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Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables) | 3 Months Ended
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Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Investments accounted for using the equity method of accounting | At March 31, 2016, the Company had investments in the following 20 entities, which are accounted for using the equity method of accounting:
Joint Venture | Property Name | Company's Interest
Ambassador Infrastructure, LLC | Ambassador Town Center - Infrastructure Improvements | 65.0%
Ambassador Town Center JV, LLC | Ambassador Town Center | 65.0%
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%
G&I VIII CBL Triangle LLC | Triangle Town Center, Triangle Town Commons and Triangle Town Place | 10.0%
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 Phases I, II and III | 50.0%
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50.0%
Mall of South Carolina L.P. | Coastal Grand | 50.0%
Mall of South Carolina Outparcel L.P. | 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%
River Ridge Mall JV, LLC | River Ridge Mall | 25.0%
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 | March 31, 2016 |  | December 31, 2015
Investment in real estate assets | $ | 2,355,978 |  |  | $ | 2,357,902 |
Accumulated depreciation | (595,145 | ) |  | (677,448 | )
| 1,760,833 |  |  | 1,680,454 |
Held for sale | 68,064 |  |  | — |
Developments in progress | 15,458 |  |  | 59,592 |
Net investment in real estate assets | 1,844,355 |  |  | 1,740,046 |
Other assets | 199,405 |  |  | 168,540 |
Total assets | $ | 2,043,760 |  |  | $ | 1,908,586 |
LIABILITIES |  |  |
Mortgage and other indebtedness | $ | 1,560,802 |  |  | $ | 1,546,272 |
Other liabilities | 54,059 |  |  | 51,357 |
Total liabilities | 1,614,861 |  |  | 1,597,629 |
OWNERS' EQUITY |  |  |
The Company | 224,762 |  |  | 184,868 |
Other investors | 204,137 |  |  | 126,089 |
Total owners' equity | 428,899 |  |  | 310,957 |
Total liabilities and owners' equity | $ | 2,043,760 |  |  | $ | 1,908,586 |
| Total for the Three Months Ended March 31, |  | Company's Share for the Three Months Ended March 31,
| 2016 |  | 2015 |  | 2016 |  | 2015
Total revenues | $ | 64,204 |  |  | $ | 62,472 |  |  | $ | 30,264 |  |  | $ | 32,835 |
Depreciation and amortization | (20,610 | ) |  | (19,481 | ) |  | (9,178 | ) |  | (10,317 | )
Interest income | 336 |  |  | 332 |  |  | 256 |  |  | 255 |
Interest expense | (13,489 | ) |  | (18,794 | ) |  | (6,585 | ) |  | (9,685 | )
Operating expenses | (20,072 | ) |  | (19,306 | ) |  | (8,762 | ) |  | (9,828 | )
Gain on sales of real estate assets | 80,959 |  |  | 815 |  |  | 26,395 |  |  | 563 |
Net income | $ | 91,328 |  |  | $ | 6,038 |  |  | $ | 32,390 |  |  | $ | 3,823 |
Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Amount Financed or Extended |
February |  | Port Orange (2) |  | LIBOR + 2.00% |  | February 2018 | (3) | $ | 58,628 |  |
February |  | Hammock Landing - Phase I (2) |  | LIBOR + 2.00% |  | February 2018 | (3) | 43,347 |  | (4)
February |  | Hammock Landing - Phase II (2) |  | LIBOR + 2.00% |  | February 2018 | (3) | 16,757 |  |
February |  | Triangle Town Center, Triangle Town Place, Triangle Town Commons (5) |  | 4.00% | (6) | December 2018 | (7) | 171,092 |  |
(1) | Excludes any extension options.
(2) | The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 12 for more information.
(3) | The loan was modified and extended to February 2018 with a one-year extension option.
(4) | The capacity was increased from $39,475.
(5) | The loan was amended and modified in conjunction with the sale of the property to a newly formed joint venture. See above.
(6) | The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date.
(7) | The loan was extended to December 2018 with two one-year extension options.
Schedule of Variable Interest Entities | The table below lists the Company's VIEs as of March 31, 2016 under the new guidance:
Consolidated VIEs:
CBL Terrace LP
Foothills Mall Associates
High Point Development LP II
Jarnigan Road LP
Lebcon Associates
Lebcon I, Ltd
Lee Partners
Village at Orchard Hills, LLC
Statesboro Crossing, LLC
The Promenade at D'Ilberville
Madison Grandview Forum, LLC
Atlanta Outlet Shoppes, LLC
Woodstock Ga Investments, LLC
Atlanta Outlet Outparcels, LLC
El Paso Outlet Center Holding, LLC
El Paso Outlet Center II, LLC
Gettysburg Outlet Center Holding, LLC
Gettysburg Outlet Center, LLC
Louisville Outlet Shoppes, LLC
Louisville Outlet Outparcels, LLC
Unconsolidated VIEs:
JG Gulf Coast Town Center LLC
Ambassador Infrastructure, LLC
G&I VIII CBL Triangle LLC (1)
Triangle Town Member LLC (1)
(1) | As discussed above, prior to the sale of the Company's 50% interest in Triangle Town Member LLC, the Company's investment in this joint venture represented an interest in a VIE. Upon, the sale of the Company's 50% interest in Triangle Town Member LLC to G&I VIII CBL Triangle LLC, the Company determined that the new unconsolidated affiliate also represents an interest in a VIE based upon the criteria noted above.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5747-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6228884-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5728-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Variable Interest Entity -URI http://asc.fasb.org/extlink&oid=6528138 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6759159-111685 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5710-111685 + Details
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