XML 128 R56.htm IDEA: XBRL DOCUMENT v3.20.1
MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Net Mortgage Notes Payable

Mortgage and other indebtedness, net, consisted of the following:

 

 

 

December 31, 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

 

$

1,330,561

 

 

 

5.27

%

 

$

1,783,097

 

 

 

5.33

%

Senior unsecured notes due 2023 (2)

 

 

447,894

 

 

 

5.25

%

 

 

447,423

 

 

 

5.25

%

Senior unsecured notes due 2024 (3)

 

 

299,960

 

 

 

4.60

%

 

 

299,953

 

 

 

4.60

%

Senior unsecured notes due 2026 (4)

 

 

617,473

 

 

 

5.95

%

 

 

616,635

 

 

 

5.95

%

Total fixed-rate debt

 

 

2,695,888

 

 

 

5.35

%

 

 

3,147,108

 

 

 

5.37

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse loan on operating Property

 

 

41,950

 

 

 

4.34

%

 

 

68,607

 

 

 

4.97

%

Construction loan

 

 

29,400

 

 

 

4.60

%

 

 

8,172

 

 

 

5.25

%

Secured line of credit

 

 

310,925

 

 

 

3.94

%

 

 

—

 

 

 

—

 

Unsecured lines of credit

 

 

—

 

 

 

—

 

 

 

183,972

 

 

 

3.90

%

Secured term loan

 

 

465,000

 

 

 

3.94

%

 

 

—

 

 

 

—

 

Unsecured term loans

 

 

—

 

 

 

—

 

 

 

695,000

 

 

 

4.21

%

Total variable-rate debt

 

 

847,275

 

 

 

3.98

%

 

 

955,751

 

 

 

4.21

%

Total fixed-rate and variable-rate debt

 

 

3,543,163

 

 

 

5.02

%

 

 

4,102,859

 

 

 

5.10

%

Unamortized deferred financing costs

 

 

( 16,148

)

 

 

 

 

 

 

( 15,963

)

 

 

 

 

Liabilities related to assets held for sale (5)

 

 

—

 

 

 

 

 

 

 

( 43,716

)

 

 

 

 

Total mortgage and other indebtedness, net

 

$

3,527,015

 

 

 

 

 

 

$

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 $ 2,106 and $ 2,577, as of December 31, 2019 and 2018, respectively.

(3)

The balance is net of an unamortized discount of $ 40 and $ 47, as of December 31, 2019 and 2018, respectively.

(4)

The balance is net of an unamortized discount of $ 7,527 and $ 8,365 as of December 31, 2019 and 2018, respectively.

( 5 )

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 in January 2019. See Note 6 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

 

 

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 was 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, was 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, 2019, this ratio was   32%.

(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.
Schedule of Fixed Rate Loans

In May 2019, the Company exercised an option to extend the loan secured by The Outlet Shoppes at Laredo to May 2021. In conjunction with the amendment, a payment of $ 10,800 was made to reduce the outstanding balance of the loan to $ 43,000. The noncontrolling interest partner in the joint venture funded its 35% share of the $10,800 payment.

2018 Financings

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 owned 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 2019 and 2018:

 

Date

 

Property

 

Interest

Rate at

Repayment Date

 

 

Scheduled

Maturity Date

 

Principal

Balance

Repaid (1)

 

2019:

 

 

 

 

 

 

 

 

 

 

 

 

April

 

Honey Creek Mall (2)

 

8.00%

 

 

July 2019

 

$

23,539

 

December

 

The Terrace

 

7.25%

 

 

June 2020

 

 

11,931

 

 

 

 

 

 

 

 

 

 

 

$

35,470

 

2018:

 

 

 

 

 

 

 

 

 

 

 

 

January

 

Kirkwood Mall

 

5.75%

 

 

April 2018

 

$

37,295

 

 

 

 

(1)

The Company retired the loans with borrowings from its credit facilities unless otherwise noted.

 

 

(2)

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.

Dispositions

The following is a summary of the Company's dispositions for which the fixed-rate loan secured by the mall was extinguished:

 

Sale/Transfer Date

 

Property

 

Interest

Rate at

Repayment

Date

 

 

Scheduled

Maturity Date

 

Balance of

Non-recourse

Debt

 

 

Gain on

Extinguishment

of Debt

 

2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Variable Rate Loans

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 6 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.
Schedule of Principal Repayments

As of December 31, 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, are as follows:

 

2020

 

$

222,353

 

2021

 

 

556,878

 

2022

 

 

465,455

 

2023

 

 

1,126,825

 

2024

 

 

341,398

 

Thereafter

 

 

747,741

 

 

 

 

3,460,650

 

Net unamortized discounts and premium

 

 

( 9,673

)

Unamortized deferred financing costs

 

 

( 16,148

)

Principal balance of loan secured by Lender Malls in default (1)

 

 

92,186

 

Total mortgage and other indebtedness, net

 

$

3,527,015

 

 

(1)

Represents the aggregate principal balance as of December 31, 2019 of two non-recourse loans, secured by Greenbrier Mall and Hickory Point Mall, which were in default. The loans secured by Greenbrier Mall and Hickory Point Mall matured in December 2019.