UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Tables)

12 Months Ended

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 Financedor 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