XML 49 R34.htm IDEA: XBRL DOCUMENT
v3.21.2

Mortgage and Other Indebtedness, Net (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Net Mortgage Notes Payable | Mortgage and other indebtedness, net, consisted of the following:
|  | June 30, 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 |  | $ | 963,118 |  |  |  | 5.07 | % |  | $ | 1,120,203 |  |  |  | 5.12 | %
Total fixed-rate debt |  |  | 963,118 |  |  |  | 5.07 | % |  |  | 1,120,203 |  |  |  | 5.12 | %
Variable-rate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recourse loans on operating Properties |  |  | 27,461 |  |  |  | 2.99 | % |  |  | 68,061 |  |  |  | 4.69 | %
Total variable-rate debt |  |  | 27,461 |  |  |  | 2.99 | % |  |  | 68,061 |  |  |  | 4.69 | %
Total fixed-rate and variable-rate debt |  |  | 990,579 |  |  |  | 5.01 | % |  |  | 1,188,264 |  |  |  | 5.10 | %
Unamortized deferred financing costs (2) |  |  | (2,987 | ) |  |  |  |  |  |  | (3,433 | ) |  |  |  |
Total mortgage and other indebtedness, net |  | $ | 987,592 |  |  |  |  |  |  | $ | 1,184,831 |  |  |  |  |
Mortgage and other indebtedness included in liabilities subject to compromise consisted of the following:
|  | June 30, 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 | %
Recourse loan on operating Property (5) |  |  | 39,462 |  |  |  | 5.76 | % |  |  | — |  |  |  | — |
Total variable-rate debt |  |  | 1,154,138 |  |  |  | 9.37 | % |  |  | 1,114,676 |  |  |  | 9.50 | %
Total fixed-rate and variable-rate debt |  |  | 2,529,138 |  |  |  | 7.23 | % |  |  | 2,489,676 |  |  |  | 7.25 | %
Unpaid accrued interest (6) |  |  | 58,370 |  |  |  |  |  |  |  | 57,644 |  |  |  |  |
Prepetition unsecured or under secured liabilities |  |  | 4,198 |  |  |  |  |  |  |  | 4,170 |  |  |  |  |
Total liabilities subject to compromise |  | $ | 2,591,706 |  |  |  |  |  |  | $ | 2,551,490 |  |  |  |  |
(1) | Weighted-average interest rate excludes amortization of deferred financing costs.
(2) | Unamortized deferred financing costs of $2,624 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 June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020.
(5) | On May 26, 2021, the subsidiary that owns The Outlet Shoppes at Laredo filed for bankruptcy.
(6) | As of June 30, 2021, represents interest accrued on the loan secured by The Outlet Shoppes at Laredo prior to May 26, 2021, and the secured credit facility and senior unsecured notes prior to the filing of the Chapter 11 Cases. As of December 31, 2020, 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 June 30, 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 |  |  | 30,281 |
Schedule of Principal Repayments | As of June 30, 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) |  | $ | 97,868 |
2022 |  |  | 408,410 |
2023 |  |  | 1,519,979 |
2024 |  |  | 343,409 |
2025 |  |  | 37,624 |
2026 |  |  | 763,533 |
Total (2) |  |  | 3,170,823 |
Principal balance of loans with maturity date prior to June 30, 2021 (3) |  |  | 348,894 |
Total mortgage and other indebtedness, net |  | $ | 3,519,717 |
(1) | Reflects scheduled principal amortization and balloon payments for the fiscal period July 1, 2021 through December 31, 2021.
(2) | Includes $2,529,138 of liabilities subject to compromise in the accompanying condensed consolidated balance sheets as of June 30, 2021, 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 June 30, 2021 of the loans secured by EastGate Mall, Fayette Mall, Hamilton Crossing, Greenbrier Mall, Parkdale Mall & Crossing and The Outlet Shoppes at Laredo, which are in default. The Company is in discussions with the lender regarding the loans secured by these properties. The loan secured by Greenbrier Mall matured in December 2019 and had a balance of $61,647 as of June 30, 2021. The loan secured by Parkdale Mall & Crossing matured in March 2021 and had a balance of $71,278 as of June 30, 2021. The loan secured by EastGate Mall matured in April 2021 and had a balance of $30,281 as of June 30, 2021. The loan secured by Hamilton Crossing matured in April 2021 and had a balance of $8,039 as of June 30, 2021. The loan secured by Fayette Mall matured in May 2021 and had a balance of $138,187 as of June 30, 2021. Subsequent to June 30, 2021, the Company entered into a forbearance agreement with the lender regarding the loan secured by Fayette Mall (see Note 15). The loan secured by The Outlet Shoppes at Laredo matured in May 2021 and had a balance of $39,462 as of June 30, 2021.

X
- Definition The tabular disclosure of non-recourse loans. + References No definition available. + Details
Name: | cbl_DisclosureOfNonRecourseLoansTableTextBlock
Namespace Prefix: | cbl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration