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Mortgage and Other Indebtedness, Net (Tables)
 9 Months Ended
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 2023 Notes, the 2024 Notes and the 2026 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.