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Unconsolidated Affiliates and Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates

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


	September 30, 2023			December 31, 2022
ASSETS:
Investment in real estate assets	$	1,999,133		$	1,971,348
Accumulated depreciation		(872,045	)		(829,574	)
		1,127,088			1,141,774
Developments in progress		18,552			10,914
Net investment in real estate assets		1,145,640			1,152,688
Other assets		201,415			170,756
Total assets	$	1,347,055		$	1,323,444
LIABILITIES:
Mortgage and other indebtedness, net	$	1,366,133		$	1,333,152
Other liabilities		52,457			33,419
Total liabilities		1,418,590			1,366,571
OWNERS' EQUITY (DEFICIT):
The Company		12,202			3,123
Other investors		(83,737	)		(46,250	)
Total owners' deficit		(71,535	)		(43,127	)
Total liabilities and owners’ deficit	$	1,347,055		$	1,323,444


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total revenues	$	62,354	$	64,656	$	185,830	$	193,944
Net income (1)	$	7,162	$	48,316	$	27,435	$	81,378

(1)

The Company's pro rata share of net income was $3,266 and $2,822 for the three and nine months ended September 30, 2023, respectively. The Company's pro rata share of net income was $5,702 and $16,308 for the three and nine months ended September 30, 2022, respectively.

Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of September 30, 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)(3)		—		4,337
BI Development, LLC		109		109
BI Development II, LLC		2		2
CBL-T/C, LLC		—		—
CBL-TRS Med OFC Holding, LLC (4)		1,292		1,292
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Vision - CBL Hamilton Place, LLC		2,132		2,132
Vision - CBL Mayfaire TC Hotel, LLC		1,800		1,800
Westgate Mall CMBS, LLC (5)		—		—
	$	5,335	$	15,421

(1)

During the nine months ended September 30, 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 12 for more information.

(3)

Subsequent to September 30, 2023, the $4,337 loan secured by The Outlet Shoppes at Atlanta - Phase II was paid off using proceeds from a new loan secured by The Outlet Shoppes at Atlanta. See Note 15 for more information.

(4)

The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest. See Note 12 for more information.

(5)

During the three and nine months ended September 30, 2023, the property was placed into receivership.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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