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Mortgage and Other Indebtedness, Net (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Net Mortgage Notes Payable

Net mortgage and other indebtedness consisted of the following:

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse loans on operating Properties

 

$

1,236,179

 

 

 

5.19

%

 

$

1,330,561

 

 

 

5.27

%

Senior unsecured notes due 2023 (2)

 

 

448,016

 

 

 

5.25

%

 

 

447,894

 

 

 

5.25

%

Senior unsecured notes due 2024 (3)

 

 

299,962

 

 

 

4.60

%

 

 

299,960

 

 

 

4.60

%

Senior unsecured notes due 2026 (4)

 

 

617,692

 

 

 

5.95

%

 

 

617,473

 

 

 

5.95

%

Total fixed-rate debt

 

 

2,601,849

 

 

 

5.31

%

 

 

2,695,888

 

 

 

5.35

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse loan on operating Property

 

 

41,500

 

 

 

4.23

%

 

 

41,950

 

 

 

4.34

%

Construction loan

 

 

29,400

 

 

 

4.42

%

 

 

29,400

 

 

 

4.60

%

Secured line of credit

 

 

675,925

 

 

 

3.83

%

 

 

310,925

 

 

 

3.94

%

Secured term loan

 

 

456,250

 

 

 

3.83

%

 

 

465,000

 

 

 

3.94

%

Total variable-rate debt

 

 

1,203,075

 

 

 

3.86

%

 

 

847,275

 

 

 

3.98

%

Total fixed-rate and variable-rate debt

 

 

3,804,924

 

 

 

4.85

%

 

 

3,543,163

 

 

 

5.02

%

Unamortized deferred financing costs

 

 

( 15,232

)

 

 

 

 

 

 

( 16,148

)

 

 

 

 

Total mortgage and other indebtedness, net

 

$

3,789,692

 

 

 

 

 

 

$

3,527,015

 

 

 

 

 

 

(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 $1,984 and $2,106 as of March 31, 2020 and December 31, 2019, respectively.

(3)

The balance is net of an unamortized discount of $38 and $40 as of March 31, 2020 and December 31, 2019, respectively.

(4)

The balance is net of an unamortized discount of $7,308 and $7,527 as of March 31, 2020 and December 31, 2019, respectively.

 

Description

 

Issued (1)

 

Amount

 

 

Interest

Rate

 

 

Maturity

Date (2)

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 )

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.
Schedule of Loan Repayments

 

Date

 

Property

 

Interest

Rate at

Repayment Date

 

 

Scheduled

Maturity Date

 

Principal

Balance

Repaid (1)

 

February

 

Parkway Place

 

6.50%

 

 

July 2020

 

$

33,186

 

February

 

Valley View Mall

 

6.50%

 

 

July 2020

 

 

51,360

 

 

 

 

 

 

 

 

 

 

 

$

84,546

 

 

(1)

The Company retired the loans with borrowings from its secured line of credit.
Schedule of Principal Repayments

As of March 31, 2020, 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 the secured line of credit, are as follows: 

 

2020 (1)

 

$

118,560

 

2021

 

 

557,328

 

2022

 

 

465,455

 

2023

 

 

1,491,825

 

2024

 

 

341,398

 

2025

 

 

36,105

 

Thereafter

 

 

711,636

 

 

 

 

3,722,307

 

Net unamortized discounts and premium

 

 

( 9,330

)

Unamortized deferred financing costs

 

 

( 15,232

)

Principal balance of loan secured by Lender Malls in default (2)

 

 

91,947

 

Total mortgage and other indebtedness, net

 

$

3,789,692

 

 

(1 )

Reflects payments for the fiscal period April 1, 2020 through December 31, 2020.

( 2 )

Represents the aggregate principal balance as of March 31, 2020 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.