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(Tables) | 9 Months Ended
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Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investments accounted for using the equity method of accounting | At September 30, 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%
Shoppes at Eagle Point, LLC |  | The Shoppes at Eagle Point |  | 50.0%
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 | The Company's unconsolidated affiliate had the following loan activity, in 2017:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Extended
August |  | Ambassador Town Center - Infrastructure Improvements (1) |  | LIBOR + 2.0% |  | August 2020 |  | $ | 11,035 |
(1) | In August 2017, the loan was amended and modified to extend the maturity date. The loan requires annual principal payments of $430, $555 and $690 in 2018, 2019 and 2020, respectively. The Operating Partnership has guaranteed 100% of the loan. See Note 12. The unconsolidated affiliate has an interest rate swap on the notional amount of the loan, amortizing to $9,360 over the term of the swap, to effectively fix the interest rate to 3.74%.
Condensed combined financial statement information of the unconsolidated affiliates is as follows:
ASSETS | September 30, 2017 |  | December 31, 2016
Investment in real estate assets | $ | 2,093,950 |  |  | $ | 2,137,666 |
Accumulated depreciation | (607,685 | ) |  | (564,612 | )
| 1,486,265 |  |  | 1,573,054 |
Developments in progress | 29,209 |  |  | 9,210 |
Net investment in real estate assets | 1,515,474 |  |  | 1,582,264 |
Other assets | 204,686 |  |  | 223,347 |
Total assets | $ | 1,720,160 |  |  | $ | 1,805,611 |
LIABILITIES |  |  |
Mortgage and other indebtedness, net | $ | 1,251,994 |  |  | $ | 1,266,046 |
Other liabilities | 46,538 |  |  | 46,160 |
Total liabilities | 1,298,532 |  |  | 1,312,206 |
OWNERS' EQUITY |  |  |
The Company | 216,107 |  |  | 228,313 |
Other investors | 205,521 |  |  | 265,092 |
Total owners' equity | 421,628 |  |  | 493,405 |
Total liabilities and owners' equity | $ | 1,720,160 |  |  | $ | 1,805,611 |
| Total for the Three Months Ended September 30,
| 2017 |  | 2016
Total revenues | $ | 57,395 |  |  | $ | 59,104 |
Depreciation and amortization | (20,151 | ) |  | (20,227 | )
Interest income | 356 |  |  | 295 |
Interest expense | (12,907 | ) |  | (14,281 | )
Operating expenses | (17,431 | ) |  | (18,216 | )
Gain on extinguishment of debt | — |  |  | (393 | )
Income from continuing operations before gain on sales of real estate assets | 7,262 |  |  | 6,282 |
Gain on sales of real estate assets | 606 |  |  | 16,854 |
Net income (1) | $ | 7,868 |  |  | $ | 23,136 |
(1) | The Company's pro rata share of net income is $4,706 and $10,478 for the three months ended September 30, 2017 and 2016, respectively.
| Total for the Nine Months Ended September 30,
| 2017 |  | 2016
Total revenues | $ | 175,250 |  |  | $ | 186,162 |
Depreciation and amortization | (60,276 | ) |  | (63,085 | )
Interest income | 1,186 |  |  | 963 |
Interest expense | (38,891 | ) |  | (41,951 | )
Operating expenses | (52,818 | ) |  | (56,621 | )
Gain on extinguishment of debt | — |  |  | 62,901 |
Income from continuing operations before gain on sales of real estate assets | 24,451 |  |  | 88,369 |
Gain on sales of real estate assets | 529 |  |  | 158,190 |
Net income (1) | $ | 24,980 |  |  | $ | 246,559 |
(1) | The Company's pro rata share of net income is $16,404 and $107,217 for the nine months ended September 30, 2017 and 2016, respectively.
Schedule of fixed rate loans | The loan, secured by the related unconsolidated property, was retired in 2017:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
July |  | Gulf Coast Town Center - Phase III (1) |  | 3.13% |  | July 2017 |  | $ | 4,118 |
(1) | The Company loaned the unconsolidated affiliate, JG Gulf Coast Town Center, LLC, the amount necessary to retire the loan and received a mortgage note receivable in return. See Note 8 for more information.
The Company repaid the following loans, secured by the related consolidated Properties, in 2017:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
January |  | The Plaza at Fayette |  | 5.67% |  | April 2017 |  | $ | 37,146 |
January |  | The Shoppes at St. Clair Square |  | 5.67% |  | April 2017 |  | 18,827 |
February |  | Hamilton Corner |  | 5.67% |  | April 2017 |  | 14,227 |
March |  | Layton Hills Mall |  | 5.66% |  | April 2017 |  | 89,526 |
April |  | The Outlet Shoppes at Oklahoma City (2) |  | 5.73% |  | January 2022 |  | 53,386 |
April |  | The Outlet Shoppes at Oklahoma City - Phase II (2) |  | 3.53% |  | April 2019 |  | 5,545 |
April |  | The Outlet Shoppes at Oklahoma City - Phase III (2) |  | 3.53% |  | April 2019 |  | 2,704 |
September |  | Hanes Mall (3) |  | 6.99% |  | October 2018 |  | 144,325 |
September |  | The Outlet Shoppes at El Paso |  | 7.06% |  | December 2017 |  | 61,561 |
|  |  |  |  |  |  |  | $ | 427,247 |
(1) | The Company retired the loans with borrowings from its credit facilities unless otherwise noted.
(2) | The loan was retired in conjunction with the sale of the property which secured the loan. See Note 4 for more information. The Company recorded an $8,500 loss on extinguishment of debt due to a prepayment fee on the early retirement.
(3) | The Company recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement.
The following is a summary of the Company's 2017 dispositions for which the title to the consolidated mall securing the related fixed-rate debt was transferred to the lender in satisfaction of the non-recourse debt:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Balance of Non-recourse Debt |  | Gain on Extinguishment of Debt
January |  | Midland Mall |  | 6.10% |  | August 2016 |  | $ | 31,953 |  |  | $ | 3,760 |
June |  | Chesterfield Mall |  | 5.74% |  | September 2016 |  | 140,000 |  |  | 29,187 |
August |  | Wausau Center |  | 5.85% |  | April 2021 |  | 17,689 |  |  | 6,851 |
|  |  |  |  |  |  |  | $ | 189,642 |  |  | $ | 39,798 |
Schedule of variable interest entities | The table below lists the Company's consolidated VIEs as of September 30, 2017:
Consolidated VIEs: |  | Property Name
Atlanta Outlet Outparcels, LLC |  | The Outlet Shoppes at Atlanta (vacant land)
Atlanta Outlet JV, LLC |  | The Outlet Shoppes at Atlanta
CBL Terrace LP |  | The Terrace
El Paso Outlet Center Holding, LLC |  | The Outlet Shoppes at El Paso
El Paso Outlet Center II, LLC |  | The Outlet Shoppes at El Paso - Phase II
Gettysburg Outlet Center Holding, LLC |  | The Outlet Shoppes at Gettysburg
Gettysburg Outlet Center, LLC |  | The Outlet Shoppes at Gettysburg (vacant land)
High Point Development LP II |  | Oak Hollow - Barnes & Noble
Jarnigan Road LP |  | CBL Center, CBL Center II, The Shoppes at Hamilton Place and Regal Cinema
Laredo Outlet JV, LLC |  | The Outlet Shoppes at Laredo
Lebcon Associates |  | Hamilton Place and outparcel, Hamilton Corner, Hamilton Place - Sears Parcel
Lebcon I, Ltd |  | Hamilton Crossing and Hamilton Crossing - Expansion
Lee Partners |  | One Park Place
Consolidated VIEs: |  | Property Name
Louisville Outlet Outparcels, LLC |  | The Outlet Shoppes of the Bluegrass (vacant land)
Louisville Outlet Shoppes, LLC |  | The Outlet Shoppes of the Bluegrass
Madison Grandview Forum, LLC |  | The Forum at Grandview
The Promenade at D'Iberville |  | The Promenade
Statesboro Crossing, LLC |  | Statesboro Crossing
The table below lists the Company's unconsolidated VIEs as of September 30, 2017:
Unconsolidated VIEs: |  | Investment in Real Estate Joint Ventures and Partnerships |  | Maximum Risk of Loss
Ambassador Infrastructure, LLC (1) |  | $ | — |  |  | $ | 11,035 |
Shoppes at Eagle Point, LLC (2) |  | 14,754 |  |  | 14,754 |
G&I VIII CBL Triangle LLC |  | 1,464 |  |  | 1,464 |
(1) | The debt is guaranteed by the Operating Partnership at 100%. See Note 12 for more information.
(2) | The Company formed a 50/50 joint venture, Shoppes at Eagle Point, LLC, to develop, own and operate The Shoppes at Eagle Point in Cookeville, TN. See more information above. The Company began construction in September 2017 and closed on a construction loan subsequent to September 30, 2017. See Note 16. The Company determined that the unconsolidated affiliate 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=77990344&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=77990344&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=77990344&loc=d3e5728-111685 Reference 4: 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=77990344&loc=SL6759159-111685 Reference 5: 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=77990344&loc=d3e5710-111685 + Details
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