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Mortgage and Other Indebtedness, Net (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Net Mortgage Notes Payable

Mortgage and other indebtedness, net, consisted of the following:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse loans on operating Properties

 

$

972,553

 

 

 

5.07

%

 

$

1,120,203

 

 

 

5.12

%

Total fixed-rate debt

 

 

972,553

 

 

 

5.07

%

 

 

1,120,203

 

 

 

5.12

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse loans on operating Properties

 

 

67,611

 

 

 

4.65

%

 

 

68,061

 

 

 

4.69

%

Total variable-rate debt

 

 

67,611

 

 

 

4.65

%

 

 

68,061

 

 

 

4.69

%

Total fixed-rate and variable-rate debt

 

 

1,040,164

 

 

 

5.04

%

 

 

1,188,264

 

 

 

5.10

%

Unamortized deferred financing costs (2)

 

 

(3,194

)

 

 

 

 

 

 

(3,433

)

 

 

 

 

Total mortgage and other indebtedness, net

 

$

1,036,970

 

 

 

 

 

 

$

1,184,831

 

 

 

 

 

Mortgage and other indebtedness included in liabilities subject to compromise consisted of the following:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

 

Amount

 

 

Weighted-

Average

Interest

Rate (1)

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior unsecured notes due 2023 (3)

 

$

450,000

 

 

 

5.25

%

 

$

450,000

 

 

 

5.25

%

Senior unsecured notes due 2024 (3)

 

 

300,000

 

 

 

4.60

%

 

 

300,000

 

 

 

4.60

%

Senior unsecured notes due 2026 (3)

 

 

625,000

 

 

 

5.95

%

 

 

625,000

 

 

 

5.95

%

Total fixed-rate debt

 

 

1,375,000

 

 

 

5.43

%

 

 

1,375,000

 

 

 

5.43

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured line of credit (4)

 

 

675,926

 

 

 

9.50

%

 

 

675,926

 

 

 

9.50

%

Secured term loan (4)

 

 

438,750

 

 

 

9.50

%

 

 

438,750

 

 

 

9.50

%

Total variable-rate debt

 

 

1,114,676

 

 

 

9.50

%

 

 

1,114,676

 

 

 

9.50

%

Total fixed-rate and variable-rate debt

 

 

2,489,676

 

 

 

7.25

%

 

 

2,489,676

 

 

 

7.25

%

Unpaid accrued interest (5)

 

 

57,644

 

 

 

 

 

 

 

57,644

 

 

 

 

 

Prepetition unsecured or under secured liabilities

 

 

4,034

 

 

 

 

 

 

 

4,170

 

 

 

 

 

Total liabilities subject to compromise

 

$

2,551,354

 

 

 

 

 

 

$

2,551,490

 

 

 

 

 

(1)

Weighted-average interest rate excludes amortization of deferred financing costs.

(2)

Unamortized deferred financing costs of $2,841 for certain property-level, non-recourse mortgage loans may be required to be written off in the event a waiver or restructuring of terms cannot be negotiated and the debt is either redeemed or otherwise extinguished.

(3)

In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the senior unsecured notes subsequent to the filing of the Chapter 11 Cases. The outstanding amount of the senior unsecured notes is included in liabilities subject to compromise in the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020.

(4)

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 March 31, 2021 and December 31, 2020 was 9.50%. In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the secured credit facility subsequent to the filing of the Chapter 11 Cases. The outstanding amount of the secured credit facility is included in liabilities subject to compromise in the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020.

(5)

Represents interest accrued on the secured credit facility and senior unsecured notes prior to the filing of the Chapter 11 Cases.

 

 

Description

 

Issued (2)

 

Amount

 

 

Interest

Rate

 

 

Maturity

Date

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)

In March 2021, the Company entered into an amended and restated Restructuring Support Agreement with its secured credit facility lenders and senior unsecured noteholders that provides for a fully consensual comprehensive restructuring.

(2)

Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership’s obligations under the Notes.
Summary of Non Recourse Loans The non-recourse loans that are in default at March 31, 2021 are as follows:

Property

 

Location

 

Interest Rate

 

 

Scheduled Maturity Date

 

Loan Amount

 

Greenbrier Mall

 

Chesapeake, VA

 

5.41%

 

 

Dec-19

 

$

61,647

 

EastGate Mall

 

Cincinnati, OH

 

5.83%

 

 

Apr-21

 

 

30,942

 
Schedule of Principal Repayments

As of March 31, 2021, 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 the secured line of credit, are as follows: 

 

2021 (1)

 

$

330,456

 

2022

 

 

408,399

 

2023

 

 

1,511,219

 

2024

 

 

343,397

 

2025

 

 

37,612

 

Thereafter

 

 

763,796

 

Total (2)

 

 

3,394,879

 

Principal balance of loans with maturity date prior to March 31, 2021 (3)

 

 

134,960

 

Total mortgage and other indebtedness, net

 

$

3,529,839

 

(1)

Reflects scheduled principal amortization and balloon payments for the fiscal period April 1, 2021 through December 31, 2021.

(2)

Includes $2,489,676 of liabilities subject to compromise in the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, and as the expected maturity date is subject to the outcome of the Chapter 11 Cases, the original, legal maturity dates are reflected in this table.

(3)

Represents the aggregate principal balance as of March 31, 2021 of the loans secured by Greenbrier Mall and Parkdale Mall & Crossing, which are both in default. The Company is in discussions with the lender regarding the loan secured by Parkdale Mall & Crossing. The loan secured by Greenbrier Mall matured in December 2019 and had a balance of $61,647 as of March 31, 2021. The loan secured by Parkdale Mall & Crossing matured in March 2021 and had a balance of $73,313 as of March 31, 2021.