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MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Schedule of Mortgage and Other Indebtedness | Mortgage and other indebtedness consisted of the following:
| December 31, 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 | $ | 1,783,097 |  |  | 5.33% |  | $ | 1,796,203 |  |  | 5.33%
Senior unsecured notes due 2023 (2) | 447,423 |  |  | 5.25% |  | 446,976 |  |  | 5.25%
Senior unsecured notes due 2024 (3) | 299,953 |  |  | 4.60% |  | 299,946 |  |  | 4.60%
Senior unsecured notes due 2026 (4) | 616,635 |  |  | 5.95% |  | 615,848 |  |  | 5.95%
Total fixed-rate debt | 3,147,108 |  |  | 5.37% |  | 3,158,973 |  |  | 5.37%
Variable-rate debt: |  |  |  |  |  |  |  |  |
Non-recourse loans on operating Properties | — |  |  | —% |  | 10,836 |  |  | 3.37%
Recourse loans on operating Properties | 68,607 |  |  | 4.97% |  | 101,187 |  |  | 4.00%
Construction loan | 8,172 |  |  | 5.25% |  | — |  |  | —%
Unsecured lines of credit (5) | 183,972 |  |  | 3.90% |  | 93,787 |  |  | 2.56%
Unsecured term loans (5) | 695,000 |  |  | 4.21% |  | 885,000 |  |  | 2.81%
Total variable-rate debt | 955,751 |  |  | 4.21% |  | 1,090,810 |  |  | 2.90%
Total fixed-rate and variable-rate debt | 4,102,859 |  |  | 5.10% |  | 4,249,783 |  |  | 4.74%
Unamortized deferred financing costs | (15,963 | ) |  |  |  | (18,938 | ) |  |
Liabilities related to assets held for sale (6) | (43,716 | ) |  |  |  | — |  |  |
Total mortgage and other indebtedness, net | $ | 4,043,180 |  |  |  |  | $ | 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 $2,577 and $3,024, as of December 31, 2018 and 2017, respectively.
(3) | The balance is net of an unamortized discount of $47 and $54, as of December 31, 2018 and 2017, respectively.
(4) | The balance is net of an unamortized discount of $8,365 and $9,152 as of December 31, 2018 and 2017, respectively.
(5) | The Company closed on a new secured credit facility subsequent to December 31, 2018 that replaced its unsecured lines of credit and unsecured term loans. See Note 20 for additional information.
(6) | Represents a non-recourse mortgage loan secured by Cary Towne Center that is classified on the consolidated balance sheet as liabilities related to assets held for sale. The mall was sold subsequent to December 31, 2018. See Note 20 for more information.
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 (4) |  | 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 December 31, 2018, this ratio was 24%.
(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 redemption date, 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.
(4) | On September 1, 2017, the Operating Partnership issued and sold an additional $225,000 of the 2026 Notes. Interest was payable with respect to the additional issuance on December 15, 2017. After deducting underwriting discounts and other offering expenses of $1,879 and a discount of $3,938, the net proceeds from the sale were approximately $219,183. The Operating Partnership used the net proceeds to reduce amounts outstanding under its unsecured credit facilities and for general business purposes.
Schedule of Unsecured Lines of Credit | The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 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) | 51,896 |  |  | October 2019 |  | October 2020 | (4)
Wells Fargo - Facility B | 500,000 |  | (1) | 132,076 |  | (5) | October 2020 |  |  |
| $ | 1,100,000 |  |  | $ | 183,972 |  |  |  |  |  |
(1) | Up to $30,000 of the capacity on this facility could be used for letters of credit.
(2) | The extension option on the facility was at the Company's election, subject to continued compliance with the terms of the facility, and had 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 could be used for letters of credit.
(4) | The extension option on the facility was at the Company's election, subject to continued compliance with the terms of the facility, and had 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 December 31, 2018 for letters of credit.
Schedule of Unsecured Term Loans | The following summarizes certain information about the Company's unsecured term loans as of December 31, 2018:
| Total Outstanding |  | Interest Rate Spread |  | Interest Rate |  | Maturity Date |  | Extended Maturity Date |
Wells Fargo - $350,000 term loan | $ | 350,000 |  |  | LIBOR + 1.75% |  | 4.10% |  | October 2019 | (1) |  |
Wells Fargo - $300,000 term loan | 300,000 |  |  | LIBOR + 2.00% |  | 4.35% |  | July 2020 |  | July 2022 | (2)
First Tennessee - $45,000 term loan | 45,000 |  |  | LIBOR + 1.65% |  | 4.17% |  | June 2021 |  | June 2022 |
| $ | 695,000 |  |  |  |  |  |  |  |  |  |
(1) | In October 2018, the Company exercised its option to extend the maturity date to October 2019.
(2) | The loan had two one-year extension options, the second of which was at the lender's discretion.
Schedule of Fixed Rate Loans | 2018 Loan Repayment 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.
2017 Loan Repayment 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 4 above for more information. This intercompany loan was eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company.
The following table presents the fixed-rate loans secured by the related consolidated Properties that were entered into in 2018:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Financed or Extended
August |  | Hickory Point Mall (1) |  | 5.85% |  | December 2019 |  | $ | 27,446 |
September |  | The Outlet Shoppes at El Paso (2) |  | 5.10% |  | October 2028 |  | 75,000 |
|  |  |  |  |  |  |  | $ | 102,446 |
(1) | The Company exercised the extension option under the mortgage loan.
(2) | 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.
Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2018 and 2017:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
2018: |  |  |  |  |  |  |  |
January |  | Kirkwood Mall |  | 5.75% |  | April 2018 |  | $ | 37,295 |
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 |
(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 5 for more information.
(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 Rate Loans | 2018 Loan Repayments The Company repaid the following variable-rate loans, secured by the related consolidated properties in 2018:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
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 |
|  |  |  |  |  |  |  | $ | 17,278 |
(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) | The loan secured by the Property was retired when the joint venture closed on a new fixed-rate loan in September 2018 as described above.
2017 Financing The following table presents the variable-rate loan, secured by the related consolidated Property, that was extended in 2017:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Extended
March |  | Statesboro Crossing (1) |  | LIBOR + 1.80% |  | June 2018 |  | $ | 10,930 |
(1) | The Company exercised the extension option under the mortgage loan. The loan was retired in conjunction with the sale of the property as described above.
Schedule of Loans Secured by Real Estate | The following table presents the construction loan, secured by the related consolidated Property, that was entered into in 2018:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Total Borrowing Capacity
October |  | Brookfield Square Anchor Redevelopment |  | LIBOR + 2.9% |  | October 2021 | (1) | $ | 29,400 |
(1) | The loan has one 12-month extension option for an outside maturity date of October 2022.
Schedule of Principal Repayments | As of December 31, 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:
2019 | $ | 664,093 |
2020 | 640,330 |
2021 | 507,582 |
2022 | 432,638 |
2023 | 522,905 |
Thereafter | 1,182,824 |
| 3,950,372 |
Net unamortized discounts and premium | (10,989 | )
Unamortized deferred financing costs | (15,963 | )
Principal balance of loan secured by Lender Malls in foreclosure (1) | 163,476 |
Liabilities related to assets held for sale | (43,716 | )
Total mortgage and other indebtedness, net | $ | 4,043,180 |
(1) | Represents the aggregate principal balance as of December 31, 2018 of two non-recourse loans, secured by Acadiana Mall, which was in receivership, and Cary Towne Center, which was in default. The loan secured by Acadiana Mall and Cary Towne Center matured in April 2017 and June 2018, respectively. Subsequent to December 31, 2018, Acadiana Mall was transferred to the lender through a deed-in-lieu of foreclosure, and the lender received the sales proceeds from Cary Towne Center. See Note 20 for more information.

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