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Mortgage and Other Indebtedness, Net | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Mortgage and Other Indebtedness, Net | Note 8 – Mortgage and O ther Indebtedness, Net CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in are the borrowers on all the Company's debt. At March 31, 2024, all the Company's consolidated debt is non-recourse. The Company’s mortgage and other indebtedness, net, consisted of the following:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Amount |  |  | Weighted- Average Interest Rate (1) |  |  | Amount |  |  | Weighted- Average Interest Rate (1) |
Fixed-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Open-air centers and outparcels loan (2) |  | $ | 179,180 |  |  |  | 6.95 | % |  | $ | 179,180 |  |  |  | 6.95 | %
Loans on operating properties |  |  | 727,258 |  |  |  | 5.30 | % |  |  | 736,573 |  |  |  | 5.30 | %
Total fixed-rate debt |  |  | 906,438 |  |  |  | 5.63 | % |  |  | 915,753 |  |  |  | 5.63 | %
Variable-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Secured term loan |  |  | 790,595 |  |  |  | 8.19 | % |  |  | 799,914 |  |  |  | 8.21 | %
Open-air centers and outparcels loan (2) |  |  | 179,180 |  |  |  | 9.43 | % |  |  | 179,180 |  |  |  | 9.44 | %
Loans on operating properties |  |  | 33,480 |  |  |  | 8.83 | % |  |  | 33,780 |  |  |  | 8.84 | %
Recourse loan on an operating property |  |  | — |  |  |  | — |  |  |  | 15,339 |  |  |  | 8.24 | %
Total variable-rate debt |  |  | 1,003,255 |  |  |  | 8.43 | % |  |  | 1,028,213 |  |  |  | 8.44 | %
Total fixed-rate and variable-rate debt |  |  | 1,909,693 |  |  |  | 7.10 | % |  |  | 1,943,966 |  |  |  | 7.12 | %
Unamortized deferred financing costs |  |  | (12,086 | ) |  |  |  |  |  | (13,221 | ) |  |  |
Debt discounts (3) |  |  | (37,313 | ) |  |  |  |  |  | (41,942 | ) |  |  |
Total mortgage and other indebtedness, net |  | $ | 1,860,294 |  |  |  |  |  | $ | 1,888,803 |  |  |  |
(1) Weighted-average interest rate excludes amortization of deferred financing costs. (2) The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%. (3) In conjunction with fresh start accounting upon emergence from bankruptcy on November 1, 2021, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing debt discounts upon emerging from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at March 31, 2024 will be accreted over a weighted average period of 2.1 years. Non-recourse loans on operating properties, the open-air centers and outparcels loan and the secured term loan include loans that are secured by properties owned by the Company that have a carrying value of $1,395,879 at March 31, 2024. 2024 Loan Activity In February 2024, the Company redeemed U.S. Treasury securities and used the proceeds to pay off the $15,190 loan secured by Brookfield Square Anchor Redevelopment. Scheduled Principal Payments As of March 31, 2024, 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, are as follows:
2024 (1) |  | $ | 148,615 |
2025 |  |  | 933,068 |
2026 |  |  | 405,900 |
2027 |  |  | 359,255 |
2028 |  |  | 950 |
2029 |  |  | 1,007 |
Thereafter |  |  | 60,898 |
Total mortgage and other indebtedness |  | $ | 1,909,693 |
(1) Reflects scheduled principal amortization and balloon payments for the period April 1, 2024 through December 31, 2024. Of the $148,615 of scheduled principal payments for the remainder of 2024, $117,181 relates to the maturing principal balance of the loan secured by Fayette Mall. Subsequent to March 31, 2024, the Company exercised the first one-year extension option on the loan secured by Fayette Mall. See Note 14. Interest Rate Hedge Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that its counterparty will fail to meet their obligation. The Company records its derivative instruments in its condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.
Instrument Type |  | Location in the Condensed Consolidated Balance Sheet |  | Notional |  |  | Index |  | Fair Value at March 31, 2024 |  |  | Maturity Date
Pay fixed/Receive variable swap |  | Intangible lease assets and other assets |  | $ | 32,000 |  |  | 1-month USD-SOFR CME |  | $ | 799 |  |  | Jun-27
|  | Gain Recognized in Other Comprehensive (Loss) Income |  |  |  |  | Gain Recognized in Earnings |
|  | Three Months Ended March 31, |  |  |  |  | Three Months Ended March 31, |
Hedging Instrument |  | 2024 |  |  | 2023 |  |  | Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | 2024 |  |  | 2023 |
Interest rate swap |  | $ | 462 |  |  | $ | — |  |  | Interest Expense |  | $ | 163 |  |  | $ | — |
Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that $503 will be reclassified from other comprehensive income (loss) as a decrease to interest expense. The Company has an agreement with each derivative counterparty that contains a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of March 31, 2024, the Company did no t have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of March 31, 2024, the Company has posted $1,920 of cash collateral related to the interest rate swap. The Company is not in breach of any agreement provisions.

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