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UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Tables) | 12 Months Ended
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Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investments Accounted for using the Equity method of Accounting | At December 31, 2017, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting:
Unconsolidated Affiliates |  | 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%
EastGate Storage, LLC |  | EastGate Mall self-storage development |  | 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%
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 | Condensed combined financial statement information of the unconsolidated affiliates is as follows:
| December 31,
| 2017 |  | 2016
ASSETS: |  |  |
Investment in real estate assets | $ | 2,089,262 |  |  | $ | 2,137,666 |
Accumulated depreciation | (618,922 | ) |  | (564,612 | )
| 1,470,340 |  |  | 1,573,054 |
Developments in progress | 36,765 |  |  | 9,210 |
Net investment in real estate assets | 1,507,105 |  |  | 1,582,264 |
Other assets | 201,114 |  |  | 223,347 |
Total assets | $ | 1,708,219 |  |  | $ | 1,805,611 |
LIABILITIES: |  |  |
Mortgage and other indebtedness, net | $ | 1,248,817 |  |  | $ | 1,266,046 |
Other liabilities | 41,291 |  |  | 46,160 |
Total liabilities | 1,290,108 |  |  | 1,312,206 |
OWNERS' EQUITY: |  |  |
The Company | 216,292 |  |  | 228,313 |
Other investors | 201,819 |  |  | 265,092 |
Total owners' equity | 418,111 |  |  | 493,405 |
Total liabilities and owners’ equity | $ | 1,708,219 |  |  | $ | 1,805,611 |
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
Total revenues | $ | 236,607 |  |  | $ | 250,361 |  |  | $ | 253,399 |
Depreciation and amortization | (80,102 | ) |  | (83,640 | ) |  | (79,870 | )
Other operating expenses | (71,293 | ) |  | (76,328 | ) |  | (75,875 | )
Income from operations | 85,212 |  |  | 90,393 |  |  | 97,654 |
Interest and other income | 1,671 |  |  | 1,352 |  |  | 1,337 |
Interest expense | (51,843 | ) |  | (55,227 | ) |  | (75,485 | )
Gain on extinguishment of debt | — |  |  | 62,901 |  |  | — |
Gain on sales of real estate assets | 555 |  |  | 160,977 |  |  | 2,551 |
Net income (1) | $ | 35,595 |  |  | $ | 260,396 |  |  | $ | 26,057 |
(1) | The Company's pro rata share of net income is $22,939, $117,533 and $18,200 for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations.
Financings - Unconsolidated Affiliates See Note 14 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates listed below. 2017 Financings The Company's unconsolidated affiliates had the following loan activity in 2017:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Amount Financed or Extended
August |  | Ambassador Town Center - Infrastructure Improvements (2) |  | LIBOR + 2.0% |  | August 2020 |  | $ | 11,035 |
October |  | The Shoppes at Eagle Point (3) |  | LIBOR + 2.75% |  | October 2020 |  | 36,400 |
December |  | Self-storage development - EastGate Mall (4) |  | LIBOR + 2.75% |  | December 2022 |  | 6,500 |
(1) | Excludes any extension options.
(2) | The loan was amended and modified to extend the maturity date. The Operating Partnership has guaranteed 100% of the loan. 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%.
(3) | Shoppes at Eagle Point, LLC closed on a construction loan for the development of The Shoppes at Eagle Point, a community center located in Cookeville, TN. The Operating Partnership has guaranteed 100% of the loan. The loan has one two-year extension option available at the unconsolidated affiliate's election, subject to compliance with the terms of the loan. The interest rate will be reduced to a variable-rate of LIBOR plus 2.35% once construction is complete and certain debt and operational metrics are met.
(4) | EastGate Storage, LLC closed on a construction loan for the development of a climate controlled self-storage facility adjacent to EastGate Mall in Cincinnati, OH. The loan is interest only through November 2020. Thereafter, monthly principal payments of $10, in addition to interest, will be due. The Operating Partnership has guaranteed 100% of the loan.
Subsequent to December 31, 2017, several operating Property loans were extended. See Note 19 for more information. 2016 Financings The Company's unconsolidated affiliates had the following loan activity in 2016:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Amount Financed or Extended |
February |  | The Pavilion at Port Orange (2) |  | LIBOR + 2.0% |  | February 2018 | (3) | $ | 58,628 |  |
February |  | Hammock Landing - Phase I (2) |  | LIBOR + 2.0% |  | February 2018 | (3) | 43,347 |  | (4)
February |  | Hammock Landing - Phase II (2) |  | LIBOR + 2.0% |  | February 2018 | (3) | 16,757 |  |
February |  | Triangle Town Center, Triangle Town Place, Triangle Town Commons (5) |  | 4.00% | (6) | December 2018 | (7) | 171,092 |  |
June |  | Fremaux Town Center (8) |  | 3.70% | (9) | June 2026 |  | 73,000 |  |
June |  | Ambassador Town Center (10) |  | 3.22% | (11) | June 2023 |  | 47,660 |  |
December |  | The Shops at Friendly Center (12) |  | 3.34% |  | April 2023 |  | 60,000 |  |
(1) | Excludes any extension options.
(2) | The guaranty was reduced from 25% to 20% in conjunction with the refinancing.
(3) | The loan was modified and extended to February 2018 with a one-year extension option, at the joint venture's election, to February 2019.
(4) | The capacity was increased from $39,475 to fund an expansion.
(5) | The loan was amended and modified in conjunction with the sale of the Properties to a newly formed joint venture as described 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 to December 2020. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.74% during the extension period.
(8) | 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.
(9) | The joint venture had 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 the variable-rate loan. In October 2016, the joint venture made an election under the loan agreement to convert the loan from a variable-rate to a fixed-rate loan which bears interest at 3.70%.
(10) | The non-recourse loan was used to retire an existing construction loan with a principal balance of $41,885 and excess proceeds were utilized to fund remaining construction costs.
(11) | 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 the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate.
(12) | CBL-TRS Joint Venture, LLC closed on a non-recourse loan secured by The Shops at Friendly Center in Greensboro, NC. The new loan has a maturity date with a term of six years to coincide with the maturity date of the existing loan secured by Friendly Center. A portion of the net proceeds were used to retire a $37,640 fixed-rate loan that bore interest at 5.90% and was due to mature in January 2017.
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
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. In December 2017, the Company's partner assigned its 50% interest in the Property to the Company. See Note 3 and above for more information. This intercompany loan is eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company.
2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid
April |  | Renaissance Center - Phase I |  | 5.61% |  | July 2016 |  | $ | 31,484 |
July |  | Kentucky Oaks Mall (1) |  | 5.27% |  | January 2017 |  | 19,912 |
September |  | Governor's Square Mall (2) |  | 8.23% |  | September 2016 |  | 14,089 |
September |  | High Pointe Commons - Phase I (3) |  | 5.74% |  | May 2017 |  | 12,401 |
September |  | High Pointe Commons - PetCo (3) |  | 3.20% |  | July 2017 |  | 19 |
September |  | High Pointe Commons - Phase II (3) |  | 6.10% |  | July 2017 |  | 4,968 |
December |  | The Shops at Friendly Center (4) |  | 5.90% |  | January 2017 |  | 37,640 |
December |  | Triangle Town Place (5) |  | 4.00% |  | December 2018 |  | 29,342 |
(1) | The Company's share of the loan was $9,956.
(2) | The Company's share of the loan was $6,692.
(3) | The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50%.
(4) | The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See 2016 Financings above for more information.
(5) | A portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place upon its sale in December 2016. After the debt reduction associated with the sale of Triangle Town Place, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 was $141,126, of which the Company's share was $14,113.
The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid
June |  | Fremaux Town Center - Phase I (1) |  | 2.44% |  | August 2016 |  | $ | 40,530 |
June |  | Fremaux Town Center - Phase II (1) |  | 2.44% |  | August 2016 |  | 30,595 |
June |  | Ambassador Town Center (2) |  | 2.24% |  | December 2017 |  | 41,885 |
(1) | The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See 2016 Financings above for more information.
(2) | The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See 2016 Financings above for more information.
The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Amount Financed or Extended
April |  | Hickory Point Mall (2) |  | 5.85% |  | December 2018 | (3) | $ | 27,446 |
June |  | Hamilton Place (4) |  | 4.36% |  | June 2026 |  | 107,000 |
December |  | Cary Towne Center (5) |  | 4.00% |  | March 2019 | (6) | 46,716 |
December |  | Greenbrier Mall (7) |  | 5.00% |  | December 2019 | (8) | 70,801 |
(1) | Excludes any extension options.
(2) | The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only.
(3) | The loan has a one-year extension option at the Company's election for an outside maturity date of December 2019.
(4) | Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities.
(5) | The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans.
(6) | The loan has one two-year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021.
(7) | The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest.
(8) | The loan has a one-year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest.
Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2017 and 2016:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
2017: |  |  |  |  |  |  |  |
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 |
2016: |  |  |  |  |  |  |  |
April |  | CoolSprings Crossing |  | 4.54% |  | April 2016 |  | $ | 11,313 |
April |  | Gunbarrel Pointe |  | 4.64% |  | April 2016 |  | 10,083 |
April |  | Stroud Mall |  | 4.59% |  | April 2016 |  | 30,276 |
April |  | York Galleria |  | 4.55% |  | April 2016 |  | 48,337 |
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
June |  | Hamilton Place (4) |  | 5.86% |  | August 2016 |  | 98,181 |
August |  | Dakota Square Mall |  | 6.23% |  | November 2016 |  | 55,103 |
October |  | Southaven Towne Center |  | 5.50% |  | January 2017 |  | 38,314 |
|  |  |  |  |  |  |  | $ | 291,607 |
(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. The Company recorded an $8,500 loss on extinguishment of debt due to a prepayment fee on the early retirement. See Note 4 for more information.
(3) | We recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement.
(4) | The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See Financings section above for more information.
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 |

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