Condensed combined financial statement information of these unconsolidated affiliates is as follows:



	December 31,
	2015			2014
ASSETS:
Investment in real estate assets	$	2,357,902		$	2,266,252
Accumulated depreciation	(677,448		)	(619,558		)
	1,680,454			1,646,694
Developments in progress	59,592			75,877
Net investment in real estate assets	1,740,046			1,722,571
Other assets ⁽¹⁾	168,540			166,391
Total assets	$	1,908,586		$	1,888,962

LIABILITIES:
Mortgage and other indebtedness ⁽¹⁾	$	1,546,272		$	1,508,663
Other liabilities	51,357			42,517
Total liabilities	1,597,629			1,551,180

OWNERS' EQUITY:
The Company	184,868			198,261
Other investors	126,089			139,521
Total owners' equity	310,957			337,782
Total liabilities and owners’ equity	$	1,908,586		$	1,888,962

(1) In accordance with the adoption in the fourth quarter of 2015 of ASU 2015-03 and ASU 2015-15, unamortized deferred financing costs were reclassified from other assets to mortgage and other indebtedness. These reclassifications consisted of $2,884 and $4,163 as of December 31, 2015 and 2014, respectively.



	Year Ended December 31,
	2015			2014			2013
Total revenues	$	253,399		$	250,248		$	243,215
Depreciation and amortization	(79,870		)	(79,059		)	(76,323		)
Other operating expenses	(75,875		)	(73,218		)	(72,166		)
Income from operations	97,654			97,971			94,726
Interest and other income	1,337			1,358			1,359
Interest expense	(75,485		)	(74,754		)	(76,934		)
Gain on sales of real estate assets	2,551			1,697			102
Net income	$	26,057		$	26,272		$	19,253

2015 Financings

The following table presents the loan activity of the Company's unconsolidated affiliates in 2015:



Date	Property	Stated Interest Rate	Maturity Date ⁽¹⁾		Amount Financed or Extended
December	Hammock Landing - Phase I ⁽²⁾	LIBOR + 2.00%	February 2016	⁽³⁾	$	39,475
December	Hammock Landing - Phase II ⁽²⁾	LIBOR + 2.00%	February 2016	⁽³⁾	16,757
December	The Pavilion at Port Orange ⁽²⁾	LIBOR + 2.00%	February 2016	⁽³⁾	58,820
October	Oak Park Mall ⁽⁴⁾	3.97%	October 2025		276,000
July	Gulf Coast Town Center - Phase III ⁽⁵⁾	LIBOR + 2.00%	July 2017		5,352


(1)	Excludes any extension options.


(2)	The loan was amended and modified to extend its initial maturity date and interest rate.


(3)	Subsequent to December 31, 2015, the loan was extended to February 2018 with a one-year extension option. See Note 19 for more information.


(4)	CBL/T-C, a 50% owned subsidiary of the Company, closed on a non-recourse loan, secured by Oak Park Mall in Overland Park, KS. Net proceeds were used to retire the outstanding borrowings of $275,700 under the previous loan which bore interest at 5.85% and had a December 2015 maturity date.


(5)	The loan was amended and modified to extend its maturity date. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership. See Note 14 for more information.

See Note 19 for information related to an unconsolidated affiliate's mortgage loan, which was modified and restructured subsequent to December 31, 2015.

2014 Financings

The following table presents the loan activity of the Company's unconsolidated affiliates in 2014:



Date	Property	Stated Interest Rate	Maturity Date ⁽¹⁾		Amount Financed or Extended
December	Ambassador Town Center ⁽²⁾	LIBOR + 1.80%	December 2017	⁽³⁾	$	48,200
December	Ambassador Town Center - Infrastructure Improvements ⁽⁴⁾	LIBOR + 2.00%	December 2017	⁽³⁾	11,700
November	Hammock Landing - Phase II ⁽⁵⁾	LIBOR + 2.25%	November 2015	⁽⁶⁾	16,757
August	Fremaux Town Center - Phase I ⁽⁷⁾	LIBOR + 2.00%	August 2016	⁽⁸⁾	47,291
August	Fremaux Town Center - Phase II ⁽⁹⁾	LIBOR + 2.00%	August 2016	⁽⁸⁾	32,100
July	Coastal Grand - Myrtle Beach ⁽¹⁰⁾	4.09%	August 2024		126,000
February	Fremaux Town Center - Phase I ⁽¹¹⁾	LIBOR + 2.125%	March 2016		47,291


(1)	Excludes any extension options.

(2)

The unconsolidated 65/35 joint venture closed on a construction loan for the development of Ambassador Town Center, a community center located in Lafayette, LA. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. The interest rate will be reduced to LIBOR + 1.60% once certain debt service and operational metrics are met.


(3)	The loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of December 2019.

(4)

The unconsolidated 65/35 joint venture was formed to construct certain infrastructure improvements related to the development of Ambassador Town Center. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. Under a PILOT program, in lieu of ad valorem taxes, Ambassador and other contributing landowners will make annual PILOT payments to Ambassador Infrastructure, which will be used to repay the infrastructure construction loan.

(5)

The $10,757 construction loan was amended and restated to increase the loan by $6,000 to finance the construction of Academy Sports. The interest rate was reduced to LIBOR + 2.00% in the fourth quarter of 2015 as Academy Sports is open and paying contractual rent. See Note 14 for information on the Operating Partnership's guaranty of this loan. The loan was subsequently amended and modified in 2015. See above.


(6)	The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of November 2017.


(7)	Fremaux amended and modified its Phase I construction loan to change the maturity date and interest rate. Additionally, the Operating Partnership's guarantee of the loan was reduced from 100% to 50% of the outstanding principal loan amount. In the second quarter of 2015, the guaranty was reduced from 50% to 15%. See Note 14 for further information.


(8)	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.


(9)	The Operating Partnership's guaranty of the construction loan was reduced in the fourth quarter of 2014 from 100% to 50% upon the land closing with Dillard's. See Note 14 for further information on future guaranty reductions.

(10)

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 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. Excess proceeds were distributed 50/50 to the Company and its partner and the Company's share of excess proceeds was used to reduce outstanding balances on its lines of credit.

(11)

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 Operating Partnership 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 footnote 7 and footnote 8 above for information on the extension and modification of the Phase I loan in August 2014.