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Mortgage and Other Indebtedness, Net (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Schedule of Mortgage and Other Indebtedness | 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 Line of Credit Facilities | The following summarizes certain information about the Company's unsecured lines of credit as of September 30, 2018:
|  | Total Capacity |  | Total Outstanding |  | Maturity Date |  | Extended Maturity Date |
Wells Fargo - Facility A |  | $ | 500,000 |  | (1) | $ | — |  |  | October 2019 |  | October 2020 | (2)
First Tennessee |  | 100,000 |  | (3) | 47,695 |  |  | October 2019 |  | October 2020 | (4)
Wells Fargo - Facility B |  | 500,000 |  | (1) | 153,663 |  | (5) | October 2020 |  |  |
|  | $ | 1,100,000 |  | (6) | $ | 201,358 |  |  |  |  |  |
(1) | Up to $30,000 of the capacity on this facility can be used for letters of credit.
(2) | The extension option is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility.
(3) | Up to $20,000 of the capacity on this facility can be used for letters of credit.
(4) | The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility.
(5) | There was $4,833 outstanding on this facility as of September 30, 2018 for letters of credit.
(6) | See debt covenant section below for limitation on excess capacity.
Schedule of Covenant Compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of September 30, 2018:
Ratio |  | Required |  | Actual
Total debt to total assets |  | < 60% |  | 52%
Secured debt to total assets |  | < 40% (1) |  | 24%
Total unencumbered assets to unsecured debt |  | > 150% |  | 215%
Consolidated income available for debt service to annual debt service charge |  | > 1.5x |  | 2.7x
(1) | Secured debt to total assets must be less than 45% for the 2023 Notes and the 2024 Notes until January 1, 2020.
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of September 30, 2018:
Ratio |  | Required |  | Actual
Debt to total asset value |  | < 60% |  | 53 | % |
Unsecured indebtedness to unencumbered asset value |  | < 60% |  | 49 | % | (1)
Unencumbered NOI to unsecured interest expense |  | > 1.75x |  | 2.6 | x |
EBITDA to fixed charges (debt service) |  | > 1.5x |  | 2.3 | x |
(1) | The debt covenant limits the total amount of unsecured indebtedness the Company may have outstanding, which varies over time based on the ratio. Based on the Company’s outstanding unsecured indebtedness as of September 30, 2018, the total amount available to the Company on its lines of credit was $697,627. Therefore, the Company had additional availability of $491,436 based on the outstanding balances of the lines of credit as of September 30, 2018.
Schedule of Fixed Rate Loans | The following table presents the loan, secured by the related consolidated property, that was entered into in 2018:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Financed
September |  | The Outlet Shoppes at El Paso (1) |  | 5.10% |  | October 2028 |  | $ | 75,000 |
(1) | The Company owns the property in a 75/25 consolidated joint venture. A portion of the proceeds from the non-recourse loan was used to retire a recourse loan secured by Phase II of The Outlet Shoppes at El Paso as described below.
The Company repaid the following loans, secured by the related consolidated properties, in 2018:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
January |  | Kirkwood Mall |  | 5.75% |  | April 2018 |  | $ | 37,295 |
August |  | Statesboro Crossing (2) |  | 4.24% |  | June 2019 |  | 10,753 |
September |  | The Outlet Shoppes at El Paso - Phase II (3) |  | 4.73% |  | December 2018 |  | 6,525 |
|  |  |  |  |  |  |  | $ | 54,573 |
(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 that secured the loan. See Note 5 for more information.
(3) | In July 2018, the loan secured by the property was extended from July 2018 to December 2018. It was subsequently retired when the joint venture closed on a new loan in September 2018 as described above.
Schedule of Principal Repayments | As of September 30, 2018, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows:
2018 |  | $ | 411,284 |
2019 |  | 309,346 |
2020 |  | 661,816 |
2021 |  | 499,321 |
2022 |  | 432,546 |
Thereafter |  | 1,706,132 |
|  | 4,020,445 |
Unamortized discounts |  | (11,304 | )
Unamortized deferred financing costs |  | (15,476 | )
Principal balance of loan secured by Lender Mall in foreclosure (1) |  | 122,143 |
Total mortgage and other indebtedness, net |  | $ | 4,115,808 |
(1) | Represents the principal balance of the non-recourse loan, secured by Acadiana Mall, which is in default. The loan matured in 2017.

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