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Subsequent Events | 9 Months Ended
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Sep. 30, 2015
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events In October 2015, the Company closed on the extension and modification of its three unsecured credit facilities. The $1,100,000 of total capacity consists of two $500,000 credit facilities and a $100,000 credit facility. One of the $500,000 facilities matures in October 2019 and has a one-year extension option. The second $500,000 facility matures in October 2020. The $100,000 facility matures in October 2019 and has a one-year extension option. The Company's credit facilities as of September 30, 2015 bear interest at a rate of LIBOR plus 140 basis points, based on the Company's current credit ratings. The new facilities will bear interest at a rate of LIBOR plus a spread of 87.5 to 155 basis points, based on the Company's credit ratings. Additionally, the annual facility fee for the aggregate $1,100,000 facility was reduced to a range of 0.125% to 0.300%, based on the Company's credit ratings. Based on the Company's current credit ratings, the facilities would bear interest at a rate equal to LIBOR plus 120 basis points and have a facility fee of 25 basis points, which represents an aggregate 25 basis points improvement over the rate on the previous facilities. The Company also closed on a new $350,000 unsecured term loan. The term loan bears interest at LIBOR plus a spread of 90 to 175 basis points based on the Company's credit ratings. Based on the Company's current credit ratings, the term loan would bear interest at LIBOR plus 135 basis points. The loan matures in October 2017 and has two one-year extension options for an outside maturity date of October 2019. In October 2015, CBL/T-C, LLC, a 50% owned subsidiary of the Company, closed on a $276,000 non-recourse loan, secured by Oak Park Mall in Overland Park, KS. The loan bears interest at a fixed rate of 3.97% and matures in October 2025. Net proceeds were used to retire the outstanding borrowings under the previous loan, which had a balance of $275,700 as of September 30, 2015, bore interest at 5.85% and had a December 2015 maturity date. In October 2015, the Company earned $625 of the potential $1,740 of contingent consideration, related to the sale of EastGate Crossing in June 2015, and received $574 of net proceeds related to the lease of a tenant space. See Note 4 for additional information.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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