumbered NOI to unsecured interest expense |  | > 1.75x |  | 4.47x
EBITDA to fixed charges (debt service) |  | > 1.50x |  | 2.20x
The following presents the Company's compliance with key covenant ratios, as defined, of the 2023 Notes as of September 30, 2014:
Ratio |  | Required |  | Actual
Total debt to total assets |  | < 60% |  | 53.8%
Secured debt to total assets |  | < 45% (1) |  | 38.9%
Total unencumbered assets to unsecured debt |  | > 150% |  | 233.4%
Consolidated income available for debt service to annual debt service charge |  | > 1.5x |  | 3.1x
(1) | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.
Schedule of repaid loans, secured by real estate | The following table presents the loans, secured by the related properties, that have been entered into since January 1, 2014:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Amount Financed
April |  | The Outlet Shoppes at Oklahoma City - Phase II (2) |  | LIBOR + 2.75% |  | April 2019 | (3) | $ | 6,000 |
April |  | The Outlet Shoppes at Oklahoma City - Phase III (4) |  | LIBOR + 2.75% |  | April 2019 | (3) | 5,400 |
April |  | The Outlet Shoppes at El Paso - Phase II (4) |  | LIBOR + 2.75% |  | April 2018 |  | 7,000 |
(1) | Excludes any extension options.
(2) | Proceeds from the operating property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement. The Company's share of the proceeds was used to reduce the balances on its credit facilities.
(3) | The loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021.
(4) | The Operating Partnership has guaranteed 100% of the construction loan for the expansion of the outlet center until construction is complete and certain financial and operational metrics are met.
The Company has repaid the following loan, secured by the related property, since January 1, 2014:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
January |  | St. Clair Square (2) |  | 3.25% |  | December 2016 |  | $ | 122,375 |
(1) | The Company retired the loan with borrowings from its credit facilities.
(2) | The Company recorded a loss on extinguishment of debt from a $1,249 prepayment fee.
Schedule of principal repayments | As of September 30, 2014, 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, term loans, the notes and lines of credit, are as follows:
2014 | $ | 207,268 |
2015 | 729,861 |
2016 | 802,137 |
2017 | 495,409 |
2018 | 676,511 |
Thereafter | 1,796,419 |
| 4,707,605 |
Net unamortized premiums | 3,816 |
| $ | 4,711,421 |
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of September 30, 2014, 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 Outstanding
Interest Rate Swaps |  | 4 |  | $ | 106,677 |
Schedule of pay fixed/receive variable swap |
Instrument Type |  | Location in Condensed Consolidated Balance Sheet |  | Notional Amount Outstanding |  | Designated Benchmark Interest Rate |  | Strike Rate |  | Fair Value at 9/30/14 |  | Fair Value at 12/31/13 |  | Maturity Date
Cap |  | Intangible lease assets and other assets |  | N/A |  | 3-month LIBOR |  | 5.000% |  | N/A |  | $ | — |  |  | Jan 2014
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $51,566 (amortizing to $48,337) |  | 1-month LIBOR |  | 2.149% |  | $ | (1,260 | ) |  | $ | (1,915 | ) |  | Apr 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $32,291 (amortizing to $30,276) |  | 1-month LIBOR |  | 2.187% |  | (807 | ) |  | (1,226 | ) |  | Apr 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $12,069 (amortizing to $11,313) |  | 1-month LIBOR |  | 2.142% |  | (294 | ) |  | (446 | ) |  | Apr 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $10,751 (amortizing to $10,083) |  | 1-month LIBOR |  | 2.236% |  | (276 | ) |  | (420 | ) |  | Apr 2016
|  |  |  |  |  |  |  |  |  | $ | (2,637 | ) |  | $ | (4,007 | ) |  |
Schedule of gain (loss) recognized in other comprehensive income (loss) |
|  | Gain Recognized in OCI/L (Effective Portion) |  | Location of Losses Reclassified from AOCI into Earnings (Effective Portion) |  | Loss Recognized in Earnings (Effective Portion) |  | Location of Gain Recognized in Earnings (Ineffective Portion) |  | Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument |  | Three Months Ended September 30, |  |  | Three Months Ended September 30, |  |  | Three Months Ended September 30,
| 2014 |  | 2013 |  |  | 2014 |  | 2013 |  |  | 2014 |  | 2013
Interest rate contracts |  | $ | 597 |  |  | $ | 117 |  |  | Interest Expense |  | $ | (551 | ) |  | $ | (568 | ) |  | Interest Expense |  | $ | — |  |  | $ | — |
|  | Gain Recognized in OCI/L (Effective Portion) |  | Location of Losses Reclassified from AOCI into Earnings (Effective Portion) |  | Loss Recognized in Earnings (Effective Portion) |  | Location of Gain Recognized in Earnings (Ineffective Portion) |  | Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument |  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  |  | 2014 |  | 2013 |  |  | 2014 |  | 2013
Interest rate contracts |  | $ | 1,371 |  |  | $ | 1,398 |  |  | Interest Expense |  | $ | (1,650 | ) |  | $ | (1,687 | ) |  | Interest Expense |  | $ | — |  |  | $ | — |

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