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Unconsolidated Affiliates and Noncontrolling Interests (Tables)
3 Months Ended
Mar. 31, 2024
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:

 

 

March 31,
2024

 

 

December 31,
2023

 

ASSETS:

 

 

 

 

 

 

Investment in real estate assets

 

$

2,013,008

 

 

$

2,010,269

 

Accumulated depreciation

 

 

(901,569

)

 

 

(886,712

)

 

 

 

1,111,439

 

 

 

1,123,557

 

Developments in progress

 

 

19,305

 

 

 

17,261

 

Net investment in real estate assets

 

 

1,130,744

 

 

 

1,140,818

 

Other assets

 

 

198,788

 

 

 

200,289

 

Total assets

 

$

1,329,532

 

 

$

1,341,107

 

LIABILITIES:

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

1,359,302

 

 

$

1,368,031

 

Other liabilities

 

 

42,477

 

 

 

45,577

 

Total liabilities

 

 

1,401,779

 

 

 

1,413,608

 

OWNERS' EQUITY (DEFICIT):

 

 

 

 

 

 

The Company

 

 

12,083

 

 

 

12,290

 

Other investors

 

 

(84,330

)

 

 

(84,791

)

Total owners' deficit

 

 

(72,247

)

 

 

(72,501

)

Total liabilities and owners’ deficit

 

$

1,329,532

 

 

$

1,341,107

 

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Total revenues

 

$

63,997

 

 

$

60,533

 

Net income (1)

 

$

6,264

 

 

$

9,181

 

 

(1)
The Company's pro rata share of net income (loss) was $4,594 and $(1,256) for the three months ended March 31, 2024 and 2023, respectively.
Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of March 31, 2024:

Unconsolidated VIEs:

 

Investment in
Real Estate
Joint
Ventures
and
Partnerships

 

 

Maximum
Risk of Loss

 

Alamance Crossing CMBS, LLC (1)

 

$

 

 

$

 

Ambassador Infrastructure, LLC (2)

 

 

 

 

 

4,361

 

Atlanta Outlet JV, LLC

 

 

 

 

 

 

BI Development, LLC

 

 

47

 

 

 

47

 

BI Development II, LLC

 

 

307

 

 

 

307

 

CBL-T/C, LLC

 

 

 

 

 

 

CBL-TRS Med OFC Holding, LLC (3)

 

 

1,264

 

 

 

2,712

 

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

 

 

2,007

 

 

 

2,007

 

Vision - CBL Mayfaire TC Hotel, LLC

 

 

3,987

 

 

 

3,987

 

Westgate Mall CMBS, LLC (1)

 

 

 

 

 

 

 

$

7,612

 

 

$

13,421

 

(1)
During the year ended December 31, 2023, the property was placed into receivership.
(2)
The Operating Partnership has guaranteed all or a portion of the debt. See Note 11 for more information.
(3)
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 11 for more information.