XML 71 R55.htm IDEA: XBRL DOCUMENT v3.20.2
Combined Guarantor Subsidiaries - Mortgage Notes Payable, Net (Tables)
 6 Months Ended
Jun. 30, 2020
Condensed Financial Statements Captions [Line Items]  
Schedule of Net Mortgage Notes Payable

Net mortgage and other indebtedness consisted of the following:

 

 

 

June 30, 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

 

$

1,230,227

 

 

 

5.19

%

 

$

1,330,561

 

 

 

5.27

%

Senior unsecured notes due 2023 (2)

 

 

448,139

 

 

 

5.25

%

 

 

447,894

 

 

 

5.25

%

Senior unsecured notes due 2024 (3)

 

 

299,964

 

 

 

4.60

%

 

 

299,960

 

 

 

4.60

%

Senior unsecured notes due 2026 (4)

 

 

617,911

 

 

 

5.95

%

 

 

617,473

 

 

 

5.95

%

Total fixed-rate debt

 

 

2,596,241

 

 

 

5.31

%

 

 

2,695,888

 

 

 

5.35

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse loan on operating Property

 

 

41,500

 

 

 

2.82

%

 

 

41,950

 

 

 

4.34

%

Construction loan

 

 

27,215

 

 

 

3.07

%

 

 

29,400

 

 

 

4.60

%

Secured line of credit

 

 

675,925

 

 

 

2.42

%

 

 

310,925

 

 

 

3.94

%

Secured term loan

 

 

447,500

 

 

 

2.42

%

 

 

465,000

 

 

 

3.94

%

Total variable-rate debt

 

 

1,192,140

 

 

 

2.45

%

 

 

847,275

 

 

 

3.98

%

Total fixed-rate and variable-rate debt

 

 

3,788,381

 

 

 

4.41

%

 

 

3,543,163

 

 

 

5.02

%

Unamortized deferred financing costs (5)

 

 

( 14,347

)

 

 

 

 

 

 

( 16,148

)

 

 

 

 

Total mortgage and other indebtedness, net

 

$

3,774,034

 

 

 

 

 

 

$

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 $1,861 and $2,106 as of June 30, 2020 and December 31, 2019, respectively.

(3)

The balance is net of an unamortized discount of $36 and $40 as of June 30, 2020 and December 31, 2019, respectively.

(4)

The balance is net of an unamortized discount of $7,090 and $7,527 as of June 30, 2020 and December 31, 2019, respectively.

(5)

Includes $4,795 of unamortized deferred financing costs related to the secured term loan and certain property-level, non-recourse mortgage loans that may be required to be written off in the event that a waiver or restructuring of terms cannot be negotiated and the debt is either redeemed or otherwise extinguished. Additionally, intangible lease assets and other assets includes $7,828 of unamortized deferred financing costs related to the secured line of credit that may be required to be written off in the event that a waiver or restructuring of terms cannot be negotiated and the debt is either redeemed or otherwise extinguished.

 

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 Principal Repayments

As of June 30, 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)

 

$

101,401

 

2021

 

 

557,157

 

2022

 

 

465,844

 

2023

 

 

1,491,825

 

2024

 

 

341,398

 

2025

 

 

36,160

 

Thereafter

 

 

711,636

 

 

 

 

3,705,421

 

Net unamortized discounts and premium

 

 

( 8,987

)

Unamortized deferred financing costs

 

 

( 14,347

)

Principal balance of loans with a maturity date prior to June 30, 2020 (2)

 

 

91,947

 

Total mortgage and other indebtedness, net

 

$

3,774,034

 

 

(1 )

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

(2)

Represents the aggregate principal balance as of June 30, 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.
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

 

June

30, 2020

 

 

December

31, 2019

 

Property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greenbrier Mall (2)

 

5.41%

 

 

Dec-19

 

$

64,501

 

 

$

64,801

 

Park Plaza

 

5.28%

 

 

Apr-21

 

 

77,577

 

 

 

78,339

 

Arbor Place

 

5.10%

 

 

May-22

 

 

105,634

 

 

 

106,851

 

Total mortgage notes payable

 

5.23%

 

 

 

 

 

247,712

 

 

 

249,991

 

Unamortized deferred financing costs

 

 

 

 

 

 

 

 

( 77

)

 

 

( 112

)

Total mortgage notes payable, net

 

 

 

 

 

 

 

$

247,635

 

 

$

249,879

 

 

 

(1)

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

( 2 )

The non-recourse loan is in default. The default interest rate is an additional 3.00% above the stated interest rate.

Schedule of Principal Repayments

As of June 30, 2020, the scheduled principal amortization and balloon payments of the Combined Guarantor Subsidiaries' mortgage notes payable, excluding extensions available at the Combined Guarantor Subsidiaries' option, are as follows: 

 

2020 (1)

 

$

2,803

 

2021

 

 

78,637

 

2022

 

 

101,771

 

 

 

 

183,211

 

Unamortized deferred financing costs

 

 

( 77

)

Principal balance of loan with a maturity date prior to June 30, 2020 (2)

 

 

64,501

 

Total mortgage notes payable, net

 

$

247,635

 

 

 

(1)

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

(2)

Represents the aggregate principal balance as of June 30, 2020 of the non-recourse loan secured by Greenbrier Mall, which was in default.  The loan matured in December 2019 .