Although the Company had majority ownership of certain joint ventures during 2021 and 2020, 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 March 31, 2021, 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.

During the three months ended March 31, 2021, the Company deconsolidated Asheville Mall and Park Plaza as a result of the Company losing control of these properties when each was placed in receivership as part of the foreclosure process. The Company evaluated the loss of control of each property and determined that it was no longer the primary beneficiary of the respective wholly owned subsidiaries that own these properties. As a result, the Company adjusted the combined negative equity in the two entities to zero, which represents the estimated fair value of the Company’s investments in these properties, and recognized a gain on deconsolidation of $55,131.

In March 2021, the Company reached agreements with the lender to modify the loans secured by Hammock Landing Phases I & II. Each agreement provides an additional four-year term, with a one-year extension option, for a fully extended maturity date of February 2026. Additionally, the agreements provide forbearance related to the default triggered as a result of the Chapter 11 Cases. These loans had a combined outstanding loan balance of $54,260 at March 31, 2021.

In March 2021, the Company reached an agreement with the lender to modify the loan secured by The Pavilion at Port Orange. The agreement provides an additional four-year term, with a one-year extension option, for a fully extended maturity date of February 2026. Additionally, the agreement provides forbearance related to the default triggered as a result of the Chapter 11 Cases. This loan had an outstanding balance of $52,898 at March 31, 2021.

The Company reached an agreement with the lender to modify the loan secured by Ambassador Infrastructure. The agreement provides an additional four-year term with a fixed interest rate of 3.0%. The extended loan, maturing in March 2025, had an outstanding balance of $8,250 at March 31, 2021, as $1,110 was paid down in conjunction with the modification. Additionally, the agreement provides a waiver related to the default triggered as a result of the Chapter 11 Cases.

As described in Note 2, the filing of the Chapter 11 Cases also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries, which may have resulted in automatic acceleration of certain monetary obligations or may give the applicable lender the right to accelerate such amounts. The loans have an aggregate outstanding balance of $689,695 at March 31, 2021.

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

	March 31, 2021			December 31, 2020
ASSETS:
Investment in real estate assets	$	2,433,766		$	2,346,124
Accumulated depreciation		(885,045	)		(862,435	)
		1,548,721			1,483,689
Developments in progress		32,780			28,138
Net investment in real estate assets		1,581,501			1,511,827
Other assets		187,993			174,966
Total assets	$	1,769,494		$	1,686,793
LIABILITIES:
Mortgage and other indebtedness, net	$	1,574,879		$	1,439,454
Other liabilities		60,101			45,280
Total liabilities		1,634,980			1,484,734
OWNERS' EQUITY:
The Company		126,301			132,350
Other investors		8,213			69,709
Total owners' equity		134,514			202,059
Total liabilities and owners’ equity	$	1,769,494		$	1,686,793

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 March 31, 2021, the Company had investments in 12 consolidated VIEs with ownership interests ranging from 50% to 92%.

Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships			Maximum Risk of Loss
Ambassador Infrastructure, LLC ⁽¹⁾	$	—		$	8,250
Asheville Mall CBMS, LLC		—			—
Atlanta Outlet JV, LLC ⁽¹⁾		25,567			30,135
CBL-T/C, LLC		69,478			69,478
CBL-TRS Joint Venture, LLC		19,667			19,667
Continental 425 Fund LLC		4,878			4,878
EastGate Storage, LLC ⁽¹⁾		507			3,757
El Paso Outlet Center Holding, LLC		10,315			10,315
Fremaux Town Center JV, LLC		7,180			7,180
Hamilton Place Self Storage ⁽¹⁾		1,092			4,593
Louisville Outlet Shoppes, LLC ⁽¹⁾		(10,891	)		8,752
Mall of South Carolina L.P.		(13,827	)		—
Mall of South Carolina Outparcel L.P.		(2,222	)		—
Park Plaza Mall CBMS, LLC		—			—
Parkdale Self Storage, LLC ⁽¹⁾		711			7,211
PHG-CBL Lexington, LLC		35			35
Self Storage at Mid Rivers, LLC ⁽¹⁾		524			3,518
Shoppes at Eagle Point, LLC ⁽¹⁾		17,605			30,345
Vision - CBL Hamilton Place, LLC		3,800			3,800
	$	134,419		$	211,914