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Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Statements Captions [Line Items]  
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 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.

 
Guarantor Subsidiaries  
Condensed Financial Statements Captions [Line Items]  
Schedule of Net Mortgage Notes Payable

Mortgage notes payable, net, consisted of the following:

 

 

 

Interest Rate (1)

 

 

Maturity

Date

 

December

31, 2019

 

 

December

31, 2018

 

Property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acadiana Mall (2)

 

5.67%

 

 

Apr-17

 

$

—

 

 

$

119,760

 

Greenbrier Mall (3)

 

5.41%

 

 

Dec-19

 

 

64,801

 

 

 

68,101

 

Park Plaza

 

5.28%

 

 

Apr-21

 

 

78,339

 

 

 

81,287

 

Arbor Place

 

5.10%

 

 

May-22

 

 

106,851

 

 

 

109,209

 

Total mortgage notes payable

 

5.23%

 

 

 

 

 

249,991

 

 

 

378,357

 

Unamortized deferred financing costs

 

 

 

 

 

 

 

 

( 112

)

 

 

( 361

)

Total mortgage notes payable, net

 

 

 

 

 

 

 

$

249,879

 

 

$

377,996

 

 

(1)

Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.

(3)   The non-recourse loan is in default.
Schedule of Principal Repayments

As of December 31, 2019, the scheduled principal amortization and balloon payments of the Combined Guarantor Subsidiaries' mortgage notes payable are as follows: 

 

2020

 

$

5,574

 

2021

 

 

77,844

 

2022

 

 

101,772

 

 

 

 

185,190

 

Unamortized deferred financing costs

 

 

( 112

)

Principal balance of loan secured by Greenbrier Mall

 

 

64,801

 

Total mortgage notes payable, net

 

$

249,879