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Mortgage and Other Indebtedness, Net (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Net Mortgage Notes Payable | Net mortgage and other indebtedness consisted of the following:
|  | September 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 |  | $ | 1,193,997 |  |  |  | 5.17 | % |  | $ | 1,330,561 |  |  |  | 5.27 | %
Senior unsecured notes due 2023 (2) |  |  | 448,265 |  |  |  | 5.25 | % |  |  | 447,894 |  |  |  | 5.25 | %
Senior unsecured notes due 2024 (3) |  |  | 299,966 |  |  |  | 4.60 | % |  |  | 299,960 |  |  |  | 4.60 | %
Senior unsecured notes due 2026 (4) |  |  | 618,136 |  |  |  | 5.95 | % |  |  | 617,473 |  |  |  | 5.95 | %
Total fixed-rate debt |  |  | 2,560,364 |  |  |  | 5.31 | % |  |  | 2,695,888 |  |  |  | 5.35 | %
Variable-rate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recourse loans on operating Properties |  |  | 68,511 |  |  |  | 2.91 | % |  |  | 41,950 |  |  |  | 4.34 | %
Construction loan |  |  | — |  |  |  | — |  |  |  | 29,400 |  |  |  | 4.60 | %
Secured line of credit (5) |  |  | 675,925 |  |  |  | 9.50 | % |  |  | 310,925 |  |  |  | 3.94 | %
Secured term loan (5) |  |  | 438,750 |  |  |  | 9.50 | % |  |  | 465,000 |  |  |  | 3.94 | %
Total variable-rate debt |  |  | 1,183,186 |  |  |  | 9.12 | % |  |  | 847,275 |  |  |  | 3.98 | %
Total fixed-rate and variable-rate debt |  |  | 3,743,550 |  |  |  | 6.51 | % |  |  | 3,543,163 |  |  |  | 5.02 | %
Unamortized deferred financing costs (6) |  |  | (13,864 | ) |  |  |  |  |  |  | (16,148 | ) |  |  |  |
Total mortgage and other indebtedness, net |  | $ | 3,729,686 |  |  |  |  |  |  | $ | 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 $1,736 and $2,106 as of September 30, 2020 and December 31, 2019, respectively.
(3) | The balance is net of an unamortized discount of $34 and $40 as of September 30, 2020 and December 31, 2019, respectively.
(4) | The balance is net of an unamortized discount of $6,864 and $7,527 as of September 30, 2020 and December 31, 2019, respectively.
(5) | The administrative agent informed the Company that interest will accrue on all outstanding obligations at the post-default rate, which is equal to the rate that otherwise would be in effect plus 5.0%. The post-default interest rate at September 30, 2020 was 9.50%. The variable interest rate at LIBOR based on original terms of senior secured facility is 2.41% as of September 30, 2020.
(6) | Includes $10,524 of unamortized deferred financing costs related to the secured term loan, senior unsecured notes 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 $7,180 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 2023 Notes, the 2024 Notes and the 2026 Notes may be redeemed prior to September 1, 2023, July 15, 2024, and September 15, 2026, 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 0.40%, 0.35% and 0.50% for the 202 3 Notes, the 2024 Notes and the 202 6 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.
Summary of 2020 Dispositions | The following is a summary of the Company’s 2020 disposition for which the fixed rate loan secured by the mall was extinguished:
Sale/Transfer Date |  | Property |  | Property Type |  | Location |  | Balance of Non-recourse Debt |  |  | Gain on Extinguishment of Debt |
August |  | Hickory Point Mall (1) |  | Malls |  | Forsyth, IL |  | $ | 27,446 |  |  | $ | 15,407 |
(1) | The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property.
Summary of Non Recourse Loans | The non-recourse loans that are in default at September 30, 2020 are as follows:
Property |  | Location |  | Interest Rate |  |  | Scheduled Maturity Date |  | Loan Amount |
Greenbrier Mall |  | Chesapeake, VA |  | 5.41% |  |  | Dec-19 |  | $ | 61,647 |
Burnsville Center |  | Burnsville, MN |  | 6.00% |  |  | Jul-20 |  |  | 64,233 |
EastGate Mall |  | Cincinnati, OH |  | 5.83% |  |  | Apr-21 |  |  | 31,726 |
Park Plaza |  | Little Rock, AR |  | 5.28% |  |  | Apr-21 |  |  | 77,064 |
Asheville Mall |  | Asheville, NC |  | 5.80% |  |  | Sep-21 |  |  | 62,863 |
Schedule of Principal Repayments | As of September 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) |  | $ | 18,988 |
2021 |  |  | 559,094 |
2022 |  |  | 408,235 |
2023 |  |  | 1,493,534 |
2024 |  |  | 343,601 |
2025 |  |  | 38,472 |
Thereafter |  |  | 764,380 |
|  |  | 3,626,304 |
Net unamortized discounts and premium |  |  | (8,634 | )
Unamortized deferred financing costs |  |  | (13,864 | )
Principal balance of loans with a maturity date prior to September 30, 2020 (2) |  |  | 125,880 |
Total mortgage and other indebtedness, net |  | $ | 3,729,686 |
(1) | Reflects payments for the fiscal period October 1, 2020 through December 31, 2020.
(2) | Represents the aggregate principal balance as of September 30, 2020 of two non-recourse loans, secured by Greenbrier Mall and Burnsville Center, which were in default. The loan secured by Greenbrier Mall matured in December 2019. The loan secured by Burnsville Center matured in July 2020.

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