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UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Tables) | 12 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates | Condensed combined financial statement information of the unconsolidated affiliates is as follows:
| December 31,
| 2018 |  | 2017
ASSETS: |  |  |
Investment in real estate assets | $ | 2,097,088 |  |  | $ | 2,089,262 |
Accumulated depreciation | (674,275 | ) |  | (618,922 | )
| 1,422,813 |  |  | 1,470,340 |
Developments in progress | 12,569 |  |  | 36,765 |
Net investment in real estate assets | 1,435,382 |  |  | 1,507,105 |
Other assets | 188,521 |  |  | 201,114 |
Total assets | $ | 1,623,903 |  |  | $ | 1,708,219 |
LIABILITIES: |  |  |
Mortgage and other indebtedness, net | $ | 1,319,949 |  |  | $ | 1,248,817 |
Other liabilities | 39,777 |  |  | 41,291 |
Total liabilities | 1,359,726 |  |  | 1,290,108 |
OWNERS' EQUITY: |  |  |
The Company | 191,050 |  |  | 216,292 |
Other investors | 73,127 |  |  | 201,819 |
Total owners' equity | 264,177 |  |  | 418,111 |
Total liabilities and owners’ equity | $ | 1,623,903 |  |  | $ | 1,708,219 |
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
Total revenues | $ | 225,073 |  |  | $ | 236,607 |  |  | $ | 250,361 |
Depreciation and amortization | (78,174 | ) |  | (80,102 | ) |  | (83,640 | )
Other operating expenses | (72,056 | ) |  | (71,293 | ) |  | (76,328 | )
Interest and other income | 1,415 |  |  | 1,671 |  |  | 1,352 |
Interest expense | (52,803 | ) |  | (51,843 | ) |  | (55,227 | )
Gain on extinguishment of debt | — |  |  | — |  |  | 62,901 |
Loss on impairment | (89,826 | ) |  | — |  |  | — |
Gain on sales of real estate assets | 3,056 |  |  | 555 |  |  | 160,977 |
Net income (loss) (1) | $ | (63,315 | ) |  | $ | 35,595 |  |  | $ | 260,396 |
(1) | The Company's pro rata share of net income is $14,677, $22,939 and $117,533 for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations.
Financings - Unconsolidated Affiliates See Note 15 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates listed below. 2018 Financings The Company's unconsolidated affiliates had the following loan activity in 2018:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Total Borrowing Capacity at 100%
April |  | CoolSprings Galleria (2) |  | 4.84% |  | May 2028 |  | $ | 155,000 |
April |  | Self-storage development - Mid Rivers Mall (3) |  | LIBOR + 2.75% |  | April 2023 |  | 5,987 |
May |  | Hammock Landing - Phase I |  | LIBOR + 2.25% |  | February 2021 (4) |  | 41,997 |
May |  | Hammock Landing - Phase II |  | LIBOR + 2.25% |  | February 2021 (4) |  | 16,217 |
May |  | The Pavilion at Port Orange |  | LIBOR + 2.25% |  | February 2021 (4) |  | 56,738 |
(1) | Excludes any extension options.
(2) | CBL/T-C, LLC, a 50/50 joint venture, closed on a non-recourse loan secured by CoolSprings Galleria. Proceeds from the loan were used to retire an existing $97,732 loan, which was due to mature in June 2018. See 2018 Loan Repayments below for more information. The Company's share of excess proceeds were used to reduce outstanding balances on its credit facilities.
(3) | 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.
(4) | The loans were amended to extend the maturity date to February 2021. Each loan has two one-year extension options, available at the unconsolidated affiliate's election, 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%.
2017 Financings The Company's unconsolidated affiliates had the following loan activity in 2017:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date (1) |  | Total Borrowing Capacity at 100%
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. Construction was completed in the fourth quarter of 2018. The interest rate will be reduced to a variable-rate of LIBOR plus 2.35% once 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. The Operating Partnership has guaranteed 100% of the loan.
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 |

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