Although the Company had majority ownership of certain joint ventures during 2023 and 2022, 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, 2023, the Company had investments in 24 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 33% to 100%. Of these entities, 16 are owned in 50/50 joint ventures.

In February 2023, the Company deconsolidated Alamance Crossing East as a result of the Company losing control when the property was placed in receivership. As of March 31, 2023, the loan secured by Alamance Crossing East had an outstanding balance of $41,122. For the three months ended March 31, 2023, the Company recognized gain on deconsolidation of $28,151.

Subsequent to March 31, 2023, the Company and its joint venture partner entered into a new $148,000 loan secured by Friendly Center and The Shops at Friendly Center. See Note 14 for additional information.

Subsequent to March 31, 2023, the $7,247 loan secured by The Outlet Shoppes of the Bluegrass - Phase II was paid off. See Note 14.

In March 2023, the loan secured by West County Mall was extended through December 2024, with one two-year conditional extension available upon meeting certain requirements.

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


	March 31, 2023			December 31, 2022
ASSETS:
Investment in real estate assets	$	1,987,033		$	1,971,348
Accumulated depreciation		(846,305	)		(829,574	)
		1,140,728			1,141,774
Developments in progress		10,870			10,914
Net investment in real estate assets		1,151,598			1,152,688
Other assets		187,818			170,756
Total assets	$	1,339,416		$	1,323,444
LIABILITIES:
Mortgage and other indebtedness, net	$	1,359,475		$	1,333,152
Other liabilities		37,938			33,419
Total liabilities		1,397,413			1,366,571
OWNERS' EQUITY (DEFICIT):
The Company		8,483			3,123
Other investors		(66,480	)		(46,250	)
Total owners' deficit		(57,997	)		(43,127	)
Total liabilities and owners’ deficit	$	1,339,416		$	1,323,444


	Three Months Ended March 31,
	2023		2022
Total revenues	$	60,533	$	63,737
Net income (1)	$	9,181	$	20,678

(1)

The Company's pro rata share of net income (loss) was $(1,256) and $8,566 for the three months ended March 31, 2023, and 2022, respectively.

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, 2023, the Company had investments in 11 consolidated VIEs with ownership interests ranging from 50% to 92%.

The table below lists the Company's unconsolidated VIEs as of March 31, 2023:


Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Alamance Crossing CMBS, LLC (1)	$	—	$	—
Ambassador Infrastructure, LLC (2)		—		5,749
Atlanta Outlet JV, LLC (2)		—		4,375
BI Development, LLC		129		129
BI Development II, LLC		36		36
CBL-T/C, LLC		—		—
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC		—		—
Louisville Outlet Shoppes, LLC (2)		—		7,247
Mall of South Carolina L.P.		—		—
Vision - CBL Hamilton Place, LLC		2,164		2,164
Vision - CBL Mayfaire TC Hotel, LLC		1,800		1,800
	$	4,129	$	21,500

(1)

During the three months ended March 31, 2023, the property was placed into receivership.

(2)

The Operating Partnership has guaranteed all or a portion of the debt of each of these VIEs. See Note 11 for more information.