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Unconsolidated Affiliates and Noncontrolling Interests (Tables) | 9 Months Ended
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Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Condensed Combined Financial Statements of Unconsolidated Affiliates | The Company's unconsolidated affiliates had the following loan activity in 2018:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Financed or Extended
April |  | CoolSprings Galleria (1) |  | 4.839% |  | May 2028 |  |  | $ | 155,000 |
April |  | Self-storage development - Mid Rivers Mall (2) |  | LIBOR + 2.75% |  | April 2023 |  |  | 5,987 |
May |  | Hammock Landing - Phase I |  | LIBOR + 2.25% |  | February 2021 | (3) |  | 41,997 |
May |  | Hammock Landing - Phase II |  | LIBOR + 2.25% |  | February 2021 | (3) |  | 16,217 |
May |  | The Pavilion at Port Orange |  | LIBOR + 2.25% |  | February 2021 | (3) |  | 56,738 |
(1) | CBL/T-C, LLC, a 50/50 joint venture, closed on a non-recourse loan. Proceeds from the loan were used to retire a $97,732 loan, which was due to mature in June 2018. See 2018 Loan Repayment below for more information. The Company's share of excess proceeds were used to reduce outstanding balances on its credit facilities.
(2) | Self Storage at Mid Rivers, LLC, a 50/50 joint venture, closed on a construction loan with a total borrowing capacity of up to $5,987 for the development of a climate controlled self-storage facility adjacent to Mid Rivers Mall in St. Peters, MO. The Operating Partnership has guaranteed 100% of the loan. See Note 11 for more information.
(3) | The loans were amended to extend the maturity dates to February 2021. Each loan has two one-year extension options for an outside maturity date of February 2023. The interest rate increased from a variable rate of LIBOR plus 2.0%. The Operating Partnership's guaranty also increased to 50%.
Condensed combined financial statement information of the unconsolidated affiliates is as follows:
| September 30, 2018 |  | December 31, 2017
ASSETS |  |  |
Investment in real estate assets | $ | 2,025,289 |  |  | $ | 2,089,262 |
Accumulated depreciation | (658,163 | ) |  | (618,922 | )
| 1,367,126 |  |  | 1,470,340 |
Developments in progress | 68,768 |  |  | 36,765 |
Net investment in real estate assets | 1,435,894 |  |  | 1,507,105 |
Other assets | 186,912 |  |  | 201,114 |
Total assets | $ | 1,622,806 |  |  | $ | 1,708,219 |
LIABILITIES |  |  |
Mortgage and other indebtedness, net | $ | 1,322,144 |  |  | $ | 1,248,817 |
Other liabilities | 42,986 |  |  | 41,291 |
Total liabilities | 1,365,130 |  |  | 1,290,108 |
OWNERS' EQUITY |  |  |
The Company | 183,392 |  |  | 216,292 |
Other investors | 74,284 |  |  | 201,819 |
Total owners' equity | 257,676 |  |  | 418,111 |
Total liabilities and owners' equity | $ | 1,622,806 |  |  | $ | 1,708,219 |
| Total for the Three Months Ended September 30,
| 2018 |  | 2017
Total revenues | $ | 54,579 |  |  | $ | 57,395 |
Net income (loss) (1) | $ | (85,136 | ) |  | $ | 7,868 |
(1) | The Company's share of net income (loss) is $1,762 and $4,706 for the three months ended September 30, 2018 and 2017, respectively.
| Total for the Nine Months Ended September 30,
| 2018 |  | 2017
Total revenues | $ | 166,843 |  |  | $ | 175,250 |
Net income (loss) (1) | $ | (72,585 | ) |  | $ | 24,980 |
(1) | The Company's share of net income (loss) is $9,869 and $16,404 for the nine months ended September 30, 2018 and 2017, respectively.
Schedule of Repayments of Loans | The loan, secured by the related unconsolidated property, was retired in 2018:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid
April |  | CoolSprings Galleria (1) |  | 6.98% |  | June 2018 |  | $ | 97,732 |
(1) | The loan secured by the property was retired using a portion of the net proceeds from a $155,000 fixed-rate loan. See 2018 Financings above for more information.
Net mortgage and other indebtedness consisted of the following:
| September 30, 2018 |  | December 31, 2017
| Amount |  | Weighted- Average Interest Rate (1) |  | Amount |  | Weighted- Average Interest Rate (1)
Fixed-rate debt: |  |  |  |  |  |  |  |
Non-recourse loans on operating properties | $ | 1,797,080 |  |  | 5.33% |  | $ | 1,796,203 |  |  | 5.33%
Senior unsecured notes due 2023 (2) | 447,309 |  |  | 5.25% |  | 446,976 |  |  | 5.25%
Senior unsecured notes due 2024 (3) | 299,951 |  |  | 4.60% |  | 299,946 |  |  | 4.60%
Senior unsecured notes due 2026 (4) | 616,436 |  |  | 5.95% |  | 615,848 |  |  | 5.95%
Total fixed-rate debt | 3,160,776 |  |  | 5.37% |  | 3,158,973 |  |  | 5.37%
Variable-rate debt: |  |  |  |  |  |  |  |  |
Non-recourse loan on operating property (5) | — |  |  | —% |  | 10,836 |  |  | 3.37%
Recourse loans on operating properties | 74,150 |  |  | 4.73% |  | 101,187 |  |  | 4.00%
Unsecured lines of credit | 201,358 |  |  | 3.65% |  | 93,787 |  |  | 2.56%
Unsecured term loans | 695,000 |  |  | 3.96% |  | 885,000 |  |  | 2.81%
Total variable-rate debt | 970,508 |  |  | 3.95% |  | 1,090,810 |  |  | 2.90%
Total fixed-rate and variable-rate debt | 4,131,284 |  |  | 5.04% |  | 4,249,783 |  |  | 4.74%
Unamortized deferred financing costs | (15,476 | ) |  |  |  | (18,938 | ) |  |
Total mortgage and other indebtedness, net | $ | 4,115,808 |  |  |  |  | $ | 4,230,845 |  |  |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.
(2) | The balance is net of an unamortized discount of $2,691 and $3,024 as of September 30, 2018 and December 31, 2017, respectively.
(3) | The balance is net of an unamortized discount of $49 and $54 as of September 30, 2018 and December 31, 2017, respectively.
(4) | The balance is net of an unamortized discount of $8,564 and $9,152 as of September 30, 2018 and December 31, 2017, respectively.
(5) | The loan was retired in conjunction with the sale of the property in September 2018. See Mortgages on Operating Properties section below.
Description |  | Issued (1) |  | Amount |  | Interest Rate (2) |  | Maturity Date (3)
2023 Notes |  | November 2013 |  | $ | 450,000 |  |  | 5.25% |  | December 2023
2024 Notes |  | October 2014 |  | 300,000 |  |  | 4.60% |  | October 2024
2026 Notes |  | December 2016 / September 2017 |  | 625,000 |  |  | 5.95% |  | December 2026
(1) | Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above.
(2) | Interest is payable semiannually in arrears. The interest rate for the 2024 Notes and the 2023 Notes is subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of September 30, 2018, this ratio was 24% as shown below.
(3) | The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days' notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026, July 15, 2024, and September 1, 2023, respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the respective dates noted above, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50%, 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively.
The following summarizes certain information about the Company's unsecured term loans as of September 30, 2018:
|  | Total Outstanding |  | Interest Rate Spread |  | Interest Rate |  | Maturity Date |  | Extended Maturity Date |
Wells Fargo - $350,000 term loan |  | $ | 350,000 |  |  | LIBOR + 1.75% |  | 3.85% |  | October 2018 |  | October 2019 | (1)
Wells Fargo - $300,000 term loan |  | 300,000 |  |  | LIBOR + 2.00% |  | 4.10% |  | July 2020 |  | July 2022 | (2)
First Tennessee - $45,000 term loan |  | 45,000 |  |  | LIBOR + 1.65% |  | 3.75% |  | June 2021 |  | June 2022 |
|  | $ | 695,000 |  |  |  |  |  |  |  |  |  |
(1) | Subsequent to September 30, 2018, the Company exercised the extension option. See Note 14.
(2) | The loan has two one-year extension options, the second of which is at the lender's discretion.
Schedule of Limited Partners' Capital Account by Class | Noncontrolling interests consist of the following:
|  | As of
|  | September 30, 2018 |  | December 31, 2017
Noncontrolling interests: |  |  |  |
Operating Partnership |  | $ | 67,476 |  |  | $ | 86,773 |
Other consolidated subsidiaries |  | 11,799 |  |  | 9,701 |
|  | $ | 79,275 |  |  | $ | 96,474 |
Schedule of Variable Interest Entities | The table below lists the Company's unconsolidated VIEs as of September 30, 2018:
|  | Investment in Real Estate Joint Ventures and Partnerships |  | Maximum Risk of Loss
Ambassador Infrastructure, LLC (1) |  | $ | — |  |  | $ | 10,605 |
EastGate Storage, LLC (1) |  | 1,215 |  |  | 6,500 |
G&I VIII CBL Triangle LLC (2) |  | — |  |  | — |
Self Storage at Mid Rivers, LLC (1) |  | 1,061 |  |  | 5,987 |
Shoppes at Eagle Point, LLC (1) |  | 17,519 |  |  | 36,400 |
(1) | The debt is guaranteed by the Operating Partnership at 100%. See Note 11 for more information.
(2) | In conjunction with a loss on impairment recorded in September 2018, as described above, the Company wrote down its investment in the unconsolidated 90/10 joint venture to zero. The maximum risk of loss is limited to the basis, which is zero.

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