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Mortgage and Other Indebtedness (Tables)
 9 Months Ended
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
 
$
—

 
$
—