XML 24 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ (212,087,000) $ (76,497,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 108,565,000 134,270,000
Net amortization of deferred financing costs, premiums on available-for-sale securities and debt premiums and discounts 4,595,000 4,306,000
Net amortization of intangible lease assets and liabilities (753,000) (1,071,000)
Gain on sales of real estate assets (2,763,000) (5,755,000)
Gain on insurance proceeds (511,000) (421,000)
Write-off of development projects 400,000 34,000
Share-based compensation expense 2,293,000 2,938,000
Loss on impairment 146,918,000 66,433,000
Gain on extinguishment of debt   (71,722,000)
Equity in (earnings) losses of unconsolidated affiliates 5,061,000 (5,180,000)
Distributions of earnings from unconsolidated affiliates 3,797,000 11,320,000
Change in estimate of uncollectable rental revenues 41,955,000 1,692,000
Change in deferred tax accounts 15,596,000 90,000
Tenant and other receivables (87,298,000) (473,000)
Other assets 753,000 (2,036,000)
Accounts payable and accrued liabilities 11,849,000 68,104,000
Changes in:    
Net cash provided by operating activities 38,370,000 126,032,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate assets (36,413,000) (51,148,000)
Proceeds from sales of real estate assets 3,579,000 69,238,000
Purchase of available-for-sale securities (153,193,000)  
Proceeds from insurance 600,000 740,000
Payments received on mortgage and other notes receivable 703,000 1,346,000
Additional investments in and advances to unconsolidated affiliates (10,990,000) (780,000)
Distributions in excess of equity in earnings of unconsolidated affiliates 5,255,000 8,565,000
Changes in other assets (920,000) (857,000)
Net cash provided by (used in) investing activities (191,379,000) 27,104,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from mortgage and other indebtedness 365,000,000 1,019,369,000
Principal payments on mortgage notes payable (120,467,000) (1,113,337,000)
Additions to deferred financing costs (240,000) (15,546,000)
Proceeds from issuances of common stock 5,000 38,000
Contributions from noncontrolling interests 693,000 4,603,000
Payment of tax withholdings for restricted stock awards (87,000) (132,000)
Distributions to noncontrolling interests (825,000) (11,722,000)
Dividends paid to holders of preferred stock/Distributions to preferred unitholders   (22,446,000)
Dividends paid to common shareholders/Distributions to common unitholders   (25,959,000)
Net cash provided by (used in) financing activities 244,079,000 (165,132,000)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 91,070,000 (11,996,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 59,058,000 57,512,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 150,128,000 45,516,000
Reconciliation from condensed combined statements of cash flows to condensed combined balance sheets:    
Cash and cash equivalents 123,388,000 [1] 20,483,000
Restricted cash (1):    
Restricted cash: [2] 249,000 84,000
Mortgage escrows [2] 26,491,000 24,949,000
Mortgage escrows [2] 26,491,000 24,949,000
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 51,703,000 105,621,000
CBL & Associates Limited Partnership    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (212,087,000) (76,497,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 108,565,000 134,270,000
Net amortization of deferred financing costs, premiums on available-for-sale securities and debt premiums and discounts 4,595,000 4,306,000
Net amortization of intangible lease assets and liabilities (753,000) (1,071,000)
Gain on sales of real estate assets (2,763,000) (5,755,000)
Gain on insurance proceeds (511,000) (421,000)
Write-off of development projects 400,000 34,000
Share-based compensation expense 2,293,000 2,938,000
Loss on impairment 146,918,000 66,433,000
Gain on extinguishment of debt   (71,722,000)
Equity in (earnings) losses of unconsolidated affiliates 5,061,000 (5,180,000)
Distributions of earnings from unconsolidated affiliates 3,797,000 11,321,000
Change in estimate of uncollectable rental revenues 41,955,000 1,692,000
Change in deferred tax accounts 15,596,000 90,000
Tenant and other receivables (87,298,000) (473,000)
Other assets 753,000 (2,036,000)
Accounts payable and accrued liabilities 11,845,000 68,102,000
Changes in:    
Net cash provided by operating activities 38,366,000 126,031,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate assets (36,413,000) (51,148,000)
Proceeds from sales of real estate assets 3,579,000 69,238,000
Purchase of available-for-sale securities (153,193,000)  
Proceeds from insurance 600,000 740,000
Payments received on mortgage and other notes receivable 703,000 1,346,000
Additional investments in and advances to unconsolidated affiliates (10,990,000) (780,000)
Distributions in excess of equity in earnings of unconsolidated affiliates 5,255,000 8,565,000
Changes in other assets (920,000) (857,000)
Net cash provided by (used in) investing activities (191,379,000) 27,104,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from mortgage and other indebtedness 365,000,000 1,019,369,000
Principal payments on mortgage notes payable (120,467,000) (1,113,337,000)
Additions to deferred financing costs (240,000) (15,546,000)
Proceeds from issuances of common stock 5,000 38,000
Contributions from noncontrolling interests 693,000 4,603,000
Payment of tax withholdings for restricted stock awards (87,000) (132,000)
Distributions to noncontrolling interests (825,000) (5,646,000)
Dividends paid to holders of preferred stock/Distributions to preferred unitholders   (22,446,000)
Dividends paid to common shareholders/Distributions to common unitholders   (32,035,000)
Net cash provided by (used in) financing activities 244,079,000 (165,132,000)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 91,066,000 (11,997,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 59,054,000 57,512,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 150,120,000 45,515,000
Reconciliation from condensed combined statements of cash flows to condensed combined balance sheets:    
Cash and cash equivalents 123,380,000 [3] 20,482,000
Restricted cash (1):    
Restricted cash: [4] 249,000 84,000
Mortgage escrows [4] 26,491,000 24,949,000
Mortgage escrows [4] 26,491,000 24,949,000
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 51,703,000 105,621,000
Guarantor Subsidiaries    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income 26,892,000 84,884,000
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 43,301,000 46,818,000
Net amortization of deferred financing costs, premiums on available-for-sale securities and debt premiums and discounts 35,000 124,000
Net amortization of intangible lease assets and liabilities (404,000) (983,000)
Gain on sales of real estate assets (650,000)  
Gain on insurance proceeds   (9,000)
Write-off of development projects 132,000  
Loss on impairment   22,770,000
Gain on extinguishment of debt   (61,796,000)
Change in estimate of uncollectable rental revenues 18,273,000 1,168,000
Gain on extinguishment of debt   (61,796,000)
Tenant and other receivables (39,424,000) 116,000
Other assets (318,000) (703,000)
Accounts payable and accrued liabilities (8,167,000) (8,423,000)
Changes in:    
Net cash provided by operating activities 39,670,000 83,966,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate assets (11,338,000) (14,280,000)
Proceeds from sales of real estate assets 650,000  
Proceeds from insurance   653,000
Payments received on mortgage and other notes receivable   177,000
Changes in other assets (394,000) (329,000)
Net cash provided by (used in) investing activities (11,082,000) (13,779,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on mortgage notes payable (2,279,000) (8,916,000)
Net cash provided by (used in) financing activities (32,134,000) (70,965,000)
Distributions to owners (80,769,000) (95,970,000)
Contributions from owners 50,914,000 33,921,000
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (3,546,000) (778,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 10,590,000 13,020,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 7,044,000 12,242,000
Reconciliation from condensed combined statements of cash flows to condensed combined balance sheets:    
Cash and cash equivalents 3,525,000 8,808,000
Restricted cash (1):    
Mortgage escrows 3,519,000 3,434,000
Mortgage escrows 3,519,000 3,434,000
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized $ 5,822,000 $ 6,751,000
[1] As of June 30, 2020, includes $369,359 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $171,518 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7
[2] Included in intangible lease assets and other assets in the condensed consolidated balance sheets
[3] As of June 30, 2020, includes $369,359 of assets related to consolidated variable interest entities that can only be used to settle obligations of the consolidated variable interest entities and $171,518 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Operating Partnership. See Note 7 .
[4] Included in intangible lease assets and other assets in the condensed consolidated balance sheets.