Although the Company had majority ownership of certain joint ventures during 2020 and 2019, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:

As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting.

At September 30, 2020, the Company had investments in 29 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 20% to 65%. Of these entities, 17 are owned in 50/50 joint ventures.

In February 2020, Atlanta Outlet JV, LLC, a 50/50 joint venture, closed on a new loan in the amount of $4,680, with an interest rate of LIBOR plus 2.5% and a maturity date of November 2023. Proceeds were used to retire the previous loan. The Operating Partnership and its joint venture partner have each guaranteed 100% of the loan. See Note 12 for more information.

In June 2020, the Company entered into a joint venture, BI Development II, LLC, to acquire, redevelop and operate the vacant Sears parcel at Northgate Mall in Chattanooga, TN. The Company has a 20% membership interest in the joint venture. The Company made no initial capital contribution and has no future funding obligations. The unconsolidated affiliate is a variable interest entity ("VIE").

As of September 30, 2020, the non-recourse loan that is secured by Oak Park Mall was in default. The loan, which matures in October 2025, had an outstanding balance of $262,971 at September 30, 2020. In October 2020, Oak Park Mall, LLC reached agreement with the lender to restructure the loan. See Note 15 – Subsequent Events for more information.

As described in Note 1 – Organization and Basis of Presentation, the filing of the Chapter 11 Cases subsequent to September 30, 2020 also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries, which may result in automatic acceleration of the outstanding principal and accrued interest or may give the applicable lender the right to accelerate such amounts. There are 17 of such loans related to unconsolidated affiliates that have an aggregate outstanding balance of $811,081 at September 30, 2020.

Condensed combined financial statement information of the unconsolidated affiliates is as follows:

	September 30, 2020			December 31, 2019
ASSETS:
Investment in real estate assets	$	2,348,669		$	2,293,438
Accumulated depreciation		(846,097	)		(803,909	)
		1,502,572			1,489,529
Developments in progress		25,556			46,503
Net investment in real estate assets		1,528,128			1,536,032
Other assets		180,235			154,427
Total assets	$	1,708,363		$	1,690,459
LIABILITIES:
Mortgage and other indebtedness, net	$	1,435,891		$	1,417,644
Other liabilities		53,583			41,007
Total liabilities		1,489,474			1,458,651
OWNERS' EQUITY:
The Company		141,989			149,376
Other investors		76,900			82,432
Total owners' equity		218,889			231,808
Total liabilities and owners’ equity	$	1,708,363		$	1,690,459

	Three Months Ended September 30,
	2020			2019
Total revenues	$	46,953		$	52,867
Net income (loss) ⁽¹⁾	$	(10,671	)	$	81,300
(1) The Company's pro rata share of net loss is $(7,389) and $(1,759) for the three months ended September 30, 2020 and 2019, respectively.

	Nine Months Ended September 30,
	2020			2019
Total revenues	$	154,128		$	162,964
Net income (loss) ⁽¹⁾	$	(12,139	)	$	90,303

	As of
	September 30, 2020		December 31, 2019
Noncontrolling interests:
Operating Partnership	$	540	$	31,592
Other consolidated subsidiaries		22,186		23,961
	$	22,726	$	55,553

See Note 2 – Summary of Significant Accounting Policies for the Company’s accounting policy related to accounts receivable, which is also applicable to the unconsolidated affiliates. The duration of the COVID-19 pandemic and the unconsolidated affiliates’ tenants’ ability to resume operations once governmental and legislative restrictions are lifted has caused uncertainty in the unconsolidated affiliates’ ongoing ability to collect rents when due. Considering the potential impact of these uncertainties, the unconsolidated affiliates’ collection assessment also took into consideration the type of retailer and current discussions with the tenants, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation. For the three and nine months ended September 30, 2020, the unconsolidated affiliates recorded $5,517 and $19,052, respectively, associated with potentially uncollectible revenues, which includes $830 and $1,265, respectively, for straight-line rent receivables.

At September 30, 2020, the unconsolidated affiliates’ Receivables include $4,621 related to receivables that have been deferred and are to be repaid over periods generally starting in late 2020 and extending for some portion of 2021. The unconsolidated affiliates granted abatements of $4,231 and $5,421, respectively, for the three and nine months ended September 30, 2020. The unconsolidated affiliates continue to assess rent relief requests from their tenants but are unable to predict the resolution or impact of these discussions. For agreements that are currently under negotiation, the impact is not expected to be material.

In accordance with the guidance in ASU 2015-02, Amendments to the Consolidation Analysis, and ASU 2016-17, Interests Held Through Related Parties That Are under Common Control, the Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

As of September 30, 2020, the Company had investments in 12 consolidated VIEs with ownership interests ranging from 50% to 92%.

The table below lists the Company's unconsolidated VIEs as of September 30, 2020:

Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC ⁽¹⁾	$	—	$	9,360
BI Development, LLC		—		—
BI Development II, LLC		—		—
Bullseye, LLC		—		—
Continental 425 Fund LLC		7,051		7,051
EastGate Storage, LLC ⁽¹⁾		558		3,808
Hamilton Place Self Storage ⁽¹⁾		1,340		8,342
Parkdale Self Storage, LLC ⁽¹⁾		983		7,483
PHG-CBL Lexington, LLC		35		35
Self Storage at Mid Rivers, LLC ⁽¹⁾		565		3,559
Shoppes at Eagle Point, LLC ⁽¹⁾		17,053		29,793
Vision - CBL Hamilton Place, LLC		3,686		3,686
	$	31,271	$	73,117