XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

Unconsolidated Affiliates and Noncontrolling Interests | 3 Months Ended
--- | ---
Mar. 31, 2022
Equity Method Investments And Joint Ventures [Abstract] |
Unconsolidated Affiliates and Noncontrolling Interests | Note 7 – Unconsolidated Affiliates and Noncontrolling Interests Unconsolidated Affiliates Although the Company had majority ownership of certain joint ventures during 2022 and 2021, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:
| • | the pro forma for the development and construction of the project and any material deviations or modifications thereto;
| • | the site plan and any material deviations or modifications thereto;
| • | the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto;
| • | any acquisition/construction loans or any permanent financings/refinancings;
| • | the annual operating budgets and any material deviations or modifications thereto;
| • | the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and
| • | any material acquisitions or dispositions with respect to the project.
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, 2022, the Company had investments in 27 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 20% to 100%. Of these entities, 14 are owned in 50/50 joint ventures. 2022 Activity - Unconsolidated Affiliates Atlanta Outlet JV, LLC In February 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the filing of voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code in the United States Bankruptcy Court for the Southern District of Texas related to the loan secured by The Outlet Shoppes at Atlanta. Bullseye, LLC In March 2022, the joint venture sold its income-producing property, which generated gross proceeds of $10,500. The Company’s share of the net profit from the sale was $629. Fremaux Town Center JV, LLC In March 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the Chapter 11 Cases related to the loan secured by Fremaux Town Center. Greenbrier Mall II, LLC In March 2022, the Company deconsolidated Greenbrier Mall as a result of the Company losing control when the property was placed in receivership. As of March 31, 2022, the loan secured by Greenbrier Mall had an outstanding balance of $61,647. For the three months ended March 31, 2022, the Company recognized a gain on deconsolidation of $36,250. Louisville Outlet Shoppes, LLC Subsequent to March 31, 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the bankruptcy filing related to the loan secured by The Outlet Shoppes of the Bluegrass. See Note 14. Mall of South Carolina, LP and Mall of South Carolina Outparcel, LP In March 2022, the joint ventures entered into forbearance agreements with the lenders regarding the default triggered by the Chapter 11 Cases related to the loans secured by Coastal Grand. Shoppes at Eagle Point, LLC Subsequent to March 31, 2022, the joint venture entered into a new $40,000, ten-year, non-recourse loan secured by The Shoppes at Eagle Point. See Note 14 for additional information. York Town Center Holding, LP In March 2022, the joint venture entered into a $30,000 non-recourse mortgage note payable, secured by York Town Center, that provides for a three-year term and a fixed interest rate of 4.75%. The monthly debt service is interest only for the first eighteen months. Proceeds from the new loan were used to retire the existing loans. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates are as follows:
|  | March 31, 2022 |  |  | December 31, 2021 |
ASSETS: |  |  |  |  |  |  |  |
Investment in real estate assets |  | $ | 2,048,670 |  |  | $ | 2,364,154 |
Accumulated depreciation |  |  | (791,622 | ) |  |  | (934,374 | )
|  |  | 1,257,048 |  |  |  | 1,429,780 |
Developments in progress |  |  | 6,717 |  |  |  | 7,288 |
Net investment in real estate assets |  |  | 1,263,765 |  |  |  | 1,437,068 |
Other assets |  |  | 197,179 |  |  |  | 188,683 |
Total assets |  | $ | 1,460,944 |  |  | $ | 1,625,751 |
LIABILITIES: |  |  |  |  |  |  |  |
Mortgage and other indebtedness, net |  | $ | 1,501,094 |  |  | $ | 1,452,794 |
Other liabilities |  |  | 62,755 |  |  |  | 64,598 |
Total liabilities |  |  | 1,563,849 |  |  |  | 1,517,392 |
OWNERS' EQUITY: |  |  |  |  |  |  |  |
The Company |  |  | 17,238 |  |  |  | 102,792 |
Other investors |  |  | (120,143 | ) |  |  | 5,567 |
Total owners' equity |  |  | (102,905 | ) |  |  | 108,359 |
Total liabilities and owners’ equity |  | $ | 1,460,944 |  |  | $ | 1,625,751 |
|  | Successor |  |  |  | Predecessor |
|  | Three Months Ended March 31, |  |  |  | Three Months Ended March 31, |
|  | 2022 |  |  |  | 2021 |
Total revenues |  | $ | 63,737 |  |  |  | $ | 58,756 |
Net income (loss) (1) |  | $ | 20,678 |  |  |  | $ | (3,321 | )
(1) | The Successor Company's pro rata share of net income is $8,566 for the three months ended March 31, 2022. The Predecessor Company’s pro rata share of net loss is $(3,076) for the three months ended March 31, 2021.
Variable Interest Entities 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. Consolidated VIEs As of March 31, 2022, the Company had investments in 12 consolidated VIEs with ownership interests ranging from 50% to 92%. Unconsolidated VIEs The table below lists the Company's unconsolidated VIEs as of March 31, 2022:
Unconsolidated VIEs: |  | Investment in Real Estate Joint Ventures and Partnerships |  |  | Maximum Risk of Loss |
Ambassador Infrastructure, LLC (1) |  | $ | — |  |  | $ | 7,001 |
Asheville Mall CMBS, LLC |  |  | — |  |  |  | — |
Atlanta Outlet JV, LLC (1) |  |  | 881 |  |  |  | 5,318 |
CBL-T/C, LLC |  |  | — |  |  |  | — |
EastGate Mall CMBS, LLC |  |  | — |  |  |  | — |
El Paso Outlet Center Holding, LLC |  |  | 285 |  |  |  | 285 |
Fremaux Town Center JV, LLC |  |  | 2,052 |  |  |  | 2,052 |
Greenbrier Mall II, LLC |  |  | — |  |  |  | — |
Louisville Outlet Shoppes, LLC (1) |  |  | — |  |  |  | 7,947 |
Mall of South Carolina L.P. |  |  | — |  |  |  | — |
Shoppes at Eagle Point, LLC (1)(2) |  |  | 21,058 |  |  |  | 33,798 |
Vision - CBL Hamilton Place, LLC |  |  | 2,112 |  |  |  | 2,112 |
|  | $ | 26,388 |  |  | $ | 58,513 |
(1) | The Operating Partnership has guaranteed all or a portion of the debt of each of these VIEs. See Note 11 for more information.
(2) | Subsequent to March 31, 2022, the guaranty was removed. See Note 14 for additional information.

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

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration