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Unconsolidated Affiliates, Redeemable Interests, Noncontrolling Interests and Cost Method Investments (Tables) | 6 Months Ended
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Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Investments accounted for using the equity method of accounting | At June 30, 2016, the Company had investments in the following 19 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%
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 Phase 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 | June 30, 2016 |  | December 31, 2015
Investment in real estate assets | $ | 2,184,268 |  |  | $ | 2,357,902 |
Accumulated depreciation | (549,935 | ) |  | (677,448 | )
| 1,634,333 |  |  | 1,680,454 |
Developments in progress | 17,709 |  |  | 59,592 |
Net investment in real estate assets | 1,652,042 |  |  | 1,740,046 |
Other assets | 241,951 |  |  | 168,540 |
Total assets | $ | 1,893,993 |  |  | $ | 1,908,586 |
LIABILITIES |  |  |
Mortgage and other indebtedness | $ | 1,333,293 |  |  | $ | 1,546,272 |
Other liabilities | 56,261 |  |  | 51,357 |
Total liabilities | 1,389,554 |  |  | 1,597,629 |
OWNERS' EQUITY |  |  |
The Company | 236,005 |  |  | 184,868 |
Other investors | 268,434 |  |  | 126,089 |
Total owners' equity | 504,439 |  |  | 310,957 |
Total liabilities and owners' equity | $ | 1,893,993 |  |  | $ | 1,908,586 |
| Total for the Three Months Ended June 30, |  | Company's Share for the Three Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Total revenues | $ | 62,854 |  |  | $ | 63,111 |  |  | $ | 29,836 |  |  | $ | 32,958 |
Depreciation and amortization | (22,248 | ) |  | (19,641 | ) |  | (9,156 | ) |  | (10,303 | )
Interest income | 332 |  |  | 335 |  |  | 256 |  |  | 257 |
Interest expense | (14,181 | ) |  | (18,589 | ) |  | (7,093 | ) |  | (9,587 | )
Operating expenses | (18,333 | ) |  | (17,468 | ) |  | (8,421 | ) |  | (9,045 | )
Gain on extinguishment of debt | 63,294 |  |  | — |  |  | — |  |  | — |
Income from continuing operations before gain on sales of real estate assets | 71,718 |  |  | 7,748 |  |  | 5,422 |  |  | 4,280 |
Gain on sales of real estate assets | 60,377 |  |  | 619 |  |  | 58,927 |  |  | 601 |
Net income | $ | 132,095 |  |  | $ | 8,367 |  |  | $ | 64,349 |  |  | $ | 4,881 |
| Total for the Six Months Ended June 30, |  | Company's Share for the Six Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Total revenues | $ | 127,058 |  |  | $ | 125,583 |  |  | $ | 60,100 |  |  | $ | 65,793 |
Depreciation and amortization | (42,858 | ) |  | (39,122 | ) |  | (18,334 | ) |  | (20,620 | )
Interest income | 668 |  |  | 667 |  |  | 512 |  |  | 512 |
Interest expense | (27,670 | ) |  | (37,383 | ) |  | (13,678 | ) |  | (19,272 | )
Operating expenses | (38,405 | ) |  | (36,774 | ) |  | (17,183 | ) |  | (18,873 | )
Gain on extinguishment of debt | 63,294 |  |  | — |  |  | — |  |  | — |
Income from continuing operations before gain on sales of real estate assets | 82,087 |  |  | 12,971 |  |  | 11,417 |  |  | 7,540 |
Gain on sales of real estate assets | 141,336 |  |  | 1,434 |  |  | 85,322 |  |  | 1,164 |
Net income | $ | 223,423 |  |  | $ | 14,405 |  |  | $ | 96,739 |  |  | $ | 8,704 |
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 |
June |  | Fremaux Town Center (2) |  | 3.70% | (3) | June 2026 |  | $ | 73,000 |  |
June |  | Ambassador Town Center (4) |  | 3.22% | (5) | June 2023 |  | 47,660 |  |
February |  | Port Orange (6) |  | LIBOR + 2.0% |  | February 2018 | (7) | 58,628 |  |
February |  | Hammock Landing - Phase I (6) |  | LIBOR + 2.0% |  | February 2018 | (7) | 43,347 |  | (8)
February |  | Hammock Landing - Phase II (6) |  | LIBOR + 2.0% |  | February 2018 | (7) | 16,757 |  |
February |  | Triangle Town Center, Triangle Town Place, Triangle Town Commons (9) |  | 4.00% | (10) | December 2018 | (11) | 171,092 |  |
(1) | Excludes any extension options.
(2) | Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125.
(3) | The joint venture has an interest rate swap on a notional amount of $73,000, amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate.
(4) | The non-recourse loan was used to retire an existing construction loan with a balance of $41,900 and excess proceeds were utilized to fund remaining construction costs.
(5) | The joint venture has an interest rate swap on a notional amount of $47,660, amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on that variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate.
(6) | The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 12 for more information.
(7) | The loan was modified and extended to February 2018 with a one-year extension option.
(8) | The capacity was increased from $39,475 to fund the expansion.
(9) | The loan was amended and modified in conjunction with the sale of the property to a newly formed joint venture. See previous section in Note 5 for additional information.
(10) | The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date.
(11) | The loan was extended to December 2018 with two one-year extension options.
The following table summarizes the allocation of the estimated fair values of the tangible and identifiable intangible assets acquired as of the February 2016 acquisition date for the G&I VIII CBL Triangle LLC joint venture:
|  | 2016
Land |  | $ | 14,421 |
Buildings and improvements |  | 132,230 |
Tenant improvements |  | 1,206 |
Above-market leases |  | 11,599 |
In-place leases |  | 22,538 |
Total assets |  | 181,994 |
Below-market leases |  | (7,994 | )
Net assets acquired |  | $ | 174,000 |
Schedule of Variable Interest Entities | The table below lists the Company's VIEs as of June 30, 2016 under ASC 2015-02:
Consolidated VIEs:
Atlanta Outlet Outparcels, LLC
Atlanta Outlet Shoppes, LLC
CBL Terrace LP
El Paso Outlet Center Holding, LLC
El Paso Outlet Center II, LLC
Foothills Mall Associates
Gettysburg Outlet Center Holding, LLC
Gettysburg Outlet Center, LLC
High Point Development LP II
Jarnigan Road LP
Laredo Outlet Shoppes, LLC (1)
Lebcon Associates
Lebcon I, Ltd
Lee Partners
Louisville Outlet Outparcels, LLC
Louisville Outlet Shoppes, LLC
Madison Grandview Forum, LLC
The Promenade at D'Ilberville
Statesboro Crossing, LLC
Village at Orchard Hills, LLC
Woodstock Ga Investments, LLC
Unconsolidated VIEs: (2)
Ambassador Infrastructure, LLC
G&I VIII CBL Triangle LLC (3)
(1) | In May 2016, the Company formed a 65/35 joint venture, Laredo Outlet Shoppes, LLC, to develop, own and operate The Outlet Shoppes of Laredo in Laredo, TX. The Company initially contributed $7,714, which consisted of a cash contribution of $2,434 and its interest in a note receivable of $5,280 (see Note 8), and the third party partner contributed $10,686 which included land and construction costs to date. The Company will be responsible for contributing 100% of the capital to fund the project until the pro rata 65% contribution is reached. All subsequent future contributions will be funded on a 65/35 pro rata basis. As of June 30, 2016, the Company had funded $15,493 of the project costs and only $4,353 remained to be funded by the company to reach the pro rata 65% contribution level. The Company determined that the new consolidated affiliate represents an interest in a VIE based upon the criteria noted above.
(2) | In June 2016, the foreclosure process was completed and Phases I and II of Gulf Coast Town Center in Ft. Myers, FL were returned to the lender in satisfaction of the non-recourse mortgage loan. As of June 30, 2016, the Company determined that the unconsolidated affiliate, JG Gulf Coast Town Center LLC, no longer represents an interest in a VIE based upon the criteria noted above.
(3) | 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 represents an interest in a VIE based upon the criteria noted above.

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