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Unconsolidated Affiliates and Noncontrolling Interests | 3 Months Ended
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Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Unconsolidated Affiliates and Noncontrolling Interests | Unconsolidated Affiliates and Noncontrolling Interests Unconsolidated Affiliates At March 31, 2017, the Company had investments in the following 17 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 and The Shops at Friendly 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 and Triangle Town Commons | 10.0%
Governor’s Square IB | Governor’s Square Plaza | 50.0%
Governor’s Square Company | Governor’s Square | 47.5%
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 | 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%
Although the Company had majority ownership of certain joint ventures during 2017 and 2016, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:
• | the pro forma for the development and construction of the project and any material deviations or modifications thereto;
• | the site plan and any material deviations or modifications thereto;
• | the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto;
• | any acquisition/construction loans or any permanent financings/refinancings;
• | the annual operating budgets and any material deviations or modifications thereto;
• | the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and
• | any material acquisitions or dispositions with respect to the project.
As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting. All of the debt on the properties owned by the unconsolidated affiliates listed above is non-recourse, except for debt secured by Ambassador Infrastructure, Hammock Landing and The Pavilion at Port Orange. See Note 12 for a description of guarantees the Company has issued related to certain unconsolidated affiliates. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows:
ASSETS | March 31, 2017 |  | December 31, 2016
Investment in real estate assets | $ | 2,142,570 |  |  | $ | 2,137,666 |
Accumulated depreciation | (580,084 | ) |  | (564,612 | )
| 1,562,486 |  |  | 1,573,054 |
Developments in progress | 11,182 |  |  | 9,210 |
Net investment in real estate assets | 1,573,668 |  |  | 1,582,264 |
Other assets | 212,682 |  |  | 223,347 |
Total assets | $ | 1,786,350 |  |  | $ | 1,805,611 |
LIABILITIES |  |  |
Mortgage and other indebtedness, net | $ | 1,260,645 |  |  | $ | 1,266,046 |
Other liabilities | 41,864 |  |  | 46,160 |
Total liabilities | 1,302,509 |  |  | 1,312,206 |
OWNERS' EQUITY |  |  |
The Company | 224,340 |  |  | 228,313 |
Other investors | 259,501 |  |  | 265,092 |
Total owners' equity | 483,841 |  |  | 493,405 |
Total liabilities and owners' equity | $ | 1,786,350 |  |  | $ | 1,805,611 |
| Total for the Three Months Ended March 31,
| 2017 |  | 2016
Total revenues | $ | 59,699 |  |  | $ | 64,204 |
Depreciation and amortization | (20,629 | ) |  | (20,610 | )
Interest income | 400 |  |  | 336 |
Interest expense | (12,838 | ) |  | (13,489 | )
Operating expenses | (18,748 | ) |  | (20,072 | )
Income from continuing operations before gain on sales of real estate assets | 7,884 |  |  | 10,369 |
Gain (loss) on sales of real estate assets | (71 | ) |  | 80,959 |
Net income (1) | $ | 7,813 |  |  | $ | 91,328 |
(1) | The Company's pro rata share of net income is $5,373 and $32,390 for the three months ended March 31, 2017 and 2016, respectively.
Redeemable Interests of the Operating Partnership Redeemable common units of $15,472 and $17,996 at March 31, 2017 and December 31, 2016, respectively, include a partnership interest in the Operating Partnership for which the partnership agreement includes redemption provisions that may require the Operating Partnership to redeem the partnership interest for real property. Noncontrolling Interests of the Operating Partnership Noncontrolling interests include the aggregate noncontrolling ownership interest in the Operating Partnership's consolidated subsidiaries that is held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. Total noncontrolling interests were $9,319 and $12,103, as of March 31, 2017 and December 31, 2016, respectively. Noncontrolling Interests of the Company The noncontrolling interests of the Company include the third party interests discussed above as well as the aggregate noncontrolling partnership interest in the Operating Partnership that is not owned by the Company and for which each of the noncontrolling limited partners has the right to exchange all or a portion of its partnership interests for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As of March 31, 2017, the Company's total noncontrolling interests of $106,085 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $96,766 and $9,319, respectively. The Company's total noncontrolling interests at December 31, 2016 of $112,138 consisted of noncontrolling interests in the Operating Partnership and in other consolidated subsidiaries of $100,035 and $12,103, respectively. Variable Interest Entities In accordance with the guidance in ASU 2015-02 and ASU 2016-17, as discussed in Note 2, the Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights. The Company adopted ASU 2015-02 as of January 1, 2016 and ASU 2016-17 was adopted as of January 1, 2017 on a modified retrospective basis. The adoption of ASU 2016-17 did not change any of the Company's consolidation conclusions made under ASU 2015-02 and did not change amounts within the condensed consolidated financial statements. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors. The table below lists the Company's VIEs as of March 31, 2017:
Consolidated VIEs:
Atlanta Outlet Outparcels, LLC
Atlanta Outlet JV, 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 JV, LLC
Lebcon Associates
Lebcon I, Ltd
Lee Partners
Louisville Outlet Outparcels, LLC
Louisville Outlet Shoppes, LLC
Madison Grandview Forum, LLC
The Promenade at D'Iberville
Statesboro Crossing, LLC
Village at Orchard Hills, LLC
Unconsolidated VIEs:
Ambassador Infrastructure, LLC
G&I VIII CBL Triangle LLC
Variable Interest Entities - Reconsideration Event Woodstock GA, Investments, LLC In March 2017, the Company divested its interests in the 75/25 consolidated joint venture and was relieved of its funding obligation related to the loan secured by the vacant land owned by the joint venture. See Note 3 and Note 6 for more information.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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