XML 39 R48.htm IDEA: XBRL DOCUMENT
v3.19.3

Mortgage and Other Indebtedness, Net (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Mortgage and Other Indebtedness |
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, 2019, this ratio was 34% 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. Net mortgage and other indebtedness consisted of the following:
| September 30, 2019 |  | December 31, 2018
| Amount |  | Weighted- Average Interest Rate (1) |  | Amount |  | Weighted- Average Interest Rate (1)
Fixed-rate debt: |  |  |  |  |  |  |  |
Non-recourse loans on operating properties | $ | 1,495,896 |  |  | 5.21% |  | $ | 1,783,097 |  |  | 5.33%
Senior unsecured notes due 2023 (2) | 447,775 |  |  | 5.25% |  | 447,423 |  |  | 5.25%
Senior unsecured notes due 2024 (3) | 299,958 |  |  | 4.60% |  | 299,953 |  |  | 4.60%
Senior unsecured notes due 2026 (4) | 617,260 |  |  | 5.95% |  | 616,635 |  |  | 5.95%
Total fixed-rate debt | 2,860,889 |  |  | 5.31% |  | 3,147,108 |  |  | 5.37%
| September 30, 2019 |  | December 31, 2018
| Amount |  | Weighted- Average Interest Rate (1) |  | Amount |  | Weighted- Average Interest Rate (1)
Variable-rate debt: |  |  |  |  |  |  |  |  |
Recourse loans on operating properties | 56,178 |  |  | 4.71% |  | 68,607 |  |  | 4.97%
Construction loan | 21,061 |  |  | 4.99% |  | 8,172 |  |  | 5.25%
Secured line of credit | 304,769 |  |  | 4.35% |  | — |  |  | —%
Unsecured lines of credit | — |  |  | —% |  | 183,972 |  |  | 3.90%
Secured term loan | 473,750 |  |  | 4.35% |  | — |  |  | —%
Unsecured term loans | — |  |  | —% |  | 695,000 |  |  | 4.21%
Total variable-rate debt | 855,758 |  |  | 4.39% |  | 955,751 |  |  | 4.21%
Total fixed-rate and variable-rate debt | 3,716,647 |  |  | 5.10% |  | 4,102,859 |  |  | 5.10%
Unamortized deferred financing costs | (17,640 | ) |  |  |  | (15,963 | ) |  |
Liabilities related to assets held for sale (5) | — |  |  |  |  | (43,716 | ) |  |
Total mortgage and other indebtedness, net | $ | 3,699,007 |  |  |  |  | $ | 4,043,180 |  |  |
(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 $2,225 and $2,577 as of September 30, 2019 and December 31, 2018, respectively.
(3) | The balance is net of an unamortized discount of $42 and $47 as of September 30, 2019 and December 31, 2018, respectively.
(4) | The balance is net of an unamortized discount of $7,740 and $8,365 as of September 30, 2019 and December 31, 2018, respectively.
(5) Represents a non-recourse mortgage loan secured by Cary Towne Center that was classified on the condensed consolidated balance sheet as liabilities related to assets held for sale as of December 31, 2018.
Schedule of Covenant Compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes and the senior secured credit facility as of September 30, 2019:
Ratio |  | Required |  | Actual
Total debt to total assets |  | < 60% |  | 53%
Secured debt to total assets |  | < 40% (1) |  | 34%
Total unencumbered assets to unsecured debt |  | > 150% |  | 169%
Consolidated income available for debt service to annual debt service charge |  | > 1.5x |  | 2.4x
(1) Secured debt to total assets must be less than 40% for the 2026 Notes. Secured debt to total assets must be less than 45% for the 2023 Notes and the 2024 Notes until January 1, 2020, after which the required ratio will be reduced to 40%.
Schedule of Loan Repayments |
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid
April |  | Honey Creek Mall (1) |  | 8.00% |  | July 2019 |  | $ | 23,539 |
(1) The Company retired the loan using proceeds from the refinancing of the loan secured by Volusia Mall as well as proceeds from the sale of Honey Creek Mall.
Schedule of Fixed Rate Loans | The following is a summary of the Company's 2019 dispositions for which the fixed-rate loan secured by the mall was extinguished:
Transfer Date |  |  |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Balance of Non-recourse Debt |  | Gain on Extinguishment of Debt
| Property |  |  |  |
January |  | Acadiana Mall (1) |  | 5.67% |  | April 2017 |  | $ | 119,760 |  |  | $ | 61,795 |
January |  | Cary Towne Center (2) |  | 4.00% |  | June 2018 |  | 43,716 |  |  | 9,927 |
|  |  |  |  |  |  |  | $ | 163,476 |  |  | $ | 71,722 |
(1) | The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property.
(2) The Company sold the mall for $31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven.
Schedule of Principal Repayments | As of September 30, 2019, 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 (1) |  | $ | 117,948 |
2020 |  | 246,342 |
2021 |  | 551,962 |
2022 |  | 469,036 |
2023 |  | 1,189,130 |
2024 |  | 404,496 |
Thereafter |  | 747,740 |
|  | 3,726,654 |
Unamortized discounts |  | (10,007 | )
Unamortized deferred financing costs |  | (17,640 | )
Total mortgage and other indebtedness, net |  | $ | 3,699,007 |
(1) Reflects payments for the fiscal period October 1, 2019 through December 31, 2019.

X
- Definition Schedule of Covenant Compliance [Table Text Block] + References No definition available. + Details
Name: | cbl_ScheduleOfCovenantComplianceTableTextBlock
Namespace Prefix: | cbl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Fixed Rate Loans [Table Text Block] + References No definition available. + Details
Name: | cbl_ScheduleofFixedRateLoansTableTextBlock
Namespace Prefix: | cbl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Loan Repayments [Table Text Block] + References No definition available. + Details
Name: | cbl_ScheduleofLoanRepaymentsTableTextBlock
Namespace Prefix: | cbl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration